Monday 23rd May 2016

After Muscle Flexing, NLC Suspends Protest Paul Obi in Abuja After all the muscle flexing and threats to shut down the country over the removal of the subsidy on petrol and the hike in the price of the commodity, the Nigeria Labour Congress

(NLC) yesterday suspended its protest, stating that it will now embrace dialogue.

The move came on the heels of the pressure mounted on the union by chieftains of the All Progressives Congress (APC) led by the former

governor of Lagos State, Bola Ahmed Tinubu, who hitherto fervently opposed deregulation in 2012, but now led the charge in calling on labour to shelve its opposition to the federal government on the policy and return to the

negotiating table.

NLC had threatened fire and brimstone last week and declared a nationwide strike to protest the removal of the subsidy on fuel, insisting it was impoverishing the masses.

However, the strike was a

complete flop in the country’s major cities and eventually petered into protests in Abuja and a few cities, which was largely ignored by the citizenry.

Efforts to shut down the country through the strike were not helped by the fact

that NLC is factionalised and did not have the support of major labour unions such as the Trade Union Congress (TUC), National Union of Electricity Employees (NUEE) Continued on page 12

FirstBank Leads in Forex Allocation as CBN Sells $143m to Banks...

Page 10

Monday 23 May, 2016 Vol 21. No 7697. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

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PDP Crisis Worsens, Police Seal Abuja Secretariat Wike gives reason for Sheriff’s ouster, INEC awaits report of monitoring team

Ernest Chinwo in Port Harcourt and Onyebuchi Ezigbo in Abuja

The aftermath of the rancorous national convention of the Peoples Democratic Party

(PDP) continued to reverberate yesterday, following the sealing of the premises of the national secretariat of the party by the police, preventing human and vehicular movement in and out of the premises.

The ill-fated convention of the party in Port Harcourt which led to the ouster of the national chairman of the PDP, Senator Ali Modu Sheriff, also saw leaders of the party further polarised

into different camps.

At the PDP national secretariat yesterday, sternlooking policemen took over all its entry and exist points. THISDAY gathered that the deployment of the

policemen was on the orders of the Inspector General (IG) of Police, Mr. Solomon Arase, following what security sources said was the perceived factionalisation of the opposition party after two

parallel conventions were held in Abuja and Port Harcourt respectively on Saturday.

The police came in two heavy-duty trucks and used Continued on page 12

Jonathan Goes into Exile, Militants Move to Shutdown Oil Output Agip pipeline hit for second time in one week, vandals arrested MEND calls for end of attacks as presidency considers Alaibe for Amnesty post Report: Shell paid $5bn to FG in 2015 Iyobosa Uwagiaren in Abuja, Ejiofor Alike in Lagos and Emmanuel Addeh in Yenagoa

resulting in the loss of an estimated 800,000-900,000 barrels of crude oil per day

There are strong indications that former President Goodluck Jonathan may have gone into temporary self exile in Cote d’Ivoire, following reports that the Economic and Financial Crimes Commission (EFCC) may arrest him on his arrival in Nigeria from his overseas tour on allegations of corruption and misappropriation of billions of dollars in the five years during which he was Head of State, THISDAY has learnt.

Several sources close to the ex-president, who confirmed that Jonathan had sought refuge last week in the West African country, also blamed the heightened attacks on oil and gas installations by Ijaw militants in the Niger Delta,

Continued on page 10

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PAGE TEN

FirstBank Leads in Forex Allocation as CBN Sells $143m to Banks Economy looks up to MPC

Obinna Chima The Central Bank of Nigeria (CBN) sold $142,646,892.01 to 15 commercial banks and three merchant banks last week, as it sought to meet the huge demand for foreign exchange (forex) in the economy.

The amount was higher by $11,891,598, compared with the $130,755,294.59 the central bank sold to 14 commercial banks, four merchant banks and the Bank of Industry (BoI) in the preceding week.

Returns on forex utilisation published by the various financial institutions last week showed that FirstBank Nigeria Limited with $14,899,306.08 received the highest forex allocation during the week.

FirstBank sold the greenback to 681 customers – individuals and corporates. Its customers purchased the dollars for the importation of industrial raw materials, payment of school fees for students studying abroad, as well for personal travelling

allowance.

In all, Dangote Sugar Refinery Plc which purchased $3 million from the bank to import industrial raw materials (raw sugar cane), was its biggest customer.

Just like the preceding week, Stanbic IBTC which was allotted $14,819,606.31 took the second spot. It sold the greenback to 136 customers, which was dominated by foreign portfolio investors exiting the equities, bonds and money markets.

The United Bank for Africa Plc (UBA) held on to the third position with total forex allocation of $14,273,105.90. UBA sold the greenback to 249 customers, of which Dangote Group got $5 million. Other big customers of the bank were Eterna Plc, which purchased $2,199.562.14 and IATA which bought $1.5 million for ticket sales remittance.

Diamond Bank Plc came in fourth with total forex allocation of $13,206,833.90. The bank sold the dollars to 247 customers. Its biggest customers during the

week were Dangote Cement Plc - $3 million, Rahamaniya Oil and Gas - $1,609,812.93, and the Standard Metallurgical Company Limited which got $1 million.

Zenith Bank Plc was allocated $12,268,372.08 to occupy the fifth place, while Guaranty Trust Bank Plc with $10,843,993 which it sold to 228 customers, came in sixth.

All Eyes on MPC But as the central bank continues to ration dollars to end users in the economy, all eyes will be expected to turn on the CBN again this week as its MPC starts its two-day meeting today.

The meeting of the MPC is coming on the heels of data released last Friday by the National Bureau of Statistics (NBS), showing that Nigeria in the first quarter of 2016 recorded its worst economic contraction in 25 years with a gross domestic product of -0.36 per cent from 2.11 per cent recorded in the fourth quarter of 2015.

The NBS also said the

unemployment rate climbed to 12.1 per cent in the first quarter of this year, compared to 10.4 per cent in fourth quarter of 2015 and 9.9 per cent in the third quarter of 2015.

Also, the Consumer Price Index (CPI) for April 2016 released recently put inflation rate at 13.72 per cent, which is far above the central bank’s target band of between 6 and 9 per cent.

Although the global benchmark Brent crude price stood at $48.70 a barrel as at Friday, the renewed attacks on oil installation in the Niger Delta has cut oil exports to a 22-year low of under 1.4 million barrels per day, presenting a big challenge for the government which is struggling to shore up its earnings.

In addition, Nigeria’s external reserves have depreciated year-todate by $2.390 billion, to $26.588 billion as at May 19, 2016 as against $28.978 billion at the beginning of the year.

At the last MPC in March this

JONATHAN GOES INTO EXILE, MILITANTS MOVE TO SHUTDOWN OIL OUTPUT (bpd), to what they claimed was “the decision by President Muhammadu Buhari to renege on his promise that his predecessor had ‘nothing to fear’ from him (Buhari) after he handed over the reins of power on May 29, 2015”.

Immediately after his electoral victory in 2015 and at his presidential inauguration, Buhari, in what was seen as a political gesture, had stated that he would not go after his successor, despite allegations that the former president had presided over widespread corruption during his five years in the saddle.

However, since Jonathan’s departure, anti-corruption agencies led by the Economic and Financial Crimes Commission (EFCC) have swept in on several associates of the former president on allegations of money laundering, diversion of public funds and contract scams, mostly linked to defence sector contracts and the purchase of arms used for the prosecution of the war against Boko Haram in the North-east.

In recent weeks, the EFCC has in addition to arresting and prosecuting several public office holders who served under the Jonathan administration, arrested some of the closest allies of the former president including his cousin, Mr. Aziobola Robert, in connection to a $40 million pipeline surveillance contract, and his former principal secretary and confidant Mr. Hassan Tukur.

These arrests were said to have shaken the former president, given that they were the two persons closest to him during his presidency.

A source, who spoke to THISDAY on Jonathan’s decision to give Nigeria a wide berth, said the former president was reliably warned by security sources of the plan to arrest him once he stepped into the country, hence his decision to seek exile in Cote d’Ivoire.

Jonathan, the source disclosed, departed Nigeria for the United States almost two months ago travelling to several cities but stayed in New York for some two weeks. After departing the US, he travelled to London to be with his children for a few days, preparatory to his return to Nigeria.

But while in the UK, he was warned by sympathetic officials in different arms of government of the government’s decision to arrest him once he returned to Nigeria.

On getting wind of the plan,

Jonathan, THISDAY gathered, contacted a few West African leaders including the President of Cote d’Iviore, Mr. Alassane Outtara, who offered him a safe haven until the coast is clear for him to return to Nigeria.

Sources close to the president said since the information of the government’s resolve to arrest Jonathan swept through the Niger Delta, Ijaw militants have gone berserk and stepped up their attacks on oil and gas installations in the region. They are said to be hell bent on shutting down oil output completely.

One source said the militants are targeting all onshore and shallow water installations, from where Nigeria derives the bulk of 90 per cent of its foreign exchange earnings and may head for the deep offshore oil fields if the federal government does not back down.

“Perhaps the only installations that may not be affected in the interim by militant attacks are those in the deep offshore basin because they are more difficult to reach and would require large vessels to access,” said the source who, however, added that “during the last militant crises we went as far as shutting down the Bonga deep water oil field”.

In order to stem the renewed wave of attacks, governors in the region have scrambled and sent teams to the creeks to placate the militants, but so far their efforts appear to have fallen on deaf ears.

The governors are particularly concerned that the attacks on oil installations would hurt the Niger Delta states the most due to the attendant decline in revenue.

When contacted on the plan by the government to arrest Jonathan and his purported exile, Buhari’s media adviser, Mr. Femi Adesina, said he was not aware that the former president was in exile, adding that questions on his arrest could only be addressed by the security and law enforcement agencies.

Alaibe Considered for Amnesty Post On its part, the presidency, THISDAY learnt, is seriously considering reaching out to the former Managing Director of the Niger Delta Development Commission (NDDC) and first Presidential Adviser on the Amnesty Programme, Mr. Timi Alaibe, to return to run the affairs of the Presidential Amnesty Programme.

A source in the presidency told THISDAY that Buhari who is very disturbed by the incessant attacks on oil installations in the region and its impact on the country’s finances, is mulling the advise of a senior security and intelligence chief, who has recommended that Alaibe be brought back to manage the amnesty office.

The goal, the presidency source explained, is to get Alaibe, who was the architect of the reconciliation, rehabilitation and reintegration programme for ex-militants who laid down their arms in 2009, to use his links with the former and current militants to arrest the bombings in the Niger Delta.

The source added that the current occupier of the office, Brigadier General Paul Boroh (rtd), may be eased out of the job, just as two key ministers from the Niger Delta region have reportedly received verbal queries from Buhari over the security breaches in the region.

“Even though the nation’s security agencies are on top of the situation in the region, the affected officials have been accused of not doing enough to solve the problem.

“The perception in the presidency is that the amnesty man (Boroh) is far detached from the people, he does not know the militants well, and we cannot just go into a military operation that will take innocent lives in the name of looking for the boys when there is an easier way to reach the militants and rebuild confidence.

“I think at our level, we have done our bit by suggesting to the political leadership to bring Timi Alaibe on board so that we can avoid some of these military operations.

“I can bet you that once we engage in any operation, it will take a minimum of 16 months to complete because times have changed.

“It is now very clear to the president that some of the ministers from the Niger Delta are not on ground,” the source in the presidency said.

Since the resurgence of attacks in the Niger Delta, Nigeria’s oil output has fallen to a 22-year low of 1.4 million barrels per day (mbpd), against the budgetary target of 2.2mbpd.

The attacks, which have also targeted gas infrastructure in the region, have also impacted negatively on electricity output from thermal power stations that are reliant on gas to power their

turbines. This has led to constant system failures and prolonged blackouts nationwide.

Agip Pipeline Bombed Again Despite the government’s efforts to stem the bombings in the region, suspected Niger Delta militants early yesterday morning bombed the Tebidaba to Brass pipeline belonging to the Nigerian Agip Oil Company (NAOC) at Ikienghenbiri community in Southern Ijaw Local Government Area of Bayelsa State for the second time in one week.

Last Tuesday, militants blew up a gas pipeline belonging to the Italian oil giant that supplies crude oil through Tumor community in Bomadi, Delta State to Ogbuasiri in Ekeremor and Ogbembiri in Southern Ijaw, both in Bayelsa State.

Yesterday’s attack made it a dozen times this year that various oil installations operated by the company have been destroyed by the armed youths suspected to be militants in the state.

Before the two attacks in one week, armed militants breached a pipeline located at Brass Local Government Area (LGA) of Bayelsa State, leading to an oil spill in the area.

Earlier in the year, there was an attack at Kpongbokiri, which came on the heels of two attacks at Orukari and Golubokiri. That was just before a suspect, Seimghale Perekeyi, was apprehended for planting and detonating the dynamite that killed three oil workers in an oil platform belonging to Agip.

During yesterday’s attack, the gunmen suspected to have been led by persons identified as Suoyou, Iyelawei and Fynboy, believed to be residing within the community were said to have vandalised the pipeline and setting it ablaze.

It wasn’t clear what the motive for the latest bombing was, however, sources from the community claimed that a bloody clash between rival pipeline contractors over a surveillance contract led to the attack of the trunkline.

A resident of Ikienghenbiri who preferred to remain anonymous, disclosed that the groups were struggling for control of the Ogboinbiri-Tebidaba crude trunkline which passes through the area, revealing that the latest Continued on page 12

year, the committee defied all known economic principles for a contracting economy by raising the benchmark Monetary Policy Rate (MPR) to 12 per cent from 11 per cent.

It also increased banks’ Cash Reserve Ratio (CRR) to 22.5 per cent from 20 per cent, in a move aimed at tightening liquidity, which the central bank blamed for the pressure observed in the forex market. The MPC however kept liquidity ratio unchanged at 30 per cent.

However, as the MPC starts its meeting today, experts have stressed on the need for its members to press the right buttons that would support growth and save the economy from sliding into recession.

An economy is considered to be in recession when it records negative growth rates for two consecutive quarters.

According to economists, should the central bank ease monetary policy, the move would help to stimulate the economy by encouraging households and companies to borrow and spend more and will help to push up the prices of financial assets.

Speaking in a phone interview with THISDAY, the CEO of Financial Derivatives Company Limited, Mr. Bismarck Rewane said: “This is crunch time for the Nigerian economy.”

He advised the MPC members to “carry out an introspective

analysis of what they have been doing and come to terms with the shortcomings of their previous decisions”.

“The MPC has to be courageous to make the choice between growth and inflation.

At this point in time, what is more damaging is weakness and contraction of the economy rather than price pressure. At this point in time, growth should be the priority,” Rewane added.

Renaissance Capital, in its report released at the weekend, stated that following hike in the price of petrol, there is high probability of a change in forex policy review at the MPC meeting.

“We are less clear on what form forex policy may take going forward, as strong views on the subject imply there may have to be a compromise. We think the exchange rate of N285/$1 used to arrive at the petrol price ceiling of N145/litre suggests a two-tier exchange rate may be a possibility.

“We assign a higher probability (60 per cent) to a second official exchange rate being announced, than of outright naira devaluation in the official interbank market (25% probability). In the two-tier case, the fixed rate of NGN199/$1 may apply to essential imports, and capital transactions and luxury goods, may be left to a managed float that trades about N250/$1,” they added.

Returns on Forex Utilisation for May 16-20 RANKING BANKS 1 FirstBank

AMOUNT ($) 14,899,306.08

2

Stanbic IBTC

14,819,606.31

3

UBA

14,273,105.90

4

Diamond Bank 13,206,833.90

5

Zenith Bank

12,268,372.08

6

10,843,993

8

GTBank Standard Chartered Access Bank

9

Citibank

8,192,898.71

10

Ecobank

7,721,135.07

11

FCMB

5,774,870

12

Fidelity Bank

4,465,273.25

13

Wema Bank

4,086,721.73

14

Union Bank

3,736,255.29

15

Keystone Bank 1,908,683.45

7

10,373,299.66 9,435,437.13

Merchant Banks 1

Coronation

4,613,015.89

2

FSDH

1,121,221.57

3

RMB

906,862.99

TOTAL

142,646,892.01

11

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NEWS JONATHAN GOES INTO EXILE, MILITANTS MOVE TO SHUTDOWN OIL OUTPUT bombing was meant to sabotage the group that had been awarded the surveillance contract.

“We understand it is a conflict between two armed groups for access to the crude pipeline. One group claimed to be working to safeguard the pipeline and said the other group were vandals; they were shooting at one another,” he said.

It was gathered that the pipeline was set ablaze when the two groups engaged one another in a gun battle even as a thick cloud of smoke billowed from the scene.

But operatives of the Nigeria Security and Civil Defence Corps (NSCDC) who stormed the community shortly after the incident reportedly apprehended one of the suspects.

Confirming the incident, the state Commandant of NSCDC, Mr. Desmond Agu, said one of the militants identified as Peregbakumo was arrested through the help of the community leaders in the area.

The civil defence chief said he had summoned an emergency meeting of senior officers of the command and given them marching orders to secure all pipelines, oil installations and other critical national assets in the affected areas.

He identified the facility attacked by the militants as a pipeline along the Azuzuama axis of the Tebidaba-Brass trunkline, adding that the facility was attacked with dynamites at about 12.30 am yesterday.

The commandant said after the attack, the armed youths laid ambush in the community and shot a civilian member of the Oil and Gas Task Force in the leg.

He said the youths took off on sighting the gunboat of NSCDC, adding that his operatives later arrested Peregbakumo following the assistance of the community.

“At about 0300hrs, a gang of armed youths allegedly led by one Suoyou, Iyelawei and Fyneboy, all of Ikienghenbiri community, Southern Ijaw Local Government Area, vandalised the pipeline along

Azuzuama axis of the TebidabaBrass pipeline with dynamites and ignited fire on the line.

“Through community help, we were able to arrest one of the suspects and he was used to identify some of the fleeing suspects. There was a lot of community collaboration and we are grateful to the community because they don't like what the armed youths are doing,” Agu said.

Later yesterday, a statement issued in Yenagoa by the Bayelsa State Commissioner for Information and Orientation, Mr. Jonathan Obuebite, said the leaders of the pipeline vandals – Suoyou, Iyelawei and Fyneboy – were apprehended by youths of Azuzuama community, who got wind of the planned action.

They were arrested with the support of operatives of the NSCDC and one of them was shot in the leg while trying to escape.

Obuebite expressed delight that the arrests were coming on the heels of Governor Seriake Dickson’s meeting with traditional rulers and Chairmen of Community Development Communities (CDC), during which the governor directly placed the responsibility of maintaining peace and safeguarding oil facilities in their domains on their shoulders.

The commissioner praised the youths of Azuzuama community “for their galantry, patriotic disposition and commitment to the peace and economic well being of the state and Nigeria as a whole”.

According to him, Dickson would “invite them and reward them for responding positively to his clarion call when it mattered most”.

MEND Calls for End of Attacks Reacting to the rising waves of militant attacks on oil installation in the oil-rich region, the Movement for the Emancipation of the Niger

Delta (MEND), a group of exmilitants, yesterday resolved to continue to respect the unilateral ceasefire of hostilities which it declared on May 30, 2014.

The group urged those behind the attacks to stop the bombing of oil and gas installations and allow President Mohammad Buhari to fulfill his electoral promises.

In a statement issued in Yenagoa, Reuben Wilson, also known as General Pastor, MEND called on the aggrieved youths from the region to shun the temptation of resorting to violence and destruction of oil installations.

“The Movement for the Emancipation of the Niger Delta (MEND) wishes to condemn and dissociate itself from the recent activities carried out by a group known as the ‘Niger Delta Avengers’.

“Their sudden emergence has absolutely nothing to do with the Niger Delta struggle, but is rather a tool by certain elements to destabilise the current government.

“Going by their actions and subsequent statements, it has become very apparent on who the sponsors of these group are.

“MEND serves notice to the international community that the Niger Delta region shall not be part of a secessionist Biafran State.

“Rather, the group believes in one strong united Nigerian federation where the principles and ideals of resource control; true federalism; the rule of law/respect for human rights; democracy; free enterprise; and a vibrant civil society are well entrenched in the grund norm and put to practice,” the group said.

MEND reiterated its call for the release of the Okah brothers - Henry and Charles – who were arrested in 2010 on what it called “trumped-up charges”.

Shell Paid FG $5bn in 2015 Meanwhile, a new report by Royal Dutch Shell Plc has revealed that Shell Nigeria paid a total

of $4,951,993,936 to the federal government from its operations in the country in 2015, making Nigeria the highest recipient among the 24 countries that received $21.8 billion in payments from the oil multinational during the year under review.

According to a summary of the “Report on Payments to Governments 2015”, which was prepared by Shell and obtained exclusively by THISDAY, the company paid a total of $21,840,825,287 to 24 countries in 2015.

The report showed that the highest payment of $4.95 billion was made to the Nigerian government in the form of taxes, royalties, fees and production entitlements.

The release of the Shell report is coming ahead of the 2013 audit report to be released by the Nigerian Extractives Transparency Industry Initiative (NEITI) today in Abuja.

According to industry sources, the NEITI report will among others, highlight the non-remittance to the Federation Account of dividends running into billions of dollars paid by Nigerian Liquefied Natural Gas (NLNG) Company to the Nigerian National Petroleum Corporation (NNPC).

In the Shell report, Malaysia received the second-largest payment of $4,410,549.595, followed by Norway, which got $4,156,888,087; Oman $2,112,924,584; Iraq - $1,359,249,519; Qatar - $989,657,810; Australia -$878,133,272; Denmark - $576,148,422; Philippines$486,917,661; China - $459,242,357; Gabon - $353,033,264; and United States - $352,073,695.

Others included Italy $207,038,856; Egypt - $185,566,882; Canada - $150,648,725; New Zealand - $123,893,867; Brunei Darussalam - $103,937,853; Brazil $69,477,599; Argentina - $23,067,771; Ireland - $4,877,756; Germany - $4,404,123; Jordan - $3,000,000; Indonesia - $1,000,000; and the United Kingdom, which the report showed paid back $122,900,344

to Shell.

Of the $4.95 billion paid to the Nigerian government, $378,551,263 and $200,638,000 were paid to the Department of Petroleum Resources (DPR) as royalties and fees, respectively, bringing the total payment made to the regulatory agency to $579,189,263.

Other payments that constituted the $4.95 billion included $717,920,620 paid to the Federal Inland Revenue service (FIRS) as taxes; $291,115 paid into the Federation Account with the Central Bank of Nigeria (CBN); $46,946,550 paid to the Niger Delta Development Commission (NDDC) as three per cent levy; and $3,607,646,387 paid to NNPC as production entitlement.

The $717,920,620 paid to the FIRS included payment in kind of $457,824,860 for 8,996,000 barrels of oil equivalent valued at market price.

A further breakdown of the $4.95 billion payment to the Nigerian government showed that the $3,607,646,387 paid to the NNPC included payment in kind for 114,069,000 barrels of oil equivalent at market value.

Under what Shell referred to as payments for projects in the 1993 Production Sharing Contracts (PSCs), $799,332,160 was paid as production entitlement, $368,870,290 as taxes, and $37,424,320 as royalties on Oil Prospecting Lease (OPL) 212, now Oil Mining Lease (OML) 118 and OPL 219, now OML 135.

The Bonga field, which is operated by Shell Nigeria Exploration and Production Company Ltd (SNEPCo) under a PSC for NNPC, which holds the lease, is in OML 118 (formerly OPL 212).

The massive Bonga field consists of Bonga Main, Bonga South West/ Aparo and Bonga North West.

SNEPCo holds a 55 per cent contractor interest in OML 118.

The other co-venturers are Esso Exploration & Production Nigeria Ltd (20 per cent), Total E&P Nigeria Ltd (12.5 per cent) and Nigerian Agip Exploration Ltd

(12.5 per cent).

OML 135 contains the Bolia and Doro fields, where SNEPCo also holds a 55 per cent contractor interest.

The sum of $368,870,290 included payment in kind of the said amount for 6,996,000 barrels of oil equivalent valued at market price.

Also the $799,332,160 included payment in kind of the said amount for 14,732,000 barrels of oil equivalent valued at market price.

The royalties of $37,424,320 also included payment in kind of the said amount for 703,000 barrels of oil equivalent at market price.

The report also showed that $88,954,570 was paid as taxes for OML 209 under a 1993 PSC, which included payment in kind of the said amount for 2,000,000 barrels of oil equivalent valued at market price.

The federal government also received $1,592,115,125 as production entitlement from Shell Petroleum Development Company’s (SPDC) eastern operation, and this included payment in kind of the said amount for 76,215,000 barrels of oil equivalent value at market price.

SPDC West also paid $798,332,523 as production entitlement and this included payment in kind of the said amount for 15,054,000 barrels of oil equivalent valued at market price.

The sum of $417,866,579 was paid by SPDC shallow water as production entitlement and this included payment in kind of the said amount for 8,068,000 barrels of oil equivalent valued at market price.

Under what Shell also described as entity level payment, SPDC paid $260,095,760 as taxes, $341,126,943 as royalties and $247,875,666 as fees, making a total of $849,098,369.

Shell said it made the payments to the various countries in the form of production entitlements, taxes, royalties, dividends, bonuses, as well as licence fees, rental fees, entry fees and other considerations for licences and/ or concessions.

“most unfortunate”.

He added: “The NWC and other leaders of the party are currently in a meeting with Sheriff and at the end of the meeting they are likely going to come up with a solution on the way forward and based on that the party may after due consideration of all the court cases decide on a new date to proceed with a new convention.”

Dazang who spoke to THISDAY on the phone said the commission was aware of the events in the opposition party, but would wait for the report of the monitoring team before making its position known on the Port Harcourt convention.

However, as the PDP lurched into another crisis, the Independent National Electoral Commission (INEC) yesterday said it would take a position on the PDP leadership tussle only after studying the report of the team it sent to monitor the Port Harcourt convention.

The Deputy Director in charge of Media and Publicity, Mr. Nick

Meanwhile, the Chairman of the National Convention Planning Committee and Rivers State Governor, Nyesom Wike, has explained that the party had to let Sheriff go because his leadership was destabilising the party.

In an interview on Saturday night after the convention in Port Harcourt, Wike said: “All along, the crisis has been about the former acting chairman whose emergence was strongly opposed.

“This is destabilising the party

and so we had to let him go.

What is important is the party and not the individual. No sacrifice is too much for anyone to make as far as PDP is concerned.”

He noted that he had no personal interest in supporting Sheriff, as he was the best option at the time he emerged.

He said PDP would continue to grow from strength to strength, as it remained the only hope for the country.

“We will not allow the PDP to die or suffer divisions under our watch. History will never forgive us if we watch the party die,” Wike said.

The governor said the party leaders would work towards maintaining unity amongst all members of the party.

He said despite the challenges, the convention was successful, because the party was repositioned in the interest of the nation.

drawing government’s attention to the dangers of relying on the importation of petroleum products as a sustainable strategy for making them available. It expressed the belief that in the days ahead time would prove its position right,” Wabba added.

Under the circumstances, Wabba said, NEC after due consultations with its constituents, resolved to suspend with immediate effect the action it commenced on Wednesday, May 18th, 2016. “The action is hereby suspended,” he said.

“Congress will resume negotiations with government on the twin issues of the hike in electricity tariffs and increase in the pump price of petrol and

any other issue that may arise thereof.

“The congress will continue to resist wrong legislations, policies and programmes and will always act in the best interest of Nigerians as it remains the only pan-Nigerian organisation not affected by religion, region, creed, partisanship or primordial sentiments,” he added.

Labour also urged the government to play by the rules in its engagement with its constituent parts, stakeholders and non-state actors as proof of its commitment to deepening the country’s democracy and “also in acknowledgment of well-worn credo that what goes around, comes around”.

Wabba insisted that though labour will be returning to negotiations with government, it will still stand on the old price of petrol.

Wabba urged Nigerians to be vigilant, reminding them that at all times, the price of freedom is eternal vigilance.

He further accused the federal government and the police of using brute force in states like Ebonyi to intimidate and harass its members.

He however failed to acknowledge that members of his union forcefully drove away and locked out workers in some states who elected to go to work in defiance of NLC’s call for the strike.

PDP CRISIS WORSENS, POLICE SEAL ABUJA SECRETARIAT them to cordon-off the road leading to the PDP secretariat.

Though the policemen did not respond to enquiries on their mission, it was learnt that they were under instructions not to allow anyone entry into the party’s office.

Not even the embattled former governor of Borno State who is resisting his ouster at the Port Harcourt convention could gain entry into his office.

Sheriff had described his removal as a coup that will not stand. He was eased from his position in a most dramatic manner, when the governors of the party and other leaders held an emergency meeting at the Rivers State governor’s lodge in Port Harcourt, ostensibly to chart a way forward, following a court order restraining the party from holding an elective convention.

At the meeting, Sheriff was asked to step down so that

the party will select a more acceptable man for the job. Later, the governors and party leaders, together with delegates to the convention trouped to the Sharks Stadium, where they went ahead with the convention to remove Sheriff via a voice vote.

In place of the sacked Sheriffled NWC, a new caretaker committee was appointed with Senator Ahmed Makarfi as interim national chairman, Senator Ben Obi (secretary), Senator Ugbesia (member), Senator Abdul Ningi (Member), Mr. Dayo Adeyeye (member), Aisha Aliyu (member), Mr. Usman (member).

The caretaker committee is expected to preside over a new convention of the party that will usher in new executives.

However, his Special Assistant on Media, Mr. Inua Bwala who spoke to THISDAY on Sunday said Sheriff was not going

anywhere, adding that the Port Harcourt incident was a foiled coup, implying that his principal will still go ahead to act as the chairman of the party.

Bwala also said that Sheriff had summoned a meeting of the National Working Committee (NWC) of the party in his house to deliberate on the latest crisis rocking the party.

Bwala said: “The NWC is meeting today, some of these governors are backing out and some major stakeholders in NEC and BoT have rejected what happened in Port Harcourt.

“They are all heading to Sheriff's house for a meeting.

As far as we are concerned, what happened in Port Harcourt was a foiled coup.”

While the meeting was in progress, Bwala held a press briefing during which he described what transpired on Saturday in Port Harcourt as

INEC to Study Report of Monitors

Wike: Why Sheriff was Shown the Exit

AFTER MUSCLE FLEXING, NLC SUSPENDS PROTEST and oil and gas sector workers.

Addressing journalists in Abuja yesterday, NLC President, Mr. Ayuba Wabba, said the decision to suspend the protest was due to calls by several wellmeaning Nigerians for labour to consider dialogue with the federal government as the best option.

Wabba, who read the communique issued by the National Executive Council (NEC) of the union, said it continues to stand by its position opposing the deregulation of petrol pricing by government.

He said: “After exhaustive deliberations, NEC noted its protest action was informed by the twin issues of the unjustified

and illegal hike in electricity tariffs and increase in the pump price of petrol.

“NEC adjudged the protest action to be a success in spite of both internal and external challenges.

“NEC reiterated the correctness of its position on the twin issues of the electricity tariff hike and astronomical increase in pump price of petrol and the hardship they portend for Nigerian masses.

“NEC also acknowledged that the temptation to compare the strike action with that of 2012 could be compelling, but that the scenario had changed as both the actors and the terrain were different.”

Wabba stated that before NLC had embarked on the action, it had anticipated the probable outcome and therefore was not surprised by government’s negative response.

“Nonetheless, NEC felt fulfilled by having the presence of mind and courage to identify its mission and fulfilling it, stressing that if a similar situation arises again, it would still rise and stand with the people.

“NEC therefore commended those who took part in the action in one way or the other and reaffirmed its commitment to the struggle.

“The action, it reiterated was taken in the best interest of the poor and the weak and in

T H I S D AY MONDAY MAY 23, 2016

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T H I S D AY • MONDAY MAY 23, 2016

COMMENT

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

CHALLENGES AND STRICTURES OF 2016 BUDGET

A budget of change that does not deliver the goods and services will make the promise and clamour for change ironic, writes Oseloka H. Obaze

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n out-and-out constancy in Nigeria’s politics and governance is elite shifts and policy changes; which is well-documented in Joe Garba’s 1995 book, Fractured History. Another utter constancy is Nigeria’s budgetary process; the ambiguities, reoccurring sub-heads, unimplemented projects, padding, underperformance of budgets and lost opportunities. Hardly discussed, is the linkage between Nigeria’s underdevelopment and its failure to use the budget as a national development tool. Public budgeting, which ought to be a service-delivery and good governance tool is no longer a means of promoting public interest. The global budgetary ground norm is that government does not spend what is not appropriated. This is hardly so in Nigeria, as the capacity to undertake sound economic and fiscal planning, expenditure management, accountability and evaluation of public sector activities, remain elusive.

There’s one explanation for this dysfunction. Nigerian budgets have never been framed to be results-based. Budgets have over time, been structured and based on certain common assumptions with recurrent and capital programmes framed as envelopes, and adopted in lieu of programmes that should guide development, economic growth and wealth creation. Such practices along with budgetary indiscipline, opacity, and lack of accountability are responsible for past misguided intervention and fiscal abuses. They have impacted negatively on Nigeria’s development and called into question the rationale of governmental budgeting. Hitherto, all kinds of ploys were used to circumvent budgetary controls. Though 2016 budget making offered an opportunity to redress past errors, the process had a false start. This time it was “padding”; a terminology President Muhammadu Buhari claimed to be unaware of. His words: “There is something called “padding”. I’ve been in government since 1975. I never heard the word “padding” until this year.” Besides padding, other challenges persist.

While past budgets were presumably needs-driven, project-specific and based on reform assumptions, our budgets not being results-based, explains why ministries, departments and agencies (MDAs) pad their budgets, and lobby the legislature to pass their sections of the budgets, as presented. Such practices offer the legislature the axiomatic “pound of flesh” and “pork barrel”, from which to extract constituency project funding. Can Buhari change these practices?

A key challenge arising from the 2016 budget presented to the National Assembly on December 22, 2015, and signed into law on May 6, 2016, is its inextricable link to President Buhari’s campaign and reform promises. Delivery and reform goals will definitely clash. Moreover, past efforts at budgetary reform failed due to lack of political will, ownership and bureaucratic resistance. Also with less than six months to implement the 2016 budget, there exist inherent risks of trying to do much in less time. As always, haste will make waste. Contextually, the suggestion that the 2016 budget should be operated until May 2017 is absurd. Such an overlap will only prolong the simmering discord, create turf fights and grounds for fiscal abuses.

The 2016 budget, which outsizes the 2015 N5 trillion budget by N1.6 trillion, is remarkable for its deficit of N2.23 trillion - the highest ever in Nigeria’s history. After the alleged “padding” and debulking, a slightly leaner budget was passed. The variations include a minor reduction from N6.8 to N6.6 trillion. The operational parameters: an

PAST EFFORTS AT BUDGETARY REFORM FAILED DUE TO LACK OF POLITICAL WILL, OWNERSHIP AND BUREAUCRATIC RESISTANCE. ALSO WITH LESS THAN SIX MONTHS TO IMPLEMENT THE 2016 BUDGET, THERE EXIST INHERENT RISKS OF TRYING TO DO MUCH IN LESS TIME. AS ALWAYS, HASTE WILL MAKE WASTE

oil price benchmark of USD38 per barrel at 2.2 million barrels per day and determining exchange rate of N197 to US$1 were retained. The 2016 budget is essentially Buhari’s first budget as president, which in content and size, sets presidential priorities, and will shape and define his governance trajectory, change agenda goals, fundamental political reform, historical and personal mandate, and also distinguish his administration from preceding governments. Entrenching, consolidation and fulfillment of Buhari’s campaign promises will still hinge largely on the 2016 budget and its outcomes. Nonetheless, the budget deficit –some 2.14 per cent of GDP -- will require Buhari to expend some of his political capital to ensure that the budget delivers. Yet, Buhari cannot expect to reform and downsize government’s expenses, end fuel subsidy and enforce spending cuts without hitting severely on the purchasing power and confidence of Nigerian consumers, which is at an all-time low. These realities prompt poignant questions.

One intractable challenge hardly ever discussed, is how best to tackle the subterranean but severe drain on Nigeria’s budgeted resources, by way of Nigeria’s informal support of the economies of neighbouring states. Besides, ongoing labour protestations and face-off with government, for which one side must blink, has government properly benchmarked the budget to preempt abuse, guarantee delivery of services and projects and stop MDAs that engage in budget busting through unforeseen expenses? Can the budget sustain imminent demands for palliatives and wages and kick-start Nigeria’s economy?

President’s Buhari’s the biggest challenge, is how to fund the 2016 budget fully and expeditiously, considering the deficit. Low oil prices remain adversarial and the snail-paced recovery of looted funds, an impediment. That leaves borrowing and taxes. Oil subsidy removal will result in savings that will count as revenue. Yet the impact won’t amount to much until the foreign exchange policies are tweaked and government reviews “its policy of maintaining an artificially fixed exchange rate, in the face of depressed income from crude oil.” As a political and governance tool, past budgets have been near undemocratic, by not guaranteeing trickle down dividends. Same might be true of this budget. So any desired change coming to our budget processes, will require radical altering of orthodoxies in budget making. A change that does not reform the national budget, and a “budget of change” that does not deliver the goods and services, will make the promise and clamour for change ironic.

Attempts to revamp the Nigeria economy using the 2016 budget are fraught with challenges and imponderables. The shock therapy approach is double-edged, since policies meant for common good must be compassionate as they are rational. Demands to rescind the fuel hike is hardly a support for the cabal that gut Nigeria via oil subsidies; but as things stand it’s Nigerians that suffer regardless. Priorities contained in the president’s campaign manifesto along with the 34 priority programmes within six-cluster budget thematic priorities must be attended to in just six months. Ironically, some of these proposals are without delineated matching funds, which guarantees funding turf fights. Regrettably, there has been a very poor articulation of social safety nets and welfare packages that will result from subsidy savings, and how the masses will benefit therefrom. Change and challenge continue to intertwine.

Obaze is MD/CEO of Selonnes Consult Ltd.

THE DAY AFTER

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Israel A. Ebije argues the PDP is capable of upstaging the ruling party if the present state of things persists

he Peoples Democratic Party (PDP) has always managed to drag itself to fringes of disastrous fall since its chequered existence as a political party 18 years ago. Its penchant for mistakes expresses its calamity-prone characteristics wielded at all levels of the party. It is however interesting to note that at the national level of the party sits the worst assembly of politicians loaded with personal ambition with zero interest of collective aspiration.

It is indeed pertinent to intimate that the floodgate of self- based interest, reckless greed, over-bloated ego, pride, impunity, disconnect from the people pushed the PDP out of its soaring political height. We may therefore recall that the erstwhile ruling party was accorded similar goodwill the All Progressive Congress (APC) is presently enjoying on account of prolong military rule.

After losing the elections in its most disastrous outing in 2015, the PDP managed to stay firm in the news for awkward reasons. First major gaffe was the emergence of Senator Ali Modu Sheriff as acting chairman, which snowballed into a parallel convention that has quickly and sharply divided the ailing party. It is however disturbing how the party managed to allow a character like Sheriff to take over its leadership in the first place.

Nigerians may recall that the impunity of the PDP is often evident in the personalities that manage affairs of the party. Bamanga Tukur will be remembered as an emperor who was only successful in dragging the party political

enterprise to the morgue. He didn’t act alone; he was assisted by then government at the centre to embark on senseless internal “cleansing” which later gave APC political advantage to stage a coup de grace in 2015.

What the PDP lacked in managing its onceupon- a - time politically rich deposit in terms of human and perception resource, experience, exposure of politicians from that party cannot be undermined. The party went down based on impunity. The unfolding rattling in the party may present an image of a people who have failed to learn from their mistakes. That may not completely be true.

It is instructive to understand that the intense heat in the PDP only directs to a formation that might rise from the ashes of self-inflicted setback to the saddle.

Already the George Orwell’s “sugar candy” the APC promised Nigerians is becoming elusive: condition of living increasingly difficult and the future completely unpredictable. It is therefore not surprising that many Nigerians who voted for the ‘change’ administration are among persons keenly watching the drama unfolding in the PDP. As the opposition is now taking advantage to herald a new slogan, “Change the Change”.

They may not be like the PDP based on the experience of the “locust years”, but until the APC changes its economic strategy, not many illiterates will understand that aside some badly timed policies like deregulation of the oil sector, hike in electricity tariffs, that the fortune of our crude-oil based economy has cascaded.

With the hopes of many dashed and poverty flying through the roof, and insurgency, militancy tearing through the muscle fibre of the society, the APC might not stand a chance if all that continues. Sadly, people are beginning to see through the “excellent” propaganda of the APC government. They had a lot to feast on based on the gaffes of the PDP, interestingly they never relented on propaganda after winning the election, a tactless strategy that has indeed turned around to haunt them.

Nigerians have come to realise that the APC-led government is not only good at propaganda but is doing well hunting corrupt “PDP” politicians. People have also come to realise that government at the centre have managed to change most of their promises. Nigerians have even started doubting the war on corruption and insurgency.

Sadly, Amina Ali, one of the Chibok girls found recently has been dubbed a charade, a propaganda twist to force attention from the ongoing national strike by the Nigerian Labour Congress (NLC). Who can blame them, when Amina suddenly appeared on the first day of the strike and the wife of the president also shared N55m to victims and families of Boko Haram insurgents? The APC is alleged to be using propaganda to cover up for “poor performance” at the centre.

A lot has happened to Nigerians in the past years of our nation’s democratic experience. The worst part is playing politics with human lives.

Former President Goodluck Jonathan lost all his

political fortune when he failed to manage the “politically” induced insurgency in the North eastern states. Whether the one he allegedly was involved in or the one thrown at him to smear his image, the collateral damage is the cost to human lives.

The Niger Delta Avengers is allegedly raised to distract President Muhammadu Buhari-led administration. Nigerians, and their social, political and economic prebend is whittled and the blood-coated political strategies of our politicians have indeed come to stay. Sadly, Buhari may have to grapple with insurgency from the North and militancy from the South.

With the recent “armed Fulani herders” onslaught on hapless Nigerians spreading like wild fire across the country, it is clear Buhari is on a sloppy path towards losing goodwill among his supporters in the monolithic south. Definitely, it’s a political battle taken to the homes of poor Nigerians by politicians for their political interests.

For the Nigerian victims, it can only be “Buhari’s fault”, just as it was “Jonathan’s fault”.

Democracy has come to stay in Nigeria.

Whether APC or PDP, the climes are changing, the people are becoming stronger, more enlightened and capable of gravitating towards a direction that provides better condition of living.

Once again, under the present circumstance, regardless of the present economic reality, once the storm blows off, the PDP might become the next political alternative if there is no respite for the poor.

Ebije can be reached via ebije05@gmail.com

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T H I S D AY MONDAY MAY 23, 2016

EDITORIAL SPARING A THOUGHT FOR HUMANITY The World Humanitarian Summit offers yet another opportunity for Nigeria to join forces with others and put its house in order

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oday, world leaders converge on Istanbul, Turkey, to once again address the worsening humanitarian crises that have left about 125 million people in extreme need and want of dignity, security and the opportunity to thrive. Tagged the World Humanitarian Summit, with the theme “One Humanity, Shared Responsibility”, the leaders are expected to discuss and commit to policies that will deal with the rising needs arising from brutal and unending violent conflicts, including barbaric acts that violate the rules of war as well as the devastating effects of natural disasters and climatic shocks.

Some of these issues have, however, been dealt with at previous summits. Last year, heads of governments endorsed the Sendai Framework for Disaster Risk Reduction Framework; the Addis Ababa Action Agenda; the 2030 Agenda for Sustainable Development; and the Paris Agreement on climate change. The conclusions of these agreements are now being tabled for specific commitments by the world leaders.

“Brutal and seemingly intractable conflicts are devastating the lives of millions and destabilising entire regions,” says the working WITH THE BOKO HARAM document prepared INSURGENCY IN THE by the United Nations NORTH-EAST AND THE Secretary-General, Ban HERDSMEN/FARMERS’ Ki-moon, while “violent CLASHES IN SEVERAL extremism, terrorism PARTS OF THE COUNTRY, and transnational crime NIGERIA IS HAS ITS OWN are creating persistent SHARE OF HUMANITARIAN instability”. The report CRISES adds that the widening gap between the rich and the poor is marginalising and alienating the most vulnerable people even as climate change is having a profound impact with increasingly frequent and intense storms, floods and droughts.

In calling for a global approach to these challenges within the next three years, the World Humanitarian Summit offers an opportunity for renewal of the commitment and cooperation required to prevent and end crises and reduce human suffering. Since these complex challenges surpass the capacity of any single country or institution to cope with,

Letters to the Editor

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world leaders are expected to come up with a joint action plan.

The agenda for humanity highlights five broad areas for policy actions. It asks political leaders to assume their responsibility to prevent and end conflict. It says states must uphold the norms that safeguard humanity by enforcing international and human rights laws. It calls for the protection of the vulnerable with the catch phrase, “Leave no one behind – and reach those who are furthest behind,” by transforming the lives of those living in situations of conflict, disaster, and acute vulnerability. It asks leaders to change people’s lives by moving from delivering aid to ending need.

Finally, it proposes that states invest in humanity by enhancing local capacities, reducing risk and building effective and inclusive institutions, especially in fragile countries.

W

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

e cannot agree less with the agenda for humanity which emphasises the responsibility of political leaders to be proactive rather than being reactive to issues that generate conflicts and crises. We believe that if leaders accept and commit to this basic principle of prevention rather than cure, the world stands a better chance of a rapid phase out of the crises that have bedevilled humanity.

For us in Nigeria, the summit offers an opportunity for conversations on all of these critical issues on parade at Istanbul since we are not immune to the prevailing vagaries of violent conflicts, disasters and extreme vulnerabilities.

With the Boko Haram insurgency in the North-East, the herdsmen/farmers’ clashes in several parts of the country, and the resurgence of militancy in the Niger Delta, Nigeria has its own share of humanitarian crises as many internally displaced persons are in search of security, dignity and the opportunity to thrive even within the unfortunate circumstances that they have found themselves.

It is our hope, therefore, that as world leaders begin the conversations on these five critical areas aimed at lessening the human misery, the authorities in Nigeria will take advantage of the opportunities its outcomes will offer, particularly with regard to the implementation of the five core responsibilities that the agenda for humanity has highlighted.

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TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

WOMEN AND FOOD SECURITY IN NIGERIA

he United Nations Food and Agriculture Organisation estimates that about 805 million of the 7.3 billion people in the world, representing ratio one in nine, suffered from chronic undernourishment in 2012-2014. Almost all the hungry people, 791 million, live in developing countries, representing 13.5 per cent, or one in eight, of the population of developing counties.

Aside hunger and malnutrition, food insecurity equally results in a wide range of other problems such as health, environmental degradation, and high rate of crime, among others. Conversely, to the extent that food security improves, most facets of life improve as well. With most of its people engaged in activities outside the agricultural sector, the country is in danger of being engulfed in food crisis. To improve agriculture and food security (being able to produce enough food to sustain families and communities year after year), is a herculean task for most African nations. Hence, their people easily become victims of food related problems.

The reasons for this lingering food crisis range from industrialisation to crave for higher standard of living and mass rural- urban migration. Other key causative factors are non- availability of urban machinery and credit facilities for farmers as well as lack of empowerment for women farmers.

The springing up of more industries to cater for the growing population of white-collar job seekers affects provision of food for the people. The lands hitherto used for agriculture are being sold to give way for these industries. And often, these lands contain trees- usually felled- needed to boost the oxygenation of the environment as well as production of both food and cash crops.

Commonly tagged dirty and not a money spinning occupation,

most young people abhors farming. This is because it does not bring immediate financial returns compared to other jobs such as banking and working in oil servicing firms. There is mass migration of young school leavers from the rural communities to the cities, leaving behind old and tired hands to engage in farming. And in most cases, lower farm yields result which in turn affects supply of food.

Environmental degradation in form of soil erosion and overgrazing, climate change which has caused shifting weather patterns is increasingly viewed as a current and future cause of hunger and poverty because it leads to increasing drought, flooding, and changing climatic patterns requiring a shift in crops and farming practices that may not be easily accomplished.

Erosion is one of the major factors affecting food security, mostly in the South Eastern part of the country. Sometimes ago, the Senate Committee on the Environment visited Edo State where the effect of erosion has had a devastating effect on the environment as well as the practice of agriculture.

Another major obstacle to sustaining food security in the country is the communication gap between farmers and policy implementers.

In most cases, the policy implementers do not really carry the farmers along in the process of policy implementation. This, perhaps, is responsible for the inability of subsidised fertilisers and loans from the government and its agencies to get to the real farmers who are in dire need of it.

But by far the most important reason for food insecurity is the lack of incentives to women to engage in commercial agriculture. Women play a significant role in agriculture, the world over. About 70% of the agricultural workers, 80% of food producers, and 10% of those who process basic foodstuffs are women and they also undertake 60 to 90%

of the rural marketing; thus making up more than two-thirds of the workforce in agricultural production . In West Africa, up to 80% of the labour force in all trade is female. Yet, the role of women in these activities, so important economically, has remained obscure for long because women seldom played any major roles in political activities or decision making processes.

Women farmers face a lot of challenges; these include and not limited to lack of access to land and funding, limited access to new practices and technological advancements in farming, less market opportunities among others. In many regions of Africa, women have limited access to land compared to their male counterparts and therefore cannot practice large scale agriculture.

Furthermore, women tend to face greater challenges when it comes to securing credit. They are generally less experienced with the ins and outs of borrowing from an institution, and without assistance and support they find it difficult to access much needed funding.

To practice large scale farming, there is need for access to modern technological advancements. The women folk do not have access to these as companies marketing these farm implements often target those that engage in large scale farming who are often men- to sell these new innovations to.

In addition, lack of market research and information limit women farmers to market opportunities. Women are confined to local markets where prices are generally lower than in urban markets. Furthermore, women farmers are in need of transport and logistics. Lack of access to transport and logistics affect their ability to sell more of their farm produce in time.

Bilkis Bakare, Ministry of Information & Strategy, Alausa, Lagos

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T H I S D AY • MONDAY, MAY 23, 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

PDP Convention of Intrigues The resolve of the leadership of the Peoples Democratic Party to conduct its national convention last Saturday in Port Harcourt, Rivers State, leading to the removal of the embattled Senator Alli Modu Sheriff as the National Chairman , was a reflection of the undercurrents within the party. Ernest Chinwo, Shola Oyeyipo and Segun James write on the intrigues that led to the outcome

Markarfi…the new face of PDP

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onsidering the acrimonies that have been in the Peoples Democratic Party (PDP) since former Borno State governor, Senator Alli Modu Sheriff was named as the acting national chairman of the party, many watchers already knew that the last weekend convention of the party held at Port Harcourt was going to be characterised by machinations geared towards ousting the chairman.

So, it was not surprising when that after the convention Sheriff lost his position as the national chairman to former governor of Kaduna State, Alhaji Ahmad Markarfi, who now heads a seven national caretaker committee set up by the convention to see to the affairs of the party for the next 90 days.

The road to the crisis rocking the party began when Sheriff, in defiance to his promise when he was offered the position of acting national chairman, decided to contest to become the substantive chairman. Though his decision enjoyed the support of the governors of the party, it was rejected by the South-west chapter of the party headed by Chief Olabode George, a former Deputy National Chairman of the party, who believes that it is the turn of the geopolitical zone to produce the national chairman.

During a chat with THISDAY some weeks before the convention, George had warned that the only way to avoid crisis in the party, so as not to have a parallel convention was for the leadership of the party not to jettison

Sheriff…ousted at last

the agreed sharing formula as evinced by the founding fathers of the party. He said where that

I was so angry when I heard that the Yoruba have rejected the chairmanship of the party. I was one of the people that traversed the length and breadth of the country, trying to convinced people on the need to build a solid party.

But, I am surprised that some people from the South-west, who came from nowhere, are saying that Yoruba people don’t want chairman. That is sacrilegious; it’s like a cultural betrayal. How can you say that we don’t want it?

happens; the South-west must be guaranteed the presidential ticket of the party in the coming election in the spirit of equity and fair play.

His argument was that going by the existing arrangement in the party and in line with the Senator Ike Ewerenmadu committee’s report that the presidential ticket of the party moves to the North in 2019 while the chairmanship moves South, if Sheriff insisted on retaining the position, it would scuttle the arrangement.

According to George, anything contrary to the existing arrangement would not be acceptable to the South-west members who are already feeling alienated with the ways of things in the party. He therefore stressed that it would only be fair that the presidential ticket moves to the South as enshrined in the party’s constitution or otherwise, the southwest may reconsider their continued membership of the party.

Some of the South-west leaders that are in agreement with George’s position included former governor of Ogun State, Chief Gbenga Daniel; former deputy governor of Osun state, Erelu Obada; former minister, Chief Ebenezer Babatope; Senator Bode Olajumoke, Senator Femi Kila, Prof. Taoreed Adedoja, former House of Representatives Leader, Hon. Mulikat Akande-Adeola; Oloye Jumoke Akinjide; Dr. Doyin Okupe, Hon. Tajudeen Agoro and others.

The PDP leaders, while saying that the Yoruba people would no longer tolerate nor accept the role of subservient player in the party, called on the Yoruba people to stand firm and reassert themselves as they must not allow anybody to treat them as orphans within the PDP. They denounced the Senator Buruji Kashamu-led group,

which said the South-west was not interested in the national chairmanship of the PDP. Explaining the root cause of the grievance in the South-west PDP and why the leaders from the zone stood firmly against Sheriff’s chairmanship, George noted that: “The party was founded on a tripod of justice, fairness and equity. This was the founding fathers’ principles to position the party. The moment we deviated from it, the PDP became an unstable platform.

Some of us after the last election looked at what happened and felt it was not the best. We realised the party was given a bloody blow, but we were not knocked out completely.

“So, we have been looking at all the suppositions in respect of what happened to the PDP during the last election. The organs of the party like the party caucus, the Board of Trustees (BoT) and National Executive Committee (NEC) went into action to discover what happened and prevent another episode. When the former National Chairman of the party, Adamu Mu’azu, left, the party was wobbling after we lost the election.

“Uche Secondus became acting chairman because he was deputy to Mu’azu. And because of the structure and the way the party was conceptualised, the founding fathers devised a means where all stakeholders will have sense of belonging. They did this knowing full well that the Nigerian constitution does not reckon with zoning, but in their wisdom, they worked out a formula that recognised the geo-political zones. There are six positions which include the President, Vice President, Senate President, CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, MAY 23, 2016

POLITICS/ THE MONDAY DISCOURSE PDP CONVENTION OF INTRIGUES Speaker, Secretary to the government and national chairman. So, each zone will take one position.

It means three positions will go to the north and three to the south. That is the zoning concept.

So, there cannot be disagreement because at the end of the day, each zone will take something home.

“I was at a meeting, where I represented the South-west at the national caucus. Mu’azu had resigned. There were complaints and that Secondus could no longer perpetuate himself as the acting National Chairman because the position belonged to the North-east. They were told to bring somebody and eventually Ahmed Gulak went to court on the issue and it became legal tussle. Somehow, Sheriff who also came from the zone, begged us to allow him to step in, in order to douse the tension.

He had been in the All Nigerian People Party (ANPP), fighting the PDP people throughout his membership of the ANPP. “So, for him to now come up to take the biggest prize of the party, the people were very angry about it. The BoT rejected the whole idea behind the choice of Sheriff; I have never seen such an expression of anger before. We now said let listen to Sheriff, he made a brilliant and very persuasive comment. He promised to sign out on May 21.

“He said he will go with his colleagues and would draw a time table to that effect. In fact, he told us that all the members of the working committee have accepted to go after May 21.

That they would set up the committee that would run the convention. We finally agreed and begged the people to consider him for the position, in order to get over the bridge. We agreed that the party was in a very precarious situation, that if we go under, there will be no other voice to counter government. Government cannot be right all the time, we must have alternative voice,” George explained.

He was particularly disconcerted about the position of some persons in the South-west who rejected the position of the National Chairman from coming to the zone, arguing that bringing the position back to the zone in 2018, just some few months to the general election will not augur well.

“Looking at it in the medical way, the chairman is to midwife the presidential candidate, and the midwife being the new born baby would not be in effective position to produce the presidential candidate, if the chairman and presidential candidate should be produced the same year.

“I was so angry when I heard that the Yoruba have rejected the chairmanship of the party. I

of the party.

“I cannot rationalise why they are against it.

It is cultural treason. In those days, it is an act of betrayal. If they had thought deeply, that it is something that will affect the people, they would not have such mind set. Their action is sacrilegious and could not have been given the desired thought before they decided on it. I have always made this statement; in politics we disagree but must never be disagreeable. Once it gets to that point of disagreeable, it means we have come to the point of no return,” he lamented. This position heralded the beginning of the crisis that has now consumed the national chairman. It was not only the South-west that was against Sheriff. A number of cases were instituted by some aggrieved members of the party to stop the convention from holding.

Fixing the Problem The Rivers State governor, Nyesom Wike and his Ekiti State counterpart, Ayo Fayose were some of the strong forces behind Sheriff’s emergence as the new chairman of the PDP and they are obviously aware that their action was the reason for the protests in the party with some notable members threatening mass defection if his proponents are adamant to have him as chairman of the party.

Not oblivious of the looming crisis that will follow any attempt to perpetuate Sheriff in office; his supporters averted what could bring about a break-up in the party by edging Sheriff out as part of ongoing reconciliatory arrangement.

The decision to ease-off Senator Sheriff was arrived at during a meeting convened by the PDP leadership caucus at the government House in Port Harcourt to discuss the way forward, and in his place it was decided that someone who will command respect and loyalty of most party stakeholders in the country be made the chairman instead. This was what led to the emergence of Makarfi as the new caretaker chairman while another astute politician from Anambra State, Senator Ben Obi was chosen as the Secretary.

The two of them are to operate in acting capacity for the next three months pending the convening of a harmonised national convention.

Gana…staunch anti-Sheriff chairmanship

George…fighting the course of fairness

The convention set up a national caretaker committee following a motion by Senate Minority Leader, Senator Godswill Akpabio, which was seconded by Gombe State Governor, Dr. Ibrahim Hassan Dankwando. The caretaker committee, which will be in office for not more than 90 days, is to conduct a proper convention for the party.

Aside Makarfi and Obi as chairman and secretary, others in the committee are; Senator Odion Ogbesia, Senator Abdul Ningi, Kabiru Usman, Prince Dayo Adeyeye and Alhaja Aisha Aliyu will serve as members

Fayose…a rallying point in the PDP

was one of the people that traversed the length and breadth of the country, trying to convinced people on the need to build a solid party. But, I am surprised that some people from the Southwest, who came from nowhere, are saying that

Yoruba people don’t want chairman. That is sacrilegious; it’s like a cultural betrayal. How can you say that we don’t want it? Apart from our position, that we deserve the chairmanship, all other zones had produced the chairman

The Story of the Convention Sheriff saw it coming. He had earlier in the day called off the convention at a press briefing he held at the Le Meridien Hotel, Port Harcourt, citing court orders restraining the party from proceeding with the convention as reason. He addressed the press after the heated meeting that lasted several hours at the Government House, Port Harcourt where the 12 PDP governors, members of the National Assembly, members of the National Working Committee and elders of the party were present.

It was at the meeting that stakeholders asked Sheriff to step down as acting national chairman of the party but he disagreed, insisting that he had till 2018 to preside over the affairs of the party. The meeting was therefore deadlocked at about 2.30pm, leading to his press briefing and exit from the state. Addressing journalists, Sheriff: “If we proceed with the convention we will be charged for contempt of court, so as a responsible party, we have to respect the court orders. We will reconvene as soon as we are able to dispense with the court cases,” he said.

“We have been meeting since morning. We had challenges of series of court cases. We have decided to abandon election into Chairman, Secretary and Auditor. We have suspended the convention. We had three different cases in Abuja and Lagos. INEC also said they will not supervise the election. We will be contravening the court and we will be charged for contempt of court. We went to court, but we were denied permission. We will do it as soon as we get them (the court orders) vacated. We have told all delegates to go home. There is no space for election,” he said before leaving left Port Harcourt.

While Sheriff left Port Harcourt after his briefing, the 12 PDP governors, members of the National Assembly and other stakeholders headed straight to the Sharks Stadium venue of the convention and kicked off the programme, with Rivers State Governor who is also the the Chairman of the National Convention Committee, Nyesom Wike, in charge.

Through a motion moved by former Deputy Speaker of the House of Representatives, Chief Austin Opara, and seconded by another former Deputy Speaker of the House of RepresentaCONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, MAY 23, 2016

POLITICS/ THE MONDAY DISCOURSE PDP CONVENTION OF INTRIGUES tives, Emeka Ihedioha, the convention dissolved the national working committee of the party, effectively sacking Sheriff from leadership of the party.

The decision to dissolve the national working committee (NWC) of the party was one of the first issues handled at the convention and through voice vote, the convention set up a national caretaker committee following a motion by Senate Minority Leader, Senator Godswill Akpabio, which was seconded by Gombe State Governor, Dr. Ibrahim Hassan Dankwando.

The caretaker committee, which will be in office for not more than 90 days, is to conduct a proper convention for the party. Aside Makarfi and Obi as chairman and secretary, others in the committee are; Senator Odion Ogbesia, Senator Abdul Ningi, Kabiru Usman, Prince Dayo Adeyeye and Alhaja Aisha Aliyu will serve as members.

Another motion for the zoning of the party’s presidential candidate to the North in 2019 was moved by former Niger State Governor, Dr. Muhammed Babangida Aliyu and seconded by Delta State Governor, Senator Ifeanyi Okowa.

The Makarfi-led seven-man caretaker committee has three months to organise a new national convention to elect new national officers.

The delegates however barred the committee members from contesting any position in the next convention.

Justifying the Convention A Federal High Court sitting in Lagos had barred the convention from holding elections into the offices of National Chairman, Secretary and Auditor of the party in an order issued in a matter believed to have been brought before the court by Sherrif. Though he denied instituting the matter and was in Port Harcourt to participate in the convention.

Another court in Abuja also tried to stop the convention insisting that the elections should not be held into 16 offices except that of the chairman and one other and in addition to that, some founding fathers of the party, led by former Information Minister, Prof. Jerry Gana, decided that they would hold a parallel national convention in Abuja while the hierarchy of the party opted to go on with the national convention despite this opposition.

But on Friday night, Governor Wike had assured the people that the convention would go on as scheduled despite the court orders restraining the party from holding elections into some offices.

According to Wike who briefed journalists with Governors Dave Omahi, Okezie Ikpeazu and Udom Emmanuel of Ebonyi, Abia and Akwa Ibom states respectively as well as the Senate Minority Leader, Senator Godswill Akpabio, the party had filed an application for a stay

In consultation with our legal team, we have filed a motion for stay and appeal. Of course, it is clear that when you are challenging the decision of the court, it is clear that when it is a declarative judgment and the party takes steps instantly, by filing a motion for stay of execution and an appeal that party cannot be held to have disobeyed the court order. Therefore, assuming that there is a court order, we are challenging it

Wike… the convention midwife

Akpabio…shopping for peace in the PDP

of execution.

“You may have heard that there are some court judgments or orders; it is important to clarify it here. First of all, you heard that the part that was said to be purportedly given that the chairman of the party, Senator Ali Modu Sheriff, was going to court to say that there should not be a convention in respect of the chairman position.

“I want to let you know that the chairman has clarified himself that it is not correct; that he never went to court. That how will he go to court? That some people had impersonated that he instructed them to go to court. And we believe him.

He had written a letter to that effect to say that it was not correct.

“However, a court order is a court order. In consultation with our legal team, we have filed a motion for stay and appeal. Of course, it is clear that when you are challenging the decision of the court, it is clear that when it is a declarative judgment and the party takes steps instantly, by filing a motion for stay of execution and an appeal that party cannot be held to have

disobeyed the court order. Therefore, assuming that there is a court order, we are challenging it. Even the court order was fraudulent because the judge may not have known that it was not the PDP chairman that came to court. So, we are not committing a contempt of court,” he opined.

He said further that: “You are also aware that there was also another judgment from an Abuja High Court. If we are not law-abiding, the court said there should be election for the position of the chairman and one other position, but the 16 NWC, there should not be election.

These are courts of competent and coordinate jurisdiction.

“But again, as law-abiding party, we have taken all necessary steps to making sure that the right thing is done. We have also filed a stay of execution against that judgment and we have also filed an appeal. We did that so that they will not say we are trying to disobey order.”

He said there couldn’t be a parallel convention since all the party’s functionaries were in Port Harcourt and wondered who would be in Abuja to conduct the parallel convention,

noting that every PDP governors, the Deputy Senate President, the Senate Minority Leader, House of Representatives Minority Leader and other notable members of the party were in Port Harcourt, including the chairman of the BoT. The Crisis Still Lingers While Makarfi plead for peace in his acceptance speech, calling on all aggrieved members of the party to sheath their swords and give peace a chance, there are no indication that the crisis in the party is about to abate. This because while the party leaders thought they had settled the lingering crisis by removing Sheriff, the Gana-led faction on the same day concluded its non-elective convention with a resolution to conduct an elective one soon.

There are also indications that the Sheriff camp may not just let go as they are likely to challenge the convention in court. So, it is right to say the last may not have been heard about the crisis that has not given room for the party to play its role as the most formidable opposition party to the ruling All Progressives Congress (APC).

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T H I S D AY • MONDAY, MAY 23, 2016

PERSPECTIVE

Fashola’s Approach to Power Sector Reform The recent road map for the power sector as propounded by the Minister for Power, Works and Housing, Mr. Babatunde Fashola is well throughout, writes Uche Aneke

B

arely a week ago, at an event in Lagos which was a public lecture, the Minister of Power, Works and Housing, Babatunde Fashola (SAN), gave an account of his stewardship in the last five months.

In a paper titled “Nigeria’s Electricity Challenge: A Roadmap for Change”, Fashola acknowledged the shortfalls in meeting the electricity demands of consumers in the country over the past years.

He however ended on an optimistic note that President Muhammadu Buhari’s administration has all it takes to overcome the electricity challenges the country currently faces.

One noticeable trait in the Minister’s paper is the sincerity in his presentation. Fashola neither claims that all is well in the electricity sector, nor claim to hold the magic wand that will transform it. In his characteristic candour, the Minister bared his mind thus, “In charting the roadmap for change, I am of the view that we must first tell ourselves what is wrong. The simplest way I can put it is to say that we do not have enough power”.

From the above quote, it is clear that the Minister is modest in describing the nation’s power situation. It can also be deduced that the Minister is more concerned about new perspectives that will lead to what he called “A Road Map for Change” and how we as a United People, can resolve the electricity challenge in the country.

In charting a way forward, he has refused to be distracted by calls from a section of the public to probe his predecessors over the amount of fund spent on power in the past or to recommend cancellation of the privatization process.

His major preoccupation is on how to bring about power that will satisfy the needs of Nigerians. This objective he intends to achieve through a three pronged process: incremental Power, stable power and uninterrupted power.

The ultimate goal of these processes is to take Nigeria to a point where people can enjoy stable and uninterrupted power supply; this is still away.

The Buhari administration has demonstrated both in words and actions, its avowed commitment to boosting the power sector. It hopes to achieve this goal through a combination of energy mix and energy preservation policy. For instance, the government just approved about 14 different solar projects to generate a combined

Fashola…charting a new course in the power sector

The Minister deserves commendation for taking the advantage of the Lagos event to give account of his stewardship since he assumed office. It is also encouraging to see a well-articulated Road Map for Change in the power sector to address Nigeria’s Electricity challenge. It is hoped that these efforts will actually lead to stable and uninterrupted power

capacity of 1,286 MW. It is noteworthy here to state that this is the biggest aggregation of solar projects that the country has ever undertaken.

These solar projects are expected to be delivered in the next 12 to 18 months. Again, in the 2016 budget, Government will spend N99 billion to revamp the nation’s power sector.

In an attempt to bridge the power gap created partly by ageing and weak transmission infrastructure, a number of repairs and rehabilitation projects are currently being executed.

The government is also looking at technical possibilities that support the decentralization of the grid while keeping them interconnected.

At the 5th Monthly Power Sector Operators meeting hosted by Fashola at Shiroro Hydro Power Plant in Niger State, the Transmission Company of Nigeria (TCN) provided progress update on 16 critical projects identified by distribution and generation companies. These projects include the repair of the Owerri / Ahoda/Yenagoa line which now connects the newly commissioned Gbarain plant to grid.

TCN also announced completion of repairs to transmission projects in Ajah, Akoka, Afam and Kainji.

The nation’s hydro power plants are also being rehabilitated. For instance the first overhaul of Jebba Hydro power plant since it was commis-

sioned in 1985 has just been completed and more of these will be undertaken.

The turbines were supposed to be overhauled once every 5-6 years but this never happened.

The Egbin power plant in Ikorodu which hitherto had only 2 functional turbines in 2013 now has all of its 6 turbines operational. Government is accelerating repairs of the Forcados pipeline damaged by vandals.

Repair works should be completed by the end of this month which will allow gas to be supplied to thermal, power stations and result in an increased quantum of power on the grid.

Attention has been focused on the front runner Azura Independent Power Project in Edo State which is expected to deliver 450MW upon completion in 2018. Government securities and guarantees have already been issued to enable the financing of the project. Government has resolved the Zungeru Power plant dispute in Niger State which was held up in court for several years.

Parties are out of court and over 800 workers are back on site. The power plant when completed is to deliver 700 MW to the national grid.

There is also plan for the completion of Rural Electricity projects which have been left uncompleted for up to 10 years in some instances.

In addition about 2,000 rural projects, most of

them constituency projects, are being pursued to completion in the 2016 budget. There is also a well-coordinated Inter- Agency collaboration in place aimed at achieving an optimal energy mix that will assist power producers, investors and all stakeholders in siting of solar and hydro projects in the North, coal ones in the North- Central, and South East as well as gas plants in the South-West and South- South.

The Ministry of Petroleum Resources will facilitate the provision of gas and encourage investors to produce and allocate gas for power production while the Ministry of Water Resources is to provide access to Dams and River basins for hydropower use and the Ministry of Solid Minerals is providing coal data to assist the revival of some coal-to- power initiatives The Minister deserves commendation for taking the advantage of the Lagos event to give account of his stewardship since he assumed office. It is also encouraging to see a well-articulated Road Map for Change in the power sector to address Nigeria’s Electricity challenge. It is hoped that these efforts will actually lead to stable and uninterrupted power.

Uche Aneke, the General Manager, Public Affairs, Nigerian Electricity Management Services Agency (NEMSA) wrote from Lagos

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MONDAY,MAY 23, 2016 • T H I S D AY

FEATURES Lady Luck Smiles on Bread Seller’s Son

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

Funke Olaode captures the emotional moments of underprivileged pupils who were given a new lease of life through the Bola Ige Scholarship Awards at a ceremony in Ibadan recently

L -R: Mrs. Aderonke Olajide (bread seller), Mrs. Funso Adegbola, winner male category, Boluwatife Olajide and co-donor, Mr. Muyiwa Ige

W

hat do you think could have taken children of a bricklayer, bread seller or even a local tailor to a N2m per year elitist school, you may ask?

Providence, intellectual ability or even good luck. All these factors played out at the recently held 3rd Bola and 4th Atinuke Ige Annual Scholarship competitions for students drawn from public schools in Oyo and Osun States.

The annual scholarship awards in memories of the late Chief Ajibola Ige and Justice Atinuke Ige are for students who distinguish themselves in academic excellence and oratorical skills.

The panel of judges for this year’s competition included Head of Theatre Arts, University of Ibadan, Dr. Tunde Awosanmi, Dr. Oyewole Adeoye of Department of Psychology, Ladoke Akintola University, Ogbomosho, Vice-Principal Academic, The Vale College, Mr. Godwin Atebefia, Mrs. Funmi Orokotan, Goodness Kolawole amongst others.

Instituted in 2013, the aim according to the conveners of the awards and proprietress of The Vale College, Ibadan, Mrs. Funso Adegbola and brother, Arch. Olumuyiwa Ige, was to revive the vision of their late parents who believed education is the only liberator from the shackles of poverty.

With 10 students under its watch who are currently enjoying full scholarships, they are not relenting in their efforts to give brilliant indigent students a hope for the future.

And in what could be tagged a life changing

experience, Saturday May 14, 2016 would remain evergreen in the lives of four students from less privileged homes, who eventually emerged from the Bola and Atinuke Ige Memorial Scholarships for 2016. Lawal Morufat of A.D.S. Primary School Fiditi, Olajide Boluwatife of Methodist Basic School, Ibadan, Babatunde Hammed of Alayande School of Science, Oyo and Mercy Okunlola of Oladipo Alayande School of Science, Ibadan, won scholarships worth N30m.

The road to academic stardom began six weeks ago when over 400 students were selected from public schools in both Oyo and Osun States. After a rigorous written examinations, the numbers were pruned down to 10 students

For Mrs. Aderonke Olajide, mother of Boluwatife, the winner in the primary category, it was an emotional moment in the life of this bread seller who had torrents of tears flowing down her cheeks as soon as her son’s name was mentioned

in each category, who slugged it out at the oratory competition.

That historic Saturday morning was like other days but it was different in the lives of the competitors as they sat down in anticipation of what the future holds. As early as 8am, parents, teachers and guardians thronged The Vale College tucked inside the Iyaganku GRA in Ibadan the Oyo State capital. As the contestants were being called to the high table, they marched like soldiers who were going to the war front. Their parents offered prayers intermittently. After all, the outcome of the oral competition will definitely shape their future as the first category prepares to win all expense paid education worthy 12 million naira each while the second category who are nearing completion of secondary school would have an ‘A’ level scholarship worthy N2.5m each. From the look of things all the parents present wanted the goodluck to swing to their side. So anxiety filled the air.

The ceremony kicked off at exactly 10am after the popular song of late Bola Ige “Ope lo ye o, Baba olore” was rendered. There was a welcome address by the principal of the school, Mr. Obaloja Akanbi. In his remarks, he thanked the teachers of the school who had worked tirelessly hard scouting for the best brains from low income earners in Oyo and Osun States, and whose parents could not afford this type of education to have a taste of qualitative education.

Speaking further, Akanbi said the philosophy of the convener is to give back, to make life

PHOTOS FELIX ADEMOLA easier for the less privileged. “Those who are 40 years or 50 years above can attest to the free education of the late Chief Bola Ige and his children have continued the legacy. The Vale College is a disciplined school where we don’t tolerate indiscipline, examination malpractices and the scholarships are merit based for the few who can prove their mettles at the resumption of school.”

The moment of destiny emerged at exactly 11.25 am when each contestant came out to dazzle the panel of judges with their oratory prowess. The primary category debated on a topic “Should pupils be allowed to bring mobile phones to school”while the secondary category spoke on “Fulani Herdsmen Menace: Causes and Solutions.” The contestants were given five minutes each. And at 1:30 pm, the winners were declared. From the primary school category (female), Lawal Morufat from A.D.S. Primary School, Fiditi emerged winner with 96.77 points while Boluwatife Olajide of Methodist Basic School, Ibadan, won the male category with 87.16 points. For the male secondary category, Babatunde Hameed of School of Science, Oyo won with 100.8 points while Okunlola Mercy of Oladipo Alayande School of Science emerged female winner with 100.1 points.

Thanking the initiator of the scholarship, the father of Lawal Morufat, Lawal Mutiu who is a teacher couldn’t hide his joy for his daughter’s breakthrough. This is not the first time she would be winning awards. “I am not surprised because she has always been a

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T H I S D AY • MONDAY, MAY 23, 2016

FEATURES

L-R: Mercy Okunlola, Lawal Morufat, Boluwatife Olajide and Babatunde Abdulhamed (all winners)

A cross section of contestants in the secondary school category

L-R: Mr. Muyiwa Ige, Mrs. Funso Adegbola_ representative of Permanent Secretary Ministry of Education, Mr. Peter Awosanmi and Mr. Gbenro Adegbola

Mrs. Funso Adegbola_ Mr. Lawal Mutiu_ winner female category, Lawal Morufat, winner male category, Master Boluwatife Olajide, Mrs. Aderonke Olajide and co-donor, Mr. Muyiwa Ige

brilliant kid. I am grateful for this opportunity and she would not disappoint as she keeps the flag flying.”

For Mrs. Oluwakemi Adedipe, Mercy Okunlola’s guardian was full of gratitude.

“I feel happy today and I am overwhelmed.

Mercy has always been an intelligent person who is always on top of her game. I will encourage her to continue and sky is her limit.” She prayed that God will continue to bless the donors and their family.

For Mrs. Aderonke Olajide, mother of Boluwatife, the winner in the primary category, it was an emotional moment in the life of this bread seller who had torrents of tears flowing down her cheeks as soon as her son’s name was mentioned. She kept saying, “thank you Jesus! God only you can do this. Indeed, there is God ruling in the affairs of men.”

In a chat with THISDAY the elated mother said, “Today is the happiest moment in my life. I have never envisaged that my son would attend this kind of elitist school. Where would I have gotten N2 million in a year? She asked rhetorically. I am a bread seller with a working capital of less than N5, 000 and my husband is a missionary. Boluwatife has always been an intelligent boy who took his academics seriously. Sometimes he would go to school in an empty stomach and I would take money to him after my morning sales.

But he was committed and dedicated to his studies. I thank the Ige family for this life changing experience. I am indeed grateful.”

The golden boy of the moment couldn’t hide his excitement as the day coincided with his 11th birthday. Just in one sentence he thanked the donor and says “I am happy God gave me a birthday gift.”

Findings show that this is not the first time the scholarship scheme would be drawing out pupils from very humble backgrounds.

In the testimonies of the past winners, Peace Kolade, Titi Friday, Samuel Olagunju and Folajuwonlo Ganniyu. 10-year-old Samuel Olagunju from Salvation Army Middle School, Osogbo whose parents are brick layer and tailor respectively. “A teacher in my school told me about the scholarship. Eight of us participated in the oratory competition and I

won. I felt so happy because I never knew I would get an opportunity to attend this kind of highbrow school. It has been a wonderful experience for me. The Vale College is an all rounded school in terms of academics and moral. My mother is a fashion designer and my father a brick layer. Where would my parents have gotten N2 million to sponsor me yearly? Mrs. Adegbola is God sent and I pray that God will continue to bless her.”

Earlier on in her speech, the permanent secretary, Ministry of Education, Oyo State, Mrs. Makanjuola, who was represented by Mr. Awodiran Peters expressed appreciation to the Ige family for making life more meaningful for these brilliant children and efforts for their consistency and determination to reward excellence. ”I am sure you started the annual Chief and Justice Ige Memorial scholarship awards with a dream, a dream to set a goal, a dream where hope lives, a dream to inspire, motivate and touch lives; that dream is the award of scholarship which we are celebrating today. ”He who gives kola, they say, gives life and he, who provides scholarship makes life more meaningful and worthy of living. With

One of the cardinal points of my father’s party then, Unity Party of Nigeria (UPN) was free education for all at all levels. My parents believe in education not for their only biological children but education for other people’s children.

They have three biological children but raised over 300 children

this scholarship award, you have invested in these young leaders of tomorrow and I can only pray that your investments shall yield positive results in the years to come.

Rounding up her speech, Makanjuola says “To whom much is given, much is expected”’, she implored the beneficiaries to be up and doing because, mind blowing results should be the gains of this scholarship given. “A lazy man is a complainant of his tools; work with what you have. A man that is diligent in his business shall stand before the kings and not mean men.”

Throwing more light on why the scholarship was instituted, Adegbola said it is a way of giving back some of the values she imbibed from her late parents.

“One of the cardinal points of my father’s party then, Unity Party of Nigeria (UPN) was free education for all at all levels. My parents believe in education not for their only biological children but education for other people’s children. They have three biological children but raised over 300 children. I just thought I cannot do free education like my father was able to do when he was governor.

I know my mother too gave scholarships to people while she was alive.

“About four years ago, I started with Justice Atinuke Ige Scholarship for brilliant children in public schools in Oyo State who had completed secondary school and are given opportunity to do their ‘A’ Levels at The Vale Tutorial College so that they can go to second level in Nigerian universities. It is worth N2.5 million for each winner. The programme has been successful since we started. The past winners a male and female, Boluwatife Adewale and Maryam Adeyanju are currently in University College Hospital studying Medicine and Surgery. The Bola Ige Memorial Scholarship was started three years ago. And because it is more expensive and more long term it covers six years from basic 7 to SS3. It is worth N12 million for each winner.

“Under this scheme, the winners will have the opportunity of attending The Vale College, Ibadan at no cost. This includes free tuition, free feeding, free accommodation, free textbooks, free uniform, free accommodation, free uniform,

free sport wears and free internal/external examinations including WASCE/NECO SSCE fees.

“It is just to propagate the values my parents hold dear and the legacy they gave to us is a solid education. I believe that we are all blessed to be blessing to others. I have a school that offers top class education to children and I said why not I make that standard of education available to children who may not otherwise have been able to afford to come to a school like this,” she said.

While the Iges’ children would continue to offer their kind gesture yearly, they appeal to more Nigerians to reach out to the less privileged in the society. “I believe the more people that show this kind gesture the better Nigeria would be; we believe that whatever we have is not meant for our ourselves and children alone. As you can see I don’t know the winners and likewise the past winners. Last year, one of my students (the third winner) who is now in JSS2 was actually sponsored by a friend of our family whose younger sister had come to my school.

“Last year, we had two scholarships paid for by my family and another paid for by Mr. Femi Osinbolu. He is a young business man who put down money to sponsor this child throughout the six years at The Vale College. The scholarship is still open to kind hearted Nigerians who may decide to reach out to these brilliant but underprivileged children.”

Adegbola also enjoined governments to step up the quality of education in public schools because they are going to do the same examinations with students in fee paying schools.

“Given a conducive atmosphere, these public school students will excel. It is a merit based examinations and part of what we believe in The Vale College is not what money your parents have but your intellectual prowess. This is what we want to do with this scholarship: raising children who can compete with their peers in any part of the world.”

To Ige’s children, this is a modest way by which his family can touch the lives of helpless Nigerians and show the world that Bola Ige lives on!

22

IMAGES

T H I S D AY • MONDAY, MAY 23, 2016

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

Director General, Nigerian Army Resource Centre, Major General Johnny Hamakin (right), presenting a souvenir to the Managing Director, Arik Air, Mr. Chris Ndulue, during his visit to Arik Air Aviation Centre, Ikeja...recently

L-R: National Chairman, All Progressives Congress (APC), Chief John Odigie Oyegun; a governorship aspirant of the party in Edo State, Mr. Ken Imansuangbon; and the National Organising Secretary, Senator Osita Izunaso, during the collection of Expression of Interest form by Imansuangbon, in Abuja...recently Julius Atoi/THISDAY IMAGES.

L-R: Managing Director, Girl Effect, Howard Taylor; Minister of Education, Dr Musafiri Papia; Minister of State in charge of Public Health and Primary Healthcare, Dr Patrick Ndimubanzi; CEO, Girl Effect, Farah Ramzan Golant; Minister of Gender and Family Promotion, Dr. Diane Gashumba; Minister of Youth and Information Communication Technology, Rwanda, Jean Philbert Nsengimana; Director, Strategic Relationships, Facebook, Co-host, Imeh Achibong; and Founder & Chairman, iSON and co-host, Ramesh Awtaney, at the World Economic Forum in Kigali, Rwanda...recently

L-R: MTN Pulse ambassador, Raoul John Ngeng-Ngeng (Skales); Youth Segment Manager, MTN Nigeria, Kierin Ombu; and MTN Pulse Ambassador, Augustine Miles Kelechi (Tekno), during the launch of Pulse data package for stakeholders in Lagos...recently

President, Association of Professional Bodies of Nigeria (APBN), Mr. Foluos Fasoto (left), presenting a plaque to one of the new fellows, Mr. John Ichue, Managing Consultant, HR Interglobal Resources Limited, in Lagos...recently

L-R: Manager, Product Marketing, Samsung Electronics West Africa, Mr. Chaejin Im; Director & Business Leader, Information Technology and Mobile, Mr. Emmanouil Revmatas; winner, Samsung ‘Inspire Bigger Dreams’ contest, Muhammed Musa; and Director, InformationTechnology and Mobile, Samsung Electronics West Africa, Mr. Olumide Ojo, during the presentation of Samsung mobile devices and accessories to winners at its just concluded campaign at Samsung Offices, in Lagos...recently

L-R: Regional Manager, Ondo/Ekiti Region, Skye Bank Plc, Rasheed Yusuf; acting Zonal Coordinator, National Lottery Regulatory Commission, Akure Zone, Mrs. Seyi Audu; a past winner in the N250,000 category, Mr Adewunmi Omoniyi; Group Head, Retail Banking, Skye Bank, Nkolika Okoli; and the Branch Manager, Akungba Branch, Skye Bank Plc, Mr. Kehinde Fayemidupe, at the bank’s 11th “Reach ForThe Skye Millionaire” reward scheme in Oba Market, Akure, Ondo State...recently

L-R: The Imam, University of Abuja, Prof. Taofiq Abdul Azeez; Coordinator, Ufuk Dialogue Group, Mr. Kamil Kemanci; and the Catholic Archbishop of Abuja, Cardinal John Onaiyekan, at an international conference on love and tolerance organised by Ufuk Dialogue, in Abuja...recently ENOCK REUBEN

23

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 4.4583 9.1071

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Email chika.amanzenwachukwu@thisdaylive.com 08033294157

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Quick Takes Skye Bank Produces More Millionaires

SkyeBankPlc.,hasagainproducedyet,anothersetofmillionairesat the 11th edition of the ‘Reach for the Skye Millionaire’ reward scheme.

This time, Mr. Daniel Edem of Adeniran Ogunsanya Branch in Lagos emerged a millionaire at the bank’s Reach for the Skye Millionaire promo held on Thursday at the popular Oba Main Market, Akure, Ondo State.

Edem, who was contacted via voice call was full of praises for Skye Bank and its Management. He said: “I am happy that eventually my loyalty to Skye Bank paid off handsomely. This is because I have been faithful to Skye Bank for over 20 years , I keep all my accounts with them and in no time have they disappointed me and to crown it , they are rewarding me with the sum of N1million, common, it can only be Skye Bank.”

The bank’s Group Head, Retail Banking, Nkolika Okoli had this to said: “There is still a chance for our people in Akure to win this ‘awoof’ because another set of millionaires will soon emerge next month at the 12th edition.

To join the lucky millionaire club, all you need to do is open a Skye Save plus or Skye Ease savings Account and make a minimum deposit of two thousand naira into the account. If you already have a Skye Save Plus or Skye Ease account, with additional deposit of N2, 000 minimum you stand a chance of becoming our next millionaire.”

MERITORIOUS AWARD

L-R: Chairman, Petroleum Technology Association of Nigeria (PETAN) cum MD/CEO CB Geophysical Solutions Ltd, Bank-Anthony Okoroafor (left); presenting an award to the Managing Director, Shell Nigeria Exploration and Production Company,, Bayo Ojulari, during the PETAN Award in Houston, Texas, recently

FG’s Economic Policies Pushing Nigeria into Recession, Analysts Warn Eromosele Abiodun The dismal gross domestic products (GDP) and job reports, besides the current high inflation levels (13.7 per cent) clearly show that the government’s economic policies are not effective and require an urgent review to avoid further plunge in economic activities, analysts have warned.

The National Bureau of Statistics (NBS) last week released the nation’s economic scorecard for the first quarter of the year – GDP and Unemployment Reports.

The GDP report depicts that the nation’s economy plunged into negative territory with a decline of 0.36 per cent yearon-year (y/y) in real terms.

ECONOMY The growth rate is 2.47 per cent and 4.32 per cent lower than what was achieved in the last quarter of 2014 and corresponding period of 2015 respectively.

In nominal terms, the total value of the nation’s economy was put at N22.26 trillion in the first three months of the year.

Assessing the Q1 GDP number, analysts at Eczellon Capital Limited stated that the first quarter figures have set the tone for the nation to enter into an economic recession by the end of the first half of the year as the weaknesses in the non-oil sector (Manufacturing & Financial services) are still very inherent.

They stressed that the continued contractions in the nation’s manufacturing and financial services sectors indicate that the current faulty foreign exchange structure in the country continues to weaken economic activities.

This, they said, is forcing more manufacturers to shut down factories as well as limit the ability of financial institutions to expand credit in the economy.

“The spill-over effect of this is the primary driver for the rising rate of unemployment in the country. Thus, as the Monetary Policy Committee (MPC) of the CBN commences its meeting on Monday(today) it is imperative that the Committee takes a decisive stance to alter the nation’s current FX

policy to allow for flexibility in the pricing of the naira.

“This should go a long way in addressing the uncertainty currently bedevilling the nation’s economy as well as attract the much needed inflows to support the nation’s economic growth. Likewise, it would complement the newly introduced price regime in the downstream petroleum sector and aid the government in achieving the objectives of its 2016 expansionary programmes,” they stated.

The NBS, however, had explained that the weak economic growth numbers could be attributed to a 5.77 per cent fall in the performance of the Continued on page 24

Disengage Non-registered IT Practitioners, CPN Tells FG Pledges to support govt with N4.5bn annually Emma Okonji The Computer Professionals Registration Council of Nigeria (CPN), the body responsible for the registration and monitoring of all Information Technology (IT) practitioners in the country, has called on the federal government to disengage all IT practitioners within the government circle, who are not registered with CPN. President and Chairman of CPN, Prof. Vincent Asor, who spoke to THISDAY on the financial bankruptcy of

IT the country as painted by the federal government, who said ‘Nigeria is broke’ blamed, the situation on monumental financial leakages in government, and promised that CPN alone could generate over N4.5 billion for government annually, if only government could summon up the courage to disengage all IT practitioners in government that are not registered with CPN. He said the situation where IT practitioners fail to register

with the council, amounts to monumental loss of revenue to government, which could be channelled to national projects, at a time when government is broke. According to him, government has no reason to be financially bankrupt, if every individual and corporate organisation pay what is due to government.

“Government is broke because there are lots of financial leakages around the government circle and government has closed its eyes to it.

In the practice of computing

and computational process, for instance, government is losing billions of naira to unregistered IT practitioners, whom we describe as quacks in the IT profession, yet majority of them are in the government circle.

Should all quacks that are not registered and are practicing IT in Nigeria, decide to register with CPN, the council can raise over N4.5 billion for the federal government on a yearly basis,” Asor said.

Providing details on how the Continued on page 24

OPEC Unlikely to Make Decision on ‘Coordination’

Russian Energy Minister Alexander Novak said that the Organisation of the Petroleum Exporting Countries (OPEC) was unlikely take any decisions on coordinated action regarding the oil market at its meeting early next month.

Some of the largest global oil producers, including Russia and OPEC’s Saudi Arabia, failed to reach agreement in April to freeze oil production in a deal which was thought would help to speed up the market rebalancing by three to six months, Reuters reported.

Novak told reporters in Russian Black Sea resort of Sochi on Friday that currently, he saw global supply exceeding demand by some 1.5 million barrels of oil per day (bpd), with a forecast of an average oil price in 2016 at $40-50 per barrel.

“In my opinion, any decisions on coordination which would require an obligatory fulfilment, are unlikely to be taken,” Novak told Russian state TV in an interview. “Because we see quite big disagreements inside OPEC on the further development of the situation and on what should, or opposite, should not be done for the market to reach a balance.”

The OPEC is scheduled to meet on June 2 in Vienna, the group’s first such meeting since a new energy minister was appointed in Saudi Arabia, the world’s top oil exporter. Saudi Arabia refused to sign last month’s oil output freeze deal without commitment from Iran, which, in its turn, argued that it wanted to reach pre-sanction levels of production before signing up to any agreement.

Crashed Flight Adds to Egypt’s Woes

CrashedEgyptAirFlightMS804hasfurtherreducedtheairtransport market for the national carrier, which success was fuelled by the country’s tourism.

But fear of insecurity and the failing tourism industry occasioned by the revolution and the recent explosion of Russia airline in Egypt and the recent crash suspected terror attack has exacerbated the problem for the country’s national carrier and tourism.

“We do not deny there is a possibility of terrorism or deny the possibility of technical fault,” Egyptian Civil Aviation Minister, Sherif Fathy said in Cairo.

“I will continue to use the term missing plane until we find any debris,” he added TheEgyptiannavyfoundhumanremains,wreckageandthepersonal belongings of passengers floating in the Mediterranean, the first confirmation that EgyptAir flight MS804 with 66 people on board had crashed into the sea.

Unconfirmed reports about flight data from the Airbus plane that disappeared while flying from Paris to Cairo in the early hours of Thursday pointed to several problems that its experienced pilot may have struggled with minutes before the crash.

“The modular refinery is an idea whose time has not just come but whose time has nearly passed” Chairman of Integrated Oil and Gas Limited, Capt. Emmanuel Ihenacho

24

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD FG’S ECONOMIC POLICIES PUSHING NIGERIA INTO RECESSION, ANALYSTS WARN

non-oil sector, which effectively puts its real growth rate at negative (-) 0.18 per cent in Q1 2016.

“Contractions in manufacturing (7.0 per cent), financial services (11.3 per cent) and Real Estate services (4.7 per cent) were the principal drivers for the sharp decline in the non-Oil sector. The Oil sector on the other hand, however, expanded by 1.89 per cent, which is an improvement from the 8.28 per cent and 8.15 per cent recorded in Q4 2015 and Q1 2015 respectively.

This came surprising given record low oil prices at the beginning of the year coupled with marginal decline in the nation’s oil production to 2.11 million barrel per day from 2.16 million barrel per day in the last quarter of 2015.

DISENGAGE NONREGISTERED IT PRACTITIONERS, CPN TELLS FG

N4.5 billion could be raised, Asor said Nigeria has over 100,000 IT practitioners and should all of them register with CPN and pay their annual dues of N10,000 per annum, it would amount to N1 billion per annum. Again, there are over 20,000 corporate organisations practicing IT that are registered with the Corporate Affairs Commission (CAC) and should all of them pay their supposed annual levy of N150,000, it will amount to N3 billion per annum. By the time N3 billion from corporate organisations is added to N1 billion from individual IT practitioners, it will amount to N4 billion and the additional N500, 000 could be raised by CPN from accreditation of university computer courses, as well as other charges as approved by council, yet individual IT practitioners and corporate IT practitioners have refused to register and pay their annual dues to CPN, thus robbing government of huge sum of money at a time when government is broke financially, he said.

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

Nigerdock Delivers First Fabricated Structures for Total’s $16bn Egina Project Ejiofor Alike Nigerdock, a leading indigenous Nigerian oil services company and a member of Jagal Energy, has announced that it has successfully completed fabrication and the sail away of the Flare Tower for Total’s $16 billion Egina Deepwater project.

The Flare Tower will be installed in Egina’s Floating Production Storage and Offloading (FPSO) Project for Total.

The FPSO is being developed for deployment in the Egina oil field, located 150km off the coast of Nigeria.

With this feat, Nigerdock is the first Nigerian yard that has successfully fabricated and loaded out structures for the Egina project.

The Egina Flare Tower, with a total weight of 732 tonnes, is the largest structure ever lifted in Nigeria using the vessel’s cranes.

The Egina field is currently under development and production is scheduled to begin in 2018. Nigerdock was selected

by Samsung/ Total for critical in-country fabrication works and training services as the provider of choice.

The Flare Tower structure weighs in at 732 tonnes was completed on time, loaded out and has since sailed away.

It is one of a number of structures fabricated by Nigerdock at its Fabrication Yard on Snake Island Integrated Free Zone for Samsung Heavy

Industries Egina FPSO project.

The remaining works will continue through to the first quarter of 2017 as contracted.

The Project Manager, Mr. Emeka Uhara said at the weekend that the fabrication for Egina was a big success being delivered on time and budget and to word class specifications.

“We have expended over 1.7 million man-hours on the project, and it has helped generate employment for hundreds of Nigerians, while also creating the opportunity

for the provision of thousands of man-hours of specialised training,” he added.

He added that these structures completed at Nigerdock’s Fabrication Yard at Snake Island Integrated Free Zone, Lagos are a major boost to the federal government’s Nigerian Content Policy, which seeks to domesticate more Oil and Gas activities in Nigeria, under the guidance of the Nigerian Content Development and Management Board (NCDMB).

Also, speaking on the achieve-

ment, acting Managing Director of Nigerdock, David Murray, said, “This marks another significant first for Nigerdock as we continue to prove our ability to deliver stakeholder requirements pursuant to the Nigerian Content Development Act.” The Deputy Managing Director of Total E & P in charge of Deepwater District, Mr. Ahmadu-Kida Musa had told THISDAY that the 200,000 barrels per day capacity FPSO vessel would arrive in Nigeria in March or April 2017.

The FPSO is being built by Samsung Heavy Industries of Korea at a cost of $3.3 billion, while the entire Egina field development, including the FPSO will cost $16 billion.

Musa said Egina was the company’s next deepwater field in development phase after the discovery in 2003 and the signing of the Final Investment Decision (FID) in 2013.

The Total boss further stated that the company’s target is to produce 200,000 barrels per day of crude oil from the Egina by 2018.

RENDERING ACCOUNT

L-R: Chairman Board of Directors, AshakaCem Plc, Mallam Suleiman Yahyah; Company Secretary, Mrs. Zainab Silas-Umaru and Vice Chairman, Mrs. Edith Onwuchekwa at the 41st annual general meeting (AGM) of AshakaCem Plc in Abuja … recently

Minister of Education Hails BEDC Moves to Boost Electricity Access, Signs MoU with USAID Today e-Curriculum Solution Benin Electricity Distribution Plc. (BEDC) will on today, sign a Memorandum of Understanding (MOU) with United States Agency for International Development (USAID) as part of efforts to boost access to electricity and improve services to customers in its franchise.

The event will enable USAID through the Power Africa Project to officially commence its support for the development of Nigeria’s power sector through credit enhancement, grants, technical assistance and investment promotion efforts.

President Barrack Obama of United States had launched the Power Africa Initiative to bring together technical and legal experts, the privates sector and governments from around the world to work in partnership to increase the number of people with access to power in Africa including Nigeria.

BEDC management is expected to sign the MOU with USAID agents, Tetratech Inc. one of the contractual vehicles funded by the agency under the Power Africa Transactions and Reforms Program, (PATRP); a five year USAID technical assistance project implemented

by Tetra Tech designed to bring more electricity to sub-Saharan Africa by utilising a transactioncentered approach.

Tetra Tech, as directed by USAID is offering to provide commercialisation assistance to BEDC for over a period of about two years focusing on management support to address losses, strengthen management controls and help with the required performance turnaround in its operations.

It has engaged a team of professionals already on ground to man some strategic business units in BEDC for the implementation of the technical assistance.

Tetra Tech’s assistance to BEDC will help demonstrate and implement loss reduction strategies, as well as other improvements to allow for improved ways of managing the business to be rolled out through BEDC network and to provide a demonstrative effect for other utilities in the country.

The MoU signing ceremony, which climaxes series of preliminary engagements on the part of the two parties is billed for Hilton Hotel Abuja at 11.00am under the watchful eyes of the Minister of Power, Mr. Babatunde Fashola and other bigwigs in the power sector.

The signing of the deal will set forth the scope and nature of Tetra Tech’s assistance to BEDC, together with its corresponding responsibilities

and obligations. Dignitaries from BEDC will include the Alternate Director representing the Bureau of Public Enterprises (BPE) on BEDC board , Mrs. Adelanke Omojola the Managing Director/CEO, Mrs. Funke Osibodu, Mr Abu Ismail Ejoor, Executive Director, other board members, and senior management team.

The BEDC in demonstration of its commitment to the provision of improved service delivery to its customers whilst ensuring that power supply connections to its network is not dangerous to the health and safety of the public had embarked on improvement exercises.

In terms of enumeration for instance, a door to door enumeration of existing customers and potential customers including state of the network has begun. In addition, improved and varied payment channels had been provided with options and convenience for customers in paying their bills.

BEDC has also put in place an Enforcement and Monitoring Unit to ensure that connection to the network are in line with safety standards; that only paying customers are on the network and that bypass or illegal connections to its network is not allowed to operate.

Goddy Egene The Honourable Minister of Education, Mallam Adamu Adamu has applauded the collaboration between the Nigerian Educational Research and Development Council(NERDC), one of the key parastatals of the Federal Ministry of Education and Sidmach Technologies Nigeria Limited, on the eCurriculum portal project. This unique technological solution, according to the minister, is a bold step toward achieving the federal government’s policy on information technology in education.

Adamu made this remark in an opening address at the stakeholders’ forum in Abuja recently, which was organised by NERDC, Sidmach in partnership with Microsoft. The forum was aimed at affording all stakeholders in the Education sector the opportunity to have further knowledge on the e-Curriculum portal and its benefits.

The e-Curriculum portal is a web-based, effective curriculum management solution for Basic and Senior Secondary Education in Nigeria. The solution is designed to provide digital access to school curriculum, teaching and learning resources for teachers, learners, and other stakeholders. The purpose is to ensure online and offline access to the prescribed national cur-

ricula in all subjects offered at the basic and senior secondary education levels in Nigeria.

The minister urged all state governments through their various commissioners for education and ministries to ensure that access to the approved national curriculum through this portal is facilitated for all schools, teachers and students in their States.

He stated that, ‘‘the Federal Ministry of Education will take appropriate steps to ensure that the Unity colleges and all other schools in Nigeria key into the effective use of the e-Curriculum to enhance the needed and desired outcome of repositioning every sector in the society, especially, the education sector.”

According to him, the education sector is too large to be left to government alone, urging other private sector organisations to emulate this partnership and find ways of complementing government’s efforts by lending their expertise and resources for the effective implementation of Government policies.

The Executive Secretary, NERDC, Prof. Ismail Junaidu, while delivering his speech, pointed out that e-Curriculum portal solution is aimed at advancing NERDC’s quest for national excellence, sustainable development and global competitiveness.

25

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Remains Upbeat on Renewed Optimism Goddy Egene and Eromosele Abiodun

sector were positive as Banking (1.85 per cent), Industrial (2.27 per cent), Consumer Goods (1.69 per cent) as well as Oil and Gas (1.29 per cent) tickers closed up. Similarly, activity level jumped by 32 per cent and 12 per cent respectively with market turnover crossing the N2bn mark, ending the session at N3.59 billion while volume of trade surged to about 559 million units of shares.

Zenith Bank Plc and Access Bank Plc emerged the most traded stocks with over 100 million and 80 million units respectively. With 9.77 per cent gain, Diamond Bank Plc emerged the day’s best performing stocks, leading the list of 33 advancers.

The Nigerian equities market surged further last week as investors await the rumoured plan by the federal government to introduced flexibility into the current foreign exchange management regime.

Besides, investors continued to react positively to the developments in the Oil & Gas sector, which resulted in increased buying interest across sectors.

The market was bullish in three of the five trading days driven by gains in market bellwethers including Nigerian Breweries Plc, Dangote Cement Plc and Guaranty Trust Bank Plc. Following the gains recorded during the week, the All Share Index appreciated for the 4th consecutive week, up 2.6 per cent to close at 27,116.45 while trimming year-to-date losses to 5.3 per cent.

In the same vein, investors gained N214.6bn as market capitalisation rose to N9.3 trillion.

The market had appreciated by 2.88 per cent the previous week.

Similarly, all other Indices finished higher during the week, with the exception of the NSE ASeM Index, NSE Insurance Index and the NSE Oil/Gas Index that declined by 0.03 per cent, 1.73 per cent and 0.76 per cent.

Daily Performance Summary The market started on a positive note last Monday as gains across major sub-sectors drove the Nigerian bourse to a positive close, gaining 1.43 per cent. This performance was driven by gains in market bellwethers including Nigerian Breweries Plc, Dangote Cement Plc and Guaranty Trust Bank Plc, cancelling out bearish sentiments towards ETI Plc, Unilever Nigeria Plc and Stanbic IBTC Plc. Despite the positive close, market turnover of N2.1 billion was a decline of 41 per cent while volume of trade estimated at 320 million units of shares came in lower by 43 per cent. A further breakdown of trading activities showed that Access Bank Plc and UBA Plc recorded the biggest volume with trade in excess of 48million and 40million units of shares respectively. Industrial index was up 2.27 per cent with gain in Dangote Cement Plc. This was followed by Banking tracker (1.85 per cent) with support from positive close in UBA Plc (9.37 per cent) and Guaranty Trust Bank Plc (2.51 per cent).

The bears halted the three day rally in the equity market on Tuesday as the NSE ASI depreciated by 0.61 per cent to close at 26,655.48 points. The depreciation recorded in the share prices of Forte Oil Plc, Guaranty Trust Bank Plc, Unilever Nigeria Plc, Zenith Bank Plc and FBN Holdings Plc were mainly responsible for the decline recorded in the index. Similarly, the market capitalisation depreciated by 0.61 per cent to close at N9.17 trillion compared with the appreciation of 1.43 per cent recorded the previous day to close at N9.23 trillion. The total value of stocks traded on the floors of the NSE on the day was N2.66 billion, up by 26.20 per cent from N2.11billion recorded the previous day.

Though investors’ sentiment, as gauged by market breadth index slipped into negative territory on Wednesday, gains in both banking

(1.73 per cent) and consumer goods (0.35 per cent) tracker s drove the NSE ASI to a positive close. The index was up 0.41 per cent, ending the session at 26,763.86 points. This corresponds to a market capitalisation of N9.2 trillion. Positive sentiments towards Nigerian Breweries Plc, Zenith Bank Plc and Guaranty Trust Bank Plc were largely responsible for the day’s outcome, offsetting negative close in ETI Plc, Flour Mills Nigeria Plc and Unilever Nigeria Plc. Profit-taking on recent gains in Tiger Branded Consumers Goods Plc drove the consumer sector player to a negative losing 9.68 per cent, and as such led the list of 23 decliners.

On the flip side, Afri Products Plc topped the list of 22 gainers with a 4.98 per cent return.

The NSE ASI sustained the previous day’s bullish run on Thursday, closing up by 0.99 per cent. This was driven by gains in Banking (4.62 per cent), Industrial tracker (1.18 per cent) as well as Oil and gas (1.07 per cent) index, offsetting profit-taking in Consumer Goods tracker (0.82 per cent). Investors’ wealth appreciated by N91billion as market capitalisation berthed at c.N9.28 trillion while the benchmark index strengthened by 264 points to close at 27,028.4 points. Gains in FCMB Group, Guaranty Trust Bank Plc and Eterna Plc contributed to the positive close in the index, offsetting bearish sentiment in NCR Plc, Union Homes Plc and Unilever Nigeria Plc. Similarly, market

turnover strengthened by 33 per cent ending the session at N2.73 billion corresponding to volume of trade of about 498 million units of shares.

TOP TEN BROKERS(BY VALUE)

The Nigerian bourse closed the week in the green with the benchmark NSE-ASI rising by 0.33 per cent, trimming YTD return to 5.33 per cent. Sentiments across

AS AT LAST FRIDAY

BROKER

VALUE

% VALUE

SECURITIES AFRICA FINANCIAL LIMITED -BRD

2,140,520,887.34

8.11

CORDROS CAPITAL LIMITED - BRD EFCP LIMITED STANBIC IBTC STOCKBROKERS LIMITED CSL STOCKBROKERS LIMITED INVESTMENTONESTOCKBROKERSINTLLTD-BRD RENCAP SECURITIES (NIG) LIMITED CARDINALSTONE SECURITIES LIMITED PRIMERA AFRICA SECURITIES LTD IMPERIAL ASSET MANAGERS LIMITED -BRD

2,079,891,110.54 1,946,780,483.47 1,321,264,831.99 1,246,567,143.00 1,140,335,176.26 1,085,840,709.79 917,300,567.96 781,059,519.34 610,443,828.71 13,270,004,258.40

7.88 7.37 5.00 4.72 4.32 4.11 3.47 2.96 2.31 50.25

TOP TEN BROKERS

(BY VOLUME)

BROKER

AS LAST FRIDAY VOLUME %VOLUME

GLOBAL ASSET MANAGEMENT-NIG LIMITED

540,339,117

CSL STOCKBROKERS LIMITED

453,127,279

9.26

315,844,242

6.46

CORDROS CAPITAL LIMITED - BRD

11.05

EFCP LIMITED

300,184,230

6.14

CARDINALSTONE SECURITIES LIMITED

230,846,629

4.72

MORGAN CAPITAL SECURITIES LIMITED

202,193,328

4.13

SECURITIES AFRICA FINANCIAL LIMITED -BRD

132,920,524

2.72

CASHCRAFT SECURITIES LIMITED - BRD

132,255,979

2.70

PRIMERAAFRICASECURITIESLTD

124,085,363

2.54

INVESTMENTONESTOCKBROKERSINTLLTD-BRD

112,012,618

2.29

2,543,809,309

52.00

Market Turnover Investors traded 2.446 billion shares worth N13.145 billion in 23,680 deals on the floor of the exchange last week in contrast to a total of 1.826 billion shares valued at N14.468 billion that exchanged hands the previous week in 20,058 deals.

The Financial Services Industry remained the most active with 2.012 billion shares valued at N9.493 billion traded in 14,200 deals; thus contributing 82.26 per cent and 72.22 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 208.483 million shares worth N268.053 million in 1,134 deals. The third place was occupied by the Oil and Gas Industry with a turnover of 80.269 million shares worth N692.612 million in 2,826 deals.

Trading in the top three equities namely – Wema Bank Plc, Zenith Bank Plc and Access Bank Plc accounted for 871.331 million shares worth N5.297 billion in 3,956 deals, contributing 35.63 per cent and 40.30 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 307,411 units of Exchange Traded Products (ETPs) valued at N21.406 million executed in 38 deals, compared with a total of 382,448 units valued at N10.288 million transacted the prior week in 43 deals.

A total of 4,143 units of Federal Government Bonds valued at N4.248 million were traded in 8 deals compared to a total of 8,033 units of Federal Government valued at N8.923 million transacted the previous week in 6 deals.

Gainers and Losers Meanwhile, a total of 35 equities appreciated in price during the week, lower than 54 equities of the previous week. Thirty-seven equities depreciated in price, higher than 17 equities of the previous week, while 109 equities remained unchanged lower than 118 equities of the previous week.

The top 10 gainers were: Lafarge Africa Plc (N6.20), Conoil Plc (N3.94), Guaranty Trust Bank Plc (N1.47), Zenith Bank Plc (N1.25), UBA Plc (82 kobo), Oando Plc (71 kobo), Trans Nationwide Plc (15 kobo), Access Bank (52 kobo), Transcorp Plc (49 kobo) and John Holt Plc (6 kobo).

Conversely, the top 10 losers were: Unilever Nigeria Plc (N5.00), MRS Oil Plc (N3.94), Vitafoam Plc (N1.13), Tiger Branded Consumer Goods Plc (N1.19), NCR Plc (N1.48), Ikeja Hotel Plc (34 kobo), Fidson Plc (25 kobo), AIICO Insurance Plc (9 kobo), Sterling Bank Plc (18 kobo) and Union Homes (33 kobo).

26

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

INSIDE BROAD STREET poor manufacturing data meant that the non-oil sector saw negative growth (of -0.2%) for first time since this data series began being published. The rate of growth was prevented from falling more deeply into negative territory by the agriculture sector, which, making up around 25 per cent of the economy, grew by 3.1 per cent year-on-year. Services output growth also remained in positive territory, but only just at 0.8 per cent year-on-year.

A view of Lagos financial district

AKINWUNMI IBRAHIM

Bond Yields Rise as Investors Await MPC Decision Obinna Chima Ahead of the monetary policy committee (MPC) meeting expected to commence today, sovereign bond yields have been on the rise as investors expect a possible upward re-pricing of the benchmark monetary policy rate (MPR) on the back of the rising inflationary pressures.

In line with analysts’ forecast, the headline inflation rate for April 2016 announced last week spiked to a record 13.7 per cent, the highest level since August 2010. The latest inflation figure was a continuation of the trend of price spiralling that has become a source of concern to policy makers and the government.

Headline inflation has spiked by 2.8 per cent since February after a gradual but consistent climb in the consumer price index (CPI) since 2015.

The MPC had guided the market on the need to maintain a positive interest rate in its March, 2016 meeting when it increased MPR to 12 per cent from 11 per cent in order to give a spread on inflation rate which was at 11.4 per cent in February.

According to a report by Afrinvest West Africa Limited, the expectation of MPR at possibly 14 per cent or 15 per cent has dictated bond yields dynamics in the last two weeks.

Average bond yields in the week settled at 13.4 per cent with a steady rise in all trading days of the week.

“We noticed increased buying appetite for longer dated bonds with term to maturity

MARKET INDICATOR of three years and above as bond yields (excluding Aug 2016, April 2017 and Jul 2017) currently converge around 14 per cent.

“The bearish mood in the market led to further dip in prices as most instruments are currently trading at discount, presenting a cautious opportunity in the horizon, post the next MPC meeting. Consequently, the sovereign bond yield curve shifted upward week-on-week with the normality of the curve noticed at the short end of the curve while the medium to long term end shows a near flatness with the yields converging at 14.2 per cent,” the report added.

However, analysts stated that the major determinant of yields movement will be premised on the decision of the MPC about MPR. “Whilst we somewhat hold a view that interest rate does not necessarily have to go up to correct the rising inflation, we suspect that the MPC may stick to its real interest rate target to increase the rate. Hence, bond yields will likely respond with a price correction as the current levels already factored in this expectation,” Afrinvest added.

Also, the Financial Derivatives Company Limited (FDC) stated that the high inflationary environment would have various impacts on policies, the markets and various economic agents.

To this end, the FDC argued that the MPC was expected to seriously consider

the consequence of high inflation on investor returns, adding that a tighter monetary environment (hiking interest rates) could result in investors shifting to the fixed income market due to attractive interest rates. In addition, the Nigerian Interbank Offered Rates (NIBOR) and treasury bills rates would be expected to increase.

“The average opening position of banks in April of N423.58 billion, confirms a situation of excess liquidity in the system. That in addition to petrol prices now at N145, a weak currency and inflationary pressures intensifying, the Nigerian labour union is agitating for an increase in minimum wage to N56,000.

“This is a 211 per cent increase from the N18,000 minimum wage, which took effect in March 2011. Meanwhile, the cumulative average inflation rate between 2011 and 2015 is 48.6 per cent. An increase in minimum wage will increase money supply, stoking inflationary pressures,” the FDC added.

GDP Growth Turns Negative Nigeria’s headline real Gross Domestic Product (GDP) growth turned negative in the first quarter of 2016 coming in at -0.4 per cent year-on-year – the first negative quarterly GDP number since newly-rebased data, with a 2010 base, were published. The oil sector contracted 1.9 per cent year-on-year, after declining by 8.3 per cent year-on-year, in fourth quarter 2015.

More worryingly, manufacturing output shrunk by seven per cent year-on-year. The

Money Market Review Financial system liquidity last week opened at N118.7 billion, lower than the previous week’s liquidity level of N183.6 billion.

Liquidity levels worsened throughout the week until Friday when it rose to N141.7 billion amidst constraints in the system as inflationary pressures mount.

The open buy back (OBB) and overnight rates settled at 8.5 per cent and 8.9 per cent on Friday.

This week, it is expected that money market rates would be determined by system liquidity dynamics.

However, the CBN auctioned a total of N110.9 billion in 91-day, 184-day and 364-day instruments at marginal rates of 8.1 per cent, 9.2 per cent and 12.5 per cent. The result of the auction showed investor sentiments still favour short dated tenor instruments than the longer ones as the offered amount was fully allotted as against the Debt Management Office’s auction the preceding week which showed only 50 per cent allotment rate on the average. Average treasury bills rate settled at 9.7 per cent on Friday as against 8.5 per cent the preceding week. The decision of the MPC regarding MPR will likely determine the direction of rates in the coming week.

Forex Market Contrary to speculations of a likely devaluation of the local unit last week, the central bank held its weekly intervention window at N197/$1 and the interbank market remained at N199.10/US$1.00 for more than a year now.

Speculations of a likely adjustment arose following the announcement that fuel marketers are to source forex from autonomous sources at an estimated exchange rate of N285/$1.

At the parallel market last week, the naira appreciated from N360/$1 the preceding week to N343 to a dollar on Friday.

“In our view, the market may have fully digested the news flow on the liberalisation of downstream petroleum sector that fixed PPPRA exchange rate at N285/$1. We expect the parallel market rate movement in the coming week to be determined by the decision of the MPC,” Afrinvest added.

Higher Inflation The Consumer Price Index (CPI) ,which measures inflation rose further to 13.7 per cent in April compared to 12.8 per cent in March and 11.4 per cent in February, the National Bureau of Statistics (NBS) stated last week. It blamed the 0.9 per cent rise in the headline index on the lingering structural constraints, which had continued to manifest in electricity rates and kerosene prices.

The NBS said the impact of higher prices in petrol and vehicle spare parts contributed significantly to the core sub-index in April.

“These items as well as other imported items continued to have ripple effects across many divisions that contribute to the core.

The index increased by 13.4 per cent in March, roughly 1.2 per cent points from rates recorded in March,” it stated.

According to the CPI figures for April, higher rate of increase relative to March was reflected in faster increases across all divisions which contributed to the index with the exception of restaurants, and hotels division which increased, though at a slower pace for the third consecutive month.

Ecobank, Aromire/Adeniyi Jones, Ikeja, Lagos Nume Ekeghe Situated on the Adeniyi Jones area ofIkeja, Lagos, this branch has made a remarkable improvement from what it was the last time the reporter visited this branch. This small branch is situated in a vast land thereby parking was not a problem. Once inside

INSIDE BANKING HALL this branch’s interior, the first impression was very impressive. It was very clean, and a welcoming atmosphere. There were three tellers attending to deposits and

withdrawals; one attending to international transfers and three customer service personnel.

During the lengthy time spent in carrying out this observation, the speed at which they attended to customers was impressive. They were polite whilst attending to customers and very welcoming. At the

customer service unit, not much activity was happening during this observation.

However, there was an aggrieved customer who needed to resolve an issue. Although she came in with guns blazing, she was treated in a fair manner and the bank officials attended to her complaints in a professional way. The services at this branch were good.

27

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

Sterling Bank Promotes 566 Staff, Appoints new CIO Sterling Bank has continued to demonstrate its commitment to rewarding excellence, hard work and dedication, as it last week, announced the promotion of 566 staff. In a statement, the Bank’s Chief Executive/Managing Director, Yemi Adeola said that the promotion was implemented across junior, middle and senior management levels, using a transparent and robust performance management system in line with global best practices. Prominent among the staff of the bank that were promoted, was Mr. Emmanuel Emefienim, who was elevated to the position of General Manager. Until his promotion, Emefienim was a Deputy General Manager of the Bank. He currently oversees the Bank’s business in the South-South and SouthEast regions of the country.

The Bank’s MD/CEO, noted that Emefienim’s promotion was based on his solid and consistent contributions towards the growth and success of the Bank over the years.

Also, the bank announced the appointment of Mr.

Emefienim

Oni

Olayinka Oni as its new Chief Information Officer (CIO). Oni joined the Bank from Microsoft Inc. where he served as the Chief Technology Officer of the Nigerian Unit. Speaking on Oni’s appointment, Mr. Adeola expressed his optimism that the new CIO would deliver on the Bank’s commitment to leverage technology effectively in fulfilling its “One

Customer” promise.

Oni’s professional career spans over 20 years, with stints in consulting, as an Experienced Manager in Accenture, and also in the banking industry where he has held senior management roles in IT, in various capacities at First City Monument Bank Plc (FCMB) and Wema Bank Plc. Mr. Olayinka Oni is a graduate of Agriculture

Economics from the University of Ilorin, an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (HCIB), a Certified IT Business Manager, a Certified Disaster Recovery Professional, a Chartered IT Professional (CITP) and a Fellow of the Chartered Institute of IT (FBSC). He also holds a certificate in the Governance of Enterprise IT (CGEIT).

Sterling Bank Plc, “the one-customer bank”, is a fullservice national commercial bank with an asset base above N800 billion with over 190 business offices and more than 800 ATMs nationwide.

In over 55 years of service, Sterling Bank (formerly NAL Bank) has evolved from the nation’s pre-eminent investment banking institution to a fully-fledged commercial bank. Furthermore, with a strong national presence, Sterling Bank is one of the top 30 most capitalised institutions on the Nigerian Stock Exchange. The bank is also one of Nigeria’s fastest growing banks and is recognised as a dynamic financial services organisation.

WE REJOICE WITH YOU

L-R: Managing Director, Lubcon Limited, Mr. Taiye Williams, displaying Lubcon’s congratulatory message to the visiting President and CEO of Yamaha Motor Corporation, Japan, Mr. Hiroyuki Yanagi and other officials from JS Nippon and Yamaha Motor Corporation, Japan at the official opening of the CFAO Yamaha Plant and Showroom at Amuwo Odofin, Lagos…recently

Lubcon Now Official Lubricant for Yamaha The appointment of Lubcon International, Nigeria’s fast rising pan Africa lube manufacturing firm, by JX NIPPON, one of the biggest oil and gas companies in Japan to blend its Yamalube brand on its behalf for the Yamaha Motorcycles and outboard motors being assembled in Nigeria has been described as a rare feet yet to be accomplished by any indigenous lubricant firms in Nigeria.

Speaking to journalists at the grand opening of the Yamaha Showroom and Assembly Plant in Apapa, Lagos, the Managing Director of Lubcon International, Mr.Taiye Williams, disclosed that Lubcon was chosen after rigorous laboratory standards quality certification audits were carried out on all the samples submitted by local lube blenders that expressed interest. ”Out of all the lube manufacturing firms that bided for this offer, Lubcon was adjudged the best in terms of meeting the required standards. Though we are approved to blend, JX Nippon provides the plant certification; it is not something that is given to you and you think it stops at that. There is a regular audit; they come annually on a regular visit to check if we are still maintaining the required standards. ”Lubcon is an ISO certified company which implies that we also go through regular internal and external audits of our management and quality system. All these assist us to maintain the quality that is required in order to meet the standards that Yamaha requires. Our aim is to improve on this partnership and we are very determined to ensure that we keep improving”, Williams said.

The appointment of Lubcon is a confidence show on the local capacity and in line with the federal government’s policy on local content inclusion as required by the enabling law guiding direct foreign investments in Nigeria.

Williams explained further that his organisation has adopted the principle of continuous improvement to raise its standards; this, he said, is giving Lubcon the leading edge against competitors.

“We have up to 350 products that are being

blended in our plant across our key markets in Africa.

Our flagship product which is adrenalin is a 20w50 multi-grade. Many now have appreciated our synthetic lubes which is the first to be produced in this country which is known as the Rugged Series. We have the Rugged Elite andRugged 4 by 4. We are positioned to provide the desired lubricants that would make the country’s machinery run”, he emphasised.

The new CFAO Yamaha Showroom and Assembly Plant was declared open by Governor AkinwunmiAmbodeof Lagos State. Ambode stated at the occasion that the collaboration between CFAO and Yamaha to establish the plant is good news to Lagos.

“With over 60% of Nigeria’s industry capacity located in Lagos, and a policy thrust that encourages good returns on investments, good security and infrastructure provision, Lagos will remain the most attractive location for investments”, Akinwunmi said.

During the tour of the plant, the Managing Director of Lubcon International, Williams presented a pack of Yamalube, the special lubricant oil brand (being produced by Lubcon for JX Nippon, the lube blending arm of Yamaha Group), to the Special Guest of Honor, Governor Ambode and the visiting President and CEO of Yamaha Motor Corporation, Japan, Mr. Hiroyuki Yanagi Other guests at the occasion include: Mr. Richard Bielle, Chairman of the Management Board, CFAO Group, Paris, France; Mr. GbengaOyebode, Chairman of CFAO, Nigeria; Mr. Masaya Otsuka, Charges d’Affairs and Interim of the Embassy of Japan; Mr. Steve Faderin, Group Managing Director & Country Manager, CFAO Nigeria among others.

Lubcon is an emerging global brand from the Nigerian market. It is a dynamic company which aspires to be a world-class energy company exceeding the changing needs of its customers. Since inception, Lubcon has been producing world class products applying global best practices creating employment opportunities for thousands of Nigerians across the country and in all its operating environment in West African sub-region.

Dana Air Bags LCCI’s Award for Service Excellence In recognition of its exceptional customer service, innovative online products and ethical business practices in 2016, Dana Air has bagged the award for service excellence in aviation, during LCCI’s 2016 Commerce and Industry Awards, held recently at Shell Hall, Muson Centre, Onikan Lagos.

The Commerce and Industry Awards is a yearly award ceremony, organised by the

Lagos Chamber of Commerce and Industry, to recognise, celebrate, and promote private and public institutions who have exhibited the core values of best business practices, growth through innovations, and business sustainability.

According to the DirectorGeneral of LCCI, Mr. Muda Yusuf, “The Commerce and Industry Awards is a credible platform where winners emerge through a painstaking

selection process from hundreds of entries supported by robust research and market intelligence.’’

Commenting further, he said: “We are celebrating corporate organisations and public institutions that have made remarkable contribution to the development Commerce and industry and the economy at large.

While receiving the award on behalf of the company, the Accountable Manager of

Dana Air, Mr. Obi Mbanuzuo, thanked the Lagos Chamber of Commerce and Industry for the recognition. He stated that the LCCI is a very credible organisation and the award is a challenge to maintain the standards and excellence which Dana Air has come to be known for.

“We are delighted to have emerged winners in the aviation category. For us at Dana Air, this is a challenge not just

to maintain the standards we have come to be known for, but to continue to review our services to meet and surpass the flying aspirations of our teeming guests.’

Obi, while dedicating the award to the Dana Air team, thanked the airlines’ customers for their loyalty and commitment. He said: “Our customers deserve the very best in service delivery and we are focused on providing exceptional value for

our customers through amazing and rewarding products and services’’ Dana Air is one of Nigeria’s leading airlines, operating over 27 daily flights to Accra, Abuja, Lagos Port-Harcourt and Uyo. The airline is reputed for its efficient customer services, world- class in-flight services, on-time departures and arrivals, innovative eairline products and high safety and quality standards.

28

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

CIIN Announces Ahmed’s Retirement, New Syllabus Ready for Use The Chartered Insurance Institute of Nigeria (CIIN has announced the retirement of its Director-General, Kola Ahmed from its service, just as it said work has been completed on the new syllables for its qualifying professional examinations.

According to the institute, Ahmed’s retirement takes effect from July, 2016.

Ahmed who joined CIIN as its first Deputy Director General on Monday April 2nd,2012 is going on happy retirement as he will clock 60 years on the same day his retirement from the institute takes effect.

Giving accounts of his stewardship in the institute in a farewell press conference organised at the institute’s secretariat in Lagos, Ahmed said the institute successfully

overcame the crisis of confidence that was so strong and pervasive at the time of his ascension of office.

“We regained the confidence and patronage of critical stakeholders for the institute’s programmesby way of endorsements and sponsorships, ensured full and successful implementation of each successive president’s programme and theme.

“We instilled the culture of prudency, transparency and accountability in the management of the institute’s funds and resources, ensured successful take-off of the College of Insurance and Financial Management, achieved a more purposeful, cohesive and organised insurance industry with the coming together of all arms of the

industry under the aegis of the Insurance Industry Consultative Council (IICC), fostered closer ties with the industry’s regulator, the National Insurance Commission by playing a key role in the Board among others.”

Ahmed called on operators to unite in moving the insurance industry forward, whilst also calling for more support for the institute.

He said the institute has distributed the insurance textbooks it published to aid the study of insurance in schools to 12 states.

Born July 20th 1956, Ahmed is a Fellow of the Chartered Insurance Institute (UK) obtained in 2006, having qualified as Associate of the same Institute in 1990. He was elected Fellow of the Chartered Insurance Institute

of Nigeria in 2007.

He started his insurance career in 1982 from Hogg Robinson Nigeria and rose to the position of Assistant Manager before joining Koguna Babura and Company in 1986 as Underwriting Manager. In 1991, he moved to NigerianFrench Insurance Company Ltd. rising to the position of Deputy General Manager (Technical) in 2003, a position he maintained until July 2007 before joining AIICO General Insurance Company Ltd following the recapitalisation exercise which merged Nigerian-French with AIICO. He left AIICO in June 2009 for KRABOND Insurance brokers Ltd as Managing Director, a position he held until joining the CIIN on Monday April 2nd 2012.

RIMSON to Institute Awards for Best Graduating Students in Risk Management Risk Managers Society of Nigeria (RIMSON) said it will from next year, institute awards for best post graduating students in Risk Management at the University of Lagos.

RIMSON President,Jacob Adeosun, disclosed this at the closing dinner that climaxed the 2016 conference of the society in Lagos, stressing that similar awards, would be extended to the best undergraduate students in other higher institutions that would be selected across the country and that best students in risk management in the ACIIN examinations will also have the privilege of receiving the award.

Adeosun, also unveiled his agenda for RIMSON, which are: Image projection; members’ continuous professional development; strategic relationship building and effective lobby.

“My assumption of office as RIMSON president at this critical time has foisted on me a great burden to deliver by making the Society a household name in the comity of other professionals in Nigeria. Towards this end, I have clearly identified

four policy thrusts, namely: Image Projection; Members’ Continuous Professional Development; Strategic Relationship Building and Effective Lobby.

“The articulation of these thrusts which I hope to unselfishly commit myself to is aimed at bringing more positive change to the fortunes of RIMSON through the collective support of every member.

Those days should be past when RIMSON occupied the backwaters of the professions, he said.

According to him, RIMSON,must resolve to strategically engage all relevant stakeholders in government, the private sector and the professions to create greater relevance for the society. He said the horizon for Risk Management in the country is great and getting braider by the day, considering the challenging environment in which we live today.

He urged risk managers to square up to building sufficient capacity to provide the needed professional services to increase man power in the risk management profession through examinations and appropriate certification.

Digital Encode Named Cybersecurity Company of the Year A NEW OFFERING

R-L: Secretary/PA to the General Manager, Lagos State Lotteries Board, Miss. Adesuwa Agbuduwe; Lead Consultant, PaddyBet Lotteries, Mr. Ayodele Soyombo; Secretary/Legal Adviser, Lagos State Lotteries Board, Ms. Fadeke Akeju and Head, ICT, Lagos State Lotteries Board, Mr. Hakeem Makinde; at the launch of PaddyBet online betting platform in Lagos...recently

StarTimes Emerges Fastest Growing Pay TV in Nigeria Africa’s frontline digital television platform, StarTimes, has again continued its winning streak by clinching the Fastest Growing Pay TV award in Nigeria at the Lagos Chamber of Commerce and Industries (LCCI) awards, which held at Muson Centre, Onikan, Lagos recently.

The event, which was attended by many business leaders, CEOs, industry captains and top brands, was presided on by the hosts, President and former President of LCCI, Dr. Nike Akande, and AlhajiRemi Bello, where StarTimes was presented with the prestigious award and commended for its consumer friendly offerings.

StarTimes is a leading digitalTV operator in Africa combining satellite and terrestrial DTV systems to provide an open and secure digital wireless platform.

It provides a robust signal transmission service for public and private broadcasters that offers consumers outstanding

Pay-TV programs and owns a featured content platform with 440 authorised channels consisting of news, movies, series, sports, entertainment, children’s programs, fashion, religion, among others.

According to Akande, “the objective of the annual awards is to recognise, celebrate and promote private and public institutions who have exhibited the core values of best business practices, growth through innovations, business sustainability and have impacted positively on the society.”

Receiving the awards on behalf of the board, management and staff of the company, its Marketing Director, OludareKafar, expressed appreciation to millions of StarTimes subscribers who made it possible, while promising them better subscribers experience.

“As a business, we have embraced innovation and cutting edge global technology solutions to deliver compelling

digital television experience to our millions of subscribers.

With very sharp picture quality, strong signals and rich channels that meet the entertainment need of every member of the family, we offer affordable bouquets of digital television as part of our commitment to guide Nigerians into full digitalisation. We also engage in relevant collaborations with critical stakeholders to achieve this,” Kafar said.

“Recently, we have invested heavily into sports content acquisitions and channels, and expanded entertainment horizon for sports loving Nigerians. With StarTimes, Nigerians are guaranteed of an ever increasing buffet of solid entertainment, be it sports, movies, drama, cartoons and music,” he added.

Kafar noted that “StarTimes has grown from a 40 channel platform to offering over 100 quality channels. We are committed to giving more to our

subscribers with various life enriching engagements. For instance, we just launched new channels including ST Plus for Indian movie lovers, Jyb TV for kids, Emmanuel TV for religion, Orbit TV, People TV and DiTV for general entertainment and IDX for true life stories and crime documentary. We also just concluded our annual all expense paid trips for 3 to USA. We are truly committed to enriching our viewers all round experience.”

With this award, we are highly motivated to continue offering more robust experience for viewers. StarTimes, with our partner channel will continue to provide an enjoyable experience for viewers. So, we are really glad that our dedication has paid off in the form of being nominated for this award. We will like to thank all those who participated in the award and we promise to do more and retain the confidence reposed in us,” he said.

Digital Encode, an information security management and assurance services company, continues its winning streak by emerging Cybersecurity Company of the Year at the coveted Beacon of Information and Communication Technology (BoICT) awards held in Lagos recently.

At the ceremony attended by technology policy makers, captains of industries, regulatory bodies and other key players, Digital Encode was presented with the prestigious award and commended for its role in fighting electronic fraud and cybercrime, particularly in the implementation of global security standards such as PCIDSS, ISO 27001 and CoBIT for organisations in the country.

Receiving the award, the Chief Technical Officer, Digital Encode, OluseyiAkindeinde, expressed his pleasure for being rewarded for hard work, “We are thrilled to have received the ‘Cybersecurity Company of the Year’ award, which was in recognition of our efforts in building technological capacity to assist organizations fight against electronic fraud as well as cybercrimes. It only goes to show recognition for what we have been doing. We truly appreciate it,” Akindeinde said.

The Central Bank of Nigeria recently re-appointed Digital Encode Limited, as the sole technical partner to the Nigerian Electronic Fraud Forum.

According to Communication

Week Media, the organisers of the awards, ‘this year, over 1.3 million readers voted in the different categories with Digital Encode emerging as the clear winner in the ‘Cybersecurity Company of the Year’ category’, adding that, the votes are testament to the company’s continuous contributions, innovations and commitment to the fight against cybercrimes’.

Digital Encode is a leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures. The company is recognised in the industry for its vendor independent perspective, the firm’s expertise lies in solving multifaceted, complex enterprise network security and audit problems.

NeFF, an initiative of the CBN, was set up for the identification, mitigation, prevention and prosecution of all electronic fraud-related acts perpetrated in the country.

Digital Encode was therefore appointed to ensure that the NeFF gets all the technical supports it requires.

The company recently introduced a technology monitoring solution that could remotely monitor the cyberspace of organisations and report or stop unauthorised access to database.

29

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

NEWS

GTBank Redeems $500m Eurobond Obinna Chima Guaranty Trust Bank plc (GTBank) has announced the redemption of the outstanding portion of its $500,000,000.00 Eurobond Notes that was due May 19, 2016.

The bank had in February 2016, successfully issued a Cash Tender Offer to repurchase any and all the outstanding $500 million 7.5 per cent Eurobond Notes as part of its effective liability management strategy.

The tender was the first of its kind involving a Nigerian corporate in any capacity in the international capital markets and was well received by analysts and investors.

The Securities were issued

by GTB Finance B.V. (GTB Finance) - a direct, wholly

owned subsidiary of the bank –on the back of an unconditionally and irrevocably guarantee of the bank.

A statement from the bank at the weekend explained that at the expiration of the tender offer, an aggregate principal amount of $126,586,000 of the securities weresuccessfully and validly tendered.

“Upon final maturity of the Eurobond in May 2016, the outstanding principal portion of $373,414,000 as well as the coupon value of $14,003,025 were redeemed using the bank’s available cash reserves,” the statement added.

According to the bank’s Managing Director/Chief Executive Officer, GTBank, Mr.SegunAgbaje, despite a difficult operating environ-

ment that characterised most of the year - especially when viewed against the backdrop of short dollar supply- the bank continued the implementation of its effective liability management strategy with the successful completion of its any and all cash tender offer in February 2016 and subsequently, the redemption of the outstanding portion of the $500,000,000.00 Eurobond Notes due May 19, 2016.

Launched in May 2011, the $500 million Eurobond represented the first SubSaharan Africa financial sector benchmark Eurobond without a sovereign guarantee or credit enhancement from any international financial institution.

“Over the years, the bank

has continued to leverage its deep understanding of complex business scenarios to undertake large ticket transactions in financial advisory, structured and project finance, balance sheet restructuring, debt and equity transactions.

“A few of the transactions successfully executed by the bank include; $350million Eurobond offering in January 2007, issuance of the bank’s $824 million Global Depository Receipts in an unprecedented concurrent global offering in the domestic and international capital markets – which culminated in the listing of GTBank on the London Stock Exchange, the first Nigerian company and first Sub-Saharan African bank to be so listed,” the statement added.

WE ARE MAKING PROGRESS

L:-R : Managing Director, SO&U, Mr. Udeme Ufot, Akwa Ibom State Governor, Mr. Emmanuel Udom, immediate past President of the Association of Advertising Age ncies of Nigeria (AAAN), Mr. Kelechi Nwosu and AAAN President, Kayode Oluwasona during the 43rd annual general meeting and election of the association in Uyo, Akwa Ibom State...recently

Firm Introduces Lifestyle Drink, Seeks to Boost Job Creation The management of East Hem Liquids Limited has introduced into the Nigerian market, a lifestyle drink and detoxifier known as Last Shot.

The firm explained that the product, which is the first if its kind in the Nigerian market would help create job opportunities in the country.

Speaking at the unveiling of the product in Lagos at the weekend, the Vice Chairman of East Hem Liquids, Mr. Ed Ukaonu said thathis firm owns the right for the product for the whole of Africa and its long-term goal is to have a manufacturing station here in Nigeria that services every country in Africa.

“So, you can begin to imagine the different opportunities it creates. So, we are very excited about that. We all have various toxins in our body. But when you drink whatever you drink, this drink allows you to flush it. There is no other product in the market today that can rival us. This is a drink to help resolve hangover issues.

“Our market immediately is Lagos and from here we shall spread to other parts of the country gradually. Over the next few months, we shall start opening outlets. We are focusing on Lagos for various reasons, this is the business capital of Africa and we wants to start here.”

Speaking further on the product, he described Last Shot as a premium recovery

Visa Opens Regional Centre in Dubai, Signs MOU with TECOM Emma Okonji

TransRoyal Courier Partners YPS to Boost International Delivery Emma Okonji TransRoyal Courier Nigeria Limited, one of the oldestthriving indigenous courier companies in Nigeria, is set to enhance international ecommerce delivery, through a partnership with Yourpersonalshopper.com (YPS).

Relying on its pedigree, TransRoyal said the partnership would enable it leverage Yourpersonalshopper.com’s, almost two decades, experience in helping shoppers and business owners alike to shop across border and deliver parcels directly to their doors.

Thrilled by the opportunities the new partnership provides for the seventeen years old company, the Managing Director, TransRoyal Courier, Mrs. Vivian Okeke, said the venture heralds multiple gains to the stakeholders, adding that online shoppers can be confident of safe delivery after shopping on thousands of international e-commerce portals that originally do

not ship to Nigeria.

“We are excited by this partnership with Yourpersonalshopper.com because of the multifaceted benefits to both the individual shoppers and the economy. There are thousands of international websites that do not ship to Nigeria. So, we thought of the best way to give Nigerians the opportunity to partake in the global market without necessarily spending thousands of dollars on visa and air ticket.”

“We found YPS as having the required experience and knowledge in global shipping logistics, package consolidation, export compliance and customs documentation; so the partnership was ignited to give us (Nigerians) value for their money,” Okeke added.

She also said that adequate measures had been put in place to ensure rancor-free delivery system even as they pledged to delivery parcels from United States of America and China within 5-8 working days and United Kingdom

and other parts of Europe within 3-5 working days.

Explaining further on how the platform operates, she said, “To make shopping more fun and easier for our existing and potential clients, we developed a ‘virtual address’ and unique Yourpersonalshopper.com (YPS) ID in the US, China, or Europe. So, you need not border. With your very own virtual address and unique YPS ID we help you affordably ship your favourite overseas brands and purchases directly to your doorstep.”

“Simply sign up with YPS; it automatically provides you with virtual addresses in the locations aforementioned to shop ‘locally’. We then take the delivery from there to your doorstep in Nigeria.

Nevertheless, as way of ensuring security and eliminating confusion in the system it is imperative that immediately after using your virtual address to shop, notify us by clicking on ‘add shopped details’ to upload

the details of what you have bought and to let YPS know when to expect the package.

So uploading your order is a must as it allows YPS staffers to identify your package and how to dispatch it to your address in Nigeria,” Okeke said.

“Through your customer dashboard, you can track your parcels movement as well.

The essence, is typically to efficiently and economically move the products that our clients purchase from online portals to the distribution warehouses in China, Europe and the United States and other geographic hubs to rapidly transport to registered YPS partners like TransRoyal and others across the globe,” she added.

The explained that with its robust distribution channels scattered across major cities in Nigeria, TransRoyal has also taken into cognisance the need to deliver to rural dwellers that seemed virtually forgotten by similar platforms in the past.

and detox drink that helps prevent hangovers after a period of alcohol consumption.

According to Ukaonu, the product was manufactured under the strictest standards for producing food and beverage products in the United States of America.

“Last Shot contains essential vitamins, minerals, amino acids, electrolytes and antioxidants.

And with only five calories per can and zero sugar, Last Shot is deliciously refreshing and a great choice of beverage for health conscious individuals.

Last Shot can be enjoyed on its own or as a mixer with your favorite party drink,” he added.

Ukaonu said “Apart from helping prevent hangovers after a “night out”, Last Shot helps in rehydration after a ‘work out’ or a long active day.”

Explaining how the completely sugar free drink works as a recovery drink, Ed noted that “Last Shot contains key ingredients such as Glucorate which is found naturally in fruits and vegetables, along with other vitamins like B12 that help remove toxins in the liver. This allows your body to detox naturally and helps prevent cell damage and dehydration associated with “playing hard”.

“Frequent restroom use after drinking alcohol can deplete your body of electrolytes needed to keep your muscles and nervous system running.”

Visa, a global payments technology company has opened its innovation centre in Dubai Internet City (DIC), the region’s largest information and communications technology community. This centre will serve the Central and Eastern Europe, Middle East and Africa (CEMEA) regions, including Nigeria, and is part of a network of new innovation centres that Visa is opening around the world over the course of 2016 and 2017.

Visa and TECOM Group also signed a Memorandum of Understanding (MOU), which was attended by Group CEO, TECOM Group, Dr. Amina Al Rustamani, and senior management members of TECOM and Visa.

In line with Visa’s collaboration model and TECOM’s vision to encourage and foster innovation, entrepreneurship and digital advancements, the MOU between the two organisations will include a number of collaborative elements including: Agreement to support the local startup and entrepreneur community through mentorship and guidance programs; Leveraging each other’s networks for the promotion of digitally advanced and innovation related solu-

tions; Collaborating on pilot programs, tests and trials within the TECOM Group; and Co-launching Design Thinking workshops and supporting local hackathons and developer workshops.

The new 4,000 square foot facility in the heart of Dubai Internet City supports Visa’s commitment to drive cashless economies throughout the region. The Dubai facility is designed to replicate the success of Visa’s flagship innovation center, One Market in San Francisco and the Asia Pacific innovation center that recently opened in Singapore.

The Group Executive, Visa, Kamran Siddiqi, said: “The UAE has been among the leaders in the region in adopting and promoting the acceptance of innovative technologies. Fostering a knowledge economy is one of the four pillars outlined in the UAE Vision 2021, highlighting the country’s commitment to technological innovation,” said “The country’s strategic location, which in itself is a diverse and exciting part of the world, makes it an ideal place for us to build this facility where Visa will work alongside clients and partners to imagine and build creative, cutting-edge digital commerce and payment experiences.”

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T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

NEWS

FG Urged to Set Clear Roadmap for Agric Revolution Eromosele Abiodun

The federal government has been advised to set a clear roadmap for agricultural revolution to enable the sector contribute effectively to Nigeria’s economic revival.

President of Poultry Association of Nigeria (PAN), Dr. Ayoola Oduntan stated this during the 2016 PAN summit with the theme: “The Role of Poultry Industry in the Economic Revival of Nigeria.”

He said the federal government was committed to diversifying the economy away from oil and revive the agricultural sector to boost the economy.”

Specifically, he said stakeholders in the sector has not been contacted or involved in any strategic road map to a sustained and robust poultry development

plan.

He said: “We are particularly elated to hear and understand that the focus of the government is agriculture – though we have not seen a clearly spelt out road map and action plan to a rejuvenated agricultural revolution. We say this with all sense of humility, since we have not been contacted or involved in any strategic road map to a sustained and robust poultry development plan.

“However, the good news to farmers is that the Minister of Agriculture at our meeting with him in March this year assured the association that the economic partnership agreement will not be signed and that all efforts will be made by the government despite current challenges, that farmers affected

by Avian Influenza are paid their

compensations.

“He also promised to use all channels of dialogue and communication with his colleagues in the cabinet to ensure that no neighbouring countries land or sea borders is used to threaten the economy of Nigeria by means of dumping of products through smuggling.” In addition, he also promised to use all means at his disposal to ensure that the recurrent issue of multiple and obnoxious taxations are tackled, and all taxes on farms are harmonised – and that since poultry products are food items, they should not be taxed.”

In his response, the Minister of State for Agriculture, Mr. Heineken Lokpobiri said the government will collaborate with the Central Bank of Nigeria (CBN) to create N750 billion agriculture fund as part

of its commitment to making agriculture the mainstay of the Nigerian economy.

He added that the federal government is committed to tackling the smuggling of poultry products into the country.

Lokpobiri said: “Access to credit is one of the biggest challenges farmers are facing, this government is trying to create N750 billion agriculture fund as this will go a long way to boost agricultural sector in the country. In addition the federal government is also talking with Islamic Bank which has approach us to provide about $ 2.5 million. This will be rooted through Bank of Agriculture and Commerce Bank and at a single digit rate to finance different agric programme. We are also talking with Africa

Development Bank that will also provide funding to the sector.

The present administration is committed to making agriculture attractive by making funds accessible and affordable as no business can survive with high interest rate charged by commercial banks. Already, there exist some funding from CBN that even the poultry farmers can access at an affordable interest rate of nine per cent but the contention is that nine per cent is too high. We are trying to make credit not only accessible but available and affordable,” Lokpobiri emphasised.

Speaking further, he said: “Also, the immediate challenge now is raw materials. In the poultry industry getting raw materials is very difficult because of lack of foreign exchange. The

president has directed that we release about 7,500 tonnes of grains to the poultry farmers, though this is not enough but we have to start from somewhere.

“We are aware that smuggling is a major challenge and this is beyond the ministry of agriculture, we do not police the border, we are talking with customs to bring about the desired change and we create the enabling environment within Nigeria to produce enough chickens and eggs. As at today we are producing 300,000 while we need two million metric tonnes, what we are producing is far below and that is why smuggling is a big business but by the time we are producing enough here, smuggling will stop. This is one sector that will create the desired numbers of jobs.”

Dettol Clean Naija Campaign Holds in Lagos Raheem Akingbolu

BUILDING BETTER ENTREPRENEURS

L-R: Minister of State for Industry Trade and Investment, Dr. Hajia Aisha Abubakar; President of the Manufacturers’ Association of Nigeria Dr. Frank Jacobs and the President and CEO of GE Nigeria Dr. Lazarus Angbazo at the inauguration of the Large Corporations Group organised by the Manufacturers’ Association of Nigeria in Lagos ...recently

The grand finale of Dettol Clean Naija Campaign was recently held in Lagos with the cleaning of the basketball court and convenient rooms at indoor sport hall.

The campaign, which was organised by Reckitt Benckiser, manufacturers of Dettol was said to have been extended to Abuja, Kano, Oyo, and Port Harcourt.

Addressing journalists at the grand finale, Marketing Director, RB West Africa, Mr. Oguzhan Silivrili stated that the campaign was a second phase of hygiene sensitisation initiative which began with the introduction Dettol Multi-surface Cleaner few months ago.

He explained that a huge amount of money was being wasted yearly in Nigeria due to poor sanitation, hence the need to enlighten Nigerians via a vigorous campaign on the need to take hygiene beyond mere washing of hands.

“I think everyone will agree with me that no child should die because of a preventable disease like diarrhea. 1.3per cent of the total GDP which is about N500billion, is being wasted because of poor sanitation in Nigeria, I think we can

use this money in a better way.

But the most important thing to note is that 80per cent of these preventable diseases are actually acquired indoors.

“Hygiene goes beyond hand washing: you need to clean your surfaces like bathroom, living room, toilet with a proper solution.

Dettol Multi-surface Cleaner is the solution. It is ten times better than using detergents and also better at killing germs,” he said.

He further explained that during the Clean Naija Campaign, Nigerians were asked to vote via digital platform for establishments they would like the company to clean on their behalf. And the National Stadium was voted in Lagos for the grand finale.

“With the introduction of this product, we also initiated a Clean Nigeria Campaign which is much bigger. What we are trying to do is to promote the best hygiene practices across Nigeria. And we started with public amenities by asking the consumers which place to clean on behalf of them. We went to Kano, Abuja, Oyo, Port Harcourt, finally we came to Lagos, and more than one million people voted for the National Stadium. That’s why we are here today.”

FBN Merchant Bank Boss Harps on Sound Corporate Governance Goddy Egene The Managing Director/CEO of FBN Merchant Bank Limited, Mr. Kayode Akinkugbe has said that sound corporate governance should be entrenched in the banking sector as the key to strengthening the industry.

The CEO of the FBN Holdings subsidiary stated this in a speech at the recent monthly meeting of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) in Lagos.

“Sound corporate governance goes beyond compliance and check-lists. It must become a way of life. We have a duty to ensure that it permeates the length and breadth of our banks,” he said.

In his address titled: “The Place for Sound Corporate

Governance in Today’s Banking Institutions,” Akinkugbe said that the principles of corporate governance must form the basic framework for ensuring that stakeholders are able to enjoy long term benefits and value from banks. They also serve as strong pillars that ensure overall market confidence in institutions.

According to him, the institution of corporate governance, backed by legislative, economic and financial reforms intended to promote transparency, accountability and the rule of law in the economic life of the country, are critical in assuring the banking public retains trust and confidence in such essential of bodies.

He said: “This is not only ensures compliance with legal and ethical standards, but helps

in building the strength of financial institutions within an economy.”

He further emphasised that in recent years, corporate governance has attracted considerable interest, particularly following the global financial crisis and other corporate scandals, which has and led to the promulgation of rules and directives aimed at creating strong internal systems and controls that are comparable for financial institutions across the globe.

“We are proud to be part of a larger Group, FBN Holdings Plc, which has a strong heritage of promoting corporate governance practices that has resulted in over 120 years of uninterrupted service and continued growth” he said, as he restated the commitment of FBN Merchant Bank towards maintaining a strong

posture on sound practices.”

Akinkugbe charged all chief compliance officers to engage, review and update policies and procedures to meet our evolving business needs, and ensure familiarisation amongst all stakeholders.

“This is critical to ensuring that our goal of running sustainable banking institutions is achieved,” he reiterated.

The monthly CCCOBIN meeting brings together top compliance officers in banks, industry top players, investors, financial institutions and private equity firms who meet to exchange ideas, and also showcase available opportunities for progress.

Meanwhile, the Head of Equity Brokerage at FBN Capital, Mr. Temktope Adeosun has said that market and

financial sector development is an important facilitator of economic growth in sub-Saharan Africa.

Speaking at the recent 5th edition of the ‘Building African Financial Markets (BAFM) Capacity Building Seminar’ in Lagos, Adeosun said it should be recognised as a legitimate component of a country’s development programme and should receive the support of government departments and agencies through allocations of their staff and financial resources.

According to him, supporting knowledge and capacity building initiatives which will empower and remove impediments that impact the ability of African exchanges to handle sizeable capital inflows is the collective responsibility of all players in the industry.

“As part of the largest financial services group in Africa, we believe that innovative solutions are required, especially in this era of ‘technology-on-the-go’. As technology can be a powerful tool for the congregation of diverse markets, the encouragement of this growth by market participants would be critical to success,” he said.

The seminar was focused on addressing liquidity concern in African capital markets and the evolution of local regulation, which is starting to increasingly provide the opportunity for pension funds to diversify their expanding portfolios beyond equity investments in traditional sectors. Innovation, optimal market structure and technology were major highlights identified to address low liquidity in African capital markets.

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T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

NEWS

SON Promises Nigerians the Best Metrology Institute in W’Africa Raheem Akingbolu Standards organisation of Nigeria (SON), has revealed that work is ongoing on the establishment of Nigeria’s Metrology Institute in Enugu State.

This was disclosed at the 2016 World’s Metrology Day celebration put together by the agency in collaboration with Weight and Measurement Department, and United Nation Industrial Development Organisation (UNIDO).

In his presentation on the theme: ‘Measurement in A Dynamic World’, Director Metrology &Instruments (SON), Obiora Manafa stated that when completed,

the institute will have “the highest accuracy level in the ECOWAS Region” and will establish a “national primary measurement standard for Nigeria comparable with the highest level across the world.”

He explained that neglecting the importance of measurement is like committing economic suicide, as inaccurate measurement brings dire consequences. Hence, NMI will ensure that every industrial measurement in the country has traceability and accuracy and it will be available to all sectors of the Nigerian economy.

His words: “The National Metrology Institute will be

custodian of National Measurement Standards with the highest measurement reference in the country through traceability to the SI unites.

“Measurement is life. It takes place in all facets of human activities. NMI will be responsible for dissemination of measurement standards and provide traceability and accuracy of measurement to industries, laboratories, trade and commerce, aviation, Oil & Gas, agriculture, health, education, automobile, mining, power and other sectors of the economy.

“NMI will benefit our international trade. It will boost the country’s export base by providing required confi-

dence and reliability through certificate of conformation on all products from Nigeria.

“In addition, it will aid diversification of our economy and will save huge money presently being paid by Nigerians to foreign NMIs for calibration. It will as well ensure level playing field for commerce and further enhance consumer protection.”

Manafa noted that the institute will harness local resources. He said the institute was designed by a local architect and is being built

by Nigerians, adding that laboratory equipments in the institute will be funded by European Union; coordinated

by UNIDO.

WOOING INVESTORS

L-R: Managing Director, Lafarge Africa Plc, Mrs. Adepeju Adebajo; Minister of Agriculture, Chief Audu Ogbe and Governor of Ogun State, Senator Ibikunle Amosun at the 2016 Ogun State Investors Forum held in Abeokuta ...recently

Winners Emerge in Samsung’s “Inspire Bigger Dreams” Campaign Emma Okonji The Samsung Electronics “Inspire Bigger Dreams” competition has produced three winners. The campaign is aimed at encouraging Nigerians to keep their dreams alive, to dream bigger and aspire to greater heights. Mr. Muhammed Nasirudeen Musa, Mr. Ibrahim Ambali, and Mr. Ibrahim Usman Salihu emerged winners out of the entries that were received.

The “Inspire Bigger Dreams” campaign, which kicked off in March, 2016, requested participants to take clear pictures of anything they found inspiring within their environment. These pictures were then uploaded to www. pictureyourdream.ng/inspired with a caption explaining why or how the picture inspired them. The top 50 entries based on votes and defined criteria were selected by Samsung,

while the three with the most votes emerged as winners after the second and final round of voting.

Managing Director, Samsung Electronics West Africa, Mr. Paul Lee, said understanding customers’ needs and building technology which enhances their lives, is essential to the leading electronics company.

“Over time, we have been inspired by our customers who use these products to achieve amazing things, and we will keep encouraging them to dream big and aim high,” he added.

The company’s current theme, Dream Your Dream, inspires progress and spurs dreams to success, while also nurturing the aspiration of young Nigerians. Following the launch of the Samsung J series smartphones, the innovative ‘Inspire Bigger Dreams’ campaign has proven to be a big hit among smartphones

lovers across the country. This time, the campaign produced three winners. The J series smartphones offer users impressive features and benefits.

These unique smartphones allow users get the most out of their mobile experience with functions and features that take mobility to an entirely new level. From the brilliant screen with advanced resolution, contrast, and color reproduction, to viewing text, images and video, user experience has never been better.

Director, Information Technology and Mobile, Samsung West Africa, Emmanoiul Revmatas, said: “Without a challenge, life would be a bore. Inspiration is at the core of innovation. Samsung is encouraging Nigerians to go for the big dream, no matter how challenging it may appear to be. We congratulate the three winners the campaign has produced.”

“Out of the many entries received, Mr. Muhammed Nasirudeen Musa, Mr. Ibrahim Ambali, and Mr. Ibrahim Usman Salihu have emerged as winners. Each of the winners will be rewarded with Samsung smartphones and accessories,” Revmatas added.

In 2015, Samsung launched the Galaxy J7 with the “Picture Your Dream” campaign, which availed Nigerians the opportunity to express their dreams through a palm selfie contest. The winner of the contest, who is the Coordinator, Destiny Trust Organisation, a not-for-profit organisation, Ify Obienu, had her dream fulfilled

by Samsung, via sponsorship of the organisation, housing and feeding of 15 kids admitted into the NGO for one year. The company will also empower at least a key breadwinner alongside the child to ensure smooth re-integration into the society.

e.Sream Unveils 5 Year Expansion Strategy Emma Okonji e. Stream Networks Limited, one of the country’s indigenous licensed broadband communications providers has announce its decade of operation in the country’s telecommunications sector.

The Managing Director of the company, Mr. Muyiwa Razaq Ogungboye, who announced the development at a press briefing held at the company’s corporate head office in Lagos, also said the company had commenced a five-year expansion plan, aimed at providing better quality services to its existing and prospective clients, as well as boosting the sector’s productivity.

Ogungboye said: “We came up with a five year business plan in November 2015, which would run through 2016 to 2020.

We are going to execute our business plans by investing both by collocation and by our individual strength.

“In our plan, we are going to take up Lagos projects for the year 2016, and by 2017, we would take up projects in Abuja and Port Harcourt, while others will come up in subsequent years within the five year period.”

“As part of our plans, we want to set up more base stations and more cloud services with Microsoft and Del, among other plans.

For the five year plan, we have a budget of $1.2 million dollars for executing our plans 2016 project alone,” Ogungboye said.

The e.Stream boss, who disclosed that his company spent about N20 million to set up a base station in the country, also noted that “aside from Wi-Fi, LTE can also work on mobile phones, but the government needs to encourage such innovation. “ He noted that the company has planned to embark on coverage services for the year

2016 while value added services would be the company’s target for 2017.

“We are looking forward to including IPTV business as well.

Presently, we have a Kenyan proposed partner company, which came on a visit to us in Nigeria recently, and we are also expected to pay the company a visit soon.

“We are also collaborating with Bitflux, and our partnership is aimed at proffering better solutions to problems in the sector,” he added.

Ogungboye, among other business challenges in the industry, listed a number of poor infrastructures, including epileptic power supply in the country, inability to access adequate funds to execute targeted projects.

He said, “We need support from the government and the financial sector to attain the 5G connectivity by 2020. There is need for the Nigerian Communications Commission (NCC) to put up modalities to make the 5G connectivity a reality.

One single corporate entity cannot do it all alone. And also, the government should give more credence to indigenous players in the industry.”

Having commenced operation in May 2006 as a quality certified company dedicated to providing suitable connectivity solutions for business, Ogungboye said e.Sream will on May 20, mark its 20th anniversary with memorable activities.

This, according to the MD, is coming on the heels of the company’s ten years of thriving in the industry.

As part of measures to commemorate its tenth anniversary, the company is set to aide some government owned secondary schools with their needed amenities such as classroom chairs, tables, among others.

The company would also award some icons who have made landmarks in the country’s telecoms industry.

NIRA Awards Galaxy Backbone ‘Best Domain Name Registrar’ The President of Nigeria Internet Registration Association (NIRA), Sunday Afolayan, has awarded to Galaxy Backbone Ltd, the Best .ng ccTLD Registrar in Nigeria at the 2016 .ng Web Awards organised by NIRA, the managers of the country’s Internet real estate.

The NiRA President’s award is given to organisations and individuals for their commitment to the development of the ICT industry in Nigeria.

Galaxy Backbone Ltd received the special recognition award for her contributions to the growth of the .ng domain name ecosystem.

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”.

Galaxy Backbone Ltd is a public institution charged with building and operating shared ICT Infrastructure and services for all Federal Government Ministries, Departments and Agencies.

The establishment of Galaxy Backbone by the federal government was driven by the need for government to pursue a cohesive and harmonised approach to information and communications technology acquisition, deployment and utilisation in the public sector.

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T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

PERSPECTIVE

Nigeria’s Slow But Steady Descent Into Chaos Olusegun Akande Kindly allow me to paint this rather worrying picture for you.

Inaccessible road junctions; traffic at a standstill on most expressways; policemen and soldiers trying in vain to keep the peace at every petrol station; and citizens fighting each other as a result of being pushed to breaking point. Homes without light or water, businesses without staff, and an economy that is now officially going backwards.

This, your excellency is no ordinary picture. Rather it is the very grim reality of today’s Nigeria - your Nigeria.

Walking past a petrol station earlier today I witnessed a bunch of individuals sarcastically chanting “change, change, change” as each stood over his small generator whilst waiting to buy petrol.

Yes Sir, that’s right - Nigeria’s citizens now have no other option but to take their small generators to petrol stations!

Whilst this may seem a small incident I want to encourage you not to take it lightly in any way.

Such chants being voiced by the very people that voted for you strongly suggests the average Nigerian has lost all confidence in your ability to move this nation forward.

The reality is that most people believe Nigeria has gone backwards during the past twelve months. After countless years of gross mismanagement we all knew the journey ahead would be rough; but were prepared to persevere through the tough months ahead - together. What we weren’t prepared for was a government that is hell bent on sticking to its’ albeit noble principles at the detriment of its people and the nation as a whole.

I am told that one of reasons for the current fuel scarcity, which has not only paralysed the

to be put into place in order for Nigeria’s economy to move forward.

1. We need to produce more, and export more But we’re nowhere near where we need to be in terms of production and exports. Therefore we shouldn’t imagine for one second that we can accommodate policies that rely solely on proceeds from exports. Let’s be practical sir. Let’s plan for and build momentum in phases.

2. Foreign Investments

Akande economy but also crippled the lives of millions of individuals, is an acute lack of foreign exchange.

Unless this problem of inadequate supply of FX is resolved soon it is only a matter of time before we experience shortages of other essential commodities. It seems to me that the current strategy of manipulating the market by fixing the price is simply stifling supply. In order for the exchange rate to be stable foreign exchange must be earned; either via exports or foreign investments. But no foreign investor in his or her right mind would consider investing in a country in which he or she can’t be sure of the actual value of the return. Furthermore why invest hard earned dollars in a country in which one can’t even be sure of the availability of the said currency when one wants out??

Most investors recognise the

stark reality that forcefully propping up the Naira is simply not sustainable. After-all our depleted reserves is the best know secret in Africa.

As things stand, Nigeria is more or less closed for business nothing coming in, and very little going out.

At what point will you accept the reality that even the most dogged ideologies need some semblance of pragmatism?

Allowing the exchange rate to be market determined is not only a ‘must do’ but an inevitability.

It’s just a matter of how long you want Nigeria’s citizens to suffer. For as long you continue with your current strategy we will experience more and more shortages of a growing number of commodities, and consequently inflation.

Two very simple things need

No nation can ever be an island. We need foreign investments. I’m not saying we should rely on them (I’ve never been a fan of over-relying on foreign investments), but I am definitely saying that we need them to increase from today’s zero level.

Foreign investments will come when foreign investors are confident in the knowledge that they are investing their funds in an economy that is managed by a government that not only has a robust economic blueprint but is also Realistic, Practical, and doesn’t try to manipulate markets.

The Economist recently referred to the policies of Venezuela and Zimbabwe as follows; ‘Yet the similarity between the two regimes is not their thuggishness but their economic ineptitude. Both believe that market forces can be bossed around like soldiers on parade. In both cases, the results are similar: shortages, inflation, and tumbling living standards.’

Let’s be honest sir, Nigeria has more or less taken a similar path to the above two nations. Do we really need to get to the stage wherein long queues for bread and water are the order of the day before you accept that we’re in deep trouble???

A friend of mine witnessed a

terrible incident at a petrol station yesterday. In the midst of an obviously overheated argument whilst queuing for petrol, a man in his 50s/60s slammed a fellow citizen on the head with an 8 inch spanner. She told me that as she watched in horror as blood flowed furiously from the victim’s skull, the words that came to mind were ‘Frightening’ and ‘Chaos’.

Such scenes suggest that Nigeria is on a slow but very certain and steady descent into chaos and lawlessness. Chaos and lawlessness will always be the natural consequence of a nation wherein abject suffering is the norm.

I recently came across an interesting article in the New York Times regarding the fall of the Berlin Wall. The quote below is not only revealing but should serve as a warning to your administration. ‘ In short, the fall of the wall came about because of the complex interplay among Soviet reforms, East Berlin’s incompetence, and crucially, rising opposition from everyday Germans.’

Your Excellency, the longer this thoroughly painful suffering continues, the more Nigerians will believe that your government is incompetent; and the greater their resolve for another ‘Change’ will increase.

I passionately want you to succeed sir. I’m not against your principals and ideologies.

But contrary to your belief that Nigeria must be thrown into the deep end in order for change to happen, I and millions of other Nigerians are of the opinion that change must be gradual, from the root, and implemented in phases - as one carries the people along.

I remain your very humble and loyal supporter.

Akande heads the Board of the SBA Group, founder, Arise Africa Foundation

United Capital Appoints Akinremi TAMS Summit Ties Time Management to Increased Productivity Deputy Group CEO/MD Raheem Akingbolu Speakers at the inaugural Time Attendance Management System (TAMS) Summit have said individuals, organisations and countries that pay attention to time management usually experience increased productivity when compared with those who pay little attention to time management.

Organized by SB Telecoms in Lagos recently under the theme: From ‘African Time’ to ‘On Time’: A Paradigm Shift, the time management summit aimed to draw attention to the economic impact of ‘African Time’ on productivity in the progress of individuals, organisations and nations of the world.

In his welcome address at the TAMS Summit, Mr. Afolabi Abiodun, Chief Executive Officer (CEO) of SB Telecoms, said findings from a research conducted by the company recently showed that almost 12 percent of annual labour cost is lost to lateness, tardiness, time theft and absenteeism in

the private and public sectors of the economy.

Abiodun said: “For some time now, various Nigerian governments have touted Vision 2020 as the panacea that will take the country to the promised land of development. Four years to expected delivery date, we have yet to scratch the surface of this laudable target.

Why? Although it is easy to blame lack of political will and socio-economic factor, the real culprit is a lack of interest in doing things in a timely manner and a readiness to give excuses.”

He express his concern over how poor time management has robbed many African economies of progress and turned the people into victims of its manifestations which he said are evident in rampant corruption, infrastructure decay, apathy and poverty, among others.

“But it would be difficult to have any meaningful development if we hesitate to demand accountability,

not only of resources and budgets but also of time in the private sector and at all levels of government,” he said.

To solve the challenge, he said SB Telecoms developed a Time Attendance Management System (TAMS) which from 2013 to the present has been deployed by over 1,000 organizations, including multinationals.

Declaring the Summit open, founder/CEO of HealthPlus Limited, Mrs. Bukky George, who was also the Summit’s chairperson said time is wealth which should be efficiently managed. She added that poor time management is the bane of development in African economies.

George said although poor time management is a global phenomenon, Africans must embark on an attitudinal change and adapt to the 21st Century work environment.

She added that in spite of the enormous infrastructural deficits in the country, proper time management can be maintained.

United Capital Plc has announced the appointment of Bunmi Akinremi as Deputy Chief Executive Officer and Managing Director of the Investment Banking Division.

According to a statement,Akinremi brings over 20 years’ investment banking and transaction experience to United Capital Plc. He trained as an accountant with Grant Thornton in London, before joining the Royal Bank of Scotland’s Specialised Lending Unit, where he acted as lead Transaction Manager on a series of high profile transactions in the UK market.

“His Nigeria market experience, including time with the United Bank for Africa, has seen him play prominent roles in a number of landmark corporate restructures and fundraising,” the statement added.

He holds a First Degree in Economics from the

University of Essex and is member of the Institute of Chartered Accountants in England and Wales. He also holds an MBA from Cranfield University, School of Management. “ Akinremi’s appointment adds significant value to our management team in Nigeria and across sub-Saharan Africa where our business is growing rapidly even as we continue to originate and execute highly complex mandates within the Region.

I look forward to working with Akinremi as we assist clients to seize opportunities which abound in markets across Africa,” stated the Group CEO of United Capital, OluwatoyinSanni said.

“His leadership and experience of working in international markets, deep understanding of corporate finance and public sector experience in Nigeria will be of great value. I also would like to thank Wale Shonibare

for his contributions and to wish him the best in his future endeavours,” Sanni added.

After a successful 2015, in which United Capital generated gross income of N6.15 billion and profit before tax of N3.26 billion (up 32% and 41% respectively), the current financial year has also started strongly with first quarter profits up 59 per cent on corresponding period in 2015.

One of the key highlights of the 2015 financial year was the successful close of a $250 million crude prepayment facility on behalf of Orion Group, Congo Brazzaville, an example of the Africa wide market coverage of United Capital.

“I am excited by the opportunity to join an incredible team of talented and entrepreneurial individuals and look forward to making my own contribution to the fulfillment of an inspiring Pan African vision,”Akinremi said.

33

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

PERSPECTIVE

As FMBN Repositions for Efficiency

Abimbola Johnson Never since the advent of the Nigerian Building Society in 1956 or its re-christening as the Federal Mortgage Bank of Nigeria in 1977 or the promulgation of the Mortgage Institutions Act (1989) and the FMBN Act 82 (1993), in 1994, when the FMBN was accorded the status of the apex mortgage institution in the country, has the housing deficit in the country more daunting than now.

Unlike many other countries with similar challenges, an estimated 80percent (or over 130 million) of Nigerians live in indecent, informal housing structures with no basic amenities and in deplorable conditions. Only few own the house that they live in. The housing deficit of Nigeria, according to the World Bank, is estimated at a whopping 17 million units.

In densely populated commercial and urban centres such as Lagos, Abuja, Port Harcourt and Kano, squatters outnumber those decently accommodated. The same World Bank, value the cost of the 17 million housing deficit at about N59.5trillion. Yet another informed stakeholder: a two-time member of the House of Representatives, who was also Minister of Sports and now President of the Association of Professional Bodies in Nigeria, Bala Ka’oje only last Monday, tasked the Muhammadu Buhari administration to make available to the FMBN a bailout fund of N100bn (one hundred billion naira) as well as “overhaul and restructure the Federal Mortgage Bank of Nigeria (FMBN) for effective housing delivery”.

Already the restructuring of FMBN is on-going and the new team headed by its Managing Director, Mr. Richard Esin in not leaving any stone unturned. If snippets from the team’s activities are anything to go by, it seems the burden on the supervising minister for Housing, Mr. Babatunde Raji Fashola, would be less in the way they are strategically addressing the challenges of housing deficit inherited by this administration.

While it cannot be denied that funding is a major challenge of the housing sector, it requires leadership, the right policy and its effective implementation, as well and sincere and efficient deployment of resources to bridge the housing deficit in the country.

There is no gainsaying that the provision of housing transcends the mere provision of shelter. It facilitates urban development and at the same time promotes the socio-economic well-being of a people especially when tailored towards the attainment of home ownership.

Shelter is not only a basic need of life, housing is the right of every woman, man, youth and child to acquire and a desideratum for sustaining a secure home, family life and community and to live in peace and dignity.

The right to housing is codified as a human right in the Universal Declaration of Human Rights: “Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control.” (Article 25(1)) Affordable housing is housing for which the associated financial costs are at a level that does not threaten other basic needs. States should take steps to ensure that housing costs are proportionate to overall income levels, establish subsidies for those unable to acquire affordable housing, and protect tenants against unreasonable rent levels or increases.

Nigeria is a peculiar country where mortgage finance (as a share of GDP) is extremely low. At a paltry 0.5%, compared with 80% (UK), 77% (USA), 31% (South Africa) and 2% (Ghana), it is a huge joke. The housing and construction sector account for only 3.1% of Nigeria’s rebased GDP. Housing production is at approximately 100,000 units per year

while 800,000 units are needed yearly.

As a result of this lack of a robust mortgage financing system, Nigeria’s rate of home ownership is one of the lowest in Africa at 25%. Statistics show that Nigeria’s homeownership rate is much lower than countries like Singapore (90%), Indonesia (84%), Kenya (73%), USA (70%), Benin Republic (63%) and South Africa (56%).

In addition to these obstacles to home ownership, Nigerians face daily battles with poverty, unemployment, low human development index (HDI), low access to clean water and improved sanitation and incessant power outages. A large percentage of Nigerians are unbanked as only about 40% of the adult population is financially included.

One is therefore gratified about the current restructuring of the FMBN, embarked upon in that sector by Buhari when he brought in Mr. Richard Esin. A man of few words, he has accepted the responsibility to deliver on the mandate of the bank and carry forward the modest achievements of his predecessors.

A snapshot into his four months’ stewardship can be gleaned from his account at the ongoing 15th Lagos Housing Fair. Speaking through Mr. Yusuf Yinusa, the Lagos Zonal Coordinator of the bank, he reported how the National Housing Fund, NHF, has hit N191.9billion in March from 4.14 million registered contributors under scheme.

Esin also said that N5.9billion had been refunded to 118,284 individuals who met conditions for refund, while over 70 per cent of the cumulative collection was recorded in the last five years.

Section 14(2) of the NHF Act of 1992 stipulates that a contributor to the NHF can access a loan from the fund for the purpose of building, purchasing or renovation of existing homes /houses. If this is made truly compassionate, with security and opportunity at its heart, the nation will be inching towards affordable shelter.

As Nigerians look forward to the

concessionary loan windows promised

by Esin to enable them access mortgages for home ownership at affordable interest rates, it is laudable that the NHF managed by the bank has financed the construction of about 25,606 housing units and advanced 16,506 mortgage loans.

While disbursements are pending, according to the Acting MD, for the delivery of additional 15,085 housing units and 10,726 mortgage loans, the bank has already entered into partnership with the Federal Housing Authority (FHA); Assets Management Company of Nigeria (AMCON) and state governments to ensure that the challenges of lack of access to land, inadequate funding for the housing sector, inaccessibility of mortgage loans due to lack of proper title to properties, low income of prospective borrowers which affects affordability, cumbersome procedures for obtaining governors’ consent to land transactions which is also costly, are addressed.

Laudable as Mr. Esin’s prognosis have been, I hasten to say that conceptualisation of some quick wins that would allow a greater number of Nigerians access to the bank’s FMBN HOME RENOVATION LOAN (FHRL), to renovate or improve existing properties which are personally owned by them or through family ownership, will become visible with continued efforts of the repositioned FMBN and stateholders.

In all these, however, a greater challenge has been identified: communicating the NHF to both its contributors and other stakeholders in the housing sector for greater participation and increased success in delivering affordable mass housing to the Nigerian populace. Esin must therefore design and implement a sincere communication strategy that we can hold him accountable to.

Johnson is the editor of The Whistler Newspapers (www.thewhistler.ng) abimbola@ thewhistler.ng

34

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESSWORLD

NEWS

Exxon, Total, Chevron in Talks With Pemex on Gulf Prospects Petroleos Mexicanos is in talks with Exxon Mobil Corp., Total SA and Chevron Corp. as Mexico’s struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico, according to Bloomberg.

Pemex may also start discussions with Oslo-based Statoil ASA, according to company press officials who asked not to be named because of policy. Pemex seeks Areas of Mutual Interest agreements to evaluate whether the companies have opportunities to work together in offshore areas.

The talks would indicate the world’s oil majors are

interested in partnering with Pemex to produce the country’s underdeveloped crude reserves or bid with Mexico’s state-owned operator in the country’s first-ever deep water auctions in December. Pemex, which deferred investments in deepwater fields this year amid a $5.5 billion budget cut, has reiterated that it seeks to partner with the world’s largest producers to develop Mexico’s crude reserves, estimated by the country’s oil regulator at the equivalent of 10.24 billion barrels of crude at the end of last year.

“They will use the tools in the energy reform to do this,” Nymia Almeida, a senior credit

officer for Moody’s, said at a conference in New York, when asked about Pemex forming partnerships and selling assets, which the company intends to do. “Any deal would be better than none, even if it starts little by little.”

Hakon Fonseca Nordang, head of communication for Statoil in the U.S. and Mexico, declined to comment on any discussions, saying that Statoil and Pemex have for years had a General Cooperation Agreement involving research and technology exchange between the two companies. Scott Silvestri, an Exxon spokesman, declined to comment, as did Isabel Ordonez, a spokeswoman

for Chevron in Latin America.

Mexico hopes to raise $44 billion in investment in its first-ever sale of deepwater areas in the Gulf of Mexico, scheduled for Dec. 5. The country will auction 10 areas in the Perdido area near the maritime border with the U.S. and in the southern gulf’s Cuenca Salina.

Seventy-six percent of the country’s prospective oil resources are located in the deep waters of the Gulf of Mexico, according to Energy Minister Pedro Joaquin Coldwell. Pemex, Statoil, Chevron and Exxon are among 16 companies that are in the process to qualify to bid in the deep water auctions.

GOOD TO HAVE YOU HERE

L-R: Founder/former CEO, Computer Warehouse Group Plc, Mr. Austin Okere; in a selfie with the President of Rwanda, Mr. Paul Kagame; at the just-concluded 2016 ‘World Economic Forum Africa’ in Kigali Rwanda

Oil Search Boost LNG Push in PNG With $2.2bn InterOil Bid Australia’s Oil Search Ltd agreed a $2.2 billion deal to acquire InterOil Corp on Friday, aiming to pave the way for two rival liquefied natural gas projects led by global majors to work together in Papua New Guinea.

Reuters reported that despite weak oil prices, PNG’s liquids-rich gas, which offers extra revenue, makes it one of the best locations for LNG projects. The country has the existing PNG LNG project, run

by ExxonMobil Corp, and the proposed Papua LNG project, run by Total SA. For Total, which will boost its stake in Papua LNG as part of the deal, the acquisition would help speed development of the project and open opportunities for collaboration and possible integration with ExxonMobil’s project, said CEO Patrick Pouyanne.

Oil Search co-owns both projects and has been pushing them to cooperate in order to avoid wasting money on duplicating infrastructure as happened on Australia’s east coast, where three LNG plants were built next to each other at a cost of $64 billion. The takeover of InterOil will give it a bigger stake in Total’s project.

“Obviously this is a difficult, challenging LNG market. And the only ones that will succeed over the next four to five years are ones at the lowest cost base with the highest returns,” Oil Search CEO Peter Botten said on a conference call.

“We believe based on the track record in PNG ... the ability to develop these fields in a cooperative way delivers us the best possible opportunity to build further world class LNG projects in our region,” he said.

ExxonMobil did not immediately respond to a request for comment.

InterOil is coveted for its stake in the Elk-Antelope fields, which could hold at least 6.2

trillion cubic feet of gas, more than enough to fill one LNG processing train. Drilling of one more well this year could prove it holds much more.

Interoil CEO Michael Hesson said the company had received a number of other proposals, but declined to give details.

“I can also tell you this was the best proposal,” he told a conference call.

Oil Search is offering 8.05 of its shares for each InterOil share plus a contingent value right tied to the size of the eventual reserves in Elk-Antelope. Oil Search said the offer valued InterOil at $40.25 a share up front, a 27 percent premium to its close on Thursday.

“It makes a lot of sense strategically. It works to tie PNG up and bring the major player, Total, along for the ride,” said Ric Ronge, a portfolio manager at Pengana Capital, which owns shares in Oil Search and Total.

Oil Search said the deal could see it double its output by 2023.

Its shares rose more than 5 percent following the announcement.

As part of the plan, Oil Search has agreed to sell more than half of Interoil’s stake in Papua LNG to Total. As a result, Oil Search will end up with a 29 percent stake in the Papua LNG project, complementing its 29 percent stake in PNG LNG. Total’s stake in Papua LNG will increase to 48 percent.

The deal follows Oil Search’s rejection last year of an $8 billion takeover offer from Woodside Petroleum, which wanted Oil Search for its stakes in the PNG LNG project and Elk-Antelope.

Asked during an investor briefing if Woodside would consider a counter bid, chief executive Peter Coleman said the company’s focus was on sub-$1 billion deals.

“For us at the moment big M&A is not front of mind at all,” he said on Friday.

Petrobras Reopens Foreign Debt Markets for Brazilian Corporates Oil firm Petrobras threw open the door for Brazilian corporate issuance this week after printing a $6.75 billion bond - the first domestic company to sell foreign debt since June 2015, according to Reuters.

Days before Petrobras took the plunge, bankers were spying a window of opportunity for Brazilian borrowers on hopes a new business friendly government would pull Latin America’s largest economy out of its worst slump in decades.

Petrobras responded by printing five and 10-year bond on Tuesday - a few days after Congress agreed to start impeachment proceedings against former president Dilma Rousseff and replace her with Michel Temer.

The quasi-sovereign got an overwhelming reception with order books reaching $21 billion for the $5 billion five-year and $1.75 billion 10-year tranches.

This strong demand helped the state-controlled entity squeeze pricing 25bp-37.5bp before printing at a final yield of 8.625 percent on a $5 billion five-year and 9 percent on $1.75 billion 10-year.

The large order book underscored appetite for a credit seen benefiting from the recent change to a government capable of reviving economic growth in Brazil.

It also assuaged concerns about the fate of Petrobras, now considered the world’s most indebted company, and how it would tackle a wall of short-term maturities as funding sources narrowed in the wake of a widening corruption investigation.

“Many worried that Petrobras would do a secured deal or potentially a coercive exchange offer,” said Jason Trujillo, a senior analyst at Invesco.

“It (the primary bond) was market friendly. It is a positive

sign that they are not doing anything damaging for foreign investors.”

Petrobras paid up to get the deal done. At a 9 percent yield on the 10-year, the new deal (rated B3/B+/BB) topped the 8.45 percent the company paid on its first ever century bond in June 2015, which at the time was rated Ba2/BBB-/BBB-.

Final yields also looked juicy against the Brazilian sovereign and other Latin American oil names. The 10-year, for example, came 300bp wide to Brazil’s 2026s spotted at 5.5 percent.

Other state-owned oil companies like Colombia’s Ecopetrol and Mexico’s Pemex trade with a tighter 200bp differential to their sovereign curves. “(Petrobras) is the cheapest quasi sovereign out there,” one investor said.

The company is using proceeds from the sale to finance an up to $6 billion debt tender

to take out short-term bonds.

This liability management trade combined with funding from asset sales and Chinese loans should help give the company some much-needed breathing space.

“All this suggest to me that they won’t have a liquidity problem,” said Sarah Leshner Carvalho, a director of research at Barclays. “It will alleviate short-term funding pressures.”

The new bonds however have not performed in secondary trading and that is raising doubts about the impact Petrobras’ success in the primary market would have on the prospects for more supply from corporate Brazil.

The new 8.75 percent 2026s tumbled to around 94.25 on Thursday after pricing on Tuesday at 98.374 to yield 9 percent, according to Trace.

The new 8.375 percent 2021 fared better but also fell to the mid 97s after pricing at 99.002

to yield 8.625 percent.

Investors were heard selling the 10-year bonds after receiving larger-than-expected allocations on a security that was seen coming far too tight to the five-year tranche.

Final pricing put the spread differential between Petrobras five and 10-year bonds at just 37.5bp, even less than the 46bp between yields on the five and 10-year US Treasuries on Wednesday.

“In general investors are fuming about the new Petrobras bonds,” said Jorge Piedrahita, CEO of broker Torino Capital. “They more than doubled the size...(that) was a big mistake.”

Miner Vale, petrochemical concern Braskem, steel producer Gerdau, as well as beef names Marfrig, Minerva and JBS are all mentioned as potential candidates for issuance in coming weeks.

All these companies could

aim to refinance short-term debt in what could be a narrow window ahead of any political upsets at home or further rate fears in the US. But some bankers were not sure all of them could end up braving markets after the slump in Petrobras bonds.

“This (the poor Petrobras secondary performance) will be at the front of investors’ minds as well as our own syndicate desk,” said a banker with a mandate for a Brazilian corporate.

Some are hopeful the new Petrobras bonds will soon stabilize once dissatisfied investors are flushed out and new accounts renew bets on a credit making progress in addressing its lopsided capital structure.

“Once the tender offer is completed (secondary prices) will look better,” said Leshner.

“We maintain our overweight (on Petrobras).”

T H I S D AY MONDAY MAY 23, 2016

35

36

T H I S D AY • MONDAY, MAY 23, 2016

BUSINESS/MONEYGUIDE

Report Highlights Opportunities in Nigeria’s Unbanked Population Obinna Chima The large proportion of Nigeria’s unbanked population opens up opportunities for banks to enter the untapped market, a report from Timetric’s Cards and Payments Intelligence Center (CPIC) has stated.

The report noted that as more than half of Nigerians, aged above 15 still do not own a bank account, the Central Bank of Nigeria (CBN) is now making concentrated efforts to promote electronic payments to reduce dependency on cash.

As part of this strategy, the CBN had reduced the daily cash withdrawal limit on payment cards last year.

Also, it had directed banks to impose a surcharge of N65 beyond three withdrawals in a month from non-base-bank ATMs from September 2014.

Also, the CBN had directed all banks not to allow payments above $60,562.2 (N10 million) to be drawn on a check effective from January 1, 2010, and had stated that amounts above the

limit should be made through electronic channels such as RTGS and Nigeria NEFT. “Enforcement of these regulations supports the government’s policy of making Nigeria a less-cash society and is expected to increase the use of payment cards in the country,” Timetric’s analyst, Ravi Sharma projected.

However, the report noted that there are also risks associated with the initiatives to boost electronic payments in the country. For example, it noted that the central bank’s restrictions on performing card transactions abroad were expected to restrain growth of payment cards. Such restrictions were forecast to reduce card use for outbound expenditure and purchases from foreign ecommerce sites, which in turn, will slow a number of payment card transactions.

Nigeria has faced a major foreign exchange crisis due to a drop in oil prices in international markets, as the country generates the majority

of its foreign exchange revenue through oil exports. To limit the foreign exchange outflow from the country, in 2015, CBN imposed a ban on the use of payment cards abroad, and on transactions denominated in foreign currencies.

This prevented Nigerian customers from using cards to make purchases from overseas retailers, or from foreign e-commerce sites as well as depositing foreign exchange at local banks.

However, following a severe consumer backlash, the ban was partially revoked at the beginning of 2016, with banks enabling consumers to use foreign exchange services with limits on transaction values.

For instance, GTBank permits customers to transfer foreign currency via online banking, its mobile app, or at any branch nationwide, subject to a daily limit of $10,000 (N1.7 million).

Similar restrictions were imposed by other banks, such as First Bank of Nigeria and Sterling Bank.

MARKET INDICATORS

Union Bank Upgrades Branches in Delta As part of its drive to continually provide simpler and smarter banking solutions to its customers and prospects across Nigeria, Union Bank of Nigeria Plc recently unveiled three of its newly upgraded branches in Delta State.

The three upgraded branches of the bank unveiled were located at Sapele road, Effurun, Sapele/Patani road Ughelli, and at Otite Junction, by Ajogodo Road in Sapele, Delta State.

In his opening remarks, the Chief Executive, Union Bank, Mr. EmekaEmuwa, was quoted in a statement to have said: “We

are here to formerly unveil our newly upgraded branches. What we are doing is in line with our transformation journey that started a few years ago. We want to let our customers know we have setup innovative platforms, products and services so they can bank at ease.”

The new innovations he said, came as a response to customers’ feedback and the bank’s commitment to serve its customers better.

Also, speaking to newsmen, Union Bank’s Transformation Director, Joe Mbulu called on customers to partner the bank in utilising the innovative plat-

forms, saying that customers can now do banking transactions from the comfort of their homes using the UnionMobile and UnionOnline applications with mobile devices and computers.

Mbulu said: “As you can see, there is a difference between what you see today and what was here before. We present a simpler, smarter bank. Beside the ambience being more comfortable for our customers, it also demonstrates the fact that we’ve invested in technology.

Customers can come in and go out in a short time; get attended to with more improved services.”

Sterling Bank Unveils New IT Infrastructure Sterling Bank Plc has announced the conclusion of the upgrade of its information technology infrastructure.

The bank explained that the move was in line with its mandate to enrich the lives of its customers through efficient and prompt delivery of banking services.

About 24 months back, the bank commenced the upgrade of its core and subsidiary systems, transiting to more robust, agile and flexible platforms that are more adaptable to the dynamic banking needs of customers and position the Bank for long term

sustainable growth.

The bank in the statement said the decision to upgrade the IT infrastructure was informed by the need to improve the service delivery, adding that the upgrades would see result to improvement in its customer experience.

It also stated that the upgrade was in line with its mission to enhance stakeholders’ value as a financial institution of choice, stated that the upgrade, which gained traction two weeks ago, had become necessary in view of the need to meet customers’ expectations.

The stated that: “Sterling Bank would continue to demonstrate its commitment to enhancing customer experience in the provision of quality banking services as evidenced by its adoption of one of the best core banking software in the world.”

It added that “our decision to upgrade our IT infrastructure is in line with global best practice and this will place our institution at par with other global financial institutions. This will also enhance the Bank’s transaction processing capacity and speed.”

Ecobank, Old Mutual Sign Strategic Agreement Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, and Old Mutual Emerging Markets (OMEM), a part of the Old Mutual Group at the weekend announced an enhanced strategic agreement that will strengthen existing ties between the leading pan-African bank and the insurance and asset management giant.

Old Mutual Emerging Markets currently has a bancassurance partnership with the Ecobank Group. This latest agreement will grow the existing strategic alliance by offering seamless

insurance services to Ecobank clients across selected countries where the two groups have operations.

Clients will benefit mutually though access to a range of financial services that include life insurance, savings and short-term insurance solutions across a greater network on the African continent.

Ecobank Group CEO, Ade Ayeyemi explained that plans for the integrated model include providing access to Old Mutual solutions for Ecobank’s banking operations across selected countries.

“This is a productive and valued partnership between two pan-African institutions to provide complete financial services solutions to our customers,” he said.

Also, the CEO of Old Mutual Emerging Markets, Ralph Mupita said: “It is in our mutual interest to ensure that this alliance grows from strength to strength, as we now look to complement Ecobank’s range of banking services to its customers with Old Mutual’s trusted financial products across the Ecobank network on the continent.”

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 19 MAY 2016 The price of OPEC basket of thirteen crudes stood at $43.84 a barrel on Thursday, compared with $44.88 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

37

T H I S D AY • MONDAY, MAY 23, 2016

MARKET NEWS

NSE Delists Jos Breweries, G.Cappa, Alumaco, Five Others Goddy Egene and Eromosele Abiodun The Nigerian Stock Exchange (NSE) last week announced the delisting of eight companies in line with its the provisions of Clause 15 of the General Undertaking, Appendix III of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules .

The companies are: IPWA Plc,

G. Cappa Plc, West African Glass Industries Plc, Investment & Allied Insurance Plc, ALUMACO Plc , Jos International Breweries Plc, Adswitch Plc and Rokanna Plc . According to the exchange the delisting of the companies was approved by its Quotations Committee on Friday, 18 March 2016.

It was learnt that the delisting complied with the regulatory

T H E

requirements process, which include issuance of necessary notices, forbearances, fair hearing and probation without any rectification from the affected company.

Under compulsory delisting, the NSE will at a specified date, after completion of the delisting process and approvals, delist the shares of the affected company without any further recourse to the position

N I G E R I A N

of the board or shareholders of the affected company.

Market sources said the delisted companies due to their recurring inability to comply with the listing requirements of the exchange in the areas of timely and accurate rendition of operational and financial accounts and other corporate governance issues.

The NSE recently introduced a

STO C K

new Compliance Status Indicator (CSI) codes for listed companies as part of efforts to further improve transparency and integrity, provide timely information for investment decisions as well as enhance the protection of investors in the capital market.

Under this initiative, the NSE will tag all listed companies with a three character code that indicates the compliance status

E XC H A N G E

of the listed company at any particular point in time.

Commenting on the development, the General Counsel and Head of Regulation, NSE, Ms. Tinuade Awe, said: “The revision of the existing codes and introduction of new CSI codes complement existing compliance structures of The exchange and it will work in tandem with the X-Compliance Report.”

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T H I S D AY • MONDAY, MAY 23, 2016

CITYSTRINGS

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

The New Face of Osun Yinka Kolawole writes on the beautification projects in Osun embarked upon by Governor Rauf Aregbesola which have changed the face of the state

Freedom Park...a tourists’ haven

S

tates all over the world acquire reputation of being visitors’ and tourists’ haven because of their aesthetic beauty and splendour.

Cities are not just beautiful but are products of careful planning by the leaders of such cities. Today, people celebrate Dubai, a city in the heart of the Middle East which rose from nothing to prominence in less than two decades.

That the city of Dubai now plays host to tourists, business men and women, world top sporting activities, political, economic and education summits, is a testimony to the vision and planning of one of the country’s greatest leader, Sheikh Rashid Makhtoum.

Not quite long ago, we wear used to hearing the phrase: ‘See Paris and die’. It was nothing but the planned beauty of the French capital city.

So also for the outstanding recreational and aesthetic beauty of Orlando’s Disney World in Florida, United State, which attracts millions of tourists yearly from all over the world.

In Osun State, the beautification project embarked upon by Governor Rauf Aregbesola, which has gulped a lot of money, is now a major source of revenue generation as tourists and investors besiege the state for recreation purposes.

This is perhaps the motivational force that propelled the government of Osun to embark on total reconstruction and planning of some of its ancient cities for upward upgrade to modern cities that will attract visitors and tourists alike.

This turnaround of the ancient cities to modern ones is part of a massive urban renewal project of the Rauf Aregbesola administration in the last five years.

Nine cities were penciled down for renewal

Freedom Park...a beautiful scenery

at a go, a massive and ambitious project indeed for a poor state like Osun.

This giant initiative has once been described as the biggest exercise in the whole of Nigeria since United Nations’ Habitat began a collaboration with states in Nigeria.

Under this programme, cities in Osun will witness a telling turnaround in planning, beautification, aesthetics, social facilities.

Today, Osogbo, the capital of the state is gradually shedding its ancient toga and metamorphosing into a modern city.

To say that the city is undergoing noticeable

changes in a seamless fashion might just be an understatement.

Anybody who has not visited for some time now is bound to be taken aback by the consistent change the city now wears.

One huge area of change is the centre point of the city Called old garage, the place used to be a hideout for criminals and miscreants. Dirty, unkempt and haphazardly planned!

It was an eyesore and unattractive to both the towns’ people and visitors. But that was years ago.

Today, the situation has changed dramatically that people, who have not visited couple of years now find it difficult to maneuver their ways round the city. It is no longer the dirty Old Garage but newly beautified Nelson Mandela Freedom Park, this recreational arena has astoundingly changed the terrain and landscape of the city.

The usual dark, waterlogged, dark-alley, bloodshot-eyed hemp smoking youths pictorial views have all disappeared.

CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, MAY 23, 2016

CITYSTRINGS

Nigeria’s Leading Doll Brand is Going to America

Taofick Okoya with his Queen of Africa dolls.

Taofick Okoya poses with his Queens of Africa dolls.

Ekanem Etim-Offiong “Empowering the African girl child” is the motto of Queens of Africa; a Nigerian brand of dolls founded by Taofick Okoya in 2007. The doll range depicts various African ethnicities, as well as a variety of African hairstyles (customers may opt for dolls rocking an afro, or alternatively one with braids or braid extensions). Okoya’s mission is to spread a message which enforces young black girls their self-esteem, allowing them from an early age to have role models they can relate to. This summer, Okoya and his posse of dolls will travel across several cities in the United States, to meet and greet American clients, while further expanding the Queens of Africa footprint.

‘I got into the doll business by chance.

At that time my daughter was young, and I realised she was going through an identity crisis,’ Taofick tells me when I reached out to the Lagos-based founder over the phone. He further adds, ‘She wished she was white, and

Photo Isaac EmokPaE

I was trying to figure out where that came from. I used to always buy her white dolls, and it never got to me that it was relevant which colour her dolls were. On top of that, we have DSTV in Nigeria where children watch the Disney programmes, and all her favorite characters were white. I started to understand why she’d feel the way she did, ‘cause it was all that she’d been exposed to,’ the Queens of Africa dolls creator explains.

Upon realising the non-existence of black dolls within the Nigerian market, he decided to create a brand of his own. The dolls’ body parts are manufactured in China, and are subsequently assembled in Nigeria. In the midst of it all, Taofick also empowers local communities of stay-at-home mothers, who make money off braiding the dolls’ hair and creating outfits. ‘It takes about three hours braiding the hair. One of these women has made 60,000 Naira (roughly $300) doing this.’

The physical features of his dolls are a constant work in progress, and Okoya aims at bringing changes to the dolls’ looks every

two years. “We’ve made the lips fuller, and the nose rounder. We also offer different hair textures, ranging from wavy to short and curly, as well as coarse hair. We’ve given the body a bit more curves, and we’re planning on doing a fuller butt in the near future. It’s a way of showing also that “African” isn’t just one look. We celebrate both skinny and curvaceous women,” Okoya shares.

Contrary to popular believe, selling a black doll in Nigeria hasn’t always been easy for the entrepreneur. “There’s still somewhat of a colonial brainwash present in the country, and store owners would tell me ‘Oh no, black dolls don’t sell, give us more white dolls’ when I first presented them with the dolls. There’s somewhat of a bandwagon mentality here, where people simply follow trends without asking themselves why. They were used to dolls being white by default, so taking a chance with a black doll was quite difficult for them at first,” Taofick recalls. Lucky for him, he made international headlines seven years after the brand’s inception, for outselling Mattel MAT -2.53 per cent’s Barbie in his native Nigeria (selling between 6000 and 9000 dolls a month) according to Reuters reports.

Flash forward to 2016, and Okoya is noticing

Photo akIntundE akInlEyE

a decline in demand within Nigeria, amidst the country’s turbulent economic climate. “In Nigeria the doll culture is still something considered to be for the privileged and upperclass. But I didn’t create this brand for the bourgeoisie, I kept the low income earners in mind, since they need the message more and form a majority. For them typically, a 1,300 Naira ($6.50) Queens of Africa doll is too expensive, which is why I launched the more affordable Naija Princess range which retails for 500 Naira ($2.50). People buying power is limiting them at the moment however, while we were hoping to see an increase in sales post-Christmas.”

The show must go on however, and Taofick has set his sights on the American market.

“The US market is structured in a more efficient manner, which allows us to reach more people. In Nigeria, apart from the more high-brow stores such as Shoprite and The Game Stores, it’s difficult to be present across multiple stores across several states. The US has that distribution network however, and that network is power.” ekanem_etimoffiong@yahoo.co.uk CREDIT: Forbes Africa magazine

THE NEW FACE OF OSUN Beyond the intended renewal, beautification, recreation, the Freedom Park creatively attracts people and tourists and serves other commercial purposes that are expected to bring revenues to the coffers of government

Days and nights are no longer easily distinguishable in this city centre any time of the day one visits.

Pleasantly expansive, the whole Freedom Park has been tarred and street-lit. Equipped with a big hall for restaurants, events arena and a water fountain called the Atewogbeja Water Fountain, there seats are parked for people to sit down and relax, enjoying the undiluted pure air. The emerging scenery is arresting even as it’s nearing completion.

The park has also been landscaped with lush green grasses and trees to make it environmentally and healthily friendly.

Designed footpath in the Freedom Park

The place is equally equipped with a garden and play ground for people around the area as well as visitors.

Besides, the park now serves as veritable venue for rallies, social and political events in the state - very large, accommodation and

well equipped for such occasions. Indeed, the Freedom Park has a hotel for visitors who want to spend their time entirely within this cosy environment.

It serves for other social purposes as motor park for travelers, who do not wish to go in their personal cars. Now it is easier for them to drive into the park and take tickets for the custody and security of their cars by the park management until they return.

And opposite the park is a motor park to wherever a commuter is going, make this a sort of business district while still performing the recreational functions.

Beyond the intended renewal, beautification, recreation, the Freedom Park creatively attracts people and tourists and serves other commercial purposes that are expected to bring revenues to the coffers of government.

It is this new innovation that the government of Aregbesola intends to extend to other eight cities in the state so that wherever a visitor in the state finds him or herself, he or she feels comfortable and finds where to relax and rest.

Thi s is a project to change the face of Osun State finally, transforming it into a modern city. Not one, not two, nine cities in the state!

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MONDAY MAY 23, 2016 T H I S D AY

T H I S D AY MONDAY MAY 23, 2016

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MONDAY MAY 23, 2016 T H I S D AY

NATIONAL ASSEMBLY, ABUJA HOUSE OF REPRESENTATIVES COMMITTEE ON FEDERAL CAPITAL TERRITORY (FCT) SUBMISSION OF MEMORANDUM AND INVITATION TO THE INVESTIGATIVE HEARING ON: ALLEGED MALPRACTICES ASSOCIATED WITH THE LAND SWAP PROGRAMME IN THE FCT The House of Representatives had vide a Resolution (HR 100/2015) mandated the House Committee on FCT to investigate the alleged malpractice associated with the Land Swap Programme in the FCT.

v. vi. vii. viii. ix.

2. Pursuant to the provisions of Sections 88 and 89 of the x.

Constitution of the Federal Republic of Nigeria, 1999 xi. (as amended), and Section 4 of the Legislative Houses (Powers and Privileges) Act, 2004, the Committee xii hereby requests for Memorandum from any xiii.

Government Agency, Organisation, Interest Group xiv. and the Public on the subject matter mentioned above. xv.

3. One (1) soft copy and fifty (50) hard copies of the Memorandum, typed double spaced, and addressed to the Chairman, should be submitted to the Clerk, House Committee on Federal Capital Territory (FCT) in Room AB01, opposite First Bank, White House (Basement), National Assembly Complex, Abuja; on or before Monday 30th, May, 2016.

4. Similarly, the Committee wishes to use this medium to invite concerned stakeholders and the Public to the 5Day Public Hearing, scheduled as follows: Date: Venue:

Time:

Tuesday, 31st May – Monday, 6th June, 2016 Conference Room 028 New Building, House of Representatives, National Assembly Complex, Abuja 10.00 a.m (daily).

The following concerned agencies, associations and organisations should please take note and attend with original documents related to the Land Swap Programme. i.

Federal Capital Territory Administration (FCTA) ii.

Abuja Infrastructure Investment Centre (AIIC) iii.

BGD Properties Limited iv.

Day Spring Properties Limited

Gilmore Nigeria Limited Dangote Group Plc Haitong International Nigeria Limited Bolmus Nigeria Limited Deepearth Nigeria Limited AM-PM Global Network Limited System Properties Development Consortium Limited Excite Business Facilities Limited Afri-International Project and Consulting Limited Rosehill Group Waru Pozema District Infrastructure Company Limited xvi. Dozzy Oil and Gas Limited xvii. Knox Energy Limited xviii. M. I. Solaris Industries Limited xix. Ketti East District Infrastructure Development Company Limited xx.

Nice Corporate Services Limited xxi. Locke International Consultancy Limited xxii. Masanawa Enterprises Limited xxiii. Uraga Real Estate xxiv. Abuja Investment Company Limited xxv. Gwagwa Concession Limited xxvi. Plethora Realty & Facility Managers Limited xxvii. Urban Shelter Infrastructure Limited xxviii. National Institute of Town Planners (NITP) xxix. Nigerian Bar Association (NBA) xxx Nigeria Institute of Estate Surveyors and Valuers xxxi. Real Estate Developers of Nigeria (REDAN) xxxii. Coalition of FCT Indigenous Groups XXXiii.Security and Anti-Corruption Agencies xxxiii. FCT Original Inhabitants Association (OIDA) xxxiv. The Public For further details, contact the Secretariat of the Committee on

Tel: 08033109766, 08033786009 E-mail: sadiqjabbo@gmail.com

SIGNED: HON HERMAN C. HEMBE CHAIRMAN, HOUSE COMMITTEE ON FEDERAL CAPITAL TERRITORY

T H I S D AY MONDAY MAY 23, 2016

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MONDAY MAY 23, 2016 T H I S D AY

Y UNIT

& FAITH, PEACE & PROGRE SS

ENUGU STATE RURAL ACCESS AND MOBILITY PROJECT (RAMP-2) REQUEST FOR EXPRESSION OF INTEREST (EOI) FOR CONSULTING SERVICES, FOR DETAIL ENGINEERING DESIGN, PROCUREMENT SUPPORT, AND SUPERVISION OF THE REHABILITATION/CONSTRUCTION OF RURAL GRAVEL ROADS IN ENUGU STATE FEDERAL REPUBLIC OF NIGERIA SECOND RURAL ACCESS AND MOBILITY PROJECT Credit No: 5154-NG Issue Date: May 23, 2016 The Federal Republic of Nigeria, through the Federal Ministry of Agriculture and Rural Development, has received financing from the International Development Association (IDA) and the French Development Agency (AFD) and on-lent the financing to four participating States (Adamawa, Enugu, Niger and Osun) towards the cost of rehabilitation of prioritized rural roads in these States under the Second Rural Access and Mobility Project (RAMP-2).

It is intended that part of the proceeds of the financing will be applied to eligible payments under the contract for consulting services.

The Consulting Services (‘The Services’) can be split in three phases, and include: i. Phase 1: Detailed engineering design, environmental and social impact assessment, and preparation of bidding documents. ii. Phase 2: procurement support services. iii. Phase 3: construction supervision. The supervision of rehabilitation/construction works will be approximately 341/km of mostly unpaved roads in Enugu State over 18month construction period and a 12-month defect liability period. The key objectives of construction supervision include reviewing the engineering designs and drawings, technical specifications and other construction contractual obligations with the specified time schedule; supervision of any remedial works during the defect and liability periods.

The Road rehabilitation/construction works generally include site clearance; minor earthworks; repairing of the road formation; provision and laying of sub-base and of lateritic base course; rehabilitation/reconstruction of drainage systems (inside drains and culverts); road signs and marking and other road furniture; traffic management; and social and environmental measures in accordance with the project's Resettlement Action Plan and the Environmental Management Plan.

The Enugu State Project Implementation Unit (SPIU), of the Second Rural Access and Mobility Project (RAMP) on behalf of Enugu State Government invites eligible consulting firms (“Consultants”) to indicate their interest in providing information and demonstrating that they have the required qualifications and relevant experience to carry out the above Services. The shortlisting criteria are:

The consultant to demonstrate in clear terms, her experience and qualification on road construction

supervision with qualified technical and managerial staff resources; adequate organization including effective management structure, and transparent financial reporting.

The prospective Consultants are to provide information on their business, staff resources, and audited account for the last three years, 2013-2014-2015.

Proven successful previous experience of a number of similar road construction supervision projects. Similarity in understanding the terms of scope and size of works as described above. The prospective Consultants are to provide information on relevant experience on similar assignments for the last three years, 2013-2014-2015.

The attention of interested consultants is drawn to paragraph 1.9 of the World Bank's Guidelines: Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers, dated January, 2011 (“Consultant Guidelines”), setting forth the World Bank's policy on conflict of interest.

The Consultants may associates with other firms in the form of a joint venture or sub-consultancy to enhance their qualifications.

A Consultant will be selected in accordance with the Quality and Cost Based Selection (QCBS) method set out in the Consultant Guidelines.

Further information can be obtained at the address below during office hours (Monday-Friday) 9:00am to 5:00pm.

Expression of Interest must be delivered in a written form to the address below (in person, or by mail) by June 14, 2016 Expression of Interest must be clearly marked “Expression of Interest – Consulting Services for detailed engineering design, procurement support supervision of the Rehabilitation/ Construction of Rural Roads in Enugu State.

State Project Coordinator State Project Implementation Unit, Rural Access and Mobility Project (RAMP) 24 Colliery Ave. GRA, (Marketing Company Premises) (Near Water Corporation Headquarters), Enugu, Enugu State, Nigeria.

Tel: +234-8063583673, +234-8033947446 E-mail: enuguramp@yahoo.com

45

T H I S D AY MONDAY MAY 23, 2016

THE SENATE

FEDERAL REPUBLIC OF NIGERIA

Public Accounts Committee (SPAC) Room 1.1 White House, National Assembly Complex, Three Arms Zone, P.M.B. 141, Abuja, Nigeria.

Tel. +2348188554933 website:www.senpacng.org.Email:senpac@yahoo.com

INVITATION TO COMMITTEE BRIEFING

T

he Senate of the Federal Republic of Nigeria has since referred the Annual Report of the Auditor-General for the Federation on the Accounts of the Federation of Nigeria for the year ended 31st December, 2014 to the Senate Public Accounts Committee. In line with its mandate, the Senate Public Accounts Committee on examining the report has sadly observed serious negligence in responding to queries, transmitting MDAs’ audited accounts to the AuditorGeneral for the Federation and non-compliance with constitutional and statutory guidelines on the utilization of public funds.

In order to clear the backlog which has built up over the years and also improve its scrutiny of public expenditure, the Senate Public Accounts Committee has initiated a new procedure for MDAs to respond to, and defend audit queries raised against them by the Auditor-General for the Federation. Consequently, the Accounting Officers of all the underlisted MDAs (first batch) are invited to appear before the Committee for briefing: 1. The Accountant-General of the Federation (AGF)

12. Nigerian Civil Aviation Authority (NCAA)

2. Federal Inland Revenue Service (FIRS)

13. Federal Ministry of Agriculture and Rural Development

3. Nigeria Customs Service

14. Niger Delta Development Corporation (NDDC)

4. Central Bank of Nigeria (CBN)

15. Nigerian Railways Corporation (NRC)

5. Nigerian National Petroleum Corporation (NNPC)

16. Tertiary Education Fund (TETFUND)

6. Nigerian Ports Authority (NPA)

17. Petroleum Equalization Fund (Management) Board

7. Nigerian Maritime Administration and Safety Agency (NIMASA) 18. Petroleum Products Pricing Regulatory Agency (PPPRA) 8. Nigerian Liquefied Natural Gas (NLNG)

19. Petroleum Technology Development Fund (PTDF)

9. Ministry of Petroleum Resources

20. National Pension Commission (PENCOM)

10. Directorate of Petroleum Resources (DPR)

21. Ecological Fund Office

11. Federal Airport Authority of Nigeria (FAAN)

22. Budget Office of the Federation of Nigeria

DATE: Thursday, 26th May, 2016 VENUE: Senate Public Accounts Committee’s Conference Room 2.231 TIME: 10.00 am

Please note that attendance is mandatory.

Senator (Dr) Emmanuel Andy Uba, MFR Chairman Senate Public Accounts Committee

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MONDAY MAY 23, 2016 T H I S D AY

Nigerian Shippers’ Council Under the auspices of

Federal Ministry of Transportation In collaboration with

National Judicial Institute Presents

14th MARITIME SEMINAR FOR JUDGES

For Whom

Date:Tuesday 31st May – Wednesday 1st June, 2016

Venue: LadiKwaliHall,SheratonAbujaHotel,Abuja Time: 9:00 am Daily

Justices of the Supreme Court, Court of Appeal, Judges of Federal and State High Courts, Attorneys-General, Maritime Law Practitioners, Shipping Companies, Legal Officers of Public and Private Companies and Corporations, Freight Forwarders, Transport Operators and Stakeholders in the Maritime and Shipping Industry, etc.

Chairman: His Excellency Chief Ernest Shonekan GCFR, CBE (Former Head of State)

Chief Host: Guests of Honour: RT. Hon. Rotimi Amaechi His Excellency Senator Bukola A. Saraki, GCON, Minister of Transportation Senate President Rt. Hon. Yakubu Dogara, CON Speaker, House of Representatives Special Guests of Honour: Hon. Justice Mahmud Hon. Justice Emmanuel Hon. Justice Abdulai Hon. Justice Georgina Mohammed GCON Fagbenle Theodora Woods Charm Chief Justice of Nigeria Chief Justice of Gambia Chief Justice of Sierra Leone Chief Justice of Ghana

SEMINAR TOPICS & RESOURCE PERSONS DAY ONE

PAPER I Introduction to Maritime Law and Admiralty Jurisdiction Chairman of session:

HON. Justice I.T. Muhammed, JSC

SPEAKER:

Hon. Justice Ibrahim Buba Judge, Federal High Court

COMMENTATOR:

Mrs. Jean Chiazor Anishere Legal Practitioner

PAPER 2a

PAPER 2b

Electronic Evidence in Admiralty Practice

Electronic Evidence in Admiralty Practice, Banking perspective

Chairman of session: Hon. Justice S. Galadima, JSC

SPEAKER

SPEAKER:

Olumide Sofowora, SAN

Mr. Patrick Opara Legal Manager, Eko Bank Nig. Limited

COMMENTATOR:

Mrs. Mfon Usoro, Partner, Paul Usoro & Co

DAY TWO PAPER 3 Addressing African Maritime Cyber Challenges CHARIMAN OF SESSION: Hon Justice Clara Bata Ogunbiyi, JSC SPEAKER:

Dr. Karen Sumser-Lupson

COMMENTATOR:

Mrs. C. Ndubeze Legal Dept, EFCC, Abuja

PAPER 4 Legal Responsibilities of the Operators in the Ports (NPA, Terminal Operators, Shipping Agencies and freight Forwarders)

PAPER 5

CHARIMAN OF SESSION: Hon Justice K.M.O Kekere-Ekun, JSC SPEAKER: Chief O.E. Nwagbara Legal Practitioner, Lagos

CHARIMAN OF SESSION: Hon. Justice J.I. Okoro, JSC

COMMENTATOR:

Barr. Emmanuel Achuku Legal Practitioner

The Role of Nigerian Shippers’ Council in the Maritime Industry and Transport

SPEAKER:

Barr. Chibuzor Ekwuekwo Partner A & E Law Partners

COMMENTATOR: Nigerian Shippers’ Council

Subsidized registration fee of N10,000 For enquiries call: Akan- 08021345077, Daniels- 08055621962, Emeka- 08023004970, Bello-08035923948 www.shipperscouncil.gov.ng

Signed: Management

T H I S D AY MONDAY MAY 23, 2016

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MONDAY MAY 23, 2016 T H I S D AY

49

MONDAY MAY 23, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

EgyptAir Jet Sent Smoke-alarm Warnings

The EgyptAir jet which crashed in the Mediterranean on Thursday sent a series of warnings indicating that smoke had been detected on board, shortly before it disappeared off radar screens, French investigators said on Saturday. A spokesman for France’s BEA air accident investigation agency said the signals did not indicate what caused the smoke or fire on board the plane, which plunged into the sea with 66 people on board as it was heading from Paris to Cairo.

But they offered the first clues as to what unfolded in the moments before the crash.

One aviation source said that a fire on board would likely have generated multiple warning signals, while a sudden explosion may not have generated any - though officials stress that no scenario, including explosion, is being ruled out.

Egypt said its navy had found human remains, wreckage and the personal belongings of passengers floating in the Mediterranean about 290 km (180 miles) north of Alexandria.

The army published pictures on Saturday on its official Facebook page of the recovered items, which included blue and white debris with EgyptAir markings, seat fabric with designs in the airline’s colours, and a yellow

lifejacket.

Analysis of the debris and recovery of the plane’s twin flight recorders are likely to be key to determining the cause of the crash - the third blow since October to Egypt’s travel industry, still reeling from political unrest following the 2011 uprising that ousted Hosni Mubarak. A suspected Islamic State bombing brought down a Russian airliner after it took off from Sharm el-Sheikh airport in late October, killing all 224 people on board, and an EgyptAir plane was hijacked in March by a man wearing a fake suicide belt.

A message purporting to come from Islamic State urged attacks on the United States and Europe in the Islamic holy month of Ramadan beginning in early June. “Ramadan, the month of conquest. Get prepared...so that you make it a month of calamity on the non-believers anywhere,” said the message posted on Twitter accounts that usually publish Islamic State statements.

It made no claim of responsibility for the Egyptair crash.

The October crash devastated Egyptian tourism, a main source of foreign exchange for a country of 80 million people, and another similar incident would crush hopes of it recovering Egypt’s tourism revenue in the first three months of the year plunged by

two thirds to $500 million from a year earlier.

The signals from the plane “do not allow in any way to say what may have caused smoke or fire on board the aircraft”, said a spokesman for the French BEA agency, which is assisting an official Egyptian investigation.

He added that the priority now was to find the two flight recorders, known as black boxes, containing cockpit voice recordings and data readings, from the

Airbus A320 which vanished from radar early on Thursday.

Civil Aviation Minister Sherif Fathi told reporters an additional challenge in the hunt for the black boxes was the depth of the Mediterranean in the area under search. “What I understand is that it is 3,000 (metres),” he said. That would place the black box locator beacons, which last for 30 days, on the edge of their detectable range from the

surface based on the type of acoustic equipment typically used during the first stages of a search, according to a report into the 2009 crash of an Air France jet in the Atlantic.

“No important devices from the plane have been retrieved so far,” Fathi said. The flight data transmitted before the crash was sent through an automatic system called the Aircraft Communications Addressing and Reporting

System (ACARS), which routinely downloads maintenance and fault data to the airline operator.

Aviation Herald, a respected Austria-based website specialising in air accidents, first published a burst of seven messages broadcast over the space of three minutes. These included alarms about smoke in the lavatory as well as the aircraft’s avionics area, which sits under the cockpit.

‘60,000 Have Died in Syrian Govt Jails’ A monitoring group has said that at least 60,000 people have died in Syrian government jails during the five-year conflict. Syrian government officials could not be reached for comment on the report by the Syrian Observatory for Human Rights, which cited sources in the security apparatus for the toll. The government has rejected similar reports in the past.

“No fewer than 60,000 detainees were martyred ... either as a result of direct bodily torture, or denial of food and medicine” the Observatory said in a written statement on Saturday.

The Observatory’s director, Rami Abdulrahman, said it had arrived at the number by adding up death tolls provided by sources in several Syrian jails and security agencies.

He said more than 20,000 of them had died at Sednaya prison near Damascus. The Observatory said it had been able to verify the deaths of 14,456 people, 110 of them under the age of 18, since the start of the Syrian uprising in 2011.

Abdulrahman said his sources were serving officials seeking to expose what was going on, and the Observatory had been gathering the information since the start of the year. U.N. investigators said in February that detainees held by the Syrian government were being killed on a massive scale.

“We know large numbers of people have died in detention in Syria,” said Nadim Houry, deputy director of the Middle East and North Africa division at Human Rights Watch in a

telephone interview. “The only way to get to the bottom of the numbers question is to allow for independent monitors into the detention centres,” he added.

A Syrian defector known as Caesar in 2013 smuggled out tens of thousands of photos taken between May 2011 and August 2013 that show at least 6,786 separate individuals who had died in government custody, HRW said in a report issued in December.

That toll was calculated by the Syrian Association for Missing and Conscience Detainees (SAFMCD), which was formed by an opposition body and reviewed all the photos, the HRW report said. President Bashar al-Assad, in a 2015 interview, dismissed the Caesar photos as“allegations

without evidence”, and part of a Qatar-funded plot against his government. Houry said:“Whether it is 60,000 or 30,000, the number is just huge. Despite the Caesar photos, the multiple reports, there is no international traction.”

The U.N. investigators said in February the reported killings of detainees amounting to a state policy of “extermination” of the civilian population, a crime against humanity. The independent experts said they had also documented mass executions and torture of prisoners by two jihadi groups, the Nusra Front and Islamic State, also known as ISIS or ISIL. These constituted war crimes and in the case of Islamic State also crimes against humanity.

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MONDAY, MAY 23, 2016 • T H I S D AY

INTERNATIONAL

UN, Western Donors Urge Somalia to Speed up Election Process The U.N. Security Council and Western donors have urged Somalia’s parliament to speed up approval of new election rules to ensure an August vote is held on time, saying delays put recovery from conflict at risk. Somalia,

slowly rebuilding after decades of violence and still battling an Islamist insurgency, is due to elect a new parliament, whose members will in turn pick the president.

“The United States is increasingly concerned about delays

in the 2016 Somali electoral process,” the U.S. State Department said on Friday, adding the “legitimacy of Somali federal institutions” depended on a transparent and timely transition. It urged parliament “to act swiftly” to enact the

Algeria Troops Kill Six Armed Islamist Militants Algerian troops killed six Islamist fighters during a large-scale military operation in a forested area east of the capital, the ministry of defense said on Saturday. Attacks and bombings are rare now since Algeria emerged from its 1990s war with armed Islamists, but small groups of fighters allied to al Qaeda’s North Africa branch are active in remote areas to the east and the south.

The six were killed during an army sweep through the d’Errich forest in Ain Turk in the Bouira region, the ministry said in a statement posted by APS state news agency. The army said it had killed eight and captured one in total during the operation

Iraqi Forces Prepare Offensive on IS-held Falluja Iraq’s military said yesterday that it was preparing to launch an offensive to retake the Islamic State stronghold of Falluja and told residents to get ready to leave before fighting started. Families who could not flee should raise white flags to mark their location in the city 50 km (30 miles) west of Baghdad, the military’s media unit said in a statement on state television.

Falluja, a long-time bastion of Sunni Muslim jihadists, was the first city to fall to Islamic State, in January 2014, six months before the group swept through large parts of Iraq and neighbouring Syria.

The Iraqi army, police and Iranian-backed Shi’ite Muslim militias, backed by air strikes from a U.S.-led coalition, have surrounded Falluja since late last year. The jihadists have been preventing residents leaving for months.

The army“is asking citizens that are still in Falluja to be prepared to leave the city through secured routes that will be announced later”, the statement said, without spelling out when any offensive might start.

Deputy district council chairman Falih al-Essawi said three corridors would be opened for civilians to camps west, southwest and southeast of the city, and a subsequent military statement said some residents had begun to flee. Residents told Reuters about 20 families had set out from a southern front-line neighbourhood overnight, but only half of them made it out. Some were intercepted

by Islamic State, while others were killed by explosives planted along the road by the jihadists.

which began on May 17.

Last week the army also killed seven suspected Islamist fighters in Lakdaria, also in Bouira province. More than 200,000 people died in Algeria’s civil

war with armed Islamists in the 1990s, until President Abdelaziz Bouteflika negotiated an amensty deal with several fronts of fighters, leaving others in the mountains.

new rules.

The process to be approved by the outgoing parliament falls short of one-person-one-vote, which diplomats say would be too tough to stage because of the insurgency. But the process will expand the number of people picking the lawmakers.

In 2012, just 135 elders selected members of the lower house. Under the new rules, 13,750 people from across federal states will chose 275 members of the lower house.

A new 54-seat upper house will also be created to represent the states.

The European Union, another major donor, said a parliamentary failure to act

quickly “will jeopardise the Somali political process and set Somalia several years back.”

A delegation U.N. Security Council diplomats echoed the comments in talks with Somali leaders in Mogadishu this week.

Egypt’s U.N. ambassador, Abdellattif Aboulatta, told a news conference in Nairobi on Friday that the delegation had urged Somali officials to approve the process “as soon as possible.” Privately, diplomats have said the election process might slip by a few weeks, but it must maintain momentum because any political vacuum could be exploited by al Shabaab Islamists or clan warlords who tore the nation apart in the 1990s.

President Hassan Sheikh Mohamud, who was elected in 2012, is expected to run again.

Several corruption scandals have frustrated donors. Officials say they have worked hard to respond to criticisms.

The new election process aims to consolidate a federal structure, which includes recently created regional states in a nation where politics is still largely driven by clan loyalties. But the government of Somaliland, a self-declared independent state in the north, will not take part in the election process although seats will be allocated on its behalf, diplomats and officials say.

51

T H I S D AY • MONDAY MAY 23, 2016

Nigeria’s top 50 stocks based on market fundamentals

20-May-16 19-May-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

167.09

167.00

0.05%

2,847,298,382,301.45

10.64

15.70

5.79

4.79%

4.42

02 Nigerian Brew. Plc.

126.00

125.50

0.40%

999,066,711,888.00

5.37

23.47

3.62

2.86%

5.86

20.20

20.97

-3.67%

594,509,820,324.80

3.38

5.98

2.59

8.76%

1.44

732.50

732.50

0.00%

580,620,704,590.00

29.95

24.46

3.84

3.96%

15.28

05 Zenith Bank Plc

15.95

15.67

1.79%

500,774,075,886.70

3.37

4.74

1.16

11.29%

0.84

06 Lafarge Africa Plc.

77.40

76.00

1.84%

352,549,400,094.00

5.93

13.06

1.32

3.88%

2.00

07 Ecobank Transnational Incorporated

15.12

15.19

-0.46%

277,445,214,370.80

1.39

10.86

0.54

4.10%

0.74

08 Forte Oil Plc.

213.00

205.56

3.62%

277,428,474,939.00

4.45

47.88

2.23

1.62%

5.99

09 Seplat Petroleum Dev. Co. Ltd.

355.00

355.00

0.00%

196,425,161,115.00

23.48

15.12

1.74

4.48%

0.70

10 United Bank for Africa Plc

4.45

4.22

5.45%

161,443,892,132.90

1.64

2.71

0.51

13.48%

0.49

11 Access Bank Plc.

5.35

5.35

0.00%

154,764,648,225.85

2.28

2.35

0.46

10.28%

0.42

12 Stanbic IBTC Holdings Plc

15.01

14.30

4.97%

150,100,000,000.00

2.04

7.37

1.27

0.67%

1.34

13 Guinness Nig Plc

95.10

95.10

0.00%

143,209,966,678.80

0.78

122.19

2.87

0.00%

3.20

14 FBN Holdings Plc

3.85

3.66

5.19%

138,196,877,249.20

0.42

9.12

0.27

3.90%

0.24

15 Unilever Nigeria Plc.

31.00

30.41

1.94%

117,282,183,750.00

0.32

98.36

1.98

0.16%

14.65

16 P Z Cussons Nigeria Plc.

22.95

22.95

0.00%

91,122,448,182.75

1.10

20.91

1.26

5.66%

2.17

17 7-Up Bottling Comp. Plc.

141.00

141.00

0.00%

90,323,241,183.00

11.12

12.68

1.16

1.56%

3.76

18 Dangote Sugar Refinery Plc

6.30

6.25

0.80%

75,600,000,000.00

0.96

6.55

0.75

7.94%

1.30

19 Oando Plc

6.00

5.91

1.52%

72,207,713,364.00

0.50

12.00

0.13

12.50%

0.46

19.98

20.00

-0.10%

65,819,100,614.40

0.64

31.26

3.56

1.25%

5.46

175.00

175.00

0.00%

63,104,170,850.00

13.51

12.95

0.98

4.11%

4.11

22 Flour Mills Nig. Plc.

23.00

23.00

0.00%

60,357,455,301.00

1.84

12.49

0.18

8.70%

0.59

23 Julius Berger Nig. Plc.

45.00

45.00

0.00%

59,400,000,000.00

1.85

24.34

0.44

3.33%

2.45

169.00

169.00

0.00%

57,379,190,453.00

11.92

14.18

0.28

8.28%

3.53

25 Transnational Corporation Of Nigeria Plc

1.17

1.14

2.63%

45,303,566,987.25

0.05

22.30

1.11

0.00%

0.52

26 Sterling Bank Plc.

1.57

1.65

-4.85%

45,200,956,457.82

0.36

4.39

0.41

5.73%

0.47

27 Diamond Bank Plc

1.91

1.74

9.77%

44,236,342,928.88

0.24

7.82

0.20

0.00%

0.21

18.81

18.81

0.00%

36,131,459,119.47

2.70

6.97

0.49

5.32%

0.49

1.24

1.28

-3.13%

35,913,606,258.08

0.48

2.58

0.24

12.90%

0.20

30 Presco Plc

35.71

35.71

0.00%

35,710,000,000.00

3.28

10.89

3.14

0.28%

1.59

31 Cadbury Nigeria Plc.

17.24

17.24

0.00%

32,380,203,169.60

3.21

5.38

0.96

7.54%

3.13

0.76

0.76

0.00%

29,316,594,221.56

0.06

12.60

0.64

0.00%

0.64

33 Cap Plc

40.00

40.00

0.00%

28,000,000,000.00

2.49

16.10

3.97

2.88%

18.42

34 Okomu Oil Palm Plc.

29.11

29.11

0.00%

27,768,320,100.00

2.76

10.55

2.85

0.34%

2.30

1.39

1.33

4.51%

27,525,767,985.59

0.24

5.78

0.18

7.19%

0.17

22.42

22.42

0.00%

26,811,550,860.96

0.81

27.78

0.88

1.34%

2.03

37 Mansard Insurance Plc

2.11

2.10

0.48%

22,155,000,000.00

0.16

13.33

1.34

2.37%

1.27

38 National Salt Co. Nig. Plc

8.30

8.50

-2.35%

21,990,338,537.40

0.79

10.44

1.36

6.63%

3.10

39 Custodian And Allied Insurance Plc

3.61

3.61

0.00%

21,233,529,743.95

0.71

5.06

0.71

3.88%

0.81

40 Skye Bank Plc

1.17

1.10

6.36%

16,239,952,649.70

0.85

1.37

0.12

25.64%

0.11

41 Honeywell Flour Mill Plc

1.70

1.70

0.00%

13,481,336,018.60

0.14

12.03

0.27

9.41%

0.63

42 Continental Reinsurance Plc

1.03

1.03

0.00%

10,683,926,641.36

0.21

4.99

0.54

11.65%

0.69

43 Cement Co. Of North.Nig. Plc

7.86

7.86

0.00%

9,877,487,240.76

0.96

8.22

0.76

1.27%

0.97

44 Unity Bank Plc

0.78

0.77

1.30%

9,117,683,594.76

0.54

1.44

0.14

0.00%

0.11

45 Nigerian Aviation Handling Company Plc

4.36

4.16

4.81%

7,081,593,750.00

0.33

13.17

0.83

4.59%

1.16

46 UACN Property Development Co. Limited

4.12

3.99

3.26%

7,081,249,979.40

1.81

2.28

0.63

16.99%

0.21

47 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.10

5.16

0.94

6.00%

0.45

48 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

49 AIICO Insurance Plc.

0.76

0.77

-1.30%

5,266,955,404.80

0.28

2.75

0.16

6.58%

0.54

50 Fidson Healthcare Plc

2.00

2.04

-1.96%

3,000,000,000.00

0.50

4.03

0.37

2.50%

0.47

03 Guaranty Trust Bank Plc. 04 Nestle Nigeria Plc.

20 International Breweries Plc. 21 Mobil Oil Nig Plc.

24 Total Nigeria Plc.

28 U A C N Plc. 29 Fidelity Bank Plc

32 Wema Bank Plc.

35 FCMB Group Plc. 36 Glaxo Smithkline Consumer Nig. Plc.

TOTAL

8,700,292,490,472.59

TOTAL MARKET CAP

9,313,358,078,659.38

% OF MARKET CAP Annotation - MA* = Simple Moving Average

93.42%

Table 1 Market Statistics Mkt Indicators NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open Close Change % 19-May-16 20-May-16 27,028.24 9.28

27,116.45 9.31

0.33 0.33

111.27 8.66

111.74 8.70

0.42 0.42

Table 3 Top 5 Gainers Stock

Open Close Change 19-May-16 20-May-16 %

Diamond Bank Plc Skye Bank Plc United Bank for Africa Plc FBN Holdings Plc Stanbic IBTC Holdings Plc

1.74 1.10 4.22 3.66 14.30

1.91 1.17 4.45 3.85 15.01

9.77 6.36 5.45 5.19 4.97

Table 4 Top 5 Losers Stock

Open Close Change 19-May-16 20-May-16 %

Sterling Bank Plc. Guaranty Trust Bank Plc. Fidelity Bank Plc National Salt Co. Nig. Plc Fidson Healthcare Plc

1.65 20.97 1.28 8.50 2.04

1.57 20.20 1.24 8.30 2.00

-4.85 -3.67 -3.13 -2.35 -1.96

Market ASI gains 0.33% to end another week in the green zone Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, May 20, 2016 ended on a positive note as the market closed green due to investors’ strategic positioning on the back of growing confidence. This was further highlighted by positive performances from NSE Sub sectors; Consumer Goods and Oil & Gas (Save Banking and Insurance). Trading activities decreased in volume as 559.08 million shares worth N3.59 billion in 4,902 deals exchanged hands today. This is an increase from the 498.78 million shares worth N2.73 billion in 3,976 deals carried out on Thursday. Topping in volume terms was Zenith Bank Plc, Access Bank Plc and Wapic Insurance Plc, while Access Bank Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with a 0.33% (+88.21) increase to 27,116.45 from 27,028.24 the previous trading day.

Market Capitalization appreciated in tandem to N9.31 trillion from N9.28 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an higher increase of 0.42% to close at 111.74 from 111.27 recorded the previous trading day, while its market capitalization stood at N8.70 trillion from N8.66 trillion of the previous trading day.

A total number of 22 stocks gained on the bourse today while 19 stocks declined, leaving 59 stocks unchanged. Diamond Bank Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 9.77% to close at N1.91 per share. It was followed by Skye Bank Plc with a gain of 6.36% to close at N1.17 per share. Others on the gainers list include; United Bank for Africa Plc, FBN Holdings Plc and Stanbic IBTC Holdings Plc, while on the decliners’ list; Sterling Bank Plc led with a loss of 4.85% to close at N1.57 per share. It was followed by Guaranty Trust Bank Plc with a loss of 3.67% to close at N20.20 per share. Others on the losers list include; Fidelity Bank Plc, National Salt Co. Nig. Plc and Fidson Healthcare 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

52

MONDAY MAY 23, 2016 • T H I S D AY

NEWS

News Editor Davidson Iriekpen Email davidson.iriekpen@thisdaylive.com, 08111813081

You Must Account for ‘Missing N30tn,’ Court Tells FG, Okonjo-Iweala

Davidson Iriekpen The Federal High Court sitting in Lagos has ordered the former Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the federal government to provide information on the spending of the alleged ‘missing N30 trillion’, representing the accruable income to the federal government during the last four years of the administration of former President, Dr. Goodluck Jonathan.

The judgment was delivered last Friday by Justice Ibrahim Buba following a Freedom of Information (FoI) request in suit number FHC/L/ CS/196/2015 brought by a civil society organisation, Socio-Economic Rights and Accountability Project (SERAP).

SERAP’s suit followed revelations by the former Governor of the Central Bank of Nigeria (CBN), Prof. Charles Soludo, that at least N30 trillion “has either been stolen or unaccounted for, or grossly mismanaged over the last few years under the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala’s watch.”

Soludo had asked Okonjo-Iweala the following questions: “How many trillions of naira were paid for oil subsidy (unappropriated)? How many trillions (in actual fact) have been ‘lost’ through customs duty waivers over the last four years?

Can you tell Nigerians why the price of diesel has still not come down despite the crash in global crude oil prices, and how much is being appropriated by friends in the process?”

Soon after the former CBN governor asked the questions, SERAP in February 2015 dragged Okonjo-Iweala to court for refusing to provide information about spending of the alleged missing N30trillion Justice Buba in his judgment, said Okonjo-Iweala and the federal government had no legally justifiable reason for refusing to provide SERAP with the information requested for.

The court agreed that SERAP’s application had merits and granted it as prayed.

The court concurred with the arguments by SERAP’s Deputy Director, Olukayode Majekodunmi, that Okonjo-Iweala and the federal government should have either supplied the information requested

by SERAP or communicate her denial within seven days of receipt of the letter from SERAP if she considers that the request should be denied.

The judgment by Justice Buba read in part: “Preliminary objection

by Okonjo-Iweala and the federal government is misconceived, the court upholds the arguments by SERAP for the reasons stated herein.

“SERAP commenced this proceeding by way of originating summons dated February 23, 2015, and filed February 25, 2015. OkonjoIweala and the federal government filed a memorandum of conditional appearance, a notice of preliminary objection and written address, all undated but filed on September 29, 2015.

“The preliminary objection is on the following grounds: that SERAP did not obtain the mandatory leave of the Federal High Court to issue

and serve the originating summons and other processes outside Lagos State; that there is no mandatory endorsement on the originating summons that it is to be served on Okonjo-Iweala and the federal government in Abuja and outside jurisdiction of this court.

“The only issue for determination is whether Okonjo-Iweala and the federal government should be heard on their preliminary objection considering the totality of the circumstances of this case.

“He who wants equity must do equity. This suit was filed on February 25, 2015, and from the record of the court was served on Okonjo-Iweala and the federal government on July 3, 2015. It took about three months for them to come up with technical response to the simple request for information under the Freedom of Information Act 2011.

“Okonjo-Iweala and the federal government have therefore been caught by Order 29 of the Rules of this court, which requires that an application shall be made within 21 days after service on the defendants of the originating summons.”

“If Okonjo-Iweala and the federal government want to raise issues about service, the law does not permit of demurer.

The proper route for them should have been to join issues with the originating summons and also file their objections. In the present case

by SERAP, the notice of preliminary objection by Okonjo-Iweala and the federal government is incurably defective for not conforming to order 29 of the rules of this court.

“The process adopted by Okonjo-Iweala and the federal government in this suit is to come by way of demurer. This process has long been abolished by the Rules of this court. By Order 16 Rule 1 of the Rules of this court, no demurer shall be allowed and rule 2 provides that a party shall be entitled to pursue by his pleadings any point of law and any point of law so raised shall be disposed by the judge who tries the cause at or after trial.

“The implication of this clear provision of the rule of court is that Okonjo-Iweala and the federal government must join issues with SERAP on the originating summons

no matter how flimsy, instead of looking for a technical way out.

This technical way out has failed.”

“The concept of demurer as presently raised by Okonjo-Iweala and the federal government is no longer known to law especially the Federal High Court of Nigeria.

It is the position of the law that the application of Okonjo-Iweala and the federal government should fail. Okonjo-Iweala and the federal government, having failed to file counter affidavit to SERAP’s suit, are deemed to have forfeited that option of filing anything again.

“Having shown why the application by Okonjo-Iweala and the federal government should be dismissed for failing to join issues with SERAP, the originating process must be moved on the merits.

“On the issue of failure to obtain pre-requisite consent/leave of Court to issue and serve the originating summons on Okonjo-Iweala and the federal government outside of jurisdiction, Order 6 Rule 31 states that ‘in this Order out of jurisdiction means out of the Federal Republic of Nigeria.”

“It is also necessary to refer to

sections 97 and 99 of the Sheriff and Civil Process Act. The provisions apply to the validity of the service and have nothing to do with the validity of the originating process.

On the strength of this clear provision, which Okonjo-Iweala and the federal government did not deny and incapable of denying at this point, their objection is dismissed as the validity of the process is not affected in any way.

“The main issue in this court’s view borders on the legal binding obligation imposed on Okonjo-Iweala and the federal government by the provisions of the Freedom of Information Act access to a record of information requested for. In the case at hand, SERAP through its letter of February 2 2015, Exhibit A, sought the information relating to the spending of the alleged missing N30 trillion, which represents some accruable income to the federal government during the last four years of the administration of President Jonathan. Exhibit A has been received by them, and Exhibit B is the acknowledgement of receipt of Exhibit A.

Buhari Cancels LagosVisit, Osinbajo to Represent Him Tobi Soniyi in Abuja President Muhammadu Buhari last night cancelled his two-day official visit to Lagos State initially scheduled to commence today.

The Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu,

confirmed the cancellation of the president’s visit.

He said the Vice President, Professor Yemi Osinbajo, had been designated to represent the president.

Shehu also said Buhari would visit Lagos after the Ramadan fasting.

Renewed Militancy: IjawYouth Groups to Meet in Warri Sylvester Idowu inWarri Ijaw youths and other youth groups in the Niger Delta region are set to meet in Warri, Delta State, next Thursday in response to the renewed militancy in the region.

The meeting, which is at the instance of the foremost Ijaw Youth Council (IYC), Worldwide, will review the renewed militant activities in the region and take a common position.

The IYC in 2009 under the leadership of Dr. Chris Ekiyor midwived the presidential amnesty programme for ex-agitators in the Niger Delta region which brought peace to the region.

According to a statement signed

by IYC spokesman, Eric Omare, the conference of all Ijaw and other Niger Delta youth groups is expected to be graced by leading Niger Delta activists such as Tony

Uranta; Ann-Kio Briggs and Dr. Bello Oboko as guest speakers.

Also expected to attend the conference, Omare disclosed, are representatives of the Ijaw National Congress (INC) and all ethnic nationalities youth groups and organisations in the Niger Delta.

“The conference would mark the conclusion of the month long remembrance activities of late Niger Delta hero, Major Jasper Adaka Boro with the theme: ‘The Ideals of Adaka Boro and Renewed Militancy in the Niger Delta Region: The way forward”, he said.

The conference which is slated for May 26, 2016, at Bay Hotel (former Wellington Hotel), Warri, is expected to come out with a communiqué on the common position of the youths of the Niger Delta region on the renewed insurgency and attack on oil facilities.

NEWKID ONTHE BLOCK

R-L: Deputy Senate President, Senator Ike Ekweremadu; Interim National Chairman, Peoples Democratic Party (PDP), Senator Ahmed Maikarfi; and member,HouseofRepresentativess,Hon.TobyOkechukwu,onarrivalattheNnamdiAzikiweInternationalAirport,AbujaafterthePDPConventioninPort Harcourt...yesterday

‘FG will Reset Economy to Tackle Negative GDP Growth Rate’ Ndubuisi Francis in Abuja

As the latest statistics indicated that the nation’s real Gross Domestic Product (GDP) growth rate from 2.11 per cent in the fourth quarter (Q4) of 2015 to -0.36 per cent in the first quarter (Q1 2016), the federal government is to review and analyse the latest growth data for underlying issues it may not have anticipated.

The government’s strategy, THISDAY gathered, is to reset the economy towards the path of sustainable growth, with the N6.06 trillion 2016 expansionary budget being targeted to kick start the strategic programme of infrastructure investment needed to unlock the significant potential of economic growth.

A top official of the government’s economic team disclosed that as expected, the economy has softened, adding that the current administration had previously highlighted what he described as the negative economic trajectory inherited from the previous government’s borrowing that was not invested for growth.

According to him, the government will review and analyse the latest growth data released by the National Bureau of Statistics (NBS) for underlying issues it may have not envisaged, noting that the expansionary fiscal budget being implemented this year will jump start “our strategic programme of infrastructure investment needed to unlock the significant potential of our

economic growth.”

The source acknowledged, however, that there will inevitably be a lag between the injection of the planned stimulus and the delivery of its outcomes but pointed out that the government remained far from being complacent.

He noted that the government was confident that the economic strategy it has begun would start to fundamentally address the structural challenges facing the economy.

“We believe that this approach will ensure the fundamentals and outlook for the Nigerian economy remain positive,” the source said.

When contacted on telephone yesterday on what the government is doing to stimulate economic growth and halt the slide in GDP rate, the Special Adviser to

the Minister of Finance, Mr. Festus Akanbi, confirmed that the federal government was set to review the growth data, but declined further comment.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is to meet today and tomorrow to deliberate on topical issues affecting the economy, including negative GDP growth rate and skyrocketing inflation.

The NBS had at the weekend released the latest macroeconomic indicators with GDP growth rate sliding from 2.11 per cent in the fourth quarter of last year to -0.36 per cent, with the country appearing to be on a recessionary trajectory as it requires one more negative growth rate in the next quarter to descend into recession.

MONDAY MAY 23, 2016 • T H I S D AY

53

NEWSEXTRA

N100bn Retirement Savings: EFCC Invites Ex-lawmaker, Duru, S’African Investor, Others Iyobosa Uwugiaren in Abuja and Ugo Aliogo in Lagos In order to protect over N100 billion worth of pension assets managed

by First Guarantee Pension Limited (FGPL), the Economic and Financial Crimes Commission (EFCC) has invited a member of the House of Representatives, Chidi Duru, one Chief O.O Ojo, and a South African, Mr. Derrick Roper, representing Novare Holding Limited, for diversion of millions of naira of FGPL, a licensed pension administrator, a senior operative of the anti-graft agency told THISDAY

in Abuja yesterday.

Top officials of the regulatory agency for pension operators in the country, the National Pension Commission (PENCOM), were also said to have recently met with the Chairman of EFCC, Ibrahim Magu, at the anti-graft head office in Abuja where the EFCC agreed to specially partner PENCOM to smoke out pension thieves and fraudsters in the sector with a view to jailing them.

The anti-graft agency specifically accused Duru of diversion of N16 million being part of the equity contribution of Novare Holding,

Ekweremadu: Contending Interests Not Factions are Challenges of PDP Omololu Ogunmade in Abuja The Deputy Senate President, Dr. Ike Ekweremadu, at the weekend dismissed media reports that there were factions in the Peoples Democratic Party (PDP), describing the reports as false, baseless and misguided.

Ekweremadu, according to a statement by his Special Adviser, Media, Uche Anichukwu, made the remark at the Nnamdi Azikiwe International Airport, Abuja, yesterday, while arriving from Port-Harcourt, the Rivers State capital, where he attended the Saturday national convention of the party.

The statement added that Ekweremadu who was accompanied by the interim National Chairman of the PDP, Senator Ahmed Maikarfi, said what exist within the PDP are only contending interests, which, according to him, are normal in any political family.

“For the purpose of clarification, there are no factions within the PDP family as I speak.

What we have are contending interests. Such is common in any party. Yes, there were some disagreements, but the good thing is that we have not allowed such disagreements to degenerate into a major crisis that would warrant factions.

“Instead, what happened in Port-Harcourt over the weekend further confirms PDP’s capacity to resolve issues in favour of

laid down precepts and in the overall interest of our great party and nation. Am sure what happened in Port-Harcourt remains a disappointment for those who were expectant of major crisis and factions in the PDP because we emerged from the convention more determined to change the change, to save our economy, reposition the electoral process, and make life more bearable for the suffering masses of Nigeria again,” he was quoted as saying.

Furthermore, Ekweremadu who said there were no legal or judicial encumbrances to the convention or the emergences of the interim National Working Committee of NWC, argued that the convention did not conduct any election but simply acted within its constitutional powers as the highest decision-making organ of the PDP to appoint an interim NWC to oversee the affairs of the party and also conduct elections into the NWC positions within 90 days.

He congratulated the interim NWC and expressed strong confidence in the leadership qualities of Makarfi and his team as he enjoined them to make the reconciliation of all aggrieved and divergent interests within the party their priority.

“Distinguished Senator Makarfi is a quality leader, a pan-Nigerian, and someone I have worked with for many years in the Senate.”

FG Suspends Talks with MTN Nigeria has reportedly suspended discussions with MTN over the record US$3.9billion fine imposed on the mobile operator’s subsidiary there while the country’s parliament investigates the size of the penalty and the way in which it was imposed.

Bloomberg reported yesterday that Nigerian lawmakers in the House of Representatives had instituted a probe and that further discussions with MTN are on hold until its outcome is made known.

It quoted communications ministry spokesman, Victor Oluwadamilare, as saying that until the lawmakers “are through with their investigation, nothing can be done.”

The Nigerian Communications

Commission (NCC) imposed a record-breaking $5.2billion fine against MTN Nigeria last year for failing to disconnect more than 5million unregistered SIM cards.

That fine was later reduced to $3.9billion.

The fine has exerted strong downward pressure on MTN’s share price, which has fallen by 43 per cent year-on-year.

MTN will hold its annual general meeting of shareholders on Wednesday afternoon, where the interim Executive Chairman, Phuthuma Nhleko, is expected to provide an update of developments not only in Nigeria but across the group, which operates in 22 countries across the Middle East and Africa.

a South African firm, to another business without following due process and obtaining board approval; collecting N20.5 million as “executive allowance’’ without board approval and diversion of the company’s assets worth millions of naira for his personal use.

Duru, whom EFCC alleged is fronting for some powerful political forces in the country, has also been accused of serving as the chairman of the board of executive committee of FGPL that was “fraudulently’’ involved in engaging the services of Hard Rain Software Limited to develop a software for the licensed pension administrator at the cost of N31million despite PENCOM, the apex regulatory agency for pension administrator’s directive calling for suspension of the project.

The EFCC has also accused him of approving payment amounting to $285, 102 to Novare Investments for “questionable’’ consultancy services and other charges without board approval.

The anti-graft commission, had arrested a senior staff of the Ministry of Justice and Attorney-General of the Federation (AGF), Mrs. Chinyere Christie Ekweonu, who stood as surety for Duru, but released her after over a week in detention.

“Also, Duru’s bank cheque,

totalling N30milion presented as evidence of part payment of his portion of the start-up share capital was found not to have been debited from his bank account upon verification,” EFCC further stated.

The anti-graft agency has also indicted Duru and his collaborators of alleged forgery of some shareholders signatures on a document referred to as the “Shareholders Resolution,” which purportedly mandated him to negotiate with Novare Holding on behalf of other shareholders during the acquisition of the FGPL’s shares by Novare Holding.

Some of the shareholders who Duru allegedly forged their signatures include, former Speaker of House of Representative, Alhaji Ghali Umar Na-Abba; former Deputy Speaker, Hon. Austin Okara; Senator Annie Okwonkwo, Alhaji Kasim Ibrahim Iman among others.

The EFCC added: “A verification of some of the shareholders signatures was carried out; and it was observed that the signatures of some shareholders who featured in the resolution presented to the commission were forged.

“The discovery then called to question the admittance and investment of Novare Holding

in FGPL. The issue is presently being investigated by the EFCC.’’ Duru has also been indicted for allegedly manipulating a process that led to the FGPL to obtain five expatriate quotas, which also covered Roper. But it was established that only two of the quotas were related to the pension administrator, while the three others were used by Grand Towers Plc, a company allegedly owned by Duru.

“It was also established that in obtaining the expatriate quota, false information on Roper was provided.

Roper was presented to the Ministry of Interior as an Executive Director of the pension administrator while in fact the PENCOM had granted him conditional approval as a part-time director. Consequently, he was not entitled to use expatriate quota,” the source quoted from the indicting report.

It was gathered that the expatriate quota’s dirty deal was exposed as a result of a petition initiated by some big shareholders of the pension administrator to the Ministry of Interior.

Some of the petitioners include, Alhaji Ibrahim Imam, Hon. Opara, Senator Okonkwo, Ahmed Salik, Hon. Patric Asadu, Terngu Tsegba and others.

The EFCC’s operative further stated that: “Duru also violated the pension fund administrator’s licensing condition and the Code of Corporate governance by offering the shares of the FGPL without a board resolution to Genoou Concept for an unsubstantiated transaction.’’

The EFCC had arrested Duru before at his Maitama, Abuja residence, when the agency was presented with a petition signed

by Alhaji Kashim Imam, arising from the “Draft First Guarantee Pension Examination Report’ and ‘First Guarantee Pension Target Report’.

The anti-graft agency has filed charges of money laundering, criminal conspiracy and other financial crimes against Hon. Duru in Federal High Court, Lagos.

But Duru last night said no invitation was extended to him by the EFCC. He accused the anti-graft commission of circulating and sponsoring the same old falsehood against him which was quashed

by Justice Donatus Okorowo of the Federal High Court Abuja on August 11, 2011 and June 18, 2012.

“It is a continuous attempt to obscure issues and not address the frontal issues.

60 YEARS OF NIGERIAN NAVY

L-R: Chief of Naval Staff, Vice Admiral Ibok Ibas; Representative of Chief of Defence Staff, Maj-Gen. Barry Ndiomu; Chief of Naval Safety and Standards, Naval Headquarters, Rear Admiral Emmanuel Ofik; Representative of Chief of Army Staff, Maj.-Gen. John Malu; Representative of IG, Adeyemi Ogunjemilusi; Commandant, National Defence College, Rear Admiral Samuel Alade; and Representative of the Chief of Air Staff, Air Vice Marshall Kinsley Lar, during an interdenominational church service in commemoration of Nigerian Navy at Diamond Jubilee celebration at Our Lady Queen of Martyrs Catholic Church, Mogadishu Barracks in Abuja....yesterday Nan

Omatseye Files Appeal against Five-year Prison Sentence Says offence does not exist in law Former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Raymond Temisan Omatseye, has appealed the five-year sentence slammed on him by Justice Rita Ofili-Ajumogobia.

Ofili-Ajumogobia of the Federal High Court, Ikoyi, Lagos, pointing to approval above his threshold of N2.5million, sentenced Omatseye to five years imprisonment without an option of fine. She didn’t stop at that as she also sacked him from the employ of NIMASA. Arguing that his client was being persecuted and not prosecuted, Mr

Edoka Onyeke, pointed out that though contract splitting exists in the law, approval above threshold does not exist.

Ofili-Ajumogobia had in delivering the judgment noted that the embattled former DG of NIMASA, who faced a 27-count charge bordering on bid rigging and contract splitting worth N271 million while he was the boss of the maritime regulatory agency is on suspension.

Interestingly, the judge who had been transferred to the Kwara State jurisdiction threw out a January 23, 2013 dated letter from the Bureau

of Public Procurement, BPP, which cleared Omatseye of any wrong doing while in the agency.

The letter addressed to former president Goodluck Jonathan, signed by engineer Emeka Ezeh, former DG of the BPP informed the president that after a scrutiny of the case, the Bureau is of the view that the 27-count charge are breaches brought under sections of the Procurement Act that deals with administrative breaches rather than real offences under the Act that can attract conviction or

sanctions from the regular courts.

However, in delivering the judgment, Ofili-Ajumogobia surprisingly jettisoned the report admitted as evidence in court, while relying on a secret circular issued in 2007 by the Office of the Secretary to the Government of the Federation.

She discharged and acquainted Omatseye on three count charge bordering on contract splitting, while sentencing him to five years imprisonment on 23-count charge of approval above his N2.5million threshold, which according to Edoka doesn’t exist in law.

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Kachikwu: FG to Revoke Unused Refinery Licences IPMAN describes FG’s past regulation of petrol price as a failure

Chineme Okafor in Abuja About 25 licences that were given to private operators between 2002 and 2014 to build refinery complexes in Nigeria will be revewed at again and those that have remained inactive will be revoked, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.

Kachikwu said last week when he hosted a group of online news outlets in Abuja that as part of

its ongoing efforts to sanitise Nigeria’s downstream petroleum sector, the government was going on to review the status of the refinery licences.

He noted that those who had crossed certain acceptable operational thresholds would be allowed to go on with their works while those who haven’t would be cancelled.

“The next stage of this is that we are going to look at all the licences that have been given

Obaro of Kabba Dies Yekini Jimoh in Lokoja

A paramount ruler in Kogi State, the Obaro of Kabba, Oba Michael Folorunsho Olobayo, is dead.

The Obadofin of Oweland, Oba Michael Yusuf, the secondin-command to the Obaro made the announcement yesterday.

The Obaro joined his ancestors after a protracted illness. He was aged 71 and spent 30 years seven months on the throne.

Oba Olobayo, a highly educated man and a profoundly charismatic leader ascended the throne of his forefathers in October 17, 1985.

His reign witnessed tremendous developments as the ancient town of Kabba went through various physical and aesthetic transformations.

On October 17 last year, he marked his 70th birthday and 30th year on the throne, a ceremony

which drew eminent personalities to the ancient town.

An astute administrator and a man of rich pedigree, Oba Olobayo was a graduate of Ahmadu Bello University, Zaria where he studied History. He was one time District Officer and rose to the pinnacle in the civil service before he was called to the throne of his forefathers.

During his 70th birthday, he narrated how he was terribly sick as an infant and his distressed mother who thought he would die, secretly rushed him to a powerful herbalist.

He said the herbalist, instead of attending to his mother, stood up and prostrated before him pouring on him his traditional coglomen (oriki), even as he foretold that he would not only be healed of the ailment but he would grow to rule his people as King in future.

out; some of them were given a window within which to build their refineries and we are going to revoke the ones that were not used,” said Kachikwu in response to a question on the status of the licenses.

He further explained: “The reason they did not use the licences is that unless the price is right on the outer point, your economics cannot balance. So, no refinery investment in the world comes to a country where there is no liberalisation and it is not just Nigeria because if you don’t liberalise, nobody is going to invest in your refineries.

“So, that is why they did not, a lot of them thought it was nice to have licences but as soon as you move into the capital market and you do your analysis, you realise this.”

The minister noted that government would henceforth

require investors in refinery to show some levels of commitment to their plans as they submit their requests, adding that refining licences would no longer be issued discretionarily.

“The more the government gets out of some of this private sector businesses, the less you have discretionary allocations of this or that to people.

“We have advertised for three already; the co-located ones, but this time we are going to be very rigorous in giving out licenses.

“You are going to show us the kind of financial model already in place and guarantees that you have the funding to do it, but we will also be helping them by doing what we can, by making sure that they get products at the right prices,” Kachikwu stated.

In March, the Department of Petroleum Resources (DPR) which is saddled with the task of issuing

refining licences stated that there are 25 private refinery licences issued by it, out of which 21 are in the ‘Licence to Establish’ (LTE) category, while four are in the ‘Approval to Construct’ (ATC) category.

DPR also noted that three of these are billed to construct conventional stick-build plants and 22 will construct modular units with a combined refining capacity of 1,429,000 barrels per day (bpd).

Meanwhile, the Independent Petroleum Marketers Association (IPMAN) has reiterated its support for the decision by government to liberalise the downstream petroleum sector, saying its regulation of who to import and distribute fuel in the country was a failure.

IPMAN’s President, Chinedu Okoronkwo, told journalists during a press briefing that members of the association have taken up government’s challenge

to oil marketers to import and sell products and would soon flood the market with petrol.

Okonkwo said the recent scarcity of petrol in the country was as a result of the regulated regime where only those approved by government could import and sell petrol.

He said in recent times NNPC was the sole importer of petrol and that the situation became a serious burden on it.

“A regulated business regime anywhere in the world does not thrive. Business is for private sector, they have the investment and zeal to bring competition and operate successfully,” Okonkwo added.

He also condemned the recent strike embarked upon by the Nigeria Labour Congress (NLC), saying strikes by the labour movement have always ended up without any tangible results.

Buhari Must Caution Rampaging Fulani Herdsmen, Says Fayose Ex-lawmaker wants bribery allegation against police investigated Olakiitan Victor in Ado Ekiti Ekiti State Governor, Mr. Ayodele Fayose, has warned that there could be reprisal on Fulani herdsmen in the state if they do not desist from invading communities and attacking the people in the state.

He described the Fulani herdsmen who invaded Oke Ako in Ikole Local Government Area of the state last Friday, killing two residents of the town and injuring others as “agents of the devil that must be fished out and punished accordingly.”

According to a statement issued by his Special Assistant on Public Communications, Lere Olayinka, Fayose said: “I have directed the police and other security agencies in the state to fish out the killer herdsmen. I am in constant touch with the security agencies and I hope that the killers will be fished out wherever they are and made to face the full wrath of the law.

“The people of Oke-Ako should therefore remain calm while the security agents do their job. However, the security agents must be mindful of the fact that the people’s patience has a limit and they must therefore act promptly and decisively.

“I am sounding a note of

warning to the Fulani herdsmen and those who can talk to them to also do so now. If they continue with these wanton attacks, killing people and destroying farmlands in the state, I cannot guarantee that there won’t be reprisal.”

He called on President Muhammadu Buhari to stop paying lips service to the Fulani herdsmen’s menace, saying “as a patron of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), President Buhari ha the capacity to call the herdsmen to order.

Meanwhile, a member of the seventh House of Representatives, Hon. Bamidele Faparusi, has called on the Inspector General of Police (IG), Mr. Solomon Arase, to punish policemen accused of laxity in the last Saturday killing by suspected herdsmen in Oke Ako town.

Some suspected Fulani herdsmen had invaded the town at about 8p.m. last Saturday, shot sporadically into the air and killed two persons while also wounding over ten others during the violent attack.

Faparusi, in a statement in Ado Ekiti yesterday, urged Arase to investigate the bribery allegation against some policemen in Ikole Divisional Police Station during the attack.

MEDIA TOUR

L-R: Deputy Chairman, Senate Committee on Capital Market, Senator Foster Ogala; Acting Managing Director, News Agency of Nigeria (NAN), Mr. Jones Afolabi; and Chairman, House Committee on Capital Market, Hon. Tajudeen Yusuf, during the committee’s working visit to NAN Headquarters in Abuja....recently Nan

Oil Producing Areas Demand Presidential Derivation Commission Emmanuel Addeh in Yenagoa

Oil-bearing communities drawn from the 10 oil and gas producing states and seven impacted areas yesterday demanded a Presidential Derivation Commission to effectively manage the 13 per cent accruing to the states every month.

The fresh call, it was gathered, might not be unconnected with the perceived mismanagement of the funds which are currently directly under the control of the respective state governors.

Many communities where these oil revenues are drawn; in many cases do not have basic amenities while their sources of livelihood, including fishing and farming, have been destroyed in the process of exploiting the raw material.

Rising from a meeting yesterday, the Host Communities of Nigeria Producing Oil and Gas, (HOSCON), urged the federal government to

set up the commission to directly administer the funds to the affected communities.

In a communiqué signed by Mr. Monday Whiskey, Director of Media and Publicity, on behalf of the National Executive of the body led by Dr Mike Emuh, the oil-producing communities also demanded the quick passage of the Petroleum Industry Bill (PIB) into law.

Among others, the states also requested the federal government to urgently release the cumulative Gas Flare Penalty Levy accruing to them.

The host communities have always argued that since they bear the direct consequences of gas flare, the penalty paid by the multinational oil companies should not be paid into the Federation Account to be shared by the entire country.

“HOSCON also resolves and urges the federal government to urgently

release the gas flare penalty levy just as it advocates the establishment of a PDC to solely manage the 13 per cent derivation funds’’, the communities noted.

Aligning with recent, calls for a fair redistribution of ownership of oil wells in the Niger Delta, HOSCON noted that, “a new oil blocs sharing formula that must take into cognisance the local content act and the natural law of equity,’’ should henceforth be agreed upon.

It also demanded‘’ the award of pipelines surveillance contracts to oil and gas producing and impacted communities all over the country as a community policing effort to safeguard the national oil and gas installations. ‘’ And a 100 percent increment in the 2016 budget of the Presidential Amnesty programme to enable the amnesty office carry out its statutory functions without financial

encumbrances.”

While condemning the resurgence of militancy in the region, the body noted that as a grassroots mass movement, it would not support the destruction of the common patrimony of the people. ‘’ We call on all warring groups to lay down their arms and embrace peace since it is only through dialogue that and peaceful co-existence that our much desired development and empowerment can come to reality,” the communities noted The body also called on the federal government to convey a stakeholders’ meeting comprising representatives of the government, royal fathers, ex-militant leaders, HOSCON, women groups, religious groups, security groups as well as Non-Governmental Organisations to seek a permanent solution to the current crisis.

MONDAY MAY 23, 2016 • T H I S D AY

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Bakare Harps on Need to Restructure Nigeria Urges Nigerians to engage govt constructively

Shola Oyeyipo The running mate of President Muhammadu Buhari during the 2011 presidential election and founder, Latter Rain Assembly, Pastor Tunde Bakare, yesterday reiterated his call for the restructuring of Nigeria as the most reliable way of addressing the problems confronting the country.

The pastor, who is the convener, Save Nigeria Group (SNG), who made the remark during a message titled: ‘The courage to do the right thing,’ delivered at his Akilo, Ogba, Lagos church, bemoaned a situation where about 27 states in Nigeria are said to be incapable paying salaries.

According to him, “Such a system of dependent, non-viable

federating units is unsustainable.”

Talking about the economic hardship, particularly the issue of fuel price hike from N86. 50 to N145, Bakare said there was need for self-examination, which he said is more than the issue of subsidy.

“There is a call for a new geo-economic order. The call towards restructuring must be embraced while ensuring, through intelligent engagement, that the government is kept on its toes in delivering its promises to Nigerians.”

The preacher said the civil society, labour and the Nigerian people must come together to intelligently put the government on its toes as part of ways to addressing the subsidy issue.

“All hands have to be on deck to help a government that

apparently genuinely seeks the welfare of the Nigerian but is faced with overwhelming challenges. This moment is not for the mobilisation of the citizenry in mass protest against an oppressive government but for all hands to be on deck to help a government that apparently genuinely seeks the welfare of the Nigerian but is faced with overwhelming challenges,” he urged.

He implored President Muhammadu Buhari and his All Progressives Congress (APC) to urgently do the needful to alleviate the sufferings of Nigerians and assuage the rage of the poor.

Bakare suggested that the government must have a communication system that will ensure that Nigerians are carried along implementing policies that impact on them.

According to him, such policies should be communicated transparently to the people.

Drawing inference from the petrol price policy, Bakare said: “Even if it is the first step in the process of deregulation, Nigerians would want to know what happens if market conditions, in particular, foreign exchange realities, mandate a further increase in pump price? Would we, at that point, revert to subsidising?

These matters transcend mere ‘grammatical nomenclatures’ as the Minister of State for Petroleum has termed them. They are very important issues and Nigerians deserve clarity,” he noted.

He also added that as Nigerians “We demand effective, efficient and transparent implementation of the 2016 budget, particularly the capital expenditure provisions and the social welfare programme.”

Unstable Power: Fashola Appeals to Nigerians for Patience, Support Chineme Okafor in Abuja The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has again assured Nigerians that quality and uninterrupted power supply in the country was achievable but can only happen if citizens cooperate with the government to make this possible.

Fashola said by taking ownership of and protecting the various power supply facilities across the country, Nigerians would be advancing the country’s aim for stable electricity supply.

He said the power market was a result driven business and that until every Nigerian got metered, government would not consider the job done.

“I understand that it will happen but be patient, be encouraging, be supportive and be understanding.

“It has taken this long and if we have waited for this long we won’t wait for that long again to complete it, we are setting targets and we want to be realistic too otherwise we will become incredible and unbelievable, we also want a system to evolve,” said Fashola in a statement.

The statement was from his Senior Special Assistant on Communication, Mr. Hakeem Bello Sunday in Abuja.

It said the minister spoke with journalists on the power supply situation in the country after he delivered a keynote address at the Nigeria Urban Design Forum 2016 which held at the LCCI Conference Centre.

Fashola explained that the government was ready and had mapped out its programme to increase power generation and distribution in the country, and then guarantee stability in supplies.

He said the only way government could realise its plans for the country’s power sector was if practices of cutting gas pipelines amongst others stopped.

“But one of the things we should stop doing is to stop cutting gas pipelines and all of you must sensitise all of those who are involved because that is why

supply is down,” said Fashola.

He said 23 of the nation’s power plants are gas powered and that it was important for those involved to stop vandalising and cutting gas pipelines.

He also added that such culprits be sensitised on the evil consequences of their nefarious acts to the economy and the country.

“We are ready and willing to supply power but as I have said before, our power plants are no different from your generators at home, if you don’t have fuel you cannot operate the power plants.

“The main source of about 23 of our power plants is gas, so when people break the gas line it’s like breaking the diesel tank or your petrol tank that supplies your generator at home and that’s why the power situation is currently this bad, so, as soon as we restore those gas pipelines, power will improve,” he stated.

On government’s plans concerning other renewable sources of power, Fashola disclosed that there are proposals that government is currently receiving especially from those who want to do solar and other forms of renewable energy.

According to him: “There is a big and extensive waiting market, perhaps, none of its type in Europe, a market with a promise of very rewarding returns on investment. That, in itself, is an investment incentive.”

On metering, he pleaded for patience and understanding from Nigerians, arguing that if for 66 years up to 2013, when the power sector was privatised, the various electricity agencies of government could not meter all Nigerians, it would only be reasonable to expect that it would take some time more than three years to do what has been impossible to do for 66 years.

“I think that is the context, but we are ramping up and the Discos are committing to a programme on metering, they are under obligation to submit to us the list of people they have metered so that we can go and check,” said Fashola.

CONDOLENCE VISIT

R-L: Ondo State Governor, Dr. Olusegun Mimiko, being welcome by the Senator representing Ondo Central senatorial district, Senator Omotayo Alasoadura; and former Chairman of the state Oil Producing Area Development Commission (OSOPADEC), Chief Adewale Omojuwa, during the governor’s visit to the senator over the demise of his wife, at his residence in Akure.... weekend

Benin Crown Prince Mulls Establishment of World Class Museum

Digital Switch-over: Signal Distributor May Drop N1.2tn Suit against FG

Omon-Julius Onabu in Asaba

Chineme Okafor in Abuja

The Benin Crown Prince and Edaiken of Uselu, Prince Eheneden, has promised to establish an international museum in Benin-City.

To this end, Prince Eheneden promised to partner a renowned international environmentalist and founder of Didi Museum, Chief Newton Chukwuka Jibunoh, who paid him a condolence visit on the passage of Omo N’Oba N’Edo, Uku Akpolokpolo, Oba Erediauwa.

Jibunoh during his visit said he had “come to identify with the famous royal home, having heard that the Oba had begun a journey to his ancestors.”

The environmentalist, who was accompanied on the visit by a retinue traditional chiefs from Akwukwu-Igbo in Oshimili North Local Government Area of Delta State, said he has always had close links with the Benin royal family, revealing that Oba Erediauwa was a great inspiration for his international exploits from the very beginning.

“I have come to identify with you, because this is my home too; part of what I have become today started from the Benin palace.”

Jinunoh said. “I want to also tell you that the foundation laying ceremony of my museum, Didi Museum, which has remained the private Museum not only in Nigeria but the whole of Africa, was performed by your father, the Omo N’Oba.” He noted that because his

people are synonymous with yam, wherever they go they go with yams, saying he personally went to his farm to get the Crown Prince some yams, which symbolises his name - Jibunoh (yam is house).

Responding, Crown Prince Eheneden Erediauwa thanked Jibunoh for the visit, saying the palace and people of Benin Kingdom were pleased to receive him.

The Edaiken N’Uselu, however, quickly reminded his visitor that Benin royalties do not eat food at this time but that they only eat white chalk (Orhue), adding that those that would eat the yam would share their experience of what the taste feels like.

He nonetheless commended Jibunoh on his global environmental campaign and exploits, revealing that he had met with him (Jibunoh) on one of his diplomatic missions.

The three-time diplomat hinted that he desired to partner Jibunoh in a major archival project in Benin-City in the near future because of his famous creative ingenuity and accomplishments.

“We will like to tap from your creative prowess, especially in setting up and managing a Museum. We will partner with you to set up a world-class Museum of international repute here in Benin kingdom. Be rest assured that you remain part and parcel of this kingdom and you are welcome any time, any day,” the crown-prince said.

Efforts by federal government to achieve total switchover from analogue to digital broadcasting has received another boost as a major signal distributor, Pinnacle Communications Limited, is set to drop its N1.2 trillion suit against the government.

The government conducted the pilot scheme of the switchover last month in Jos, Plateau State, signalling the commencement of a nationwide digitisation process.

It was gathered that the management of the communications company held talks with the representatives of National Broadcasting Cooperation (NBC) and the Ministry of Information and Culture.

But while no specific agreement has been announced between the federal government and the signal distributor, the company has disclosed that it was committed and comfortable with the intervention of the Minister of Information and Culture, Alhaji Lai Muhammed, and has subsequently mobilised its foreign partners in preparation for the rollout.

Chairman of Pinnacle Communications, Sir Lucky Omoluwa, told journalists at the weekend in Abuja that his foreign partners, Jampro Antennas and Gates Air, manufacturers of broadcast equipment are ready to commence operation.

“We have held meeting with the government lately, we and our foreign partners also met with

the minister of information and culture, and we are also talking with the NBC. Our global partners are familiar with the terrain and we have infrastructures in all the states in Nigeria,” said Omoluwa.

Also, the Executive Director of Pinnacle, Mr. Dipo Onifade said in his response to questions from journalists that the law suit would be withdrawn as soon as all grey areas are cleared.

Onifade said Pinnacle was ready to play its own part in ensuring that the June 2017 deadline for the migration is realised.

The company had in 2015 dragged the federal government before a Federal High Court in Abuja over an alleged bridge of contractual agreement.

Pinnacle which won a carrier license made available by the federal government alleged that NBC as the regulatory agency of the government, rescinded on the agreement as contained in the federal government white paper on transition from analogue to digital terrestrial broadcasting.

It also claimed the NBC had represented that there was no other digital terrestrial signal distributors in Nigeria apart from the Nigeria Television Authority (NTA) and showcased Pinnacle Communications as the second and only other terrestrial signal distributor in Nigeria.

The NBC it alleged, contravened this provision as it issued licenses to two other signal distribution companies.

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Nigeria Can’t Afford Another War Now, Says Anglican Church RCCG: Creating grazing zones in states, catalyst for more conflicts Gboyega Akinsanmi The Diocese of Abuja of the Church of Nigeria, (Anglican Communion) has noted that the renewed pipeline vandalism in the Niger Delta was not in the best interest of Nigeria.

It therefore urged those behind the bombing of oil installations in the region to desist from the act forthwith.

The church called on the Niger Delta Avengers to cease hostility against the government while embracing dialogue, noting that

Nigeria, which is currently engaged with too many battles cannot afford to start another one with militants in the oil producing areas of the federation.

The Primate of the Church of Nigeria (Anglican Communion) and Archbishop of Abuja Diocese, Most Rev Nicholas D. Okoh, made the remarke in his presidential address to the third session of the ninth Synod of Abuja Diocese, held at All Saints Church, Wuse.

While urging the federal government to also tread

Kaduna Electric Opens 24-hour Customer Service Centres In an effort to ensure improved service delivery to its customers, Kaduna Electric has commenced a 24-hour operation in two of its customer service centres in Kaduna.

A statement from the company signed by Abdulazeez Abdullahi, head of Corporate Communication, said the two customer service centres that have began the round the clock service are located at the ground floor of the company’s head office on Ahmadu Bello Way, Kaduna and the Leventis service centre at Sardauna Crescent also in Kaduna.

The statement said with this development, customers can walk into any of the two centers to transact business at anytime of the day. “ Customers with meters can buy their electricity tokens while those that have not yet been metered can visit to settle their bills”.

It further added that Kaduna Electric’s customer care staff are also available to address customer complaints to ensure improved customer experience.

Abdullahi said in the statement that Kaduna Electric will soon open more service centres in Kaduna and across its other franchise areas - Sokoto, Kebbi and Zamfara States in order to make its services accessible to customers at all times.

He called on customers to help the company by reporting suspicious movements of persons around its installations to the police or any service centre near them order to curb the menace of vandalism which hampers its operations.

He also urged them to settle their bills promptly to avoid disconnection and report cases of energy theft to officials of Kaduna Electric near them.

cautiously in its attempts to resolve the growing crises in the Niger Delta, the church called on it to seek collaboration with the host communities in its efforts to secure all pipelines.

He also urged the federal government to open the space for immediate revival of the dwindling Nigerian economy by creating investment friendly atmosphere for more foreign investors to henceforth, take Nigeria as a preferred destination.

He lauded the efforts by President Buhari towards diversifying the Nigerian economy, urging his government to initiate more cutting-edge approaches aimed towards a meaningful engagement of foreign investors for revival of the economy of the country.

He based his talk on the theme of the this year’s Synod, “The Poverty of Riches”, taken from the book of Revelation, 3 vs17, stating that notwithstanding the prosperity that a country enjoys,

it may suffer spiritual poverty and then end up being poor (on the real in all ramifications) if the leaders and the led are careless and Godless.

He said: “Creating an investment friendly environment in the country will more pragmatically give us what we need. Factors that investors will need to thrive, especially security, power and other amenities should be made available, while investors would be naturally attracted.”

The Primate said the federal government and Nigerians in general should collectively find lasting solutions to the problem of insurgency, killings by herdsmen, fuel scarcity, pipeline vandalism and wide spread corruption, all he noted, are factors that often inhibit the growth of economy, and the nation in general.

On the menace of herdsmen across the federation, the primate said: “The federal government should make a policy to deliberately disarm

the herdsmen” as a means of preventing the springing up of ethnic militias in all the regions of the federation in attempts to resist the rampage by herdsmen.”

“The synod calls on the National Assembly to drop the plan to propose a bill on grazing reserve as the issue has started heating up the polity whereas such will not do the herdsmen any good.”

Also, amid the rising spate of herdsmen’s attacks on farmers across the country, the Redeemed Christian Church of God (RCCG) at the weekend rejected a bill seeking to create grazing zones in all states of the federation, noting that the initiative would cause more conflicts.

The Chairman of National Council of Elders, Pastor. Israel Abatan, made the call yesterday at a news conference he addressed along with Media/ Publicity Secretary, Pastor Ayodeji Olulani and Vice Chairman of the council, Pastor Obadiah Mulero and member RCCG Board of Trustee, Kayode Ajayi, among others.

Abatan, who addressed the conference on the church’s 15th National Elders’ Congress and Praise Nights in Lagos, noted that Nigeria would change very soon, urging the countrymen to endure the difficult time.

He disclosed that if allowed to sail through, the grazing bill would not end herdsmen-farmers conflict in the country, noting that it was not proper for the federal government to finance the creation of grazing zone for herdsmen.

He added that the grazing zones bill “has a lot of conflict content. The federal government and National Assembly should be very careful because the creation of grazing zones in all states of the federation can cause another conflict and violence in the country.”

He said it was the time the federal government should stop the raging conflict on the grazing zones, thereby proposing the establishment of ranches, which he said, was the modern method of rearing cattle and goats.

President: Why TUC Shunned Strike The President of Trade Union Congress of Nigeria (TUC), Mr Bobboi Kaigama, yeseterday said the union shunned the ongoing strike

by Nigeria Labour Congress (NLC) in the best interest of Nigerians.

Kaigama said this in Jalingo in an interview with newsmen.

According to the News Agency of Nigeria (NAN), he said the country’s economy would have collapsed if the union had insisted on the old pump price regime of N86.50 or joined NLC to embark on the strike.

According to him, the old price regime became practically unsustainable given the facts and figures presented to the union by the federal government’s team during negotiations.

“Our economy is heavily dependent on crude oil sales and in the figures presented to us NNPC made N550 billions on the sale of crude and only N50 billions was remitted to the Federation Account.

“The chunk of N500 billion was used to import refined petroleum products.

“That was the reason why the three tiers of government in the last federation account meeting shared what was considered to be the least to be shared in the last 16 years.

“If we had insisted on the N86.50, our members would not receive salaries in the next two months.

“So when we saw this position,

instead of remaining dogmatic, we opted for negotiation on how to move forward to avoid the collapse of the economy,” he said.

Kaigama said the union signed an agreement with the federal government to address the issues of minimum wage and palliatives for Nigerians to cushion the effects of the increase.

“We also signed an agreement for the reconstitution of the board of Petroleum Products, Pricing and Regulatory Agency (PPPRA) to include members of organised labour so that we can monitor the template for the distribution of petroleum products from depots to the retail outlet.

“Part of that agreement was that all refineries must be brought to life and enabling environment provided for modular refineries to operate around the existing refineries.

“These modular refineries, we belief would go a long way to help in the supply of our local consumption need,” he said.

He advised state governors to look inward on ways to grow their Internally Generated Revenue to enable them to meet the development needs of the people.

Kaigama said the union would monitor closely the disbursement of bailout funds and would report any state that diverted the bailout funds to the EFCC and ICPC for necessary action.

SYMPATHY VISIT

L-R: Chairman, All Progressives Congress (APC) in Enugu State, Dr. Ben Nwoye; Founder, Baywood Foundation, Chief Chris Baywood; and Igwe of Nimbo Community, Enugu State, Igwe John Akor, during a sympathy visit to the Igwe on the recent herdsmen attack on the community in Enugu....yesterday Nan

Buhari Needs Support to Develop Niger Delta, Say Ijaw in APC Omon-Julius Onabu in Asaba Delta State leaders of Ijaw ethnic extraction in the All Progressives Congress (APC) have appealed to the people of the Niger Delta region to give President Muhammadu Buhari a chance to implement his administration’s development agenda for the oil-rich region.

However, the Ijaw APC leaders urged the president also to give the necessary go-ahead for the immediate take-off of the Nigerian Maritime University located in Okerenkoko, Warri South-West Local Government Area of the state.

These were among resolutions at a special meeting of political leaders under the auspices of the Delta Ijaw APC Leaders held at Udu, near Warri, at the instance of Power

Ziakede Aginighan, a Christian minister and one-time Acting Managing Director of the Niger Delta Development Commission (NNDC).

In a communiqué at the end of the well-attended forum, the Ijaw leaders passed a vote of implicit confidence in the ability of the APC under the leadership President Buhari to bring about the desired development of the Niger Delta even more than did former President Goodluck Jonathan who hailed from the oil-rich region.

While denouncing the disruptive activities of emergent militant group, the Niger Delta Avengers, the Ijaw APC leaders in the state noted that the Federal Government means well for the region but that the people needed to support Mr President

to enable the government execute its development plan for the area.

The group “condemned the recent vandalism of oil installations by the group that styled itself Niger Delta Avengers and called on the security and intelligence services to quickly bring the situation under control.”

It called on “Niger Deltans and indeed all Nigerians to give President Buhari the chance to implement the change agenda of the APC, noting that Mr. President has just signed his first budget into law.

It appealed to President Buhari “to direct the immediate take-off of the Nigeria Maritime University, Okerenkoko in Warri South West Local Government Area of Delta, noting the University was approved by the Federal

Executive Council, having met the requirements stipulated by the Nigeria Universities Commission (NUC). The meeting also appealed to Mr. President not to be persuaded by the allegations of corruption in connection with projects of the university now before the judiciary to endorse any move to scrap this specialised institution which holds a lot of promise for economic development of Nigeria.”

Moreover, they commended Buhari for “extending the Niger Delta Amnesty Programme beyond the December 31, 2015” initial terminal date as well as for the continued funding of the NDDC Niger and Ministry of Niger Delta Affairs inherited from the previous government.

MONDAY MAY 23, 2016 • T H I S D AY

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NEWSEXTRA

Regional Govt Best for Nigeria, Afe Babalola Insists Malaysian High Commissioner says insecurity stalling tourism in Nigeria Olakiitan Victor in Ado Ekiti A Senior Advocate of Nigeria, Chief Afe Babalola has canvassed for the return to regional government for Nigeria to fully recover from its economic woes and myriad of challenges confronting it.

Babalola, founder of Afe Babalola University, Ado Ekiti (ABUAD), said having a central government with a president directing the affairs of a large and multi-ethnic and religious nation like Nigeria is the reason the country has failed to develop.

The senior lawyer said this in Ado-Ekiti at the weekend during a programme tagged: ‘Diplomatic Dialogue’ organised by the Department of International Relations, where the Malaysian High Commissioner to Nigeria, Mr. Lim Juay Jin, was the guest speaker.

Babalola said: “I have attended three conferences in Nigeria and the return to regional government has always been my position.

Nigeria consists of over 300 ethnic groups and with different religious bias, so what

we need is confederation or loose federalism where each region will be allowed to grow at its own pace and contribute to the centre.

“This has been the practice in United States, Australia and Canada. But in Nigeria, we have a central government, where only one person determines what happens everywhere. In the past, we had regional governments where each of them was allowed to develop and Nigeria was better off then .

“Nigeria has six geopolitical zones and these can be allowed to function as component parts and Nigeria will be good for it. During the regional government, Nigeria was growing faster.

Malaysia is a very small country with a population of about 30 million and this makes it easy to govern.

“If Nigeria has been operating the regional government, we would have developed even better than Malaysia. Our fore fathers considered the population, land and resources as very large, that was why they introduced regional government. It has always

been the smaller, the better.”

Delivering his lecture, Jin, who described ABUAD as a new face of Nigeria education, insisted that Nigeria should have made very good exploit in economy and medical tourism, but for pervasive insecurity in the system.

He promised that Malaysia would strengthen its business relations with Nigeria because of the integrity of the President Muhammadu Buhari’s government and its hostile disposition to corruption.

“ABUAD is a place where you can study under a peaceful atmosphere. It has a good environment and a complementary state-of-the-art infrastructure where student can learn and deliver. I know the graduates will be change agents in the system because of learning and character that is in practice here.

“One thing that has been of tremendous advantage to both Nigeria and Malaysia is that they are highly educated workforce. I believe that if Nigeria can deploy this effectively, greatness will be achieved because hope of success has not been lost,” he said.

OFFICE OF THE ACCOUNTANT-GENERAL OF THE FEDERATION FEDERAL MINISTRY OF FINANCE ABUJA INTEGRATED PERSONNEL &PAYROLL INFORMATION SYSTEM (IPPIS) Verification And Biometric Capture Of All Police Officers And Civilian Staff In Kaduna And Ogun State Commands By The Office Of The Accountant-General Of The Federation in Collaboration with Police Service Commission and the Nigeria Police Force.

This is to inform all Police Officers and Civilian Staff on the Payroll of Police in Kaduna and Ogun State Commands that the Office of the Accountant-General of the Federation (IPPIS Department) in collaboration with Police Service Commission and Nigeria Police Force has concluded arrangement to carry out an exercise for the verification and Biometric Capture of all Police Officers and Civilian Staff to commence in Kaduna and Ogun states. The exercise is in line with the Federal Government's directive that Nigerian Police and all other Agencies of Government drawing their personnel cost from the Treasury should be brought into the Integrated Personnel &Payroll Information System (IPPIS) Platform in 2016. This exercise is to be completed in 10 working days in Kaduna State and 8 working days in Ogun State.

2. The exercise has been scheduled to take place in eight (8) centres in Kaduna th state and Five (5) centres in Ogun State from 24 May, 2016. The time for the exercise in all centres is from 9.00am to 6.00pm daily. th

th

Kaduna State 24 May to 4 June 2016 S/N Centre Venue

1 2 3 4 5 6 7 8

Samaru Zaria Area Commander Office Kachia Kafanchan Jere Sabon Tasha Metro Area Commander’s Office State Headquarters

Zaria Samaru Zaria Area Commander Office Kachia Kafanchan Area Command Jere Bishop Jatau Road, Sabon Tasha, GRA Metro Area Command Office Kaduna Old Panteka, Enugu Road Tudunwada Kaduna State Headquarters Kaduna Bida Road Kaduna

Ogun State 24th May to 2nd June 2016 S/N Command 1 Abeokuta Area Comand 2 3 4

Ota Area Command Ilaro Area Command Shagamu Area Command

5

Ijebu Ode Area Command

Venue Police Headquarter POWA Secretariat Eleweron, Old Abeokuta Ibadan Road DCB hall Area Command Old Abeokuta –Lagos Road Ilaro Area Commnd Sagamu Area Command Iperu Road Area Commander Park Iejbu Ode Area Command Igbeba Road Police Officer’s Mess Area Command Ijebu

3.

All Officers including Civilian Staff working in the Police are to come along with the originals and two photocopies of the following documents: i.

Letter of employment for Officers; ii.

Letter of Last Promotion; iii. Copy of Bank Statement/Cheque leaf iv.

Police Identification Card; v.

Staff Identification Card (for Civilian Staff); vi. Service Number vii. File number (for Civilian Staff) viii. Proof of year of entry for the rank and file (sergeant and below); ix. Birth certificate (Proof of Age); and x.

Educational Qualifications. xi. Pension Fund Administrator and the Pin number xii. Bank Verification Number 4.

The Originals of the above documents must be presented to the verification Team for sighting.

5.

Please note that this exercise is very important, as it will form the basis of enrolling all verified Officers on the IPPIS platform for the payment of Salaries after the exercise is completed. Any Officer who fails to appear for this exercise will have his or her name deleted from the Police Payroll.

SIGNED ACCOUNTANT-GENERAL OF THE FEDERATION

MONDAY MAY 23, 2016 • T H I S D AY

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NEWSEXTRA

Oil Sector Vandalism: Buhari Told to Look Beyond N’Delta for Solutions Boroh wants vandalism stopped

Ndubuisi Francis As attacks on oil and gas pipelines in the Niger Delta intensify, a former spokesman of the Presidential Amnesty Programme (PAP), Mr. Daniel Alabrah, has advised President Muhammadu Buhari to look beyond the region for solution to the renewed violence by the Niger Delta Avengers (NDA).

Alabrah said as a journalist who extensively reported the era of militancy in the region before becoming one of the managers of the Amnesty Programme, it was necessary to lend a voice as a patriotic duty to the country.

Alabrah, who stated this in a statement yesterday, also urged the president to be wary of those he described as fifth columnist politicians within and outside the region whose aim is to cause

further tension in the Niger Delta.

“Genuine stakeholders should no longer remain aloof at a time like this. It is akin to Emperor Nero fiddling while Rome is on fire.

“What is happening in the Niger Delta at the moment is not militancy. Militancy is no longer attractive in the region due to the role of the Amnesty Programme in engendering peace and stabilising of security. If it is militancy, where are the camps?

“The wrong identification of the problem has led to a wrong prognosis. The government has equally responded wrongly.

Applying force alone cannot be the solution even if you deployed all the soldiers in the military. It should learn from the late President Umaru Musa Yar’Adua’s experience and how his masterstroke ended militancy in the region.

“The attack on pipelines and oil

installations is pure criminality and sabotage. But it requires intelligence gathering to effectively tackle it.

Forces beyond and outside the region appear to be behind the current wave of sabotage of oil facilities. The government and the security agencies need to look deeper and cast their intelligence net wider to unravel the masterminds of these nefarious acts,” he said.

He urged Buhari to be wary of politicians capitalising on the current situation to set the Niger Delta on fire, adding: “Various concerned elders and leaders of the region have spoken the minds of the Niger Delta people. We do not want further militarisation of the

region. Some persons are benefiting from this crisis and there appears to be external collaboration.

“With a structure like the Amnesty Programme in place, the government can resolve this crisis without firing a bullet or wasting innocent lives. I believe the Coordinator of the programme, Brig-Gen. Paul Boroh (rtd), can apply his vast conflict resolution skills to effectively resolve this situation. He needs the support of both the government and stakeholders in the region. As a security stabilizing programme, Boroh has executed his mandate well so far,” he added He, however, warned that

if the government continues to starve the programme and beneficiaries of funds, it could be creating room for deeper crisis in the region.

“Beneficiaries in the programme are currently groaning due to non-payment of their stipends for months.

The slashing of the budget of the programme drastically is also a bad signal. Politicians are beginning to exploit the yawning funding gap to lure beneficiaries into acts that are inimical to the economy of the region and the country at large,” he said.

Meanwhile, the Special Adviser to the President on Niger Delta

and Coordinator of the Presidential Amnesty Programme, Brigadier General Paul Boroh (rtd) has described the programme as a huge success, But he added that vandalism in the Region must be checked.

Presenting the score card of the programmme in Abuja, he said it was in the collective interest of the Niger Delta people to put a stop to the renewed attacks on oil installations.

He added that he was encouraged that the overwhelming majority of the people, including stakeholders, youths, elders and leaders in the region had pledged themselves to peace.

Again, NERC Fines Abuja Disco N18.1m for Electrocution of Another Minor Directs Discos to renew their comprehensive insurance of facilities Chineme Okafor in Abuja The Nigerian Electricity Regulatory Commission (NERC) last night disclosed that for the second time in a short period, it had fined the Abuja Electricity Distribution Company (AEDC) about N18.1 million as compensation for the electrocution of a seven-year-old minor at Kabusa, a suburb within its distribution network in Abuja.

NERC said in a statement from its Head of Public Affairs Department, Dr. Usman Abba Arabi, in Abuja that the decision to fine the Disco was taken after its accident investigation team had looked into the unfortunate incident and discovered that the Disco failed in its responsibilities to respond to complaints by Kabusa residents that a snapped 0.415kv aluminium conductor was hanging precariously close to the ground.

It explained that the Disco failed to respond to the complaint until the deceased minor accidentally came in contact with it and got electrocuted.

NERC said that following the electrocution, it has directed all the 11 Discos in the country to renew their comprehensive insurance as provided under Part 5 Section 5.2 of the Health and Safety Code for the Nigeria Electricity Supply Industry (NESI). It said its acting head, Dr. Anthony Akah signed the ruling mandating Discos to renew their insurance and that, “The directive for renewal of comprehensive insurance has general application to electricity distribution companies whose insurance policies have expired.”

The statement said: “Stiffer sanctions await any electricity distribution companies over electrocution or any established case of negligence within their networks.”

It explained in the case of Abuja Disco that it was found liable in

the untimely death of the minor for its improper maintenance of a low voltage aluminium conductor in Kabusa, even after residents had complained over the facility.

It asked Abuja Disco to pay N18 million compensation to the deceased family and N100,000 fines to the market for its negligence and failure to report the accident on time.

“The investigators discovered that Kabusa area has haphazard and unkempt network which constitutes manifest breach of the Electric Power Sector Reform, NESIS Regulations, Health and Safety Code besides other regulatory instruments,” said NERC in the statement.

It said the Disco placed commercial gain above safety standard and specification by supplying electricity to substandard network, adding that attempt by AEDC to exonerate itself of any culpability in the incident by claiming its fault log book showed no report was lodged by the residents was found unsustainable.

“This is because there was evidence that staff of the Disco had worked on the faulty line and cannot afterward claim ignorance of the state of the facility,” NERC added.

It explained that further claim

by AEDC that it was impracticable for it to rehabilitate all its networks within two years of existence as a private entity was also considered a contradiction of the company’s obligations as specified in its licensing terms and conditions which expects the Disco to upgrade its networks.

NERC therefore, directed that: “N18 million compensation should be paid to the family of the deceased within 30 days beginning from May 5, 2015 when the directive was signed,” adding, “This is in addition to “N100, 000 fines for failing to submit a preliminary report of the incident within 72 hours in line with the Health and Safety Code.”

EMPOWERING HOST COMMUNITIES

L-R: Project Engineer, ExxonMobil Erha North Phase 2 EPC1, Mr. Richard Megafu; Anambra State Commissioner of Mineral Resources, Dr. Chinedu Emeka; Igwe Ezeudo Nwobodo of Nara, and the Local Content Coordinator, OneSubsea, Mr. Donald Ibegbu, during the closing ceremony of the capacity building programme and inauguration of Community Assistance Projects by ExxonMobil, in Abatete, Anambra State....weekend Dan Ukana

Dogara, Kwara Speaker Endorse OrderPaper.ng Speaker, House of Representatives, Hon. Yakubu Dogara, and Speaker of the Kwara State House of Assembly, Dr. Ali Ahmad, have commended OrderPaper.ng, Nigeria’s premier and unique independent legislative online newspaper for its reportage of the legislature.

Dogara gave the commendation during a courtesy visit by a team from OrderPaper.ng to his office in Abuja.

According to the Speaker, OrderPaper.ng has made a unique imprint on the cyberspace as it concerns independently-driven interface between citizens and elected representatives in the legislature.

Speaker Dogara who said he always followed the reportage of the House by the online newspaper, urged the team to keep up the good work while pledging to support its activities.

Speaking earlier, Founder and Publisher of OrderPaper.ng, Mr. Oke Epia, said his team came to interface with the leadership of the House of Representatives and seek ways of expanding the scope

of interface between members of parliament and their constituents.

In a related development, the Speaker of the Assembly, Ali Ahmad, through a letter commended OrderPaper.ng for choosing to operate in a unique niche in the media industry.

Ahmad said: “It is noteworthy that your medium is specialised and unique among the growing genre of online publishing and for us at the Kwara State House of Assembly, we find it a most veritable platform of engagement in legislatureconstituency relations.

“I am very convinced that the newspaper will not only fly high but also become an indispensable reference in Nigeria as far as the parliament is concerned.”

The endorsement of OrderPaper. ng from Dogara and Ahmad follows similar commendations from immediate past President of the Senate, David Mark and ex-Speaker of the House of Representatives, Aminu Tambuwal who is currently the Governor of Sokoto State.

Emmanuel Set to Commission Road Projects Tomorrow Okon Bassey in Uyo

Akwa Ibom State Governor, Mr. Udom Emmanuel, may have silenced his critics over his performance as he will commence the inauguration of some road projects executed by his administration tomorrow as part of activities to mark his first Democracy Day celebration as governor of the state.

Some of the roads ready for inauguration are urban roads in Oron metropolis, Mkpok-Okat road in Onna, dualisation of Awa-Ikot Nkang road with outfall drains in Onna LGA, Ikot Udom with 15m span bridge in Ibiono Ibom LGA, internal roads rehabilitation at Cornelia Connelly College, Afaha Oku, Uyo and Information drive, Uyo, among others.

Checks revealed that the road projects set for inauguration are among more than eleven road programmes which cover 117 km across the three senatorial district of the state including seven bridges.

Conducting journalists around the project weekend, the state Commissioner for Works, Mr

Ephraim Inyang said the road projects were not embarked upon by the state administration as political compensation but were strictly on economic reasons to the people and state.

He noted that some of the road projects executed within the first year of the governor in office were in fulfilment of his campaign promise as the roads were noted to be death trap to the residents and other users.

Hitherto, he said any government official that goes to the communities would be mocked but now the story is different as the residents are very friendly.

“In the past when you go to some of the communities, they people will shout on you, threaten, not friendly because they saw government not helping their situation.

“But today, they are now very friendly communities, meaning they appreciate what government has done. If I come to this community now I can work freely showing that we have restored as government dignity and confident in the people.

59

MONDAY MAY 23, 2016 • T H I S D AY

CRIME&PUNISHMENT

Herdsmen Still Control Four Villages in Agatu, Says Idoma Initiative Indigenes might be forced to defend themselves if nothing is done AdedayoAkinwale in Abuja

After the Agatu carnage that left over 300 people dead, a group, Idoma Initiative, yesterday

revealed that the rampaging Fulani herdsmen are still in control of about four villages in the community, in Benue State.

The group also warned

Police Arrest Fake Cop in Lagos Chiemelie Ezeobi Operatives of the Lagos State Police Command yesterday arrested a 33-year- old man, Nathaniel Benjamin, for allegedly impersonating the police AntiRobbery Squad (ARS).

The suspect, who was fully kitted in the squad’s camouflage face cap, a back pack, black trouser with black boots to match, was arrested at the Alakija area of Ojo by a team of policemen on patrol at the area.

He was said to have been arrested following a tip off from members of the public.

Following his arrest, the suspect who claimed to be from Kogi State but works as a private driver in Lagos, was transferred to the police headquarters at Ikeja for further investigation.

Upon interrogation, the suspect confessed that he impersonated the police in order to escape paying fares to commercial bus drivers, adding that he loves police work but all his efforts to become a policeman had met brick walls.

He said: “I am a private driver at the FESTAC Town area of Lagos. I get N30,000 as monthly salary but this is not enough to cater for my needs.

I decided to dress as a police

officer so that when I board a commercial vehicle, the driver will not collect fare from me.

“I decided to impersonate policemen because my salary is meagre and all efforts to earn more or get a well paying job have been futile. I am desperate to save a few amount from free transportation that is why I decided to impersonate police men.

“I got the uniform from my late brother who was a policeman. I was not using the police uniform to defraud anybody. I did not also use it to escort heavy-duty vehicles. Like I said, I was using it to get free transportation.

“I got the uniform after my elder brother who was a policeman died in a road crash.

My brother had not spent one year in the police Force when he was killed in a road accident last year.

“After his burial, I decided to use his uniform. I have been wearing it to get free ride for three months. I love police work.

I have been applying to the police Force for recruitment for a long time but I was not selected.

“I have also applied for the recent recruitment and I have been praying to God to help me get into the Police Force.

that if nothing is done by the federal government to bring the carnage to a halt that the Idoma people might be forced to defend themselves which he said might lead to the proliferation of arms.

The leader of the Initiative,Mr. Paul Edeh, disclosed this in Abuja at the Agatu Peace Concert organised to advocate peace for the people and also to raise funds towards the rebuilding of Agatu.

According to him: “The reason for the concert is to bring to fore as we have done in the past few months since the Agatu massacre, the pains the people feel, to keep it on the front burner.”

Edeh said: “I can confirm to you that Fulani herdsmen are still occupying some villages that were originally for the Agatu people, particularly on the Nassarawa State axis.”

Also speaking, another leader of the group,Mr. Moses Paul, said Abuja was chosen as the venue of the concert because the people that would make a difference in

Agatu will never go to Agatu, stressing; “even the Inspector General of Police (IG) has never been to Agatu, he only stopped in Makurdi. So, we are doing it in Abuja because the president lives in Abuja, the IG lives here, all the people that matter that can do what they need to do, they all live here, this is where we can raise the money.”

He added: “We are using musicians because music is a very powerful tool, people like Fela Anikulakpo Kuti used music.

Bob Marley sang untill South Africa was free..., and we have our own legend, Bongo Sikwe, he is here too, music is beyond entertainment and can be used to bring change.”

Paul stated: “Up till now, people do not know the extent of the damage and the carnage, and the depth of what took place in Agatu. Over 2,000 houses have been razed, we have video clips and pictures to show, people have been killed, children were cut down like trees, people have fled

their homes, over 10,000 people have no homes to lay their heads, and so this is what we continue to do to raise funds; and do the little that we can and also to put it in focus until government and people rise up to do what they need to do in support of the Agatu people.”

When asked if the federal government had done enough to curtail further attacks from the Fulani herdsmen, he said; “the killings have not even abated yet,they have curtailed it but there are villages in Agatu, almost about for villages that have been taken over completely by Fulani herdsmen, and until the people can go back and farm, until restoration is done, no, government hasn’t done anything.”

He stressed that the Governor of the State visited Agatu almost seven weeks after the carnage.

Paul stressed: “In less than 24 hours when the Enugu carnage happened, which was less than

10 per cent of what happened in Agatu, the governor of the state was there and even the IG, that is what I call responsiveness.”

He was however critical against the grazing reserves being canvassed for by the herdsmen, noting that grazing reserves were adopted in northern Nigeria during the colonial administration because the population of the country was about 50 million then.

Paul emphasised that since nobody was giving money to farmers to own lands because it’s a private business, then individuals can have their own ranches too.

“Musicians are here today to lend their voices and push our agenda until Agatu is restored, restoring Agatu is restoring Benue State, restoring Benue State is restoring Nigeria,” he added.

Among the musicians that graced the concert were 2face, Terry G, Black Faze, Chris Morgan.

Ondo: Abducted Rev Sisters, Driver Regain Freedom James Sowole in Akure Seven days after they were abducted by gunmen on BeninIjebu Ode Road, along with their driver, two Reverend sisters, Perpetual Apo and Roseline Familade, with their driver Zwugwa Zibai, yesterday regained their freedom.

The trio were abducted on May 15, 2016, by gunmen at Kajola village in Odigbo Local Government Area of Ondo State while travelling to Ogun State for a programme.

The Police Public Relations Office for Ondo State Command, Mr. Femi Joseph, who disclosed the release of the three persons said the victims were in good health condition.

The PPRO, who did not disclose the details of how the victims were released, said they were rescued by a team of police in the state and men of the inteligence squad sent from Abuja by the Inspector General of Police, Mr. Solomon Arase.

“All I can say for now is

that the Reverend Sisters and their driver have been rescued by our men and the intelligence squad sent by the IG from Abuja.

“We are still on the trail of the suspects and we will soon arrest them because we are presently combing the area where we rescued the sisters.

They quickly abandoned the victims when they discovered that we were closer to where they hid them,” he said.

Though, the abductors demanded for a for a sum of N20million as ransom, the police spokesman insisted that no ransom was paid before the release of the victims was secured.

Meanwhile, the Catholic Bishop of Ondo Diocese, Bishop Jude Arogundade, has called on the government and other stakeholders in the country to take the issue of security of lives and property of the citizens more seriously.

Arogundade said it is the duty of everyone to make Nigeria a safe place for all to live.

CATCH THEM YOUNG

Wife of Ondo State Governor, Mrs. Olukemi Mimiko (middle), with the children, at a art competition organised for school children by the governor’s wife’s Maternal Pulse Foundation, in Akure... weekend

Kano Police Abort Suicide Attempt, Rescue Woman Abducted by Boko Haram Ibrahim Shuaibu in Kano Operatives from the Kano State Police Command at the weekend in Hotoro quarters Kano rescued a mother of three, identified as Khadeja Ibrahim, who miraculously escaped from the hands of her abductors, as she was kidnapped from Maiduguri, Borno State.

Khadeja was rescued at about 11p.m. from her captors, who drove her to Kano after kidnapping her at a bus stop on her way to the hospital in Maiduguri.

Addressing journalists in Kano yesterday, the state Commissioner of Police, Alhaji Abbati Maigari Dikko, said Khadija’s captors picked her from a bus stop, pretending to be

offering her a lift.

Maigari added that no sooner did she board the vehicle than she was hypnotised, which promptly rendered her unconscious until the vehicle in which they were travelling developed a technical hitch at the outskirts of Kano.

While the vehicle was on transit, the police commissioner said her captors asked her if she was familiar with Kano metropolis but she replied that she had no idea.

Thereafter, according to him, her captors told her that they were taking her to Kano to perform “Aiki Allah (like a Jihad).

Furthermore, the police commissioner disclosed that as soon as Khadeja regained consciousness, she realised that the clothes she

earlier wore had been removed and substituted with something that looked like a locally made bullet proof jacket, adorned with so many chains and nails.

According to him, while efforts were being made to fix the vehicle, which was also carrying two men, Khadija and another woman, and in the process she attempted to remove the jacket because she heard about the Aiki Allah, which aroused her suspicion that she was in the wrong hands (Boko Haram insurgents).

Fortunately, she was able to remove the jacket, jumped out of the car, as one of the captors pursued her, threatening that wherever she escapes to she would be traced, emphasising that they are all over the environment.

But commissioner noted that God in His infinite mercy enabled her to make good her escape, during which she ran into some security operatives, who rescued and took her to Hotoro Police Station, from where she was transferred to the Kano Police Command Headquarters in Hotoro between 11 and 12 Saturday midnight.

Meanwhile, Kano State Governor, Dr Abdullahi Umar Ganduje has cautioned Kano people to be extra-vigilant, particularly market men and women, following information that Boko Haram insurgents might launch an attack in any of the markets in the commercial city of Kano.

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MONDAY MAY 23, 2016 • T H I S D AY

NEWSEXTRA

Buhari Launches Ogoni Clean-up Project amid Three Years of Unpaid Staff Salaries Scion of slain Ogoni leader seeks recognition for ‘Ogoni four’ Ernest Chinwo in Port Harcourt and James Emejo in Abuja President Muhammadu Buhari will on June 2 flag off the Ogoni clean-up project in Ogoni, Rivers State.

The project is a cornerstone of the Buhari administration’s environmental policy.

But indications emerged at the weekend that the clean-up project, might be threatened by the failure of the federal government to pay the staff of Hydro Carbon Pollution Restoration Project (HYPREP), the specialised agency created during the last administration to carry out the exercise.

The Minister of Environment, Hajiya Amina Mohammed, had confirmed the project will last for 25 years.

HYPREP staff have blamed the non-payment of salaries on the previous leadership of the Ministry of Petroleum under Jonathan which, despite so many meetings and promises, failed to deliver.

However, despite a stronger commitment to the project by the present administration, there’s still no clarity regarding the payment of the salaries, a situation which could have negative implications for the commencement and sustainability of the project-and even demoralise staff from putting in their best.

Mohammed had reportedly held a meeting with representatives of HYPREP staff a few weeks ago but a concrete feedback was still being awaited.

Expectedly, non-payment to affected staff has resulted in untold sufferings and inconvenience for HYPREP employees during the three-year period they’ve been denied entitlements.

On May 1, 2013, while on a field visit, three members of staff, Dr. Zaaki Labbo, Dr. Aloy Agunwa & Mr. David), lost their lives to a fatal vehicle accident. The then National coordinator who was the lone survivor of the accident, sustained severe injuries and spent several months in hospital.

THISDAY further learnt that members of staff had lost their homes and had their children kicked out of school, as well as subjected to untold hardship.

A particular member of Staff endured the death of his wife and baby during childbirth because he could not afford the N25,000 hospital bill, it was learnt.

However, the project has now been moved from the Ministry of Petroleum to the Ministry of Environment, a move which had been welcomed by experts who have stated that the project should have been overseen by the Ministry of Environment in the first place.

HYPREP was anchored on a 2012 report by the United Nations Environmental Programme (UNEP) on the clean-up of Ogoni land following decades of environmental degradation.

This report recommended the establishment of an organisation or unit to oversee and facilitate the remediation process.

HYPREP was set up under the Ministry of Petroleum Resources with over 100’members of staff recruited, from within and outside the country.

These included engineers, chemists, lawyers, accountants among others.

The project started on a good footing with a lot of work done in order to prepare for the pilot phase of the remediation. Emergency measures were completed, a budget was prepared, work plans were put in place, and units created for efficiency and division of labour.

In January 2014, the then Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu had approved the sum of N2.5 billion for the outstanding salaries to be paid. However, the previous administration did not implement the approval before it left office.

Again in 2014, some members of the HYPREP staff also went to the 7th Senate and the House Committee on Environment to convey their plight.

Senate President, Senator Bukola

Saraki, who was the Chairman of the Senate Committee on Environment and Ecology at the time, waded in and appealed for these salaries to be paid.

With the advent of the Project being moved to the Ministry of Environment, it is hoped that the competence and technocratic attributes of Hajiya Aisha Mohammed would bring an end to this sordid tale.

Experts believe the remediation of Ogoni land and the restoration of its communities deserve urgent attention without any encumbrances of outstanding salary issues. Though the present government has shown the sincerity of purpose to actualize the recommendations of the UNEP Report, this could only be substantiated by payment of

The Committee for Human Right Development (CDHR) has expressed displeasure over the current hike in the price of petrol, attributing it to the failure of successive governments to build new refineries and put a decisive end to fuel importation to Nigeria.

The group in a statement signed and issued by the President, Malachy Ugwummadu, noted that the turn-around maintenance promised on the refineries has neither happened nor yielded any dividend in spite of the huge amount of money already spent and wasted on the exercise in the past.

He also noted that in 2013, the Jonathan administration borrowed as much as $1.6billion for the turn-around maintenance of the country’s refineries, adding that the entire exercise was marred by shoddy activities clearly lacking in transparency and accountability,

“ultimately, the country was only able to refine about 80,000 barrels of crude oil per day as against the 445,000 bpd projected and promised.”

Ugwummadu in the statement explained that the numerous assurances given by the previous administration in justification of their ‘false promises and anti-people policy’ such as kilometers of road networks across the country, adequately equipped healthcare delivery facilities, improved and functional railway lines and mass transport vehicles have turned out to be all mere deception.

“Nigerians may have forgotten so soon that the pioneer chairman of the Subsidy Implementation Committee, the respectable Mr. Christopher Kolade, resigned his appointment when he realised the insincerity of purpose of the entire programme,” he added.

Ugwummadu further noted that the promise to construct new

on issues surrounding the death of the “Ogoni Four” and violence in Ogoniland.

“On the day they were killed, they were suing for peace, reconcile all parties and adopt peaceful approach, but unfortunately, the process consumed their lives,” he said.

He expressed regret that while the four sacrificed their live while searching for peace, a section of the people still referred to them as “vultures”.

He said there was need to put the records right and encourage the people to embrace peace instead of violence.

“Ogoni needs to come back to the drawing board and ensure peace. We need to adopt peaceful approach. Let this day be

a memorable one for us to embrace peace,” he said.

He said Ogonis should embrace peace saying that the violent approach to issues affecting the area would not help matters.

He said the four prominent Ogonis deserved to be remembered because they contributed to the development of the area.

He said for instance, his father, assisted in the establishment of the state polytechnic (now Kenule Sarowiwa polytechnic) at Bori, creation of new local government areas in Ogoni while the other three elders assisted in developing the area.

He said his the family had set up a body known as “Albert Badey Centre for Development” to address peace locally and internationally.

MY STEWARDSHIP

Plateau State Governor, Simon Lalong, flanked by the Managing Editor, News Agency of Nigeria (NAN), Mr. Chukwudi Ekezie (right); and Managing Editor, Multimedia, Mr. Sani Adamu, during NAN forum with the governor in Abuja...weekend Nan

Right Group Faults Hike in Fuel Price Ugo Aliogo

outstanding entitlements to staff.

The son of Chief Albert Badey, one of the four prominent Ogoni indigenes killed 22 years ago, Mr. Suage Badey, has expressed regret that both the people of the area and government have failed to recognise the role played by the “Ogoni Four” decades after they were brutally murdered while searching for peace.

He recalled that on May 21, 1994, Badey, who was former Secretary to Rivers Government; Chief Edward Kobani, Chief Theophilus Kobani, and Chief Samuel Orage were killed at Giokoo, Gokana Local Government.

The young Badey, former chairman of defunct Action Congress in Rivers State, spoke with journalists in Port Harcourt

modular refineries to fundamentally tackle this crisis also got caught in the web of intrigues which have frustrated every initiative in the downstream sector, “thereby increasing the suspicions of the Nigerian people that these were mere ruse.”

He added: “You will also recall that Minister of State for Petroleum, Dr. Ibe Kachukwu, proudly announced earlier in the year that as much $1billion was already saved by the government by the partial removal of subsidy upon assumption of office. According to him, about the same amount of $1billion was also saved from Nigeria National Petroleum Corporation (NNPC) direct importation of the product, notwithstanding the apparent inefficiencies of the corporation to discharge this huge national assignment resulting in untold hardship to the people and economy.

Enugu APC Asks Ugwuanyi to Open Inquiry into World Bank $50m Water Loan Christopher Isiguzo in Enugu Enugu State chapter of the All Progressives Congress (APC) yesterday asked Governor Ifeanyi Ugwuanyi to convoke a high-powered panel of inquiry to unravel how $50 million World Bank loan allegedly obtained by the administration of Governor Sullivan Chime meant for provision of water in Enugu metropolis and other towns was spent.

The party charged the governor to ensure that all the monies “taken from Enugu Water Scheme” by previous administrations in the state were recovered, insisting that the proposed Town Hall meeting over the lingering water shortage in the state should be shelved.

APC in a statement by the state Publicity Secretary, Mrs. Kate Offor, said the panel of inquiry would achieve greater results than

the town hall meeting.

“Ugwuanyi should as a matter of urgency convoke a high-powered panel of inquiry to unravel those who allegedly siphoned the monies voted to provide water to Enugu metropolis and other towns, and go ahead to recover the looted water funds.

Town Hall Meeting is only a talk shop,” the Enugu APC spokesperson said.

Offor recalled that there were two or three tranches of funds voted to provide sufficient water in the state in the last two decades including the money voted by Petroleum Trust Fund (PTF) during Muhammadu Buhari reign and the $50 million World Bank loan obtained by the immediate past administration of Governor Sullivan Chime.

“To start with, in the late 90s, the

PTF then chaired by Buhari, after intensive study, designed a water scheme for Enugu metropolis taking a cue from the 1904 in Oji River where the British drilled magnificent borehole which is still functional today. The water flow line designed from Oji River to Enugu is about 25kilometres.

PTF finished a successful test borehole, set aside money and nominated a German company for the project shortly after General Sani Abacha’s demise and the return to democracy in 1999, the Peoples Democracy Party (PDP) took over.

“We want the panel of inquiry to tell the world how the money PTF voted for Enugu water project was spent and who derailed the plan?

As the study showed that Enugu metropolis will have more water than it requires while storage will be the major headache,” Offor said.

T H I S D AY MONDAY MAY 23, 2016

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62

T H I S D AY •MONDAY MAY 23 2016

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

FIFA President Congratulates Yobo Duro Ikhazuagbe With barely four days to the grand ceremony to formally pull out former Super Eagles captain Joseph Yobo from football in Port Harcourt, President of FIFA, Gianni Infantino, has sent in a congratulatory message to the Ogoni-born ex international.

The much-talked about testimonial tagged the Joseph Yobo Centenary Game slated for Friday in the Garden City and bankrolled by the Rivers State Government, is to attract several top current and former players from the English

Premiership.

In a letter personally signed

by Infantino and addressed to the Nigeria Football Federation (NFF) President, Amaju Melvin Pinnick, the FIFA chief wrote: “Many thanks for your letter dated 17 May 2016 and informing us of the testimonial match in honour of former international player and Nigeria Captain Joseph Yobo.

“On this occasion, allow me to congratulate and send my best wishes to JosephYobo for his future activities.”

The Joseph Yobo’s testimonial

game, slated for the Adokiye Amiesimaka Stadium will feature a Team Joseph Yobo (comprising of Super Eagles’ players of Yobo’s generation) and a Rest of The World squad.

Already, the NFF has released Super Eagles skipper John Mikel Obi and his assistant, Ahmed Musa, to honour Yobo in Friday’s testimonial game, leaving them out of the international friendly with Mali in France on the same

day.

Meanwhile, FIFA will next month announce the top five seeds for the African zone of the 2018 World Cup qualifying tournament with Nigeria most likely to miss out.

FIFA will announce the top seeds between June 8 and 10 ahead of the main draw on June 24 in Cairo, Egypt.

The qualifiers to be played on a league basis of 20 teams

divided into five groups will begin in October with the winners of the five groups qualifying for Russia 2018.

Experts are currently speculating that the current FIFA rankings will be one of the yardsticks to be used and this will most certainly work against Nigeria, who is now a disappointing 14th ranked team in Africa and is not likely to achieve any remarkable jump by the June rankings.

Africa’s top five ranked teams by this month are Algeria, Cote d’Ivoire, Ghana, Senegal and Egypt in that order.

Previous World Cup records will also be taken into consideration and this could well help Nigeria’s cause after Super Eagles reached the Round of 16 in Brazil two years ago.

With the seedings, Africa’s top teams will avoid themselves on the road to the next World Cup in Russia.

I A A F D I A M O N D L E AG U E

Okagbare Picks Silver in Rabat As Olowora sets new national record in 5000m Reigning Commonwealth Games double sprint champion Blessing OkagbareIghoteguonor yesterday at the Prince Moulay Abdellah Stadium in Rabat, Morocco overcame a slow start to place second in the 100m event at the first ever IAAF Diamond League meeting on African soil.

The Nigerian ran a personal season’s best of 11.11 seconds into a -1.3 meters per second (mps) headwind to come second behind Jamaica’s new sprint sensation Elaine Thompson who ran 11.02 seconds, also a personal season’s best.

Okagbare’s time is the third fastest by an African woman in the event so far this year after the Ivorian duo of Murielle Ahoure and reigning All Africa Games fastest woman MarieJosee Ta Lou who ran 11.02

seconds and 11.05 seconds respectively at the opening leg of the money-spinning IAAF Diamond League meeting in Doha, Qatar on May 6 this year.

Meanwhile, a former Lagos State long distance running sensation, Aminat Olowora, has set a new national record in the women’s 5000m event.

Olowoora, now in the USA ran 15:49.75 seconds at the Hoka One Distance Classic at Eagle Rock in Los Angeles, USA. The time is the first sub-16 minutes run by any Nigerian woman ever.

She has also become the second Nigerian woman to break a national record this year after Chinwe Okoro who threw a distance of 61.58m at the Ohio Cherry Blossom Invitational in Athens, USA to rewrite the Nigerian discuss record.

Lottery Proceeds will Boosts Sports in Nigeria, Says Gumel Olawale Ajimotokan in Abuja The Executive Secretary National Lottery Fund (NLTF), Habu Gumel, has said that the proceeds realised by the agency are being put into use to benefit Nigerians, particularly in the area of sports.

Gumel made this declaration at the unveiling of sport equipment donated to 2,000 Nigerian primary schools in Abuja last Friday.

The gathering had the Vice President, Yemi Osinbajo, who was represented by Labour Minister, Chris Ngige; Secretary to Federal Government, David Babachir Lawal and Sports Minister, Solomon Dalung.

Gumel, who doubles as the President of the Nigeria Olympic Committee (NOC) , said the presentation illustrated how the cause charted by the lottery is being promoted through innovative use of funds.

He said the approach was to reinforce the NLTF vision of promoting social inclusion among all Nigerians in a balanced, transparent and cost-effective manner.

“The event celebrates our national lottery beneficiaries to whom these sports equipment will be distributed, and this illustrates how good causes is served having put our comprehensive monitoring and evaluation system to help

National Lottery Trust Fund (NLTF) track the progress of its intervention programmes, and in particular, the utilization of these equipment. This is to ensure that project outcomes are delivered and the benefits continue to accrue to Nigerians,“ Gumel said.

Some of the beneficiaries included primary schools established for physically challenged students in six geopolitical zones in the country.

Gumel said the equipment would enhance the country’s capacity to expand its talent-base by securing the interest and involvement of children from the primary school age in sports.

“We have put in place a robust and comprehensive monitoring and evaluation system to help National Lottery Trust Fund (NLTF) track the progress of its intervention programmes, and in particular, the utilization of these sports equipment. This is to ensure that our projects outcomes are delivered and the benefits continue to accrue to Nigerians”, Gumel added.

The equipment valued at half a billion naira would enhance the grassroots promotion of nine sports including football, track and field, table tennis, volleyball, basketball, judo, taekwondo, handball and basketball.

COPA DEL REY CHAMPIONS

Barcelona’ Jordi Alba and Neymar Jnr scored twice respectively in extra time last night to defeat Sevilla 2-0 in a red cardmarred Copa del Rey final in Madrid, Spain. It was Barca’s second trophy of the season after winning the La Liga last week.

Insurance FC Wins South-south Champion of Champions Tourney For the first time in a very long while, Bendel Insurance FC of Benin City returned to winning ways at the weekend, emerging winners of the inaugural South-south Champion of Champions Football Tournament.

Insurance defeated Akwa Starlets of Uyo by a lone goal at the Samuel Ogbemudia Stadium in Benin to become champion of the eight-team tournament initiated by the Edo State Football Association and sponsored

by FROT Group to help all the sides representing the zone in the national Federation Cup. At the final game of the tourney watched by a host of football enthusiasts, including retired international footballers, saw the 1978 national Challenge Cup

champions producing a moment of magic in the 72nd minute to beat the hard-fighting Starlets from Akwa Ibom State.

The Roland Ewere tutored Insurance brilliantly executed a free-kick from outside the box.

Rather than shoot directly from the distance, Meyiwa rolled the ball for on-rushing William to cross for Peter Iyamu, who finished delightfully to crown his team champions of the competition.

Earlier, the Edo All Stars defeated a team of former internationals by a lone goal to win a novelty match, which preceded the final game.

The novelty match featured such known retired players as Austin Eguavoen, Kingsley Obiekwu,

Joe Okoh, Ambrose Vanzekin, Tony Emoedofu, Edema Fuludu, Emmanuel Okonebho, Karimu Shuaibu, Prince Afejuku, Wilson Oboh and Ndubuisi Okosieme, among others.

The eight teams that featured in the tourney include;, Inneh Stars, Dynamite FC, Insurance (Edo); J. Atete, Delta Force (Delta);Yenagoa Academy (Bayelsa), Akwa Starlets and Go Round FC (Rivers).

For winning the competition, Insurance went home with a N1 million prize, while Akwa Starlets received N500,000, just as all the teams got N100, 000 appearance fees.

Players and officials of both finalists got medals, while Akwa Starlets’Wisdom Fenado won the

Golden Boot donated by junior international, Isaac Success, for the best player of the competition.

Speaking after the competition, FROT Group President, Frank Momoh, commended the teams for living up to expectations, while promising to continue sponsoring the event.

In attendance at the competition were Nigeria Football Federation President, Amaju Pinnick, NFF Technical Committee Chairman, Chris Green, former Bendel Insurance Coach, Alabi Aissien, former national team defender, Sam Ikedia, Granada FC striker, Isaac Success and some members of the Edo State government, among others.

ARM Pension Wins 7th UBA Pensions Tourney ARM Pension has emerged champions of the 7th edition of UBA Pensions five-a-side tournament decided at the Fun Turf Centre, Lekki, Lagos at the weekend.

In an explosive final match, ARM Pension defeated their opponent, Legacy Pension by a lone goal scored by Bolaji Adeleke.

The five-a-side tournament, which is an annual sporting event organised by UBA Pension Custodians Limited witnessed the participation of nine Pension Fund Administrators namely: PAL Pensions (PAL), Leadway Pensure PFA Limited (LPPFA),AIICO

Pensions Manager Limited (APML), IEI-Anchor Pensions (IEI-Anchor), Stanbic IBTC Pensions Managers Limited (SIPML), ARM Pension (ARMP), Legacy Pension (LEGACY) and CrusaderSterling Pension (CPL) and the host, UBA Pensions.

Saturday’s victory was the 4th time ARM Pension would go home with the coveted trophy since the inaugural tournament in 2007.

In the third place match, Leadway Pensure PFA defeated PAL Pensions by 2-0 to clinch the bronze medal.

Meanwhile, in the other games

competed at the turf, the relay team of PAL Pensions won the Sack race, while the Chess and Scrabble games were won by Oladunjoye Niyi of Stanbic IBTC Pension and Aiyedun Adedoyin of Leadway Pensure respectively.

The women were not left out as they participated solely in the Table Tennis and Egg and Spoon games with Aminu Aisha of UBA Pensions and Akanbi Nike of Legacy Pension emerging winners respectively.

A total of 20 medals were distributed with Adeleke Bolaji and Olaniyan Muis of ARM Pension

receiving the Most Valuable Player and Best Goal Keeper awards.

Okey Davies of Legacy Pension was awarded the Highest Goal Scorer while Leadway Pensure received the Fair Play award of the tournament.

Commenting on the tournament, Mr. Mba Simon, Chief Finance Officer, who represented the Managing Director, Bayo Yusuf of UBA Pensions expressed satisfaction with the outcome and the turnout of participating PFAs which witnessed an increase in the number of participants when compared with previous editions.

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T H I S D AY • MONDAY MAY 23, 2016

MONDAYSPORTS

R O L A N D G A R R O S D AY T W O

Serena, Aga and Angie Battle for Number One Spot Serena Williams might hold a colossal lead in the WTA rankings, but if results unfold in a certain way, she may not sit atop the perch for much longer.

Such has been the domination of Serena Williams in recent times that the 34-year-old will have held the world No. 1 ranking for a staggering 172 consecutive weeks when the second week gets underway at Roland-Garros.

But the second-longest streak in WTA history could come to an end here with Agnieszka Radwanska and Angelique Kerber both in with a chance of overtaking the American if they were to embark on a deep run.

If reigning champion Williams loses before the final, it could leave the door open for second seed Radwanska, who is

defending just 10 first-round points. A Williams loss before the semi-finals also gives Kerber – defending 130 third-round points – a chance, with there being three potential scenarios in which there can be a change at the top of the rankings.

If Radwanska were to win the title and Williams was knocked out in the semi-finals or earlier, the 27-year-old Pole would become world No. 1 for the first time in her career. An appearance in the final may also be good enough for her if Williams lost before the third round and Kerber did not win the title.

Radwanska arrives here at Roland Garros, though, with just two wins on the clay this year, both coming in Stuttgart when she reached the semi-finals. Her

Total Prize Money

Men’s Events 14 880 000 Men’s Singles 12 032 000 Men’s Doubles 2 176 000 Men’s Qualies 672 000 Women’s Events Women’s Singles 12 032 000 Women’s Doubles 2 176 000 Women’s Qualies 504 000 Mixed Doubles Events 431 000 Trophee des Legendes Events 477 500 Women’s Doubles 153 500 Men’s Doubles - Over 45’s 162 000 Men’s Doubles - Under 45’s 162 000 Wheelchair Events 217 000 Men’s & Women’s Singles 175 000 Men’s & Women’s Doubles 42 000

appearance in Madrid lasted just one match as she lost to Dominika Cibulkova in three sets and she did not compete in Rome.

It would take some effort to better her best performance here of a quarter-final in 2013.

Radwanska opens against Serbian Bojana Jovanovski and could face home hope Caroline Garcia in the second round.

Other potential opponents include Barbora Strycova in the third round, 2012 Roland Garros runner-up Sara Errani in the last 16 and 2014 runner-up Simona Halep in the last eight.

Kerber claimed one of the great upsets in January when she beat Williams to win her maiden Grand Slam title at the Australian Open. Another championship victory here and a loss for Williams before the semi-finals would see the 28-year-old German reach the top spot.

Kerber comes here with a clay title under her belt this year after winning Stuttgart last month, although consecutive defeats to Strycova in Madrid and Eugenie Bouchard in Rome followed.

Like Radwanska, Kerber’s best run here was a quarterfinal appearance in 2012. This year she plays the Netherlands’ Kiki Bertens in the first-round and could face a potentially tricky encounter with Italian Camila Giorgi in the second round. Russian rising star Daria Kasatkina and Rome finalist Madison Keys are other potential obstacles before even

reaching the last eight.

If Williams does retain her No. 1 spot come the end of

Scenarios

*Radwanska becomes No. 1 if she wins the title and Williams loses before the final * Radwanska becomes No. 1 if she reaches the final, Williams loses before the third-round and Kerber does not win the title * Kerber becomes No. 1 if she wins the title and Serena loses before the semi-final

this fortnight, the 34-year-old will move another week closer to beating the record of the great Steffi Graf, who spent 186 consecutive weeks at No. 1 from August 1987 to March

R1 Williams

R2

R3

7040

7100 7160

Radwanska 5850

5910 5970

Kerber

5680 5740

5620

1991. It would arguably be one of the greatest achievements in the history of the sport.

Player ranking points totals (Depending on round reached at Roland-Garros)

R4

QF

SF

7270 7460 7810 6080 6270

F

W

8330 9030

6620 7140 7840

5850 6040 6390 6910 7610

Serena Williams

NPFL…NPFL…NPFL…

Wikki Piles Pressure on Flying Antelopes Wikki Tourists yesterday moved into second place on the Nigerian Professional Football League (NPFL) table after a 3-0 spanking of bottom team Ikorodu United in Bauchi.

Wikki now have 31 points, same as Rivers United, but enjoy a superior goals difference.

The Bauchi club is just a point behind leaders Rangers, pending the final determination of the expulsion of Giwa FC

from the league.

The leading scorer in the league Godwin Obaje did not score for Wikki yesterday, but Saidu Abdullahi got a brace with Hamza Tiya also on target for the home team.

There were also home wins for Warri Wolves and Lobi Stars.

Wolves beat El Kanemi 3-1, while 10-man Lobi pipped Rivers United 1-0.

Lobi defender Solomon Kwambe was sent off after his second booking and Rivers United

had the chance to draw level at the stroke of full time but Chinonso Okonkwo blasted wide his penalty.

Meanwhile, Rivers United coach, Stanley Eguma, has warned that it is too early in the campaign to start talking of his club winning the Nigeria league crown.

Rivers United failed to go top of the table after the loss to Lobi as the league reaches the halfway mark.

However, experienced coach Eguma insisted the journey to

the championship is still a long way off.

“Talking about us winning the title at this stage of the season is an insult to all the other teams in the league,” he maintained.

“It is still too early to start talking about such things because we have not even got to the half way stage of the season.

“There are still so many games to be played, but our objectives are clear to us.

“We will continue working

hard and taking things one game at a time.”

Eguma is still without first choice defenders, Yaovi Douhadji and Chigozie Ihunda, while Ghanaian marksman Godbless Asamoah, who suffered a hamstring strain in midweek, did not travel to Makurdi.

Ivorian star Guy Kuemian however made a welcome return to first-team action when he played for the first time since April 10 in Wednesday’s 1-0 win over Akwa United in Port

Harcourt.

Eguma also said his side was the underdogs in yesterday’s match in Makurdi.

Rivers United has won four of their last six games.

MATCH DAY 19 Plateau Utd 0-0 Pillars Lobi 1-0 Rivers Utd Wikki 3-0 Ikorodu Akwa Utd 2-0 3SC Wolves 3-1 El Kanemi Abia War’ 1-2 Sunshine

LVG Says ‘It’s Over’ at Old Trafford Amid Mourinho Speculations

Obaje (left) with teammate-

Manchester United manager Louis van Gaal left the squad’s hotel yesterday insisting“it’s over” amid reports he was about to be replaced by Jose Mourinho.

Dutch boss van Gaal was greeted by waiting Red Devils fans following United’s FA Cup final win over Crystal Palace at Wembley on Saturday.

When asked by a Sky Sports reporter if he had time to talk, Van Gaal replied: “It’s over.”

Whether that meant he had been sacked by United was not immediately clear.

But the 64-year-old former Netherlands manager’s brief remark will fuel speculation he

is on his way out of Old Trafford.

No sooner had United lifted the FA Cup then reports in the British media emerged that former Chelsea boss Mourinho would be replacing one-time mentor van Gaal.

For all that they ended this season with a trophy, United didn’t make a sustained challenge for the Premier League title and failed to qualify for the Champions League.

United fans were also unhappy with the brand of football their team played underVan Gaal, which many felt ran counter to the club’s traditional attacking style.

Mourinho saw his second spell as Chelsea manager end with the

sack in December after last season’s champions made a miserable start to the defence of their Premier League title.

The Portuguese manager may have won trophies in several European leagues but has never stayed at one club longer than three years and three months he racked up in his first spell with Chelsea.

But former United defender Phil Neville said even if Mourinho was only at Old Trafford for a brief time, he would bring trophies to the club.

“I can’t see him staying too long at Man United, maybe two or three years, that seems to be

his shelf life at a football club,” Neville told BBC Radio yesterday.

“When Jose finishes at a club it tends to be a pattern where he falls out with a few players, he gets disgruntled and the team dips.

“It happened at Chelsea, it certainly happened at Real Madrid where there were rumours he fell out with a few players.

“It’s a pattern with Jose, he comes into a club, he gets success but he doesn’t stay for too long.”

United has now failed to finish higher than fourth in the Premier League in any of the three seasons since legendary manager Alex Ferguson retired.

Monday May 23, 2016

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UT H

& RE A S O

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Price: N250

MISSILE CEO, Eczellon Capital Limited to FG “The dismal GDP and job reports coupled with the current high inflation levels (13.7 per cent) clearly show that the government’s economic policies are not effective and require urgent review to avoid further plunge in economic activities” –CEO, Eczellon Capital Limited, Diekola Onaolapo criticising the economy’s performance under the present regime.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

When And How to Spend the Money You Do Not Have

I

n my last two interventions, I had argued that it makes no sense to build up a massive war chest of savings either in foreign reserves or sovereign wealth fund or even in savings accounts in the face of massive infrastructure deficit and a failing economy. Today, we are going to be looking at what to do when faced with the kind of recession or economic crisis we have now, where oil prices have gone down by over 60%, exchange rates have spiked to an all-time high of almost N350/$ in the parallel market from around N170/$ previously, unemployment is nearing 30% and inflation is skyrocketing to around 14%. There are basically two schools of economic thought that could guide as to what to do. One is the classical school and the other is Keynesian school.

The classical (including the neo classical) school of thought was led by the father of economics himself, Adam Smith (1723-1790).

Their argument can simply be summarized thus: In time of crisis, there is an invisible hand, a sort of inbuilt self-regulating mechanism that would stabilize the economy to bring everything to an equilibrium level. To demonstrate this, if demand goes up, prices are bound to go up in the short run. Because prices are up, producers are going to produce more which will in turn bring prices down as the rising demand is met. All these economic activities are regulated by the market because people who are assumed to be rational, will always act in their best interest. The proponents of this view, therefore, advised government not to intervene as doing so is bound to distort the economy.

One of the writers emphatically states that “it is not out of the magnanimity of the baker that we have our bread, nor the generosity of the butcher that we have our meat, but out of their self-interest”. It therefore, follows that altruism is not a virtue and selfishness is not necessarily a vice in the world of classical economists.

On the other hand, John Maynard Keynes (1883-1946) and his followers disagree.

They argue that the idea of a self-regulating mechanism in the economy is a farce. They advocate government intervention to guide the economy towards achieving desired results. In times of crises, this school calls for increased government expenditure and lower taxes to stimulate aggregate demand and pull the economy out of depression.

The “demand side” economists as they are often called, believe that supply responds to demand. Supply therefore can only happen when there is demand, so stimulating demand is the most important action of government to help an economy recover. If demand is weak, production will go down leading to increase in unemployment which will lead to further recession as demand will become even weaker. However, if demand is encouraged, more goods will be required and producers will hire more hands to increase capacity, pay them and they will reinforce supply by increasing demand further leading to more revenue for the economy and therefore recovery.

The World Bank and IMF seem to pitch their tents with the classical economic school and most times recommend cuts in spending and belt tightening to countries going through economic crises. In most cases, such countries have gone into deeper recession after taking the recommended pills. One example is in

order here. In 1997, during the Asian financial crisis, IMF imposed a policy of closure of 16 banks at the same time on Indonesia, to cut down expenditure on jobs. This had a very disastrous effect of a heavy bank run in the economy and a reinforcement of the recession.

The rest like they say, is history.

In his piece “Lessons Buhari can learn from Obama about managing a tough economy” published in July 20, 2015 under “Conversation” by the CNN, Stephen Onyeiwu, Professor of Economics, Allegheny College, Pennsylvania who, by the way, was also my teacher during my undergraduate days over three decades ago, drew some parallel between what Obama met in 2008 when he became the 44th US President and what Buhari inherited last May. Obama was greeted by an economy in turmoil. Unemployment was over 10% and the economy was losing 800,000 jobs per month.

Debt to GDP was about 72% with absolute debt stock in excess of US$10 trillion. In addition to all these, US was in major wars in Iraq and Afghanistan.

Obama was faced with two choices. His first choice was to adopt belt tightening measures that would have led to cut in spending and contractionary fiscal and monetary policies. The other option was to engage in expansionary policies, also known as economic stimulus. He chose the latter. Instead of austerity measures, he decided to spend even what he did not have, launching an economic stimulus package of about US$1trillion. Today, the US economy has recovered. Unemployment has dropped to about 5% and the deficit is less than half of what it was when Obama first took office. A few countries in Europe and elsewhere who chose to tighten belts are still going through one economic crises after another. Prof. Onyeiwu concludes by advising that “Buhari would do well to borrow Obama’s economic magic wand.

If he does, he will be surprised to learn that Obama turned the US economy around not through austerity measures, but by spending more” There is no doubt that Buhari has listened to the advice of people like Prof. Onyeiwu, and it explains why the budget that was just passed had some economic stimulus package of about N2.2trillion in it. The stimulus package may not be enough, but we must start from somewhere.

The next issue is how to fund the stimulus.

The minister of Budget and Planning, Senator Udoma Udo Udoma had indicated during the highlights of the budget that N1.84trillion of the deficit will be borrowed, with N984billion coming from domestic sources and N900billion from the international market. The minister further justified external funding arguing that it would ensure against “crowding out” of the private sector and that there are chances of getting concessions from foreign lenders. While all these are superior arguments, I think the domestic market would have been in a position to absorb the entire borrowing. Besides, the exchange rate risk inherent in foreign borrowing cannot be overlooked in an economy that is experiencing and will continue to experience a declining exchange rate regime in the near future. Depending on where the rates would be by the time the loans are due for repayment, we may require over N1.8trillion to pay back the N900billion we borrowed. The next job for Planning is to determine the amount of stimulus that is required over the next couple

of years for the recovery of the economy.

Having understood when to spend the money we do not have, the next set of questions would be how to spend it, on what and with whom. For stimulus to have a direct effect on economic recovery, it must be channeled to areas of the economy that would engender consumption. This becomes critical as consumption would lead to increased production which will in turn lead to demand for labour or job creation. The more jobs are created, the more empowered the hitherto unemployed will be which would now bring them into the “consumption basket” which will in turn lead to more demand for goods and services and more supply and employment and the circle continues ad infinitum. In essence, our spending should be targeted at instantaneous job creation activities and projects. We must focus on programs that deliver cash to Nigerian families and citizens and these would include infrastructure, education, healthcare, energy, tax incentives, unemployment benefits and projects of social welfare nature.

Most of the spending should end up with the middle class and not the upper class. This is where there is a big challenge. What really does middle class mean in Nigeria? To run away from the definition challenge, we will recommend that the spending should not target the upper class. So, anyone who does not belong to the upper class is qualified. The reason for not spending on the upper class

is that their marginal propensity to save is higher than the rest of the society. So any of the funds that find their way into the hands of the rich may end up as savings and would not be available to stimulate the economy.

While we are on this, it is important that stimulus package should not be used to increase cost of governance. A line of distinction needs be drawn between raving up cost of governance and stimulating consumption. Increasing cost of governance does not increase consumption, but ends up being a leakage in the economy and an avoidable waste. Finally, investments should, on no account, go down because productive capacity is dependent on continued investment.

Government must deliberately encourage investments in labour intensive manufacturing, agro processing, textile processing, solid minerals and other areas where jobs can be created.

Government should also be prepared to work out incentives including some form of subsidies to enable these activities happen. In addition, tax reliefs should be given to lower income groups and to producers and hiring companies to encourage them to engage more workers. At the same time, stiff tariffs should be imposed on imports to increase consumption of locally made goods and avoid exporting the jobs that have been created locally outside the country.

NOTE: The rest of this article continues in the online edition of THISDAY: www. thisdaylive.com

ASSESSMENT ON THE TOSS OF A COIN THIS IS A VERY INTERESTING ASSESSMENT OF BUHARI’S ONE YEAR IN OFFICE….!

INTERESTINGLY, OPPOSITION MEMBERS WE SPOKE TO RESERVED JUDGEMENT ON HIS PERFORMANCE!

EDITOR-IN-CHIEF

OH, SO WHAT YOU HAVE HERE IS ESSENTIALLY FROM HIS SUPPORTERS!

YES! THEY SPOKE FREELY AND FRANKLY! WE RECEIVED A DELUGE OF POSITIVE AND NEGATIVE COMMENTS IN EQUAL MEASURE, FROM WHICH WE WROTE THIS EDITORIAL!

EDITOR-IN-CHIEF

WHAT I WANT TO KNOW IS HOW YOUR TEAM FINALLY ARRIVED AT THIS CONCLUSION THAT YOU WANT THIS PAPER TO ENDORSE!

OH, THAT WAS EASY! WE TOSSED A COIN!

EDITOR-IN-CHIEF

23-05-16

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