Monday 11th July 2016

Bank Returns Reveal Increased Forex Allocation to Manufacturers CBN strengthens trading rules

Obinna Chima Trading by banks on behalf of their clients on the Nigerian Interbank Foreign Exchange (NIFEX) has shown increased foreign exchange (forex) allocation to the importation of raw materials

and industrial machines by manufacturers.

A review of the returns on forex utilisation and source of funds for the week ended July 1, 2016, which was published

by some commercial banks last week, revealed an increase in the volume of forex allocations to the sector.

For instance, Zenith Bank Plc’s returns on forex

utilisation which put the volume of its transactions at $115,066,665.95 showed that it transacted business with a total of 434 customers.

Most of them were

corporate customers who bought the greenback from the bank for the importation of industrial raw materials and spare parts, among others.

Portugal Crowned Euro2016 Champions… Page 71

Also, Diamond Bank Plc sold the $42,158,753 it purchased from the NIFEX to 184 of its customers, mainly for the importation of pharmaceutical raw materials, raw materials for construction, Continued on page 64

Monday 11 July, 2016 Vol 21. No 7746. Price: N250

www.thisdaylive.com TR

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Dogara Justifies Immunity for N’Assembly Principal Officers

Says it will shield legislature from emasculation by executive Reveals FG has dug up N1.5bn stolen loot buried in Abuja farm House has halted deliberation on grazing bills, ministers are answerable to lawmakers, speaker insists Alike Ejiofor The Speaker of the House of Representatives, Hon. Yakubu Dogara, has justified the attempt by the National Assembly to pass legislation extending the immunity shielding the president and state governors from criminal prosecution to the principal officers of the legislature, stating

that though there was an outcry, especially on the social media against the move, those against the legislation had effectively conferred legitimacy to the ongoing trial by the federal government of Senate President Bukola Saraki and his deputy, Ike Ekweremadu, for alleged forgery of the Senate rules.

Continued on page 8

Nigeria’s Unity Only Sustainable by Consent of all Ethnic Nationalities, Afenifere, IPOB insist Gboyega Akinsanmi in Lagos andEmmanuel Ugwu inUmuahia The Afenifere Renewal Group (ARG) and Indigenous People of Biafra (IPOB) yesterday rejected President Muhammadu

Buhari’s position that Nigeria’s unity was not negotiable, saying Nigeria could only remain united if all ethnic nationalities agreed to live together.

Continued on page 64

JAMB: 2016 Admission Will Not be Based on Point System… Page 65

ANOTHER AWARD FOR ACCESS BANK'S MANTELPIECE

L-R: Group Treasurer, Access Bank Plc, Mr. Dapo Olagunju, Group Managing Director/CEO, Access Bank, Mr. Herbert Wigwe; Editor, Euromoney, Mr. Clive Harwood; and Executive Director, Commercial Banking, Access Bank, Mr. Roosevelt Ogbonna, during the Euromoney 2016 Awards for Excellence dinner which held recently at the Tower of London, London, United Kingdom where Access Bank won ‘Africa’s Best Bank Transformation’ award

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Yunusa, Ese Oruru’s Alleged Abductor, Finally Leaves Prison, Taken to Kano Emmanuel Addeh in Yenagoa Yunusa Dahiru, the young man accused of abducting and impregnating 14-yearold Ese Oruru, a Delta State indigene based in Yenagoa, Bayelsa State, when she was 13 years old, finally left prison custody at the weekend after spending over four months in Okaka Prisons in the state capital.

A reliable source told THISDAY that Dahiru was immediately taken to Kano, his home state, in the company of his defence lawyers who usually flew into the state during trial on the abduction.

It was learnt that contrary to insinuation that no Bayelsa indigene would be willing to stand surety for the accused because of the ethnic and religious sentiments the

case seemed to have elicited, the person who eventually fulfilled the court condition was from the state.

Dahiru’s team of lawyers had battled since March this year to free their client from prison, but without success, following the stringent bail conditions given by Justice Ajiya Nganjiwa of the Federal High Court in Yenagoa.

Justice Nganjiwa had set a N3 million bail bond and two sureties in like sum, resident within the jurisdiction of the court as conditions for Dahiru’s release.

He had also ordered that one of the sureties must be a traditional title holder, while the second person must be a civil servant on Grade Level 12 or above.

The bail conditions also stipulated that the two sureties must submit their

three-year tax clearance receipts and that the defence counsel must sign an undertaking that the accused would not jump bail.

However, the judge later relaxed the conditions after he was approached by Dahiru’s lawyers that they could not meet some of the requirements.

The court reduced the bail conditions to a Level Nine civil servant and further granted the prayer of the defendant to also allow any traditional ruler from any community in the country to stand as surety.

Many of the court sessions to hear the case were recently conducted in camera, after the judge granted the prosecution team’s prayer that Miss Oruru should be cross-examined away from the glare of journalists and

members of the public.

But a source, when asked how Miss Oruru had reacted to seeing Dahiru in the chamber during the private sessions, revealed that “she was very antagonistic”.

Dahiru is currently facing a five-count charge of abducting, inducing by the use of deception and coercion, illicit intercourse, sexual exploitation and unlawful carnal knowledge of a minor.

Lawyer to the accused, Mr. Kayode Olaosebikan, confirmed the release of his client, stating: “His people have taken him away.”

He added that the crossexamination of the young woman would continue at the next adjourned date.

Miss Oruru recently gave birth to a baby girl and is still in the protective custody of the Bayelsa State Police

Yunusa Command, which has taken responsibility for her upkeep in collaboration with the state government.

Her cross-examination

by Dahiru’s lawyers is expected to continue on September 13.

Nigerian Victim of S’Africa Xenophobia Seeks Compensation Mr. Chika Emehelu, a 36-year-

old Nigerian businessman in South Africa, yesterday appealed to the federal government to persuade the South African government to pay him compensation for the losses he incurred during the wave of xenophobic attacks in the country in 2013.

Emehelu, a native of Udi in

Enugu State, told the News Agency of Nigeria (NAN) in Johannesburg that he lost more than R800,000 (N12 million) in the May 2013 xenophobic attacks in that country.

The businessman, who is married to a South African and has three children, said his three shops at Portnolloth, a community in Northern Cape

Province of South Africa, were looted during the attack.

Emehelu also said local authorities in the province came and took an inventory of the items stolen and destroyed, promising to pay him compensation.

He however said nothing had been done since then, adding that his family

members were going through hard times.

Emehelu also said he had submitted all relevant documents to the South African authorities after the incident, adding that he was running a duly registered business outfit.

He also said officers from the Nigerian Mission in South

Africa had visited his shops to take inventory.

Emehelu appealed to the federal government to remind the South African government to pay compensation to Nigerians who suffered losses during the xenophobic attacks.

“As I speak, I lost everything to the mob attack and I need government’s

assistance to revive my business,” he said.

Mr. Ikechukwu Anyene, President of Nigeria Union in South Africa, said the body had compiled a list of Nigerians affected in the attacks and submitted it to the federal government through Nigeria’s consul general in the country.

The speaker also pointed out that many people believe that the country does not need a bicameral legislature but argued that those who fashioned democracy and governance had reasons for creating these institutions.

“A lot of people ask why do we have the Senate and the House of Representatives, why can’t we even have one house?

But like they say, if you think that education is expensive, why don’t you try ignorance? These are reasons behind the creation of all these institutions.

“Social scientists sat, they looked at the act of governance and said, look, this is the best way to guarantee liberty. Their first task was that a free person can engage in virtually everything – in wealth generation, he can use his freedom to advance democracy – and they were careful not to compromise individual liberties and they crafted this system of government to make sure that leaders remain true to their oaths of office.

“However, when there is compromise or an attempt to strangulate these departments of governments, you will find out that the government does not function,” he argued.

Dogara debunked the view that the anti-corruption war was one sided, acknowledging however that the process of fighting corruption had raised eyebrows among the populace.

“If the goal is just to arrest people, charge them to court and thereafter nothing happens

and no one is convicted then the purpose will be defeated, because with a conviction, even if you are not jailed, that has a way of deterring people.

“The fact that you are carrying that negative appellation as a former convict has the potential to deter people from corruption in the future. But if I am just arrested, charged to court and maybe some money recovered from me and at the end of the day nothing happens, a lot of people may not be deterred in the future from engaging in corrupt practices,” he explained.

He also decried what he called the massive looting of the treasury, stating that he could never have imagined the scale of corruption that took place in the last administration, where people took money running into billions and buried them in farms.

“As we are speaking now, they are recovering monies from someone’s farm somewhere around Abuja. It is very unfortunate where people stole money just for the sake of stealing.

“If you were the one who was in charge of fighting corruption, you would have even been shocked by the scale of the problem,” Dogara added.

Speaking further on the alleged selective war against corruption, Dogara said the fight would naturally be focused on those who served in government.

“You will recall that the PDP had been in power for a number of years – for more than a decade – and if you were to weigh

members of the opposition that are in government now and had the opportunity to serve, those that would have tendencies to engage in pilfering of resources, majority will come from the PDP, except we are not being realistic,” he said.

Dogara, however, agreed that not all members of the All Progressives Congress (APC) were saints, pointing out that APC also spent money in the course of the electioneering campaigns.

He maintained, nonetheless, that there was no evidence yet to prove that government officials at the time transferred money to the APC campaign, stressing that the bulk of the money that was stolen was channelled towards the PDP campaign.

The speaker insisted that the fight against corruption was not one sided and cited the case of one of the closest aides to President Muhammadu Buhari (retired Brig-Gen. Ja’afaru Isa), who was also picked up by the Economic and Financial Crimes Commission (EFCC).

“He had been one of the most dutiful, one of the people that was very, very close to the president, yet he wasn’t spared when evidence was adduced that he benefitted from the arms procurement funds and he had to refund the money.

“And recently, one of the closest people to the Presidential Villa as well (retired Air Commodore Umar Mohammed) was picked

DOGARA JUSTIFIES IMMUNITY FOR N’ASSEMBLY PRINCIPAL OFFICERS He insisted that the independence of the National Assembly must remain sacrosanct, cautioning that in the future it might be impossible to stop the executive if its goal is to emasculate the legislature.

Dogara, who spoke with journalists at the weekend in Lagos, also pointed out that he could never have imagined the scale of corruption the country had witnessed, adding that the magnitude was such that the federal government was in the process of recovering stolen money running into billions of naira which was buried in farmlands in Abuja.

Though he did not give the precise amount recovered from the farm, he said he was informed that an estimated N1.5 billion cash had so far been dug up.

The speaker also revealed that the House had halted discussions on the controversial Grazing Bills in the National Assembly because they were highly contested issues that were unhealthy for the country.

He added that ministers remained answerable to the National Assembly and wondered why the Attorney General of the Federation (AGF) and Minister of Justice, who appeared before the Senate for confirmation, would now claim that he was not answerable to the Senate.

Speaking on the Senate forgery case, Dogara, who tried to refrain from commenting on the matter on the grounds that it was already before the courts,

however noted that if the trial was aimed at strangulating the National Assembly, then the country’s democracy would run into problems, pointing out that the National Assembly in any country is the bastion of democracy.

“Where you do not have an independent National Assembly, you definitely will have some kind of totalitarian tendencies in the government.

“In the past, there had been stability with regards to the work of the judiciary and the executive because usually, during military regimes or interventions, the institution that was suspended was the National Assembly and for obvious reasons. So under those circumstances, the body that made the laws was the executive.

“However ours is a democracy that is still evolving, it is not as nascent as it used to be, because we still have a lot to learn. But if the goal is that they want to strangle the parliament, then definitely, we are going to run into serious problems and that will be an affront, a serious affront on democracy and that will be totally unacceptable.

“But since the matter is in court, it doesn’t mean that when allegations are made, that they are true. It doesn’t. A lot of people have been charged in courts before and at the end of the day, insufficient evidence was given,” Dogara explained.

He, however, clarified that the Senate and the House were not demanding that its lawmakers

must be exempted if the evidence against the presiding officers being charged to court was weighty and compelling.

“As it is, I haven’t really seen the papers, I haven’t seen the charges, I don’t know whether there are grounded or not but I have asked, as a lawyer too, that I need to see the nature of the evidence against the presiding officers who are being charged to court in a case of forgery.

“And if there is a compelling case, we won’t say they should be exempted because we are legislators,” he added.

Linking the trial to the ongoing discussions on the propriety or otherwise of the conferment of the immunity clause on the principal officers of the legislature, the speaker acknowledged that a lot of people had expressed divergent views on the issue.

He said: “So if the view is that we are not entitled to immunity, then it will mean that we are conferring some kind of legitimacy to this kind of (forgery) trial because in the future, we cannot stop any government that says it wants to proffer charges against a presiding officer and at the end of the day, if the goal is really to emasculate the National Assembly, that will easily be attained.

“But like I said, without an independent, effective National Assembly, there are bound to be problems in any given democracy.

This thing was said long ago by Lord Acton when he said, ‘Power corrupts and absolute power corrupts absolutely’.”

Continued on page 64

T H I S D AY MONDAY JULY 11, 2016

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T H I S D AY MONDAY JULY 11, 2016

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CCCOBIN

   

CCCOBIN

COMMUNIQUE BACKGROUND

COMMENTS & RECOMMENDATIONS

The Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) was established in 2007.

It is a platform for deepening the culture of AML/CFT compliance among banks in Nigeria and an avenue for cooperation, collaboration and coordination with all other stakeholders including regulatory and statutory bodies.

The international standard setter for AML/CFT compliance, the Financial Action Task Force (FATF) conducts peer reviews of each member in an on-going basis to assess levels of implementation of its recommendations and provide an in-depth description and analysis of each country system for preventing crime abuse of the financial system.

Nigeria is set to undergo the 2nd Round of the Mutual Evaluation based in the FATF Recommendations (2012) and the Methodology for assessing compliance with the FATF recommendations and the effectiveness of AML/CFT systems (2013) Banks in Nigeria will play very significant roles before, during and after the Mutual Evaluation exercise.

To adequately prepare banks for this exercise, CCCOBIN organised a Pre-Mutual Evaluation Workshop between Tuesday, June 14 and Thursday, June 16, 2016 The program took place at the Eko Hotels & Suites, Victoria Island, Lagos.

1. To give the Chief Compliance Officers (CCOs) desired authority, the Central Bank of Nigeria (CBN) should enforce across board the minimum grade requirement of General Manager and subject not only appointment but also disengagement to necessary approvals. The CCOs should have direct reporting line to the Board. The CCOs should be sitting members of the Board.

2. To ensure Tone-at-the-Top, sanctions and punishments for non-compliance in banks should be extended to Board members and Executive Management while ensuring regular training to all directors and employees.

3. Balancing profitability with compliance will ensure the safety, stability, security and soundness of banks.

4. Punishment for the offense of Tipping off should not be limited to court fines. Administrative and regulatory sanctions should also apply.

5. The Human Resources (HR) Department of banks should take the issue of Know Your Employee (KYE) more seriously and conduct periodic and regular due diligence on all employees.

6. The Customer Acceptance Policy (CAP) as an integral part of the Customer Due Diligence (CDD) procedure should be enforced by all banks.

7. The absence of a comprehensive, reliable and up-to-date national database on all Nigerians is inhibiting the Know Your Customer (KYC) procedure in banks. The National Identity Management Commission (NIMC) should scale-up its activities to provide a desired national identity database for all Nigerians.

8. Banks should identify, assess and mitigate risks associated with New Technology, Products, Services, Business Practices and Delivery channels prior to deployment.

9. Adequate attention and resources should be devoted to record keeping by all banks including e-archiving and digitalisation of documents.

10. The Money Laundering Prohibition Act (MLPA) 2011 (As Amended) and the Central Bank of Nigeria (CBN) AML/CFT Regulations 2013 should both be reviewed and updated to meet the Financial Action Task Force (FATF) 2012 Recommendations 11. Adequate guidance should be provided to reporting entities on the use of Trade-Based Money Laundering to finance terrorism and other predicate crimes 12. The regulatory environment for Not-for-Profit Organisations (NPOs) in Nigeria should be defined and necessary guidance issued to reporting entities.

13. The Specially Designated National (SDN) list on terrorism for Nigeria should be issued by the appropriate authority and made publicly available.

14. There should be guidance for banks on the operation of domestic correspondence/respondent relationship.

15. Banks should conduct independent AML/CFT compliance audit/testing at least once in 3 years to test the efficiency and efficacy of their system.

16. Every bank should have a Board-approved Risk-Based AML/CFT compliance framework.

PARTICIPANTS & SPEAKERS A total of 132 participants attended the 3-Day program.

The following made presentations: Mr. Franklin Ahonkhai, representative of the Governor, Central Bank of Nigeria (CBN); Mr. Steve Nwadiuoko, representative of Director, Banking Supervision, (CBN); Mr. Francis Usani, Director, Nigerian Financial Intelligence Unit (NFIU); Dr. Jeff Isima, representative of Director General, Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA); Mr. Aminu Buhari Isah, (CBN); Mr. Abimbola Adeseyoju, Founder, DataPro; Mr. Pattison Boleigha, Chairman CCCOBIN and Chief Conduct & Compliance Officer, Access Bank Plc; Mr. Oladele Adeoye, Executive Director, DataPro, Mr. Kayode Abiru, Chief Compliance Officer, Skye Bank Plc & Mrs. Hadiza Gamawa-Zubairu, Head, National Risk Assessment (NRA) Secretariat.

TOPICS COVERED (1) Mutual Evaluation and Follow-up reports on Nigeria (2) Expectations from Nigeria before, during and after the 2nd Round of the Mutual Evaluation Exercise (3) Overview of the 2012 FATF 40 Recommendations (4) FATF Methodology for Assessing Technical Compliance & Effectiveness (5) Implementation Structure and Expected Outcomes for Recommendations 1, 8 & 10 (6) Implementation Structure and Expected Outcomes for Recommendations 11, 12, 13, 14 & 15 (7) Implementation Structure and Expected Outcomes for Recommendations 16, 17, 18, 19 & 20 (8) Implementation Structure and Expected Outcomes for Recommendations 21, 24 & 25

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    Coronation Merchant Bank

FBN Merchant Bank

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COMMENT

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

LAGOS AND THE BAN ON STREET TRADING Tayo Ogunbiyi argues that laws need to be enforced for orderly behaviour

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t is no longer news that the Lagos State Government has started the enforcement of the law banning street trading in the state.

Expectedly, this has continued to generate lots of controversies across the state and beyond. While some have commended the state government for the action, others were outraged.

It is, however, important to state from the outset that the state government has not enacted any new law concerning street trading.

What it has merely done is to enforce a law that has been in existence before now. Thus, the Lagos State Street Trading and Illegal Market Prohibition Law, 2003, which prescribes a punishment of N90, 000 or a six-month jail term, for both the buyer and the seller of any goods or services on the streets, predates the current administration.

Globally, formulating laws and enforcing same for the good of the society is one of the cardinal tasks of governments. A major difference between human society and the animal kingdom is that the former is regulated through rules and regulations for the preservation of law and order while the latter thrives on jungle code which gives rise to anarchy.

It is in order to ensure that human societies do not descend into chaos that laws are enacted to guide human conducts.

Human societies are roughly classified into developed and developing nations and one of the major indices used in arriving at such categorisation is ability to live by set rules. In developed nations, conducts of the citizenry are largely guided by rules. But same cannot be said of developing nations where deliberate acts of lawlessness and disorderliness are often the order of the day. It seems one of the unwritten codes, here, is gross disdain for the law. In such nations, drivers, riders and other road users behave without recourse to the law.

It is not that they are ignorant of the law. No! They recognise the law.

They just don’t care about the law. Ironically, when the same people find themselves in climes where the law is revered, they readily stoop to the supremacy of the law.

One of the recurring arguments from the stable of those who are against the Lagos State government’s recent enforcement of the law on street trading is the poverty angle. The basis of this argument is that since street traders are poor people with no other sources of livelihood, they should be allowed to go on with their street business. This line of argument is rather simplistic. It is akin to asking the police to ignore a petty thief because he stole out of poverty. It is equally similar to demanding that KAI officials should not reprimand someone who was involved in open defecation just because there are no public toilets along the route. A society can’t simply work that way!

Before the Lagos State government decided to sanitise Oshodi, the place was another name for chaos. Old Oshodi was a reflection of the rot and lawlessness that has pervaded our society for long. The Oshodi Master Plan did not make provision for roadside trading. But then, over the years, a few people took advantage of the ‘weaknesses’ of the law to turn the place into one hell of a place. Oshodi was to become the albatross of the metropolis; a symbol of commotion where commuters were held up in avoidable traffic gridlocks for hours. What the state government eventually did at Oshodi was a question of upholding legality against illegality in order to create an environment beneficial to millions of other lawful citizens. Today, thanks to that singular

A MAJOR RESPONSIBILITY OF GOVERNMENTS ACROSS THE WORLD IS THE ENFORCEMENT OF LAWS AND ORDER. A DISORDERLY SOCIETY CANNOT ATTRACT MUCH DEVELOPMENT

intervention, Oshodi has become saner and safer.

Many commentators have argued that the state government ought to have provided an alternative for the street traders before getting them off the streets. This argument is not right. It is like the police asking you to provide a robber who had invaded your home with a job so that he wouldn’t come visiting again! In the first place, turning the roadsides and the streets to trading arena is illegal. Just try to imagine what Lagos would look like if everyone turns every available space across major roads and streets into trade centres.

As previously affirmed, a major responsibility of governments across the world is the enforcement of laws and order. A disorderly society cannot attract much development. This is partly why we remain where we are as a people. Many of our compatriots flout traffic laws flagrantly. One moment, they outrightly disregard public officials whose lot is to uphold the law, the next, they complain of not being treated courteously by same officials whom they treat with contempt.

When government abdicates its duty of preserving law and order, the society simply becomes a jungle. To ask the government to provide job for everyone who comes to Lagos is a tall order. Recent data revealed that over 25,000 people move into Lagos on a daily basis from several parts of the country for various reasons. This is aside hundreds of others that daily troop into the state from neighbouring West African countries. Sadly, when their aspiration for economic salvation becomes a mirage, many of them readily take to crime.

What government could do to encourage wealth creation in the state is to create a conducive atmosphere for regulated economic activities to thrive. Towards this end, government is upgrading infrastructure across the state as new roads and bridges are being constructed just as existing ones are being re-habilitated. Likewise, the Light-up Lagos Project has improved security for all at nights. The proposed Oshodi Transport Interchange, the audacious plan for a Fourth Mainland Bridge, the Lekki Free Trade zone among others are projects that would clearly enhance economic activities in the state Perhaps, the most creative and strategic step taken, thus far by the state government to create wealth and tackle unemployment is the establishment of an N25 billion Employment Trust Fund (ETF). The major aim of the fund is to address unemployment and promote wealth creation through entrepreneurial development. The fund is to be given out as loan with moderate interest rate of 3% per annum (the lowest rate in the country presently) to Lagos residents with innovative business ideas.

But let me clarify that street traders do not belong to the Informal sector. The sector consists of mainly skilled artisans who work as transporters, vulcanisers, mechanics, battery chargers, fashion designers, hair dressers, barbers, traders (not street ones), painters, welders, carpenters, bricklayers, farmers, etc., who have one service or the other to render.

Their activities are being properly coordinated by the state’s Ministry of Commerce, Industry and Cooperatives which meet regularly with their leaders. As painful as the ban on street trading might look, it is meant for the good of the larger society.

Ogunbiyi is of the Lagos State Ministry of Information & Strategy, Alausa, Lagos

CBN WIELDS THE BIG STICK

F

In sacking the management of Sky Bank, the central bank was simply doing its duty, writes Boniface Chizea

irst, I have to make a confession that the above caption was from a report I read online regarding the recent sack of the management of Skye Bank Plc. by the Central Bank of Nigeria. I decided to use this caption not because I consider it the correct depiction of what has happened but because it would seem to represent popular sentiments; popular reading of what transpired. The problem I have with this caption is that it makes it appear as if what happened was a sort of punitive action; punishment if you will; but what the central bank has done was in keeping with its avowed mandate to maintain stability of the financial sector and essentially a pre-emptive action to prevent a Domestic Systematically Important Bank (SIB) from failure with the potential for precipitating a domino effect that could undermine the entire financial system.

You might wish to recall that Skye Bank in 2004 bought over Mainstreet Bank under circumstances which were alleged not to have been at arm’s length and in popular opinion is believed to have contributed to its present misfortune. The central bank took its time to explain in the release following the change in management of the bank which it announced on July 4, 2016, that despite the fact that it engaged with the management of the bank over a long period of time the management did not show evidence that it had the capacity to turn the bad situation around; instead the state of health of the bank posed a distinct and present danger for the soundness of the financial system.

It is also imperative to observe the subdued nuances that surrounded this development. The management it was reported was asked to throw in

the towel and there was no drama attending to this development except a rather sober press conference by the central bank during which the reasons behind the steps taken were dutifully explained to all stakeholders and this was after the management of the Bank itself had released a statement to the effect that it voluntarily retired from the board to enable new hands continue to redirect the policy thrust of the bank towards the end already mapped out for it. There was no radicalism demonstrated in discharging this obligation and even thoughtfully four of the executive directors who were appointed last year on May 27, 2016 were allowed to remain to provide a bridge of continuity between the old and new management which was now put in place to attempt to rescue Skye Bank from the path that could have led to its inexorable demise.

The central bank is this release dutifully explained that Skye Bank kept its prudential guidelines as well as capital adequacy ratios in the breach and depended on the lending window provided by the central bank for a long time to remain in business which essentially connotes that the bank was really on life support. Its stock of bad debt stood at a whopping N700 billion, mostly insider related and to the oil sector depicting the extent of the erosion of the capital base of the bank and which compelled the managing director who was quoted to have observed publicly that the bank was putting credit extension to the oil sector on hold. The bank was still in default regarding the publication of its audited financial report for the year 2015 which statutorily should have been published not later than four months after the end of the financial year end as well as the reports for the first quarter of the

year 2016. It is also on record that the bank was one of the banks that embarked on the sacking of their staff which was decried by the federal government as it was considered ill-advised. The bank offloaded a total of 175 staff on June 7, 2016.

It will be unfair not to observe that some of the problems encountered by the bank was also due to the lack lustre performance of the Nigerian economy which to all intents and purposes is reported to have gone into recession following negative growth rates in GDP for two successive quarters with all the implications of this development for the sustenance of viable productivity. It is also a fact that some of the fiscal policies had impacted bank operations negatively such as the Treasury Single Account amongst other sundry measures which drained the financial system of liquidity which is the veritable life blood of banks and inadvertently undermined their profitability.

The delay in kick starting fiscal policy as budget implementation was unusually delayed as it is now almost becoming routine, impeded productivity in the economy and must also be counted as a contributing factor.

The likely implications of this action as the central bank explained will be to affect negatively the performance of the shares of the bank at the Stock Exchange. The stock price of the bank was already headed southwards as the central bank reported that the stock of the bank on the day which the change was effected lost 9.52% to close at 0.95 Kobo. What was even surprising was that despite the fact that the central bank had engaged with the bank following its deteriorating performance and had given it one year notice terminating

on June, 2016 to recapitalise that investors did not take heed but continued to deal in the shares of the bank regardless. It has been reported that for the week ended July 1, 2016 about 47 million units of the stocks of the bank amounting to N40 million exchanged hands in 443 deals while the price was down by 4.55 per cent. The fact remains that the jury is still out regarding the fate of the existing shareholders who no matter how it all pans out would not have their current level of interest in the bank guaranteed. The other likely consequence which could be devastating is having a run on the bank. This is where the central bank would have to demonstrate fidelity to its promise to work with the transitional management to stabilise the bank in the shortest possible time by being a source of ready liquidity to sustain confidence in the going concern concept of the bank.

It will be recalled that there were a number of other banks which received one year deadline from the central bank to recapitalise before June 2016.

In fact what is out there is that there are two other banks involved. And therefore there is palpable concern that Skye Bank might not be the lone kank in this predicament and therefore the fear of possible domino effect is ever present. It would therefore appear that the central bank has its job cut out for it if it must keep fidelity to its promise to proactively manage potential risks, maintain zero tolerance for practices that have the potential to undermine the health of the financial system and to foster a strong corporate governance regime consistent with the imperatives for robust financial intermediation, innovative finance and inclusiveness.

Dr. Chizea is a management consultant

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T H I S D AY MONDAY JULY 11, 2016

EDITORIAL DEATH AND THE TRANSFORMER

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The Abuja Electricity Distribution Company should be sanctioned for its negligence

ugbe, a satellite town in Abuja, Federal Capital Territory (FCT), was thrown into mourning last week when a power transformer exploded and electrocuted five persons, including a pregnant woman. A six-year-old boy was among several others that were injured. “As I made to step out, the door shocked me and threw me against the wall,” said a survivor. “I shouted and made for the door again and I was flung outside where I hit my face on the ground. I later opened my eyes to find myself in the hospital.”

It is rather unfortunate that the criminal negligence of power firms and their officials are still sending many Nigerians to their untimely deaths.

In the latest incident in Abuja the community’s chief security officer, Geoffrey Ukeje, blamed the Abuja Electricity Distribution Company (AEDC) for the tragedy, attributing the explosion to a wrong connection by the power firm. It is a familiar story, even as we hope the authorities will sanction and compel the AECD to pay WE CALL ON THE heavy compensation RELEVANT AUTHORITIES to the injured and WITHIN THE POWER the families of the SECTOR TO DEVELOP deceased.

A QUICK RESPONSE The number of MECHANISM TO deaths by electrocuCOMPLAINTS ABOUT tion in Nigeria is FALLEN ELECTRICITY frightening. Yet POLES AND EXPOSED LIVE available reports WIRES indicate that most of these cases have resulted from the lackadaisical attitude of the electricity workers, who often ignore early warnings. Not too long ago, a woman and her visiting younger sister from Niger State were electrocuted in a Lagos suburb when a high tension wire fell on top of a residential building and sparked fire well after midnight. A few days later, three persons were also electrocuted at the Ifo township market in Ogun State when another high tension cable fell on them.

In several places across the country today, there

Letters to the Editor

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are many old and broken down wooden or concrete electricity poles, some with naked wires dangling overhead. It only takes a serious rainfall or heavy wind to blow off some of the poles. In such a situation, inhabitants of the affected areas or even passers-by live in constant fear.

It is noteworthy that based on the high rate of deaths from electrocution recorded in the power sector between 2012 and 2013, the Nigerian Electricity Regulatory Commission (NERC) said it would sanction chief executive officers of power firms that treated safety issues with levity. By the commission’s estimate, 161 persons lost their lives during the period as a result of electrocution, with most of the fatalities due to the negligence on the part of the affected electricity firms.

U T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOLAJI ADEBIYI, JOSEPH USHIGIALE 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 TO SEND EMAIL: first name.surname@thisdaylive.com

nfortunately, the NERC authorities have not done anything concrete to stop what is fast becoming an epidemic of deaths by electrocution. We therefore enjoin the NERC to live up to its responsibilities and bring to book any power officials whose company’s negligence leads to the death of innocent people.

Perhaps no incident exemplifies such tragedy than the electrocution of a two-year- old boy in Ilesha, Osun State three years ago. A woman who lived in the area had reported to PHCN officials that a live wire had fallen on the ground inside her compound. Rather than take action, the officials reportedly advised the woman to “look for someone to fold the live wire pending the time the company would come to fix the fault.” Shortly after, the innocent boy stepped on the live wire and was electrocuted.

One noticeable trend is that even when faults are reported, officials hardly respond and in such a situation residents are left on their own to seek self help with the attendant risks. We therefore call on the relevant authorities within the power sector to develop a quick response mechanism to complaints about fallen electricity poles and exposed live wires.

We cannot continue to lose lives due to the criminal negligence of some officials.

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.

WHY VOCATIONAL EDUCATION MUST BE REVIVED

o much has been said and written about the educational sector in the country especially the misfortune that has befallen the sector in recent years. While lack of fund, negligence, policy somersault, lack of political will and host of others reasons are said to be the bane of education in Nigeria, others laid the blame on the door steps of parents, teachers and even the children themselves. One thing that all Nigerians agree on however is that the sector is in dire straight. Just as education is having turbulent times, the technical sub-sector is also in comatose. For a very long time, technical and vocational education has been relegated to the background. This aspect of education is so neglected that it is almost becoming extinct. It would appear that all the levels of governments no longer see this subsector as important. The once vibrant trade centres or technical colleges have been left to rot. New ones have not been established nor the existing ones taken care of. A general survey of technical colleges in Nigeria painted a gloomy picture of how important training centres should not be managed. With obsolete and broken down equipment, dilapidated classrooms, lack of workshops, dejected teaching and nonteaching staff and uninviting and unconducive school environment, technical colleges have become orphans of some sort.

To add salt to injury, people do not give much regards to students who choose to attend these schools. They are seen as second or third class students who could not get into the conventional secondary schools or cope with the rigour of academic activities.

What people fail to understand is that not everyone is cut out for academic activities.

The fact that some children decide to attend technical college does not make them inferior to their counterparts in the secondary schools. There are people who are very good with their hands - they could build, fix or construct something out of nothing.

In developed countries of the world, these set of people are sought after. They are trained in technical or technological institutions to tap their full potential to develop

their countries. There is no doubt that the economic and technological feat of the Asian Tigers (Malaysia, Singapore, Taiwan, Indonesia, etc.) and even China would not be possible without the desired attention given to technical education as well as youth entrepreneurship by the government of these countries.

A critical look at the vibrant and ever expanding building and construction industry in Nigeria shows that it has been taken over by foreigners. Talk of competent bricklayers, carpenters, tillers, plumbers, welders, electricians even auto mechanics and panel beaters, they are either from Togo, Benin Republic, Ghana or Cameroun.

In the much more lucrative oil industry, Nigerians are not doing any better as very few of them are involved in the drilling and exploration of oil. In other technical areas like underwater welding, the numbers of Nigerians are far between. Those operating the sector are the so-called ‘foreign expatriates’ from America, Europe and Asia. The annoying part of it is that most of the so-called foreign ‘engineers’ are not engineers in the real sense of the word, but people trained at institutions similar to our technical colleges. The resuscitation of technical colleges and training of our youth in all aspects needed in the industry will not only ensure that they are gainfully employed but also key players in the sector.

No doubt, things have changed and situations have also changed. Gone are the days when jobs were available and waiting for potential graduates and school leavers. Gone are the days when the number of vacancies in government and private organisations was more than graduates turned out from our higher institutions. Nowadays, the jobs are scarce while the numbers of graduates and school leavers keep increasing yearly. It is high time government at all levels wakes up from their slumber and pay attention to technical education. Concerted efforts should be made to resuscitate existing but moribund technical and vocational schools while new ones should also be established.

Elijah Udofia, Oke-Mosan, Abeokuta

OSHIOMHOLE: SCHOOL CHILDREN ARE STANDING

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n times past, we noticed that school children who are transported for free in the Oshiomhole buses in Benin City are not allowed to sit until they get to their respective destinations. ANEEJ called on Governor Oshiomhole and he responded by ordering that school children all over the state should continue to be transported for free and allowed to sit comfortably until they get to their respective destinations.

Recently, we have noticed again that the governor’s order is being flouted by the bus wardens. We call on the governor to intervene again.

Erhisohwode Assurance, ANEEJ, Benin City

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MONDAY JULY 11, 2016 T H I S D AY

16

T H I S D AY • MONDAY, JULY 11, 2016

POLITICS

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

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

Silencing of the Opposition President Muhammadu Buhari’s fixation with the fight against corruption is currently being interpreted as a subtle ploy to decimate the opposition. But the correctness or otherwise of this assertion has formed the basis of a new debate, write Shola Oyeyipo and Segun James

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resident Muhammadu Buhari made it clear from inception. The objectives of his government would be in three parts: corruption, security and the economy. These, he reckoned, were the crux of the nation’s challenges and was determined to address them. But he appears to have a ‘thing’ for the fight against corruption. It was assumed the strength of his brief but first coming as a military head of state.

And the force with which he has approached the scourge of corruption is no less a surprise to those, who know and appreciate his ‘disdain for corruption’.

Unfortunately, his current fight against graft is being seen differently by different members of the public. Whilst there are those who argue that the fight against corruption should not wear a human face even if it means undermining the constitution of the land and related extant legal provisions, the prevailing argument now is that it is evidently selective. Even more niggling is the assumption that Buhari’s current fight against corruption is designed to decimate the opposition and leave his party, the APC, the only force to reckon with.

The swirling assumption, unfortunately, some reckon is beginning to discredit Buhari’s war against graft, in addition to his penchant for perceived sectionalism as evident in his disposition to other parts of the country since assuming office. It is yet to be seen, however, if there are conscious efforts on the part of the government to disabuse the minds of those who hold strongly, these assumptions against the Buhari presidency.

Synopsis of the Allegations The Peoples Democratic Party (PDP), whose members have been most hit by current administration’s onslaught against corruption has not only lamented that the anti-corruption crusade is selective as it is not extended to members of the ruling All Progressives Congress (APC), a majority of whom have been identified as corrupt with a legion of petitions against but also that it was principally targeted at decimating opposition voices ahead of 2019.

The party in a recent communiqué signed by its Head, Publicity Division, Chinwe Nnorom and issued after its 71st National Executive Committee (NEC) meeting, took a swipe at the APC and President Buhari for allegedly using the Economic and Financial Crimes Commission (EFCC) to silence the opposition.

Parts of the communique read: “NEC observed and condemned in strong terms the arbitrary arrest and detention of PDP members on account of party campaign funds by the government of President Muhammadu Buhari and urged Nigerians and the international community to request the APC administration to investigate the campaign funds of its party, the All Progressive Congress (APC) as some accusations of misuse of public funds are also leveled against some APC governors and stakeholders.”

The NEC further expressed disdain for what it tagged selective probe of PDP members by the anti-graft agency under the administration of the APC, describing it “as a case of witchhunt and unnecessary oppression aimed at silencing members of the PDP.” A youth wing of the opposition PDP, the Peoples Democratic Party National Youth Frontier (PDPNYF), shares the PDP NEC sentiment that the anti-graft efforts of the administration is basically targeted at the vocal members of the PDP and that it was being perpetrated in a rather dictatorial manner.

The PDPNYF National Coordinator, Usman Okai, recently stated that: “History is repeating itself again. President Muhammadu Buhari is clearly manifesting the same dictatorial tendencies he exhibited during his military regime between 1983 and 1985, as presently being applied in the polity in the attempt to discredit PDP members and weaken our great party ahead of 2019.”

He queried the rationale behind the

Buhari...his fast vanishing mystique

predicaments of the Ekiti State Governor, Dr. Ayodele Fayose, asking: “How does one explain the freezing of the personal account of Governor Ayodele Fayose of Ekiti State in Zenith Bank by the EFCC just because he is a leading opposition voice speaking against the ills of the Buhari presidency and the APC-led government.”

In similar light, the travails of the Abia State

Whilst there are those who argue that the fight against corruption should not wear a human face even if it means undermining the constitution of the land and related extant legal provisions, the prevailing argument now is that it is evidently selective.

Even more niggling is the assumption that Buhari’s current fight against corruption is designed to decimate the opposition and leave his party, the APC, the only force to reckon with

Governor, Dr. Okezie Ikpeazu is being linked to the plot to undermine the opposition. Beyond the legal slant to the matter including the allegation of forgery which is being dismissed as a trumped up charge, the news making the round is that the decision to descend on Ikpeazu was informed by the pursuit of Buhari’s certificate scandal byNwokocha-Ahaiwe, who is not only an indigene of the state but also on the employ of the government, where he was said to be heading an agency.

As a result, there is said to be the belief in the presidency that should an employee of the government be seeking to remove the president over the certificate scandal, then, there is no way the governor could feign ignorance of the case. It was at this point the plot to remove Ikpeazu was allegedly hatched. Although intelligence was said to have reached the governor, who according to sources, immediately asked NwokochaAhaiwe to withdraw the case because of the likely consequences and which he did. But the intervention appeared to have come late as those alleged to be behind the removal plot had already swung into action.

The Adegboruwa Example While it was possible to conclude that members of the PDP were in power in the last administration, mismanaged money and are crying foul now that they are facing the heat, the recent story of a fierce Lagos lawyer, Ebun Adegboruwa, who has been very critical of the APC-led government can help uphold the argument that the EFCC is among other things, working to silence critical voices against the government.

Without any prejudice or attempt to teach men of the EFCC their jobs, not a few Nigerians can relate with the criminal charges bordering on obtaining money under false pretence filed against Adegboruwa by the EFCC as

the consequence of his decision to point out the errors of the administration.

Adegboruwa was brought before Justice Oluremi Oguntoyinbo of a Federal High Court, sitting in Lagos, by the EFCC which accused him of fraud to the tune of N61 million.

He was alleged to have conspired with one Jonathan Udeagbala in August 2013 to lease a property situated at House 105, Nicon Town Estate, Lekki, Lagos to a company named Shelf Drilling Nigeria Limited for that amount; that the property is under an interim forfeiture order by Justice Christopher Balogun of the Lagos State High Court; that the money was credited to Adegboruwa’s Zenith Bank account, an offence punishable under Section 32(1) of the EFCC Act 2004.

However, Adegboruwa has maintained that no genuine case of fraud can be instituted against him. His vehement position has been that the litigation was designed to silence him as he has remained a vocal critic of the president.

According to him, he has been receiving unofficial complaints from the EFCC about his opposition to the Buhari administration and he is being threatened with the case, which he considers as dead.

His media team had noted that “The threats became more rampant upon his brief in the case of Chief Government Ekpemupolo (alias Tompolo) and especially Mr. Azibaola Robert, cousin of former President Goodluck Jonathan.

On May 4, 2016, our firm appeared in Tompolo’s case at the Federal High Court, Lagos and May 4, 2016, our firm filed a suit in court for the release of Jonathan’s cousin. On May 5, 2016, EFCC filed a case against Mr. Adegboruwa.

“He is being persecuted for speaking against the Buhari regime. There is no way a criminal case can be maintained against Mr. Adegboruwa as the criminal case upon which the case is based has been dismissed.”

Either right or wrong, the belief is that the Buhari administration stands to gain nothing except negative publicity from issues such as Adegboruwa’s because he is one lawyer, who has persistently called the government to order.

He made strong statement on the massacre of the Shiite sect in Zaria, Kaduna State and the extrajudicial killings of pro-Biafra agitators; government’s lackluster attitude to Fulani herdsmen attacks that have led to the deaths of several innocent citizens across Nigeria, the perceived selective anti-corruption campaign and government’s appointments that tend to favour the North, amongst others.

Fayose in the Eye of the Tiger Looking at what he considers the genesis of his problem with President Buhari, his decision to retain his position as the most vocal mouthpiece of the opposition PDP and perceived clampdown on members of his party, Governor Fayose, during a chat with journalists at his guest house in Ado Ekiti, noted that though the president presides over the entire nation as the leader, the people are not compelled to support his governance style.

“We are all going to account for our leadership. President Buhari is a Nigerian leader without doubt, but to everybody in this country, as long as you are grown enough to choose – it’s your choice. I am entitled to decide to support or not to support him based on principles and perception of the person.

“I was grown when President Buhari was president of this country. I was grown enough to know what he represented 31 years ago because you must know who you are giving your life to. You must know you are not taking your life to Golgotha. I knew the total misrule of 1984 to 1985 – how the military suffered Nigerians, how a lot of leaders were clamped in chains using decree 2.

“The same thing President Buhari is doing was what he did at that time. You will recall that even the late Chief Obafemi Awolowo, Emir of Kano, Ooni of Ife; their passports were taken away from them. Their rights were taken away. A man that is grown cannot change, CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, JULY 11, 2016

POLITICS/ THE MONDAY DISCOURSE SILENCING OF THE OPPOSITION

Fayose in a solidarity rally with supporters. He has been a major news delight lately on account of his outspoken nature

except you are born again. So, President Buhari is living true to type if you look at the way he is governing Nigeria today.”

“At some point, a lot of people will come to realise that we have elected a monster.

Most people, Buhari has cowed them. Those people who brought Buhari are now taking the backyard to pass. They are afraid that if a man can be matching the cloth of a family member like this, he would destroy the cloth of somebody else.

“Fighting corruption is a great thing but anything that does not represent the truth is simply corruption. Those who make peaceful change impossible make violent change inevitable. You’re oppressing some people now either because they are not from your region or because you had issues with them before; it is revenge mission.

“The EFCC would harass people to submission, force people to drop money; you want to go and arrest people and start looking for evidence. That is oppression!

You are supposed to have concluded your investigation before you go and arrest people!

“There is nothing personal between President Buhari and me. There are instances that are so glaring now that people in the APC are like saints. Look at my state, there are documents – EFCC will not call somebody. The Universal Basic Education, where the former governor went away with N892m – in the letter they wrote they said: ‘This a criminal issue’, but when you are in the APC you become an angel.

“Let us look at the APC, most of the people they were bashing in those days but when they get to APC they become saints. You can’t run a country like that! This is our country, we cannot all be silent. Somebody has to talk. The one that is useful, you take it and the one that is not useful, you throw it away.

“In fact, opposition is the strength of democracy. It is where the average man can get value for money. You are trying to silence Femi Fani-Kayode; you are trying to silence Metuh and others. My brothers, where in Nigeria have people contested election, vied for office and not spend money?

“All the aircrafts carrying President Buhari during campaigns, is it cows that were carrying him around – those cows declared? Recently, they said somebody has houses in Dubai, quickly there is a defence. When they were talking about the wife of the president, defence came from Nuhu Ribadu, even the former EFCC chairman, Larmode, looking for way out of his problem, quickly too, said that was not the person we were looking for.

“I want to make it clear that there is nothing personal between myself and President Buhari.

I want to make it expressly clear again to you that what they are doing is not in the interest of Nigeria to cow the people once opinion differs from yours. This state was run by APC when Jonathan was president. They had peace to run their government. Today, if you want to call police they are afraid. When you want

to use the FRCN, they will say no. The FRCN doesn’t carry PDP news. It is that bad! What kind of life is that?

“So, what nation are we building? A nation built on sectional and political interests? As much as you can call Jonathan’s name, the man never took a political prisoner. In fact, Jonathan should have been president in 50 years’ time because the man is too civil”.

The Debate Rages However, for different folks, it’s been different strokes as far as the debate is concerned on the style of the president. An APC stalwart in Kogi State, who was one time a House Representatives member, who represented Kabba/Bunu/Ijumu federal constituency in the state, Hon Duro Meseko, shares the sentiment of those who feel that the anticorruption crusade is selective and possibly targeted at the opposition members alone, which could ultimately mute the PDP, as being envisaged by loyalists of the party.

“My take is that those who allude to the fact that the anti-corruption war is selective, I’ll not blame them because if you look at the way the EFCC is carrying out its works lately, you will observe that some people close to the president – even if they make allegations or petitions against them – nothing is done about it.

“I am talking about former Governor of Rivers State, Mr. Rotimi Amaechi. In fact, the Rivers State Governor, Mr. Nyesome Wike, still mentioned it last week that petitions have

The swirling assumption, unfortunately, some reckon is beginning to discredit Buhari’s war against graft, in addition to his penchant for perceived sectionalism as evident in his disposition to other parts of the country since assuming office. It is yet to be seen, however, if there are conscious efforts on the part of the government to disabuse the minds of those who hold strongly, these assumptions against the Buhari presidency

been written against the former governor and that nothing has been done about them. Of course, in Ekiti State too, the governor has being saying that petitions have been written against former governor, Dr. Kayode Fayemi, and that nothing has been done about it.

“When Buratai was alleged to possess two buildings in Dubai, the presidency came out to defend him. They did not even wait for him to defend himself. One would have expected the presidency to say that they have not investigated it and that they would investigate the matter.”

Asked why he was castigating his party’s anti-corruption drive, the former lawmaker said, “Yes, I am an APC chieftain but don’t forget that I have been a civil right activist. I am not in politics because of my party alone; I am in politics also because of my people, my constituency and Nigerians at large. So, I should not say because I am a member of a party, I should not castigate them. We should make examples of some people in the party, so that we can tell the world that we are sincere about our anti-corruption crusade.”

One of the very prominent aspirants in the recent Edo State APC governorship primaries, Mr. Kenneth Imasuagnon, does not feel his party is by any means selective or targeting the fight against corruption in Nigeria against any selected group, because according to him, those who have committed the heinous crime of corruption against the people should be apprehended and brought to book, irrespective of party affiliation.

“It is not true that the government is trying to silence the opposition. Those who have looted the treasury must pay for their crimes, whether they are in the APC or the PDP; they should pay for the consequences of their crimes. It is inhumane to appropriate our commonwealth for yourself.”

On whether or not the EFCC is not picking on APC members, he said “The law empowers the EFCC to go after anybody that has committed financial crime; it does not specify those to be chased after. Anybody who has taken our common patrimony should face the consequences of the law.

“I don’t believe President Buhari is selective in the anti-corruption fight. It is a gradual process.

The anti-corruption will not start and end with the Buhari-led administration. My position is that Nigerians must support President Buhari for standing against corruption this strongly against the looters. I salute his courage. I am on the same page with the president on fight against corruption.”

ALagos-based retired naval officer, Mr. Olomi Fadile also feels that the president would have required more force to really purge Nigeria of the endemic corruption, which perpetrators are aiming to escape because of the legal system in Nigeria.

“There is nothing like that (selective anticorruption war). Those that have committed the crimes had committed the crimes. They know what they have done. The painful part is that President Buhari should have come with

some military powers at this critical time to genuinely address some of the heinous crimes that some people have perpetrated against Nigeria.”

On the issue of the perceived pampering of APC members, he said: “Be it PDP or APC, the government should be able to deal with those, who ruthlessly looted the Nigerian treasury because we cannot say anyone is totally clean among the elective office holders.

“It is, however, obvious that the PDP had perpetrated greater embezzlements, which is clear to the world at large. And it is because they held power for 16 years and had unflinching access to the treasury; a period when there were series of corruption allegations against the government and its functionaries.”

Mrs. Oluwaseun Johnson, who claimed that she supported Buhari initially, said the recent dictatorial tendencies of the President have made her change her mind. She wondered if it will augur well for the country if there is no effective opposition from which the president benefited from.

Also sharing this sentiment is Mr. Johnson Kenechukwu, an advocate of an independent Biafra state, who said Buhari must be called to order immediately or he would lead the country to a fratricidal war.

“Let us renegotiate our relationship peacefully. If not, we shall do so on the battlefield. Buhari has given all the post to his northern brothers, a situation that is setting the stage for the Islamisation of the country.

Some of us will not allow it. We shall battle him.

Let’s negotiate in peace or we settle ourselves on the battlefield.”

But a politician belonging to the APC, who does not want to be identified lamented that the problem is multifaceted. He said the problems that the President is foisting on the nation are that he believes only the people from the north are capable of running the country.

“But look around, they are messing up. Yet the President is alienating the other ethnic nationalities. By the time the chicken comes home to roost, the mess is going to hit the fan badly. The man is a tribalist to the core and an ethnic jingoist.”

Another politician, who belongs to the PDP, urged the president to respect the quota system, which has sustained the unity of the country till now. He stressed that unless this is done now, the country may divide under the regime of the president “See what is happening everywhere, there is agitation in the east, the Niger Delta area is sabotaging the economy and the insurgence in the north east has not subsided. The President is playing with fire. Such tendencies led to his removal in 1985.”

Nearly the same sentiments are shared by all the people interviewed. To most of them, the only thing going for the president right now is the war on corruption and this, they insisted, would soon vanish as the people only hear about multi-billion naira corruption scandal, yet there are no changes in their living standard.

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T H I S D AY • MONDAY, JULY 11, 2016

POLITICS/ PERSPECTIVE

The Senate on Trial

The ongoing trial of the Senate is untidy and unhealthy for the nation’s democracy, writes Seun Oluwanifesi

A

lthough the ruling All Progressives Congress (APC) won slim majorities in the upper and lower chambers of the National Assembly in the 2015 general elections, many believe that its failure to manage its electoral success is at the heart of the rumpus that has beleaguered the 8th Senate.

While powerful forces within the ruling party favoured Senator Ahmed Lawan (APC, North East) and Senator George Akume (APC, North Central) as Senate President and Deputy Senate President, respectively, divisions within the party saw to the emergence of Senator Bukola Saraki (APC, North Central) and Senator Ike Ekweremadu, (PDP, South East) as the presiding officers of the upper chamber.

To add salt to the humiliation, majority of APC Senators refused the choice of Senator Lawan and others as principal officers of the Senate, but elected their preferred officers in a move, which they said was in defence of the independence of the legislature. Not long after that, the Economic and Financial Crimes Commission (EFCC) invited the wife of the Senate President for questioning, then followed by the arraignment of the Senate President before the Code of Conduct Tribunal over alleged false declaration of assets.

Enter the Police It was Senator Kabiru Marafa, who first questioned the authenticity of the Senate Rules 2015 on June 10, 2015, but was ruled out of order by the Senate President.

Deputy President of the Senate explained that he had been in the Senate since 2003, and that it had always been the practice for the National Assembly bureaucracy to produce new rules for each coming Senate, which it will then adopt and subsequently amend if need be. He said that no one ‘Rules’ serves two senates.

Following the petition, signed on behalf of the group by Senator Suleiman Othman Hunkuyi (APC, Kaduna), the police swung into action, mandating the Deputy Inspector-General of Police, DIG, in charge of Criminal Intelligence and Investigation Department, Dan’Azumi Doma, to investigate the matter. After about two weeks of “intensive investigations and intelligence gathering,” according the police, they came up with a 13-page report, signed by DIG Doma.

Curiously, however, from the report, it was observed that only pro-SUF group of Senators were interviewed by the Police.

Also, only former APC Senators of the 7th Senate or those who had joined the APC from PDP before or after the elections were interviewed.

It was further observed that there was no single PDP Senator that was interviewed by the Police. And contrary to report by a section of the media, no member of the 7th Senate leadership such as Senate President, Senator David Mark; his Deputy, Senator Ike Ekweremadu or the former Senate Leader, Senator Victor Ndoma-Egba were questioned or interviewed by Police.

From the Police report, those interviewed, apart from the management staff of the National Assembly, were Senators Suleiman Hunkuyi, Secretary of the Senate Unity Forum (who signed the petition to the police), Ahmad Lawan, Abdullahi Gumel, Kabiru Marafa, Gbenga Ashafa, Robert Boroffice and Abu Ibrahim.

Also questioned were some former members of the 7th Senate. They are Senator Ita Enang, who served as chairman of the Business and Rules Committee in the 7th Senate before defecting to the APC, Senators Babafemi Ojudu, and Solomon Ewuga.

Virtually all those questioned, with the exception of Mr. Ben Efeturi, who is about the longest serving legislative Bureaucrat in the National Assembly, and who also doubles as the Clerk of the Senate, denied knowledge of the amendment. The then Clerk of the National Assembly, Salisu Abubakar Maikasuwa, who presided over the June 9 election, was quoted in the report as saying “he did not refer to any Senate Standing Order/Rules but used the normal procedures for the opening of a new parliament.”

However, Efeturi, who is his deputy, Clerk of the Senate, and longest serving parliamentary staff dating back to the Second Republic, affirmed that the production of the 2015 Standing Rules

Saraki...upholding the rights of the legislature

was in line with convention, insisting that the same procedure was used in the production of the Standing Rules in 1999, 2003, 2007 and 2011.

Efeturi was quoted by the police report as saying, “In the parliament, amendment of Standing Orders is by practice and not necessarily by procedure. He further stated that the ruling of the Senate President on the June 24, 2015 that the Senate Standing Orders of the Senate 2015 is authentic is final, relevant and cannot be challenged.

He attached a copy of the debates of the Senate on Wednesday, June 24, where the Senate President ruled that the Senate Standing Order 2015 was the authentic Standing Orders of the 8th Senate.”

But the Police in its findings dismissed Efeturi’s claim, insisting that so long as the said amendment did not take place during the 7th Senate, under Senator Mark’s leadership, such an amendment is “undemocratic.”

From the report, the Police was able to establish clearly, the process of amending the Senate’s Standing Orders. But like SUF Senators, it could not, however, establish how new Senate’s Standing Orders come into effect. This is even as the Police failed to recommend anyone for prosecution, instead, it recommended that “the file be sent to the Attorney General of the Federation for vetting to determine if this conduct constitutes crime or should be treated as an internal affair of the Senate.”

The Legal Brickbats Once the SUF group got wind of the fact that the outcome of the Police “investigations and intelligence gathering” may after all not favour it, it again approached a Federal High Court, in Abuja, seeking an ex parte motion to stop the Saraki-led Senate from constituting the Senate’s Standing Committees. The suit was filed by one Mamman Osuman on behalf of five Senators, led by Senator Kabir Marafa, spokesperson of the SUF. Ruling on the matter then, Justice Gabriel Kolawole, held that there was nothing urgent in what the plaintiffs were asking for, adding that the Senate Standing Orders of 2015, upon which the plaintiffs predicated their ex parte motion, had been in existence since June 9, when the President of the Senate and his deputy were elected, and as such, the issue of urgency raised by the five Senators was self-inflicted. Justice Kolawole wondered why just five out of 109 Senators came to court to challenge the internal affairs of the Senate, carried out on June 9.

He further argued that the court was not created to oversee the internal affairs of the National Assembly, except if, in the conduct of its internal affairs, there was an infraction of the constitution, saying the courts must be “more wary when the intervention is sought as an ex parte…

The dispute that arose from the outcome of the elections that produced the Senate President and its deputy was the internal affair of the Senate and that court will hardly intervene,” Justice Kolawole said.

In refusing the application, he added: “I find myself unable to exercise my discretion to grant the injunction being sought by the plaintiffs to stop the defendants from carrying out their constitutional legislative duties”.

Also, ruling on another ex-parte application, this time brought before him by Senator Gilbert Nnaji, seeking to stop the police from prying into the internal affairs of the legislature, Justice

Kolawole noted: “Whilst one may find the involvement of the first Defendant (IGP) being an agent of the executive arm of government dabbling, albeit on an invitation of certain members of the Senate, into the internal affairs of the Senate a little bit worrisome, the court is a bit wary on an ex parte proceeding, to allow the Plaintiff to have his day in court.

“Courts are not created or established to supervise the National Assembly in the way and manner it will run its own constitutional duties except where its acts, as I had earlier remarked, border on a substantial infraction of the Constitution, which goes beyond its own internal “rules” of procedure or application of its ‘standing order’.

The court, however, went further to warn that “where the first Defendant conducts its investigation and prepared its report, it is still within the judicial powers of this court pursuant to Section 6(6) (a) of the Constitution to take a decision to set aside such report where the Court was of the view that it was prepared in defiance of the proceedings of the Court, which the Defendants are already aware of its pendency at the time the first defendant may prepare its report.

“I am wary that a dangerous precedent is not being set for the 8th National Assembly to have its internal proceedings, being regulated, and perhaps supervised by other arms of government of the federation, i.e. the Executive and Judicial arms.”

The learned justice went further to say that “where allegation of forgery is made, it is for the Court to reflect deeply whether it is not an allegation, which the Senate Committees on Rules and of its Ethics, can validly investigate and to take steps within its own internal proceedings to nullify any of its Standing Orders found to be irregular and to also sanction any of its members that may be found culpable.

“One of the sanctions it may prescribe is to recommend such member or members to the defendants (Police) for prosecution.

All of these are my thinking as a way to protect the integrity and independence of the National Assembly, so that neither the Executive arm as constituted by the Defendants nor by the Judiciary should be allowed to pry into a matter which the National Assembly as the Legislative arm of government can deal with applying its own Rules and Standing Orders.”

A Controversial Arraignment In spite the above sound reasoning by Justice Kolawole, the Attorney-General of the Federation, AGF and Minister of Justice, Abubakar Malami, SAN, in defiance to Justice Kolawole’s order, has since dragged the President of the Senate, Senator Bukola Saraki, Deputy President of the Senate, Senator Ike Ekweremadu, and two others, before an FCT High court over the matter.

This has expectedly put the National Assembly and the presidency on the path of political warfare. While the Senate and the House of Representatives in their tersely worded separate resolutions of June 21, 2016, roundly condemned what they termed the endangerment of democracy by executive interference in the internal affairs of the Senate, adding that the institution

Curiously, however, from the report, it was observed that only pro-SUF group of Senators were interviewed by the Police. Also, only former APC Senators of the 7th Senate or those who had joined the APC from PDP before or after the elections were interviewed…It was further observed that there was no single PDP Senator that was interviewed by the Police

of the Senate was being put on trial, both the statements issued by the office of the AGF and the Secretary to the Government of the Federation (SGF) denied the allegation, insisting that it was Saraki and Ekweremadu that were on trial. The AGF said the criminal charge was based on the recommendation of the Police.

The suit marked CR/219/16, is between the Federal Government of Nigeria (Complainant) and Salisu Abubakar Maikasuwa, Benedict Efeturi, Dr. Olubukola Saraki, and Ike Ekweremadu (Defendants). They are facing a two-count charge of “Criminal Conspiracy, contrary to Section 97 of the Penal Code Law” and “Forgery contrary to 362 of the Penal Code Law,” against Ekweremadu and others.

The case is before Justice Yusuf Haliru.

The defendants were arraigned on June 27, 2016, with both Saraki and Ekweremadu giving the presidency some hard knocks. While Saraki insisted the presidency had been hijacked from Buhari by a “government inside the government”, Ekweremadu who declared that “mere anarchy had been unleashed on the land”, described the trial as political and “meretricious trash”. He has since written to members of the international community, notably, the UN, EU, USA, US Congress, etc.

Abuse of Legal Process Ruling June 28, 2016, barely two days after the Saraki and Ekweremadu’s arraignment, on yet another move to stop the trial for contempt of court (the charges relied on the police report, which validity is not yet determined), Justice Kolawole expressed worry that the AGF could not exercise his powers in Section 174(1) of the Constitution to stop the criminal charge against the accused – Saraki and Ekweremadu, saying “Although when this Section (174[1]) is read communally with Section 174(3), it is arguable that Section 174(1)(c) is to be read with the ‘need to prevent abuse of legal process’ in section 174(3) of the constitution.

“The converse situation, which the drafters of the constitution, perhaps never envisaged appears to have occurred in this case as the 2nd defendant (Abubakar Malami) who is required by Section 174(3) of the Constitution, to ‘discontinue at any stage before judgment is delivered in any such criminal proceedings instituted or undertaken by him or any other authority or person’ where such proceedings constitute ‘abuse of legal process’, is in fact the very person, who initiated a criminal proceedings in a matter in which he had, as a private legal practitioner, acted for the one of the ‘interested’ Senators who had petitioned the 1st defendant on 30/6/15.

“But, having regard to the peculiar facts which I have analysed, the said criminal charge dated 10/6/16 and attached as exhibit ‘B’ to the Plaintiff’s ‘motion ex parte’ dated 23/6/16, given the course of these proceedings as I had in detail, highlighted, can only be seen as one that constitutes an ‘abuse of legal process’ to use the very words in section 174(3) of the constitution.

“In all of these facts and issues, having regard to the pendency of this suit in which the defendants have both filed processes, one question that did not cease to resonate in my thoughts is why this ‘desperate haste’ to prefer the criminal indictments in exhibit ‘B’ the investigation of which is at the heart of this suit and of the parallel suit in exhibit ‘E’, and which indictments, by law are not time barred,” Justice Kolawole, added.

He went further to say “It is the event of the steps taken by the defendants (Abubakar Malami and IGP) in utter defiance of this pending suit, that in my view, unobtrusively betrayed the defendants’ intention and of the 2nd defendant’s motives as steps taken which are beyond serving the ‘public interest’ by the commencement of a criminal trial in the FCT High Court in order to subvert the pending suits in the Federal High Court, one of which has been fixed for 6/7/16”.

He concluded by saying where the criminal charge was to be filed in his court, he would not think twice, before throwing same to out.

•Oluwanifesi writes from Abuja See concluding part on www.thisdaylive.com

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MONDAY, JULY 11, 2016 • T H I S D AY

FEATURES Facelift for Insurgency Ravaged Communities in Adamawa

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

Daji Sani who visited some communities in Adamawa State liberated from Boko Haram terrorists by the military, reports that the federal government and some private organisations are assisting the communities to rebuild destroyed infrastructure

A 10km road constructed in Kwambla Village by the Federal Government

B

oko Haram incessant attacks and the perennial floods on communities in Adamawa State have brought nothing but pains and hardship to residents. Women and children were rendered homeless after their breadwinners were killed by the insurgents. Their homes and businesses were destroyed leaving them hopeless and without anything to earn a living. The children forced out of school took to the streets begging and looking for what to eat.

These victims of insurgency and the perennial floods only survived on the alms that good spirited individuals give to them on a daily basis. Some of the victims just needed small amounts of money as capital to enable them go into small scale businesses to aid them bounce back.

Recent research by the United Nations Children’s Emergency Fund (UNICEF) revealed that about 34,000 children were suffering from acute malnutrition in Adamawa State, and it is believed that the floods and insurgency were major contributing factors.

Also, some scholars have argued that the decline in the country’s economy is also a contributing factor to impoverishment of the people.

But stakeholders have insisted that to rebuild the North-east region, all hands must be on deck because according to them, government alone cannot do much considering the level

of destruction visited on the region by the Boko Haram terrorists.

Since the primary responsibility of any government is to protect lives and property, the Federal Government has started rebuilding the North-east using the 3Rs- reconstruction, rehabilitation and reconciliation. Today, visible

In Hong Local Government Area almost all the primary and secondary schools, bridges and roads destroyed by the Boko Haram terrorists have been reconstructed by the federal government.

This was made possible through the intervention of the Secretary to the Government of the Federation (SGF), Mr. Babachir David Lawal, who hails from Hong

development is taking place in the seven Local Government Areas in Adamawa State liberated from the Boko Haram terrorists by the military.

For example, in Hong Local Government Area almost all the primary and secondary schools, bridges and roads destroyed by the Boko Haram terrorists have been reconstructed by the federal government. This was made possible through the intervention of the Secretary to the Government of the Federation (SGF), Mr. Babachir David Lawal, who hails from Hong.

Also, rich individuals in Michika, Gombi , Mahia, Mubi North and Mubi South are said to have rebuilt their houses and shops destroyed by the Boko Haram terrorists. Some of them said that they collected bank loans to re-establish their businesses and farms.

However, in Madagali stakeholders regretted that no meaningful development has taken place in the council even when funds have been released.

House of Representatives Committee Chairman on Media and Public Affairs, Hon. Abdulrazaq Namdaz, said that the sum of N46.9 billion has been earmarked for capital projects in the North-east region.

Namdaz who represents Ganye/Toungo/ Jada/Mayo-Belwa Federal Constituency, disclosed this during a dinner organised for journalists in Yola. He said that out of this amount, the sum of N5.9 billion was allocated to projects in Adamawa State.

The federal lawmaker explained that projects to be executed in his constituency captured in this year’s budget included the completion of Mayo-Belwa power sub-station

by Transmission Company of Nigeria, repairs of Mayo-Belwa-Zing road and rehabilitation of Federal Government College Ganye.

Namdaz who disclosed that he has constituency projects worth N197 million to be executed, promised to continue with his empowerment programme. “I will also continue with my youth empowerment programme for people in my constituency.

I want to use this opportunity to urge the people of Adamawa to come out en masse to support our party (APC) candidates in the coming local government elections in the state.”

The lawmaker who called for support and understanding of Nigerians for President Muhammadu Buhari, said the current hardship being experienced was a global problem and not peculiar to Nigeria alone.

“I went to South Africa, they are also facing challenges. We need to bear with President Buhari as he tries to shape things.

We must realise that he is not a magician,” Namdaz said.

Allegation of lopsided development A member representing Madagali State Constituency in the State House of Assembly, Hon. Emmanuel Tsamdu, has lamented that the reconstruction of the North-east

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T H I S D AY • MONDAY, JULY 11, 2016

FEATURES

Junior Secondary School in Kwambla Village in Hong LGA

Newly built residential building in Hong

Police Station in Kwambla Village is selective.

He accused the SGF of self-centeredness for only reconstructing schools, roads and bridges in Hong council which happens to be his home town. Tsamdu lamented that other towns and villages are yet to feel the presence of the Federal Government.

The state lawmaker lamented that if nothing was done in the next three weeks before the rains, Madagali would be cut off from other parts of the country. He accused government of refusing to reconstruct the bridges that were blown up by the insurgents.

He said at the moment small vehicles have to divert into the bush to cross the rivers to the other side of the road before continuing their journey adding that heavy duty vehicles cannot go to Madagali. According to him, vehicles now stop at Michika because the bridges that serve as links to other towns and villages are broken down.

According to him, if raining season becomes severe small vehicles can no longer divert into the bush to cross to the other side of the road as the rivers would have overflown their banks. “Even the relief materials donated to our people by NEMA, we have to go to Michika to collect them because our bridges were destroyed by Boko Haram,” he lamented.

The rebuilding of the North-east region has created job opportunities for the youths in the area as developers engage them in construction works. One of the developers who declined to give his name, claimed he has made fortune since he relocated his business to Mubi, Michika and Hong.

Federal Government Intervention The state Coordinator of National Emergency Management Agency (NEMA), Hon. Saad Bello, said the Federal Government through NEMA has been providing food for the Internally Displaced Persons (IDPs) who returned to their ancestral homes without waiting for the government to give them clearance.

He said that as soon as most of them heard

Rebulding of shopping mall destroyed by the insurgents in Mubi that their communities have been liberated, they start to return on their own.

Bello said that the returnees needed to have given government little time to at least properly mop up the affected areas of carcasses of dead bodies and rebuild government institutions destroyed by the Boko Haram terrorists.

“Apart from providing a conducive environment for them before they return, the government needed to register them to enable it plan and know how to distribute relief materials to the returnees,” he said.

He said that despite the challenges, government still went ahead to provide basic necessities of life for these people such as

The governor said that CSOs have remained effective partners with government at all levels in facing current challenges particularly the ones created by the insurgency

provision of food and water, psychological and psychosocial therapies. According to him, through religious and traditional leaders the returnees were taught on the need to live in peace and unity with one another despite their cultural affiliations.

He explained that with the collaboration of security agencies, the government has established civil authorities in the affected areas, adding that the rebuilding of the North-east is not going to be automatic but a gradual process.

According to Bello, NEMA and other humanitarian agencies deployed their staff to the affected areas in collaboration with wards and village heads and traditional rulers to rebuild the lost trust among the returnees.

He said the rebuilding of the affected areas have commenced noting that in few years the affected areas will receive the needed development as the federal government is not sleeping on the issue. Bello said the federal government had distributed 70 trucks of grains across the 21 local government areas of the state.

He said that these efforts by the government are meant to cushion the effects of hunger ravaging many communities as a result of insurgency and perennial floods that disrupted farming activities for more than two years in Adamawa State.

State Government partners CSOs On his part, Governor Bindo Umaru Jibrilla has lauded the contributions by some Civil Society Organisations (CSOs) towards good governance and welfare of IDPs in the state.

Jibrilla made the commendation while inaugurating the Yola Advocacy Resource Centre set up by Civil Society Legislative Advocacy Centre (CISLAC) in collaboration with the North East Regional Initiative (NERI).

The governor said that CSOs have remained effective partners with government at all levels in facing current challenges particularly the ones created by the insurgency.

Represented by the state Commissioner for Agriculture, Jibrilla said his administration was ever ready to work with the CSOs in rehabilitating the IDPs and promoting good governance.

The Chief Executive Officer of CISLAC, Mallam Auwal Rafsanjani, said the advocacy centre was establish to complement the efforts of federal government in restoring peace and development in Adamawa.

Rafsanjani who was represented by Mr. Kolawale Banwo, said the resource centre would serve as a learning centre for CSOs, youth and women groups to strengthen their capacity as well as empower them to change the lives of citizens at every level of their engagement in the state.”The essence of this project is to support the state government and non-state actors in Adamawa State with requisite skills needed for effective engagement for good governance, rehabilitation and community cohesion,” he said.

On his part, the state Programme Manager of NERI, Mallam Abubakar Mustapha, said his organisation in collaboration with other NGOs had executed series of projects for IDPs and in areas librated from Boko Haram.

The projects according to Mustapha include, renovation of classrooms, provision of school kits and skills acquisition training for IDPs and vulnerable youths in various communities in the state etc.

22

IMAGES

Abia State Governor, Dr. Okezie Ikpeazu (middle) surrounded by the people of Nzuko ohaneze Ukwa la Ngwa during a solidarity visit to the governor in Umuahia....recently

T H I S D AY • MONDAY, JULY 11, 2016

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

L-R: Product Manager, Fidson Healthcare Plc, Mr. Femi Ajala; representative of Lagos State deputy governor/ Permanent Secretary, Education District 2, Mrs Magareth Titilayo; Astymin School Programme Coordinator, Mrs Yetunde Adesola; representative of Co-Curricular Department, SUBEB, Mrs Morenike Magareth lsmail; and General Manager, Fidson Healthcare Plc, Mr. Ola ljimakin, during the 5th edition of Astymin Brilliance Reward in Lagos...recently ABIODUN AJALA

L-R: Senior Group Head, Reignite Public Affairs, Tola Odusote; Speaker, Ecowas Youth Parliament, Ghana, Hon Mensah Fred; MD/CEO, CMC Connect Burson Marsteller, Yomi Badejo-Okusanya; ED, CMC Connect Burson Marsteller, Raheem Olabode; and Deputy Speaker, Ecowas Youth Parliament, Liberia, Hon. Varney Maxwell, during the Ecowas Youth Parliament award presentation to Badejo-Okusanya in Lagos...recently

L-R: Director, Customer Service, Etisalat Nigeria, Plato Syrimis; an Etisalat customers, Hauwa Maureen Lazzari, and Ibrahim Idris; Director Network, Etisalat Nigeria, Abdul Adegbuyi and Director Brands and Experience, Elvis Ogiemwanye, at Etisalat Customer Forum in Abuja...recently

L-R: Patron, Etisalat Prize for Literature, Dele Olojede; Chief Executive Officer, Etisalat Nigeria, Matthew Wilsher; Manager, High Value Sponsorship and Events, Etisalat Nigeria, Opeyemi Lawal; Chair of Judges, 2016 Etisalat Prize for Literature, Helon Habila; and Patron, Etisalat Prize for Literature, Kole Omotoso, at a press conference to announce the call for entry for the 2016 Etisalat Prize for Literature in Lagos...recently

Co-Founder, Believers Connect, Chidi Okocha; Lead Pastor, Elevation Church, Godman Akinlabi; radio host of Deep Soul on Rythm Network, Stephen Ojumuyigbe; and Co-Founder, Believers Connect, Lanre Akinbo, at the launch of Believers Connect in Lagos...recently

National Chairman, lndependent Democrats Party, Hon Edozie Madu (left) and General lbrahim Babangida during the visit of Madu to Babangida at Hilltop, Minna...recently

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BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 5.1667 11.4625

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Quick Takes Kaduna Electric Explains Poor Supply

Kaduna Electric has attributed the inadequate power supply to its customers to poor load allocated to the company from the national grid by the National Control Centre in Osogbo and challenges faced by the Transmission Company of Nigeria (TCN) in wheeling power to the company for onward distribution to customers.

According to the Head, Corporate Communications, Abdulazeez Abdullahi, “The poor power supply to its franchise states in recent times is as a result of the low generation from the national grid, which was caused by the vandalism of gas pipelines supplying gas to generating companies by the Niger Delta militants.

Last Monday, he said: “The allocation to Kaduna Electric was 92megawatts for supply to our customers in Kaduna, Sokoto, Kebbi and Zamfara States, while on Tuesday, we received 106 megawatts which is severely inadequate to meet the needs any one state in the franchise let alone all four.”

Abdullahi added that at present, the Nasko/Yelwa/Yauri line belonging to TCN is down in addition to the Zaria/Gusau line which severely hampers TCN ‘s ability to send the required supply.

RIMAN Holds National Risk Conference

A WELL DESERVED HONOUR

L-R: Lagos State Security Trust Fund (LSSTF) Board member, Adeyemi Idowu; Zenith Bank Executive Director, Mr. Sola Oladipo; Chairman LSSTF, Oye Hassan Odukale; award recipient and Chairman of Zenith Bank Plc., Jim Ovia; and Executive Secretary/CEO of the Fund, Dr. Abdurrazaq Balogun at the presentation of a Special Recognition Award by the LSSTF to Ovia in Lagos...recently

Dogara Recommends Stiffer Sanctions against Errant Capital Market Operators GoddyEgene The Speaker, House of Representatives, Yakubu Dogara has said that appropriate sanctions against operators who commit infractions would go a long way in restoring investor confidence in nation’s capital market He therefore promised that the parliament would strengthen capital market laws to empower regulators to sanction errant operators appropriately.

Dogara stated this at a press briefing in Lagos last Friday after sounding the closing gong at the Nigerian Stock Exchange (NSE).

According to him, capital market regulators must be on top of their responsibilities in order to boost investor

CAPITAL MARKET confidence in the market.

Dogara, who was a member of the House Committee that investigated the 2009 crash of the stock market, observed that most of the operators who contributed to the crash of the market went unpunished. He said investors would have more confidence in the market if they know that antiquate punish would be given to operators who commit infractions in the market.

“A lot of things are required to be put in place to return investors’ confidence. The regulators need to be at the top of their job. Sanctions must be imposed on operators who commit infractions so that

investors would have confidence to participate in the market.

Any person who abuses the market should be dealt with in accordance with the laws “he noted.

He stated that capital market regulators should be empowered to sanction operators that arbitrary abuse the market so as to regain investor confidence.

“I guess one of the issues that we must address is the issue of sanction. Even if I am going to lose my money, but seeing that those who perpetuated infractions being dealt with, maybe to some extent I will have the confidence that the market still retains. We need to deepen the market, we need to create and sustain confidence in the market and for confidence

to come back we need to do more. When we start sanctioning, confidence will come back to the market,” Dogara said.

Meanwhile, the Speaker has reiterated the commitment of the legislators to compel multinationals oil and gas companies, telecommunication firms and privatised companies to list on the NSE to deepen the market.

Dogara stated that “the flow of resources from citizens to these companies are what make them rich. The only way majority of the citizens can enjoy part of that profit is by listing them on the Nigerian capital market,” he said.

He added that the country Continued on page 24

Telecoms Sector Leads in Ad Spend with N16.7bn in 2015 Emma Okonji The report of the just released 2015 Mediafacts, which is a key media resource for marketing professionals in West and Central Africa, has shown that the telecommunications sector retained its lead position as the highest advertiser in Nigeria in 2015 with a combined total expenditure of N16.7billion.

According to the report, produced annually by mediaReach OMD, a specialist media company that provides media planning, buying, control and inventory management services, the figure represents 17 per cent of the total advertising spend

TELECOMS in Nigeria of N97.9billion in the same year.

The report also identified other top advertising product categories that contributed to the total ad spend to include: Personal Paid (N12.2billion), Corporate Communications (N6.3billion), Banking and Finance (N5.8billion), Lager Beer (N4.6billion), Public Service (N3.8billion), Soft Drinks (N2.8billion), Cable TV (N2.5billion), Milk and Diary (N2.2billion) and Broadcast (N2.2billion).

Others are: Noodles

(N2.1billion), Cocoa Beverages (2.0billion), Skin Cleansing (N1.8billion), Nutritional Drinks (1.8billion), Dental care (N1.6billion), Seasonings (N1.5billion), Online mall/ Education imparting knowledge & Skill/Malt (N1.4billion), NSD Powder (N1.3billion) and others (N22.4billion). Mediafacts stated that these are the top 20 advertising product categories in 2015.

According to Mediafacts, “The top 10 advertisers in Communication and Telecommunications sector in 2015 include: Sundry Ad (other Inform. Service) – N13.5billion, MTN - N4.7billion, Airtel - N4.1billion, Etisalat

- N3.7billion and Globacom N3.7billion. Others are: Nigerian Breweries – N3.7billion, The State Government – N3.1billion, Sundry Advertisers (Services) – N3billion, Reckit Benkiser Nigeria – N2.7billion and Procter & Gamble – N2.1billion.

The report stated: “The top 20 advertisers contributed 64% of total spend and the top four telecom players contributed 17% of the total spend in 2015.”

Mediafacts also revealed that the total advertising spend recorded in 2015 represented an increase of N4.8billion above the N93.1billion documented Continued on page 24

The Risk Managers Association of Nigeria (RIMAN) will hold its 16th annual national conference and annual general meeting on the 14th and 15th of July, 2016, in Lagos.The conference theme is “Global Oil Crisis and Energy Risks in Nigeria.”

The conference will address key issues of risk management in the current global oil crises as well as the attendant risks to the various sectors of the Nigerian economy. The continuous power sector challenge and the risk management dimensions will also be discussed at the conference.

The Emir of Kano (former Governor of the Central Bank of Nigeria), HRHMuhammaduSanusiandothertoprankingregulators/operators and stakeholders in the Financial /non-financial industries and oil & gas/energy sectors will examine various topics including : Challenges and Opportunities in the Deregulation of the Power Sector; Reflections on Energy Crisis in Nigeria: The Way Forward; Energy Crisis and its Effects on National Development; Panel Session: Impact of Energy Crises and its Effect on the Financial Sector; Exploiting the Opportunities in the Energy Sector (Oil & Gas, Power); Managing Energy Risk: The Regulatory/Policy Dimension (PIB: a Solution?)

Opportunities in Alternative Energy Sources.

Blue Boat Powder Excites Kano Muslim

Days after Muslims all over the world completed their fasting, memory of how free samples of Blue Boat Champ1on milk powder nourished lives in the Ramadan period is still fresh in Kano. In the commercial city, free samples of the product were said to have been provided for Muslim faithful in selected mosques during Ramadan.

According to the handlers of the brand, the initiative, which was done in 20 mosques of Kano during breaking of fast was aimed at nourishing Muslims during the Ramadan period so that they could keep going with their everyday activities.

While appreciating the kind gesture, Alhaji Abubakar Abatta, the Imam of Ansaruldeen Moslem Society Mosque said “We are very grateful to Blue Boat for being a part of us during this time of reflection,prayersandgiving.Thisisthefirsttimeweareexperiencing this in Kano”.

Galaxy TV Now On DStv

MultiChoice Nigeria has announced the addition of Galaxy TV, a popular free to air (FTA) channel from Lagos, to its DStv platform.

In a statement issued by MultiChoice Nigeria, Galaxy TV will broadcast current news from Nigeria, Africa and the rest of the world and will be on DStv channel 258. The statement further stated that the channel will be available to Premium, Compact Plus, Compact, Family andAccess subscribers.

GalaxyTV,whichwaspreviouslyonlyavailableonGOtv,nowjoinsthe growingnumberofNigeria’sFTAchannelsonDStv.OtherFTAstations on DStv include; NTA I, Channels TV, Africa Independent Television (AIT), SilverBird Television, TVC, Lagos Television and ONTV MAX. Managing Director, MultiChoice Nigeria, John Ugbe, said the addition of Galaxy TV will offer subscribers more local content options to choose from.

“TSA will help the banks to be more focused on core banking operations as reliance on easy money will no longer be in place” A former acting Unity Bank Managing Director,

Mr. Muhammed Rislanudenn

24

T H I S D AY • MONDAY, JULY 11, 2016

BUSINESSWORLD DOGARA RECOMMENDS STIFFER SANCTIONS AGAINST ERRANT CAPITAL MARKET OPERATORS

would engender economic prosperity through the listing of these companies.

According to him, the House will look at the agreements of some of these companies with the Bureau of Public Enterprises (BPE).

TELECOMS SECTOR LEADS IN AD SPEND WITH N16.7BN IN 2015

in 2014.

“The 2014/2015 electioneering campaigns and the successful change in government may have positively impacted on the advertising spends in 2015 as it records a positive growth of about 4.8% over 2014 total media spend,” the report further said.

Mediafacts further revealed that the television stations attracted the highest advertising expenditure of N39billion in 2015. The report also put the advertising expenditure attracted by the print media, outdoor and radio stations at N23.7billion, N20.1billion and N15.1billion; respectively.

Meanwhile, the advertising expenditure that went to the print media last year declined marginally by 4per cent from N25.8billion in 2014 to N23.7billion in 2015. Also, the outdoor performed better the previous year when it attracted N20.5billion advertising spend against N20.1billion in 2015.

However, the TV and Radio stations in Nigeria attracted more advertising spends of 39.0billion and N15.1billion in 2015 compared to N34.6billion and N12.1billion the previous year.

Mediafacts put the advertising expenditure in the first and second quarters of 2015 at N23billion each, while it was N29.8billion and N22.1billion in the third and fourth quarters of the year. “The highest spend for 2015 was recorded in Quarter three (N29.8billion), which represents 30 per cent of the total spend,” the report stated.

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

Shareholders Own Skye Bank, Not CBN, Says New Chairman Goddy Egene The Chairman of Skye Bank Plc, Mr. M.K. Ahmad has said that the Central Bank of Nigeria (CBN) did not take over the bank but only intervened to correct observed corporate governance issues under the old board.

The CBN last Monday removed the former board of the bank led by Tunde Ayeni as chairman and Timothy Oguntayo, managing director and appointed a new board with Ahmad as chairman. The central bank also appointed Mr. Tokunbo Abiru as group managing director/chief executive officer of the bank.

Addressing stockbrokers on the floor of the Nigerian Stock Exchange (NSE) last Friday, Ahmad said the ownership of the bank remained in the hands of the shareholders, stressing that the CBN does not own the bank and has not taken over the bank.

According to him, CBN was fully behind the bank and would support it to fully stabilise.

Ahmad, a former Director General of the National Pension Commission, re-assured the bank’s stakeholders that the bank was not distressed but only had corporate governance issues under the old board. He said the bank’s fundamentals remain strong and that it remains one of Nigeria’s leading and retail banks.

Also, the MD/CEO, Abiru, said the management team

and the board would work to achieve value enhancement for shareholders, customers and other stakeholders by bringing the cost-income ratio to acceptable levels, improve the risk assets quality and work towards increasing the liquidity and capital adequacy of the bank.

Abiru described the reconstitution of the bank’s board as an intervention, saying the lender’s fundamentals are good and strong.

Apart from Ahmad and Abiru, other other members of the reconstituted Board are Bayo

Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu, all of whom were serving in the Executive Director capacity of the bank prior to now.

Speaking on the intervention last week, CBN governor, Mr. Godwin Emefiele, said the central bank took what he described as a proactive step in order to save the health of the bank from further deteriorating.

To correct the anomalies in the bank, he said the CBN had several meetings with the management and board of Skye Bank as part of its strategy of

A former President of Nigeria, Chief Olusegun Obasanjo has advised the federal government to source medium and long term fund from the nation’s capital market to execute capital projects.

Besides, Obasanjo has endorsed the on-going capital market literacy programme of the Chartered Institute of Stockbrokers (CIS) as a veritable strategy to expose Nigerians to the pre-eminent position of the capital market in the development of any economy.

In a closed door meeting with the principal officers of the CIS at his Ota country home at the weekend, Obasanjo commended the institute for taking its enlightenment programme of the relevance of the capital market to the growth and development of Nigeria’s economy to the door step of every citizen.

He also expressed optimism that the Institute’s introduction of Diploma Programme in Securities and Investment as a major approach to bring the youths into the capital

significant interconnectedness, he said the CBN would be failing in its duty if it did not take immediate action to nip the steadily declining health of the bank in the bud and correct the situation.

Emefiele said in view of the long grace period allowed the bank to correct the situation, the central bank came to the conclusion that, although the existing board had done its best to steer the ship, it was clear that it would be unable to bring the bank out of its present precarious situation.

PARTNERING FOR SUCCESS

L-R: Managing Director/CEO, Pan- Africa Solar, Mr. Marcus Heal (left) in a hand shake with Ag Managing Director/CEO of Nigerian Bulk Electricity Trading (NBET) Plc, Mr. Waziri Bintube at NBET’s initialling of the Front-Runner Solar PPAs …recently

Obasanjo Advocates Capital Market Option for Economic Revival Eromosele Abiodun

close engagement whenever a bank’s financial or governance situation poses potential threats to the overall stability of the financial system.

Emefiele said despite the expectation of the relevant regulators, market watchers, financial analysts and interested stakeholders, Skye Bank should have been doing much better, but what was evident was the opposite.

Given the aforementioned issues and the fact that Skye Bank is a domestic Systematically Important Bank (SIB) with

market community as future entrepreneurs.

Obasanjo explained that the Nigeria’s capital market had always been a platform where individuals can undertake capital formation while corporate organisations and governments at all tiers can mobilise medium and long term funds for development projects.

He noted that no economy could thrive without a strong and virile capital market.

According to him, there is a correlation between the development of an economy and its capital market.

He advised the federal government to take advantage of Nigeria’s capital market to revive the economy by sourcing cheap funds to finance budget deficit and execute the capital projects in the 2016 fiscal budget.

Obasanjo stated that many embattled economies had bounced back on the strength of their capital market. He specifically cited Ethiopia where the economic revival was achieved through effective and efficient deployment of the Commodity Exchange by its government.

As a strategy to reinforce the federal government’s

diversification programme, Obasanjo urged the Federal Government to ensure immediate commencement of operation at the Abuja Commodity Exchange (NXC) He urged the principal officers of the CIS to provide technical support for the federal government to expedite action on the commencement of the NXC. He advised the CIS to tap from the Ethiopian model in this regard.

Responding, the President and Chairman, Governing Council of the CIS, Mr. Oluwaseyi Abe recalled that as Nigeria’s president , Obasanjo had taken keen interest in ensuring a sustainable capital market operation.

Abe explained that when Obasanjo assumed office as the president, there was an increase in the Nigerian Stock Exchange’s market capitalisation from about N700 billion to N14 trillion by the time he left.

“However, after the exit of Obasanjo as the President of the Federal Republic of Nigeria the capital market had witnessed a downturn from N14 trillion about N9 trillion currently, “ said Abe.

Stakeholders Move to Revive Exportation of Agro Produce Bennett Oghifo with agency report Industry experts have agreed to join forces to revive the exportation of yam, beans, cocoa and other agricultural produce from Nigeria to the United States and other countries.

At an interactive consultative meeting organised by the Nigerian Export Promotion Council (NEPC) at its regional office in Lagos, the experts expressed concern that the ignorance of some Nigerian exporters is making other countries to take the credit for Nigerian produce.

They stressed the need for a synergy and collaboration among the various agencies to increase exports from Nigeria under the African Growth and Opportunities Act (AGOA).

AGOA is a trade preference programme that provides dutyfree treatment to the United States importation of certain products from eligible African countries, which include Nigeria.

The News Agency of Nigeria reports that experts were drawn from 19 agencies and they included the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and Nigerian Expanded Trade and Transport.

Others were, the NigerianAmerican Chamber of Commerce, Carmine Assayer Ltd, the Lagos State Ministry of Commerce,

Industry and Co-operatives, the Nigerian Export-Import Bank, Fidelity Bank, Heritage Bank and Access Bank, among others.

Declaring the forum open, NEPC’s South West Regional Cooordinator, Mr. Babatunde Faleke, said that Nigerian exporters were not utilising the opportunities available to the country to export 6,400 products to the US duty free.

Faleke lamented that yam, cocoa, beans and other produce from Nigeria were usually smuggled from Nigeria to other African countries, before being shipped abroad because of stereotypes that Nigerian agricultural produce goods were not of good quality.

He said that the NEPC, in collaboration with the International Institute of Tropical Agriculture (IITA), had perfected an exportatable specie of yams which was eaten globally but were usually exported from other African countries.

Faleke lamented the high rate of finished leather products from Aba were also finding their way out through Ghana, Senegal and other African countries, thereby transferring Nigeria’s excellence to those countries. ``The approach we have adopted is not getting us anywhere, as 15 years have gone and we (Nigeria) have not benefited so much.

“It is obvious that if we do not export, we would all perish because President Buhari has said that we should behave as if we do not have oil,’’ Faleke said.

25

T H I S D AY • MONDAY, JULY 11, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Falls 1.54% on Continuing Bear Run Goddy Egene and Eromosele Abiodun The downtrend in the Nigerian equities market was sustained last week as the bears dominated trading that saw the market open for only two days. In what was a shortened trading week – due to an unusually extended national public holiday to commemorate the Eid-El Fitr celebration, the bears dominated the market and sending the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down by 1.54 per cent to close the week lower.

The market had in the previous week declined by 4.3 per cent due to lack of expected inflow from foreign portfolio investors (FPI) following the introduction of flexible foreign exchange policy by the Central Bank of Nigeria (CBN).

Some level of bargain hunting was expected after the two weeks of losses. However, that did not happened as trading for the two days reflected broad-base profit taking amid lingering concerns about the domestic macroeconomic landscape.

Consequently, the ASI went down by 1.54 per cent to close at 28,854.98, while market capitalisation shed N154.70 billion to close at N9.91trillion thereby trimming the Year-to-Date gain to 0.74 per cent.

In a similar vein, all other Indices finished lower during the week, with the exception of the NSE ASeM Index that closed flat. The NSE Industrial Goods index declined the most, down 4.9 per cent following losses in Lafarge Africa Plc (-9.1 per cent) and Dangote Cement Plc (-0.3 per cent). The NSE Banking Index followed, falling 2.6 per cent on sell-offs in Access Bank Plc (-4.3 per cent). The NSE Insurance went down by 1.9 per cent, just as the NSE Consumer Goods Index dipped by 1.3 per cent. The NSE Oil & Gas Index closed week 1.1 per cent lower.

Daily Performance Summary The market had opened the week on Monday negatively as reports of the CBN’s dissolution of Skye Bank’s board and management hit the market. The benchmark index declined 1.0 per cent to close at 29,005.33 while market capitalisation dipped N104.2 billion to settle at N9.7 trillion. Performance was broadly driven by sell-offs in Dangote Cement Plc (-0.5 per cent), Zenith Bank Plc (-3.1 per cent), Lafarge Africa Plc (-4.3 per cent), Nigerian Breweries Plc (-0.8 per cent) and Forte Oil Plc (-5.0 per cent). Market activity was weak as volume and value traded declined 24.7 per cent and 39.4 per cent to close 142.8 million units and N1.2 billion respectively.

In terms of sectoral performance all indices closed on Monday in the red. Similar to the benchmark index, performance across sector indices was very bearish. The Industrial Goods Index led with decline of 2.1 per cent caused by the sell-offs in Dangote Cement Plc (-0.5 per cent) and Lafarge Africa Plc (4.3 per cent).

The Banking Index (-1.1 per cent) ended Monday’s trading session as the second worst performing index on account of losses by Zenith Bank Plc (-3.1 per cent), Stanbic IBTC (-4.4 per cent) and Access Bank (-1.4 per cent). The Consumer Goods Index fell 0.9 per cent as profit taking activities continued in Nigerian Breweries Plc (-0.8 per

Traded Products (ETPs) valued at N374.00 executed in seven deals, compared with a total of 12,695 units valued at N174,028.05 transacted last week in 35 deals.

cent) and Guinness Nigeria Plc (-5.2 per cent).

The Insurance and Oil & Gas index declined 0.8 per cent apiece on the back of the depreciation in AXA Mansard Insurance Plc (-4.8 per cent), Custodian (-3.7 per cent), Forte Oil Plc (-5.0 per cent) and Total Nigeria Plc (-4.5 per cent).

On Friday when the trading resumed after the three-day holiday, the market recorded a fall of 0.51 per cent. The depreciation recorded in the share prices of Transcorp, Forte Oil, Unilever, GTBank and Lafarge Africa were mainly responsible for the loss recorded in the index.

Market Turnover Meanwhile, the volume and value of trading fell significantly during the week under review as total volume traded shrank by 74.28 per cent to 377.80 million shares, worth N3.641 billion and traded in 7,466 deals, compared to the 1.47 billion shares, valued at N17.06 billion that exchanged hands in 21,246 deals the previous week.

However, the Financial Services Industry remained the most traded in volume terms leading the activity chart with 305.334 million shares valued at N2.011 billion traded in 4,260 deals. By this performance the sector contributed 80.82 per cent and 55.23 per cent to the total equity turnover volume and value respectively. The Oil & Gas Industry followed with 32.753 million shares worth N341.230 million in 1,029 deals. The third place was occupied by the Consumer Goods Industry

with a turnover of 16.258 million shares worth N635.951 million in 1,179 deals.

FBN Holdings Plc, Guaranty Trust Bank Plc and Access Bank, which where the top three equities accounted for 122.347 million

TOP TEN BROKERS(BY VALUE)

shares worth N1.291 billion in 1,477 deals, thus contributing 32.38 per cent and 35.47 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 35 units of Exchange

AS AT LAST FRIDAY VALUE

% VALUE

STANBICIBTCSTOCKBROKERSLIMITED

BROKER

1,038,686,197.36

14.29

RENCAPSECURITIES(NIG)LIMITED EFCP LIMITED GREENWICH TRUST LIMITED -BRD

733,911,017.18 690,335,505.52 503,520,458.06

10.10 9.50 6.93

CORDROS CAPITAL LIMITED - BRD

431,644,555.80

5.94

CSLSTOCKBROKERSLIMITED MORGANCAPITALSECURITIESLIMITED AFRICAN ALLIANCE STOCKBROKERS LTD

423,459,401.40 189,860,876.63 182,545,414.13

5.83 2.61 2.51

CHAPEL HILL DENHAM SECURITIES LTD - BRD

156,947,957.65

2.16

150,504,879.78 4,501,416,263.51

2.07 61.95

FBN SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

AS LAST FRIDAY

BROKER

VOLUME %VOLUME

MORGAN CAPITAL SECURITIES LIMITED

81,641,198

10.80

CSL STOCKBROKERS LIMITED

71,553,891

9.47

STANBIC IBTC STOCKBROKERS LIMITED

45,706,167

6.05

RENCAP SECURITIES (NIG) LIMITED

43,827,510

5.80

GREENWICH TRUST LIMITED -BRD

38,905,483

5.15

PRIMERA AFRICA SECURITIES LTD

33,171,588

4.39

EFCP LIMITED

23,712,445

3.14

CORDROSCAPITALLIMITED-BRD

18,020,243

2.38

CARDINALSTONESECURITIESLIMITED

17,138,609

2.27

AFRICANALLIANCESTOCKBROKERSLTD

14,298,797

1.89

387,975,931

51.35

Gainers and Losers Meanwhile, only nine equities appreciated in price during the week, lower than 22 equities of the previous week. Conversely, 48 equities depreciated in price, lower than 52 equities of the previous week, while one 123 equities remained unchanged higher 106 equities recorded in the preceding week.

The price gainers were led by Oando Plc with 20.3 per cent gain as investors reacted to the company’s return to profitability in the first quarter ended March 31, 2016. The company recorded a profit of N4.1 billion in 2016, compared with a loss of N20 billion in the corresponding period of 2015.

The Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu had last week said: “This first quarter of 2016 demonstrates our dedication to return our business to profitability by the end of the 2016. We are succeeding in our corporate initiatives which are today’s driving forces for our business in this new global reality of economic restraint and lower oil prices in our industry.

As a group we have placed our focus on growing our dollar earning upstream higher margin and export trading businesses. We continue to count on the consistency of our retail and midstream interest and look forward to a rewarding year, where we solidify our aspirations and return to profitability.”

These comments, market operators said, buoyed investors’ hopes, hence the renewed demand for the shares.

Unity Bank Plc closed as the second highest mover, rising by 8.08 per cent followed by Stanbic IBTC Holdings Plc with 5.4 per cent. Greif Nigeria Plc and Red Star Express Plc went up by 4.98 per cent and 4.88 per cent respectively.

Conversely, Skye Bank Plc led the price losers, shedding 17.4 per cent as investors reacted negatively to the replacement of its board and management by the CBN. Diamond Bank Plc went down by 12.6 per cent, just as Honeywell Flour Mills Plc, Beta Glass Plc, and Glaxosmithkline Consumer Nigeria Plc dipped by 11.8 per cent, 9.74 per cent and 9.73 per cent in that order.

26

T H I S D AY • MONDAY, JULY 11, 2016

BUSINESSWORLD

INSIDE BROAD STREET

Stanbic IBTC Bank Partners Google on Digital Inclusion

A view of Lagos financial district

AKINWUNMI IBRAHIM

FGN Bond Prices Depreciate on Profit-taking Obinna Chima In line with analysts’ expectation, the over-the-counter (OTC) FGN bond market witnessed renewed profit-taking activity, resulting in higher bond yields across all maturities.

Week-on-week, while the 20-year, 10.00% FGN JUL 2030 debt appreciated by N2.31 (yield increased to 14.25%); 10-year, 16.39% FGN JAN 2022 paper lost N2.18 (yield rose to 14.00%); the 7-year, 16.00% FGN JUN 2019 tanked by N1.16 (yield increased to 13.75%); and the 3-year, 13.05% FGN AUG 2016 paper shed N0.26 (yield rose to 7.53%).

Also, a report by Cowry Asset Management Limited showed that on the London Stock Exchange, traded FGN Eurobonds appreciated on sustained bargain hunting.

Specifically, the 10-year, 6.75% FGN JAN 2021 paper; the 5-year, 5.13% JUL 12, 2018 bond; and the 10-year, 6.38% JUL 12, 2023 bond gained $0.63 (yield fell to 6.43%), $0.05 (yield decreased to 4.64%) and $0.40 (yield declined to 6.81%) respectively.

This week, Debt Management Office will issue Federal Government bonds worth N120 billion, viz: 5-year, FGN JUL 2021 bond (a new issue) worth N40 billion; 10-year, 12.50% FGN JAN 2026 paper worth N40 billion; and 20-year, 12.40% FGN MAY 2036 bond worth N40 billion.

“We expect yields at the primary market to trend northwards to compensate for increased inflation outlook,” the Cowry Asset report added.

On their part, analysts at Afrinvest West Africa Limited revealed that contrary to last month when the Nigerian sovereign bonds instruments commanded the highest year-to-date return, South Africa and Ghana instruments have overtaken the Nigerian sovereign bond instruments with average year-to-date return of +12.6 per cent and + nine per cent respectively compared with eight per cent average year-to-date return of the Nigerian sovereign bond instruments.

MARKET INDICATOR Furthermore, the noted that trading sentiment in the first half of 2016 was mostly guided by heightened inflationary pressure and FX risk factors.

“However, we expect the moderation in FX related risk to spur foreign investors’ interest in Nigerian assets in the second half of 2016 which could offset the tendency of domestic investors to price-in inflation risk.

Nonetheless, the aggressive play of the CBN in liquidity management after the return to a more market-friendly FX regime could anchor yields upward in the immediate term,” Afrinvest stated.

Forex Market In the just concluded week, foreign exchange market segments recorded mixed movement in exchange rates after a three day public holiday from Tuesday to Thursday.

As business activity resumed at the end of the holidays on Friday, the naira depreciated week-on-week against the United States dollars greenback at the interbank market by 0.09 per cent to N282.25/$1 amid built up demand for foreign exchange.

However, at the Bureau De Change segment, the naira/dollar exchange rate closed steady at N345 on Friday. Conversely, the local currency strengthened against the United State greenback by 0.85 per cent to N352/$1 at the parallel market. The parallel market was also quiet as the naira was stable, trading at N352/$1 on all days of the week.

This week, analysts anticipate stability in the foreign exchange rate amid foreign portfolio investments in local fixed income instruments. They also expressed the belief that the ability of the CBN to fulfil the $3.5 billion forward commitments in June would massively boost confidence levels in the Nigerian FX market, adding that the market is expected to stay soft in the week ahead in the absence to autonomous supplies and

guided trading band in the new interbank market. They also expect rate at the parallel market to trend circa current levels.

Interbank Market In the just concluded week, Nigerian interbank money market moved in mixed directions as financial system liquidity remained relatively stable. The Nigerian Interbank Offered Rate (NIBOR) for overnight funds and 1 month tenor bucket increased to 7.79 per cent (from 4.42%) and 10.96 per cent (from 10.82%) respectively.

However, NIBOR for three months and six months placement tenors moderated to 13.14 per cent (from 13.62%) and 14.79 per cent (from 15.29%) respectively.

Meanwhile, yields on the Nigerian Interbank True Treasury Bills Yield (NITTY) mostly increased on sell pressure–yields on the 1 month, 3 months and 6 months maturities increased to 8.06% (from 7.72%), 10.50% (from 9.77%) and 10.54% (from 10.30%) respectively, according to Cowry Asset Management Limited. However, 12 months NITTY moderated to 12.46 per cent (from 13.38%).

Furthermore, the report by Afrinvest showed that financial system liquidity opened last week at N330 billion with Open Buy Back rate (OBB) rising 0.1 per cent to close at 4.6 per cent whilst overnight rate closed flat at five per cent last Monday. There was a treasury bills auction on Friday where N28 billion, N42 billion and N120 billion of the 91-day, 182-day and the 364-day bills were auctioned at 9.98 per cent, 12.24 per cent and 14.99 per cent stop rates. The proposed allotment by the central bank was twice the offer amount, implying a significant liquidity mop-up from the system. Also, the average treasury bills rate remained at last week’s 9.4 per cent as investors awaited the central bank’s treasury bills auction.

This week, analysts expect NIBOR to trend upwards amid anticipated investments in fixed income instruments

Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc and Google, have sealed a deal that will enable youths and operators in the small and medium scale enterprises (SMEs) segment in the country to acquire digital skills for economic advancement.

The thrust of the collaboration, according to the parties, was to facilitate capacity building for SMEs in Nigeria, help entrepreneurs accelerate their businesses, support digital education initiatives geared towards job creation as well as address the key challenges that SMEs face in growing their businesses. Specifically, participants will be trained on the benefits, skills and value of digital marketing.

By organising the capacity building sessions in different parts of the country, the partners hope to build a critical mass of businesses through increased adoption of digital technology and enhance their contribution to economic development.

The training session is scheduled to kick-off in Lagos and Kaduna on July 19, 2016 and will subsequently hold in seven other states across the country. The initiative aims to digitally empower about one thousand SMEs in one year.

Head, SME Banking, Stanbic IBTC Bank, Obinnia Ukachukwu, stated that as diversification of Nigeria’s economy returns to the front burner, it has become imperative to highlight the role of digital technology on empowering the youth and stimulating growth of SMEs. Ukachukwu said the collaboration fits into the institution’s goal of fostering economic empowerment through strategic interventions that enable individuals and businesses realize their aspirations. He said it was in pursuit of this objective that the Stanbic IBTC Bank organizes several capacity-building initiatives spanning various sectors of the economy, transport and logistics, trade and finance, in an on-going basis to support individuals and businesses.

“The SME segment is pivotal to the economic growth and development of any nation and Nigeria should not be an exception. This belief underlines our conviction that the collaboration with Google will expose the youth and SME operators to modern and innovative marketing, financial, and management skills using digital technology, which will help them to achieve success in their endeavours,” Ukachukwu, said.

He added: “We are quite pleased to partner with Google on this strategic initiative. Our ultimate goal is to cause, in the long term, an exponential growth in the digital technology space, knowing that this is the path to the future, with the youth and SMEs as the main anchors.”

Stanbic IBTC Bank’s commitment to the growth of the SME segment, Ukachukwu said, could be deciphered through the various digital banking products and support from the bank’s stable. For instance, the bank had launched an internet banking offering specifically for SMEs as well as SME BizDirect, a personalised digital banking platform. “The SME BizDirect is a multi-channel virtual business centre that avails the SME operator a personalised channel through which to engage the bank when the need arises. To help clients improve operations, we believe a migration to digital banking will reduce the challenges faced by customers and help them run more efficient businesses,” he added.

Head of Digital Education, Google Africa, Bunmi Banjo, said: “We’re happy to be collaborating with Stanbic IBTC Bank to provide free digital trainings to local entrepreneurs.

With over 97 million online subscribers, Nigeria continues to be one of the highest online populations in the world. And this presents big opportunities for the Small and Medium Business sector. We believe that when these SMEs have the right digital skills, they can better leverage the Internet to grow their businesses, create more jobs and boost economic growth in Nigeria.”

27

T H I S D AY MONDAY JULY 11, 2016

VACANCIES Preston Health Care Consulting, Ltd is a growing Public Health Research Organization, with offices in Kano and Abuja. Preston seeks to recruit for key positions to facilitate the progress of ongoing projects, mainly in North West Nigeria. These positions listed below are for the Abuja Main office as well as selected field locations.

ADMIN MANAGER Admin Manager will Supports operations by supervising staff; planning, organizing, and implementing administrative systems, he/she will be responsible for staff management, planning and allocating work, monitoring achievement of deadlines, and supporting staff as appropriate, managing performance and development, mainly through regular supervision sessions and the Performance development review process.

Qualifications: You can become an office manager with any degree but the following subjects may be particularly helpful: • Degree in business administration/business management, Computing and information technology, Human resource management, Management, Public administration, Master’s Degree will be an added advantage.

• Five (5) years or more with the relevance work experience is required Entry without a degree, HND or foundation degree is possible for those who have relevant work experience and skills

BUSINESS DEVELOPMENT MANAGER Job Duties: • To participate within the Executive Management Team.

• To plan, implement and develop the Finance Team operating procedures • To lead and manage the Finance team.

• To effectively manage the performance of the team.

• Work with management team to articulate trendsetter business ideas, develop and implement strategic marketing plan; among others.

Requirements: • 7 years (or more) experience in Corporate Marketing/Business Development • University degree – (Preferred in Marketing, Business Administration or Management) • Master’s degree required • In depth knowledge of the domestic, regional and international health development sector • Proven track record of developing new businesses • Strong client management skills • Strong leader, responsible, self-motivated, able to work under high pressure • Excellent interpersonal, communication, proposal writing and presentation skills • A passion for marketing/sales and a drive to succeed

BUSINESS DEVELOPMENT OFFICER Job Duties: • To research development sector and related events, publications, and announcements.

• To contribute to the implement of the strategic marketing plan • To locate or propose potential business opportunities.

• To contribute to closing new business deals.

• Work with internal teams.

• To maintain an excellent client relationship with existing and potential clients • To achieve own sales target and lead team to achieve team target and/or overall company target Requirements: • 4 years (or more) experience in proposal writing, bid management and budget development • University degree – (Preferred in any Health or Social Science) • Masters preferred • In depth knowledge of the domestic, regional and international health development sector • Strong client management skills • Team player, responsible, self-motivated, able to work under pressure and goal oriented • Excellent interpersonal, communication and presentation skills

FINANCE MANAGER Job duties: • To participate within the Executive Management Team.

• To plan, implement and develop the Finance Team operating procedures • To lead and manage the Finance team.

• To effectively manage the performance of the team.

• To effectively manage and control all capital and revenue budgets; among others.

Requirements: • A minimum of 10 years’ professional experience, at least 5 of which must have been at a senior financial management level within a large customer driven environment.

• Significant experience in direct management and control of a minimum of N150M annual turnover operation.

• Proven experience in direct management and supervision of a finance team.

• Proven experience of budget preparation, setting and monitoring and financial forecasting.

• Proven experience of preparing and presenting financial and management accounts, reports and data.

• Experience of liaising with auditors, business advisers and board members.

Knowledge/Qualifications • Qualified accountant to at least CIMA, ANAN or ICAN level.

• Good working knowledge of current accounting software systems.

• Knowledge of management systems for all accounting functions.

• Excellent communication skills.

• Excellent IT skills and Accounting software proficiency (Quickbooks, Peachtree, Word, Excel, Outlook etc); among others.

KNOWLEDGE MANAGEMENT OFFICER (KMO) Job Duties: • To lead in developing the Preston Healthcare Consulting Knowledge Management (KM) Strategy.

• To plan and develop the KM annual workplan in alignment with the Preston Healthcare Consulting Annual Business Plan and strategic objectives.

• To promote knowledge sharing through Preston’s operational processes.

• To provide support for the establishment, nurturing and promotion of communities of practice.

• To provide training and support to programme teams and partners.

Requirements: 1. University Bachelors Degree in Health or Social Sciences 2. Post graduate degree related to Library Sciences, International Development, Information Technology, Corporate Communications, Public Administration, etc 3. A minimum of 5 years’ experience and technical expertise in the field.

4. Has worked in a developing country.

5. Proven experience in the design and delivery of capacity development, coaching and mentoring activities.

6. Strong knowledge and practice of Results Based Management (RBM).

7. Strong communication skills.

8. Strong computer skills (MS Office, Word, Excel, PowerPoint).

9. A team player.

PROGRAM COORDINATOR The Program Coordinator (PC) supports the Technical Director by performing duties related to planning, directing and monitoring both the programmatic content quality, timeliness and operational activities of assigned projects. They also coordinate necessary project orientation and supervision for programme officers and other staff on their teams.

Responsibilities • Supports the Technical Director.

• Develops a time-line and budget for the life-cycle of each project • Leads in the preparation and execution of fieldwork, data collection, collation and analysis and coordination of team assignments • Liaises with Logistics and Admin and Finance.

Person Specification • Have a minimum of seven (7) years’ experience in health systems development.

• Have a Masters degree in Public Health • Have in depth knowledge and a good understanding of research and field survey methodology.

• Have strong technical writing, interpersonal and presentation skills • Must have a strong work ethic, be a team builder and demonstrable leadership skills.

PROGRAM OFFICER The Program Officer (PO) supports the Programme Coordinator by performing duties related to planning, executing and monitoring the programmatic content, quality, timeliness and operational activities of assigned projects, as an individual or part of a larger team.

Responsibilities • Contributes to proposals.

• Contributes to reports.

• Participates as part of a team to study protocol design, tool development, data collection and data analysis • Participates in the preparation of contracts and grant letters, material purchases, travel arrangements, adjustment of budgets and milestone schedules, and project closures • Facilitates and contributes to writing, editing, and publishing research results, workshops, literature searches.

Person Specification • Minimum of three (3) years’ experience working in health development • A degree in Social sciences or health related field (MPH or Masters in Development studies will be an added advantage) • Strong technical skills.

• Knowledge of program management and basic research methodology • Demonstrable skill in the use of word processors (MSWord, and PowerPoint).

• Strong interpersonal and collaboration skills.

• Approach with diverse groups of people • Strong written and oral communication skills; among others.

METHOD OF APPLICATION: 1. Via the link provided, visit our website http://prestonhealthcareconsulting.com/careers/ for more information on the position of interest.

2. Submit a cover letter and an updated CV to c.odigbo@prestonhealthcareconsulting.com.

3. Submissions must be received by 5pm on July 22nd 2016

We are committed to our values of Integrity, Competence and Efficiency.

28

T H I S D AY • MONDAY, JULY 11, 2016

BUSINESSWORLD

PERSPECTIVE

Rivers’ New Vision Uzodinma Anochima Without doubt, infrastructure is key to the socio-economic development of a state such as Rivers considered as one of the strategic zones in the country.

Even in the days of the old Eastern Region, its capital, Port Harcourt, was perceived to be the political and industrial capital of the region and measures were put in place to make it the ‘Garden City’ it was. In spite of the devastation caused by the unfortunate civil war of 1967 – 1970, it did not lose that status.

When the Murtala Mohammed/ Obasanjo regime came into office, Port Harcourt was one of the three cities declared as Federal territories. The other two are Lagos and Abuja.

But this declaration was only on paper as no resources commensurate with its status were deployed to make it the real federal territory it was designed to be. Successive administrations military and civilian, did very little to place the state, literally floating on the nation’s economic mainstay- oil, on an appropriate pedestal.

All that is beginning to change with the coming into office of the present administration led

by Governor Nyesom Wike who, from inception, approached with missionary zeal, his decision to reverse the downward trend that had made the state the under achiever it was. Going by its name, the state is almost lying below sea level so also is Lagos its contemporary. But on the basis of infrastructural development, there is nothing to compare between the two.

Wike has made a point to go back to the basics which is filling the potholes on existing roads in the state that had made movement always a hellish gridlock in parts of the state. Through his Operation Zero Potholes programme, the governor is uplifting the dilapidated road infrastructure in the state capital and its environs. He also started the completion of several roads abandoned by the immediate past administration. The gov-

Wike ernor’s urban renewal efforts have led to the reconstruction and rehabilitation of over 120 kilometres of roads in seven local government areas. They include Port Harcourt, Obio/Akpor, Ikwerre, Eleme, Etche, Oyigbo, and Akuku-Toru local government areas.

Residents of Port Harcourt and Obio/Akpor local government areas are appreciative of Wike’s urban roads renewal programme in the last one year.

Today, the roads in Diobu are wearing a new look with the economy properly refocused to generate the much needed employment and other developmental attractions.

Some of the prominent roads are Abonnema/Obonnema Link Road/Bridge (commissioned), Eagle Island/Iloabuchi Road/Bridge (commissioned), Abuluoma-Woji Link Road/ Bridge (commissioned), Oyigbo Market Road (commissioned), and Nkpogu-NLNG Road/Bridge (commissioned). Others are reconstruction of 33 kilometres of township roads, reconstruc-

tion of Igwuruta-Chokocho road, Eleme Junction to Onne Junction of the East-West Road, Rumualogu/Alakahiah Road.

Yet others are reconstruction of the Rumuolumini-Iwofe road, Elioparanwo road, Oro-Igwe road as well as the rehabilitation of the road under Mile 1 Bridge and Obi Wali Road.

It is said that governing Nigeria and Nigerians is as simple as giving them the basic minimum the need to get on with their lives. That may well be the case with the residents of the major urban centres that have already started to celebrate Wike’s road renewal scheme as those in Diobu and Borikiri, two densely populated suburb are. Roads in those areas were completely abandoned by previous administrations but today, it is a different song.

In line with his cosmopolitan disposition, the governor is not concentrating his policy direction in the area of provision of infrastructure in any given area as the flagging off of the dualisation of the Saakpenwa-Bori

road in line with his campaign promise to the people of Ogoni indicates. In this regard, he is also initiating the reconstruction of the federal government -owned Eleme Junction to Onne Junction of the East-West Road to boost movement to the Onne Seaport. This project was funded in conjunction with private stakeholders in the area. Wike also initiated the reconstruction of the federal government-owned NPA-Industry road to the Port Harcourt port to improve the economy of the area.

One of the highpoints of the road development scheme by Wike in the last one year is the revival of the Rivers State Road Rehabilitation Agency. He gave a boost to the technical, financial and equipment capacity of the agency to enable it engage in regular maintenance of roads across the state. Some of the roads rehabilitated by the agency include Bodo Road, Woji Road, Evo Crescent, Birabi

by Presidential Hotels Andrew Uchendu Crescent, and Abacha Link Road. These laudable road projects, especially those in the city centres, are complemented with the provision of street lights. For instance, the governor has commenced the revival of all dysfunctional street lights across Obio/Akpor and Port Harcourt local government areas.

Water, it is said, is life itself.

There can be no good health without potable water to go with it. It is in appreciation of this fact that the administration of Governor Wike has given the provision of potable water an unprecedented attention. He took a bold step when he launched the state’s urban water sector reform, the Port Harcourt Water Supply Scheme, and the Sanitation Project. This project will create women entrepreneurs, youth employment as well as provide safe drinking water for the inhabitants of the state. Under the new Urban Sector Water Reforms, the state government will be supplying water to two million people in Port Harcourt and Obio/Akpor local government areas after laying 400 kilometres of water-pipes

NCAA Explains Recent Hike in Airfares

by Nigerian Carriers Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has explained that the recent increase in airfares by domestic airlines was in response to high cost of operation. The regulatory body also said it never issued directive to the airlines to increase the prices of their tickets.

The Authority said due to the low value of the Naira in exchange to international currencies, the cost of aviation fuel, cost of maintenance and training, the cost of airline operation in Nigeria have almost doubled.

It further explained that most of the airline services are done overseas, including personnel

development, so the airlines were prompted to introduce fares that will enable them generate in “Naira the monies when exchanged in foreign currency can enable them pay for these services overseas.”

According to a senior official of the agency, the NCAA, as a regulator cannot direct airlines to increase fares, noting that the increase in price of ticket became inevitable because of the high cost of operation.

The official noted that since the downturn in the nation’s economy, passenger traffic has significantly reduced and high fares would further reduce the number of people that travel by air. He insisted that the increase in fares has become inevitable to enable the airlines

offset their cost of operation.

The official also noted that part of the function of NCAA is economic regulation, adding that the Authority would not allow airlines to, in response to competition, sell tickets at very low prices that would not provide them money to offset their cost of operation and generate funds to carry out the maintenance of their equipment.

According to him, if the airlines were unable to carry out routine maintenance of their aircraft, they would be tempted to cut corners a development, which can jeopardise safety.

Most expenses carried out by airlines are denominated in foreign currency, from the

cost of aircraft parts to maintenance, so the airlines face challenges with the present low value of Naira as they generate their revenue in the local currency.

Industry observers said at the time there is a slide in passenger traffic cost of operation has risen by about 40 percent or more and the exchange rate has also risen by about the same percentage, making it inevitable for airlines to increase fares.

The observers however expressed optimism that as the economy improves, there would be a turnaround and if the Nigerian refineries begin to refine aviation fuel locally, the airlines would pay less for the product.

in strategic locations.

Significantly, Wike has also launched the potable water scheme in Akuku-Toru, commissioned the design and conceptualisation of water laboratories for the three senatorial districts, and is rehabilitating 10 old water schemes across the state. The administration has enhanced the expansion of water reticulation in Eleme and Okrika local government areas, with the construction of eight new water schemes already being executed for the people of the state.

Housing, which occupies a prominent pride of place in the life of the people, has also received the required attention.

The 50 units Iriebe Housing Estate for Middle Income Earners has been completed and commissioned just as the administration has commenced the construction of the Phase 2 of Mile One Market under a public private partnership arrangement. The Wike administration has in line with the New Vision Development Blueprint embarked on aggressive physical planning by designing a low density residential layout near Golf Estate at Trans-Amadi Industrial Layout wherein 150 plots have been mapped out. This new residential layout, billed for development, will further beautify the city.

In the transport sector, the modernisation of marine transport in the state is ongoing.

The governor has commenced the process of reviving jetties across the state. Work has already started at the jetty in Okrika, while the Bille Jetty and Bonny (Nembe-Waterside) are being redesigned for work to commence.

To stop illegal structures in the urban centres of the state, the Wike administration merged the offices for the approval of building plans into a one-stop-shop location at the State Secretariat.

For an administration that has been in office for just one year, these, indeed, are commendable strides.

Anochima wrote in from Port Harcourt

Neimeth CEO Bags Global Investor Award The Managing Director/ CEO of Neimeth International Pharmaceuticals Plc, Dr. Ebere Ekpunobi, has won the GSK Inventor Award for two patent applications covering her inventions during her tenure at GSK. Ekpunobi’s invention is related to the discovery of compounds potentially useful for the treatment of a rare disease. The award was instituted by GSK Research & Development Centre in Shanghai, China to adequately recognise the contributions made into taking a molecule through the length of the drug development pipeline to the launch of a valuable medicine.

In a letter conveying the award, Senior Counsel, Global Patents at GSK, Fang Qian, stated the inventor award recognises “the importance of intellectual property, and

the contribution of inventors to the patents that are critical to creating value for patients and for the company.

Ekpunobi a graduate of Pharmacy from the University of Nigeria Nsukka, holds Ph.D in Pharmacy Administration from Purdue University, W. Lafayette Indiana USA. She started her career as a Community Pharmacist in Nigeria, moved to the United States and joined Burroughs Welcome as Product Manager for Retrovir in 1992, rising to the position of Director, Commercial Strategy, HIV/Anti-infectives in 1999 in Glaxo Welcome. By 2010 she had been appointed Head, Research & Development Commercial Insights, CVM/NS Global Franchise, in Shanghai China, from where she joined Neimeth International Pharmaceuticals Plc.

29

T H I S D AY • MONDAY, JULY 11, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

Remita Bags ‘Most Efficient e-Revenue Service Award’ Remita, the integrated electronic payments and collections platform developed by Systemspecs has been adjudged the “Most Efficient e-Revenue Service” at the recently concluded CBN CardExpo Africa Awards 2016.

The recognition reinforces Remita’s position as a strong emerging leader in the innovative financial technology and services space in Nigeria and the larger African landscape. According to the organisers, Remita is the most viable electronic revenue collection platform among many other options available in the market today.

In its 16th year, the CBN CardExpo is an annual conference organised by Intermarc Consulting in partnership with the Central Bank of Nigeria (CBN) to showcase the most exciting developments within Africa’s payment industry.

The award, presented by the Director General of Nigerian Tourism Development Corporation, Mrs. Sally Mbanefo, follows other recent honours accorded the financial technology brand at home and abroad.

Managing Director/CEO of SystemSpecs, John Obaro, said the company was in-

spired by the recognition and would continue to extend the frontiers of financial technology innovation, which Remita has now come to be known for.

According to him, the firm believed there were grounds to be covered in the revenue collections and payments space, adding that the company is committed to working with individuals, businesses and governments in Nigeria and other African countries to take advantage of our innovative technology to achieve their objectives.

Remita is the technology behind the highly success-

ful Treasury Single Account (TSA) initiative of the Federal Government of Nigeria, and has enabled the government to take full control of over N3 trillion of its cash assets as at the end of the first quarter of 2016.

Flowing from the huge success recorded on the TSA initiative riding on revenue collection technology provided by Remita, the federal government recently recommended TSA implementation as a pre-condition by state governments seeking to take advantage of bailout funds to be provided by the federal government.

Access, Ecobank Win Euromoney Awards Access Bank Plc said it has been conferred with the ‘Africa’s Best Bank Transformation’ award in the Euromoney 2016 Awards for Excellence.

The award, according to the bank, was in recognition of its progress in the enhancement of its operations through its ‘Winning with Service’ initiative, as well as commitment to raising the standards of customer experience through its digital banking strategy.

In a related development, Pan-African banking group, Ecobank also disclosed that it won this year’s Euromoney Excellence Awards for ‘Best Bank for CSR in Africa’ and ‘Best Bank for Transaction Services in Africa.’ Ecobank revealed that it also won two country awards: ‘Best Bank Ghana’ and ‘Best Bank Malawi.’

Continuing, Access Bank, in a statement at the weekend explained that the Africa’s ‘Best Bank Transformation’ award was one of the new categories launched this year to reflect the changing nature of the global banking industry, saying that the bank was the foremost winner of this award.

The award was presented to the bank at the 25th anniversary of the Euromoney Awards dinner which took place recently in London and attended by over 500 CEOs and senior executives of winning institutions as well as members of the Euromoney team.

The Euromoney Awards for Excellence, launched in 1992 and now in its 25th year, were the first of their kind in the global financial publishing industry.

Recall that Access Bank was named the Best Flow House in Africa at the 2015 awards ceremony which held at the Natural History Museum in London.

Speaking at the presentation ceremony, the bank’s Group Managing Director/CEO, Herbert Wigwe said: “We are delighted to be presented with this highly coveted award. It is a testimonial to the hard work we have done in line with our five-year strategy to become the world’s most respected African bank.

“It also confirms the transformation of the bank into a large diversified enterprise with enhanced retail structure as well as fast digital banking platform,” he added.

He pledged that the bank will sustain this growth momentum while noting that the award is an honour not only for Access Bank, but for Nigeria and the seven million Access Bank customers who have been instrumental to the bank’s success.

Also, speaking at the event, Ecobank Foundation CEO, Julie Essiam said: “At Ecobank we are passionate about transforming the communities that we serve across Africa. Through strong partnerships like our work with the Global Fund to Fight AIDS, Tuberculosis and Malaria, we are making long-term positive change.

Our award for corporate social responsibility is gratifying and it demonstrates the powerful impact that the private sector makes on development in Africa.”

2016 DStv Eutelsat Star Awards Competition Opens WOOING INVESTORS

L-R: President, Advertisers Association of Nigeria, Mr. David Okenie; Special Adviser to the Ogun State Governor on Commerce and Industry, Mrs. Funmi Ajayi; Commissioner for Commerce and Industry, Otunba Bimbo Ashiru and Permanent Secretary in the ministry, Mrs. Modupe Bosede at the Ministry of Commerce and Industry 3rd Annual Management Retreat held in Abeokuta…recently

Winners Emerge in ‘Candel Be a Millionaire Promo’ Candel Company Limited has rewarded farmers in its ‘Candel Be a Millionaire Promo’, which was drawn randomly by electronic means.

The promo saw eight farmers cart away brand new generators and tricycles.

The Managing Director, Mr. Emmanuel Kattie said the promo became necessary to help rid the farms of herbicide bottles and remnants of agrochemicals in order to avoid health hazards.

“It’s a project designed to rid farms of herbicide bottles and remnants of agrochemicals that pose significant health hazards to the ecosystem,” he said.

He explained the project would encourage farmers to return empty bottles of used Candel products.

Kattie also pointed out the initiative would help keep the environment clean and safe as well as enhance the welfare of the farmers throughout

the country.

He, however stated that the promo, will help farmers to enhance their productivity, efficiency and work output.

Kattie further noted the promo, which kicked off in May will see 60 farmers being rewarded with 48 generators and 12 Tricycles as well as a N1million star prizes at the grand finale in November, 2016.

Meanwhile, the Founder and Chairman of the company, Mr. Charles Anudu said the company did the right thing by withdrawing the bottles from users.

“We saw people using the empty bottles to store water and other consumable things, which is harmful and we needed to destroy them because they are harmful to mankind.”

Anudu posited that the only way to enforce it is by asking the farmers to return the bottles and get cash reward.

Pepsodent Wins World Oral Health Day Challenge Pepsodent Nigeria has emerged first in the World Oral Health Day 2016 challenge both at the continental level, first ahead of nine countries, and at the global level, first ahead of 31 countries. According to the organisers of the competition, the achievement was measured by the delivery of over one million pledges from a fully integrated campaign across multiple touch points with best-in-class in-market or store and digital activation executed by the Terragon Group.

Speaking on this feat, Brand Manager, Pepsodent Nigeria, Umoh George, stated that the achievement was a major milestone for Nigeria as it was the first time ever that an African country would emerge first in the global Oral Care Social Mission’s Challenge with corresponding growth in market share and sales during the same period.

“This win has demonstrated that our social mission equals business mission. In line with

Unilever mission to improve the oral health of ten million Nigerian children by 2020 through the Pepsodent Brush Day & Night schools programme.

We are encouraging people to adopt the habit of brushing twice daily (morning and night) as a global best practice to healthy (oral-care) living,” he said.

The #BrushBrush campaign was the digital leg of the World Oral Health Day 2016 campaign, is aimed at getting people to take their oral hygiene seriously by pledging to Brush Day and Night. A key success to this campaign was the digital execution carried out by Terragon Group, Africa’s largest Digital Media Company.

Also, the Head of Business and Strategic partnership at Terragon Group, Anu Sanya, congratulated the global brand on the achievement, adding that while it was important to deliver a world class campaign, there was need to create executable strategies to address the set

The 6th edition of the DStv Eutelsat Star Awards is now open, and the organisers are calling on all science and technology fans between 14 and 19 to be inspired to write a creative essay or design a poster based on the following topic: “Take yourself into the future as a scientist, tasked with designing a new-age satellite that will help improve the lives of Africans. Tell us what you would call your satellite and describe the different functions and roles that it would play in the Africa of the future.”

The prizes of the innovative competition are as big as the dreams of a young, energised African generation ready to shape the evolution of our continent. Selected from thousands of entries by a high-standard jury, the overall essay and poster winners will be eligible for a once in a lifetime trip for two to Paris, France to visit Eutelsat satellite facilities, with the essay winner traveling onwards to see a rocket launch into space.

Runners-up will win a trip to South Africa to explore several sites as guests of MultiChoice Africa. The schools attended by the four overall winners will also receive a DStv installation, including a dish, TV, decoder and free access to the DStv Education Bouquet.

According to the organisers, the awards are open to

all students from secondary (high) or combined schools in Africa where MultiChoice Africa maintains operations. Entry forms can be obtained from any MultiChoice Resource Centre, the nearest MultiChoice office or copies can be downloaded from www.dstvstarawards. com. Entries are accepted in English, French and Portuguese and will be judged on the basis of high-standard criteria of accuracy, creativity, originality and innovation. The competition closes on 7 November 2016. Only entries submitted on the official entry form will be eligible. The winners will be announced at an awards ceremony in February 2017, the organisers said in a statement.

MultiChoice Africa and Eutelsat said they were convinced by the power of science and technology education to encourage young minds to positively change their world. Now in its 6th year, their joint initiative, the DStv Eutelsat Star Awards, inspires innovative thinking among a new African generation.

This pan-African collaboration has created a meaningful engagement with students, the academic community and the scientific world. Since the start of the DStv Eutelsat Star Awards competition in 2011, over 5,000 students have taken part in the unique competition, the organisers said.

30

T H I S D AY • MONDAY, JULY 11, 2016

BUSINESSWORLD

INTERVIEW

Rislanudenn: New Forex Policy Alone Not Sufficient to Trigger Economic Recovery In this interview with James Emejo, economist and a former acting Unity Bank Managing Director, Mr. Muhammed Rislanudenn maintained that without a complementary fiscal synergy, the new foreign exchange policy introduced by the Central Bank of Nigeria, is not sufficient to trigger the recovery of the economy Sir, how would you assess the Nigerian economy presently in terms of opportunities and challenges?

There is no doubt about the fact that Nigerian economy is experiencing a lot of challenges due in large part to years of heavy reliance on oil export for foreign exchange and income earnings. We rely on oil exports for about 95per cent of our foreign exchange earnings and 70per cent of income generally. Without requisite fiscal buffers in strategic reserve, oil price decline caught us off guard. More so we are import dependent and with weak reserve, understandably led to pressure on the forex market due to limited supply and excess demand. Distortions in the market led to some speculations etc.

Hopefully the new forex policy will deal with that. These problems has led to spike in inflation for example with May headline inflation index increasing to 15.6per cent year on year or 1.9 percentage points higher than 13.7per cent recorded in April and a fourth consecutive increase according to National board of statistics (NBS) report. Increased electricity rates as well as other energy prices combined with imported foods (imported inflation) as well as draw down of inventories across the country were part of the causes of such increase. Meanwhile with 2016 first quarter Gross Domestic product growth rate on similar negative trajectory at -0.36per cent, unemployment rate going up to 12.1per cent in first quarter of 2016 from 10.4per cent in fourth quarter of 2015, underemployment of about 30%, added to loss of 1.5 million existing jobs in first quarter of 2016, it is only a matter of time before our economy is officially declared in recession. There is no dispute among economists that two consecutive quarters of negative growth implies recession.

Monetary policy committee seem to have surrendered at its last meeting as all ratios were not tinkered with especially monetary policy rate, technically meaning they can’t use any instrument at its disposal to deal with inflation. The new forex policy, though necessary, but is not sufficient solution in itself. It will hopefully trigger recovery with strong synergy from the fiscal side whose expansionary budget will target steering the economy away from potential stagflation and recession. I remain optimistic that we will achieve recovery subject to well-articulated and actionable strategy towards economic diversification away from oil to Agriculture, mining, manufacturing, services etc in the medium term and in the immediate, strong synergy between monetary and fiscal policies by putting in place strong structures for the two to be effectively synchronised.

That is entrenching a managed floating forex policy that can hopefully manage inflation and interest rate to support growth in manufacturing, Agriculture etc while still achieving the objective of expansionary budget of reflating the economy and job creation.

The issue of fraud in the banking system appears to be endemic despite huge investment to fighting online and insider abuse.

How far can banks cope with the menace?

Banks have put in place over the years strong risk management systems including information security system to detect and deal with fraud and fraudulent attempts by staff and fraudsters. In addition to strong

I remain optimistic that we will achieve recovery subject to well-articulated and actionable strategy towards economic diversification away from oil to agriculture, mining, manufacturing, services etc in the medium term and in the immediate, strong synergy between monetary and fiscal policies by putting in place strong structures for the two to be effectively synchronised

as well as high non performing loans ratio above the 5per cent statutory limit due in large part to provisions on lending to oil and gas. Additional regulatory induced stress testing now like that of 2009 has the potential of projecting negative impact on Bank’s capital adequacy ratio. Erosion in deposits also impacted on capacity to create risk assets with attendant loss of income.

With economy almost in recession, risk free investing options become increasingly limited.

The banks need to appreciate the reality of where they are now from the context of the larger economy. Rather than focusing on liability generation and short term investment with little or no impact on larger economy, now there is opportunity for real banking to emerge by refocusing on development and sale of tailor made retail products with multiplier benefits for customers, the banks as well as growth of the larger economy.

Rislanudenn oversight by internal examiners as well as external examiners/ regulatory supervision have to a large extent limited the capacity for large frauds. However, if you have a dishonest and fraudulent staff, there is a limit to how you can prevent an operator especially when there is connivance among different departments including those with internal oversight responsibilities. The best way to minimise fraud is to continue to train operators on fraud detection techniques, ensuring adequate compensation to staff while effectively and maximally sanctioning the minority offenders within the ambit of the law.

Bank’s profitability and deposits vaults have been on the decline in recent times, what does this signify and what’s the way out?

There is need for banks to refocus their operations in line with the core mandate of banking. Over time there has been a mismatch between bank’s risk assets and deposit liabilities leading to deposit withdrawal shocks like what happened after the government rightly implemented Treasury Single Account (TSA). Added to that is decline in profit due in part to rising cost to income ratio

There are suggestions that the naira may have been devalued going by the new forex policy which floated the local currency. But this is even as President Muhammadu Buhari has consistently overruled an outright devaluation. So what exactly has happened?

I think what is important is to appreciate the fact that statutorily responsibility over managing and ensuring price, exchange rate and interest stability is that of central Bank via its monetary policy committee.

The President expressed his opinion and understanding of devaluation, and openly said he felt unconvinced about its advantages to an import dependent, mono product economy like ours who stand to take no advantage of export incentive associated with it. If I get it right, the President said he needs to be convinced as he is not an Economist. The President’s economic team is responsible for convincing him. However, Nigerians have discussed severally over this matter at radio, television and newspapers. I participated on a live NTA discussion programme on CONTINUED ON PAGE 31

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RISLANUDENN: NEW FOREX POLICY ALONE NOT SUFFICIENT TO TRIGGER ECONOMIC RECOVERY whether we should devalue the naira or not sometime in February this year, among others. An X-ray of challenges faced by the economy for lack of adjusting the currency is well documented. Importantly you can’t give what you don’t have and there is nothing wrong in cutting your coat according to your size. With a weak reserve and reduced export income earnings in an economy that is import dependent, fixing exchange rate will only distort the market by creating further illiquidity, facilitating rent seeking and accentuating economic contraction as depicted in the reduced GDP growth data over the last one year or so culminating in negative growth of -0.36per cent elevated inflation level, now at 15.6per cent and unemployment, now peaking 12.1per cent.

Data available to CBN showing foreign reserve erosion, capital flight, reduced foreign portfolio investment and foreign direct investment are good indicators to prove that the policy wasn’t working. At one of its meeting MPC jerked up monetary policy rate to address inflation challenges while trading off growth.

In their subsequent meeting they kept rates on hold even though inflation went up again, underscoring the difficulties they were into because they could not adjust exchange rate at that time. With the one year historical economic data available to the economic team, they must have convinced the president that one way or the other the archaic policy of fixing exchange rate simply doesn’t work and was injuring the economy more, thereby allowing a managed floating where CBN can intervene to ensure stability and medium to long term we will see liquidity improving, inflation coming down, activities picking up and unemployment rate coming down as well, hence steering the economy away from stagflation and potential recession.

The new policy effectively means naira will be traded on a single exchange rate at market determined rate while CBN intervenes from time to time, albeit with weak reserve that can only finance five months of imports. Naira will no longer be pegged at artificial rate of 197 to a dollar. Open and transparent two way quote will help in dealing with speculators and rent seekers. The policy is more like free floating currency. It will hopefully help foreign portfolio investors and foreign direct investors (who were hitherto sitting on the fence) take positive decision and bring in liquidity into the market with medium to long term effect of bringing down the rates and also dealing with imported inflation.

Wondering why the economy was allowed to be so badly bruised for sixteen months leading to stagflation and near recession before taking a right decision.

Even though the action is late, it will hopefully bring down and stabilise prices, reduce inflation rate and improve employment in medium to long term. This move towards market determined exchange rate from both monetary and fiscal policy perspective will be a catalyst for increased economic activities in both the public and private sectors.

How effective is the new forex regime in resetting the macroeconomic index?

Recall that the IMF released its annual review of Nigeria’s economic situation revealing that Gross domestic product growth which came in lower at 2.7per cent in 2015(relative to 6.22per cent in 2014), would further slow to 2.3 percent in 2016. Manufacturing alone contacted to -1.46per cent in 2015 from 10per cent of the GDP in 2014. The bank cited headwinds such as lower oil prices, shortfall in non-oil revenue as well as disruptions in private sector activity due to pegged exchange rate policy of the CBN (which has constrained access to foreign exchange) as clog on output growth during the year. Foreign portfolio investors like firms tracking JP Morgan Index left Nigeria because that policy which they claim lack transparency. This is more so as slowdown in economic activities occasioned

by PMS shortage, forex unavailability as well as sub-optimal power supply lend credence to the postulation of slowdown in GDP growth. Headwinds had hitherto constrained output significantly with negative impact on revenue performance of quoted entities on the Nigerian capital market. It is hoped that adopting a flexible foreign exchange regime

Rislanudenn will help in turning the tide especially with the current Government drive at blocking leakages as well as efficient allocation of scarce resources (such as increased Capital expenditure envisaged in 2016 fiscal budget), would lead to efficiency gain in the medium to longer term. Market should continue to be allowed to determine the fair value of the local currency with intermittent intervention from the CBN to provide additional liquidity, stability and avoid speculation given the two way quote system. In doing so, activities by speculators and hoarders will fall while investment inflows could lead to improvements in foreign reserves as well as supply to market.

Is devaluation still appropriate at this time?

The new policy is long overdue, simply because you can’t give what you do not have. It is not about the passion on

It is hoped that adopting a flexible foreign exchange regime will help in turning the tide especially with the current Government drive at blocking leakages as well as efficient allocation of scarce resources (such as increased Capital expenditure envisaged in 2016 fiscal budget), would lead to efficiency gain in the medium to longer term

whether to devalue the currency or not.

Look at the figures, reality is we have a very weak reserve to support our currency at an unrealistic exchange rate that will only allow for speculation, rent seeking and arbitrage. We had no fiscal buffer and our appetite for foreign goods do not seem to see any immediate end, while the price of oil has gone down and our export volume has of recent also gone down due to sabotage activities in Niger Delta. With weak reserve, weak forex earnings near constant appetite for forex, fixed exchange rate will only be sustained at the risk of creating huge disparity with black market rate thereby encouraging distortion and rent seeking. CBN Governor himself confirmed in announcing the new policy that we were hitherto earning about USD3.2billion monthly and now earn less than USD1 billion with reserve getting to less than five months of imports. 16 months of that policy weakened the economy and the official data from NBS especially on manufacturing GDP growth rate and unemployment, inflation and GDP speaks for itself as earlier stated.

The TSA appears to have changed the landscape in banking presently. What is the future of banking like going forward?

Importantly not all banks were heavily exposed to government funds and hence were not susceptible to so called TSA shock.

For those not insulated from exposure to public sector funds, TSA will help Banks to be more focused on core Banking operations as reliance on easy money will no longer be in place. It will take time before Banks correct their books that were embedded with huge assets/ liabilities funding mismatch, a result of years of sitting on government funds. Lack of TSA hitherto forced the government to crowd out private sector in the fixed income market to fix a perceived deficit. Banks need to focus on developing products that will have multiplier benefit on both customers and the Bank itself.

High Lending rates remain a knotty issue for the real sector-both small n big businesses

alike. Besides the figure and data, do you see the country moving forward amidst this scenerio. What’s the way forward. CBN can’t force banks to cut rates, so what?

Typically parameter set as guide to lending or borrowing by central bank is the monetary policy rate, currently at 12per cent per annum with asymmetric corridor of +200 and -500 basis points for standing lending and deposit facilities respectively.

Strategic performance matrix set for CBN

by Federal Executive Council as announced by the Honorable Minister of State for Budget and Planning in this regard is the achievement of single digit interest rate to support real sector growth, achieving predictable exchange rate etc. Single digit interest rate will help in supporting real sector growth and reduce unemployment but will in the short term remain a mirage as Monetary policy rate today is even lower than inflation rate currently at 15.6per cent, implying negative earnings or disincentive to savings and investment. CBN can use moral suasion for Banks to reduce interest rates charged customers but with above data, it’s practically impossible. Over medium to long term, inflation will start coming down with improved liquidity in the forex market and particularly reduced cost push, imported inflation. That will give CBN leverage to reduce Monetary Policy Rate and by extension banks will follow suit given anticipated reduction in their cost of funds.

What is it like outside the banking profession for you?

I live a quiet life away from the stress of banking while also offering my little contributions towards promoting growth in our economy for the betterment of our society.

Notwithstanding our bulging population that is growing at about 3per cent, way above our GDP growth rate, Nigerian economy is big enough to optimally provide opportunity for all irrespective of ethnic, regional religious or regional background only if we believe and have trust in our country.

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APM Terminals to Provide Container Weighing Services Nosa Alekhuogie APM Terminals Apapa Limited and West Africa Container Terminal have put in place measures to ensure that any container loaded with shipping line for export has a valid Verified Gross Mass (VGM) in accordance with the International Maritime Organisation’s Safety Of Life at Sea (SOLAS) Regulations.

The APM Terminals established SOLAS Compliant Electronic Data Interchange capabilities with the shipping lines in Nigeria to share VGM information prior to vessel

loading planning as well as to have its weighing instruments verified by the department of weights and measures of the Federal Ministry of Industry, Trade and Investment.

In 2014, the International Maritime Organisation (IMO), the agency of the United Nations responsible for regulating international seaborne trade, approved amendments to the Safety of Life at Sea Convention, which as from 1st July 2016 will require verification and documentation of loaded containers before they can be loaded onto vessels.

This can be accomplished

by either weighing the loaded container with calibrated and certified equipment, or weighing the cargo prior to loading and adding it to the tare weight of the empty container.

The purpose of the VGM regulations is to assure safety of the vessel, as well as dockworkers and other cargo handlers by preventing overweight or otherwise misrepresented containers from jeopardising shipments or container movements.

“Our first priority remains to ensure safe and efficient operations for the supply

chain,” said APM Terminals Head of Global Operations, Jack Craig.

“It is crucial that these regulations are met in a way which does not create congestion bottlenecks that ultimately impose additional risk and cost for all stakeholders,” he added.

Export containers, which arrive at APM Terminal facilities without a valid VGM will be generally accepted, but as they are ineligible to load on a vessel, may be segregated and subject to additional re-handling and storage requirements.

SPAR Opens 10th Hypermarket in Calabar SPAR has officially unveiled its 10th store in one of Nigeria’s tourism destinations, Calabar in a spectacular ceremony that recorded the highest number of shoppers in any store launch in Nigeria.

The Hypermarket, which operates the largest chain of stores in Nigeria, was unveiled last Wednesday with as unprecedented number of eager shoppers came from around the state to witness the event.

A former Minister of Tourism, Chief Edem Duke chaired the ceremony with the cutting of the Ribbon amidst traditional dance performances and other side attractions.

Declaring the Hypermarket officially open, Duke congratulated SPAR management for investing in Cross River, saying the Hypermarket would enhance development in the State.

Also in attendance were a former Cross River State Commissioner for Sports and CEO of Hit FM Patrick Ugbe; media personalities and the Children of Access Schools, Calabar.

The Brand’s spokesperson, Mr. John Goldsmith said: “SPAR is the Hypermarket for all Nigerians irrespective of socio-economic differences. Our outlets are carefully controlled to offer the most competitive

prices on fasting moving consumer goods and other items required to make life comfortable.

“Over 50,000 shoppers were present at the store today. At some point shoppers had to be ushered in batches to manage the deluge entering the store.”

In commemoration of the Calabar launch, SPAR is offering all its shoppers an opportunity to win spectacular gifts. On any purchase of N2,500 and above, shoppers will get instant gifts ranging from electronic devices to edible goods.

With over 5000 sq. metres in retail space, SPAR Calabar is presently the largest outlet in Nigeria. The Hypermarket now boasts of over 34,000 sq. metres of retail space in the Country.

The new Hypermarket, like other outlets offers an array of products, ranging from grocery, bakery, butchery, fruits and vegetables, hot meals, wine and spirits, fast moving consumer goods, consumer electronics, large and small home appliances, Mobile Phones, Laptops and Tablets, perfumes, Watches and Jewellery.

SPAR is franchised by Artee Group’s Park and Shop for Nigerian operations and is presently located in Victoria Island, Lekki, Maryland Ikeja, MMA2, Abuja Wuse II, Port Harcourt and Calabar.

Tecno, Goge Foundation Harp on Youth Entrepreneurial Skills Emma Okonji

CONGRATULATIONS

L-R: Chairman Arik Air, Chevalier Joseph Arumemi-Ikhide; Emeritus Archbishop of Lagos Archdiocese, Anthony Cardinal Okogie, and Dame Mary Arumemi-Ikhide during the 40th wedding anniversary thanksgiving of the Arumemi-Ikhide held at Our Lady of Perpetual Catholic Church in Lagos …recently

StarTimes, Eutelsat Collaborate on Digital Broadcasting Emma Okonji StarTimes, a major operator of digital TV networks in Africa, and Eutelsat Communications from Paris, have concluded new multi-year agreements that set the stage for accelerated roll-out of digital broadcasting services across Africa.

StarTimes uses satellites to deliver its multi-channel TV platform to over seven million homes in 13 Sub-Saharan African countries and is gearing up to expand into DRC Congo and Zambia in August. The platform transmits over 200 channels, including international channels, regional and country-focused channels as well as StarTimes’ own branded content. Content is

offered both on a Free-to-View and pay-TV basis, with exclusive programming including frontline events such as the Bundesliga and the 2016 Copa America.

StarTimes said it has renewed capacity contracts on two Eutelsat satellites as well as agreements for uplinking services provided by a partner teleport operated by STN, in Slovenia. In anticipation of continued expansion of Africa’s TV market, StarTimes has also secured extra capacity and plans to scale up further by the end of the year. This expanded portfolio equips StarTimes to host more services, uplink channels from Europe and Africa and provide the highest levels of service continuity.

StarTimes Group Chairman

and President, Pang Xinxing, announcing the collaboration, said: “StarTimes and Eutelsat are long-term strategic partners. We rely on Eutelsat’s advanced satellite communication technology to make our signals available throughout the African continent. Going forward, we will continue to work with Eutelsat to provide the best digital TV service to our African customers.”

Eutelsat CEO, Rodolphe Belmer, commented: “Eutelsat is fully engaged in the transformation of Africa’s broadcasting landscape and is proud to work with the players who are bringing the benefits of digital TV to viewers across the continent. In leveraging diversified satellite resources we can help StarTimes achieve

its ambition to reach 30 million homes in 30 African countries by 2018.”

Established in 1977, Eutelsat Communications is one of the world’s leading and most experienced operators of communications satellites.

The company provides capacity on 39 satellites to clients that include broadcasters and broadcasting associations, pay-TV operators, video, data and Internet service providers, enterprises and government agencies. Eutelsat’s satellites provide ubiquitous coverage of Europe, the Middle East, Africa, Asia-Pacific and the Americas, enabling video, data, broadband and government communications to be established irrespective of a user’s location.

Tecno, a major player in mobile technology and Goge Africa Foundation, have stressed the need for Nigerian youths to be more enterprising, through technology skills acquisition and innovation. They gave the advice at the recently concluded 8th edition of GAF seminar, hosted by Goge Africa Foundation, in partnership with Tecno Mobile at the National Theatre Iganmu, Lagos.

The partnership was in line with Tecno’s Corporate Social Responsibility (CSR) initiative of supporting children and young minds in building a bright future for themselves and the Nation.

The GAF seminar was designed to address students drawn from both public and private schools in Osun state, Oyo and Lagos State.

The event, which centered on promoting youth entrepreneurship, peace, technology, and a better health system, highlighted the need for young Nigerians to be resourceful and goal oriented in seeking out innovative ways of improving their lives and the society at large.

This year’s edition of the event tagged “Choose What Is Good” was aimed at fostering the growth of sustainable African economies through human capital development and youth inclusion in wealth creation. Speaking on Tecno’s partnership in GAF seminar, its Marketing and Public Relations Lead, Mr. Attai

Oguche, solicited more private stakeholders’ involvement in initiatives targeted at empowering Africa’s teeming youth population.

According to him, “We cannot successfully address the issues of development and diversification of Nigeria’s economy without putting the youth at the front burner of initiatives that drive the achievement of these goals.

Our young people live in a technological era and they are more accustomed to harnessing technology for wealth creation and problem solving.”

Goge Africa foundation, as a Not-for-profit organisation, sees Africa’s greatest resource to be her teeming youth population, and has positioned itself as an agency of empowerment that would help the continent unlock its most potent asset to prosperity.

Brand and Marketing Manager Goge Africa Foundation, Joselyn Ochola, said: “We can as a matter of fact, run out of every other natural resource but our immensely youthful population has the potential to make us a superpower and it is high time we take this asset seriously.”

Tecno BTL/CSR Lead, Richard Ugochukwu, said: “The backbone of TECNO’s market success in Nigeria is its dynamic and tech-savvy youthful local team of employees. We have successfully harnessed the youthfulness of our local team to grow our business, tell our brand story and touch lives.”

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Making Abia Another Malaysia Peter Ogbonna Eze Yearly, thousands of articles come up in the news pleading with the government to fine tune policies that will strengthen our economy, especially through diversification, of which exports of local products is key. However, successive governments have been same with the ones it succeeded; galloping over each other like equestrian show; exposing it’s economic nakedness to the world, and singing same song of economic diversification with little or no action point to effectuate it.

Also, it is no longer news that the expectations of Nigerians from the President Muhammadu Buhari’s led government has been the centre of discourse in the country. Before President Buhari, other presidents were warned of the imminent consequences of total dependence on oil as its main source of revenue.

The incurred effect of the long neglect of other sectors of the economy has however, been practically felt through the unfortunate and seemingly magical decrease in the value of our currency and decline in revenue.

Today, the consequences ranges from high volatility of the exchange rates and prices in general, delay and poor implementation of national budget, inability of government to meet its fiscal

Ikpeazu obligations due to structural shocks in the international oil market amongst others.

Nevertheless, the lamentations that the economy is getting worse will continue to rend the air in both mundane and dramatic way until true actions come in play.

With the pains Nigeria economic crisis is inflicting on her innocent citizenry, I consider it unnecessary to give historical instances where countries with economic diversification initiatives have led to unimagined and enormous economic deliverance.

Despite the constant reminder of the need to return to the hitherto

neglected agriculture and farming, one cannot comfortably assert that fair effort have been made to improve the sector.

Agriculture has a rich history, and the progressive roles it had played in the past are well known. Its antecedents in the lives of Nigeria and its people both in economic and political spheres are equally well documented. It is more known because Nigeria is blessed with both human and natural resources, and has never at any given time, lacked the desired soil or favourable weather conditions needed for successful agricultural production.

I even learnt that proceeds from agricultural products such as palm oil produce funded national edifice like the prestigious University of Nigeria, Nsukka, whereas the proceeds from the popular groundnut pyramid also funded the Ahmadu Bello University, Zaria, and many others.

However, the concurrent reduction in allocations of state governments has automatically forced many states to return to agricultural production as its last resort for sustenance. There was this unusual smile I found myself beaming, on discovering that many state governments seem to be in contest to outdo the other in a bid to revive the agricultural sector which was initially the mainstay of the economy.

In Abia , while the state government is doing its part to improve agricultural production, a silent agricultural revolution is preparing to take place, and this time engineered by an individual. > The former Governor of the state and Harvard tutored business enigma, Dr. Orji Uzor Kalu has through his recent business venture responded accordingly to the demands of our time, notwithstanding the obvious limitations. In a state blessed with vast fertile lands, records show that the former state Boss gave laudable attention to the agricultural sector, which contributed to the massive

empowerment of Abians during his tenure as the Governor.

However, Orji kalu’s stated resolve to make agriculture a focal point was brought to limelight when in 2012, he asked the federal government to implore all the state and local governments to establish agricultural institutes with standard infrastructures that could provide the needed and qualified manpower for the agro-industries that are springing up daily. So, his actions are not too surprising.

His concluded plans to establish a $400 million farm in Abia state, apart from its immeasurable positive effects, has also contradicted the insinuations that he has not invested in the South East to the satisfaction of the Easterners. It is crystal clear that this singular investment will proffer answers even to inquisitive unborn generations.

According to him, 12,000 hectares of land is already mapped out for the farm. While 7,000 hectares will be used for palm oil produce, 2,000 hectares and 1,000 hectares of land will be used for maize and vegetables consecutively.

Kalu’s huge plan for palm oil produce reminds me of Nigeria’s former status as the largest producer and exporter of Palm oil produce of which the defunct Eastern region was the highest CONTINUED ON PAGE 34

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PPP: Experts Urge Govt to Consider People’s Interest Raheem Akingbolu For governments in the state and federal levels to attract the respect they deserve and be seen as all inclusive, development experts have urged officials to be transparent in their approach as well as embark on people-oriented projects.

This was stakeholders’ position at a forum held recently in Lagos to discuss the viability of Public-Private Partnership (PPP) as it concerns the Mega City Status of Lagos and the country as a whole.

The forum, which was put together by Center for Ethics and Sustainable Development (CESD) in collaboration with Center for Public Policy Alternatives (CPPA), saw academics and professionals brainstorm on the concept, what ought to be done and the impacts on development.

The convener of the initiative, Dr. Olajumoke-Seweje Akiode, said PPP remains the potent tool needed to fast track development in a society.

She said: “For any nation to witness any meaningful development and progress,

the major route to take is to go through PPP. Development and infrastructure can only be scaled up when both the private sector and government go into partnership, which is what PPP offers. With this forum, we want to sensitise the public as well as educate ourselves on the way to go. At the end, we want both government and other stakeholders to have fully bought into the genuine culture of PPP. It is sad that today, many government institutions; both at the state and federal level, have almost turned it to slogan to further deceive Nigerians when they are not committed to the real ideal of PPP. We are trying to create a platform where we will all learn the basics to fully understand the concept of PPP.” A director in the Lagos State Ministry of Works, Nurudeen Sodehinde, who spoke extensively on the state’s approach to infrastructural development, especially as it concerns PPP pointed out that the concept is cumbersome more than people imagine and that the state government always consider the interest of all when it comes to PPP. He cited the proposed Fourth Mainland Bridge, which has not been

embarked upon because of the huge plan it required.

He however admitted that PPP is one approach that should be welcomed considering the fact that both parties are meant to share the risks involved. He urged the people to consider the need to support government in its effort to improve infrastructure by fulfilling their own part of the bargain, like payment of taxes and tolls. According to him, the partnership is beneficial in that it helps both parties to share risks.

He said: “Nothing sustainable can be free; we should be ready to pay for every service we enjoy so as to encourage maintenance and continuity in governance. The fact that we have natural resources does not preclude us from paying for infrastructure we enjoy,” Buttressing the position of the consultant, a Senior Lecturer in the University of Lagos, Dr. Adebisi Sunday said such partnership arrangement should be welcomed since both parties have the obligation to respect the right of one another.

Adebisi said sharing risks would help both parties to fulfil their own part of their

obligations as no one would be prepared to bear the consequence of their action. While urging government to provide enabling environment for such partnership to blossom, the university don said government owes it a duty to formulate policies that would protect the interest of the private sector.

He said: “Government must provide sustainable policy that will protect the private sector because they own the land and the law. For that reason, it should offer clear cut policies and show that it is serious in implementing them. Besides, the policies must be allowed to become law.

However, it needs stating that public private partnership can only come into fruition if it is need-driven just we have in the case of the Fourth Mainland Bridge which a lot of people have been clamouring for, for many years,” he further added Adebisi noted that rather than creating much noise on its intention to deliver the project, government should focus attention in creating the needed structure to actualise it saying that at the moment nothing seems to be in place.

On her part, an Associate

Professor of Urban Planning, also from University of Lagos, Dr. Taibat Lawanson said it was unfortunate that what government described as public private partnership is not really true in the real sense of it, arguing that the people which ought to be the focus had been left behind in the scheme of things.

In what looked like a radical view to the discourse, Lawanson had proposed 4P instead of 3P to mean PublicPrivate-People Partnership so that those to whom the government has a responsibility to can feel that they are part of it. Driving home her point, she said government has a mandate to the people and that this involves opening up the space for development as well as considering public interest while embarking on projects.

A principal partner in BONA FIDEI Law, a commercial law firm based in Lagos, Mr. Anthony Kpokpo, said PPP arrangements in Nigeria including Lagos have always been shrouded in secrecy.

According to Kpokpo, a Senior Advocate of Nigeria, until government begins to lay the books on the table

before embarking on it, the people would continue to see the insincerity on the part of government. Citing example of a recent arrangement between the Lagos state government and other partners, he stated that his findings showed that one of the partners, Visible Asset had no information on its website to show how capable it is to deliver on its mandate, an indication of lack of transparency in the arrangement. The commercial lawyer also berated the state government for the power it gives to an agency of government called Lagos Global that has no legal backing, over the legally established PPP office.

He said: “If you take a look at what goes on, often time, you will see that there is lack of transparency. That is why you see governments failing to follow due process when it comes to the arrangement itself.

That is why we have chosen to ignore the structure and the processes involved. Take the case of Visible Asset, a partner in the Fourth mainland bridge project; it has no visible project in its website. One can now wonder how government arrived at Visible Asset”, he said.

MAKING ABIA ANOTHER MALAYSIA

PARTNERING FOR CUSTOMER SATISFACTION

Chief Executive Officer, Aero contractor, Captain FolaAkinkuotu(left) and Chief Executive Officer Spectranet, David Venn in a warm handshake after signing a special agreement to give Aero Contractor’s passengers free internet service at the MMA2 airport, Lagos … recently

Red Star Boosts e-Commerce with New Payment System Raheem Akingbolu Red Star Plc, a courier and logistics firm has deployed a solution to manage “Pay-OnDelivery” transactions for online businesses and e-transactions.

According to a statement issued by the company, the application, known as “Saddle”, allows instant payment on delivery reconciliation, enables customers monitor and track the movement of ordered products until items are delivered. It also allows e-platforms/partner

companies to seamlessly receive notifications when orders are placed.

Head, Projects and New Ventures of the company, Jayson Oyarekhua, was quoted as saying that the application has been customised in such a way that it enables organisations, especially those in e-commerce, track orders from clients, monitor activities prior to delivery and generate report after delivery or as at when due. “The application will enable a transparent solution on all sides of the e-commerce

chain; Red Star Express Plc, the e-commerce platform and the end user who ordered the product,” he said.

Oyarekhua further stated that subscribing to the Saddle application will provide several features that will be beneficial to e-Commerce platforms across the country. “The features are meant to change the way e-tailing is executed; it will impact on logistics management tool, provides cash and card payment solution, it will act as front-end app for delivery agents, back-end

tool for dispatch, monitoring and reconciliation, provide pick-up and drop-off tools, provide tracking information for consumers and provide industry solution for multiple e-commerce sites/platforms.”

This solution is flexible enough to suit individual business models. The application could be customised to fit the business need of the back end user of this product. “And the good thing about it is that the storage of the massive information is absolutely free because it is stored in the cloud”.

contributor.

But today, this outstanding position has been taken over by Asian countries, who incidentally came to Nigeria and studied the process of planting and cultivating palm products and was reported to have taken their first seedlings from Nigeria. Due to neglect, the palm oil produce has suffered over time, and sadly, it now plays second fiddle to countries that was her apprentice.

It might confound non South Easterners to know that the south East Nigeria has the capacity to feed itself and even extend agricultural produce to other neighboring regions as well as have enough for export. Because aside palm produce production, the South East region has vast arable land favourable for growing varieties of farm and cash crops. And as if he suddenly realized the potency of food security and economic revival, Orji Kalu have risen to the challenge, and is poised and determined to attain food sufficiency and also drive economic growth through massive investment in agriculture.

The level of enthusiasm this plan has brought, especially to the teeming youths of Abia State has already foretold the consequences. The consequence is that Kalu’s decision to give more attention to agriculture, when fully in place, will provide massive employment opportunities for the underemployed

and unemployed youths.

Exports from the farm will equally be an alternative source of foreign exchange. It will cause poverty alleviation and rural empowerment.

Making agriculture one of the cardinal objectives of the administration should go beyond public posturing; visible commitment need be shown. The Nigerian Federal Government and Abia State Government should provide the needed support and make the environment conducive for Kalu’s great effort not only to thrive but to also grow massively.

Recent events in the economic landscape need more visionary men like Kalu and serious agricultural investors, such that could guarantee sustainable food availability, employment opportunities amongst others.

Because by Kalu’s great Venture, Nigeria which hitherto imported palm oil to supplement its production shortfall will now become a leading exporter of oil palm. More so, returning the South East region and Nigeria to a global hub of oil Palm production.

By this singular act of allocating 7,000 hectares of land to only palm produce, Orji Uzor Kalu might in the end make his home state another Malaysia in the business of palm produce.

Eze, Personal Assistant to Dr. Orji Uzor Kalu writes via ezepetersoneze@gmail.com

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EFInA Offers $1.5m Grant to Support Bank’s Financial Inclusion Scheme Obinna Chima In a bid to deliver financial inclusion to unbanked individuals nationwide, Enhancing Financial Innovation & Access (EFInA), has announced the release of an innovation grant in the sum of $1,500,000 to support Diamond Bank’s ‘Diamond Y’ello: Winning the North’ project.

Diamond Y’ello is a mobile based savings account launched

by Diamond Bank in partnership with MTN to make financial services easily accessible for individuals excluded from the formal banking ecosystem. The project allows customers with active MTN lines to open a bank account with Diamond Bank from the convenience of their homes and it is expected to introduce additional channels of customer interactions including an interactive voice responder (IVR), bill payments platform, card-less ATMs, micro loans and insurance. Diamond Bank, in partnership with MTN will have agents within each community to conduct deposits

and withdrawals on the Diamond Bank account.

The EFInA innovation grant, according to a statement, will enable Diamond Bank target and extend facilities to prospective customers in northern Nigeria –Federal Capital Territory (FCT), Kano, Kaduna, Katsina, Kogi, Kwara and BornoStates.

The Chief Executive Officer of EFInA, Chidinma Lawanson, stated that: “The Diamond Y’ello Account project seeks to drive financial inclusion by addressing the barrier of proximity to financial services through digital financial services and agent banking, while also serving as an effective means of deepening financial literacy nationally.

“This aligns with EFInA’s objectives to increase access to financial products and services to the low income population, especially women. According to the EFInA Access to Financial Services in Nigeria 2014 survey, the north-east and north-west geopolitical zones have more financially excluded people than

the other geopolitical zones. In that regard, we look forward to our partnership with Diamond Bank to extend financial services in Northern Nigeria.”

Furthermore, she said, “the EFInA Access to Financial Services in Nigeria 2014 survey revealed that 57.1 million adults have never had a deposit money bank account, 16.3% indicated that they did not operate an account because commercial banks were far away from them.

The study also found out that 42.7% of women are financially excluded as compared to 35.8% of the men. We believe this project will go a long way to correct these anomalies.”

According to the Chief Executive Officer of Diamond Bank, Uzoma Dozie, the product was structured to make affordable financial services available to everyone regardless of their level of income.

He said: “Diamond Y’ello is an account you open without the documentation and other rigors associated with traditional accounts.

Fortis MFB Shareholders Approve Bonus Share James Emejo in Abuja Shareholders of Fortis Microfinance Bank have approved a one-for-one (one share for each ordinary share) bonus share to existing investors for the 2015 financial period.

The bank’s total loans disbursement to small businesses also increased by 19 percent or N2.19billion to N13.92billion in 2015 compared to N11.73billion in 2014.

Speaking in Abuja at the company’s 2015 annual general meeting (AGM), Chairman, Fortis MFB, Mr. Felix Achibiri said it was able to wither the storm in the period under review as gross earnings increased by 9 percent to N3.65 billion in 2015 from N3.36billion in 2014.

He said total deposits further increased by 5percent to N10.03billion from N9.59billion

in 2014 in the previous year.

Achibiri said: “2015 was a peculiar year in many ways.

2015 was an election year and the year also redefined the political landscape of our great country. For us at Fortis, it was a turning point in our corporate history. We secured the Central Bank of Nigeria’s license to become a National Microfinance Bank. We became the 1st Microfinance Bank in Nigeria, 2nd in Africa and 16th in the world to secure the SMART Campaign revered Client Protection Principle (CPP) Certification through a rigorous rating exercise by MicroRate, USA.” He said in spite of a “tumultuous operating environment”, the bank’s total assets recorded an increase of 20 percent to N19.94 billion in 2015 compared to N16.59 billion the previous year.

Nevertheless, the chairman noted however, that profit before tax for the period under review decreased to N883 million from N1.07billion in 2014, representing a 18percent decline.

He blamed the drop on the increase in operating cost, particularly interest expense which experienced a spike in reaction to “the hash economic environment and tight monetary policy.”

He noted that the bank had empowered over 300,000 women in 19 states of the federation through the provision of soft loans and social empowerment which was carried out in partnership with its Support Multipurpose Cooperative.

He said leveraging its Mobile Money License, the institution was able to deepen financial inclusion by taking banking to the hinterlands which were hitherto neglected.

Broad street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2016 Broad Money (M2)

20,470,436.00

-- Narrow Money (M1)

9,040,817.68

---- Currency Outside Banks

1,441,365.03

---- Demand Deposits

7,599,452.65

-- Quasi Money

11,429,618.32

Net Foreign Assets (NFA)

5,551,714.27

Net Domestic Assets(NDA)

14,918,721.73 22,664,815.74

-- Net Domestic Credit (NDC) ---- Credit to Government (Net)

3,782,578.01

---- Memo: Credit to Govt. (Net) less FMA

4,991,246.39

---- Memo: Fed. and Mirror Accounts (FMA)

-1,208,668.38

---- Credit to Private Sector (CPS)

18,882,237.7

--Other Assets Net

-7,746,094.02

Reserve Money (Base Money)

5,758,634.07

--Currency in Circulation

1,811,090.48

--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

GCR Affirms Sterling Bank’s BBB Rating, Stable Outlook

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

Nume Ekeghe

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

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

Global Credit Ratings (GCR), an international rating agency at the weekend, affirmed Sterling Bank Plc’s national long term and short term ratings of BBB (NG) and A3(NG) respectively, with the bank assigned a stable outlook.

This rating, which is valid until July 2017 came after another global ratings agency, Moody’s Investors Service, affirmed the bank’s local and foreign currency issuer ratings of B2 with stable outlook.

GCR in a report attributed the bank’s rating to its strong performance and resilience amidst challenging operating conditions.

“Sterling’s total assets amounted to N796.4 billion (representing a market share of 2.8%) at full year ended 2015. The bank’s capital base

grew 12.2 per cent in full year 2015, solely through internal capital generation, with the risk weighted capital adequacy ratio improving to 17.5 per cent at full year 2015 (2014: 14%). To further strengthen its capital base and support asset growth, the bank is in the process of raising up to N35billion tier-II capital expected to be concluded in the third quarter of 2016,” the report added.

Notwithstanding the 100 basis points contraction recorded in net interest margin, Sterling Bank reported a net profit after tax of N10.3 billion in 2015, an improvement of 14.4 per cent over 2014. “Performance was supported by non-interest income which grew 13.8 per cent to N29.3 billion (buoyed by growth in trading securities). Further, total operating expense line declined 1.9 per cent to N49.7 billion, resulting

in a reduction of the cost ratio to 72.2 per cent from 73.6 per cent in 2014.”

The bank’s gross NPL ratio ended at 4.8 per cent in F15, which was below peer average of 6.1 per cent and regulatory limit of five per cent.

While commending Sterling Bank for composing its board of directors in line with the provisions of the Central Bank of Nigeria ’s Code of Corporate Governance for Banks in Nigeria and the Securities and Exchange Commission’s (“SEC”), code for publicly quoted companies, GCR also lauded the bank for maintaining a diversified funding base, consisting mainly of customer deposits (both retail and corporate).

GCR also noted that Sterling Bank has continued to improve on its service delivery to customers through various strategic initiatives.

ARM Money Market Fund

13.1030 (Yield % ) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 7 JULY 2016 The price of OPEC basket of fourteen crudes stood at $44.18 a barrel on Thursday, compared with $44.35 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (IslamicRepublic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), EsSider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

Lafarge Africa Sends Profit Warning, Incurs N28bn Exchange Loss Goddy Egene and Eromosele Abiodun Lafarge Africa Plc last Friday sent a profit warning to the stock market, stating that its second quarter(Q2) financial results to June 30, 2016, would be affected by an unrealised foreign exchange loss of about N28 billion.

In a notification to the

Nigerian Stock Exchange (NSE), Lafarge Africa, which is the second largest cement company listed on the Exchange, stated that the Q2 results would be affected by the impact of the Naira devaluation against the United States dollar (USD), resulting in an unrealised exchange loss.

The company added that the current gas supply shortage

T H E

is also expected to impact on volumes for the quarter.

“The impact of the naira devaluation is expected to be a N28 billion unrealised exchange loss arising from the USD borrowings, which at the time of the devaluation, consisted of $310million shareholders loans and $85million external loans. These loans relate to the United Cement Company of

N I G E R I A N

Nigeria Limited (Unicem) and were mainly set up prior to the acquisition by Lafarge Africa of its original 35 per cent stake in Unicem. Lafarge Africa has since then increased its stake in Unicem and held at the time of the devaluation, 50 per cent of Unicem which was fully consolidated. Lafarge Africa now holds 100 per cent of Unicem. The N28billion

STO C K

unrealised exchange loss will not have immediate impact on our cash flow,” the company said.

Lafarge Africa expressed confidence in the future of Unicem, saying the company is well strategically located in Calabar, Cross Rivers State.

“It is major cement plant in the South-south and South-east region of Nigeria. The plant

E XC H A N G E

has a cement capacity of 2.5 metric tonnes and will double capacity with the commissioning of 2.5 million line in the second half of this year,” the company said.

Lafarge Africa recently paid a dividend of 300 kobo per share and a bonus of one new share for every 10 shares held for the year ended December 31, 2015 to shareholders.

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CITYSTRINGS

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

A Deadly Clash Public order was breached between Ojota and Maryland after a street trader ran into a vehicle and died on the spot penultimate Wednesday. But with 48 vehicles vandalised and 15 suspects arrested, the Lagos State Government condemned the attack and said there was no justification for the breakdown of law and order. Gboyega Akinsanmi writes

The damaged BRT buses

A

bout a fortnight, a mob of irate street traders and hoodlums descended on high-occupancy vehicles. At least, 48 of such vehicles that operate on the bus rapid transit (BRT) lane suffered varying degree of damage as a result.

Contrary to what the miscreants thought, the vehicles did not belong to the Lagos State Government, but to Primero Transport Service Limited, the Ikorodu-CMS BRT operator.

The attack was undeniably spontaneous, though might not be unconnected with the frustration of thousands of youths that survive on street trading. But the root cause of Ojota violence was due to the untimely death of a street trader, Nnamdi John at about 12p.m. penultimate Wednesday. Nnamdi was not sick, neither did he have any premonition that he would not live to see the next day.

Like other days, Nnamdi was busy navigating road traffic between Ojota and Maryland, making frantic effort to market his wares.

Unexpectedly, there was an alert that officials of the Kick against Indiscipline (KAI) were on patrol. Nothing more occurred to him than to escape being arrested. So, according to eyewitness, Nnamdi hurriedly fled; ran into a truck and died there instantly.

Seeing the body of Nnamdi, a 22-year-old indigene of Ebonyi State, lifeless on the road, violence broke out suddenly. Other street traders on the axis started attacking different vehicles. Also, street urchins and miscreants

in and around Ojota and Maryland quickly joined the act of violence. Surprisingly, the mob never thought of attacking the truck of a bottling company that crushed Nnamdi to death.

But their target was high occupancy vehicles that operate on the Ikorodu-CMS BRT lane. According to an eyewitness, the mob targeted the BRT vehicles because the mob hurriedly concluded that the presence of KAI operatives in Maryland caused Nnamdi’s

Seeing the body of Nnamdi, a 22-year-old indigene of Ebonyi State, lifeless on the road, violence broke out suddenly. Other street traders on the axis started attacking different vehicles.

Also, street urchins and miscreants in and around Ojota and Maryland quickly joined the act of violence

untimely death. Also, the BRT vehicles were the target because the mob thought they belonged to the state government.

At least, 25 commuters sustained varying degrees of injuries – some fatal and others mild. Also, scores of the bus drivers were bruised while two violently attacked. It took the intervention of the Rapid Response Squad (RRS) with its Commander, Mr. Olatunji Disu, to quell the rage of a mob. If not for the intervention of RRS and Operation MESA, an eyewitness said, the damage would have been double.

Also, their intervention had led to the arrest of 15 suspects, which the state government said, would face justice. In a statement, the Commissioner for Information and Strategy, Mr. Steve Ayorinde explained the need to make the suspects face justice, which he said, became indispensable to serve as deterrent “to future occurrence. There must be consequence for every action – good or wrong.”

Contingent on the report of a preliminary investigation, the commissioner made some clarification. First, Ayorinde pointed out that the street trader wanted “to evade arrest from officials of KAI. He attempted to cross the road before a truck knocked him down.”

Also, the commissioner added that the truck that crushed the street trader to death was erroneously thought “to be a BRT vehicle.

However, it was not a BRT vehicle that killed the street trader. It was a truck belonging to a soft drink company.”

Ayorinde equally revealed that the KAI officials were on patrol trying “to rid the state of street hawkers and traders in line with the Lagos State Street Trading and Illegal Market Prohibition Law, 2003.” He, therefore, cited section 1 of the law, which “restricts street trading and hawking in the metropolis and section 8 which empowers the Special Court to seize and auction items impounded from street traders.”

The law is still functional and operative in Lagos metropolis, the commissioner noted.

As a matter of fact, according to him, the law prescribes some punitive measures against any person or persons tried and found guilty of street trading and hawking in the metropolis. He, thus, cited section 10 of the law, prescribing“a fine of N5000 fine or three months imprisonment upon conviction.”

By the standard of law, therefore, Ayorinde argued that it was illegal “to trade or hawk on Lagos streets. The state government will not relent in ridding the state of illegalities, street trading and hawking.” On this note, he urged all street traders“to desist from these illegal activities because the state government will not be blackmailed and will ensure that public order “is not breached.”

Also, the commissioner issued a note of warning for street urchins, miscreants and hoodlums, who he said, were yet “to realise that the Ambode administration would not condone illegalities and hooliganism in any

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CITYSTRINGS

Some of the damaged buses

part of the state.” In strong terms, Ayorinde said the state government and the state police command “will not allow any act of civil disobedience. Also, those arrested will be dealt with in line with the law.”

But the implication of the outrage is indeed grave, not only in terms of loss incurred, but also in terms of providing requisite night services on strategic routes. In monetary terms, summarily, the Managing Director of the transport company, Mr. Fola Tinubu put the cost of loss his firm incurred due to the outrage at N139 million, which he said, was a major loss for the company.

For what THISDAY observed, the degree of damage actually varied. But in all, the managing director said his insurance firm had put the cost of repair at N139 million.

He said damages on the buses “range from broken wind shields (front, sides and rear) to side mirrors. Some buses also had exteriors dented. The buses will be parked in our depot until repair works are fully carried out.”

In strategic terms, the helmsman disclosed that the firm had put paid to night service due to what he ascribed to the security of his staff members and commuters. He said the night service was introduced few weeks ago in line with Governor Akinwunmi Ambode’s 24/7 economy, noting that it was a major shift in the provision of transport services in Lagos State and even in Nigeria.

Tinubu, however, said the firm had “to ameliorate the disturbance to commuters.

We have gone round major bus stops. We discovered that the commuters are now feeling the impact of the decision we took. But we are a private firm. We cannot provide our own police. We have to rely on the state.

We believe the state government is working with the Lagos State Police Command to secure lives and property.”

What happened is not really about Primero Transport Service basically, according to him.

He explained that it was about other investors who “are willing to invest in Lagos or in Nigeria. With what happened, no investor will like to inject fund into this kind of environment.” He thus said what the firm lost was undoubtedly a huge threat “to our investments in Lagos State, Nigeria’s commercial capital.”

Specifically, the managing director pointed out that what happened to the firm “is a disincentive to private investment in Nigeria.

The loss is a clear setback to investment drive.

The citizens of Nigeria must be educated to draw a line between private investment and public assets. No amount of provocation

Ambode

justifies the destruction of our buses. We equally agree that no amount of money is commensurate to one life.”

Tinubu, therefore, reeled out how his firm had helped create jobs at a troubled time. By establishing the transport firm along, Tinubu disclosed that it provided over 2,500 jobs

At least, 25 commuters sustained varying degrees of injuries – some fatal and others mild. Also, scores of the bus drivers were bruised while two violently attacked. It took the intervention of the Rapid Response Squad (RRS) with its Commander, Mr. Olatunji Disu, to quell the rage of the mob

since November 2015 it started operation.

He also disclosed the firm’s expansion plan, which he said, would create more jobs. But according to him, the business environment is a real disincentive to our expansion drive.”

In truth, the outrage has been a source of concern for all traditional rulers in the Ikorodu Division. For the traditional rulers, the onslaught was an additional burden. It was an additional burden because Ikorodu is the host of Primero Transport Service and that the firm engaged hundreds of Ikorodu indigenes. It was an additional burden due to the criminal activities of oil thieves and pipeline vandals, who the monarchs said, had brought some communities in the division under perpetual siege.

On these grounds, the monarchs vented their concerns about security situation, which they all acknowledged, was a huge threat to public order in the division specifically.

At the inspection of the damaged vehicles, the monarchs expressed their frustration about security concerns in Ikorodu and its environs. The Ayangbure of Ikorodu, Oba Adewale Shotobi and the Ranodu of Imota, Oba Ajibade Agoro led other monarchs to the head office of Primero Transport Service to register their concerns.

After inspecting the damaged vehicles,

Agoro lamented that the residents of Ikorodu and its environs “are the people that feel the direct impact of the act of violence that led to the damage of 48 high-capacity vehicles.

The attack that led to the vandalisation of 48 buses was not justifiable,” although he acknowledged that the loss of life due to the accident could not be quantified.

In its entirety, the monarchs condemned the act of violence that breached public order between Ojota and Maryland. Consequently, they called on the state police command and other security agencies “to rise up to the rescue of Ikorodu people; nip in the bud all criminal acts in the division and ensure public order. Our investigation showed that it was not the BRT vehicle that killed the street trader.”

He explained that it was not the best option “to resort to illegal act to seek redress. We have laws in Lagos State. We should not trample upon our laws. If we all obey our laws, all these acts of violence will have been averted. There is a law that proscribed street trading and hawking. If this law was obeyed, the street trader would not have died in the first place and there would not have been violence.”

The monarchs explained their concerns about the Ojota violence. First, they said they were concerned because these buses “operate on our routes.” Also, they said they were the host of the transport company. Finally, the monarchs said the BRT infrastructure had been a source of blessing for Ikorodu people, citing how it had been helping them “to transact their businesses with ease. We cannot really quantify the loss.”

Aside, the monarchs gravely lamented the activities of the pipeline vandals in some Ikorodu communities. They all declared that it had become imperative for the police “to arrest the trend and re-establish order. We, traditional rulers, are helpless. There is little we can do to save the situation. The police authorities must come to our aid. Other security agencies must promptly intervene.”

For any reason, they said there “is no justification for any breach of public order irrespective of what happened.” Rather than engaging in illegal acts, they said there “are laws in place, which we can always resort.

Also, there are also public institutions where we seek redress if our rights are violated.”

On this note, the monarchs called on all residents“to always explore amicable means of settling differences rather than resorting to illegal self means of taking laws into their hands.”

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MONDAY JULY 11, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Protesters Shut down Streets in US Protests against the shootings of two black men by police officers shut down streets in a number of U.S. cities at the weekend, leading to numerous arrests, scuffles and injuries in confrontations between police and demonstrators.

Undeterred by heightened concerns about safety at protests after a lone gunman killed five police officers in Dallas Thursday night, organizers went ahead with marches in the biggest metropolis, New York City, and Washington D.C., the nation’s capital, among other cities.

It was the third straight day of widespread protests after the fatal shooting of Alton Sterling, 37, by police in Baton Rouge on Tuesday and the death of Philando Castile, 32, on Wednesday night in a St. Paul, Minnesota suburb, cities which both saw heated protests on Saturday.

The most recent shooting deaths by police come after several years of contentious killings by law enforcement officers, including that of Michael Brown, a teenager whose death in the summer of 2014 caused riots and weeks of protests in the St. Louis suburb of Ferguson.

On Saturday evening,

hundreds of protesters shut down I-94, a major thoroughfare linking the Twin Cities, snarling traffic.

Protesters, told to disperse, threw rocks, bottles and construction rebar at officers, injuring at least three, St. Paul police said.

Police made arrests and used smoke bombs and marking rounds to disperse the crowd.

Protesters at the scene said police fired tear gas and rubber bullets. Police said early on Sunday they had begun clearing the highway of debris in preparation for re-opening it.

A march in Baton Rouge saw scuffles between riot police and Black Panther activists, several of whom carried shotguns. Louisiana law allows for weapons to be carried openly.

After a short standoff later in the evening, riot police arrested as many as 30 demonstrators and recovered weapons. Prominent black activist and former Baltimore mayoral candidate Deray McKesson was among those arrested.

Protests also took place Saturday in Nashville, where protesters briefly blocked a road, and in Indianapolis. A rally in San Francisco also briefly blocked a freeway ramp, according to local

media.

Hundreds of protesters marched from City Hall to Union Square in New York. The crowd swelled to

around a thousand people, closing down Fifth Avenue.

Some chanted “No racist police, no justice, no peace” as rain fell in New York. “I’m

feeling very haunted, very sad,” said Lorena Ambrosio, 27, a Peruvian American and freelance artist, “and just angry that black bodies just

keep piling and piling up.”

New York police said they arrested about a dozen protesters for shutting down a major city highway.

Family of Killed US Journalist Sues Syrian Govt The family of American journalist, Marie Colvin, who died in Syria in 2012, has filed a wrongful death lawsuit in a U.S. court, accusing the Syrian government of deliberately killing her.

Colvin and French photographer Remi Ochlik were killed in the besieged Syrian city of Homs in 2012 while reporting on the Syrian conflict, now in its sixth year.

The lawsuit, filed in Washington on Saturday and seen

by Reuters, said Syrian officials deliberately targeted rockets against a makeshift broadcast studio where Colvin and other reporters were living and working.

The suit alleged the attack was part of a plan orchestrated

at the highest levels of the Syrian government to silence local and international media “as part of its effort to crush political opposition”.

The lawsuit included as evidence a copy of an August 2011 fax which it alleges was sent from Syria’s National Security Bureau instructing security bodies to launch military and intelligence campaigns against “those who tarnish the image of Syria in foreign media and international organisations”.

“This case is about carrying on Marie’s work,” plaintiff Cathleen Colvin, Marie Colvin’s sister, said.

“We are seeking truth and justice not just for her, but for thousands of innocent Syrians tortured or killed under the

Assad dictatorship,” she said in a statement released by U.S. human rights group the Center for Justice and Accountability (CJA) which filed the case for the Colvin family.

Advocacy group Reporters Without Borders said it supported the lawsuit.

The group’s secretary-general, Christophe Deloire, said Reporters Without Borders“hopes these efforts will help to expose the truth, namely that these journalists were deliberately targeted and killed because they were providing information about the Syrian army’s crimes against civilians.”

A murder and attempted murder investigation was launched in France in 2012

into the death of Ochlik and wounding of another journalist, Edith Bouvier, in the same attack.

Reporters Without Borders, as an interested party in the case, said it will submit the Colvin family’s U.S. lawsuit to the judge in charge of the French investigation on Monday.

Colvin and Ochlik were both prize-winning reporters of wars in the Middle East, Asia and elsewhere. The Britain-based Colvin, who lost an eye while working in Sri Lanka in 2001, was working for the Sunday Times at the time of her death.

The Syrian Foreign Ministry, to whom the lawsuit was addressed, could not immediately be reached for comment.

272 Killed in South Sudan Fighting At least 272 people have died in fighting between South Sudan’s rival factions in the capital, Juba, including 33

civilians, a government source said yesterday, as heavy gunfire erupted again in the city and many residents sought shelter at a U.N. base.

The fighting first broke out on Thursday and Friday between troops loyal to President Salva Kiir and soldiers who support vice president Riek Machar.

The violence raises fears South Sudan could slide back into conflict after emerging from a two-year civil war, which began in December 2013 after Kiir sacked Machar as vice president. eighboring Kenya called for urgent action by the two leaders to move troops away from civilians and end the crisis.

A government spokesman later said the situation had been brought under control.“At present the situation is calm,” Michael Makuei, minister of information, said in a broadcast

by South Sudanese TV. He said the government

was calling on people to go back to their homes and that the situation was under control.

On Saturday Juba had been calm, but on Sunday a Reuters witness and residents said gunfire was heard in Gudele and Jebel suburbs of Juba, near the military barracks that hosts troops loyal to Machar.

“For about 30 to 40 minutes we heard sounds of heavy artillery in the direction of Jebel area,” an aid worker based in Juba who did not want to be named told Reuters.

One resident, Daniel Samson, said he had seen a “massive migration” of people fleeing to calmer districts when there was a lull. “The gun shooting has stopped now,” he said.

Another resident, who only gave his name as Steven, said he had seen hundreds heading to a U.N. compound. “I saw dead bodies of civilians and others ... moving with blood on their bodies,” he told Reuters by telephone.

Officials at the U.N. South Sudan mission UNMISS could not immediately be reached for comment.

One eye witness saw soldiers apparently involved in looting, by entering a neighbor’s shop and leaving with merchandise. It was not clear if those troops supported Kiir or Machar.

A Health Ministry source told Reuters early on Sunday that at least 272 people had been killed, including 33 civilians, so far. There was no official statement on the death toll.

Kenya called on Kiir and Machar to resolve the latest crisis and urgently to move heavy weaponry and huge contingents of soldiers out of civilian spaces of the capital Juba, Kenyan presidential spokesman Manoah Espisu told a briefing.

He said Kenya was ready to support law enforcement in Juba. Kenya Airways suspended flights to Juba.

Bin Laden’s Son Threatens Revenge for Father’s Assassination The son of slain al Qaeda leader, Osama bin Laden, has threatened revenge against the United States for assassinating his father, according to an audio message posted online.

Hamza bin Laden promised to continue the global militant group’s fight against the United States and its allies in the 21-minute speech entitled “We Are All Osama,” according to the SITE Intelligence Group.

“We will continue striking you and targeting you in your country and abroad in response to your oppression of the people of Palestine, Afghanistan, Syria, Iraq, Yemen, Somalia and the rest of the Muslim lands that did not survive your oppression,”

Hamza said.

“As for the revenge by the Islamic nation for Sheikh Osama, may Allah have mercy on him, it is not revenge for Osama the person but it is revenge for those who defended Islam.”

Osama bin Laden was killed at his Pakistani hideout by U.S. commandos in 2011 in a major blow to the militant group which carried out the Sept. 11, 2001 attacks.

Documents recovered from bin Laden’s compound and published by the United States last year alleged that his aides tried to reunite the militant leader with Hamza, who had been held under house arrest in Iran.

Hamza, now in his midtwenties, was at his father’s

side in Afghanistan before the 9/11 attacks and spent time with him in Pakistan after the U.S.-led invasion pushed much of al Qaeda’s senior leadership there, according to the Brookings Institution.

Introduced by the organization’s new chief Ayman al-Zawahiri in an audio message last year, Hamza provides a younger voice for the group whose aging leaders have struggled to inspire militants around the world galvanized by Islamic State.

“Hamza provides a new face for al Qaeda, one that directly connects to the group’s founder. He is an articulate and dangerous enemy,” according to Bruce Riedel of Brookings.

62

MONDAY JULY 11, 2016 T H I S D AY

63

T H I S D AY • MONDAY, JULY 11, 2016

Nigeria’s top 50 stocks based on market fundamentals

24-June-16 23-June-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 4-July-16

NSE All Share Index NSE Market Cap (N'Trillion)

29,002.06 9.96

28,854.98 9.91

-0.51% -0.51%

119.27 9.29

118.74 9.25

-0.44% -0.44%

01 Dangote Cement Plc

191.50

191.00

0.26%

3,263,257,168,057.50

10.64

18.00

6.64

4.18%

5.06

02 Nigerian Breweries Plc

130.01

130.00

0.01%

1,030,862,406,448.88

5.37

24.22

3.73

2.77%

6.05

03 Guaranty Trust Bank Plc

23.00

23.15

-0.65%

676,917,122,152.00

3.38

6.81

2.95

7.70%

1.64

850.00

850.42

-0.05%

673,757,814,200.00

29.95

28.38

4.45

3.41%

17.73

05 Zenith Bank Plc

15.45

15.12

2.18%

485,075,828,993.70

3.37

4.59

1.12

11.65%

0.82

06 Lafarge Africa Plc

Table 3 Top 5 Gainers

63.65

67.00

-5.00%

289,919,500,206.50

5.93

10.74

1.08

4.71%

1.65

Stock

07 Ecobank Transnational Incorporated

14.75

15.52

-4.96%

270,655,880,421.25

1.39

10.59

0.52

4.20%

0.72

08 Forte Oil Plc.

171.90

180.83

-4.94%

223,896,501,605.70

4.45

38.64

1.80

2.01%

4.84

09 Seplat Petroleum Dev. Co. Ltd

330.00

330.00

0.00%

182,592,403,290.00

23.48

14.05

1.62

4.82%

0.65

10 Stanbic IBTC Holdings Plc

16.60

15.06

10.23%

166,000,000,000.00

2.04

8.15

1.40

0.60%

1.48

11 United Bank for Africa Plc

4.46

4.62

-3.46%

161,806,687,396.12

1.64

2.71

0.51

13.45%

0.49

12 Access Bank Plc

5.50

5.67

-3.00%

159,103,843,970.50

2.28

2.42

0.47

10.00%

0.43

13 Guinness Nig Plc

99.99

99.50

0.49%

150,573,759,918.12

0.78

128.48

3.02

0.00%

3.37

14 FBN Holdings Plc

3.77

3.70

1.89%

135,325,253,825.84

0.42

8.93

0.27

3.98%

0.23

31.80

33.23

-4.30%

120,308,820,750.00

0.32

100.90

2.03

0.16%

15.03

8.05

7.37

9.23%

96,878,682,096.70

0.50

16.11

0.17

9.32%

0.61

17 P Z Cussons Nigeria Plc

23.00

23.00

0.00%

91,320,972,035.00

1.10

20.96

1.26

5.65%

2.17

18 7-Up Bottling Comp. Plc

142.05

142.05

0.00%

90,995,861,064.15

11.12

12.77

1.17

1.55%

3.79

6.51

6.51

0.00%

78,120,000,000.00

0.96

6.77

0.77

7.68%

1.34

20 Julius Berger Nig. Plc

50.93

50.93

0.00%

67,227,600,000.00

1.85

27.55

0.50

2.95%

2.77

21 International Breweries Plc

19.80

19.80

0.00%

65,226,135,744.00

0.64

30.98

3.53

1.26%

5.41

1.60

1.76

-9.09%

61,953,595,880.00

0.05

30.50

1.52

0.00%

0.71

23 Total Nigeria Plc

181.48

181.48

0.00%

61,616,422,978.76

11.92

15.23

0.30

7.71%

3.79

24 Mobil Oil Nig Plc

169.00

169.00

0.00%

60,940,599,278.00

13.51

12.51

0.95

4.26%

3.97

25 Flour Mills Nig. Plc

21.51

21.90

-1.78%

56,447,341,892.37

1.84

11.68

0.17

9.30%

0.55

26 Diamond Bank Plc

2.01

2.22

-9.46%

46,552,381,825.68

0.24

8.23

0.21

0.00%

0.22

27 Sterling Bank Plc

1.38

1.44

-4.17%

39,730,777,013.88

0.36

3.86

0.36

6.52%

0.42

28 U A C N Plc

19.95

20.00

-0.25%

38,321,244,520.65

2.70

7.39

0.52

5.01%

0.52

29 Presco Plc

37.00

37.00

0.00%

37,000,000,000.00

3.28

11.28

3.26

0.27%

1.65

30 Fidelity Bank Plc

1.18

1.24

-4.84%

34,175,851,116.56

0.48

2.46

0.23

13.56%

0.19

31 Wema Bank Plc

0.84

0.84

0.00%

32,402,551,508.04

0.06

13.92

0.71

0.00%

0.70

32 Cadbury Nigeria Plc

16.70

16.70

0.00%

31,365,974,068.00

3.21

5.21

0.93

7.78%

3.03

33 Okomu Oil Palm Plc

31.02

31.02

0.00%

29,590,288,200.00

2.76

11.25

3.04

0.32%

2.45

1.42

1.56

-8.97%

28,119,849,309.02

0.24

5.91

0.18

7.04%

0.17

35 Glaxo Smithkline Consumer Nig. Plc

20.78

23.02

-9.73%

24,850,313,420.64

0.81

25.75

0.81

1.44%

1.88

36 Cap Plc

35.00

35.00

0.00%

24,500,000,000.00

2.49

14.08

3.47

3.29%

16.12

37 Mansard Insurance Plc

2.27

2.38

-4.62%

23,835,000,000.00

0.16

14.34

1.44

2.20%

1.37

38 Custodian And Allied Insurance Plc

3.90

3.90

0.00%

22,939,270,360.50

0.71

5.46

0.77

3.59%

0.88

39 National Salt Co. Nig. Plc

7.85

7.96

-1.38%

20,798,091,267.30

0.79

9.88

1.29

7.01%

2.93

40 Unity Bank Plc

1.07

1.03

3.88%

12,507,591,597.94

0.54

1.97

0.20

0.00%

0.15

41 Skye Bank Plc

0.87

0.95

-8.42%

12,075,862,226.70

0.85

1.02

0.09

34.48%

0.09

42 Continental Reinsurance Plc

1.15

1.15

0.00%

11,928,655,958.80

0.21

5.57

0.60

10.43%

0.77

43 Honeywell Flour Mill Plc

1.42

1.51

-5.96%

11,260,880,674.36

0.14

10.05

0.23

11.27%

0.53

44 Cement Co. Of North.Nig. Plc

6.99

7.45

-6.17%

8,784,177,584.34

0.96

7.31

0.67

1.43%

0.87

45 UACN Property Development Co. Limited

4.00

4.00

0.00%

6,874,999,980.00

1.81

2.21

0.61

17.50%

0.21

46 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.10

5.16

0.94

6.00%

0.45

47 Nigerian Aviation Handling Company Plc

4.00

4.05

-1.23%

6,496,875,000.00

0.33

12.08

0.76

5.00%

1.07

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

0.74

0.74

0.00%

5,128,351,315.20

0.28

2.68

0.16

6.76%

0.53

50 Fidson Healthcare Plc

2.15

2.24

-4.02%

3,225,000,000.00

0.50

4.33

0.39

2.33%

0.51

04 Nestle Nigeria Plc

15 Unilever Nigeria Plc 16 Oando Plc

19 Dangote Sugar Refinery Plc

22 Transnational Corporation Of Nigeria Plc

34 FCMB Group Plc

TOTAL

9,245,600,424,480.70

TOTAL MARKET CAP

9,910,225,140,588.62

% OF MARKET CAP Annotation - MA* = Simple Moving Average

93.29%

Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open 4-July-16

Stanbic IBTC Holdings Plc Oando Plc Unity Bank Plc Zenith Bank Plc FBN Holdings Plc

15.06 7.37 1.03 15.12 3.70

Close 8-July-16

Change %

Close Change % 8-July-16 16.60 8.05 1.07 15.45 3.77

10.23% 9.23% 3.88% 2.18% 1.89%

Table 4 Top 5 Losers Stock

Open 4-July-16

Glaxo Smithkline Consumer Nig. Plc Diamond Bank Plc Transnational Corporation Of Nigeria Plc FCMB Group Plc Skye Bank Plc

Close Change % 8-July-16

23.02

20.78

-9.73%

2.22 1.76

2.01 1.60

-9.46% -9.09%

1.56 0.95

1.42 0.87

-8.97% -8.42%

Bear market continues as ASI ends week with 0.51% decline Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, July 8, 2016 ended the week on a bearish note as the stock market again closed red as uncertainty lingers. This was further highlighted by negative performances from all NSE Sub sectors: Banking, Consumer Goods, Insurance and Oil & Gas. However, trading activities increased in volume as 234.96 million shares worth N2.29 billion in 4,145 deals exchanged hands today. This is an increase from the 142.84 million shares worth N1.35 billion in 3,321 deals carried out on Monday. Topping in volume terms was Guaranty Trust Bank Plc, FBNH Plc and Oando Plc while Oando Plc and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with a 0.51% (-147.08) decrease to close at 28,854.98 from 29,002.06 the previous trading day. Market Capitalization depreciated in tandem to N9.91 trillion from N9.96 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with a decline of 0.44% to close at 118.74c from 119.27 recorded at the end of the previous trading day, while its market capitalization stood at N9.25 trillion from N9.29 trillion of the previous trading day.

A total number of 11 stocks gained on the bourse today while 34 stocks declined, 55 leaving stocks unchanged. Stanbic IBTC Holdings Plc emerged the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.23% to close at N16.60 per share. It was followed by Oando Plc with a gain of 9.23% to close at N8.05 per share. Others on the gainers list include: Unity Bank Plc, Zenith Bank Plc and FBN Holdings Plc, while on the decliners’ list; GlaxoSmithkline Consumer Nig. Plc led with a loss of 9.734% to close at N20.78 per share. It was followed by Diamond Bank Plc with a loss of 9.46% to close at N2.01 per share. Others on the losers list include: Transnational Corporation Of Nigeria Plc, FCMB Group Plc and Skye Bank 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

64

MONDAY, JULY 11, 2016 • T H I S D AY

PAGE SIXTY-FOUR DOGARA JUSTIFIES IMMUNITY FOR N’ASSEMBLY PRINCIPAL OFFICERS up. He has been detained and questioned, some recoveries were made from him and if the intention was that the fight should be one sided, I can guaranty you that if that were to be the case they would have been sacred cows, as these two amply qualify as sacred cows that should not be touched,” he added.

Speaking on the controversial Grazing Bills, Dogara said deliberations on the bills had been halted, as they were a highly contested matter in the body polity.

“My take on this is very simple. I have had cause to talk to some of the promoters of this bill to say hey, there is this unhealthy discussion about these bills in the National Assembly, so let’s just halt and have a small group of people that will take a look at some of these issues from the contributions of Nigerians and let’s advise ourselves before moving on and as it is, that is where we are.

“We want to listen to the opinions of our citizens, because at the end of the day, it is government of the people, so we are going to do what majority of our citizens want and not what a few want to be done.

“As the House of the people, we cannot run away from it, so ultimately, it is the will of the people that will triumph in this matter. So right now, we have halted all further processes on these bills,” Dogara explained.

Speaking on the allegation of a “government within government”, which was made

by Saraki at the outset of the alleged forgery trial, the speaker said the Senate President had his own sources of information and had been in the system far longer than himself (Dogara).

According to Dogara, for Saraki to have made the allegation, this might have meant that he had access to certain information that lent credence to what he said.

“But that is ultimately within the purview of the light that is available to him. In my own case, I cannot say that I have seen a situation where a cabal that sits in government can make a decision.

“I don’t know, but I believe that since he is the one that said it, he will be in a better position to throw light on this and I wish he were here so that he can better educate us on this government within a government,” Dogara stated.

On the refusal by the AGF, Mr. Abubakar Malami (SAN),

to honour the invitation of the Senate to explain the rational for instituting the criminal suit against its principal officers and the desirability of seeking a Supreme Court ruling on the refusal by some ministers to obey the summons of the legislature, the speaker said: “The provisions of the constitution are manifestly and patently clear about powers in pursuance of a resolution published in a gazette.

“In the case of Diezani (AlisonMadueke), what she did was a clever way of saying there was no publication in a gazette and so we had not complied with the constitutional provision to compel her (to appear).

“That was neither here nor there, but the constitution is very clear that in pursuance to our resolution published in a gazette we can invite any authority in Nigeria or any place to give evidence in clear exercise of our legislative powers. It is manifestly provided for in our constitution.

“We will see what we can do if it is necessary to approach the court again, maybe the Supreme Court, to say pronounce on this.

But if you have a clear crystal definition of the law like that and someone who is a lawyer says he is not bound by that, maybe the same discussion will arise even if the Supreme Court says that you are bound to appear if you have been summoned before parliament.

“However, what we should correct more in Nigeria is this culture of impunity. It is not a question of law, it is just a matter of when an individual feels that to some extent, I can manoeuvre my way through the system so I’m not bound by the provisions of the law.

“But like I said before, due process, the rule of law is the foundation of any democracy to the extent that it is not the government of men but the government of laws. Anyone who knows and believes in our laws will not have any difficulty honouring the invitation of the National Assembly except that person feels guilty.

“The attorney general has had cause to appear before the committees of the National Assembly in the past, especially when we were dealing with the issues of Kogi State, MTN and others. So it is a bit strange to say he was not going to honour the Senate invitation because he is not answerable to them.

“It is left for him to explain, but like they say in law, you cannot approbate and reprobate.”

On the legislation being considered by the House to improve the budget implementation process, Dogara said very little progress could be made without appropriation and the right legislation to improve the procurement process.

“If you recall, the budget was passed not long ago, and I had cause to talk about the Procurement Act yesterday.

If you are to procure, by the standards of the law that we have in place, it will take you, in some cases, a minimum of six months.

“So we are looking at the possibility of amending the Procurement Act itself because this is the only way we can guarantee that money is pumped into the economy, because right now, if you have the money and you want to pay for procurement, the procurement process is just ongoing and it could stretch to November judging by the standards that we have in place for this procurement process to be complete – and before you start drawing on the money, it is almost December.

“This has been the process and I think it is unacceptable. So very soon, we are coming up with an amendment to the Procurement Act in two respects. Number one, to shorten the procurement process to a maximum of two months because now, there is virtually nothing that you cannot get on Google.

“All you need to do now is Google prices and it will give you virtually everything. So I don’t see any reason why you will spend six months doing analysis, financial bids, technical bids and all those kind of things when you can sit down with your laptop and in a few hours you are done.

“So we want to reduce the procurement process and then the issue of payment for mobilisation, which is another big problem. It is pegged at 15 per cent. But we believe that it is unduly restricted, more so when we have this FX issue right now.

“This means that if you have a contract with an offshore element, 15 per cent of your payment may not even procure half or even a quarter of what you need.

“So we want a situation where we will raise the bar to not more than 50 per cent. Accordingly, the procurement entity will apply its discretion in saying this contract has some offshore elements, so let’s pay 40 per cent, 45 per cent or the maximum of 50 per cent to

the contractor or say everything will be locally sourced so let’s pay 15 or 20 per cent.”

When asked for his views on the growing clamour for the restructuring of Nigeria and the adoption of the report of the National Conference as a working document by the House Committee on the Review of the Constitution, the speaker said discussions on the country’s restructuring were healthy, but would rather keep his personal views to himself because of his position as an arbiter on the subject.

“I agree with the fact that there should be no off limits discussions on restructuring. It is healthy, it is going to lead us to a destination, but I don't want to prejudge the issues because I know that these issues will come very soon to me as an arbiter and if I let the cat out of the bag, it will be too obvious that I have taken a position.

“So I don’t want to say this is my position in this, I want to maintain neutrality, even though I have my own sentiments about the issues.

“The House committee has said they have adopted the conference report as a working document and that is only because they are the ones responsible for crafting bills that will lead to review of the constitution.

“It is only when those bills are crafted by the committee and transmitted to the larger House that the debate will take place and that is why I am saying I do not want to give an opinion on this, even though I cannot run away from the fact that as a citizen, as a politician, I have to see things from the angle of an enlightened person. But if I say I don’t have a position, I will be lying.

“I just wouldn’t want to just put it there so that it doesn’t serve as a clock to the debate that will soon take place. Let’s wait for the debate and see, I am sure that the proposal is going to come before the House of Representatives.

“I wish the Senate had done the same so that when we are arriving at a decision it is not going to be difficult. But if the Senate passes a different version from the House, the job is going to be left in the hands of a very few people called the Conference Committee.

“So at the end of the day, it is the Conference Committee’s will that will prevail and you don’t know who will serve in that committee. But if it is done in the Senate and in the House, it

BANK RETURNS REVEAL INCREASED FOREX ALLOCATION TO MANUFACTURERS agricultural machinery, cement silos for stationary block making, and importation of motorcycles in completely knocked down (CKD) parts, among others.

Diamond Bank’s returns on source of funds also showed that it purchased $42,210,497 from the market.

Similarly, Union Bank Plc’s returns put the volume of forex transactions by the bank at $142,118,110.69. The bank transacted business with 238 customers and details of the transactions showed that forex was sold for raw material imports, personal income remittances and payment of school fees, among others.

Stanbic IBTC Limited’s returns on forex utilisation

also showed that it transacted business with 315 customers who bought dollars to import raw materials and for divestments, among others, just as the bank’s returns on source of funds put the amount of dollars it purchased at $51,761,247.42.

Also, FirstBank Nigeria Limited’s returns on forex utilisation showed that its Secondary Market Intervention Sales (SMIS), which was from the Central Bank of Nigeria's (CBN) special intervention was $26,601,760.48. The bank sold dollars to 139 customers, most of whom were importers of industrial raw materials as well as for petroleum products importers.

While First City Monument

Bank Limited’s returns showed that it sold the greenback to 515 customers, its returns on sources of funds put the total amount the bank purchased from the market at $24,140,048.

Meanwhile, in furtherance of its efforts to engender transparency and professionalism in the forex market, the CBN at the weekend directed that all forex-related trades by authorised dealers (banks) and corporate institutions in the forex market, with effect from August 1, 2016, must be executed through the FMDQadvised forex trading auction and surveillance system.

The central bank gave the directive in a one-page circular that was signed by its Director,

Financial Markets Department, Dr. Alvan E. Ikoku, a copy of which was posted on its website.

“All authorised dealers (banks) are expected to execute all forex-related trades among themselves and with their clients (corporate institutions) through the FMDQ-advised forex systems.

“The deployment of the FMDQ-advised FX systems will only be to those corporate clients that have been screened and pre-approved by the FMDQ in line with its on-boarding eligibility criteria,” it explained.

The central bank also instructed all authorised dealers and corporate institutions in the forex market to ensure strict compliance.

means that we would have laid the issue to rest.

“So that is where the challenge is. I sincerely believe that we have to do something differently in this country because if we continue

doing the same things as we have in the past, we cannot run away from the same outcomes.

And the outcomes can never be different, that is the truth,” he stressed.

NIGERIA’S UNITY ONLY SUSTAINABLE BY CONSENT OF ALL ETHNIC NATIONALITIES, AFENIFERE, IPOB INSIST ARG, a pan-Yoruba socio-political and economic organisation, also condemned a public statement made recently by the Arewa Consultative Forum (ACF), in which it expressed strong support for the president’s position that the unity of Nigeria was non-negotiable.

A statement by its National Chairman, Hon. Olawale Oshun, pointed out the different reasons why the unity of Nigeria should be renegotiated.

In the statement, the ARG noted that neither Buhari nor ACF loved Nigeria more than those advocating the renegotiation of what binds it together as a country.

It said the unity of Nigeria was only sustainable by the voluntary acquiescence of the component ethnic nationalities and rejected the president’s position that Nigeria’s unity was non-negotiable.

The group added that the problems with the Buhari's administration had “more to do with his conduct – utterances and perceived lopsided appointments – which appear to portray him as a north-centric president instead of a pan-Nigeria president”.

“Both the president and ACF need to take lessons on managing an all-inclusive, pan-Nigerian government. We wonder on what consensus or authority the so-termed non-negotiable unity of Nigeria stands.

“Is it based on government’s ability to silence all dissenters or the capability to manage a diverse society in a manner that makes every component proud?

“Nigeria was envisioned by its founding fathers as a federal republic, sadly its governance structure as dictated by its constitution is akin to that of a unitary state,” the pan-Yoruba group said.

It noted that the insistence of ACF and by extension the president to keep the provisions of Nigeria’s constitution from being renegotiated was the cause of many unsolvable agitations in the country.

“These agitations can only be managed successfully and sustainably when all Nigerians appreciate that they need one another to bequeath a strong country on the coming generations,” it said.

It said Nigerians of Yoruba ethnic stock would never agree “to becoming slaves in their country and the peaceful agitation coming from their space on the restructuring of Nigeria, as against the violent agitation in other areas, is to carefully underscore our belief in peaceful change, the mantra under which the last election was won and lost”.

The group added that all who wished Nigeria well should align with Prof. Wole Soyinka’s assertion that Nigeria’s unity was “bloody well negotiable”.

It noted that the unity of Nigeria and mode of governance were negotiable, adding that “the earlier we all start working towards this, the better for the development, peace and unity of the country”.

In its own reaction to Buhari’s position that the unity of the country was not negotiable, IPOB asked the president to wake up to the reality of the Nigerian situation.

IPOB, which prides itself as a famous worldwide revolutionary movement, vehemently condemned the idea that every component part of the “contraption called Nigeria must remain in the artificial marriage, which has not been working since 1914”.

“It is unfortunate that somebody in that cadre cannot ascertain and does not know that the situation in the country now calls for unity renegotiation,” IPOB said in a statement signed by its media and publicity secretary, Emma Powerful.

The pro-Biafra group pointed out that the British colonial masters amalgamated the northern and southern protectorates without consultation in 1914, adding that no section of the country currently wants to stay with the other as evidenced by the agitation and militancy across the land.

IPOB said in view of the present realities, there was no need for Buhari and those like him to continue to live in the past.

“Rather, the government in power and the new generation of Nigerians should come together and discuss the basis for one Nigeria instead of forcing people to remain as one.

“Forcing people to maintain the citizenship of the country outside their indigenous identities is fraudulent and it will not work because the people of 1914 and 2016 are different and are not the same,” it stated.

IPOB said: “It is degrading and embarrassing that the APC-led government has continued to play the ostrich when things are already falling apart” and wondered if it lacked good advisers who have an idea of the precarious situation the country was heading.

The group reiterated its position that there was no going back “in the quest for the restoration of the nation of Biafra", adding that “no human being can bring us back because it is the project of God Almighty”.

“More so, we the indigenous people of Biafra want to inform the general public that without the government of Buhari addressing this issue of Biafra and releasing our leader, Mazi Nnamdi Kanu, unconditionally the country will not have peace,” IPOB said.

TOP GAINERS NGN NGN ETI 1.55 18.05 UNITYBNK 0.86 0.93 ETRANZACT 0.34 5.01 TRANSEXPR 0.08 1.52 MANARD 0.11 2.32 TOP LOSERS NGN NGN UPL 0.47 4.42 UACN 1.10 20.90 ETERNA 0.17 3.24 PHARMDEKO 0.09 1.86 TIGERBRANDS 0.24 5.31 HPE Nestle Nig Plc ₦640.01 Volume: 621.44 million shares Value: N2.81 billion Deals: 5,802 As at 8/07/16 See details on Page 37

% 9.39 8.14 7.28 5.56 4.98 % 10 5 4.99 4.62 4.32

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MONDAY JULY 11, 2016 • T H I S D AY

NEWS

News Editor Davidson Iriekpen Email davidson.iriekpen@thisdaylive.com, 08111813081

JAMB: 2016 University Admissions will Not Be Based on Point System

Merit, catchment areas, disadvantaged zones will determine admission

Paul Obi in Abuja The Joint Admissions and Matriculation Board (JAMB) yesterday said the 2016 admissions for tertiary institutions would not be based on the point system, instead, it would be determined by the criteria of merit, catchment areas and educationally disadvantaged states.

JAMB said the point-based system allowed institutions admitting students to rely on their O’level examination results to grade and score applicants for admission, thereby diverting from the laid down procedures for admission.

According to JAMB’s Head of Information, Dr Fabian Benjamin, contrary to the recent speculation that the 2016 admission would depend solely on the point-based system, universities, polytechnics and colleges of education have

been directed to focus on merit, catchment areas and educationally disadvantaged states.

Benjamin said: “Sequel to the recent workshop convened by the Minister of Education on the modality for the 2016 admission into tertiary institutions in Nigeria following the cancellation of Post-UTME, the federal government approved the re-enforcement of admission guidelines recognised by law.

This is not the point based system widely circulated in some media.

“For the avoidance of doubt, the Board wishes to state clearly that the point system is an illustration by the Registrar of JAMB of a few institution that were using the point system to select candidates while their colleagues were subjecting candidates to written tests.

“These examples are contained

in a paper presented by the Registrar which is placed on our website and was adopted by the media wrongly as the 2016 guideline.

“Please note that the 2016 admissions will be conducted purely on the three existing admission pillars of merit, catchment area and educational less-developed states through the following process.”

Benjamin explained that the presentation of the list of candidates who qualify for screening into individual institutions will be based on the three stipulated criteria

mentioned above. “This screening should not demand for another test in any form written, oral or electronic,” he said.

“Candidates are to present their Senior School Certificate Examination (SSCE) results/ Advanced Level (AL) results for verification and clearing purposes. WAEC, NECO and NBTE results or equivalent are acceptable as matriculation requirements.

“Each candidate is expected to have a minimum of five (5) credits at SSCE including English, Mathematics and any other three

(3) relevant subjects to his or her discipline.

“The list of qualified candidates awaiting SSCE/ AL results can be kept in view (K.I.V) pending the release of their results. Any candidate who does not possess the requirements as listed above is deemed to have failed the screening,” Benjamin said.

The JAMB spokesman further stated that the “consideration of the recommended list as forwarded by JAMB should be completed within one month from the date of receipt of the list.”

“Any institution that has a shortfall in the admitted candidates can make up for candidates from other departments on the institution’s list.

“Reasons for rejection of candidates on the list should be clearly stated with proof provided alongside.

This is imperative so that the public will note the correct process.

“Be informed that government has directed that these guidelines should be strictly adhered to without any alterations,” Benjamin added.

Federal High Court Judges Commence Annual Vacation Today Judges at the Federal High Courts across the country will today commence their annual vacation.

In a circular signed by the Chief Registrar of the court in Abuja, Mr. Emmanuel Gako, the vacation will commence today and end on September 9.

Normal routine activities of the court is expected to fully resume from September 12.

All judges are expected to proceed for the annual vacation, while two judges have been assigned to sit as vacation judges and handle emergency cases during the period.

Justices Babs Kuewumi and Abdulazeez Anka have been

appointed vacation judges to preside over cases during the holidays.

Kuewumi is to begin sittings from July 11 till August 11, while Justice Anka will continue sittings from then, and conclude as the vacation draws to a close.

In an interview, the Deputy Chief Registrar of the Federal High Court Lagos, Mr. Bellp Okandeji, said the long vacation applies only to the “court” and does not extend to other members of staff.

He said all administrative staff would be available to carry out their normal dayto-day functions.

One of the Last Surviving District Officers of Colonial Era Dies One of the last surviving district officers in the colonial era, Prince L.G.C. Asibelua, has died.

Asibelua was born into the royal family of Ozuem and Ebeneze, the founders of ASE in Ndokiea East Local Government Area of Delta State.

He was the first District Officer of Western Region, during the colonial era in charge of Kwale and its surrounding districts.

He worked in United African Company (UAC) in Burutu where he was later sent to United Kingdom to further his education in senior management courses.

He was a member of many social clubs as patron.

Asibelua served at top management capacity of many companies, which include; Impregilo an Italian Company that built Kanji Dam as Personal Manager; Costain Raymond that built Lagos to Benin road from the Okiti-Pupa Quarry as top manager.

Management member with RT Briscoe, Lagos; Top Personal Manager, Toyota Apapa.

He worked as a General Contractor for Shell BP, eastern zone. District Officer of Ndoni, Aboh, Kwale all the way to Patani during the colonial period for former Western Region.

He worked closely with Obafemi Awolowo and the British administrators. He coined the word NDOKWA about 1950, which still remains today as Local Government in Delta State.

He was Senior Manager of Nigerian Tobacco Company (NTC) in Port Harcourt.

He latter retired from his own business ELEGECEE & CO where he was the Chief Executive and Chairman.

He was buried on Friday, July 1, 2016. He is survived by a wife of over 65 years, Mrs. Rakiya Grace Asibelua, children, grandchildren and great-grand-children.

PAYING HOMAGE TO SHAGARI

L-R: Sokoto State Governor, Aminu Waziri Tambuwal; former President, Alhaji Shehu Shagari; and former military Head of State, Gen Abdulsalami Abubakar (rtd), when the latter visited Shagari at his residence in Sokoto...yesterday

Dangote Appeals for Help to Tackle Hunger in IDP Camps Crusoe Osagie

Worried by the reported unhealthy conditions of the internally displaced persons (IDPs) in various camps across the country, the President of Dangote Group, Alhaji Aliko Dangote, has called on wellmeaning Nigerians to rise up to the occasion and assist government in ameliorating the situation in IDP camps.

Dangote said this was the time for wealthy Nigerians to stand up and be counted as thousands of fellow citizens are languishing in the camps due to insufficient facilities and food items.

The business mogul who recently donated N2 billion and millions of naira worth of food items on behalf of the Dangote Foundation, to the IDPs when a visited some of the camps in Maiduguri in Borno State urged Nigerians to have sympathy for those in the camps.

Speaking during a visit

by North-east Development Coalition to his office at the weekend, the Chairman of the

Dangote Foundation said he was particularly moved by the reports of deaths and malnutrition which have hit the camps, saying: “We cannot open our eyes and allow our fellow citizens continue to suffer like this for no fault of theirs. We need to partner the government and help those in the camps.

“It is obvious government alone cannot cater for this people, not even at this time when there is paucity of fund.

These people need our help and with what God has provided for us, we need to help them,” he stated while describing the situation in the entire Northeast as requiring all possible humanitarian assistance.”

Within a spate of five years, the total amount donated to various camps of IDPs across the country by the Dangote Foundation has grown significantly to N6. 3billion.

It would be recalled that a sum of N364 million was donated to IDPs across Kaduna, Bauchi and Gombe States after the post-election violence in 2011 rendered many homeless while in another breath, N100

million and N60 million were respectively donated to victims of flood disaster in Lagos and Oyo States in 2011.

Dangote Foundation donated N2.5 billion in 2012 to IDPs affected by the flood disaster across 22 states of the federation and N39.34 million to those IDPs displaced by the communal clash in Benue State in 2014.

While N42.5 million was used in feeding 5,000 IDP households across Borno, Yobe and Adamawa States last year, N100 million and N50 million were respectively contributed to the appeal fund raised by Daily Trust newspapers to cater for the IDPs in the Northeast and to support the Adamawa Peace Initiative all for the IDPs. The sum of N1 billion was also recently pledged to Victim Support Fund for IDPs across the North-east.

Dangote promised the Coalition that he would do everything within his power to assist the IDPs and alleviate their suffering.

He also made a commitment to end malnutrition and hunger in the camps and other parts

of the country.

Dangote said: “The first major challenge is the physiological needs of these people, and food, nutrition rank right on top of that ladder.

So we will first make serious effort to ensure that hunger is eliminated from the IDP camps and thereafter, we will begin to make effort to create jobs and boost entrepreneurship.

“The effort to create jobs and boost enterprise in this case will not be about making money or returning investment, rather it will be primarily to create opportunities for the people.”

Also speaking during the visit, the Executive Director of Dangote Group, Halima AlikoDangote, assured the group that the Dangote Foundation would live up to its promise of supporting them and meeting them at their point of need, saying their travails will soon be over. She stressed that her father, apart from the direct support he would be giving to the people, would also pull his partners and contacts in the private sector to collaborate and support the people of the state.

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NEWSXTRA

Civilian Joint Task Force Arrests Six Wanted Boko Harm Suspects in Lagos

Chiemelie Ezeobi

The Civilian Joint Task Force (CJTF), also known as the local vigilante, has arrested six suspected members of the Boko Haram terrorists in Lagos, said to be on the wanted lists of the military.

THISDAY gathered that the identity of the suspects matched with those on the list of 100

most wanted terrorists recently released by the military.

Confirming the arrests, the head of the vigilante group, Alhaji Mustapha Mohammed, who doubles as the MaiKanuribe of Lagos and the Seriki Hausawa of Ijora Kingdom, said five of the suspects were arrested on Friday by members of his group.

Mohammed identified the

Ekiti Govt Raises the Alarm over Plot by Police to Invade State Today The Ekiti State Government yesterday raised the alarm over an alleged invasion of the state by policemen to begin indiscriminate arrest of top officials of the government, leaders of the Peoples Democratic Party (PDP) as well as members of the state House of Assembly today based on frivolous petitions allegedly orchestrated by the All Progressives Congress (APC) over governorship election that the party lost two years ago.

The government alleged that the 20 policemen to be led by one Olusola Oke, an Assistant Commissioner of Police (ACP) and a native of Isan-Ekiti, hometown of the Minister of Solid Minerals, Dr. Kayode Fayemi, were already in Alagbon, Lagos ready to move to Ekiti by 9a.m. today in three white colour Toyota Hummer buses.

In a statement issued by the Special Assistant to the state governor on Public Communications and New Media, Lere Olayinka, the government alleged that the leaders of the APC such as Femi Falana (SAN), Senator

Babafemi Ojudu, Yinka Akerele and others were coordinating the invasion in their desperation to destabilise the state because of Governor Ayodele Fayose’s perceived opposition to the inhuman policies of the federal government.

“We have been reliably informed that the latest onslaught against the PDP government of Fayose is to begin on Monday, using the police to arrest top government officials, PDP leaders across the 16 local government areas and members of the House of Assembly.

“Olusola Oke, who is to lead the over 20 policemen to carry out the operation is said to be a native of Isan Ekiti, hometown of the Minister of Solid Minerals, Dr Kayode Fayemi. Oke is equally the immediate past Assistant Commissioner in charge of Operations and now the AC X-Squad, FCID, Abuja.

“The operation is allegedly being funded by a former governor from the South-south while a prominent aide of President Muhammadu Buhari is said to be directly coordinating.

US Blames Politicians over Inconclusive Elections in Nigeria Alex Enumah in Abuja The United States Ambassador to Nigeria, James Entwistle, has said Nigerian politicians and not the Independent National Electoral Commission (INEC) should be held responsible for the recent inconclusive state of elections in the country.

Entwistle made the assertion at a press briefing with select journalists in Abuja at the weekend.

According to him, rather than blame INEC, Nigerians should hold politicians responsible for the recurring impasse in election results in Kogi and Bayelsa States and others.

The ambassador said: “Politicians often fail to adhere to the principle of nonviolence which leads to disruption of the electoral process.”

INEC had come under severe attacks for declaring elections held in some states inconclusive, especially in Kogi and Bayelsa States,

Speaking on the state of the nation’s economy, the American envoy advised the President Muhammadu Buhari administration to give priority to the power sector in other to bring the much needed change promised Nigerians during electioneering.

He said: “It is good that the expectations from Mthe president are very high. But I think people should remember what he inherited. And in my opinion, I try to be neutral and balanced, I think the pesident and his team have done a good job in this first year.

“He has done exactly what he said he would do. It’s clear that he has unleashed the investigative agencies to follow every evidence and information wherever it goes. I have been following the investigations of those arrested to see whether there is any evidence that they are politically motivated, I have not found any.”

five suspects as Ibrahim Ali, Abubakar Ahmed, Goigoi Kamsalem, Ibrahim Mohammed and Banagana Blam Ali. He also said the sixth suspect identified as Adamu was arrested recently in a church in FESTAC Town, where he was hiding inside an abandoned 40 feet container kept in the church compound.

While Ahmed, Kamsalem and Mohammed reportedly hails from Baga Local Government Area of Borno State, Ali hails from Bama Local Government and Blam-Ali hails from Kanduga Local Government Areas of Borno State.

Also, THISDAY gathered that the task force had arrested Ali and Blam-Ali, after a raid was carried out on their hideout at the Isheri area of Berger tollgate.

However, the trio of Ahmed, Kamsalem and Mohammed were arrested at Victoria Island

area of Lagos where they had gone to stay with friends.

The head of the vigilante said they were tipped off by their unkempt looks and after they were arrested, have been transported back to Borno State where they are wanted by the military.

Mohammed, who also disclosed that Adamu is one of the top most wanted Boko Haram members on the wanted list of the military, said: “We got an intelligence report that Adamu was hiding inside an abandoned 40feet container in a church premises.

‘It was the security man attached to the church that hid him inside the container.

When we arrived at the church premises looking for him, we headed straight to where the container was kept.

“The security man attached to the church was not around

then. The container was locked from the outside with a padlock.

“The pastor of the church was embarrassed to see us, but by the time we explained our mission to him, he along with others stood aside to see and by the time we break open the padlock, behold Adamu was hiding in the far corner of the container. As soon as the pastor sighted the suspect, he started singing praises.”

Mohammed, who hails from Borno State, pointed out that Lagos is home to many nationalities, adding that he has invested and contributed to the development of the state since 1970 when he arrived.

He said his group, with presence in 27 local government areas in the state had commenced operation in the state since 2011, adding that the sect would have succeeded in bombing some strategic

installations and edifice in the state, safe for its efforts.

Vowing that he has resolved not to allow the sect cause havoc in the state, Mohammed hinted that several suspects arrested in the past by his group were either handed over to the Director of State Security Service (SSS), Shangisha, or Assistant Inspector General of Police (AIG) Zone 2, Commissioner of Police in the state.

He disclosed that some of the suspects who are on the wanted list were transferred to Maiduguri for further investigation and prosecution.

On how the suspects were recognised to be members of the sect, the traditional leader informed that their arrest is usually based on intelligence report gathered by operatives who are scattered across the state.

TOWARDS A HEALTHY COMMUNITY

L-R: Kwara State Commissioner for Health, Alhaji Atolagbe Alege; Olupo of Ajasepo and Chairman, Igbomina/Ekiti Traditional Council, Oba Sikiru Sannni; and Arepo Elese of Igbaja Irese, Oba Ahmed Awuni Babalola, at the flag off ceremony of Igbomiba mobile clinic in Ajassepo, Kwara State....weekend.

Bonga Oil Spill: Niger Delta Communities Raise the Alarm over Shell’s Crude Tactics Iyobosa Uwugiaren in Abuja The shoreline communities and fisher-persons in Delta and Bayelsa States affected by the Shell Nigeria Exploration and Production Company (SNEPCo), Bonga oil spill of December 20, 2011, yesterday raised the alarm over what they described as attempt by the oil company to apply the ‘’same crude divide and conquer tactics’’ to achieve an unjust solution to the issue of compensation to the victims of the oil spill.

In a statement signed by the leaders of the affected communities, including Chief Awe Daniel, Mr. Adolph Fiefin, Jacob Japhet, Mr. Victor Idisi, Mr. Kampala Biomoni, Mr. Jacob Palimote, Chief. Otobo Itiemogha and Madam Margaret A. Ichibor, the affected communities said the alarm became necessary in order to inform the public about the questionable tactics by SNEPCo and Shell Petroleum Development Company of Nigeria Limited (SPDC) to

divide the Niger Delta people --- in their bid to cheat and conquer the people.

According to the statement, “On December 20, 2011, SNEPCo spilled over 800,000 barrels of crude oil into the marine environment, while loading crude oil into a awaiting tanker. Within days the spill hit the Nigerian shores particularly the coastline of Delta and Bayelsa States being the most severely impacted, affecting over 350 communities that have been fighting for justice by way of peace.

“SNEPCo on the other hand, has employed every dishonest means it can muster to cover up the greatest environmental by saying that the crude oil spill that hit the shores is mystery so as to avoid civil liability.’’

The statement added that in the bid to peacefully fight for justice, the communities took the matter to the National Assembly, adding that after nearly three years of hearings, the federal lawmakers on September 30 2014 mandated SNEPCo to meet with

the affected communities through their accredited representatives and authorised attorneys to agree on compensation payments due to the affected communities within two weeks.

The affected communities said rather than comply with the straightforward directive of the National Assembly, Shell in open and flagrant disrespect for the national institutions, invited some few unauthorised members of affected communities --- under the aegis of General Memorandum of Understanding (GMoU) to Eko Hotels Lagos to negotiate the so-called mystery spill that was converted to infrastructure with 10 percentage of the infrastructure money going to the GMoU members as an administrative cost.

The communities added: ‘’This move which was calculated to divide the communities --- between GMoU and non-GMoU and within GMoU communities into pro and anti GMoU

camps, only floundered when the communities took out a full page advertorial in October and November 2014 -- intimating the whole world that the persons so invited did not have the communities’ consent or authority to negotiate on their behalf. ‘’Again the GMoU is between SPDC not SNEPCo and some impacted communities not all the impacted communities.

SPDC and SNEPCo are two distinct legal entities and we do not understand how one will pollute and the other will negotiate for compensation.

“All through the discussions at the National Assembly it was SNEPCo and not SPDC which was present. Even, SPDC wrote letters to governments stating that SPDC did not spill, but SNEPCo.’’ However, the communities said that it had come to their knowledge again that Shell is attempting to apply the ‘’same crude divide and conquer tactics to achieve an unjust’’ solution.

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Foreign Affairs Minister to Appear before Senate Tomorrow on Ambassadorial Nominees Omololu Ogunmade in Abuja The Minister of Foreign Affairs, Mr. Geoffrey Onyeama, will tomorrow appear before the Senate Committee on Foreign Affairs to explain the reason for perceived lopsidedness in the appointments of ambassadors by President Muhammadu Buhari.

Buhari had in May sent a list of 45 ambassadorial nominees made up mainly of career civil servants to the Senate for confirmation. But there has been a stalemate in the move to confirm the nominees by the Senate as a result of a series of complaints and petitions against the appointments from both senators and some citizens.

The development prompted the Senate to suspend the screening and confirmation of the nominees and eventually resolving to summon the minister and Secretary to the Government of the Federation (SGF) over the matter.

While THISDAY learnt last night that the minister had confirmed his preparedness to appear before the committee tomorrow, such assurance had not been secured from the SGF. While summoning the duo before proceeding on its Sallah break on June 23, the Senate said

the minister and the SGF must appear before the committee to explain the reason for the exclusion of representatives of some states in the list by the presidency.

Onyeama and Lawal are also expected to explain the rationale behind the nomination of some junior officers in the Ministry of Foreign Affairs in sheer disregard for the principle of seniority by civil service.

The Senate’s resolutions was spurred by a point of order raised by Senator Joshua Dariye (Plateau South).

Dariye while raising orders 42 and 52 in Senate Standing Orders, observed that the ambassadorial list was full of omissions and irregularities which he said must be corrected before the upper house could consider the list for approval.

He also said those nominated

by Buhari from his state were not qualified pointing out that senior career officers in the foreign service from the state were sidetracked while their junior counterparts were nominated.

“Given the important role played by ambassadors, due diligence must be given and there should be a criteria to nominate qualified eminent Nigerians,” Dariye said.

He therefore moved that the Senate “should direct that the Minister of Foreign Affairs and the SGF should appear before the Senate Committee on

Foreign Affairs to explain the omissions and irregularities, and the processes by which some of these names came about.”

Seconding the motion,

Senator Olusola Adeyeye (Osun Central), called for prompt action of the Senate in view of a number of petitions which the Senate had received on the

matter.

The prayer was upheld by the politicians, leading to the invitation of the minister and the SGF.

Suspected Member of Niger Delta Avengers Drags DSS to Court over Unlawful Detention Demands N10m compensation

Iyobosa Uwugiaren in Abuja

A suspected member of the Niger Delta Avengers and a former Special Adviser to the Bayelsa State governor on Marine Security, Chief Selky Kile Torughedi, has instituted a legal action against the Department of State Services (DSS) for his continued detention by the agency, insisting he is not a member of the militant group which has claimed responsibility for the wave of attacks on oil assets in the Niger Delta.

Torughedi, who was paraded recently by the DSS for being a suspected member of the militant group and for planning to assassinate one M.B Yahaya, a serving military officer, was also said to be a close associate of ex-militant and fugitive of the law, Chief Government

Ekpemupolo, alias Tompolo.

In a suit filled at the High Court of Abuja, his lawyer, Emeka Uchegbulam, averred that since the arrest of Torughedi on June 17, he had not had access to his wife and lawyers.

He asked the court to declare that the arrest and detention of the applicant since June 17, 2016 till date without trial, was illegal, unlawful and oppressive, as it violates his fundamental rights as enshrined under Section 34 and 35 of the 1999 Constitution.

The suit also urged the court to order the respondent, the DSS, to immediately release the suspect, who has been in detention since June 17, 2016 till date at the Department State Services (DSS) headquarters or any

of the respondent’s cell for an unknown offence.

The applicant is also asking for N10million only for the psychological, emotional trauma, humiliation, harassment, intimidation and unlawful detention.

The suit further claimed that Torughedi, a.k.a Young Shall Grow, had always been a law abiding citizen, saying after he accepted amnesty he was appointed the special Adviser to the Bayelsa State governor on Marin Security a position he held until the end of the first tenor of the Bayelsa State Government.

“He has helped the Bayelsa State police command to first sea pirates. Most times he funded the fueling gunboats for Bayelsa State police command. He has helped in

many ways to fight against kidnap in Southern Ijaw Local Government Area,’’ it added.

“He has rescued a lot of kidnappers in his area. Tell me how this same person can destroy pipelines. It is on record that during the last election Azuzuama was the most peaceful kingdom in Southern Ijaw local government of Bayelsa State (his area).

“The allegation that he carried out surveillance to kill a soldier in Kaduna is a fabrication and imagination of the DSS. People either attempt to commit crime or are arrested to committing same. Nobody is arrested for intention. Even the devil does not know the heart of a man.”

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Osun, Lagos Make List of States Remitting Funds to Employees Retirement Accounts Osun, Lagos and Kaduna States are listed among the 10 states remitting funds into the Retirement Savings Accounts of their employees out of the 26 states that have enacted their Pension Reform Law, investigations have revealed.

The 10 states that are yet to enact the law have also failed to remit the pension funds.

“Ten out of the 36 states have commenced remittance of contributions into the RSAs of their employees. Similarly, eight state governments have commenced funding of their retirement benefit bond redemption fund accounts,”

PenCom stated.

The records, according to the News Agency of Nigeria (NAN), also showed that 673,116 contributors, who are workers of the various state governments, were registered with different PFAs. According to the report, Lagos, Ogun, Kaduna, Niger, Delta, Osun, Rivers and Anambra States have commenced the remittance of contributions to six PFAs and were funding their accrued rights.

It explained that Imo State had yet to commence remittance of pension contributions, but

Nigeria, Indian Firm Reach Agreement on Ajaokuta Steel Company Yekini Jimoh inLokojawith agencyreport The multi-billion dollar Ajaokuta Iron and Steel Company will soon come out of bondage following an amicable resolution of the ownership crisis surrounding the company.

According to online news website, Premium Times, the parties could reach an agreement when the federal government and Messrs Global Steel Holdings Limited, and Indian firm, meet next month and are scheduled to sign the terms of settlement.

The signing of the terms of settlement, according to the source, would free Ajaokuta Steel Complex from all contractual encumbrances that had left it uncompleted and non-functional for decades.

Negotiations for amicable resolution of the ownership crisis of the foremost steel company has dragged on since 2008, leaving the country’s steel and industrial sectors largely paralysed.

Those familiar with the negotiations disclosed that President Muhammadu Buhari had already given approval for the execution of the “modified concession agreement with Global Steel Holdings Limited, following reports of the mediation meetings forwarded to him from

the Justice ministry.”

The mediation meetings, reliable sources said, recently held in London, United Kingdom.

The London meetings followed months of negotiations between the federal government and Global Steel Holdings, coordinated by an international mediator, Phillip Howell-Richardson.

The Nigerian government’s team to the series of meetings was led by the Minister of Solid Minerals Development, Kayode Fayemi, whose ministry is responsible for the steel sector, our sources said.

The team also comprised top officials of the Ministry of Solid Minerals development and Ministry of Justice.

The Chairman of GSHL, Prammod Mittal, led the consortium’s team to the meetings.

Insiders said part of the agreements reached during the last meeting was that the Ajaokuta Steel Complex reverts to the Nigerian government fully, while its sister company, Nigerian Iron Ore Mining Company (NIOMCO) would be retained by GSHL under existing concession agreement but with Ajaokuta plant gaining priority access to the iron ore from NIOMCO.

Airlines Free to Fix Tariffs, Says NCAA The Nigerian Civil Aviation Authority (NCAA) has said all airlines’ tariffs for services rendered, which include fares, rates, add-on charges or terms and condition of service, have been fully liberalised.

This was contained in a statement by the General Manager, Public Relations of NCAA, Mr. Sam Adurogboye, according to the News Agency of Nigeria (NAN).

The statement explained that this was to clarify reports in some sections of the media that the NCAA had authorised airlines to increase their fares.

According to the statement, air fares and sundry charges have been statutorily deregulated and subjected to market forces.

“However, all air carriers or their agents shall file, with

the authority, a tariff for that service showing all rates, fares and add-on charges.

“These include the terms and conditions of free and reduced rate transportation for that service, as specified in Part 18.14.1.1 of the Nigerian Civil Aviation Regulations (Nig. CARs).

“They shall obtain approval from the authority to introduce and or increase add-on charges or surcharges such as fuel, internet booking, insurance, security and similar surcharges, prior to implementation,” it said.

The statement said the section also requires all tariffs to be filed at least seven days before the rates come into effect, except in the case of matching an existing rate for which no prior notification was required.

that the Imo State University was currently implementing the Contributory Pension Scheme but not yet funding its accrued rights.

Zamfara State has also commenced remittance of contributions to the PFAs but yet to fund its accrued rights. PenCom stated that Jigawa State had transferred its pension assets to six PFAs for management, while Kano had yet to transfer its assets to the PFAs. According to the report, the remaining 26 states have yet to commence remittance of funds into their workers’ RSAs or fund their accrued rights.

The commission also said it conducted on site reviews of some self-funded government agencies to assess their compliance level with the Pension Reform Act, 2014, adding that the assessment process was expected to ensure full compliance by the relevant agencies.

PenCom introduced some guidelines to the pension administrators for registration of state and local government employees to enable them to adopt suitable structures for the implementation of the CPS. Part of the objectives of the guidelines is to ensure complete coverage in the states in the

shortest possible time.

According to the guidelines, the law gives concession to the states and local governments to implement the structured approach to the registration of their employees. Both levels of government are expected to select a number of PFAs and allocate their ministries, departments and agencies (MDAs) to each, while the employees are to freely register with the PFAs. The Director-General, PenCom, Mrs. Chinelo AnohuAmazu, said while some states had adopted the CPS, many had yet to fully implement it.

The situation, she explained,

had denied the states of the advantages of the contributory pension model, including its sustainability as a system, robust framework that eliminates the incentives for corruption in benefits administration, and ability to access the pool of investible pension funds to drive economic and infrastructural development in their respective domains.

Anohu-Amazu stated that the scheme had so far delivered all the major objectives of the reform, adding that since its establishment in 2004, there had been no case of malpractice recorded in the administration of the CPS.

THE GUEST LECTURER

Former Governor,Osun State, Prince Olagunsoye Oyinlola (left), after delivering a lecture titled: ‘21st Century Church and Global Economic Meltdown,the Impact on Governance and the Church: The way Out,’ at the official opening of the first session of the third Synod of the Diocese of Osun North-east (Anglican Communion) Otanayegbaju....weekend. With him are the Diocesan and wife, Rt Rev. and Mrs. Humphrey Olumakaiye; and Vice-Chancellor, Ajaiyi Crowther University, Oyo, Prof. Dapo Asaju

Yari: Govs’ Forum Worried Ahmed Lauds Igbomina Mobile Clinic Initiative over Abia Impasse

IMohammed Aminu in Sokoto

The Chairman of the Nigeria Governors’ Forum (NGF) and Zamfara State Governor, Alhaji Abdulaziz Yari, yesterday said the governors in the country are worried about the political logjam in Abia State.

He also said the governors were working assiduously to ensure that there is no breakdown of law and order in the state.

Yari made the remark yesterday while addressing traditional rulers led by the Chairman of the South-east Council of Traditional Rulers and Abia State Traditional Rulers’ Council, Eze Eberechi Dick, who paid a condolence visit to Sokoto over the death of late Marafa, Alhaji Umaru Shinkafi.

Yari said it was of paramount importance that all sides claiming victory over the governorship contest respect the courts and must avoid acts that would lead to violence.

“As a forum, we are

concerned about what is going on in Abia and we are working to ensure all sides respect the courts, and uphold peace.

“Abia State is known for peace, as such we should not do acts that will disturb the peace of the state,” Yari said.

Also speaking, Sokoto State Governor, Aminu Tambuwal, said his state had a long standing relationship with the people of the South-east, and the visit of the traditional rulers on a condolence reaffirmed that relationship.

Tambuwal said rather than lay emphasis on things that could divide the country, Nigerians should emphasise on those aspects that unite the nation.

“We are all on journey to unity, stability and progress of our dear country. Abia State Governor is a very good friend of mine, so I am praying for him to overcome the present challenges he is facing as a public officer,” Tambuwal stated.

Tambuwal described the late Shinkafi as a man of integrity who enjoys the respect and admiration of all Nigerians.

Kwara State Governor, Alhaji Abdulfatah Ahmed, at the weekend lauded the initiatives of the Igbomina community in healthcare delivery.

Speaking at the flag off of the Igbomina Mobile Clinic in Ajassepo, Kwara State, Ahmed said the initiative was complimentary to great strides of his government in the health sector.

The governor’s representative and Commissioner for Health, Alhaji Atolagbe Alege, presented the state government’s donation of N500,000 cash and various drugs and malaria net to support the project.

The Kwara State Hospitals Management Bureau also donated drugs for the Igbomina project which focuses on silent killer diseases like hypentension, diabetics and malaria.

In his welcome address, the project implementation committee chairman, Mr. Emmanuel Adewuyi said a roster had been prepared for the mobile clinic to cover the nooks and crannies of Igbominaland in Kwara State.

Royal fathers, top

government officials, community leaders and the ordinary people, all witnessed the epochal event at the sprawling Olupo’s palace sponsored by the Igbomina Community, North American Foundation.

On the government entourage were the Special Adviser to the governor on Infrastructure, Mr. Yinka Olaoye, Permanent Secretary, Special Services in Governor’s office, Alhaji Abdulrauf Ayinla, the Director General, Kwara State Hospitals Management Bureau, Dr. Bunmi Jetawo-Winter, Director of Finance and Administration, Ministry of Health, Alhaji Ibrahim Yahaya and other top government officials.

The royal fathers at the ceremony, led by Olupo of Ajassepo and Chairman of Igbomina /Ekiti Traditional Council, Oba Sikiru Woleola Sanni, included the Arepo Elese of Igbaja, Oba Ahmed Awuni Babalola, the Olusin of Isanlu Isin, Oba Solomon Oloyede, the Oloro of Oro, Oba Abbdulrafiu Ajiboye Oyelaran I, the Elesie of Esie, Oba Yakubu Babalola and others.

MONDAY JULY 11, 2016 • T H I S D AY

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NEWSXTRA

Ekweremadu’s Constituents Accuse FG of Political Persecution Hold protest rally

Christopher Isiguzo in Enugu Over 3000 youths, old men, women traditional rulers and politicians from Enugu West senatorial zone yesterday rose in defence of the Deputy Senate President, Ike Ekweremadu, over his ongoing trial for alleged forgery of the Senate Standing Order and Rules, accusing the federal government of deliberate attempt to silent the lawmaker and by extension, the opposition Peoples Democratic Party (PDP).

The rampaging crowd which spoke during a solidarity rally for Ekweremadu at the Enugu West senatorial headquarters, Awgu, Awgu Local Government Area said the ongoing trial was nothing short of “political persecution,” vowing however to resist any attempt to oust Ekweremadu from his present position.

They marched round the local government secretariat from where they moved to the constituency office of the member representing Awgu-Aninri-Oji-River federal constituency in the House of Representatives, Hon. Toby Okechukwu, to formally present their grievances. Ekweremadu represents the zone in the senate.

After the protest rally, where they brandished placards with different inscriptions and sang solidarity songs, they marched back to the local government

APC asks deputy senate president to retract letter to UN, EU

field where a prominent traditional ruler from Okpanku and former Director General of the Nigeria Defence Academy, Prof. Sam Ukpabi, presented an address on behalf of the people.

Some of the placards carried inscriptions such as: ‘The life wire of Igbo should not be harassed by the Buhari-led Federal Government-Enough is enough’, ‘The Enugu West people will resist any attack against Ikeoha’, ‘Dictatorship of the executive-let separation of power prevail’, ‘Our son Dr. Ike Ekweremadu and Senate leadership are on course’, ‘Ekweremadu keep your good work’, ‘Ekweremadu is the real man for democracy’ and ‘Federal Government should leave the legislature alone’ Ukpabi, in his address, stated that stakeholders in the senatorial zone had reviewed the state of the nation, especially the “political bitterness, nepotism, hatred and crushing economic hardship, with a narrow cabal in the All Progressives Congress (APC),” and resolved to condemn the “politically motivated persecution” of the Deputy Senate President, Ekweremadu, on trumped up charges of forgery.

“While the current political persecution has not come to us as a surprise, the Attorney-General of the Federation (AGF) is

Okiro’s Leadership Commended, Urged Not to Be Discouraged Sunday Okobi

The Coalition of Civil Societies and Media Executives for Good Governance (COCMEGG) yesterday commended former Inspector General of Police (IG), Mike Okiro, for his quality leadership in the Police Service Commission (PSC), urging him not to be discouraged by sheer allegations in the media.

The group, which expressed the commendation in a statement by its president Kenneth Aigbelele, made available to THISDAY, added that allegations made by some groups in media against the management of the PSC over the purported police recruitment and the disengagement of some senior police officers by the federal government would never dent Okiro’s quality.

“As propagators of transparency, good governance and accountability in the public service, the said allegation is politically motivated with the intent to pull down the management of the organisation.

“The allegation of the disengagement of some senior police officers and the lopsidedness in police recruitment in favour of the North as orchestrated by the group is not true and will not succeed in dragging the hard

earned reputation and image of the commission into ridicule,” the statement said.

The group stated that the Chairman of PSC, Okiro, has always exhibited professionalism and uprightness without sentiments in approving promotions, postings and retirements.

“The police have a lot of hybrid officers that require growth and advancement in their careers, the exit of the senior police officers would give room for the hybrid officers to grow and advance in the service of the nation.

“From time immemorial, police recruitment has followed due process and based on the quota system and geographical spread across the nation.

The PSC as constituted and headed

by Okiro has been tested and trusted, as a man of honour, integrity and impeccable character who has been a strong advocate and supporter of President Muhammadu Buhari’s anti-corruption campaign, and as such, will not do otherwise.

“The president’s gracious approval to recruit 10,000 police officers was due to Okiro’s impressive, remarkable, committed and excellent groundwork for the takeoff of the massive recruitment, because the PSC has rebuilt the police to be conducive for human operation and suitable to address the internal security needs of the country,” COCMEGG noted.

yet to tell the world how he generated the names of Senators Ekweremadu and Bukola Saraki for trial, when the petitioners, all senators and National Assembly bureaucrats interrogated by the police, and indeed the police report itself, did not mention or indict Ekweremadu or Saraki in any way,” he stated.

While calling on the APCled federal government to as a matter of urgency refrain from the alleged culture of political persecution, the people declared that Ekweremadu was elected with an overwhelming mandate both as a senator and deputy Senate president and his election did not violate

known convention, practice or the nation’s constitution.

Meanwhile, the All Progressives Congress (APC) has told Ekweremadu to retract his letter written to the international community over his ongoing forgery trial alongside Senate President, Bukola Saraki, and two others.

The party insisted that by taking what should be an internal affair of the country to the outside world, the lawmaker had tarnished the image of Nigeria and by extension, the president.

The party’s Vice Chairman in Enugu State, Chief Anike Nwoga, who spoke at a rally held by party members in

Awgu town in the state, insisted that the letter was out of place.

The APC rally where the forgery trial of the senate leaders reared its ugly head again was held shortly after a procession of pro-Ekweremadu group under the aegis of Enugu West Stakeholders led by Professor Sam Ukpabi.

Notable among other top APC chieftains at the rally were the Deputy State Chairman, A.C. Ude; party Woman Leader, Lolo Queen Nwankwo; Chief Flavour Eze who represented the Minister of Foreign Affairs, Geoffrey Onyeama; Special Assistant to the President on Justice

Reform, Julie Ibekaku; Director General, Voice of Nigeria, Mr. Osita Okechukwu, and Mrs. Sharon Ikeazor.

Addressing the rally, Nwoga urged Ekweremadu to desist from insulting the President Muhammadu Buhari.

According to him, Ekweremadu should retract the “desperate” letter he wrote to the international community because it is at variance with the oath of office he did solemnly swear, to be faithful and bear true allegiance to the Federal Republic of Nigeria and always act in the interest of the sovereignty, integrity, solidarity, wellbeing and prosperity of the country.

ANOTHER HONOUR FOR IWU

Former Chairman of the Indepedent National Electoral Commission (INEC), Prof. Maurice Iwu (right), receiving his award for his commitment to the service of God and humanity from Rt. Rev. Dennis Mark of the Methodist Cathedral of Unity in Owerri....yesterday

Business Communities in Kano and Kaduna Call for Urgent Enactment of Competition Bill The business communities in Kano and Kaduna have called on the National Assembly to hasten deliberations towards the passage of the Competition Bill into law.

The businessmen and women in the two states emphasised the importance of the bill in a joint statement released yesterday.

According to them, the absence of competition law was causing too many irregularities in the market environment. In the statement, the business community noted some of the problems thriving as a result of an absence of the competition bill.

Some of the issues they highlighted include— Price fixing by a dominant firm or by a group of firms in concert; allocation and restriction of markets along geographical or product lines; exclusion of particular dealers or suppliers; collusive tendering or bid rigging; forming and operating exclusive cartels to keep new entrants away from the market, and all other practices

that seek to take advantage of the consumer.

The statement noted that there was currently no legislation or regulation dedicated solely to market competition issues in Nigeria.

They drew attention to the fact that none of the numerous bills before the National Assembly on the subject had been passed into law.

The statement noted that with the current economic situation in the country, the competition bill would bring and enforce regulations that would greatly benefit the wobbling economy and re-engage the market systems to thrive.

According to the statement, in the light of the economic recession, it is imperative that the competition bill be passed with utmost speed.

The statement also argued that since the bill, if enacted into law, would promote job creation and investments, it deserves priority attention by the lawmakers.

It however, warned that since

the many previous attempts to get the bill passed into law had not been successful, a more proactive attempt has to be made to push the bill past legislation and into a working law.

In the statement, the business community buttressed the indispensability of the competition bill.

They stated that the bill would safeguard the free market system and checkmate its breakdown.

According to the statement, the bill would basically promote and protect a transparent market free of monopoly and unfair business practices.

It would also discourage and prevent price or rate fixing, price discrimination, hoarding, restrictive exclusive contracts, abuse of a dominant market position, predatory pricing practices, conspiratorial pricing between some competitors against other competitors, and other practices that combat free market practices.

The statement emphasised that the competition bill would not

only serve as the life blood of the market but would be beneficial to both consumers and producers.

As advantage to consumers, the statement asserted that the competition bill would bring a downward pressure on prices as well as create avenues for consumers to have market options.

For producers, the statement said the competition bill would bring regulations and reforms that would energise the market and cause innovation in new products and services.

The bill will prohibit all agreements or contracts between companies aimed at restricting or eliminating competition in a given market, thus eliminating the abuse of dominant market position that certain dominant companies wield over smaller organisations or new entrants into the market.

The bill will also regulate mergers and acquisitions to ensure that competition is not eliminated by the merging of two or more firms.

MONDAY JULY 11, 2016 • T H I S D AY

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CRIME&PUNISHMENT Police Arrest Six Suspects over Murder of Female Pastor in Abuja

Dele Ogbodo in Abuja

The Federal Capital Territory (FCT) Police Command has confirmed the arrests of six suspects in connection with the gruesome murder of the female pastor of Divine Touch Parish of the Redeemed Christian Church of God (RCCG), Mrs. Eunice Mojisola Elisha, in the early hours of Saturday.

The mother of seven was

hacked to death in the KubwaBazango, a satellite town in Abuja while she was on her normal morning evangelism between 5a.m. and 6a.m.

The names and identities of the suspects were not made known as the time of going to press.

FCT police spokesman, Anjuguri Manzah, in a statement made available to the media on behalf of the

FCT Commissioner of Police, Alkali Baba Usman, said the arrest came through the discreet effort of the Criminal Investigation and Intelligence Department (CIID) into the murder.

The six suspects, according to the statement, are currently in police custody undergoing interrogation. The outcome of the investigation, he said, would be made known soon.

The police boss commiserated with the families of the deceased and urged the public and residents in the area to remain calm, adding that they should also cooperate with the police in the ongoing investigation.

He however, debunked the insinuation that the deceased’s head and body parts were mutilated and chopped off.

In Brief

Five Killed by Suspected Fulani Herdsmen in Benue Over five persons were weekend reportedly killed in a fresh attack on parts of Chambe and Anawah settlements in Logo Local Government Area of Benue State by suspected herdsmen.

The affected communities were invaded at about 9a.m. when most of the locals were already in their farms. According to a source who claimed to have witnessed the attacks, the armed herdsmen stormed the villages, singing war songs, shooting sporadically and torching houses, huts and food barns in the affected communities. He said: “Like the cases before now, this latest attack was unprovoked, the armed herdsmen stormed the settlements shooting sporadically and singing at the same time.

“People started running for their lives but unfortunately, about five persons were gunned down and several persons sustained machete cuts and bullet wounds. “After chasing the people away, they took over and occupied the affected settlements while some houses and huts were also set ablaze as I speak with you. That is the situation we have found ourselves in this part of the country; we are completely helpless, our women and children are being tormented almost on a weekly basis.

Maybe the herdsmen want us to vacate Benue State for them.”

Kidnapped Ondo Monarch Regains Freedom The abducted traditional ruler of a community Ondo State,

the Laragunsin of Ode-Iyasan in Irele Local Government Area of the state,, Oba Abiodun Oyewunmi, was early yesterday released unhurt. The release of the monarch was confirmed by Police Public Relations Officer for Ondo State, Mr Femi Joseph, saying that the royal father regained his freedom at Gbelegun village, a riverine community in Edo State early yesterday. He said the monarch regained hid freedom through a combined efforts of the marine police, Police anti-kidnapping squad and some military officers. Joseph, who said the monarch was hale and hearty, said no ransom was paid for the release and that the police had not made any arrest. The PPRO however, gave the assurance that the abductors would be arrested and be brought to book as security agencies are on their trail.

SHOW OF FORCE

L-R: Commander, NNS Victory, Cross River State, Commodore Marcus Bobai; Commander, 13 Brigade, Brig-Gen. A.B Biu; Governor Ben Ayade; and the Commissioner of Police, Mr. Ozi Obeh, during operation “Show of Force” in Calabar....yesterday.

Ayade Tightens Security in Calabar, Promises Tough Times for Criminals

Less than 24 hours after the Cross River State Governor, Professor Ben Ayade, joined security agencies in a show of force in Calabar, there is a noticable presence of security personnel in all major streets in the state capital.

Along Marian Road alone, about eight detachment of security personnel drawn from all the forces, where seen at strategic locations keeping watch.

The governor had Saturday defied the rain to team up with service commanders to carry out the Operation Show of Force, signalling the determination of his administration to go after criminal elements in the state.

Briefing journalists shortly after the exercise, Ayade explained that the exercise was a deliberate measure to let the miscreants know that his team was in absolute control of the entire situation.

He said: “We are out here as a show of force to demonstrate that we are in absolute control and we are going to keep Calabar totally safe,” adding that “we have done a complete surveillance of all the possible routes, all the water areas through which these criminals escape.”

Continuing, he said: “We know who they are, the security and intelligence report has shown clearly the people who are behind all these activities and I can assure the people of Cross River State that Calabar is indeed peaceful and they

should go about their legitimate businesses peacefully.”

The governor who affirmed that all specific locations have been marked, even as access to water fronts will be cut off, hinted that “we are also embarking on a door to door search, and cordoning off of Calabar to ensure that nobody exits without a thorough search.”

Ayade further added: “I am sure that with the number of combat vehicles, with the armoury they (criminals) saw on display today, including military officers, combined team, Operation Skolombo, all on duty, tells you that Cross River State is an action state and we can’t afford the agony of having any tension any more.”

On measures to sustain the exercise, the governor explained: “As a fallout of our security meeting yesterday (Friday) and today, we will make adequate budgetary provision, reduce some of our spendings while transferring some of the overheads to guarantee sufficient ammunition as well as other security and logistics support.”

Commenting, the state Commissioner of Police, Jimoh Ozi-Obeh, promised that his men would continue to protect the lives and property of the citizenry.

“Those who have legal businesses should go about them peacefully, but those who have illegal businesses should run away, “the police commissioner warned.

The state Security Adviser, Mr. Jude Ngaji, expressed government’s readiness to tackle the menace, pointing out that

“in a couple of days, the security challenge being experienced in the state will be a thing of the past.”

Unidentified Armed Men Attack Beji Town in Niger State Laleye Dipo in Minnai Unidentified armed men numbering about 300 and believed to be Fulani herdsmen at the weekend attacked Beji town in the Bosso Local Government Area of Niger State, killing four people.

The armed men also burnt 15 houses, four cars and 17 motorcycles.

They also destroyed the barns in which food items were stored.

Many people mostly women and children injured in the attack have been admitted at the Minna General Hospital for treatment.

THISDAY gathered that the armed men operated with A 47 rifles and matchetes and cutlasses.

The attack by the unknown gun men it was learnt could be a reprisal for the attack on Fulanis by the Gwari in Lambata village near Paiko last Thursday evening.

It was learnt that the incident in Beji took place

in the night, which was responsible for the high casualty suffered by the Gwaris though it was learnt that the natives killed one of the herdsmen.

Immediately after the attack, the herdsmen were said to have disappeared into the forest.

Armed policemen have been deployed to the town to restore law and order with the team being led by an Assistant Commissioner of Police.

The state Police Public Relations Officer, Bala Elikana, when contacted confirmed the incident.

“Our men have flooded the place to bring the situation to normal,” Elikana said, adding that the regular policemen were already being reinforced with anti-riot policemen.

Elikana said no arrest has been made but “our men are on the trail of the perpetrators of this crime.”

The police spokesman said two suspects had been arrested in connection with the Lambata incident.

Police Seek Information on Missing Person

The police in Ajah area, Lagos State have called on members of the public to come forward with any information that could lead to the discovery of a 49-year-old man, Hope Ejerovbo, who left home in the area for a walk on Monday last week and has not returned since then. Ejerovbo, who operates an equipment leasing company in Warri, left the oil city for Lagos on last Sunday and was received by his niece in Ajah. The father of three was supposed to travel to the United Kingdom, where his family resides and the Lagos visit was to facilitate his trip Since Monday, Ejerovobo, described as a thorough person by friends, has not returned. His sudden disappearance has became a nightmare to his family and friends, as nobody could explain what could have happened. His friend, Chukwuemeka Obi, confirmed that the victim’s phones are unreachable and nobody has called for a ransom, ostensibly ruling out the possibility of a kidnap. As the search for his safe return intensifies, Obi said he was greatly concerned about the victim’s children. According to the police extract, Ejerovbo was last seen at about 7a.m. on Monday, near the Lekki-Epe Expressway in Lagos. The Lagos police spokesperson, Dolapo Badmus, confirmed the incidence and enjoined the public to report any information that could lead to his discovery. She added that any information that can lead to recovery of missing Ejerovbo should reach Ajah police station or the following numbers 08033027655,09033213393.

Arrest Seven Cultists for Armed Robbery in Lagos ....

The Rapid Response Squad (RRS) of the Lagos State Police Command at the weekend, arrested seven members of the Eiye Confraternity, after they had robbed successfully at the National Stadium in Surulere, Lagos. The leader of cult group, 35-year-old Andrew Awalebi, was arrested at the Jakande Estate area of Ajah, at a beer parlour in company of four other cult members- 24-year-old Michael Thompson, 17-year-old Koffi Kwame, 36-year-old Daniel Olayiwola and 26-year-old Tosin Issac. After they were arrested, the RRS also swung into action and picked up the duo of 30-year-old Adegoke Adeleke and 31-year-old Kehinde Adebogun, at a hotel in Ikorodu, and they also confessed to being members of the Eiye Confraternity. Awalebi, who said he worked with a popular land owner in Lekki, said he earns N40,000 monthly from the property dealer by helping to protect his landed property in the axis. While disclosing that he was insured against any gunshot wound by the protective charm specially prepared for him by an herbalist in Ijebu - Isiwo, Ogun State, he said he was initiated into the Confraternity in 1996.

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T H I S D AY • MONDAY, JULY 11, 2016

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Portugal Crowned Euro2016 Champions

Portugal players celebrating on the podium last night Duro Ikhazuagbe with agency report Cristiano Ronaldo’s dream of a major trophy with his native country, Portugal manifested last night as the Real Madrid star and his teammates

snatched a late 1-0 winner against France to win the Euro2016 last night.

He was stretchered off in tears but an extra-time goal

by Eder saw Portugal beat hosts France 1-0 in yesterday’s Euro 2016 final to win their

first major tournament.

The victim of a heavy challenge by Dimitri Payet, Ronaldo went off in the first half, but returned to the touchline to see Lille striker Eder settle the game with a low 25-yard strike in the extra

time at Stade de France.

Twelve years after losing 1-0 to Greece as hosts of Euro 2004, Portugal inflicted the same fate on France, who were seeking a cathartic victory eight months on from the Paris attacks that left 130

people dead.

France coach Didier Deschamps had hoped to lead his side to a fourth major tournament win, and third on home soil after Euro 1984 and the 1998 World Cup, when he was captain. But it

was Ronaldo’s Portugal who prevailed.

The victory ended Portugal’s run of 10 straight defeats against France, who had eliminated them in the semifinals at Euro 1984, Euro 2000 and the 2006 World Cup.

NFF Secures $1.5 million Osimhen Destroys Hosts Sudan for Flying Eagles Bond from NNPC Cash-strapped Nigeria Football Federation (NFF) can now appoint a new foreign coach for the country after it successfully secured a $1.5 million bond from the government-owned oil corporation Nigerian National Petroleum Corporation (NNPC).

The government has made it clear it will not assist financially the NFF’s quest to hire an expatriate coach for the Super Eagles ahead of the qualifiers for the 2018 World Cup, but could approve such appointment if the federation could guarantee the payment of such a coach.

“The NFF now have a bond of $1.5 million from NNPC and so they can employ a foreign coach,” a top official told AfricanFootball.com yesterday.

“The federation owing coaches their salaries will now be history.”

Frenchman Paul le Guen, Belgian coach Tom Saintfiet and the country’s caretaker coach Salisu Yusuf have been shortlisted for the Super Eagles top post.

The NFF said the successful coach will now be announced on July 18.

The Super Eagles are drawn in a tough World Cup qualifying group that has Africa’s No 1 team Algeria, nine-time World Cup finalists Cameroun and 2012 African champions Zambia.

They begin their qualifying campaign for Russia 2018 on October 3 in Zambia.

Vice Captain of the Super Eagles, Ahmed Musa, who

switched to Premiership champions Leicester City has jetted out of England to Austria for the team’s pre-season training camp.

Musa departed England with the team on Sunday 1:30pm Nigerian time with high hopes.

“We are leaving for Austria right now (Sunday) for the pre-season. I am looking forward to a wonderful and great pre-season,” Musa said before boarding the flight.

National teammates of the former CSKA Mosow forward are celebrating his switch to Leicester City at the weekend.

A cross section of Eagles stars believes Musa will excel in the EPL. Ogenyi Onazi Congratulated the former CSKA Moscow star and tasked him to show them the “Jos spirit”.

“Congratulations to my bro and team mate, run them down in EPL #josblood,” Onazi tweeted.

Kenneth Omeruo also through his Instagram page wrote: “Congrats my bro.. Welcome to the #EPL you will definitely do great #Ahmed Musa.”

Norway-based defender Williams Troost-Ekong was not left out with his congratulatory message too.

“Congrats Ahmed Musa!

Can’t wait to see my big bro in the prem #Ferrari #LCFC.” He tweeted.

Bright Dike tweeted:”Congrats to my boy Ahmed Musa on joining Leicester City, go kill it in the Prem.”

Victor Osimhen snatched a later winner for Nigeria’s Flying Eagles to beat home team Sudan 2-1 yesterday in a 2017 Under-20 AFCON qualifier at the El Merriekh Stadium in Khartoum.

Sudan’s Young Falcons held their own for most part of this clash against a Flying Eagles side, who paraded several stars from Nigeria’s FIFA Under-17 World Cup triumph last year including Osimhen, who is bound for German Bundesliga side Wolfsburg.

The return leg will be played

in Nigeria in a fortnight with the overall winners advancing to the U20 AFCON in Zambia in February.

The hosts took the lead through striker Mohamed after 27 minutes against the run of play.

However, Nigeria drew level in the 67th minute through Samuel Chukwueze.

Four minutes from time, Osimhen rose to the occasion to deal a crushing blow on the Falcons.

In stoppage time, the star striker then saw his effort saved

at point-blank range.

Chukwueze, whose move to Arsenal fell through, had earlier come close to giving the Flying Eagles the winning goal in the 74th minute.

Sudan would have doubled their lead in the 56th minute, when Khalid was one-on-one with Flying Eagles goalkeeper Akpan Udoh only for him to fire off target.

It was massive miss as Nigeria continued to chase the game before they were eventually rewarded .

The Nigerians coped well with

the boiling heat in Sudan and could have even gone ahead in the 22nd minute, but midfielder ‘Paul Scholes’ Gavi Thompson failed to beat the Sudan goalkeeper Adam after going clear of the defence.

Two minutes later, danger man Victor Osimhen was denied by the outstanding Sudan goalkeeper, before his header in the 26th minute crashed against the crossbar.

Defender Ejike Ikwu was booked in the 36th minute for a rough tackle.

Wikki Tourists Back on Top of NPFL Wikki Tourists are back on top of the Nigeria Professional Football League (NPFL) table after they forced hosts Warri Wolves to a 1-1 draw yesterday.

They now have 43 points from 25 matches, same as Enugu Rangers, but enjoy a far better goals difference.

Rivers United remain in third place with 41 points after a 1-0 home win against Niger Tornadoes, while Kano Pillars are now fourth on the back of a 3-0 win against Lobi Stars.

Wikki looked like they had suffered yet another slip in the title chase as they were losing 1-0

at Wolves after a 32nd minute goal by Ewenike Achibi, but on the stroke of full time Idris Guda drew them level.

In the 88th minute, Wolves were reduced to 10 men after Shedrack Oghali was given his second booking.

In Sunday’s other matches, Shooting Stars came from a goal down to beat Nasarawa United 2-1,hosts Ikorodu United were held to a 1-1 draw by FC IfeanyIUbah and Plateau United were pegged back by Akwa United.

Earlier on Saturday, Heartland beat champions Enyimba 1-0 in

an ‘Oriental Derby’ courtesy of a stoppage time winner by striker Bright Ejike.

The keenly contested encounter was heading for a goalless draw before Ejike slotted home a penalty after skipper Chinedu Udoji fouled inside his box for Enyimba to suffer their eighth loss of the season.

Ojevwe Akpoveta’s 69th minute goal for Heartland was cancelled for offside.

Enyimba remain fourth on the table with 37 points from 23 matches, while Heartland eased their relegation fears by moving up to 16th place on the

table with 29 points.

In Saturday’s other Nigeria league game, El Kanemi defeated MFM FC 3-1.

Mathias Samuel, Hussaini Bata and Daniel Japhet scored for El Kanemi, while Nelson Kenedium scored for MFM. El Kanemi thus toppled MFM from ninth place with 34 points.

RESULTS Wolves 1-1 Wikki Rivers Utd 1-0 Tornadoes Kano Pillars 3-0 Lobi Ikorodu Utd 1-1 IfeanyiUbah 3SC 2-1 Nasarawa Utd Plateau Utd 1-1 Akwa Utd

Superb Murray Wins Second Wimbledon Title Britain’s Andy Murray yesterday became Wimbledon champion for the second time with a superb performance against Canadian sixth seed Milos Raonic in the final.

The Scot, 29, dismantled the Raonic serve in a 6-4 7-6 (7-3) 7-6 (7-2) victory to repeat his triumph of 2013 and claim a

third Grand Slam title.

Murray is the first British man to win multiple Wimbledon singles titles since Fred Perry in 1935.

“I’m proud to have my hands on the trophy again,” said Murray.

Murray gave a famously tearful speech after losing his first Wimbledon final against Roger Federer in 2012.

Twelve months later, he finally ended Britain’s 77-year wait for a male champion - and the chance to see him repeat the feat attracted huge attention.

Spectators queued overnight just to grab a spot on Henman Hill, while the Duke and Duchess of Cambridge and former champions Bjorn Borg, Stefan

Edberg and Boris Becker were among those watching from the Royal Box. “This is the most important tournament for me every year,” added an emotional Murray.

“I’ve had some great moments here, but also some tough losses.

The win feels extra special because of the tough losses.”

TR

Monday July 11, 2016

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Price: N250

MISSILE PENGASSAN to FG

“We see this as a deliberate attempt by the government to frustrate discussions on the myriad of issues raised in the communiqué, which are critical to the survival of the oil and gas industry in the country. Among the burning issues raised are that of the JV funding/ cash call arrears, which has stalled new investments and the creation of jobs in the industry and which has consequently brought about massive job losses in the industry.”

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) accusing the federal government of deliberately frustrating constructive engagements to forestall its planned industrial action.

RENOOMOKRI Holidaying While Rome Burns?

GUEST COLUMNIST

F

or a nation that has already had one quarter of negative economic growth and is in danger of having another negative quarter (which would invariably put us officially in a recession), I was shocked, like many right thinking people, when the federal government extended the Eid-el-Fitr holidays which had initially been declared for Tuesday the 5th and Wednesday the 6th of July, 2016 to now include Thursday the 7th of July.

This record three-day holiday effectively rendered the week beginning on Sunday July 3rd, 2016, a wasted week because Nigerians would naturally spend Monday the 4th preparing for the holiday and no right thinking person would expect any serious business to hold on Friday the 8th after the whole nation had been on holiday for the three days prior to that.

The economic implication of this decision is that when the Gross Domestic production of the third quarter of 2016 is being calculated, Nigeria would not be able to count on any meaningful production for one business week.

Flowing from the above, no one needs a crystal ball to predict that Nigeria is headed for another round of negative economic growth when the next quarterly GDP data is unveiled.

Yet this is the same country where 18,000 babies are born everyday and it is doubtful that up to 1,800 new jobs are created everyday. With this grim statistic, no one around the president thought it wise to advise him against making the small percentage of Nigerians who are employed to be underemployed by at least one week because of a holiday. Is it that we do not understand the economic implications of our actions and how they effect the financial and economic well being of our nation?

Nigeria should be doing everything it can to ensure that it does not have consecutive periods of negative economic growth for the simple reason that having an economy in recession would lead to our economy being further downgraded. The implication of a downgraded economy is that we will not be able to attract the level of Foreign Direct Investment (FDI) we need to drive growth.

Further implications are that we would only be able to access credit at higher interest rates. The resultant effect of that would be loss of value in our stock exchange and a downward pressure on the value of the naira (further devaluation) and when that happens, it would mean more people out of work and a worsening of Nigeria’s Human Development Index.

The question is this — aren’t there people around President Muhammadu Buhari who can explain this to him? Should Nigeria be holidaying while Rome burns?

The United States has 11 federal holidays while England has eight holidays (known as Bank Holiday). In contrast, Nigeria’s holidays are discretionary, meaning that you cannot ascertain how many days would be holidays. Holidays can be declared at the

Minister of the Interior, Abdulrahman Dambazau

whims and caprices of the government in power, as has just been demonstrated, such that as at the first week of July when we should be entering only the second half of the year 2016, Nigeria has already had eight public holidays which is equal to the number of holidays England would have throughout 2016!

We had a holiday on January 1st for New Year’s Day. We had two days holidays on Friday, March 25 and Monday, March 28 for Good Friday and Easter.

We had another holiday on May 2nd for May Day (workers day) and we had a holiday on May 30th to mark Democracy Day. And now we have just had a threeday holiday. Is it then any surprise that Nigeria’s production is seriously below par? If you quantify the lost man hours that have been frittered away in these unnecessarily long holidays, we would be talking hundreds of billions. How do

I know? It is simple mathematics really.

According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) for the first quarter of 2016 stood at N22.26 trillion. This means we averaged a daily GDP of N245 billion (when you divide N22.26 trillion by the 90 days in an average quarter). In today’s naira, N245 billion is $867 million. In essence, for every holiday Nigeria observes, we lose almost a billion dollars or to be more exact $867 million! This is a lot of money for a country that borrows to pay the salaries of its civil servants and is still sourcing for loans to finance its 2016 budget when we have already passed the middle of the year.

The other day, the federal government called for prayers for the precarious state of the economy and now the same government that wants divine intervention to help rescue the economy is itself taking actions that are at cross purposes with its own prayers.

What is happening in Nigeria?

Eid-el-Fitr is an Islamic holiday. Though I am a Christian pastor, I have read the Quran. It says as follows in Quran 4:29 ‘O ye who believe! Do not squander one another’s wealth in vanities, but let there be amongst you traffic and trade by mutual good will.’

As a matter of fact, in one of the hadiths of the prophet, he was asked a

question about what type of earning was best for a man and he responded ‘a man’s work with his hands and every (lawful) business transaction.” Are we then good Muslims if we ignore these ecclesiastical commandments and directions in order that we may holiday and play when we ought to be at work?

Nigeria cannot afford the luxury of what we have just done. If anything at all, we should not have more than one day to observe either a Christian or Muslim holiday.

If tomorrow, the naira depreciates in value, the government would blame economic sabotage, the previous administration or the slump in the price of oil and all the usual suspects. Hardly remembered will be the time when Nigeria holidayed while Rome was burning.

Religion is not a licence for laziness.

Quite the contrary. Religion is the means by which man, by careful observance of the rules given us by God, lives a life that ensures his physical and spiritual wellbeing.

That is the part we forgot when either missionaries or conquerors brought the two great Abrahamic faiths to Nigeria.

May God help us all.

• Omokri, a former aide to ex-President Goodluck Jonathan, is the founder of the Mind of Christ Christian Centre in California, USA

The other day, the federal government called for prayers for the precarious state of the economy and now the same government that wants divine intervention to help rescue the economy is itself taking actions that are at cross purposes with its own prayers. What is happening in Nigeria?

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