Monday 25th July 2016

CBN Targets Rate Convergence with Directive to Sell Remittances to BDCs MPC meets today

Obinna Chima The Central Bank of Nigeria (CBN) yesterday explained that its directive to banks that act as agents of international money transfer operators to commence the sale of foreign currency remittances to

licensed Bureau De Change (BDC) operators was aimed at achieving exchange rate convergence.

The Special Adviser, Financial Markets to the CBN

Governor, Mr. Emmanuel Ukeje, who said this in a phone interview with THISDAY, stressed that the move should not in any way be described as a policy

sommersault, as seen by some commentators.

THISDAY reported at the weekend that the central bank had directed authorised dealers who are agents

to approved international money transfer operators to sell foreign currency accruing from remittances to licensed BDCs as part of efforts to boost dollar liquidity in the

Hope for Ibori as His Lawyer Wins in Court… Page 12

market and ensure stability of the exchange rate.

In its circular, the central bank said: “The foreign currency proceeds of international money transfers sold to BDC operators shall Continued on page 10

Monday 25 July, 2016 Vol 21. No 7759. Price: N250

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Military Readies Major Offensive Against N’Delta Militants if Talks Fail MEND confirms dialogue with FG, group says it’s pushing for release of Okah brothers Senator Iroegbu in Abuja, Sylvester Idowu in Warri and Emmanuel Addeh in Yenagoa Baring any major progress in the ongoing dialogue between the federal government and stakeholders in the Niger Delta to end the attacks on oil and gas installations, the Nigerian military is in process of wrapping up plans to launch a major offensive against the

militants sabotaging facilities in the oil-rich region.

However, the Movement for the Emancipation of the Niger Delta (MEND) confirmed yesterday that the federal government was in dialogue with militants, not criminals in the region, through oil companies and the law enforcement agencies.

Continued on page 10

FG Unlikely to Renew Manitoba’s Management Contract with TCN

W’Bank may withhold $300m funding to transmission grid Chineme Okafor in Abuja With just seven days left to the expiration of the management contract between Canadian power firm, Manitoba Hydro International, and the Transmission Company of

Nigeria (TCN), THISDAY has learnt that the chances of a contract renewal for Manitoba are slim.

It was gathered that the government has openly expressed its preference Continued on page 10

WITH NIGERIAN FOOTBALL AT A CROSSROADS, FIFA COMES CALLING

L-R: Nigeria Football Federation (NFF) General Secretary, Mr. Sanusi Mohammed, FIFA President, Mr. Gianni Infantino, and NFF President, Mr. Amaju Pinnick, when Infantino arrived Abuja yesterday for a two-day visit

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MONDAY, JULY 25, 2016 • T H I S D AY

PAGE TEN MILITARY READIES MAJOR OFFENSIVE AGAINST N’DELTA MILITANTS IF TALKS FAIL Despite the attempt at a détente, reliable sources informed THISDAY that the federal government was losing patience with the militants whose activities have disrupted oil and gas output and in turn revenue accruable to the government.

It was on this basis that the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, met with the Chief of Defence Staff, General Abayomi Olonishakin, and other top brass in the military last Thursday and appealed for their assistance in securing and safeguarding oil and gas assets in the region.

The NNPC boss warned that the country was in danger of not being able to execute the 2016 budget if the oil losses brought on by the militancy are not nipped in the bud.

In response to the visit, Defence Headquarters (DHQ) spokesman, Brig-Gen. Rabe Abubakar, told THISDAY yesterday that the military and other security agencies were leaving no stone unturned at maintaining security across the nation, including the Niger Delta.

Abubakar vowed that the military “shall continue to operate within our rules of engagement to deny the any group freedom of movement and action in order to curtail their excesses for the national interest of our country”.

He however stated that the military was going to be patient until the outcome of the ongoing negotiations with the militants and various stakeholders in the region before taking any major operational steps.

“We are not going to be pushed to respond to their criminal activities, as negotiations with our political leaders are ongoing. However, that doesn’t mean that we have shut our eyes to the ongoing sabotage in the region.

“We are mindful of our roles of maintaining security and protecting our strategic infrastructure and assets in that general area. We will maintain a higher level of professional presence to thwart any wanton activities.”

In the same vein, a senior military officer told THISDAY after the meeting with the NNPC that the military was

preparing and ready for a major onslaught against the militants.

The officer said even though more resources and equipment would be needed, especially for the Nigerian Navy, the time being used for the dialogue would provide them the opportunity to gather intelligence and fine-tune strategies with other security agencies on how to tackle the menacing militants.

“I think we are ready to move and gather more intelligence so that whether it is an all out offensive or surgical operation, we will be able to hit them hard with minimal collateral damage.

“Things are shaping up with the establishment of the Command and Control Centre for Operation Delta Safe,” the source said.

The Chief of Army Staff (COAS), Lt-Gen. Tukur Buratai, during a press briefing early this month confirmed that the command and control of Niger Delta region had been handed over to the Nigerian Navy.

Buratai said that the navy was more conversant with the terrain and would have

the edge in dealing with the militants inside the creeks.

He, however, added that the army still maintained an amphibious division and the land component to support the navy and other security forces in a confrontation with the militants.

But as the military waits on the sidelines to launch its offensive against the marauding militants, one of the groups in the region, confirmed yesterday that the federal government was in dialogue with militants through oil companies and the law enforcement agencies.

MEND said that the federal government would not dialogue with criminals in finding a solution to the renewed crisis in the Niger Delta.

The militant group, which no longer employs violence in its agitation for development of the region and a greater share of its resources, said in a statement by its spokesperson, Jomo Gbomo: “The federal government made it clear during our meetings that negotiating with criminals is out of the question.

“The Niger Delta Avengers and internet-based militant groups such as Joint Revolutionary Council, Ultimate Warriors etc. – an Ijaw opportunistic tribal assembly – which were compromised to keep silent during the six years of Goodluck Jonathan’s misrule and neglect. Pirates, pipeline vandals, oil thieves, commercial kidnappers, waterway robbers, political thugs, and miscreants all fall under this category.

“The Movement for the Emancipation of the Niger Delta (MEND) wishes to confirm that indeed it has been in preliminary talks with the federal government through oil companies and law-enforcement agencies as revealed by President Muhammadu Buhari on Thursday, July 21, 2016.

“These preliminary talks are the precursor to a wider dialogue between the federal government and the MEND Aaron Team 2 peace initiative, which will seek to find solutions to the short, medium and long-term future of the Niger Delta region.”

Its statement contrasted with that of the Niger Delta

Avengers, the group that has claimed responsibility for the recent wave of bombings of oil assets, which at the weekend said it was not in talks with the federal government.

Also, another group, the Ultimate Warriors, rejected MEND’s statement on its dialogue with the government.

Describing the once dreaded MEND as mere jobbers, the Ultimate Warriors maintained that the only agenda on the militant group's programme was to ensure the release of the Okah brothers currently in jail in Nigeria and South Africa.

According to the group, the much talked about MEND Aaron Team 2 which is positioning itself to lead the entire Niger Delta agitators would only cause more trouble amidst the many groups in the region.

A statement released on behalf of the group by its spokesman, Sibiri Taiowoh, argued that having earlier rejected the Amnesty Programme, the brothers should not benefit from it.

conventional management of the monetary policy in the medium term once the impact of the current monetary stance starts to fully reflect in aggregate macroeconomic variables,” the company said.

However, Sub-Saharan Africa’s Economist at Renaissance Capital (RenCap), Yvonne Mhango, predicted a three percentage point hike in the monetary policy rate (MPR) to 15 per cent to counter accelerating inflation and naira weakness.

“This will only add to consumer woes, in our view,” she said.

FSDH Merchant Bank Limited pointed out that with the situation in the country, there are arguments to both support an increase as well as a hold in rates by the MPC. “There is no argument in

support of a rate cut given the current economic situation. The impending recession in the Nigerian economy supports a hold on rates at the current level while the fiscal measures to reflate the economy are implemented.

“The current high double digit inflation rate supports a rate hike. We however believe that at the end of it, the MPC and other government agencies will pursue growth and trade-off high inflation,” FSDH argued.

The MPC at its last meeting in May 2016, retained the MPR at 12 per cent. It also retained the cash reserve requirement (CRR) and Liquidity Ratio (LR) at 22.50 per cent and 30 per cent, respectively.

Last Thursday, Nigeria’s external reserves stood at $26.347 billion.

but this was also shot down.

Already stakeholders in the power sector have expressed discomfort with the situation in TCN, which is considered to be the weakest link in the power supply value chain.

Sunday Oduntan, the Executive Director of Association of Nigerian Electricity Distributors (ANED), expressed the displeasure of the electricity distribution companies (Discos) with TCN’s operations.

Oduntan said: “I will like to plead with the federal government to do something about TCN. The electricity we supply depends on whether the power is generated and transmitted.

“For example, Kano Disco is entitled to eight per cent of electricity generated daily but Kano has never gotten over five per cent because TCN does not have the capacity to wheel the power from point of generation to Kano.

“If people don’t have power supply in Kano, they blame

Kano Disco, but it is not their fault because the transmission infrastructure needs to be expanded so that they can wheel out what is generated.”

Continued on page 11

CBN TARGETS RATE CONVERGENCE WITH DIRECTIVE TO SELL REMITTANCES TO BDCS be retailed to end-users in compliance with the provisions of Anti-money Laundering Laws and observance of appropriate Know-YourCustomer (KYC) principles, including the use of Bank Verification Numbers (BVNs).”

Lending further insight into the directive, Ukeje explained that it was not a policy reversal, adding that the CBN would not be the sole source of FX funds to the BDCs. “Previously, we were allocating forex, but we decided that we were not going to be taking money from our reserves to be doing that.

“So it is those remittances that are going to banks that we want used to fund that market, so that rates can come down. That market is very dry, that was why we decided to

open the window.

“So it is not a policy somersault because you remember that even when we decided to stop funding them, we said they could get their money from autonomous sources, and that the central bank will not sell dollars to them,” he said.

Ukeje pointed out if the central bank does not take any step to support the BDCs, the exchange rate volatility observed recently might continue, thereby disrupting the objective of the CBN. “We keep dialoguing. We cannot say we shut them (BDCs) out completely. Nobody is saying export proceeds should be given to them.

“We want them to have access to the funds to oil their businesses. So to a very large extent, it should help ease the

pressure in the FX market.

“What happens is that if they are sure of more sources of forex, people would be calm. Now, if this other source which is supposed to be supplementing the interbank market gets supply, no matter how small it is, we think it would reduce the panic in the system,” he added.

Ukeje said despite the decision by the central bank to pave the way for a purely market-determined exchange rate on the interbank market, the banking sector regulator would not abdicate its role as a market participant.

“The central bank will not shirk its role as an interventionist in that market.

We will continue to play that role because it is one of our mandatory duties to the moderate rate depending on

what happens in that market,” he added.

But as the CBN’s Monetary Policy Committee (MPC) commences its two-day meeting today, experts have advised members of the committee to be more proactive than reactive in their response to the challenges in the economy.

In a note, Afrinvest West Africa Limited said MPC should ensure that its decision(s) would be such that would help restore investors' confidence in the aftermath of the newly launched forex framework.

“We believe we are already at the end of the monetary easing cycle, while the realities of funding the budget deficit and stimulating private capital inflows (as short to medium term outlook for oil remains bearish) could lead to a more

FG UNLIKELY TO RENEW MANITOBA’S MANAGEMENT CONTRACT WITH TCN for the non-renewal of the contract to TCN and other critical stakeholders and agencies in the sector.

A reliable presidency source disclosed this to THISDAY yesterday in Abuja. He said there are possibilities that the transmission company might be returned to government management the way it was before its handover to Manitoba in 2012.

The source also said that the government might have decided to ignore the recommendations made by the Bureau of Public Enterprises (BPE) through the Office of the Vice-President on the options available to government in the event the Manitoba contract is not renewed.

He added, however, that up to $300 million of a proposed funding arrangement for the transmission network from the World Bank could be in jeopardy because the Bank had expressed reservations about releasing the funds if the TCN reverts to government control.

Another reliable industry source equally informed THISDAY that a proposal made by China State Grid to invest, operate and transfer the transmission network was also overlooked by the government, which he said was working towards the takeover of TCN from Manitoba and running it, despite the government’s abysmal track record in the management of the grid prior to the management contract.

Already, there have been a series of petitions against Manitoba suspected to have been sent by power ministry officials and ex-PHCN workers, with some putting pressure on the government not to renew the management contract.

The first contract with Manitoba expired in 2015 but was renewed by the government for another year and will expire on July 31.

THISDAY, however, gathered that the BPE had written to the government requesting that a proactive and quick decision be taken on TCN before the July

31 expiration of the contract.

Documents sighted by THISDAY showed that the BPE in March 2016 made suggestions to the government on two possible types of concession arrangements that could be adopted to keep TCN in a stable condition if Manitoba’s contract is not extended.

The BPE, according to the documents, recommended that the TCN be concessioned to a private operator who would be responsible for operating and investing in the network.

As a second option, the privatisation agency also proposed that a private investor be handed the network to operate, maintain and complete existing projects at the point of entry, but subsequent projects for system expansion should be batched and subjected to competitive bidding on a build, operate, maintain and transfer basis.

The latter proposal, THISDAY learnt, could eventually lead to the transition

of the Transmission Service Provider (TSP) arm of the TCN into regional units under different operators.

BPE, it was further gathered, equally asked the government to consider extending Manitoba’s contract by another year, meaning the BPE would immediately issue a notice of intention to renew the Canadian firm's contract, which would give the government more time to decide on its preferred transaction for TCN. According to one of the sources, the proposal was made five months ago, but the government has paid scant attention to the matter.

“It’s as if TCN does not exist, the government just ignored it, and this is not good for the sector,” explained a source who was clearly frustrated by the inaction of the government He added that the proposal by the China State Grid would have attracted billions of dollars in investment to the transmission grid and its capacity rapidly expanded

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T H I S D AY • MONDAY, JULY 25, 2016

STARTERS

Shocking: Pastor Chained Nine-year-old Son for One Month for Stealing Food Sheriff Balogun in Abeokuta After a manhunt, the Ogun State Police Command yesterday arrested 40-year-old Pastor Francis Taiwo of Key of Joy Celestial Church in Ajibawo, Otta, who had chained his son, Korede, for more than one month because, according to him, the child stole food.

According to the police, his arrest was made possible with the assistance of members of the Celestial Church of Christ (CCC) in Otta.

The police disclosed that during their investigation into the case, it was discovered that none of Korede’s siblings lived with their father, adding that the so-called pastor confirmed that he chained Korede because he felt he was possessed and was unhappy about his stealing.

On Saturday, operatives of the command rescued Master Korede Taiwo from a room in the church where he had been kept with a chain around his neck attached to a heavy log of wood by his dad for more than a month.

The police got a tip-off from a neighbour in the community, following which the command immediately swung into action.

They disclosed that Korede’s stepmother, Mrs. Kehinde Taiwo, who was arrested on Saturday, revealed that Mr. Taiwo’s cruelty to his son stemmed from the boy’s alleged stealing.

Providing more insight, the state Police Public Relations Officer, Muyiwa Adejobi, said Mr. Taiwo, who hails from Benin Republic, but was born in Otta, Ogun State into the same Celestial Church and was ordained a pastor in the church in 2012.

Adejobi said Francis had married two wives before he got married to Kehinde Taiwo, a suspect in the ongoing case at the command.

He said Mr. Taiwo, a father of five, confirmed that Korede’s mother, Marine Taiwo, who hailed from Delta State, was no longer alive.

Adejobi said the case would be transferred to the Anti-human Trafficking and Child Labour Unit of the command for necessary investigation and action on the welfare of Korede as directed by the Assistant Inspector General of Police (AIG) in charge of Zone 2

NEWS Abdulmumin Claims He

Has Notes from Dogara on Distribution of Budgetary Concession to N’Assembly Hon. Jibrin Abdulmumin, has claimed to bein possession of a hand written notefromYakubu Dogara outlining themodeof distribution of the70 per cent of the20 per cent…

Page 12

EDITORIAL Time to Address the Dilapidated

Roads unveilinghis plan for federal roads last December, theMinister of Power, Works and Housing, Mr. Babatunde Fashola, SAN, said thefederal government would re-introduce highway tollingto raiseadditional funds to financeroad Page 15

POLITICS A Dialogue in Dispute

President Muhammadu Buhari recently said his government was in talks with theNiger Delta Avengers, a self-determination group, to find a common ground over their agitation. But the group has also comeout to deny knowledgeof any such engagement.

Page 17

FEATURES Hidden Scars: A Responsibility Abdicated?

Today, about half of 80 million Nigerian children arereportedly in danger of various societal crimes, chiefly sexual abuse, Chineme Okafor writes Page 20

BUSINESS Analysts Predict Worsening Korede Taiwo. Insert: Francis Taiwo Command, Onikan, Lagos.

He added that Korede had undergone treatment by the police and was discharged, disclosing that he was currently receiving all the necessary attention from the police personnel at the Onipanu Division of the Police Command.

“The young boy will soon be handed over to the Ministry

of Women Affairs and Social Development in Ogun State for necessary action,” he stated.

He said AIG Abdulmajid Ali warned that any parent or individual who maltreats children would not be spared, adding that he has zero tolerance for such criminal and inhuman offences, including domestic violence.

MILITARY READIES MAJOR OFFENSIVE AGAINST N’DELTA MILITANTS IF TALKS FAIL “Our attention has been drawn to a statement credited to the defunct MEND that is now an internet-based group of jobbers.

“We want to let the public know that the MEND that we know under which the likes of Tompolo, Boyloaf and other ex-warlords operated has since been disbanded by the group of ex-agitators who were registered under the Amnesty Programme.

“The current MEND and its so-called Aaron Team 2 is a concoction of the Okah brothers and family,” the group alleged.

The Ultimate Warriors said that the sole aim of this so-called “MEND and the flaunted Aaron Team is to get Henry Okah and Charles Okah pardon under the Presidential Amnesty Programme”.

“But they have forgotten that the Okah brothers were actually the ones who tried to sabotage the Amnesty Programme initiated by the late President Umaru Yar'Adua and former President Goodluck Jonathan.

“Is it the amnesty that the Okah

Two-Minute Briefing

brothers declared as a sham and they never supported that they want the president to use to pardon them, or what kind of clemency are they trying to push for the Okahs?

“Is it not funny that the MEND that is now Okah’s business is asking for amnesty for the Niger Delta Avengers and giving conditions to have them added to the dialogue team when the same MEND cannot openly ask for amnesty for the Okah brothers, instead they are trying to sneak into the house through the backdoor.

“We are against the MEND Aaron Team arrangement because it is utterly against our mission and their aim is in conflict with ours.

“What they are pushing for is freedom for the Okahs that they are trying to use to sabotage our agitation for resource control, rapid development, and freedom for the poor people of the Niger Delta,” the group argued.

It maintained that MEND was nowhere when this “new face of the struggle started”, adding: “They should

stop trying to lord it over us.”

“What is happening is that MEND is trying to leverage on the renewed crisis to press for the release of the Okahs through the Amnesty Programme which the duo failed to support at inception.

“We pity the statesmen that the socalled MEND is assembling under their concocted Aaron Team 2. It is better they all back out from the Aaron Team plot because the government is not prepared to commence the dialogue from their perspective.

“More so, we haven’t given the so-called MEND Aaron Team 2 any go- ahead to pick our representatives or constitute a dialogue team for us.

“This struggle is not for Okah and MEND cannot pick people for the entire Niger Delta.

“We are not going to hand it over to MEND to constitute a team for us. If the government truly wants to dialogue, the grandstanding by the so-called MEND might be a clog. This is our position,” it said.

Consumer Confidence in Nigeria Analysts havepredicted that consumers in Nigeria would come under further strain in thesecond half of theyear as a result of the weakness in thenaira…

Page 23

CITYSTRINGS Pomp and Pageantry at Kano

Durbar Ibrahim Shuaibu who witnessed thehistoric Durbar organised by theKano EmirateCouncil under the leadership of Emir Muhammadu Sunusi II, reports that this year’s Durbar showcased therich culture of Kano people Page 38

INTERNATIONAL DNC Chairwoman under Pressure to Resign DebbieWasserman Schultz, is facingintensepressureto resign her post and was meetingwith party honchos about her future, several Democratic leaders told CNN… Page 55

SPORTS FIFA President in Abuja, to

Meet Buhari Today FIFA President, Mr. Gianni Infantino, and the Secretary General, Ms Fatma Samoura who arrived Abuja yesterday on a two-day official visit to Nigeria are scheduled to meet President Buhari today.

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MONDAY JULY 25, 2016 • T H I S D AY

NEWS

News Editor Davidson Iriekpen Email davidson.iriekpen@thisdaylive.com, 08111813081

Abdulmumin Claims He Has Notes from Dogara on Distribution of Budgetary Concession to N’Assembly Says he was never close to Speaker, regrets backing his election Accuses Hembe, others of attempt to implicate him

Damilola Oyedele in Abuja The sacked Chairman of the House of Representatives Committee on Appropriation, Hon Jibrin Abdulmumin, has claimed to be in possession of a hand written note from the Speaker, Yakubu Dogara, outlining the mode of distribution of the 70 per cent of the 20 per cent concession given to the National Assembly after the budget’s harmonisation.

The 20 per cent concession was given to the National Assembly while 80 per cent went to the executive following the decision to rework the 2016 budget by the harmonisation committee to end the impasse that followed the passage of the budget into law.

Abdulmumin in a statement issued yesterday said the note was sent to him through the Deputy Speaker, Yusuf Sulaimon Lasun.

“Seventy per cent of the 20 per cent was reserved for the Speaker and himself while the remaining 30 per cent of the 20 per cent went to other principal officers. I am sure he will recognise the hand writing when he sees it. My colleagues didn’t know all of these.

“The Speaker also directed me to create what I advised him would be a controversial line item under service wide votes to introduce about N20 billion project using the name of the National Assembly.

“He directed me to see a highly placed PDP politician which I did and collected the documents. I advised him repeatedly against it but he kept pressuring me until I bluntly told him I will not,” he said.

The embattled lawmaker also disclosed that contrary to public opinion that he enjoyed a chummy relationship with the Speaker, they were never close, adding that his backing Dogara was an error of judgement.

Abdulmumin, who was one of the most vocal supporters of Dogara for the Speakership, said they fell apart as they practically disagreed on everything.

“Some people are also saying I kept quiet while it was good and now I am talking because things have gone sour. Many members

of the House and Nigerians will be shocked to know that there has ‘never’ been a good relationship between me and Speaker Dogara.

“It took few weeks after his election as Speaker for me to realise I never really knew him well. I was hasty to judge him by his innocent looking personality. We practically disagreed on everything,” he said.

Abdulmumim further accused the Speaker of being dictatorial.

“From when he started conducting himself like a lord, wanting everybody around him to just say yes sir and go, shutting and looking down at his colleagues, playing double game between the executive and legislature, drafting of a new house rule, senseless splitting of committees which raised the numbers of committees to 96, appointment of committee chairmen, chairmanship of NILS, issuing of bills and allotment of sponsors, chairmanship of budget consultative committee, budget process and house inputs, the PIB, his divide and rule approach, his frequent dealings with heads of MDA’s as if he is a committee chairman and so many other issues,” he said.

He alleged that a certain cabal in the House, made up of Hon. Herman Hembe (Chairman of FCT C’ttee), Hon. Jagaba Adams Jagaba (Chairman, Interior C’ttee), Hon. Jika Dauda (Chairman, Police Affairs Committee) and Hon. Zakari Muhammed (Chairman, Committee on Basic Education), has resorted to using the police to harass and intimidate him into silence.

The lawmaker alleged that the police laid siege on his house, until Saturday, “shouting that they wanted budget documents,” with a motive for his arrest as a culprit in the 2016 budget.

“The last one I need not to introduce to Nigerians, you know him better and know what he is best remembered for. He is the one who threatened my life and the police are yet to take a single action on him. He is now the leader of the Dogara cabal. He calls the shots in the House. He makes all the decisions of the Speaker. He talks

down on members and gets away with it. He has suddenly begun living such an expensive life style.

Lately, a former influential principal officer of the House complained bitterly that it is only Dogara who will hand such a committee to a person like Hon Herma Hembe chairman FCT. They have been running from pillar to post looking for evidence in their wild dream to nail me. I made a huge sacrifice to leave, shouldn’t they just leave me alone?” the statement read.

The lawmaker accused Dogara, Lasun, Chief Whip, Hon. Alhassan Ado Doguwa, and Minority Whip, Hon Leo Ogor of attempting to drag the House, as an institution into the allegations he has levelled against them, deliberately to set him on a collision course with his colleagues.

“The other members of the body of principal officers were to the best of my knowledge completely excluded from decisions on the 2016 budget and the budget

inputs inserted on their names were exclusively carried out by these quartet,” he said.

Sections on the budget contained in his statement read: “During the budget period when they discovered that I was not the kind of a person they could use to perpetrate their illegality, Speaker and the three other principal officers took away the entire Appropriation Committee secretariat to a secret location where all sort of insertions were made into the budget. The blackmail has always been, ‘Abdul people will laugh at you if anything goes wrong between you and Dogara because of the lead role you played and the many toes you stepped on to get him elected.’ It’s been a painful experience. Again the secretariat was taken away from me on Dogara’s instruction for the second time to a location I don’t know and all sort of insertions into the budgets were made and returned to me for signature. I said over my dead

body! It was a massive crisis behind the scene until the early morning of the Friday that the president assented the budget. It was Senator Danjuma Goje who brokered a compromise that since the Deputy Speaker lead the harmonisation committee, he should also sign such that the harmonisation committee will share responsibility with us.

Senator Goje pleaded with me so hard all night and later shouted heavily at me reminding me that he is not talking to me as a Senator but as a father. I cried heavily all night.

“When the budget harmonisation committee headed by Deputy Speaker Lasun gave out 80 per cent concession across board to the executive demands during the harmonisation negotiation, it was agreed that the remaining 20 per cent should go to the entire National Assembly. The Deputy Speaker excused himself that he wanted to go and consult with Mr Speaker. He came back after

few hours and in an unprecedented display of greed, presented to me a hand written note distributing the remaining 20 per cent to only principal officers. 70 per cent of the 20 per cent was reserved for Mr Speaker and himself while the remaining 30 per cent of the 20 per cent goes to other principal officers. I am sure he will recognise the hand writing when he sees it. My colleagues didn’t know all of these.”

“Mr Speaker also directed me to create what I advised him will be a controversial line item under service wide vote to introduce about N20billion project using the name of National Assembly. He directed me to see a highly placed PDP politician which I did and collected the documents. I advised him repeatedly against it but he kept pressuring me until I bluntly told him I will not!”

“When the Appropriation committee received all the budget

Cont’d on page 60

BOWING OUT GRACEFULLY

L-R: Outgoing Group Managing Director/CEO, United Bank for Africa (UBA) Plc and valedictory lecture speaker, Mr. Phillips Oduoza; President, Chartered Institute of Bankers of Nigeria (CIBN), Professor, Segun Ajibolal and Group Managing Director-Designate, UBA Plc, Mr. Kennedy Uzoka, at the fourth valedictory lecture in honour of Oduoza, organised by CIBN in Lagos....Friday

Hope for Ibori as His Lawyer Wins in Court Former Governor of Delta State, James Onanefe Ibori’s London trial has developed a new twist at the weekend as the British Police have reportedly paid Ibori’s former counsel, Mr. Bhadresh Gohil, the sum of £20,000 in an out-of-court settlement.

Gohil, former United Kingdom lawyer to Ibori, received the settlement from the Crown Prosecution Service after being unlawfully deprived of his liberty over the Ibori case.

The ‘extraordinary’ payment is just the latest turn in a legal case where the ‘hunter seems to have become the hunted’ as the police investigators and British Crown Prosecutors are now facing allegations of corruption

in the police and a cover-up of key evidence.

According to report, the BBC celebrated the story at the weekend, with a dispatch entitled ‘Ibori’s lawyer awarded £20,000… as British prosecution admits manipulation charge.

The payment according to report, “is just the latest twist in a legal case that has led to investigations into allegations of police corruption and a cover-up of key evidence.”

Actually, this payment to Gohil may be a direct result of the pressure the mainstream British media-BBC to The Guardian, London Times, The Mail, The Telegraph-mounted on the London Metropolitan Police

and the courts to ensure that allegations of injustice and court manipulation by Ibori’s lawyers are fully looked into so that the cherished British jurisprudence tradition is maintained.

The report stated that presently, all the investigators and the prosecutors in the Ibori case and its associated cases, especially the lead prosecutor, Ms. Sasha Wass, Queen’s Counsel (QC the British equivalent of Senior Advocate of Nigeria) have been allegedly dropped.

The two central prosecutors in the case- Sasha Wass QC and Esther Schutzer-Weissmann-were unceremoniously dismissed from the Ibori case in March 2016.

The case, accordingly, was

removed from the Met Police and handed to the National Crime Agency. All the original investigating officers have all been removed from the case.

Last week, the police paid Gohil for an infringement committed last November. He was expected to be released then but less than a week before the release date, Wass successfully applied for this to be revoked and Gohil was detained for three more weeks.

So Gohil went to court and accused the prosecution of blatant lies to mislead the court.

Gohil, who has been seeking to have his convictions overturned since 2012, has been allegedly the target of an

on-going smear campaign by the Met police and the Crown Prosecution to derail the appeal.

His defence team has consistently claimed that the prosecution has, by extending the detention and other acts, “manipulated dishonestly and acted in bad faith.”

The prosecutors have been allegedly accused of misleading the Court of Appeal.

The Crown Prosecution Service on July 21, 2016, now agreed to pay Gohil £20,000 in settlement of this one initial claim and to pay his legal costs, as he was unlawfully detained for 33 days. With this victory, Gohil’s team is now preparing wider malicious prosecution

actions.

His payment by the British Police has indicated that the police recognise wrong-doing on their path; and this confirms the bad conduct allegation Ibori’s legal teams have leveled against the police.

The report noted that the police have set up an internal investigation into the allegations; its result will be ready by late August this year.

The Department of Professional Standards at the division within the Metropolitan Police responsible for rooting out police corruption has spent in excess of £1million on the investigation to allegedly silence Gohil, a source close to the extraordinary events, stated.

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T H I S D AY SUNDAY JULY 25, 2016

ISO 27001:2013 Certied

ANNOUNCEMENT NSITF 2016 IN-HOUSE PENSIONERS' PHYSICAL VERIFICATION EXERCISE The 2016 NSITF In-House Physical Ve r i  c a t i o n E x e r c i s e h a s b e e n th scheduled to hold between 25 July and th 24 August 2016 as follows:

3.

4.

5.

Letter of retirement Bank account conrmation letter Pensioners' ID card or any other means of identication Tw o ( 2 ) r e c e n t p a s s p o r t photographs Completed attestation form issued by NSITF

6.

1.

FIRST RUN: th th 25 to 27 July 2016.

7.

VENUES: NSITF LAGOS REGIONAL OFFICE, BENIN BRANCH OFFICE AND BAUCHI REGIONAL OFFICE.

Please nd below the list of states under each centre:

4. Edo State IBADAN CENTRE 1.

2.

3.

4.

ENUGU CENTRE 1.

2.

3.

4.

5.

LAGOS CENTRE: 2.

SECOND RUN: th th 8 to 10 August 2016.

1. Lagos State

VENUES: IBADAN REGIONAL OFFICE, ENUGU REGIONAL OFFICE. AND GUSAU BRANCH OFFICE 3.

THIRD RUN: 22nd to 24th August 2016.

Ogun State Osun State Kwara State Oyo State

Anambra State Imo State Abia State Ebonyi State Enugu State

PORT HARCOURT CENTRE KADUNA CENTRE 1.

2.

3.

4.

Cross River State Akwa Ibom State Bayelsa State Rivers State

1.

2.

3.

4.

Jigawa State Katsina State Kano State Kaduna State

BAUCHI CENTRE VENUES: KADUNA REGIONAL OFFICE, PORT HARCOURT REGIONAL OFFICE AND ABUJA REGIONAL OFFICE. REQUIREMENTS: NSITF pensioners/retirees are expected to come along with all the necessary documents including the original and photocopies of the following: 1.

Letter of appointment 2.

Letter of last promotion

GUSAU/ZAMFARA CENTRE 1.

2.

3.

4.

5.

6.

7.

Borno State Gombe State Yobe State Adamawa State Taraba State Plateau State Bauchi State

1.

2.

3.

4.

Kebbi State Sokoto State Funtua Zamfara State

ABUJA CENTRE

BENIN CENTRE 1. Delta State 2. Ondo State 3. Ekiti State

SIGNED MANAGEMENT NSITF…A Commitment to Employees' Welfare

1.

2.

3.

4.

Nasarawa State Niger State Benue State Kogi State

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T H I S D AY • MONDAY JULY 25, 2016

COMMENT

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

FOREIGN WORKERS AND THE NIGERIAN IMMIGRATION ACT

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The proposed amendment bill on immigration will address the problem of unemployment in Nigeria, argues Femi Gbajabiamila

couple of days ago I introduced an amendment bill to our immigration law. The bill was well received by Nigerians, particularly by the vastly unemployed youth.

However, a few people had some genuine and some not so genuine concerns. I believe as a representative it is important I address the more salient areas of concern with the hope that we can all flow on the same page to adequately address the scourge of unemployment and its attendant social consequences.

Some of the concerns are as follows.

First, that the bill is discriminatory and our citizens abroad may suffer retaliatory laws based on reciprocity. I do not see this as discriminatory.

Rather, it is protectionist. There is no responsible government that will sit with arms akimbo and watch foreign nationals come in and exploit its hospitality by taking away jobs that should ordinarily be available to the locals and citizens. It is the job of any government to protect its workforce. This situation is so extensive in Nigeria that it cuts across all categories of workers from skilled to unskilled - from Filipino nannies, artisans and tilers to pilots and mariners, to banks’ managing directors and oil workers. Most of our top hotels in Nigeria are managed by foreigners, yet we have Nigerians who are professionally qualified to do same. It is not unusual and is even normal to see Chinese labourers on construction sites. Many have even said (though I find it difficult to believe) that prisoners are brought from other countries to come and work in Nigeria. On the doctrine of reciprocity and fate of Nigerians working abroad, these fears are misplaced. The proposed law obtains in most countries and diligent research into the labour laws of other countries will evidence this. Indeed if there is any retaliatory law it is this bill that seeks to do that by aligning with international best practices. Same policy obtains in the US and others. A Nigerian living in the UK, Mina Jumbo, said: “This is a brilliant proposal and long overdue. I worked as a Development Geoscientist in the UK. For my company to successfully get my work permit, they had to prove to the UK government that I possessed skills and the diverse set of experience that couldn’t be found in the UK. They had to show proof that they had interviewed several British citizens to no avail. Proof that the role had been properly advertised in reputable job sites and newspapers.

These and many more were required before my permit was granted. I don’t see why the rules should be different here. Best of luck with the proposal, and I hope when approved, there will be 100% compliance and stringent penalties for defaulters.”

Second, that there are other laws that have already dealt with this, such as expatriate quota provisions of our immigration law and our local content law. Again this is a misread of our laws. Firstly, expatriate quota does not address the issue of foreigners coming to pick up local jobs. All expatriate quota does is register foreign workers for business organisations based on a quota system which can be increased at any time. It does not restrict what and where they can or cannot work. For instance, an expatriate can get an expatriate quota to come in and work on an agricultural farm breeding poultry. What this bill seeks to do is to give two conditions before you can obtain the expatriate quota in the

THERE IS NO RESPONSIBLE GOVERNMENT THAT WILL SIT WITH ARMS AKIMBO AND WATCH FOREIGN NATIONALS COME IN AND EXPLOIT ITS HOSPITALITY BY TAKING AWAY JOBS THAT SHOULD ORDINARILY BE AVAILABLE TO THE LOCALS AND CITIZENS

first place. One, there must be no Nigerian qualified in the field or two, if there is any, he or she must be unwilling or unavailable to do the job. In other words even if you have graduates and professionals in the area of agriculture and poultry farming but you do not find one who is interested in doing the particular job, then the employee can give the job to a foreigner. A qualified Nigerian should always get the first dip or right of refusal. It’s that simple. On the issue of the local content law, it may be similar but not quite the same. In any event, the local content law is restricted only to the oil industry. The cabotage law was also referred to by some who felt this was a duplication of laws. I believe the cabotage law deals only with ships in the maritime sector and essentially talks about patronage of Nigerian vessels. This bill is all encompassing and cuts across all sectors.

Third, that it goes against the policies of free trade and discourages foreign Investments. This bill has nothing to do with neither as it is akin to free trade. There is a difference between free trade and gainful or paid employment. Foreigners can continue to trade, buy and sell and exchange goods under different trade agreements. You just cannot come here seeking permanent or even temporary jobs under the guise of trade without meeting the two conditions proposed in the bill.

Again for emphasis, trade is different from employment and we will spot the difference!

As regards the bill’s implication on foreign direct investment, there is very little if any. Indeed one would think because of the cheaper labour, a foreign investor would find that such a bill as this works well for him. Any foreigner or company that is attracted to the potential of the Nigerian market (and there are many) and wants to invest in Nigeria is not precluded from doing so. Such a person or company can come in on an investors’ visa and can even reside in Nigeria to monitor his or its investment. You just must fill your staff roll from within the Nigerian workforce. We will not let you have a foreigner for instance as the manager or cashier in your gigantic supermarket or restaurant. Now if you were Chinese for instance and worked or invested in Nigeria and needed a Chinese nanny for your baby because you wanted him or her to learn mandarin, the chances are that you would be able to meet the two conditions for the employment of a Chinese nanny.

Fourth, that the law will not be enforced or implemented.

On this I will urge us not to adopt a defeatist attitude. Whilst implementation and execution of laws is the preserve of the executive under our constitution and whilst making and oversight of such laws is that of the legislature, the citizens also have a role to play. This is why the house recently passed the whistle blower law to encourage citizens to report infractions of laws such as this and bring them to the knowledge of authorities. Besides with the law in place it makes it a lot easier for a citizen to have a cause of action in court to enforce its breach by a company. I believe with a collective effort we can make this country work.

Gbajabiamila is the leader of Nigeria’s House of Representatives

VOTE OF CONFIDENCE IN OGUN STATE

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Soyombo Opeyemi lists why the state has become the industrial investments destination of choice

am yet to contain the event of Tuesday, July 19, 2016, at the Government House, Oke Igbein, Abeokuta. It was the breakfast meeting with the organised private sector.

For days I remained in thrall to this wonder.

It was simply mind-boggling, exhilarating.

Even managing directors of some blue chip companies almost could not secure seats.

I am not a prophet. Indeed, you do not need any power of prognosis or gift of clairvoyance to know that the breakfast event reveals that Ogun State will sooner than later industrially attain a larger than life image and bulge at the seams by the sheer number of industries that will compete for space in its domains.

The chief host, Ogun State governor, Senator Ibikunle Amosun, is indeed capable of pulling off pleasant surprises. Six years ago, no one would have imagined that this state would witness this scale of infrastructural development. None could have predicted it.

On January 16, 2015, former President Olusegun Obasanjo received a delegation of Igbo leaders from Lagos and Ogun States in his residence in Abeokuta. The media was awash with what transpired at the event. “Chief Obasanjo said that performance as against party loyalty should be the overriding factor for the electorate in voting for candidates in the elections… though he does not belong to the same party as Amosun, he cannot deny that the governor’s performance in the last four years has been sterling… Obasanjo told them and other non-indigenes in the state to return Amosun to office so that his infrastructural and the urban renewal projects could be sustained.

In 2011, we were not together. We were together before and I did campaign against him. See what he has been able to do in the last three and a half

years in the state. I cannot sacrifice performance for party. I never dreamt of having a bridge on a dry land in Ogun State in my life time. Yes, we have Ogun River, where there is a bridge. Go to Ijebu, Sagamu, Ota, what am I seeing, bridges, not even one, two, three. So, my people, I am not talking about other elections. I have come to tell you that in order to appreciate what this personality has been able to do in the last three and a half years, let us give him our votes. What happened in 2011 was politics, and we can all see the difference between politics and personality,” Obasanjo said.

I indicated earlier that some chief executive officers could only secure seats at the back because the attendance was so overwhelming. It is better to talk about those who did not come - if there was any that one could recall - than attempt to list the industrialists in attendance. It was a gathering of ‘who is who’ in Nigeria’s business firmament. Just mention one industrialist of note in the country, he or she was there. The same holds for any major company in Nigeria. In essence, the whole business elite in Nigeria converged on Abeokuta.

The annual breakfast meeting with the governor, organised by the Ministry of Commerce, provides a face-to-face opportunity for industrialists/ investors to interact with the state’s helmsman, to appraise his genuineness and commitment to creating and sustaining an environment conducive to investments in the state, as against relying only on media reports. It has been a win-win situation for the investors and government.

The Senator Ibikunle Amosun administration hosted the first breakfast meeting with industrialists and investors in the annals of Ogun State. Let’s recall somewhat in parenthesis the situation of the state before the current government was inaugurated in 2011. The World Bank (Doing

Business Report) in 2008 and 2010, ranked Ogun State as one of the lowest overall performers among the 36 states in Nigeria in terms of ease of doing business. In other words, Ogun State was by then not conducive to business. From 2012 when the breakfast with investors began, each event has witnessed an improvement over the previous one, indeed an indication of the progressive economic development of the state under the current government.

I do not immediately recall now which institution first noticed early in the life of the Amosun administration the signs that Ogun was about to attain a turning point in industrialisation. But I recall the award given by the Management and Board of Editors of Business Day in 2013. The leading business newspaper declared Ogun State the fastest-growing economy and first choice for industrialists and entrepreneurs among the 36 states in Nigeria. According to the financial newspaper, Ogun State won the prestigious award “because it has the highest number of businesses established in its domain and that the government has made the environment more attractive to investors. Ogun also has the highest positive number of Gross Domestic Product in the last one year, the number of bank branches has increased more than that of other states in the last three years and its financial inclusion, particularly the embrace of cashless economy and use of Automated Teller Machine by residents had increased tremendously.”

The report of the World Bank, Doing Business in Nigeria 2014, put a stamp of authority on the successes recorded under the current government when it rates Ogun, out of 35 states and FCT, as one of the five states “that made the biggest strides towards the national frontier of good practices.”

As if to cap it all, the report of the Manufacturers

Association of Nigeria released towards the end of 2015 provides staggering statistics, and from these, among others, we understand why the business community in Nigeria converged on Ogun for the breakfast meeting with the technocrat-politician governor, who is also a Fellow of the Institute of Chartered Accountants of Nigeria. It seems if your business is not in Ogun State, you are probably not in the business map of Nigeria! Out of about N691.77 billion invested in Nigeria in 2014, N514.87 billion (representing 74.43 per cent of all investments) went to Ogun State. Again, from the N180.12 billion invested in the whole of manufacturing and agro-allied companies in the first half of the year 2015, N128.3 billion (representing 71.23 per cent) went to Ogun.

If Ogun State, due to the enabling environment provided by the current administration, consistently takes over 70 per cent of total investments in Nigeria, where then is it easiest to do business in Nigeria? Why will any investor not be in Ogun State?

I should end this exercise with an extract from the editorial of Business Day of February 17, 2016: “In Ogun, investors get rebates on land, good road network and better security of plants, machinery and assets in industrial zones while certain types of taxes paid by these investors in Lagos are also accepted by the state, thus preventing them from paying multiple levies in two states. For real estate developers, obtaining building permit, property registration and title documentation do not take forever while they don’t have to break the bank till to pay for all of these. It is pertinent to note that these incentives and favourable business environment are paying off….”

Soyombo wrote from Abeokuta via densityshow@yahoo.com

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T H I S D AY MONDAY JULY 25, 2016

EDITORIAL TIME TO ADDRESS THE DILAPIDATED ROADS

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The authorities could help secure the people as well as the economy by fixing the roads

n unveiling his plan for federal roads last December, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, SAN, said the federal government would re-introduce highway tolling to raise additional funds to finance road infrastructure and ensure efficient road maintenance. “Maintenance would be our watchword. We are setting up a robust maintenance regime to keep our highways in good shape,” said Fashola. “This shows that tolling is necessary to support government funding. So, it will not be too much if we ask every road user to pay little to augment government funding for road maintenance.

We will use technology; so if we don’t pay cash, you will pay by tokens or tickets and the money is accountable and it will go to the right place”. He added that the nation’s road infrastructure would also generate job opportunities and reduce unemployment in the country.

Against the background that a drive through many of the nation’s major roads is now a nightmare, we had wholeheartedly endorsed the Fashola plan.

But eight months IT IS NOT JUST THAT MOST after the plan was OF THESE ROADS ARE unfolded, Nigerians IMPASSABLE THAT WE are still waiting for FIND VERY DISTURBING. any concrete actions IT IS ALSO THE FACT THAT in that direction. As THE DANGEROUS SPOTS things stand today, ALONG MANY OF THEM trips that ordinarily HAVE ALSO BECOME should take no more CONVENIENT OPERATING than a few minutes CENTRES FOR HIGHWAY now take hours and ROBBERS at times days because of the conditions of most of the major access roads. And no part of the country is spared. From the north-east and northwest to the south-south, south-east and south-west to north-central, the story is the same: most of the roads have become death traps.

Some roads in the south-south, south-east and south-west are particularly in a sorry shape apparently because of the impact and damage the rains

Letters to the Editor

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have on them. Most affected roads in the south-east include the Enugu-Port Harcourt Expressway, Bende-Ohafia-Arochukwu road, Aba-Ikot EkpeneCalabar road, Enugu-Awka-Onitsha road and Umuahia-Ikot Ekpene road.

Even in Lagos, the roads leading to Apapa, the strategic port city where hundreds of millions of naira are made daily by the government and others, are embarrassing. Over the years, billions of naira had been poured on the Oshodi-Apapa road but it is still in a shambles, crater-ridden and looking more like a war-ravaged area. Even the road to the international airport in the nation’s commercial capital is an eyesore.

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, it is not too difficult to decipher how we got to this sorry pass. Instead of maintaining the bad spots on the roads as they develop, the authorities would wait until the roads go completely bad and provide opportunity to award contracts at heavily inflated rate. And even worse, many of the contracts are often abandoned, as Fashola himself revealed recently. In order to go around this problem, the federal government at a point established FERMA, an agency saddled with the responsibility of maintaining roads. That it has not lived up to the billing despite huge budgetary allocations annually is very evident.

It is not just that most of these roads are impassable that we find very disturbing. It is also the fact that the dangerous spots along many of them have also become convenient operating centres for highway robbers who lay siege to unsuspecting motorists and other road users. This is aside the notorious fact that the poor state of these roads hampers economic activities as several tonnes of farm produce and other products cannot be transported to areas where they are needed. Now that we are in the rainy season, many communities have practically been cut off with impassable roads.

We therefore call on the federal government to put in motion the plan by which we can rebuild the critical road infrastructure in Nigeria.

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.

BAUCHI: DEMOCRACY ON TRIAL

narchism is founded on the observation that since few men are wise enough to rule themselves, even fewer are wise enough to rule others.

In what appears to be the latest in a long list of misdeeds and unwholesome attitude exhibited by the governor of Bauchi State towards party members of the All Progressives Congress and other key stakeholders in the state, the government has hijacked the responsibilities of other arms of government - the legislature and judiciary.

With apparent abuse in the making of laws, their interpretation and execution, regardless of the clear separation of powers in Sections 4, 5 and 6 of the 1999 constitution of Nigeria as amended, the vice-like grip Governor Abubakar has on the people of Bauchi State is suffocating.

Holding forte like Caesar, without the obvious virtues, the Emperor of Bauchi State is not keeping to his words and promises. At the rate he is going, even the president cannot sell him to the electorate in the state as it happened in 2015. The people must exercise their constitutional rights by electing their leaders based on performance come 2019.

Any reasonable person must agree with the fact that the instruments of power should not be absolute, especially when the leader comes to power through a supposedly free and fair election.

Why the anarchy? The governor has relegated the very instrument

of state security to the background and uses restive youths armed with guns, machetes, sticks and other kinds of weapons to intimidate his imaginary enemies including Members of the National Assembly.

His modus operandi leaves much to be desired. Where there is total lack of confidence by the leader on the institutions bestowed with the powers to protect lives and property and resort to thugs who have the tendency to transmute into hydra-headed monsters, then there is a problem. Observers will agree with me that the emergence of the insurgency in the North-Eastern part of the country had a similar beginning.

The governor today has his own private army (thugs) put together with other state security apparatus. I have to call on the National Security Adviser to call him to order because those thugs have tendencies to be trigger happy, unlike the well-trained state security agencies.

The lack of service delivery is an abuse of office and it has surely eroded voters and investors’ confidence in the state. The use of state resources to suppress voices of reason is outrightly usurping the dictates of section 39 of the 1999 constitution as amended which allows for the freedom of expression and the press.

Bauchi State would have augured well for its citizens in a different clime, and not what they are getting today. There is no accountability.

The state has been beaten three times previously by leaders who don’t share anything in common with the people of the state: no common

values and tradition because they are outsourced leaders.

This insincerity has become apparent because those that made it possible for him to emerge have failed to voice their concerns on the socio-economic and political malaise perpetrated by the current administration. Our hospitals are ramshackle, where simple surgical procedures cannot take place. The boarding schools are dysfunctional and students are subjected to all kinds of indignities.

His political allies who refused to voice his disservice to the society are also complicit in this travesty of justice. I don’t mind paying the highest price for the liberation of the good people of Bauchi State.

Making efforts to suspend me cannot help to sustain them in power.

In his sallah address, he said that he has received about N75 billion over the past one year. Add to that the N4 billion bank loans and tens of billions in bailout funding ostensibly to pay salaries. Yet there is a backlog of six months salaries and pensions. If there is no sincerity and justice, the people cannot be suppressed.

The opacity and lack of transparency of expenditure leaves much to be desired. The APC has lost its aura and prestige in the state, factionalised against our will, relegated against our wishes and sidelined against our resolve. The political hypocrisy of fuelling hatred instead of finding solutions to the predicament we find ourselves in is really sad. When there is no justice, fairness and equity the political wheel of progress will be stagnated.

Hon. Ahmed Yerima, Misau/Dambam Federal Constituency

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MONDAY JULY 25, 2016 T H I S D AY

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T H I S D AY • MONDAY, JULY 25, 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

A Dialogue in Dispute President Muhammadu Buhari recently said his government was in talks with the Niger Delta Avengers, a self-determination group, to find a common ground over their agitation.

But the group has also come out to deny knowledge of any such engagement. This could mean more trouble for the Buhari government, Shola Oyeyipo and Segun James ask

The Avengers in their typical poise

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ssues relating to perceived alienation and militancy in the Niger Delta region are not new. In time past, long before the advent of the Boko Haram sect, militancy remained a national dilemma that the Nigerian state contended with.

It was usually in the form of hostage-taking of oil workers, attacks on oil installations and general violence by restive youths.

The issues revolved around alienation of the people of the region, where Nigeria’s economic mainstay is derived, ethnicitybased political domination, environmental degradation, corruption and militarisation of the region. But the situation got worse in the early 1990s with tensions between foreign oil corporations and a number of the Niger Delta minority ethnic groups, who felt they were being exploited, particularly the Ogoni and the Ijaw.

Though in 2009, the late President Umar Yar’Adua’s amnesty programme, which provided support and training for exmilitants proved successful, however, in what many thought was a politically motivated resurgence of the militancy, a new group, the Niger Delta Avengers, has held Nigeria by the jugular by launching sporadic attacks that are gradually crippling the economy.

On reaching the community after the two-hour journey on the high sea, I met with the members of the communities, who told me that their dream was to be included in the Nigerian project, that the education facilities and other basic social amenities are almost non-existent in the communities. They also raised concern of incessant attacks by the Nigerian

A Timeline of the Attacks On February 10, 2016, the group attacked the Bonny Soku Gas Export Line, which transports natural gas to the Nigeria Liquefied Natural Gas plant and an independent power plant at Gbaran in the Niger Delta. On February 14, they attacked the SPDC giant underwater Forcados 48inch Export Pipeline at the Forcados export terminal. On February 19, the Clough Creek Tebidaba Agip pipeline manifold in Bayelsa State was blown up.

As this continued, on May 4, the Chevron Valve Platform at Abiteye, reputed to be the most significant platform for Chevron because it is the major connection to all other platforms, was destroyed.

In a coordinated attack, the Chevorn Well D25 in Abiteye and other major pipelines were blown up on May 5. On May 13, Chevron pipelines were bombed and on May 20, the Escravos Gas Pipeline, belonging to the Nigeria National Petroleum Corporation (NNPC) in Delta State was bombed. The militants struck Chevron’s main electricity feed pipeline to the Escravos Tank Farm at Ciera creek in Warri South-west local government area of Delta State on May 25.

Two days later, on May 27, the Nembe 1, 2 and 3 Brass to Bonny trunk lines belonging

to Nigerian Agip Oil Company (NAOC) and Shell in Bayelsa State came under attack.

On that same date, NNPC Gas and Crude trunk lines in Warri were destroyed and on May 31, oil well RMP 23 and RMP 24 belonging to Chevron believed to be the company’s highest swamp producing oil wells were blown up.

On June 2, there was a bomb attack on the Ogboinbiri to Tebidaba and Clough Creek to Tebidaba Crude oil pipelines in Bayelsa State. On June 3, the SPDC Forcados 48 export line in Delta State, which was earlier attacked, was once again blown up because the company started repair works on the facility. On the same day, the avengers blew the Brass to Tebidaba Crude oil line in Bayelsa State.

As the group continued to obstruct all avenues by President Buhari to export crude oil because of his refusal to address its demands, it claimed responsibility for blowing up another oil installation belonging to Chevron Nigeria Limited in the creeks of Delta State on July 6, an attack that came barely 24 hours after they attacked a pipeline belonging to NNPC at Eleme, leading to the NLNG. The militant group also claimed

CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, JULY 25, 2016

POLITICS/ THE MONDAY DISCOURSE A DIALOGUE IN DISPUTE reports that the president is in touch with Niger Delta agitators including the Niger Delta Avengers but the truth is that we are not aware of any peace talk. If there is any such peace talk, it means the president is talking to their mercenaries set to disturb the genuine struggle of the agitators.

“President Buhari-led government is not sincere to the Nigeria people and their foreign allies. If we are to engage in any peace talk, we made it clear that the international community must be part of it. The president knows our demands. So, they should stop deceiving the international oil companies, the general public and the international community,” the NDA spokesperson stated.

responsibility for blowing up NNPC in in Oruk Anam local government area of Akwa Ibom State on July 16, though the Akwa Ibom State Government and the police quickly refuted the claim.

The Disputed Dialogue Considering the havoc being wrecked daily on the Nigerian economy by the militants, the federal government has been variously advised to find a lasting solution to the problem and one of the major steps in this direction is that government should dialogue with them. The United States government on Tuesday, July 4, 2016 said it was better that the federal government dialogued with NDA as a way resolve their grievances in a position expressed by the Public Affairs Section of the US diplomatic mission to Nigeria.

“The U.S. Mission to Nigeria is monitoring reports of attacks and other incidents in the Niger Delta. We share the concerns of all Nigerians about these attacks. Furthermore, the United States remains supportive of efforts, including the promotion of dialogue, to address grievances in the Niger Delta. We encourage all parties to resolve their disputes through peaceful means and emphasise that human rights of all Nigerians must be protected,” it noted in the statement.

“We continue to call on all Nigerians to persevere in efforts to achieve common goals: to end violence and curb the activities of criminal elements; to establish conditions and mechanisms for profound, positive, and lasting changes in the region and to provide economic opportunity and needed services for residents of the Niger Delta,” the statement said.

While the government is showing that it is favourably disposed to the idea of talking with the group, the emergence of another militant group from the Itsekiri area, by name, Asawana Deadly Force of Niger Delta (ADFND), based in Sapele area of Delta State, is proving to be a stumbling block to the plan, hence President Buhari was advised not to dialogue with the NDA, or any militant group but with the leaders of the Niger Delta region.

This was the position expressed by the Center for Peace and Environmental Justice (CEPEJ), which said if the federal government dialogues with the NDA, it would give room for other militant groups to emerge and crave for attention. According to the CEPEJ coordinator, Sheriff Mulade, “The federal government should dialogue with credible leaders from the Niger Delta region and not with militants especially the Avengers and youth bodies because it will give other youth groups the opportunity to carry arms against the state.”

Also, former National Secretary of Labour Party, LP, Mr. Kayode Ajulo, said it is advisable that the federal government involves elder statesman and prominent Ijaw leader, Chief Edwin Clark in the ongoing dialogue with the NDA to ensure speedy and amicable resolution of the crisis.

“I am of the opinion that the best way to resolve the Niger Delta crisis is for the federal government to dialogue with the members of the Niger Delta Avengers. The government I think cannot achieve much with use of excessive force. And that is why I will suggest that in its resolve to engage them, the authorities should include the leader of Ijaw nation, Chief Clark, who will be of great value to the engagement with the militants,” he opined.

But for members of the United Niger Delta Energy Development Security Strategy (UNDEDSS), a coalition of civil society groups in the Niger Delta region, rather than delegate the responsibility of the dialogue with members of the Niger Delta Avengers, President Buhari should personally head the team that will meet with the militants.

The UNDEDSS Secretary General, Tony Uranta, who reiterated his advice in a chat with THISDAY, said this will afford the president the opportunity to find a lasting solution to the problem of insurgency in the Niger Delta.

“In the light of the conflicting statements being made by too many putative representatives of both the region and the federal government”, the UNDEDSS scribe said, “It is necessary to state that the Niger Delta is not going to know sustainable peace via the coterie of so-called contact groups or committees! And, there cannot be any reliable dialogue, between the FGN and the region without a commitment to Justice and equity by President Buhari himself,”

Dalung...claimed to have initiated a dialogue

he said.

The UNDEDSS said President Buhari also needs to revive the moribund platform of the holistic 2009 amnesty that the late Yar’Adua deployed, as one of the remedies to address the “dangerously imploding reality of armed agitation in the Niger Delta.”

According to Uranta, the federal government should adopt what he called the “successful Yar’Adua template of 2009, by appointing a credible Special Adviser on the region and re-establishing the Niger Delta Committee/Council that operated five sub-committees to holistically and sustainably address the challenges identified in the region.”

He said his group, the UNDEDSS and other leading stakeholders in the region have continued to interface with very senior members of the present administration and given them a detailed template that the president should use to resolve the growing insecurity in the region, which is negatively impacting all of Nigeria.

According to the Niger Delta Delta group, what the federal government needs to do is adopt what the 2008 Niger Delta Technical Committee’s Report advises.

The UNDEDSS also listed the release of ten secondary school children and others detained as prisoners-of-war for many weeks since the military’s invasion of Gbaramatu

Our attention has been drawn to media reports that the president is in touch with Niger Delta agitators including the Niger Delta Avengers but the truth is that we are not aware of any peace talk.

If there is any such peace talk, it means the president is talking to their mercenaries set to disturb the genuine struggle of the agitators

kingdom and the return of symbols of Gbaramatu traditional worship.

Most importantly, that President Buhari should address the nation to announce that he would personally lead the revival of the 2009 template premised on a Niger Delta Development Committee under his direct supervision and granting free passage to all stakeholders he is ready to directly dialogue with, as some of the immediate actions towards reassuring the Niger Delta of government’s sincere commitment to justice and equity.

The Dalung-NDA Encounter Though the NDA spokesperson, Mudoch Agbinibo, in a statement last Friday denied claims by President Buhari that his administration was holding talks with the militants to resolve the problem, the Minister of Youths and Sports, Solomon Dalung, some few days earlier had claimed that he travelled to Oporoza in Gbaramatu kingdom, where he said he held a meeting with the Avengers.

During an interview with journalists, he said: “On reaching the community after the two-hour journey on the high sea, I met with the members of the communities, who told me that their dream was to be included in the Nigerian project, that the education facilities and other basic social amenities are almost non-existent in the communities. They also raised concern of incessant attacks by the Nigerian Military.”

Dalung said after meeting with the communities, he was escorted by the Niger Delta ambassadors to the leadership of Avengers, who gave him a hand-written letter specifying their demands, which he said he was yet to present to the president.

Although the Minister said he did not unseal the letter, he said the Avengers had raised three important issues. “The issues include the Niger-Delta Maritime University, pipeline community policing, which they said the government had denied them, and the inability of the government to continue with the amnesty programme established by former President Umaru Musa Yarádua Yar’Adua.”

But as at last weekend, the NDA position as expressed by Agbinibo, was that the group was not in any peace talks with government.

He said they would only hold peace talks with the government if the international community were involved.

“Our attention has been drawn to media

What’s the Road to Peace?

On what can be done to address the problem of militancy in the Niger Delta, a member of the sixth National Assembly, who represented Okene/Ogori Magongo federal constituency of Kogi State, Hon Suleiman Kokori-Abdul, said President Buhari must heed the calls for restructuring Nigeria.

He considers the ethnic fault line as the main factor promoting the violence seen in parts of the country, “For instant, Buhari being the president today from the Northern part of the country is causing the Niger Delta Avengers to be blowing our pipelines because he is not from the Southern part of the country. They are trying to mar or discredit his government, so, the earlier we sit down and talk restructuring Nigeria the better “There is no point trying to stay as one Nigeria and all these are still happening and drawing the country backward. It is either we go back to the regional government system with a ceremonial president or every region for his or her own country Enough is enough! We should call a spade a spade.

Each and every region has one advantage over others so let everyone make maximum use of theirs and move on.

When asked that restructuring seems like a very tall dream because like most previous governments, the Buhari administration does not seem to want go that way, Kokori said: “That is why we are not progressing the way are supposed to progress till today. We need to sit on round table and talk amicably. Is UK not pulling out of EU, did the heaven fall” Mr. Doueyi Fiderikuma, a Yenagoa based legal practitioner, said “I am not sure those boys understand what they doing. Maybe their sponsors do, but not the boys because their activities have nothing to do with the Niger Delta struggle or the restructuring of the federation.”

He said the move to negotiate with the boys is welcome even though he doubts the method being adopted by the government.

According to him, there are many loose militant groups in the region that are independent of each other and have diverse agenda.

He wondered what restructuring or true federalism the boys are asking for, when in December 2008, former President Umar Yar’Adua had in the Petroleum Industry Bill advocated that at least 10 per cent of the nation’s oil revenue must go to the oil bearing communities.

“After the death of Yar’Adua, President Jonathan had the opportunity to ensure this but he never did. Even the Petroleum Minister during this period was from an oil producing state even though her community is not oil bearing, yet they did nothing. So, what are the boys agitating for?”

He stressed that the creation of states or bakanising the country along ethnic or regional line would not solve the problem of the nation. He insisted that the constitution has already given the federating states sufficient autonomy, which precludes the state government from carrying out the laws of the federal government.

Also supporting the view of Fiderikumo, Mr. Anthony Ekpete another lawyer refused to subscribe to the assertion that the nation would be better when divided as being advocated. He stressed that he was of the school of thought as postulated by former Vice-President, Alhaji Atiku Abubakar for a strong fiscal federalism.

He said even though he agreed with some of the things being demanded by the new militant groups in the region, he strongly disagreed with the method they adopted. He said the nation should never be balkanised or divided as being called for by the boys as a smaller country does not mean a better state.

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T H I S D AY • MONDAY, JULY 25, 22016

POLITICS/ PERSPECTIVE

Of Corruption and Collateral Damage The time has come for President Muhammadu Buhari to determine which is more hurting: corruption or its collateral damage, Magnus Onyibe asks

S

ome of us have literarily been at President Muhammadu Buhari’s ‘throat’ over what we deem to be economically, socially and politically rough methods and procedures that the president has been adopting in combating corruption in Nigerian and the catastrophic effects on the nation.

Apart from the evidently obtrusive anticorruption war, another clog in the wheel of progress is the knee jerk and pigeon hole policy initiatives that have led to failed expectations of positive outcomes, as opposed to unleashing a holistic policy package, which could have addressed all identified economic, political and social challenges harmoniously in a timeous manner, without equivocation and thus yield the desired socioeconomic liberation of Nigeria.

By now, it must be clear to all, as it has become incontestable that, it is the economic, social and political fallouts of the brutish pursuit and tunnel vision of eliminating corruption at all costs by this administration that is the culprit for the unprecedented hardship currently putting the nation’s economy on a lockdown.

The fiasco that the economy has been plunged into is reflected in the imminent recession now confirmed by both the IMF in its World Economic Outlook, WEO report and the Central bank of Nigeria, CBN via Governor Godwin Emefiele’s recent testimony to the Nigerian senate.

Other incidents or events signposting the fact that Nigeria and indeed Nigerians are in dire straits are: social upheavals in the north east triggered by Boko Haram terrorism resulting in millions of families being consigned to living miserably in Internally Displaced People, IDP camps; renewed Niger Delta militancy focused on bombing oil facilities that has crippled oil/ gas business and damaged the ecosystem and environment very badly; the recent increasingly violent crimes popping up in the suburbs of Lagos and in fact, across the country in the form of kidnappings and violent attacks on defenceless people by bandits disguised as Fulani herdsmen.

As glaringly disruptive and debilitating as the effects of the anti-corruption war has been on the hoi poloi, whom the president is ostensibly protecting, nobody has considered a change of tactics to ease the pain on the less privileged members of society. This implies that our leaders may be oblivious of the reality of how, cruel, grueling and dreary life has become for the average Nigerian in the past one year.

In the light of the growing and palpable despondency being foisted on the populace, following the economic woes in the country fueling the emasculation of the common man, the rhetorical question elicited by the circumstances would be: which is more hurtful, corruption or the collateral damage of fighting it?

On a scale of balance, the simple and rational answer would be that corruption is more harmful, because it is debilitating and virulent like HIV/aids, Ebola virus and cancer disease combined, but in fighting the malaise, authorities should be careful not to inadvertently throw away the baby and the bath water, otherwise, the collateral damage could be equal, if not more devastating, as we are currently witnessing in Nigeria.

Tell me, who would set a house on fire along with ornate and precious artifacts just to catch or kill a rat? My heart skips a bit when l read online comments by Nigerians, whose backs have been pushed against the wall to the extent that they are now saying something like, BRING BACK GOODLUCK JONATHAN AND PDP with all the warts of corruption, as alleged, simply because life was less hellish under his watch than it currently is.

Understandably, the world economy is presently suffering from bouts of recession, so all is not well globally, but the anticorruption war in Nigeria, being executed after a historic successful transfer of power to an opposition party that trumped the incumbent at the polls, is definitely a major culprit for Nigeria’s current stagflation.

Put succinctly, the financial crisis situation could not have gone south, had the anti-corruption war not exacerbated the situation. The foregoing stems from the fact that while most countries were

Buhari...before the situation gets worse

writhing in and agonising in financial pains, Nigeria came out of the 2008 global recession unscathed due to buffers creatively woven into the financial system.

So, it is possible that the current global recession might not have been as devastating on Nigeria’s economy, had authorities not literarily added fuel to a raging inferno by staging an all-out war against corruption resulting in exodus of funds and businesses from Nigeria at a time we should be courting both.

A strange illustration of the alarming level of poverty in Nigeria was recently made by a pastor in Benue State, who openly complained in an address to the governor that these days, church congregations hardly have enough to drop in offering boxes and attributed the unprecedented situation to the severe financial hardship that the masses are experiencing .

Despite the obvious hunger in the land, those buffeted and cosseted by the paraphernalia of top level public offices and operating within the locus of power in Abuja and the 36 state capitals, are basking in the euphoria that all is well in Nigeria, hence they don’t deem it fit to change tactics.

Such calibre of people are guaranteed their monthly wages unlike the civil servants in 27 states of the federation that are being owed salaries for up to six months in arrears; they are not amongst those, whose children could not graduate from even primary and secondary schools this year due to inability to pay their school fees as they are being owed salaries. There are many more, who as a result of loss of jobs and income arising from the prevailing inclement business environment, could not send their wards to local universities, not to talk of universities overseas as they see fellow parents and their children celebrating in graduation gowns.

They are also not among the long suffering Nigerians, whose livelihood is based on what they earn on a daily basis from engaging in menial jobs such as helping load and unload cargoes in markets, motor parks, sea and airports – erstwhile bustling locations – which now experience little or no activities.

Similarly, they are not amongst those roasting akara (bean balls), corn, yam, etc on the roadsides from which they eke out a few naira with which they survive on a daily basis, but are now experiencing low patronage as their clientele has also been decimated by the bleeding economy.

Finally, they are not amongst the IDPs, who are estimated to be over 8 million nationwide (about the size of nation’s civil servants population), who are living in hellish conditions and those who have lost their loved ones to terrorism as well as the over 200 Chibok school girls unaccounted for, over two years after they were abducted; not to mention their grieving parents, who have been left in the limbo to lick their wounds.

Fair enough, Vice-President Yemi Osinbajo is leading the charge in government’s policy to provide succour to the very poor and down trodden amongst us by way of a social security package featuring free feeding for school children nationwide and payment of N5,000 monthly stipends for the indigent as well creation of 500,000 teachers jobs for the unemployed of which N15bilion has been appropriated in 2016 budget.

The truth is that although the social safety net initiative is noble, the palliatives cannot sufficiently ameliorate the sufferings or steer the masses off the cliff of hunger and starvation allegedly brought upon the country by the outgone regime via massive corruption and now being consolidated by the suffocating policies that the incumbent government has introduced to wipe off corruption.

As earlier stated, we the active members of the commentariat must have riled the president or rankled him enough to make him wonder if we are indeed not part of the cabal – usual suspects – that the anticorruption crusaders refer to each time they allege that when you fight corruption, it fights you back.

Well, those who doubt our motives and wonder how noble and altruistic our intentions are when we ‘call out’ the authorities are implored to direct the economic and financial crimes commission, EFCC and the directorate of state security service, DSS to take closer look at our finances to determine if our bank accounts have swollen as a result of funding by any internal or external influencers.

They should conduct trend analysis to trace the pattern of our social comments to determine if they have not remained pro society since the return of party democracy in the past sixteen years. They could even get the anti-graft agencies to engage hackers to break into our social media accounts to scurry for any sinister motivations as they often do, when desperate to nail enemies – perceived or real.

I loathe to say it, but the simple truth is that since May 29, 2015, when the APC became the ruling party and Buhari ascended the leadership mantle, the political atmosphere in Nigeria has been on the boil as the ruling party and the president have been swimming in the ocean of controversies as intra party crisis have been morphing from one shape to the other like the amorphous amoeba organism.

It is disheartening if not sickening that one year on, the election of principal officers in the National Assembly, which is contrary to the dictates of APC, has remained a bone of contention between the executive and legislative arms of government, with huge collateral damage to good governance.

Amongst other consequences, NASS has dissipated enormous amount of

In my considered opinion, the president does not need more than the above catalogued grim realities to admit that his leadership approach, particularly with respect to his sledge hammer approach to combating corruption which borders on obsession, delay in attending to identified political/economic challenges and reluctance in implementing articulated policy responses, are taking heavy toll on society

energy and wasted precious time in courts in solidarity with their leaders – Senate President, Bukola Saraki’s trial by Code of Conduct Tribunal, CCT or Saraki + his deputy, Ike Ekweremadu, arraigned in federal high court for alleged forgery of their own internal document.

The ongoing cat fight between the executive and legislative arms of government reminds me of the bruising battle of supremacy between the presidency as embodied by Goodluck Jonathan and the Governors’ Forum, personified by Rotimi Amaechi, within then ruling PDP party in the immediate past administration.

Needless pointing out that it was that tussle for power that fractured the PDP and sounded the dealt knell for the erstwhile ruling party, which one of its former chairmen once boasted would be in the leadership saddle of Nigeria for 60 years.

To counteract the executive arm of government’s perceived undue attack on the National Assembly, as the battle rages on within the APC, the parliament has also invited the Minister of Justice and Attorney General of the Federation, Shehu Malami – a symbol of the executive arm of government – for grilling by aggrieved senators.

While all the power show is playing out, policy paralysis has surreptitiously crept in and it is taking its toll with a negative manifestation as national paralysis. This happened because of the seeming lethargy in making the following five policy decisions listed below.

The measures are: (1)The appointment of a cabinet, which took Theresa May, the new British Prime Minister only a couple of days, took six months in Nigeria and dragged the economy down as the world waited endlessly for clarity on the direction of the new government. (2)The budgeting process which became rancorous owing to accusations and counters about padding and other improprieties by civil servants, pitted the legislative and executive arms of government against each other, as they tried to outshine one other in their obsession with who the public would perceive as having the highest integrity.

Consequently, we have a budget that got approved nearly half way through the year and of which capital release is still a mirage (3) The decision to remove the obnoxious fuel subsidy, which could have been made from the day President Buhari was sworn into office was eventually accepted nearly one year after assumption of office and after about three months of persistent fuel shortages that nearly grounded the nation.

(4) The agreement to float the naira was not reached until a full year had lapsed and investors had become weary of the lack of a clear policy vision of government, which appears not have been hinged on any sound underpinning economic principle.

(5)After reneging on the previous amnesty for militants brokered under the watch of former President Umaru Yar’Adua, (of blessed memory) by not making provision for its continuation in 2016 budget, no clear strategy has been crafted on how to maintain peace in the volatile Niger Delta region to ensure that oil production goes on unhindered.

More so since the region is the treasure trove of the nation, which should be guarded jealously, if the foregoing policy initiatives were taken holistically and simultaneously as soon as APC took over the reins of government a little over one year ago, the nation’s economy now in a cliff hanger, could have been pulled back from the precipice.

One conventional wisdom, which seems not to be obvious to Aso Rock villa occupants is that life is dynamic and as the popular saying goes, time waits for nobody. Another impotent wise crack in pidgin English “Time na money” obviously has not been taken to heart by those pulling the levers of authority or those in the apogee of power, hence the unofficial policy of government appears to be slow and steady wins the race, which is an anathema in this age of cut throat competition amongst nations for investments and markets.

See concluding part on www.thisdaylive.com

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MONDAY, JULY 25, 2016 • T H I S D AY

FEATURES

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

Hidden Scars: A Responsibility Abdicated?

Today, about half of 80 million Nigerian children are reportedly in danger of various societal crimes, chiefly sexual abuse, Chineme Okafor writes

“I

was nine years old when my father started sleeping with me. He called me to come, I went and answered him. Then, he now said I should lie down. I didn’t know what he was doing. He said I should remove my clothes, and I removed my clothes, then he slept with me,” Blessing, a 17-year-old teenage girl from Nigeria’s Plateau State told a team of documentary film makers.

The documentary titled ‘Hidden Scars’ was produced for the United Nations Children Fund (UNICEF) by the Media Information and Narrative Development (MIND), a Nigerianbased Non-governmental Organisation that uses media to strengthen voices that are usually unheard.

THISDAY recently had the pleasure of viewing this documentary in Abuja, and it contained very sickening challenges of Nigeria’s children who are confronted with all forms of abuses. It also leaves one asking who these abused children can trust with their stories perhaps for support?

“My father used to sleep with me when my mother is not around. I decided to talk to her, I was telling her, ‘Mummy, look at what Daddy is doing to me. Daddy is sleeping with me.’ She didn’t answer me, she refused to believe me. She said, ‘you this small girl, what do you know? My husband will not do this kind of thing to my daughter,’” Blessing said.

Her mother, she added, “just look at me like I am nobody. I didn’t know what to do. I was lonely. I have never told him to stop having sex with me because I knew what he was going to do to me if I refuse to allow him,” she stated.

Sadly, Blessing shares similar painful fate with 11-year-old Aisha from northern Gombe State who was abused in her local primary school by a caregiver.

For Aisha, her sexual abuse happened within the earliest years of her life. Her abuser, a very older male was reportedly serial in his acts in her school because as told by Aisha, he previously abused other young girls before her.

“I think I was about four or five years old when he did it to me behind the house.

He removed my skirt, he laid with me. I screamed but nobody was in the place.

“Even in school, they said it…They said he had done it to another girl behind our

class. He is the one that sweeps our class. His house is close to the place,” Aisha narrated how her own painful fate started.

Blessing’s and Aisha’s stories do not only indicate that there could be a flourishing trend in child abuse in Nigeria, but that there could equally be good evidence that the society may have adopted a hard-line stance not to respond to these developments.

It also reveals that even when abused children decided to speak out on their travails, their voices were often shutdown by structured efforts from the society. This way, no actions against their bullies ever succeed.

Such unfortunate narrative in March 2016 surfaced at the Queens College, Lagos, when the management of school perhaps decided it will shield its corporate image than pursue the claims of a young female JSS 2 pupil against one of its teachers accused of sexually assaulting her. The school was subsequently supported by the federal government.

Queens College was established in October 10, 1927 and is widely considered to be one of the top female schools on the African continent, but it reportedly threw its weight behind Olaseni Oshifala , a Biology teacher accused by a parent, Mrs. Chinenye Okoye of forcefully trying to kiss and touch the private parts of her daughter, the pupil.

According to Mrs. Okoye , the teacher had accosted her daughter on her way back from relieving herself just before lights out and assaulted her. She alleged her daughter screamed to attract other students but the teacher subsequently left after pretending to punish her.

Her allegation reportedly forced the college alumni to convene an emergency meeting, as

He said I should not dare tell anyone, if I do, he will come in the night and kill me. I did not tell anybody because if I tell, I would be beaten and I might be cursed

Aisha, abused by a caregiver

Aisha...abandoned by government well as a response from the school’s principal, Dr. Lami Amodu who pronounced the teacher innocent of the claims.

Amodu in her support of the teacher had reportedly said: “When I resumed work here, I was told a few unsavoury things about him.

But investigations showed that each time a new principal resumed at Queens College,

these allegations popped up. They would tell every new principal that Mr. Olaseni is a molester. But after investigations, nothing concrete came up.

“My predecessor, whom we just sent forth today, told me the same thing. So, it has been a recurring decimal, these allegations.”

She added: “There was a campaign of

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T H I S D AY • MONDAY, JULY 25, 2016

FEATURES

Child abuse is a growing norm in Nigeria

In danger of abuse, young pupils

We went to the authorities together and they asked me some questions. They now told my mother to keep quiet and not say anything, then I told them and they said they don’t believe me

Ag. Inspector General of Police, Ibrahim Idris..should bring the culprits to book

calumny against Mr. Osifala who happens to be the best teacher in our school.”

Recently, the federal government through its Minister of State for Education, Prof.

Anthony Anwukah also reinforced Amodu’s vote of confidence on and trust for Osifala when it disclosed that its investigation into the allegations yielded nothing substantial

enough to indict Osifala.

It said within two weeks of investigating the allegation, it found nothing to validate the pupil’s claims, and so ruled it off.

Child rights advocates however said such development was questionable, adding that Osifala may have been handed an institutional licence to abuse just as Blessing’s mother handed her husband a license and the police gracefully gave the same license to the man that abused Aisha as she recounted in her story.

Nigerians as told by anthropologists have a reputation for talking big. The nation is that of big talkers who take every opportunity to talk big, from her politics to her football, but it would seem that it is losing its voice in the

face of this looming crisis that threatens to drive the voices of a rapidly growing number of her abused children underground, leading instead to a situation of cold complicity that forces abused children to hide their scars.

Aisha aptly paints how caught in-between, an abused child can be struggling “to say” or “not to say”.

According to her, “He said I should not dare tell anyone, if I do, he will come in the night and kill me. I did not tell anybody because if I tell, I would be beaten and I might be cursed.

“How my mother found out what happened was when she went to the bathroom to take a bath. She saw that my pant was stained with blood and she cornered me in the room.

“She said if I do not talk, she will slaughter me. That was when I told her, I told her what was happening. She felt bad and started crying,” the young girl added.

Further from the documentary, Aisha’s mother who opted to report to the authorities despite the attendant stigma that easily came with such cases, did not succeed in her efforts.

She, it was disclosed wanted justice for her child, but the police in Gombe were unwilling to make it happen for her. And while she pushed to amplify her daughters’ voice and story, the police rather chose to ignore Aisha’s story in reminiscence of what may have been the case with the Queens College’s allegations which the government concluded its investigations on within just two weeks.

“We went to the authorities together and they asked me some questions. They now told my mother to keep quiet and not say anything, then I told them and they said they don’t believe me,” added Aisha in a tear filled eyes while she recounted the encounter her family had with the authorities.

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IMAGES

L-R; Dean, School of Communication, Lagos State University Prof. Rotimi Olatunji; Vice Chancellor, Prof.

Olanrewaju Fagbohun; MD/CEO CMC Connect Group, Yomi Badejo-Okusanya and Former Dean, School of Communication, Lagos State University, Prof. Lai Oso at the 2nd Annual Lecture of the School of Communication where Yomi Badejo-Okusanya the Guest Speaker delivered a lecture on ‘Corruption, Image-making, National Development & the Role of Marketing Communications’ in Lagos recently.

Special Assistant on ICT, Prince Aja Nwabueze; Prof. Bernard Odoh, Secretary to the State Government (SSG), representing Ebonyi State governor; CEO, Vine Advisory Partners Ltd, Mrs. Bola Allison; Ebonyi State Commissioner for Conflict Resolution and Border Peace, Mrs. Elizabeth Ogbaga; and the South-east Regional Manager, Unity Bank, Dr. Cliff Agbaeze, at the commissioning of Ebonyi State Infrastructure Monitoring and Compliance Agency (EBIMCA) in Abakaliki, Ebonyi State...recently

T H I S D AY • MONDAY, JULY 25, 2016

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

L-R: Group Managing Director, Res-q Digital Ltd, Lekan Abioye; Lead Strategist, Jumoke Omoniyi; Digital expert, Wale Ogunjobi; and Business Lead, Dapo Ladipo, during the unveiling of Res-q Digital, in Lagos…recently

L-R: All Progressive Congress (APC), Governorship aspirant in Ondo state, Sen. Robert Ajayi Boroffice, receiving Interest Form from National organizing Secretary, APC, Sen. Osita Izunaso at party’s National Secretariat in Abuja..recently ENOCK REUBEN

L-R: Executive Director, Finance, Auwalu Babura, Deputy Group Managing Director, Sola Obabori; Head, Courier Regulatory Department (CRD Nipost, Dr Simon Umeje; Group Managing Director, Sule Bichi; Executive Director Sales and Marketing, Victor Ukwat; Divisional Managing Director, Charles Ejekam, during Management of Red Star Plc courtesy visit to Courier Regulatory Department of Nipost in Lagos... recently

L-R: Director, Legal & Regulatory, Shola Adeyemi, and the Chief of Staff to the Executive Vice-Chairman, Nigerian Communications Commission (NCC), Usman Mallah, during the “Corporate Governance Forum: Review of the Industry Code” organised by NCC in Lagos...recently

v-R: South African High Commissioner to Nigeria, Ambassador Aaron Mnguni; Tanzanian High Commissioner to Nigeria, Ambassador Daniel Njoolay; and the National President, Nigeria Labour Congress (NLC), Ayuba Wabba, during the 40th anniversary of the Soweto Uprising in Abuja...recently ENOCK REUBEN

L-R: Corporate Affairs Adviser, Nigerian Breweries, Mr Kuphre Ekanem; Ogun State Commissioner for Commerce and Industry, Chief Bimbo Ashiru; the Packaging Manager, Nigerian Breweries, Ota, Mr. Johnson Ejemogo; and the permanent secretary of the ministry, Mrs Modupe Bosede, during facility tour of the company...recently

23

T H I S D AY • MONDAY, JULY 25, 2016

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 24.3333 17.9243

3-MONTH 6-MONTH

A S 18.4765 19.301

A T

NITTY 1-MONTH 2-MONTH 3-MONTH

J U L Y 12.6447 12.9717 13.4370

Group Business Editor Chika Amanze-Nwachuku Email chika.amanzenwachukwu@thisdaylive.com 08033294157

2 1 , 6-MONTH 9-MONTH 12-MONTH

2 0 1 6

14.3684 15.0135 16.6335

EXCHANGE RATE 307.98/ 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Firm Lists Benefits of e-Commerce

YOU ARE THE BEST

L-R: Marketing Director, Keppel, Gilberto Israel, Chairman, Petroleum Technology Association of Nigeria (PETAN), Bank-Anthony Okoroafor; President, Keppel Brazil: Marlin Khiew; and QHSE Director Keppel Brazil: Gonzalez Munoz, at the Keppel BrasFELS Shipping Yard in Brazil …recently

Analysts Predict Worsening Consumer Confidence in Nigeria Obinna Chima Analysts have predicted that consumers in Nigeria would come under further strain in the second half of the year as a result of the weakness in the naira, petrol price as well as an anticipated hike in interest rate.

Consumer confidence is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending.

Nigeria’s Consumer Price Index (CPI), which measures inflation, rose by 0.9 per cent to an 11-year high of 16.5 per cent in June compared to 15.6 per cent in May, the National Bureau of Statistics (NBS) revealed last week. That

ECONOMY was the fifth consecutive month that the headline index rose.

The increase in the month under review was attributed to energy prices, imported items and related products, which continued to be persistent drivers of the core sub-index.

To this end, Johannesburgbased sub-Saharan Africa Economist at Renaissance Capital (RenCap), Yvonne Mhango, noted in a report titled: “Nigeria’s troubled consumer Petrol price, naira and interest rates,” that a recovery in oil output would help lift consumption.

This, she however stressed may not be in the near term as government’s talks with the Niger Delta militants is likely

to be protracted.

She pointed out that the consumer sentiment of the majority of Nigeria’s households has been negative for five years. This is according to the consumer confidence index (CCI) which has been negative since third quarter 2011. The index is based on a quarterly survey of 2,000 households. It reflects respondents’ views on the economic climate, family wealth and family income.

A negative index indicates respondents with an unfavourable view exceed those with a favourable view.

“We found Nigeria’s consumer confidence to be correlated with the petrol price, FX rate, interest rates, and oil output (in order of strength).

Our outlook on the consumer is premised on our view of the aforementioned variables.

“In import-dependent Nigeria, where all fuel and one-quarter of the food consumed are imported, it comes as no surprise to us that consumer confidence and the more market-driven parallel FX rate are negatively correlated. This correlation tells us that a weaker (stronger) naira dampens (ameliorates) consumption, as consumer goods become expensive (cheaper).

“As we see the naira weakening further in the short term, consumer confidence is likely to worsen and consumption fall.

Continued on page 24

Investors Trade N49trn Fixed Income Securities in Six Months Goddy Egene

Investors staked a total of N48.72 trillion on fixed income securities and currencies on the FMDQ OTC Securities Exchange between January and June 2016.

According to statistics obtained by the THISDAY, N22.5trillion was invested in the first quarter of 2016, N9.43trillion in April, N7.43trillion in May and N9.36trillion in June, amounting to N48.72trillion in six months.

A breakdown of the performance in June showed that activities in the Treasury bills (T.bills) market remained dominant, accounting for 38.14 per cent of total turnover while

CAPITAL MARKET Secured Money Market (Repurchase Agreements (Repos)/ Buy-Backs) came second place, accounting for 26.5 per cent.

Total Foreign Exchange (FX) market transactions accounted for 26.07 per cent, while Federal Government of Nigeria FGN bonds and Unsecured Placements/Takings accounted for 4.85 per cent and 4.34 per cent of the total turnover respectively.

FMDQ explained that milestones were recorded in the FX market as the Central Bank of Nigeria (CBN) took steps to restructure the market.

“The apex bank released

revised guidelines for the FX market, effectively liberalising the market, and appointed Foreign Exchange Primary Dealers (FXPDs). Furthermore, in a very bold and decisive move, the CBN cleared the backlog of transactions in the market via a one-time Special Secondary Market Intervention Sales (SMIS) auction. Accumulated backlog totalling $4.02 billion, was cleared with $0.53 billion (13.24 per cent) settled spot and the remaining 86.76 per cent ($3.49bn) spread over one to three months forward contracts,” it said.

The exchange added that on June 27, Naira-settled OTC FX Futures product was also

introduced into the Nigerian FX market with the CBN as the pioneer seller. “The CBN offered twelve (12) consecutive monthly contracts with initial notional amounts of $1.00bn each. OTC FX Futures Contracts totalling $38.80 million were executed by the end of the month,” the exchange said.

Based on the reform in the market by the CBN, transactions in the FX market settled at $7.51 billion in June, an increase of 83.82 per cent compared with the value recorded in May. Turnover in the fixed income market settled at N4.02trillion, showing increase of 2.05 per cent Continued on page 24

A new entrant into the international e-commerce space, Mall for Africa (MFA) has stressed the importance of e-commerce platform to the economy, saying that it will help break down barriers to international commerce by addressing the needs of foreign exchange and global shipping.

Accordingtoastatement,foundedbyChrisFolayanandTopeFolayan, MFA was established as a bridge to the world and a solution to the peculiar challenges experienced by the Nigerian/ African shopper.

The statement explained that the concept of the business was based on the need to provide a seamless, easy, secure and efficient way for Africans to shop directly from international stores.

“Itisthefirst–of-its-kindonlinemallwhichwouldallowNigerianshoppersbuyonlinewithouthavingtobotherendlesslyaboutpickingupand forwarding purchases. Currently operational in Nigeria, Kenya, the UK andtheUS,ithasamarketexpansionvisionofprovidingserviceacross subSaharanAfricaandincludingonitslistofstoresNigerianbusinesses, who seek to expand their service provisions across the continent.

“MallforAfricaexiststomakelifeeasyforindividualbuyers,business owners and procurement officials. Through its application and on line platform, buyers can shop any store in the UK and the US such as Amazon, E-bay, and have their items delivered anywhere in the Country. They can select the items they want and with four clicks have the items purchased and shipped to them in Africa,” it added.

Furthermore, it explained that customers have access to over 180 stores in various categories such as fashion, electronics, auto parts, and much more, adding that a further advantage to shopping with MFA is the elimination of needless extra luggage charges. It currently has pickup locations in Lagos, Abuja, Kano, Ibadan, Port Harcourt, Bayelsa andWarri with plans to expand to other cities soon.

ConocoPhillips to Cut Jobs

ConocoPhillips will lay off approximately 6 percent of its global workforce,theexplorationandproduction(E&P)companyconfirmed to Rigzone in an email.

ConocoPhillips, which has headquarters in Houston, has undertaken a series of cost-reduction measures over the last 18 months in response to the industry downturn, ConocoPhillips spokesperson Daren Beaudo told Rigzone.

Beaudo said ConocoPhillips has significantly reduced its capital activities and finished some major projects, leaving the company with “more organisational capacity” than it needs.

“Wehavebeentransparentwithemployeesthatwewillhavetargeted workforce reductions in certain areas of our business to align our organisational capacity with future activity levels,” Beaudo said.

North America will be impacted the most by the job cuts.

In February, ConocoPhillips chairman and CEO Ryan Lance said oil and gas companies would have to plan for the worst case scenario in the case oil prices remain low.

Thecompanyloweredits2016capitalbudget11percentto$5.7billion in April, which was driven primarily by cuts to deepwater exploration, deferrals and lower costs across the portfolio, Bloomberg reported.

Keppel Sees Prolonged Dearth of Oil-Rig

KeppelCorp.,theworld’slargestbuilderofoilrigs,seeslittleprospect of an improvement in global demand amid a supply surplus that’s caused quarterly profit to fall to the lowest in almost a decade.

Thecompanymayconsiderreducingitsworkforceandmothballing somefacilitiesinitsrig-buildingoperationsbecauseofexcesscapacity, the Singapore-based company said Thursday. Keppel Offshore & Marine Ltd. has already shrunk its workforce by about 11,000 and subcontractor headcount by some 8,500 since 2015, according to Chief Executive Officer Chow Yew Yuen.

“It’s about hunkering down,” Keppel Corp. Chief Executive Officer Loh Chin Hua said at a briefing. “What we have seen in the industry, it’s not just about oil prices. We have to look at the oversupply of rigs and the current situation with the traditional customers.”

Keppel sees a long, harsh “winter” in its rig-building business after net income fell 48 percent in the second quarter to S$205.8 million ($152 million). The company is among Asian shipyards that have cut jobs and are considering dock closures after oil prices more than halved in two years, leading to a slump in orders for offshore drilling and production, deferrals and cancellations.

“There are definitely things the women can do differently; there are definitely advantages of having a diverse management with women in it” Managing Director of Lagos Deep Offshore Logistics Base,

Dr. Amy Jadesimi

24

T H I S D AY • MONDAY, JULY 25, 2016

BUSINESSWORLD ANALYSTS PREDICT WORSENING CONSUMER CONFIDENCE IN NIGERIA

The downside for the consumer may be mitigated by the fact that most imports are being transacted at the parallel FX rate,” she added.

Mhango predicted that the interbank FX rate would peak at N390/$1, “albeit temporarily, if genuine price discovery were permitted, before retracing to N320-350/$1 in the first half of 2017.”

“Fuel’s importance in Nigeria’s economy cannot be understated. Not only is it necessary for vehicles that transport passengers and distribute goods, it also powers houses and factories.

So, when fuel prices increase, the share of disposable income leftover for other goods and services falls.

“We believe this explains the negative correlation between petrol prices and consumer confidence. A weakening naira implies that petrol prices are set to increase in the short term.

As incomes in Nigeria are flat or falling, higher energy prices mean less disposable income available to consume other goods and services.

“When the lending rate is increasing (decreasing), consumer confidence falls (improves). This is what the negative correlation between the two variables tells us. This may surprise those that know Nigerian households to be underleveraged, in part due to low credit penetration, compared with, say, Kenya.”she added.

INVESTORS TRADE N49TRN FIXED INCOME SECURITIES IN SIX MONTHS

above the previous month’s value, with transactions in the T.bills market accounting for 88.71 per cent of the turnover.

Outstanding T.bills closed the month at N5.28 trillion whilst outstanding FGN bonds increased 1.73 per cent to close at N6.57 trillion. Trading intensity in the Fixed Income market settled at 1.24 and 0.07 for T.bills and FGN bonds respectively, with maturities between one month to three months being the most actively traded in June.

Group Business Editor

Chika Amanze-Nwachuku 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 (Maritime) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

FG to Partner NPA on Maritime Security Eromosele Abiodun The federal government has said that it will collaborate with the new management of the Nigerian Ports Authority (NPA) to ensure adequate security within Nigeria’s waterways.

The Minister of Transportation, Rotimi Amaechi stated this, weekend in Lagos at the commissioning of NPA’s Command, Control, Communication and Intelligence System (CCCIS).

CCCIS is a cutting edge security technology, capable of tracking, recording and delivering ships movements within the country’s ports domain.

The facility, the minister stated, will significantly boost the nation’s security and ensure increased revenue from the sector.

He said: “With the installation, maritime activities within and beyond the six Nigerian Ports of Lagos, Port Harcourt, Calabar, Onne, Warri can now be meticulously monitored, simultaneously in Lagos. This achievement is a remarkable milestone in the development of the nation’s port operational system.

It is pertinent to note that the development of this facility began with an approval in 2013 with the aim of providing business Intelligence for the movement of vessels and Cargoes, as well as providing improved and secured communications within our waterways. It will lead to enhancement of efficiency within the nation’s seaports.”

The minister explained that the infrastructure comprises “long and short range video

surveillance monitoring systems, as well as several other software applications which are in line with the International Maritime Organisation (IMO) Convention for the Safety of Life at Sea (SOLAS) and the Ships and Ports Security (ISPS) Code.”

Amaechi assured the international community that Nigeria as an IMO member remained committed to upholding the thrust of the organisation in the areas of safety, security, environmental protection and trade facilitation.

He stressed that he was not in doubt that the, “conceptualisation, development and installation of the CCCIS by

the NPA will in no small way promote the ratings of our ports, by the IMO.” Speaking earlier, the Managing Director of NPA, Ms. Hadiza Bala Usman said by virtue of the facility the NPA as a worthy stakeholder, would now be capable of assisting the country to surmount security and safety challenges, within Nigeria and the entire Gulf of Guinea.

This, she stated, is alongside the capability of an interface with other relevant stakeholders, to track as well as record maritime security breaches.

“This technology will enable the Nigerian Ports Authority, not

The Nigeria Indigenous Association of Manufacturers (NIAM) has urged Nigerians to support President Muhammadu Buhari’s efforts to boost local manufacturing, noting that this would help the economy to be selfsufficiency in food production and reduce over reliance on importation.

Secretary General of the association, Umaru Farouq Abdullahi, made the remark at a media parley weekend, stating that the association was fully in support of the drive of the president to reduce the volume of imported goods coming into Nigeria.

He called on Nigerians to stop heavy reliance of foreign made goods in order to discourage importation and encourage local production.

He also enjoined the public to change their mentality about locally made goods, saying: “Nigeria made goods are superior to foreign made goods.”

Abdullahi stated that the association was committed to ensuring that the country makes good use of its foreign exchange, through the sale of locally manufactured goods, even as he called for support

as block revenue leakages, “she said.

She added: “It is pertinent to note that this project comprises of the Marine Operational Centre (MOC), which will enable the actual monitoring of vessels ; the Network Operations Centre (NOC) which is the support; and infrastructure data base, that stores all information, including recorded videos.”

The facility, she added, covers maritime activities in the nation’s six ports and four pilotage districts. She added that the facility should be seen as a running project, representing a journey, and not a destination.

FOR EFFECTIVE COMMUNICATION

L-R: Group Head, Communications and Marketing, Smile Communications Nigeria Limited, Nicolene Van Zyl; Group Managing Director, Godfrey Efeurhobo; and Chief Corporate Services Officer, Tobe Okigbo, at the unveiling of the lowest 4G LTE Voice Call rate in Nigeria by Smile Communications Nigeria Limited in Lagos…recently

Manufacturers Urge Nigerians to Support FG’s Policies Ugo Aliogo

just to generate adequate revenue, but also to ensure that all revenue leakages are blocked, in furtherance of the federal government efforts towards revitalising our economy. Let me reiterate that in the days ahead, the NPA will be playing pro-active roles in the digital space, ensuring that there is synergy and collaboration amongst relevant agencies such as the Nigerian Navy, the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Customs Service (NCS) and other security and intelligence agencies, for the purpose of sharing information, documentation to enhance maritime safety, security, as well

for local manufacturers such as Dangote, Erisco Foods, the Aba manufacturers, and the Onitsha traders in their drive to stimulate economic growth.

The association scribe stated that the farmers should not be left behind, because they are the backbone of food sufficiency in Nigeria, noting that during the period when agriculture was the mainstay of the economy, importation was very minimal due to local production.

He expressed dismay that the country at the moment cannot manufacture goods for local consumption and feed its population, stressing that this attitude cannot continue to drag the country behind in area of food production in the comity of nations.

Abdullahi stated that the association was committed to ensuring that Nigeria improves in the quality of what it produces.

In his remark, the National President of NIAM, Eric Umeofia, stated that the administration of President Buhari was highly committed to ensuring that Nigerians receive the dividends of the change agenda and appealed for support for the administration.

Umeofia called on commercial banks to support local

manufacturers with loans in order to boost local production.

He added: “We need to have a change of heart in the government sector.

It is very bad that we are not proud of what we are producing here in Nigeria.

In developed societies they produce for local consumption and exports. The President cannot do everything; the agencies responsible such as NAFDAC are not encouraging locally manufactured goods.

Foreign exchange is been given to importers without considering the indigenous manufacturers.

“It is sad to state here that banks are not supporting the local manufacturers. I want to urge them to support local manufacturers in order to boost job generation in the next five to six years. As an association, we are concerned about the welfare of the ordinary Nigerian through food production. I want to urge Nigerians to support made in Nigeria goods and not encourage importation.

State governments should give industrial supports to manufacturers producing in their states. Nigeria should think of diversifying towards agriculture, and reduce the reliance on oil wealth.”

Customs Agents Move against New Exchange Rate Policy Eromosele Abiodun The National Council of Managing Directors of Licensed Customs Agents (NCMDLCA) has called for an immediate suspension of implementation of the new exchange rate, insisting it contravenes the Central Bank of Nigeria (CBN) monetary, credit, foreign trade and exchange policy guidelines.

In a petition to the Minister of Finance, Mrs. Kemi Adeosun, signed by NCMDLCA’s National president, Lucky Amiwero, the association requested that the guideline for the Central Bank, the Federal Ministry of Finance Import guideline and the grace period should apply to importation in line with the provision of the law and principle of international best practice.

Doing so, the association stated, will create consistency and transparency in Nigeria’s import trade.

In the petition titled, “Grace Period and the Application of Exchange Rate on Importation of Goods, the associaion stated: “The guideline stipulates in paragraph 4.2.4 on import duty payment procedures that import duty payable on items registered under Form, “M” transactions whether or not valid for foreign exchange, shall

be calculated on the basis of CBN prevailing exchange rate on the day the Form “M” was approved.

“The Federal Ministry of Finance Import guideline in page 8 paragraph (H)-(2) Clearly states, All import shall continue to be assessed for duty at the C.I.F. Value of the goods using the rate of exchange on the approve e-Form ’M”.”

The association added: “The Exchange Rate policy is determined under section 16 of the Central Bank of Nigeria Act No.7 of 2007 that regulates and issues guideline in respect to the application of rate of Exchange. The provision under the Customs and Excise Management Act section 78 addresses the issue of Fiscal Policy on Importation, which excludes Exchange rate that is the Legal responsibility of Central Bank to intervene, regulate and publish Guideline in line with their legal mandate.

“Grace periods are associated with the implementation of changes on import trade both Fiscal and Monetary in line with Federal government practice based on international best practice on International trade. The Ministry of Finance in most of the Fiscal policy based on international best practice extents grace period for 90 (ninety) days to accommodate transactions that has been concluded.”

25

T H I S D AY • MONDAY, JULY 25, 2016

BUSINESSWORLD

MARKET REPORT

Market Sheds N393bn as Weak Earnings Keep Investors Away Goddy Egene and Nosa Alekhuogie

maintained its leadership of the activity chart in volume terms with 1.148 billion shares valued at N4.861 billion traded in 11,668 deals, thus contributing 85.01 per cent and 52.34 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 73.190 million shares worth N238.895 million in 1,058 deals. The third place was occupied by the Consumer Goods Industry with a turnover of 60.336 million shares worth N2.409 billion in 3,041 deals.

Skye Bank Plc, United Bank for Africa Plc and FBN Holdings Plc accounted for 573.927 million shares worth N1.250 billion in 3,745 deals, contributing 42.51 per cent and 13.46 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 11,420 units of Exchange Traded Products (ETPs) valued at N136,400.05 executed in 42 deals, compared with a total of 941 units valued at N2.646 million transacted last week in 22 deals.

A total of 13,550 units of Federal Government Bonds valued at N14.061 million were traded in 6 deals compared to a total of 44,381 units of Federal Government Bonds valued at N44.679million transacted last week in five deals.

The Nigerian equities market declined for the fourth consecutive week as weak second quarter (Q2) corporate earnings, news of profit warning and notification of late filings of results combined to further dampened investors’ sentiments.

After falling by 0.17 per cent the previous week, it was expected that Q2 corporate numbers will lift the market last week. However, that was not to be as most of the companies turned in weak performances.

Unilever Nigeria Plc, Cadbury Nigeria Plc and Courtville Business Solutions Plc recorded decline in Q2 bottom-lines, while Lafarge Africa Plc ended the period with a loss.

In reaction to this development, most investors stayed away from the market. Consequently, the Nigerian Stock Exchange (NSE) benchmark index, the All-Share Index (ASI) fell by 3.98 per cent to close at 27,659.44, while market capitalisation shed N393 billion to be at N9.5 trillion.

Similarly, all the sectors closed lower except the NSE Consumer Goods index, which appreciated 0.9 per cent on the account of gains recorded by Nigerian Breweries Plc. But the NSE Banking index led others, falling by 7.3 per cent, followed by the NSE Industrial Goods Index that depreciated by 7.1 per cent. The NSE Insurance and NSE Oil & Gas Indices went down by 3.1 per cent and 0.9 per cent respectively.

Daily Performance Summary The market resumed on Monday on bearish note with the NSE ASI depreciating by 0.25 per cent to close at 28,733.90 points, compared with the gain of 0.36 per cent on Friday. The depreciation recorded in the share prices of Lafarge Africa, Oando Plc, Ecobank Transnational Incorporated, Cadbury Nigeria Plc and FBN Holdings were mainly responsible for the decrease recorded in the index. Similarly, the market capitalisation depreciated by 0.25 per cent to close at N9.87 trillion.

On Monday, Oando Plc sent a profit warning to the market, saying it would record lower earnings for the Q2 ended June 30, 2016. According to the company, the lower earnings would result from the impact of the Naira devaluation by the Central Bank of Nigeria (CBN) that is expected to amount to an unrealised foreign exchange loss arising from United States dollars (USD) denominated liabilities, outstanding bank trade facilities as well as vendor payables.

“As at the time of the devaluation the company had USD denominated borrowings of $260 million in our Naira dominated earnings businesses, consisting of ~$68 Million in core loans, $89 million in bank trade facilities, $83 Million in asset financing and $21 million in other payables. A 40 per cent devaluation in the value of the Naira against the US dollar from the bank rate of N199.00:$1.00 to N280.00:$1.00, has effectively resulted in these significant foreign exchange losses which we have prudently booked into our financial statements,” Oando said.

The bearish sentiments were sustained on Tuesday as the NSE ASI declined by 0.9 per cent to

close at 28,488.56 points whilst market capitalisation contracted

by N84.2 billion to settle at N9.7 trillion. The market was dragged by further selloffs in Guaranty Trust Bank (-4.0 per cent), Lafarge Africa Plc (-3.0 per cent), ETI (-5.1 per cent) and Zenith Bank (-1.7 per cent) likely due to recent notifications of late filling of Q2:2016 results.

The market declined further on Wednesday, falling by 0.94 per cent to be at 28,221.18 points. Market capitalisation shed N91.8 billion to be at N9.7 trillion. The bears were attracted by Dangote Cement Plc(-1.3 per cent), Zenith Bank Plc (-4.0 per cent) and Oando Plc (-9.6 per cent). Market activity revved up as volume and value traded appreciated 28.0 per cent and 33.4 per cent to close at 309.7 million units and N2.1 billion respectively.

Similarly, trading on Thursday remained bearish, leading to a decline of 0.79 per cent to close at 27,997.29. The depreciation recorded in the share prices of Zenith Bank, GTBank, Nestle, FBN Holdings and Guinness were mainly responsible for the loss recorded in the index.

The total value of stocks traded was N1.80 billion, down by 13.53 per cent from N2.08 billion recorded the previous day.

On Friday, which was the last day of the week, the market shed 1.21 per cent to close at 27,659.44 points.

The depreciation recorded in the share prices of Access Bank, Dangote Cement, Flour Mills of Nigeria Plc,

FBN Holdings and Stanbic IBTC were mainly responsible for the decline.

Market turnover Meanwhile, market recorded a turnover of 1.350 billion shares

TOP TEN BROKERS(BY VALUE)

worth N9.287 billion traded in 18,679 deals last week, compared with of 1.149 billion shares valued at N13.616 billion that exchanged hands the previous week in 21,868 deals.

The Financial Services Industry

AS AT LAST FRIDAY

BROKER

VALUE

% VALUE

EFCP LIMITED

3,110,588,448.56

16.71

RENCAPSECURITIES(NIG)LIMITED STANBICIBTCSTOCKBROKERSLIMITED CSLSTOCKBROKERSLIMITED

1,963,498,812.44 1,763,292,040.97 1,325,413,604.63

10.55 9.47 7.12

AFRICAN ALLIANCE STOCKBROKERS LTD INVESTMENTONESTOCKBROKERSINTLLTD-BRD PRIMERA AFRICA SECURITIES LTD CARDINALSTONE SECURITIES LIMITED FBN SECURITIES LIMITED MORGAN CAPITAL SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER TRW STOCKBROKERS LIMITED FBN SECURITIES LIMITED MORGAN CAPITAL SECURITIES LIMITED

1,070,227,937.975

5.7

680,736,459.34 566,821,690.78 477,781,485.14

3.66 3.04 2.57

451,263,982.91

2.42

354,252,134.10 11,763,876,596.84

1.90 63.19

AS LAST FRIDAY VOLUME %VOLUME 212,924,635

7.88

151,339,136

5.60

149,462,342

5.53

PRIMERA AFRICA SECURITIES LTD

134,600,151

4.98

EFCP LIMITED

129,126,852

4.78

GOLDEN SECURITIES LIMITED

99,157,443

3.67

STANBIC IBTC STOCKBROKERS LIMITED

89,151,090

3.30

RENCAP SECURITIES (NIG) LIMITED

84,517,530

3.13

AFRICANALLIANCESTOCKBROKERSLTD

83,007,813

3.07

CARDINALSTONE SECURITIES LIMITED

82,057,639

3.04

1,215,344,631

45.01

Gainers and losers Meanwhile, 15 equities appreciated in price during the week, lower than twenty-two (22) equities of the previous week. Forty–four equities depreciated in price, higher than thirty-eight (38) equities of the previous week, while 121 equities remained unchanged higher than 120 equities recorded in the previous week.

Skye Bank Plc emerged the highest price gainer as bargain hunters swooped on the stock after declining to record low. The stock rose by 41.6 per cent to close at N0.85 per share. The stock took an unprecedented plunge when the CBN intervened in the bank, replacing its board and management at the beginning of this month.

However, investors who see some prospect after the stock dipped to N0.60, renewed demand that led to the 41.6 per cent recovery last week.

Forte Oil Plc closed as the second highest price gainer with 8.1 per cent, while Premier Breweries Plc went up by 4.98 per cent. Others among the top 10 gainers included: Berger Paints Nigeria Plc (4.97 per cent); Transnationwide Express Plc(4.95 per cent); Redstar Express Plc (4.88 per cent) and A.G. Leventis (Nigeria) Plc (4.30 per cent); Wema Bank (4.0 per cent); International Breweries Plc (3.1 per cent) and Nigerian Breweries Plc (2.98 per cent).

Conversely, Oando Plc led the price losers with 25.6 per cent, trailed by Livestock Feeds Plc (17.7 per cent). Stanbic IBTC Holdings Plc shed 16.13 per cent. Ecobank Transnational Incorporated went down by 14.5 per cent, just as United Capital Plc shed 14.2 per cent.

Other losers were: Law Union & Rock Insurance Plc (13.3 per cent); Diamond Bank Plc (11.6 per cent);Honeywell Flour Mills Plc (11.6 per cent) and Fidson Healthcare Plc (11.1 per cent).

26

T H I S D AY • MONDAY, JULY 25, 2016

BUSINESSWORLD

INSIDE BROAD STREET

domestic currency traded at N292.15/$1 On Tuesday, the naira further depreciated to N294.57/ US$1.00 but appreciated mildly to N294.23/$1 on Wednesday. On Thursday, there was another massive depreciation at the spot market as the naira fell to N310.43/$1.00 before strengthening to N307.98/$1 on Friday. The CBN did not intervene in the market throughout the week as paltry transactions worth $780,000, $300,000 and $380,000 were done on Monday, Tuesday and Wednesday respectively while $7.10 million worth of trades were done on Thursday.

Also, parallel market rate waned throughout the week, down by 3.6 per cent week-on-week from N365/$1 the preceding Friday to N378/$1 by the end of the week.

The naira equally depreciated at the Bureaux De Change market to N365/$1 as unmet dollar demand continued to spill into the alternative market segments.

This week, analysts at Cowry Asset Management anticipate stability at the foreign exchange market following the settlement of the 1-month (July 2016) tenor futures contract worth $697 million entered by the CBN on Monday, 27 June 2016 at the rate of N279/$1.

In the week ahead, the central bank may also out interventions and clear up some of the pent up FX demands to soften the pressured rates at the interbank market amidst MPC expectation.

A view of Lagos financial district

AKINWUNMI IBRAHIM

Sell Pressure Persists in Bond Market Obinna Chima The FGN bond market witnessed sustained sell pressure last week amid strain in financial system liquidity, resulting in depressed bond prices across all maturities.

As a result of this, the 20-year, 10.00% FGN JUL 2030 debt, lost N2.32 (yield increased to 15.29%); while the 10-year,16.39% FGN JAN 2022 paper shed N1.97 (yield rose to 14.92%). Also, the 7-year, 16.00% FGN JUN 2019 fell by N2.58 (yield increased to 15.35%); while 5-year, 15.10% FGN APR 2017 paper shed N1.18 (yield rose to 15.59%).

According to a report by Cowry Asset Management Limited, at the London Stock Exchange, traded FGN Eurobonds also depreciated on profit taking activity as 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 lost $0.75 (yield rose to 6.16%), $0.07 (yield increased to 4.35%) and $0.26 (yield climbed to 6.45%) respectively.

“This week, we anticipate a break in the bear movement at the over-the-counter (OTC) market, resulting in moderation in bond yields,” analysts at Cowry Asset projected.

But analysts at Afrinvest West Africa Limited stated that the performance of

MARKET INDICATOR the market this week is expected to be driven by the outcome of the monetary policy committee (MPC) meeting scheduled for today and tomorrow.

Interbank Naira Market Rates in the interbank naira market remained in the double digit band and trended higher on all days of the week due to tighter system liquidity.

A breakdown of market activities last week showed that on Monday, aggregate system liquidity opened lower at about N188.2 billion from N269.8 billion the preceding Friday, thus the open buy back (OBB) and overnight rates settled at 17 per cent and 19 per cent respectively.

With no major inflow or outflow from the system last Tuesday the OBB rose one per cent to settle at 18 per cent while the O/N rate marginally eased eight basis points to 18.9 per cent. On Thursday, the over allocation at the treasury bills auction offset the expected impact of the N131.5 billion open market operation (OMO) maturity thereby reducing liquidity levels and driving OBB and overnight rates to 1.4 per cent

and 1.3 per cent northwards to 19.4 per cent and 21.2 per cent respectively.

But, the report by Afrinvest showed that liquidity levels improved on Friday, thus rates eased to 16.6 per cent and 17.6 per cent. As a result, OBB and overnight rates declined week-on-week, down 4.2 per cent and 5.2 per cent to 16.6 per cent and 17.6 per cent respectively.

“Trading in the treasury bills market opened the week on a bearish note on account of lower liquidity in the system as well as investors expectation of higher stop rates at the treasury bill auction on Wednesday. On Monday average treasury bills rates settled at 13.5 per cent sustaining the trend on Tuesday as average rates rose 0.5 per cent.

“On Wednesday, there was a T-bills maturity of N36.9 billion (91 days), N39.2 billion (182 days) and N52 billion (364 days) however the same amount was scheduled to be rolled over and all instruments were oversubscribed at the auction but the 364 days instrument was over allotted at N129 billion. Consequently, average rates at treasury bills market rose to 14.7 per cent on Thursday,” it added.

In the coming week, there is an OMO maturity worth N50 billion is expected

Economy The Finance Minister, Mrs. Kemi Adeosun last week disclosed that the Nigerian economy is in recession. Adeosun, who made this disclosure while briefing the Senate on the state of the nation’s economy, was however emphatic that the recession was technical and would be short-lived.

Buttressing the point, her counterpart in the Ministry of Budget and National Planning, Senator Udoma Udo Udoma, said the economy was “technically in recession”, adding however that it would start to grow by the end of the third quarter of 2016.

The recession, notwithstanding, Adeosun was confident that Nigeria would come out stronger in view of the policies and programmes that the government had put in place to address the downturn.

She also confirmed that fuel subsidies had been totally eliminated, adding that the petroleum products in the country were now market-driven, as the subsidy removal by the government had paved the way for healthy competition among oil marketers.

“Is Nigeria in recession? Technically, if you go into two quarters of negative growth.

Technically, we are in recession, but I don’t think we should dwell on definitions. I think we should really dwell on where we are going.

“I think if we are in a recession, what I will like to say is we are going to come out of it and it will be a very short one because the policies that we have will ensure that we don’t go below where we need to go and I think with what we are doing, we will begin to turn the corner by the third quarter.

“I can confirm there is no more subsidy.

It is a market-driven price and indeed, one of the good things that we are now seeing is that prices have actually been coming down.

“There is now competition between filling stations for market share which is a good thing, which means overtime, the market will continue to correct itself,” she said.

Skye Bank, Abattoir, Oko-Oba, Agege Nume Ekeghe Situated at the popular meat slaughterhouse, this very small branch is a reflection of the confidence customers have in the bank regardless of recent developments.

Although this branch is situated close to the market and is very small, its premises was however very clean.

INSIDE BANKING HALL Inside the hall, were three tellers attending to all banking transactions, one customer service personnel and a security guard.

During the length of this observation, the customer service personnel were observed

to be very professional and polite. Same as the tellers, they were professional and fast while attending to customers.

Also at this time of observation, the hall was indeed full. Customers from the market and beyond kept trooping into the bank and it was not organised. However, it was observed that there were no queues as a

result, customers walked straight to the counter causing the counter to be overcrowded.

But the ATM was not working and customers disclosed to THISDAY that the ATMs usually don’t work. This calls for the attention of the management.

They are also advised to keep up the good customer service relationship.

27

T H I S D AY • MONDAY, JULY 25, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

NAHCO Wins Global Risk Award in UK The Nigerian Aviation Handling Company PLC (nahco aviance) has won the Global Risk Awards 2016 in the UK. The handling company explained the awards covered 13 categories in 40 countries; and was one of the most coveted risk management awards in the world. “It was at this event, where global players were in attendance, nahco aviance demonstrated the its resilience spirit by coming tops in probably the most competitive category, ‘Excellence in the Face of Adversity’”, the company said.

The category had as shortlists, world-renowned ArcelorMittal (UK), Leicester

City Council (UK), Nigerian Aviation Handling Company PLC (nahco aviance) (Nigeria), Roy Hill Holdings Pty Ltd (Australia) and Council Services and Chancellery, University of Newcastle (Australia). At the end of it all, NAHCO emerged winner.

The Head, Enterprise Risk Management, nahco aviance, Mr. Wale Akinwale, who picked up the award on behalf of the Company expressed satisfaction with the performance of the Company.

He said the “Excellence in the Face of Adversity” award was well deserved by NAHCO. He also expressed the desire by the Company to win the overall award at the ceremony next year.

The overall award was won by ArcelorMittal for last year.

“When you put into consideration the circumstances under which nahco aviance operates, you will no doubt agree with me that we deserved this award,” Akinwale stated, adding that the Company is not resting on its oars.

Only last month, nahco aviance emerged the overall winner in the Public/ Technology/Healthcare/ Transportation & Aviation Industry category of the 2015/2016 edition of the Nigerian Risk Awards.

Some of NAHCO’s achievements that delighted judges were its record of a 99.6

percent reduction in cargo claims in the year under review, from N53 Million in 2014 to less than N200, 000 in 2015.

It recorded zero percent in aircraft damages. Also, cargo claims payment went down from N53, 434,096.03 in 2014 to just N177, 356.78 in 2015.

“The Company achieved all these despite the threat of economic collapse due to 2015 general election fears, highly volatile foreign exchange rates, which led to reductions in cargo volumes and passenger numbers, crippling fuel scarcity situations, which grounded many organizations to a halt and in the face of an unethical industry competition,” it said.

LASACO Assurance Plc has announced the appointment of Mrs. Aderinola Disu as the Chairman, Board of Directors with effect from April 1, 2016.

Mrs. Disu takes over from Ashim Oyekan, who resigned from the Board, having served the company for 19 Years.

Founded in 1979, LASACO Assurance in a market leader in insurance and Financial services in Nigeria providing a plethora of service offering to its teeming clients.

Disu, brings significant experience both from the public and private sector through her extensive track record and her wider business interests in strategic sectors in Nigeria.

The Managing Director of LASACO Assurance Plc, Mr. Segun Balogun, commented: “LASACO Assurance is extremely fortunate to have appointed a Chairman of such caliber and experience.

Mrs. Disu’s diverse experience both in the public and private sector will prove invaluable as we set course to fully transform the company.”

Disu holds a Bachelor of Laws Degree from the university of Lagos and is an alumnus of the university of Lagos and Lagos business school. She is also a member of the Chartered Institute of Arbitrators, UK. Her career spans over 20 years in private legal practice and has worked with T.A Braithwaite & CO, an insurance brokers, where she rose to the post of Executive Vice-Chairman between 1993-2003.

After two decades in the legal and the corporate world,

she ventured into politics, largely due to her concerns about the infrastructure and community challenges facing business development in her immediate environment. She has played active political roles in Lagos State in the last 15 years, participating in the socio-economic and political development at local government and state levels.

She was the former Executive Secretary and later Chairman of Lagos Island Local Government, she was also a member of the Lagos State Executives Council under former Governor Babatunde Raji Fashola (SAN) of Lagos State from 2011-2014 as the Special Adviser on Central Business Districts.

According to Disu, “It’s a privilege to assume the role of the Chairman of LASACO Assurance plc at such an exciting, pivotal time in its history. As is expected, there will be many days of hard work and sacrifice ahead as we work together to take LASACO Assurance to even greater heights. I’m excited at the prospect and no doubt that collectively, as a team, we will ensure LASACO fully realizes its extraordinary growth potential.”

Disu has held several board positions in the private and public sector namely, T.A Braithwaite Insurance Brokers & Co. Ltd., African Alliance Insurance Company, Metalum Limited and Lintas Limited, Lagos State Polytechnic, Lagos Signing and Advertising Agency and the Lagos State Waste Management Authority.

Yudala Emerges E-Company of the Year

LUCKY WINNER

L-R: Branch Manager, Oshogbo, Sterling Bank Plc, Mr. Abiodun Jegede; winner in the on-going Sterling Cash Reward Promo, Mr. Kabiru Lawal; Regional Business Executive Retail, South West Sterling Bank Plc, Mrs. Temiwumi Tope-Banjoko and Retail Business Manager, Oshogbo, Sterling Bank Plc, Mr. Jimoh Najeem Adebare at the presentation of the prize money to Lawal in Oshogbo…recently

Rack Center, VDT Nominated for Titans of Tech Awards Technology Africa, organisers of the high-octane Titans Of Tech Awards, has unveiled the list of criteria the Judges would use to evaluate nominees to determine the winners for each category of the keenly contested awards.

By releasing the criteria, the first of its kind in the ICT industry, the organisers are demonstrating an uncommon sense of transparency.

Speaking to journalists in Lagos weekend, Executive Secretary of the Titans of Tech Awards Board, Don Pedro Aganbi, noted that “the key criteria include value of the service or technology in solving recognised technology problems, meeting network requirements, optimising service and performance, and/or enhancing customer service, overall quality of innovation and contribution to ICT advancement, originality and vision, potential contribution towards positive

LASACO Appoints Disu As Chairman

industry growth and service, market success/acceptance and contribution to end-user quality-of-experience and service efficiency.”

Innovation and achievement, integrity and consistency, impact, community Involvement, strategy for growth, professional accomplishment, and local content represent the other criteria that the judges would be paying attention to.

On the nominees, he noted that the three of the nominees for the Pan Africa ICT Company of the year are companies that have global appeal and can stand their own anywhere in the world.

They are Business Connexion Group; Computer WareHouse Group Plc, Zinox Group Cham Plc and InterSwitch. One of the most keenly contested categories is the Most Valuable ICT Brand of the year with Computer Warehouse Group Plc, Chams Plc, Zinox Group,

Glo, squaring up. While VDT Communications, Mainone Cable, Phase 3 Telecom and IPNX contention for Best Broadband Company of the Year.

In keen battle for the Most Innovative Smartphone Brand of the Year are Infinix, Tecno, Injoo, and Lenovo. MTN, Globacom, Airtel and Etisalat would do battle for the Youth Friendly ICT Company of the year award. And for the ICT Vendor of the year, Coscharis Technologies, Brian Technologies, Omatek and Beta Computers would slug it out.

Cloud Energy Solutions, Simba, Phoenix, Powercell are topping the list of the outstanding Energy Solutions Provider of the Year.

In the ICT Infrastructure Company of the year category MDXi, Helios Tower, HIS, Raeanna Telecom and Westower communications are in the frame.

Sidmach Technologies,

Progenics, Cinfores and Programos were nominated for the Best ICT Company for the Educational Sector.

Slugging it out for the Most Innovative Data Center of the are Rack Data, MDXi (A Mainone Company) Medallion Communications and Excelsimo Networks.

AppZone Group, FinTrack Software, Precise Financial System and Programos will slug it out for the Financial Technology Solutions Provider of the year. For the Pan African Software Company of the Year, we have Precise Financial Systems, Sidmach Technologies, Systemspecs, Programos and Fintrack Aganbi explained that the Titans of Tech Awards was designed to celebrate Hi-Tech most important movers and shakers; the revolutionaries, icons, organisations and institutions that are behind the technological wind of change that has engulfed Nigeria.

Yudala, Africa’s pioneer composite e-commerce outfit has emerged the e-commerce company of the year at the Nigerian Telecom Awards held in Lagos recently.

The event, which featured award presentations in other categories had a roll-call of personalities and key players from the Nigerian ICT eco-system in attendance. These include the Honourable Minister of Communications, Abdul-Rahman Adebayo Shittu; Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Dambatta; Ag. Chief Executive Officer, Nigeria Information Technology Development Agency (NITDA), Dr. Vincent Olatunji; Chief Executive Officer, Airtel Nigeria, Mr. Segun Ogunsanya; His Imperial Majesty, the Ooni of Ife, Oba Enitan Babatunde Ogunwusi as well as other First Class rulers and dignitaries from all walks of life.

The award is in recognition of Yudala’s ground-breaking entry into the Nigerian e-commerce sector and exceptional innovative strategies through which it has raised the standards in the industry.

Founder/Vice President, Yudala, Prince Nnamdi Ekeh, who received the award on behalf of the company dedicated the award to staff who have worked diligently hard in making the

Yudala revolution a reality. He also attributed the recognition to customers who have kept faith with the Yudala brand, especially those who believed in the Yudala dream from its inception.

“I am delighted because this recognition goes a long way to justify the huge impacts we have made in the e-commerce sector.

This award is fitting reward for all the hard work and winning strategies we have put in to make the Yudala brand one to look out for,” Ekeh said.

“I dedicate this award to all staff of Yudala who have worked so hard to make the dream a reality. Special dedication also goes to our customers: those who have kept faith with the Yudala brand from day one as well as the many others who later became convinced by our world class service and have remained ardent customers ever since,” Ekeh added.

Within a year of its entry into the keenly-competitive e-commerce sector, Yudala has successfully raised the standards with a series of pioneering feats including the launch of same day delivery and the first recorded drone delivery in the e-commerce world. This is in addition to a slew of innovative and exciting promotions through which it has expanded the offerings and given the consumer more value-added options.

28

T H I S D AY • MONDAY, JULY 25, 2016

BUSINESSWORLD

INTERVIEW

Jadesimi: LADOL’s Integration Facility for Egina FPSO is Ready The Managing Director of Lagos Deep Offshore Logistics Base, Dr. Amy Jadesimi, in this interview with Chika Amanze-Nwachuku, Ejiofor Alike and Abiodun Eromosele, revealed that the facility built by her company for the integration of Total Upstream’s Floating Production Storage Offloading vessel for the $16 billion Egina deepwater field is ready, ahead of the March 2017 scheduled date for the arrival of the $3.3billion offshore vessel from South Korea. She also called for the full implementation of the Nigerian Content Law. Excerpts: LADOL had started executing several projects mainly on the logistics side before the Nigerian Content Law was enacted in 2010. Having seen the implementation of this law in these past few years, do you think it has achieved the aim of the indigenous operators like LADOL? Thank you. Many of you know that there was a battle to build fabrication and integration facility in LADOL. That facility actually encountered a lot of resistance from many stakeholders who did not believe that it is possible to build and operate such facility in Nigeria. Remember that from the Nigerian Content perspective, this facility is a game changer and is on course to create about 50,000 jobs directly and indirectly. So, it changes the way oil and gas business is done in Nigeria. It means that what the industry has been fabricating outside Nigeria will now be fabricated inside Nigeria. The facility has the largest crane capacity in the whole of Africa. So, even people in faraway South Africa will be sending vessels and orders to Nigeria for assembling and fabrication.

Given the positive impact this facility will have on Nigeria, it is not surprising that key stakeholders in the private sector, mainly Total and LADOL insisted that the facility has to be done and secondly, we have the support of the law. The local content law was instrumental. Now, the law has enabled us to build this facility. What do we need to be done going forward? We need to make sure that our capacity is utilised and that more capacity is built.

So, now that the law has been tested by the project in LADOL and it has passed that test, I think the next thing is to go to full implementation. Full implementation means two things. It means we, Nigerians have to continue investing; we still have lots of work to do. Even as LADOL - for us to have more investments; for us to integrate, we need more fabrication – we need Aveon, Nigerdock , Dorman Long– all these other yards. We need them to do more fabrication; we need them to build more capacity so that all our investments in all the heavy cranes can be realised. There is no point having integration yard and there is nothing to integrate. So, what we are advocating for now is full implementation of the law. We have been tested; we passed the test; the facility has been built. We have proven that we can do capacity development; we have proven that we can build all the well-heads fabrication. Now, we need to do more. What we are looking at now is: first and foremost, collaboration between private sector actors.

We have to stop trying to kill each other to pick the crumbs on the table because that is what we have been doing. The Nigerian Content has been languishing at about 10 per cent. So, what are we fighting over?

We need to collaborate to build capacity towards making sure that local content hits 70 per cent – 90 per cent and we need the support of the federal government and the International Oil Companies (IOCs) to help us to build that capacity by committing to use made-in-Nigeria business model. There is no point building capacity and the government and the oil companies still allow people to take jobs abroad. They have to draw a line

Jaesimi and insist that we must have to do these jobs in Nigeria.

With most investment decisions by the oil companies on hold because of the drop in oil price, most of the other indigenous yards are complaining of paucity of jobs.

How are you coping with this challenge in view of the fact that a lot of money was

This facility is a game changer and is on course to create about 50,000 jobs directly and indirectly.

So, it changes the way oil and gas business is done in Nigeria. It means that what the industry has been fabricating outside Nigeria will now be fabricated inside Nigeria. The facility has the largest crane capacity in the whole of Africa. So, even people in far away South Africa will be sending vessels and orders to Nigeria for assembling and fabrication

committed to develop your capacity and capability with the hope that jobs will be secured to pay back the loan used in upgrading these facilities?

The drop in oil price is an opportunity.

What we have been doing in Nigeria in the past is that we acted as agents. We were selling our time. We have not been creating jobs; we have not been creating value. We have been outsourcing jobs. So, when we now look at how made-in-Nigeria has been done in the past - made-in-Nigeria actually means procured from Nigeria but made in Singapore. That was what we were doing.

What we have to do now is that we should use the drop in oil price as an opportunity to change the business model. Now, we should be looking at how local content works in other countries. If you look at the world; in Brazil, the cost of doing fabrication, engineering logistics is higher than the cost of doing it in Nigeria. Why? It is because of local content. It is the same thing in America, the same thing in Norway and South Korea.

Why is Nigeria spending twice as much to outsource services? Clearly, the problem is not local content; the problem is that we are outsourcing because in countries where local content works, their prices are lower. So, our prices are higher because we don’t have enough capacity in-country.

So, this low oil price environment is an opportunity for us to change the way we are doing business. What do I mean by that? It means we have to invest. As a matter of fact, if you ask any economist, the person will tell you that the low oil price is the time to invest. When the oil price is high, the cost of investment is also

high. So, now is the time for us to invest so that we can reap the benefits when the price goes up. As a matter of fact, these key facilities in Nigeria- they actually have real local content offer. By this I mean that any facility owned by Nigerians who have invested their own money is already producing benefits. So, our logistics cost for production is 50 per cent of the cost present in the market because you can do everything in LADOL. So, LADOL is one-stop shop.

Even in our fabrication, by the time we do the next project, the Nigerians we are training means that our cost will be lower.

There is no magic in these things. If you are using Nigerian workers, it is cheaper than using foreign workers. So, why are people not using Nigerians? The number one reason why they are not using Nigerians is because the work is not done in Nigeria.

The fact that Nigerians are used in LADOL means that we are already domesticating that cost-savings. So, low oil price is an opportunity; it is an opportunity for us to develop capacity; developing capacity means we have real local content. That is what happens in every other country in the world where local content lowers the cost of doing business. This is something that everybody should support.

There is this insinuation by some other indigenous yards that while others invest in developing their facilities and manpower before they bid for contracts, LADOL usual ask for contract first before building the facility for the execution of such contract.

CONTINUED ON NEXT PAGE

29

T H I S D AY • MONDAY, JULY 25, 2016

BUSINESSWORLD

INTERVIEW

JADESIMI: LADOL’S INTEGRATION FACILITY FOR EGINA FPSO IS READY private investment. What we are going to see is that hopefully, the LADOL example will attract people to build capacity independently and to build capacity for a range of different areas. So, we have facilities that can do topside fabrication and integration.

We need more fabrication- one of the big stumbling blocks; one of the big costs is engineering. Another big area is procurement. Right now, we have many Nigerian companies as agents and this makes Nigeria very expensive. That is not local content.

Local content means you as a Nigerian, has a facility and that facility will do not just procurement; it will do assembling; it will do fabrication and it will do maintenance.

Yes, you have a foreign partner because we are still young; we are still developing. A lot of people don’t even understand what happens now; what happens now is that foreign companies will talk to each other, and they go find Nigerian to sign local content paper. That has to stop because a lot of these conversations happen outside Nigeria. If we don’t have local capacity, how can we join these conversations? We are not included in these conversations because we don’t have capacity. If we can show that we are willing to invest; yes, I have capacity; these are my staff and over the next five years, these people are going to be trained.

If they can do it in the UK, Norway and Brazil, then we can do it in Nigeria. Local content is not just procurement; it will do integration; it will do maintenance - it is a value chain.

LADOL is one-stop shop.

Even in our fabrication, by the time we do the next project, the Nigerians we are training means that our cost will be lower. There is no magic in these things.

If you are using Nigerian workers, it is cheaper than using foreign workers. So, why are people not using Nigerians? The number one reason why they are not using Nigerians is because the work is not done in Nigeria. The fact that Nigerians are used in LADOL means that we are already domesticating that cost-savings

How do you clarify your position on this issue?

To be honest, I am very surprised and shocked. That is the first time anybody will ever say that to me. We had spent about $20 million before we even got the long term lease for our place. We had to demonstrate that capacity. We had spent about $100 million before we go our first contract. Even now with the $500 million, we are spending, our shareholders have not made returns; our shareholders will not make a return for another 10 years. The predominant mode of financing for our so-called capacity had been through government. So, when we say that we are private investors, it is actually a very important point to appreciate. This is the first single largest 100 percent private development of a port facility in Nigeria and I say that because this is the way forward.

If LADOL can do it, then anybody can do it. But that anybody should be a Nigerian.

Why? Because no other nationality is going to sit down for 20 years and wait to get their money back. I can put food on my table and I have house and I have cars to go to work everyday- I will be managing.

I don’t have a problem and I only have one country. But if you are a foreigner, where will you come here and sit down for 20 years and wait to make your money back. It would not happen and that is why we have not seen private sector investment. More Nigerians need to be given the opportunity and encouragement to do what LADOL has done because that is the way forward. I don’t have issue with anybody who has been collecting money from the government.

That was a good business plan for yesterday and that was the business plan that enriched a lot of people. But that was yesterday’s plan and that yesterday’s plan has left us at 10 per cent local content. Today’s plan is different; today’s plan is private indigenous investment driving capacity; making Nigeria the hub of West Africa and creating hundreds of thousands of jobs. And just like LADOL, these private indigenous investors need to be prepared to invest ahead of the market.

In order for them to do that, government needs to encourage them. Many people have talked about a level-playing field. A level playing field is the minimum requirement to attract private investment. But I will say that a level playing field is something that is already guaranteed by the law. So, all we want the government to do is to enforce the law. We want the government to encourage private investment; we are actually promoting examples of success stories. Any private investors that are going to import local content - they are going to import capital and we as Nigerians - if you invest this money, you know that you are not going to make your money back

Jaesimi for five – 10 years, you are going to make sure you survive because ours is the local content that is going to be patronised. So, I think it is important that we have private investment driving this capacity. There is no more money in government and government should even stop giving people money; that creates problems. Government should not give people money. The government should give people encouragement by making sure that people know that this is your position in government. We highlight success story; and you encourage the people by making them know that they will be patronised if they make the investment. That is what we want.

After you settled out-of-court with Samsung Heavy Industries (SHI) Nigeria Limited, over the Egina project, you established a new partnership called SHI-MCI Free Zone Enterprise to build Africa’s first FPSO integration facility in LADOL free zone in Lagos and your target to complete the project was 18 months. The 18 months has elapsed since work started but the project is not yet completed. What are your challenges?

There is actually no delay. So, what actually happened was that within 12 months of the commencement of the project, the fabrication side was completed. We actually started using the facility in 12 months.

The FPSO is coming next year and we are now waiting for the FPSO to come. But in the meantime, we are carrying on with the fabrication. So, there are two aspects to this: the first aspect is building the yard and it is very important for your readers and the international community to understand that capacity development is not a problem.

Capacity development is the first obstacle that people put in the path of Nigeria towards developing this country. The first thing they say was that there was no capacity.

They say that building capacity will take too long; that building capacity will cost too much; and that even if you build the capacity, you can’t do anything here because you know that you are a Nigerian. All of those fallacies have been dispelled by what we have achieved in LADOL. Building the

capacity will bring expectations. We were ready before anybody thought it would be ready and we had already started operation. So, it is one of the largest FPSO in the world. We have trained Nigerians. We have hundreds of Nigerians with over 10 years of experience. We need to do more human capital development. That is our next focus. But we need to prove that we have lots of Nigerians on ground to get the project started. And going forward, there is no way anybody can say that capacity development is the stumbling block in any future project. In fact, capacity development is the key for us to establish industries in Nigeria. But the example set by LADOL shows that capacity development is happening independent of project. This goes back to what I have said about starting

Capacity development is the first obstacle that people put in the path of Nigeria towards developing this country. The first thing they say was that there was no capacity. They say that building capacity will take too long; that building capacity will cost too much; and that even if you build the capacity, you can’t do anything here because you know that you are a Nigerian. All of those fallacies have been dispelled by what we have achieved in LADOL

You are building this multi-billion dollar facility for integration of Total’s Egina FPSO, and no FPSO has ever been integrated in Nigeria. So, after Egina, what happens to your facility?

There is a lot to be done in this yard.

One is oil and gas focus. The other one is more diverse. The one in LADOL is not one-sector facility. LADOL is an industrial base. So, that same capacity I talked about – the largest crane capacity in Africa - we can use it for assembling bridges; we can use it for assembling aeroplane spare parts; we can use it for fabrication; we can use it for rail; we can use it for aviation. So, what we have is an industrial complex, which can do fabrication and assembling.

So, we are not just working for oil and gas companies; we are talking to companies who are interested in building into the Nigerian consumer market and companies interested in building general infrastructure. Specifically, what I mean is that we are also talking to diverse telecommunication companies in LADOL. So, even with the facilities we have built; we have not developed 25 per cent of the free zone, which means that there is a lot of space available for other people to come in and we want those other companies to come from a diverse range of industries.

As long as there is industrial focus, which is about building industries in Nigeria, our role in LADOL is to provide them with an environment where the only thing they need to focus on is their business. We have power supply; we have training schools, we have all the logistics support. So, if your company wants to assemble mobile phones because we have the largest mobile phone in West Africa. If you are sitting in Japan and you want to assemble mobile phones in Nigeria but you feel that you can’t come into Nigeria because of bureaucracy - because you can’t import your materials; because there is no manpower; because the roads are bad; because there is no electricity- all these issues are handled in LADOL. So, we give these companies the soft landing. Even without this soft landing- I have to keep on emphasizing this: no company will come from Japan and assemble mobile phones if we don’t have a Nigerian who is going to invest money. They are not looking for Nigerians just be their partners; they want Nigerians as stakeholders who will add value and say okay, we have this ideal location but we need credible Nigerian partner. So, we are creating opportunities for other Nigerians to now get into partnership that will help and industrialise Nigeria. By addressing these infrastructural issues and stumbling CONTINUED ON NEXT PAGE

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INTERVIEW

JADESIMI: LADOL’S INTEGRATION FACILITY FOR EGINA FPSO IS READY is a big thing - for some big men to now say okay, let us work with other people as opposed to a few years ago when those people would not agree to collaborate. So, we have a window of opportunity where everybody is actually willing to work together and government is the glue that can bring us all together and show us the direction.

blocks, which made Nigeria a no-go area in the past, we will make it easy for Nigerians to get those technical partners to help them set up these facilities in–country.

The Egina FPSO will arrive Nigeria from South Korea in March or April 2017 for the integration in your facility before it sails offshore to the deepwater field. Do you think your facility will be ready at the time to receive the FPSO for integration?

The facility is already ready. That is never a limiting factor.

Your target to build the facility according to the terms of the partnership you signed with Samsung was $300 million.

Are you still on this budget or has the cost escalated in view of the current volatility in the industry?

We are actually expecting to come below the $300 million budget. That was why I said that there are many fallacies that people believe about capacity development in Nigeria. One of these is that you will spend above the budget and you will be behind the schedule. But we are coming ahead of schedule and we are trying to come below the budget.

While you are building this facility, there is an allegation that you violated a court order given by a Federal High Court sitting in Lagos in Suit No. FHC/L/CS/1768/2014, which was said to have granted interlocutory injunction against Samsung, Total Upstream Nigeria Limited and others, restraining all of you from continuing or taking any further action or steps towards the execution of any project associated with the Egina project, pending the determination of the substantive suit. Are you not aware of such order or has it been vacated?

We are not part of that court action. We only heard about it through the sidelines.

As far we are concerned, there was no court order that said that we as LADOL should not invest and build facility in our yard.

So, that is what we have been doing.

Apart from this Egina FPSO, what other projects or milestones have you recorded in recent years?

One of the things we are working on, which we are proud of is that we give support to Folawiyo in Ajie Field. Many of you read in the papers that Ajie is the largest oil field in Lagos. It is probably among the largest 100 per cent Nigerian-owned oil field. We are very proud that they chose LADOL. They did not choose LADOL primarily because of nationalistic reasons.

We actually demonstrated to them that we can add value to their money because I am sure that over the decade past when they have been developing this field, as Nigerians themselves, they encountered a lot of problems. So, they did not want to take any risk. They had to be 100 per cent sure that LADOL has the capability to support their project and they would not want to spend extra money if they knew they were not going to get that value. Being in Lagos here, of course, it makes sense for them to get their support from Lagos.

Supporting that project is something that we are very proud of.

In what ways can the federal government address the issue of paucity of jobs in the industry so as to ensure that you don’t lay off manpower after spending resources in training them?

I think it is comes back to two things. The first is collaboration. Even in the private sector, we didn’t help ourselves. People in the private sector - may be, your friend is the Group Managing Director of NNPC or the Group General Manager of NAPIMS and you feel like a big man. So, you get the job but when your friend loses his job as the GMD, you also will lose the contract.

That is not how to do business. When you are getting a job because your friend is GMD, you will not offer good quality. You will not! The jobs the IOCs are giving now are value-driven because they have this experience where they were forced to use certain companies and the companies did

Jaesimi not deliver because they did not get the jobs because of their competence but because their friend was the GMD. Of course these IOCs were worried about doing these jobs in Nigeria. From the private sector side, when they get the job, they maximise the price because they are not sure when they will get another job. They are not sure of getting another job in the next 10 years.

So, they maximise the cost so that they can survive for the next 10 years. So, what can the government do? The government can be the mediator. Government can be fair; government can be transparent; government can show the way to go. Government has to set the tone and that tone has to be ‘ guys, you guys are the private sector; you need to work together to build capacity and you need to make sure that if you get a job, you will meet the quality and schedule and pricing standard of that job. If you

This low oil price environment is an opportunity for us to change the way we are doing business. What do I mean by that? It means we have to invest. As a matter of fact, if you ask any economist, the person will tell you that the low oil price is the time to invest.

When the oil price is high, the cost of investment is also high. So, now is the time for us to invest so that we can reap the benefits when the price goes up

don’t meet that standard, you are going to be punished’. The government should also tell the international oil companies that the law says that they must use local capacity and they must use local capacity.

So, the government can be the glue that holds everyone together and holds everyone accountable. So, what is very important to us is that government should take a very clear position to create enabling environment for more private sector investment; enabling environment for more international companies to partner local companies by making it clearly that they are going to hold everybody accountable. If LADOL doesn’t perform, hold me accountable. If a company takes a job outside, the company should be held accountable. That is what the government should do and that will ensure that everybody has enough work to build and deliver overtime. What we are doing is not rocket science. Every country in the world that has successfully built their oil and gas sector did the same thing. So, for God’s sake, what are we debating? It was the same thing we were debating in the 1970s and 1980s. So, we have to focus on the companies that have invested and have capacity. How can we make sure that that capacity is utilised? How can we make sure that those companies will do a good job?

The law we have is enough for us. It is just a question of the will. If the government has the will; if all the stakeholders have the will to sit round the table and collaborate.

I think in the current environment, the will is there. Other people have a different view; they don’t have a choice. We don’t have money anymore to be throwing around and be giving people free money and letting people hold us down. We don’t have the time for that. So, this is what we believe and we want Nigeria to grow because we don’t have a choice. We are all in the same boat. So, we have to start going in the same direction. I think for government, as difficult as the current environment is; it is also an opportunity because for the first time I am seeing all the stakeholders – big and small; powerful and weak affected and all of them, are willing to collaborate. That

You are operating in a sector that is highly competitive; can you tell us some of those things that place your firm above its competitors?

Firstly I will say the competition we have is political not operational. Let me clarify what I mean; in a developed market where you have a lot of capacity, and let’s say company A wants to do 10,000 tons of fabrications, they come to Nigeria and see that we have capacity for 20,000 tons, that is competition. In Nigeria, we have a situation where a company comes and says it wants to do 10,000 tons, the capacity in Nigeria is just 1,500 tons and you have three companies that are all fighting for this 1,500, which none of them can do on their own. So one company wins using politics, that company does 500 or 250 and the rest goes outside. And the company A now looks at Nigeria as unserious. We have oil and gas reserves, we have 180 million people and we can only do 1,500 tons. Another thing is that it is expensive to do business here and nobody wants to do business with unserious and expensive country. This issue of competition is not real because we don’t have enough capacity; where we should be competing is between Nigeria and the rest of the world. So the price of doing business in Nigeria has to come down, for the price to come down, we have to build capacity; to build capacity, all the stakeholders need to collaborate. So the political competition is because up until now, we have a situation where a lot of billionaires in this country don’t have assets. If you are a billionaire and you have no assets, that means you are making your money in essence through the exports of jobs one way or the other; what that means is that your business model is not aligned with LADOL’s business model.

So if you are a company that is making money by taking money from government, by exporting jobs, you will now see LADOL as a problem; political problem.

You are a medical doctor; coming from a different background, could you share your experience with us; how you’ve been able to manage this company and taken it to this topmost height. Also, where do you hope to see LADOL in the next five years?

The success of LADOL lies in two things: One is we have a very clear vision and mission, which was set by our chairman way back in 2001 when he started this.

He wanted to build an industrial free zone that will help make Nigeria the hub for West Africa. So when you have clear vision and mission, it helps you get through the tough times. Secondly, it’s team work; I have committed staff, I have a team of experts, everyday, each of us is challenged to go beyond our expertise to work longer hours, and do all kinds of things. As you can imagine, building an industrial village, the challenge are numerous and unpredictable.

But what we always try to do is deliver an excellent service.

My training has also been very helpful most times. I think it is important to emphasise this.

After doing medicine, I worked with Goldman Sachs. That was where I picked up my finance skills because I managed a wide range of companies. I also went to business school and I did a short stint in private equity. So my education; my background, all those years of hard work are what have enabled me to get through these years and hopefully to lead in the way that has resulted in positive outcomes.

I think that young people today should not be fooled, there is no easy way to be successful, it is hard work. You have to work hard, you have to focus on your education; get as much experience as possible, before CONTINUED ON PAGE 33

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NAHCO Board of Directors Recommends RenCap, CSL Stockbrokers Place N324m Dividend Stories by Goddy Egene The Board of Directors of Nigerian Aviation Handling Company (NAHCO) Plc has recommended a dividend of N324.8 million to the shareholders for the year ended December 31, 2015. The dividend, which translates to 20 kobo per share, will be approved by the shareholders at their forth coming annual general meeting (AGM) scheduled to hold in Abuja, on July 26, 2016.

In his report contained in the annual report released ahead of the AGM, Chairman of NAHCO, Alhaji Suleiman Yahyah said in spite of the difficult operating environment, the company recorded a five per cent increase in turnover in its 2015 financial year.

The company achieved a marginal improvement in its performance from N8.1 billion in 2014 to N8.5 billion in turnover in 2015.

“Despite the global challenges and Nigeria’s political

economy, the company grew its Profit Before Tax (PBT) from N769.5 million in 2014 to N796.8 million in 2015. The Board of the company has lowered the cost of doing business and shifted its funding structure from debt to equity, while approving the repayment of the N2 billion Series 1 Bond from its Bond Cash Reserve Account which is due by the third quarter of 2016. These two steps will free up cash for future distribution to shareholders as enhanced dividend and to increase our cash buffer,” the chairman said in his statement due to be presented to shareholders,” Yahyah said.

He disclosed that the company is investing in the NAHCO Agric Zone Project in 2016, adding that the company has appointed Mr. Bamidele Adelaja as the Chief Financial Officer (CFO).

As part of consolidation of its leadership position in the ground handling services

industry, the company recent signed a string of new international and local businesses.

They include international air operators, Meridiana Fly (Italian Airline), Mid – African Airlines (new Gambia Flag Carrier) which are making entries into Nigeria for the first time and Rwandair which had just concluded plans to fly the Abuja – Kigali route.

Also concluded is the deal with Mainstream Aviation; a major Cargo Air-Freight (Logistics) Airline operating both international and local flights.

NAHCO also signed deals to provide ground handling service for Air Peace in Akure, Ondo State, and for fast rising local operator, Azman Air in Maiduguri and Yola.

Speaking on the development, the Chief Commercial Officer (CCO) of the company, Mr. Seyi Adewale said: “It is during difficult business periods or cycles that the ‘wheat is separated from the chaff’.

At this stage, it’s very clear

that NAHCO is an excellent and efficient brand that has endured 36 years of aviation (ground) handling efficiency and qualitative standards. Our high-end ground support equipment is well maintained and upgraded. We have a strong and motivated workforce, and we are sticklers for continuous business development and innovation. Our professional and operating ethics sets us far above other Terminal operators and this is further proven by our growing local and international airline partners. We would continue with our driving force and slogan to deliver service beyond expectation.”

According to Adewale, the new businesses are a testimony of the excellent service delivery which NAHCO is known for globally, pointing out that more and more operators are realising that they deserve value for money and are turning to a service provider that can ensure that.

‘Buy’ Rating on UBA Stock Renaissance Capital and CSL Stockbrokers have placed a “Buy” rating on United Bank for Africa (UBA) Plc, describing the bank as very attractive with a strong potential to generate returns of more than 100 per cent in the next 12-month period.

The “buy” rating on UBA, underlines its attractiveness despite the general downward trend at the stock market. Renaissance Capital, in its recommendation, was bullish on UBA stocks forecasting that the bank’s share price could rise to N9.40 per while CSL Stockbrokers, a member of FCMB Group, said UBA could trade at N7.21 per share in the next 12 months.

The stock closed at N4.60 on Monday. However, on the average, analysts’ consensus target price is N8.50 per share for UBA for the 2016 business year.

Some market operators said the strong investment case for UBA followed the recent affirmation of its credit rating by Fitch as well as an upgrade by Agusto & Co. Fitch International, one of the foremost global rating agencies affirmed the bank’s viability rating at “B” an affirmation of its strong risk management framework, which has helped keep non-performing loans ratio at a moderate level of 1.74% as at the end-March 2016, as against industry average of over 6%, as reported

by Fitch in its recent report on Nigerian banks.

Fitch also upgraded UBA’s

outlook to stable from Negative, thus reinforcing the strong outlook on the Bank, especially as its diversified network across eighteen other African countries make it relatively immune against the potential cyclical volatilities in any of its country of operations.

Also, Agusto & Co, upgraded the bank’s rating from “A+” to “Aa-“, with a stable outlook. According to Agusto & Co, “the rating of UBA was upheld by the bank’s improved capitalsation, good liquidity and large pool of stable deposits, strong domestic presence supported by the Bank’s extensive branch network and growing alternative banking channels.

“We note improvement in profitability and the Bank’s good asset quality. The Rating takes into cognizance the weak macroeconomic climate on the banking industry’s asset quality, which we do not expect UBA to be excluded. Nonetheless, we note positively its diversified geographical reach, which will cushion to an extent the impact of the weak Nigerian economic climate,” Agusto & Co stated in its credit rating report.

UBA is the third largest lender in Nigeria and a provider of financial services across 19 African countries, and with presence in New York, London and Paris. The bank serves almost 11 million customers across expansive brick and mortal branches as well as diversified alternative electronic banking channels.

NIPOST Commends Red Star for Compliance BONDING WITH FAMILIES

Chief Executive Officer, HS Media Group, Mr. Taye Ige; Executive Director, Corporate Services, UACN plc, Mr. Joe Dada; ace Comedian, Okey Bakasi; and Corporate Marketing Services Manager, UACN, Mr. Seyi Fawehinmi, at the unveiling of ‘UAC Unscripted’ – a Family TV Game show, in Lagos…recently

Cormart Launches New Liquid Spray Starch Raheem Akingbolu A consumer goods and chemicals company, Cormart Nigeria Ltd has launched a new liquid spray starch under the RENEW brand franchise.

The company, which prides itself on manufacturing top notch brands for household and commercial use is elated about this new development.

RENEW has become the market leader in the mass market starch sachet segment in Nigeria over the last 18 years due to its consistent product quality, ease of use

and economical value to consumers.

The new spray starch is specially formulated to add extra crispness to clothes and prevent stains on fabrics. It helps keep clothes and linens look new for longer, while adding a fresh scent and comes in an easy to use 750ml trigger spray bottle. The product formulation is a result of the extensive R&D that was put in place to ensure optimal quality and crispness satisfaction. “We are thrilled to release the new RENEW liquid spray starch.

This product will help us

expand our leading position in the textile care segment” said the Managing Director of Cormart Nigeria Ltd, Martin Middernacht.

Cormart launched the product at the African Fashion Week held at Eko Hotel and Suites, Lagos and it is available in leading stores and open markets nationwide. During an interview at the product launch, Executive Manager, Cormart Nigeria Ltd, Dr. Johannes Flosbach said: “We value our customer’s feedback so we developed this product to meet their

needs in a convenient and cost effective way.”

For Chukwuka David, an entrepreneur and an age old user of the Renew cold water starch, “I have been using the Renew cold water starch consistently over the last 15 years and it has been a great product. I must commend the management of Cormart Nigeria Limited for their foresight to expand its product range with the RENEW liquid spray starch as I have been looking forward to it. Its quality has gone a long way in sustaining my business over the years.”

The Head of the Courier Regulatory Department (CRD) of NIPOST, Dr. Simon Emeje has commended the management of Red Star Plc for its compliance to all regulatory rules laid down by the department for the courier industry.

Emeje gave the commendation when the management of Red Star company, led by the outgoing Group Managing Director, Mr. Sule Bichi visited the CRD. He stated that if the CRD were to give awards to those in the industry, he will give Red Star Plc an award as the best in compliance to regulatory rules among many others.

He said this is a reflection of the leadership style brought to bear on the company by Bichi.

Emeje said: “Bichi is someone who is ready to do what is right at all times, even in the face of adversity. He is a gentleman who is highly committed to the industry and

he makes sure he complies with every regulation as at when due. If we have any forum, we will continue to make use of his experience and invite him”.

Corroborating this, Head of Enforcement, CRD, Andrew Ebiloma, noted that Red Star as a company has always been at the forefront of most of the trainings and seminars organised by the regulatory body for operators in the industry.

Speaking earlier, Bichi disclosed that Red Star is undergoing changes in leadership and structure so as to re-strategise for the future, hence the need to keep the regulatory authority informed on developments and new innovations. He noted that the company has expanded with different subsidiaries that have enormous growth potential which is required to contribute positively to the industry.

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SUNDAY JULY 25, 2016 T H I S D AY

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T H I S D AY • MONDAY, JULY 25, 2016

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INTERVIEW

JADESIMI: LADOL’S INTEGRATION FACILITY FOR EGINA FPSO IS READY you go out on your own, then build a strong team around you, have a clear vision. As a woman, there are many challenges and complications. I always mention that I actually, I have experienced more racism in Nigeria than I did outside; because, especially 10 years ago, it is a lot better now. But definitely, maybe 10 years ago, you meet an expert here and they have a very low opinion of Nigerians so they treat you somehow. When you are a woman and you walk in a roam, it is somehow times 10. So we in Nigerians even in our own country as Nigerians, as female Nigerians, we have a perception issues. So as a Nigerian and as a female Nigerian, the only way to deal with that is to know what you are talking about. You have to go to whatever situation you are in fully equipped to deal with that situation, so whoever you are talking with whether he is a Nigerian or a foreigner, they know that you know what you are talking about.

They know you came in with an objective, you know what your object is, you know that business, and you are ready to negotiate as an equal. There are many ways you can get that message across; I have to say as a woman, it is better not to be too aggressive because people accuse us a lot. When a man is angry, a woman is emotional, we never get past that. A woman can never show emotion, we have to be careful; we are not yet in the world where a woman can lose her temper, everybody will start apologising and be scared. As women, we really have to be mindful of things that distract from our power. If you want to have power in a situation as a woman, be professional, dress for your job, know your personality, you know where you are going, you know who you are dealing with, you don’t even have to be distracted.

I think there are definitely things the

I think that young people today should not be fooled, there is no easy way to be successful, it is hard work.

You have to work hard, you have to focus on your education; get as much experience as possible, before you go out on your own, then build a strong team around you, have a clear vision

Jaesimi women can do differently; there are definitely advantages of having a diverse management with women in it. There are many studies now; there are many companies that have shown that if you have women in leadership

roles, actually, it increases your profit.

If you look at Silicon Valley, they recently did a study to look at successful Startups and if the Startup is stated by women, it is 60 per cent more likely to be sustainable,

so it is not that you see women making billions of dollars, but if you have a 100 companies and you have a woman leader, there’s 60 percent more chance the company will be there in five years. So woman add a lot of value and I don’t believe Nigeria can reach G20 without empowering and educating women, so every company, every government should take that very seriously but we women also have to accept the reality, we have to keep working harder.

In the next five years, we want to have fully developed this industrial village; we want to have a cluster of companies. We are appealing to any Nigerians who are interested in industrialising, if they have international partners, if they don’t have international partners, we want to fill LADOL with a range of companies who are manufacturing, who are doing engineering, so the infrastructure we have built is fully utilised.

IATA Signs MoU with African Union Commission Chinedu Eze The International Air Transport Association (IATA) and the African Union Commission (AU) have signed a memorandum of understanding (MoU) to expand strategic cooperation to further the continent’s economic and social development with the benefits of safe, efficient and sustainable air transport in Africa.

The MoU was signed by IATA’s Director General and CEO, Tony Tyler and AU’s Commissioner for Infrastructure and Energy, Dr. Elham Mahmoud Ahmed Ibrahim.

According to a statement from IATA, the MoU was focused on exchange of information, expertise and capabilities in a number of areas including enhancing security through intelligence-driven, risk-based measures, enhancing safety, reducing accident rates in line with global levels of

performance and promoting connectivity.

Other areas include facilitating collaborative decision making in air traffic management and improving the passenger experience through the deployment of IATA’s Fast Travel Program, a suite of projects designed to give passengers more control over their journey through a range of self-service options.

“Africa is set to be one of the fastest-growing aviation regions with 5 percent annual growth forecast over the next 20 years.

Achieving this potential will not happen by chance; strong partnerships are the key. This MoU will help ensure that global standards and best practices form the backbone of Africa’s growth as well as position the continent’s 54 nations to promote economic and social development by unleashing the full power of aviation. I congratulate Dr.

Ibrahim for her leadership, vision and foresight in driving aviation development in Africa,” said Tyler.

Ibrahim commented: “IATA is a strategic partner in the growth of African aviation.

This MoU will commit our two organisations to even closer cooperation on the priorities for African aviation. In particular, we count on IATA to partner with us by providing the requisite technical support in the establishment of the Single African Air Transport Market as part of our long-term vision in the context of the AU Agenda 2063. We are, indeed, dedicated to global best practice as a fundamental for sustained growth in aviation in Africa.”

IATA said the MoU paves the way for further development in African aviation, adding that the industry already supports 6.8 million jobs and generates $72.5 billion of economic activity on the continent.

Overland Airways Undergoes IATA Safety Audit Overland Airways has successfully completed the International Air Transport Association (IATA) Operational Safety Audit (IOSA) and has been listed on the IOSA Registry.

This is a further endorsement of Overland Airways’ 14-year history of outstanding safety performance.

The airline said that this is a further endorsement of Overland Airways’ 14-year history of outstanding safety performance.

According to IATA, “The

IATA Operational Safety Audit (IOSA) program is an internationally recognized and accepted evaluation system designed to assess the operational management and control systems of an airline,” stating that “in terms of global standards, the IOSA is a proven tool for raising safety.”

The IOSA registration is a mark of international operational safety standard developed by IATA to support the efforts of big and small airlines globally to improve their operational safety, which has so far tremendously

enhanced safety performance among airlines globally. With continually improved safety standards, Overland Airways has equally become a notable partner in economic development in several of Nigeria’s hinterland and hub economies.

According to Capt. Edward Boyo, CEO of Overland Airways, the IOSA audit is a pronouncement of the outstanding business model, excellent personnel, safety culture at Overland Airways, and protection of our investment.

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NIA Counsels Members on Positive Response to Business Dynamics Ebere Nwoji The Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has called on insurance operators to respond quickly to the changing dynamics of the market space just as a sectorial group of the association has counseled the operators to consider the use of warranties in place of clauses in their policy statements to avoid ambiguity.

Efekoha, who charged the insurers in his acceptance speech as the new NIA helmsman said this has become necessary to ensure that Nigerian insurers do not go into extinction due to the present global challenges.

Efekoha, stressed that the economic space is shrinking and businesses are facing greater threats; and the insurance sector is not insulated from developments in the global economic space.

He noted that there is

no better time than now to strengthen insurance operations, adding that there is a need for operators to come together to save the industry and set it for improved performance.

“We are fully aware that the there is a need for us to come together to save our industry now more than ever. The economic space is shrinking and businesses are facing greater threats; and the insurance sector is not insulated from developments in the global economic space.

“It therefore behoves on us to respond quickly to the changing dynamics of the market space so that we do not go extinct in the face of the global pressures on our businesses. Indeed there is no better time than now to strengthen the Association and reposition it for the task ahead,” he said.

His advice to the insurers, is coming on the heels of a

similar call by a group on the insurers to consider the use of warranties as against clauses in insurance policy documents to enable operators take definite actions in the event of breach by the insured.

The Fire Offices Committee of the association made gave the charge in their presentation to the association. The committee urged insurance companies to use more of warranties in the wording in their policy documents, adding that warranties are stronger than clauses, as it imposes the burden to do or not do something on the insured.

The group maintained that warranties empower the insurer to take definite actions in the event of a breach by the insured.

They urged insurers to ensure their policy wordings suit their reinsurance arrangements.

Also, the committee enjoined

insurers to ensure there is alignment of interest in the risk being proposed by the insured, stressing that the insured must be ready to invest in the risk assessment they desire.

On how to remain profitable, they urged insurers to be creative, monitor and identify accumulated risks, employ best practices and encourage teamwork.

In recent times, insurance managers have been complaining of burden of payment of non- genuine claims in a bid to launder the image of the industry.

Recently, some of the insurance chief executives complained to their shareholders at their annual general meetings that payment of claims from the Dana Air crash, which occurred few years back affected their performance and payment of returns to the shareholders.

ALL FOR NATIONAL SECURITY

L-R: President, Nigeria Computer Society (NCS), Prof. Adesola Aderounmu, and Ambassador Olusile Bangbose, representative of the Secretary to the Government of the Federation (SGF) at the opening ceremony of the 26th National Conference of NCS on national security in Abuja...recently

GESSAN Refutes Defamatory Allegations against Agric Minister Wants fertilizer distribution scaled up James Emejo in Abuja The National Chairman, Growth Enhancement Support Scheme Agricultural Association of Nigeria (GESSAN), Alhaji Kabiru Umar Fara has dismissed as untrue, allegations that the Minister of Agriculture and Rural Development, Audu Ogbeh and top officials in the ministry received N2billion from a N20billion-disbursement to agro-dealers.

He however, commended the Federal Ministry of Agriculture for facilitating the payment of N20billion, out of an outstanding N61billion owed to agro-dealers by the previous administration of President Goodluck Jonathan.

Fara further reiterated that the recent allegation by an online media platform against Ogbeh was baseless.

The minister had already denied the allegation at a recent news briefing.

Fara said at a briefing in Abuja: “The allegations are untrue, unfounded and immature” and praised the minister for his efforts towards offsetting the debt.

He said: “However, as the association pours encomium on the federal government and the ministry for discharging their responsibility effectively, it appealed to them to disregard a criticism purportedly sponsored by an unknown person castigating them.”

Furthermore, he encouraged Ogbeh to take legal action against the erring member of the association who made baseless allegations on the disbursement.

He said: “The person that leveled the allegation has done something similar as he tried to tarnish the image of the government in the past.

GESSAN expressly dissociates itself from the said publication and condemned it in its entirety.”

Fara said: “We thank the Minister for his effort in making a case for the association to get paid its outstanding money, we also urge the federal government to give premium to food security just as war is being waged against

insecurity across the country.”

The association also called on the government to scale up the distribution of fertilizer, which prize had since skyrocketed to about N9,000 due to unpatriotic practices of some local producers. ’’Government should look into the activities of these producers as some of them are not patriotic enough in protecting the interest of Nigerian farmers’’, he stressed.

He added that the action of some fertilizer producers was affecting farmers’ productivity.

“For instance, of the 700,000 metric tonnes of urea needed by farmers this year, it is less likely that they have the capacity to meet the demand,” he said.

Finance and Lifestyle Magazine Hits News Stand Chinazor Megbolu A premium quarterly finance and lifestyle magazine known as Market Digest that provides maximum exposure for selected brands is now available in Nigeria news stand.

The Publisher, Market Digest Nigeria Limited, Mr. Esele Walter Odion said during the unveiling ceremony in Lagos recently that the magazine is a premium quarterly finance and lifestyle magazine that provides maximum exposure for selected brands.

“In terms of quality we are undoubtedly one of the best, if not the best local print publication. The magazine production is driven by advertisements not by sales.

We have relationships with courier companies”.

“So immediately after publication we distribute 70 per cent to the desks of high net worth individuals and senior management of all multinational and local companies as well as the places where this high net worth individuals go to like, Airport V.I.P. lounges, selected hotels chains, golf, polo and boat clubs, “ he said.

He explained the marketing /distribution strategy will be far more valuable for advertising companies that cater to its target market than any other print or online marketing platform.

Odion also pointed out the focus of the publication is simply to create a better platform to connect products and service providers to the right customer and consumer

to the content.

“The focus of the publication is to provide relevant information on products and services as well as news and happening to our market segment on a quality platform, “ he said.

He noted the magazine is positioned to serve its markets’ passion and people interested in wealth investment and business tools..

According to him, the magazine is targeting the matured citizens of 40 or older high net worth individuals who can afford luxury goods and services, hence, creating value for our advertisers.

“We get advertisements from financial institutions, Real Estate companies, luxury living and related companies, Automobile companies, fashion houses, and travel companies, “he said.

Odion added the initial challenge faced was production quality because they wanted a print quality similar to foreign magazines.

“A printing press will show you a sample and at the end they end up producing something else. We had no choice but to source for a press outside Nigeria to get our desired quality, “Odion said.

On where he sees the magazine in the next 10 years, he said: “In the next 10 years, I see Market Digest Nigeria magazine, being a major player in its niche. We have and will continue to build relationships with the best companies in Nigeria. For us, successful marketing is a relationship driven business driven by creating connections.”

Diamond Bank Rewards Savers with N4bn in Seven Years Diamond Bank Plc has stated that it has rewarded savers who participated in its savings promotions with over N4billion in the last seven years.

The bank said its effort is geared towards driving the Central Bank of Nigeria (CBN) financial inclusion initiative and encourage savings culture in Nigeria.

Head, Consumer Banking, Diamond Bank, Aisha Ahmed, stated this recently at the Diamond Bank SavingsXtra promo mid-year draw.

She said the scheme in the past seven-year has increased the flow of funds to support SMEs, accelerate employment generation and development of indigenous entrepreneurship as well as encouraged saving culture among Nigerians.

She explained that at the season eight edition of the promo, N600 million had been earmarked to reward loyal

customers.

Meanwhile, the first draw held at the Ikeja Cantonment produced 30 winners of N1 million each in an electronic draw. The process was supervised by the Consumer Protection Council (CPC), KPMG and other regulators.

The bank also rewarded customers from Ikeja Cantonment in a “special draw.”

In the special draw, three cantonment residents won N200,000 cumulatively, as the bank said it is a way of appreciating service men who sacrificed family lives for the nation.

She further explained: “As a bank, we feel that it will stimulate the saving culture and we all appreciate what happens when individuals save for the future. It can be used for businesses support, change the life style of the family and for children’s education.”

T H I S D AY SUNDAY JULY 25, 2016

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MONDAY, JULY 25, 2016 • T H I S D AY

BUSINESS/MONEYGUIDE

Oduoza Seeks Greater Collaboration among African Central Banks Obinna Chima The outgoing Group Managing Director/Chief Executive Officer of the United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza has called for increased collaboration among African central banks in order to drive intra-African trade on the continent.

This, he said, would also help encourage the informal sector in the continent to join the formal banking system.

When this is done, the opportunity will be readily captured

by Pan-African banks, Oduoza, who steps down this week as the CEO of the pan-African bank, said this while delivering the 4th Valedictory Lecture of the Chartered Institute of Bankers of Nigeria (CIBN) on the topic “The Emergence of a Nigerian Pan-African Bank,” that was organised in his honour.

He used the lecture to share his experience and challenges in helping build one of Africa’s largest banking groups expand across the continent.

In a 22-page presentation, Oduoza spoke extensively on UBA’s expansion into Africa, the rational for the expansion and the strategies adopted to derive

maximum value and reduce the risks of UBA’s foray into different African countries. He also shared with the audience, the lessons learnt from the bank’s expansion into Africa.

Speaking on the need to improve intra-Africa trade in order to drive the growth of Pan-African banks, he said: “The volume of formal intraAfrican trade is relatively low and estimated between 10 per cent and 12 per cent of Africa’s total trade. Comparable figures are 40 per cent in North America and about 60 per cent in Western Europe.”

He listed lack of the required infrastructure and policies as the major challenges to intraAfrica trade while noting that the adoption of policies like tax holidays, waivers, and market interventions to promote investments in sectors outside commodities will help diversify African economies and drive intra-African trade.

“I strongly feel African Central Banks have a greater role to play by collaborating to promote the development of cross border trade platforms in order to encourage the informal sector to join the formal banking system. When this is done,

the opportunity will be readily captured by Pan-African banks.

“We moved into Africa because we saw increasing opportunities due to the improving political climate, steady growth in GDP, growing workforce and rapidly increasing disposable income. We also realised that the presence of Pan-African financial institutions will help drive financial inclusion across the continent and foster integration via intra-African trade.

“Africa has provided ample opportunity for UBA to diversify its banking business and therefore ensure sustainable revenues regardless of economic cycle.

As a Pan-African bank, we generate earnings from various regions so that we are not overtly exposed to a particular part of the continent and hence protected from systemic risks.

Some African countries by default have a larger percentage of their revenues generated from commodities,” he added.

He also noted that intraAfrican trade growth will be further supported by the introduction of a visa-free travel policy across the continent by the African Union as well as the development of intra-regional transport infrastructure.”

CeBIH Pledges to Grow Adoption of e-Payments Channel The newly elected Chairman, Committee of e-Banking Industry Heads, (CeBIH), Mr. Dele Adeyinka has pledged to focus on growing the adoption of electronic payment technologies in the country.

He stated this in Lagos after the election of new executives to run the affairs of the group.

Adeyinka, who is also the Head of e-Business, Wema Bank, said the new executive members would focus on the vision of CeBIH, which is to grow the adoption of electronic payment products and solutions by bringing in global best practices in technology, policies, public awareness and innovation.

Appreciating members of the Committee for the confidence reposed in the new set of executives, he added the executive will

also focus on active engagement of the regulators and stakeholders in the industry.

Prior to his election, Adeyinka served as Vice-Chairman in the previous executive. He had also served the Committee in various capacities like Secretary, Financial Secretary and Treasurer. He had also represented CeBIH on various committees at the CBN and with other stakeholders.

In his remarks, the outgoing Chairman of CeBIH, Mr. Tunde Kuponiyi urged all members to be more committed and to support the incoming executives, stressing that a lot still needs to be done as the payment industry in Nigeria is still evolving and there’s still a lot to be done.

Kuponiyi also appreciated all members of CeBIH for the hands of co-operation extended

to the executive in the last two years. He also took out time to appreciate the members of the executive committee he led for their commitment and attributed the successes recorded to their cooperation.

Other members of the new executives include: Vice Chairman, Mr. Deji Oguntonade (GTBank); Secretary, Bob Nwojo (First Bank); Assistant Secretary, Celestina Appeal (Zenith Bank); and Financial Secretary, Ben Anyalenkeya (Unity Bank). Others are: Treasurer, Kayode Olubiyi (Diamond Bank); Publicity Secretary, Funso Oyelohunnu (Ecobank); Asst Publicity Secretary, Tayo Adegbohungbe (Skye Bank); Policy Review/ Advocacy Secretary, Stanley Jacob (Standard Chartered Bank); and Internal Auditor, Olusegun Falana (FCMB).

CBN Grants WI-Pay Technologies Mobile Money Licence Wi-PAY Technologies has announced that it has been granted an approval-in-principle by the Central Bank of Nigeria (CBN) to run mobile money operations.

A letter signed by the Director of Banking and Payments System, CBN, Mr. Dipo Fatokun, which conveyed this to the company, stated that the approval was for an initial 6-months period, during which the company is expected to set up the critical infrastructure, launch the service and meet other regulatory requirements.

The significance of the licence, a statement from Wi-Pay explained was that it would enable the company roll-out and successfully integrate its

current range of services to the mobile money platform.

This will mean an end-toend service delivery, which will include both local and international money transfer, air-time top-up, bill payments and mobile wallet. It will be recalled that the US-based sister company - Wi-PAY GLOBAL USA LLC is already approved by several US states to offer international outbound remittance services.

“We are quite elated by the decision of the Central Bank”, - according to the Head of IT Operations and Chief Technology Officer (CTO) of the company, Mr. Charles Ighedo.

“This approval underscores the growing confidence in WiPAY as an emerging leader in

the Fintech space in Nigeria and West Africa.”

Furthermore, he expressed optimism that in due time, “the mobile money services will be unveiled to complement the existing array of digital payment products of the company targeted to both individual and corporate customers, including the Wi-APP mobile and online payment portal as well as mobile POS, bulk payment and e-payroll/e-pension scheme.”

Over the next few months, the company affirmed that it would continue on-going publicity campaign across key markets in Lagos and Port Harcourt to popularise the brand and expose consumers to the distinctive service quality of Wi-PAY.

Oduoza

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

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

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

OPEC DAILY BASKET PRICE AS AT 21 JULY 2016 The price of OPEC basket of fourteen crudes stood at $42.93 a barrel on Thursday, compared with $42.73 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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MONDAY, JULY 25, 2016 • T H I S D AY

MARKET NEWS

Transcorp Hotels Grows Profit to N1.8 Billion in Half Year Goddy Egene and Nosa Alekhuogie Transcorp Hotels Plc last week announced a growth of 11 per cent in profit before tax (PBT) for the half year (H1) ended June 30, 2016 despite the challenging operating environment.

The results showed that Transcorp Hotels Plc recorded a revenue of N7.607billion, up

by five per cent compared to the N7.241billion posted in the corresponding period of 2015.

Cost of sales was N1.832billion as against N1.645billion in 2015 while the company ended the H1 2016 with gross profit of N5.776billion, up from N5.596billion in 2015.

Administrative expenses went up marginally from N3.564 billion to N3.580 billion, while net

T H E

finance income rose from N190 million to N328 million. Hence, Transcorp Hotels recorded a PBT of N2.745 billion, up from N2.484 billion, while profit after tax rose from N1.758 billion to N1.889 billion.

Transcorp Hotels Plc, which was incorporated on 12 July 1994 in Nigeria under the Companies and Allied Matters Act is engaged in the hospitality in-

N I G E R I A N

dustry, particularly the rendering of hotel services. The company owns and operates Transcorp Hilton Hotel Abuja, Transcorp Hotels Calabar Limited.

The company paid a dividend of 40 kobo per share to shareholders last year. Market analysts said if the profit growth achieved in H1 of 2016 is sustained in the second half of the year,

STO C K

shareholders would enjoy another good harvest at the end of the year.

In order to boost its operations, Transcorp Hotels raised N19.75 billion bond under a N30 billion Medium-Term Bond Programme in the last quarter of 2015.

Commenting on the development, Managing Director/ CEO of Transcorp Hotels

E XC H A N G E

Plc, Mr. Valentine Ozigbo, had expressed his excitement over the successful completion of the company’s Series 1 & 2 bonds. According to him, Series 1 was oversubscribed by 30 per cent while Series 2 was 98 per cent subscribed a testimony of undeniable investors’ confidence to the achievements and leadership of the company.

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T H I S D AY • MONDAY, JULY 25, 2016

CITYSTRINGS

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

Pomp and Pageantry at Kano Durbar Ibrahim Shuaibu who witnessed the historic Durbar organised by the Kano Emirate Council under the leadership of Emir Muhammadu Sunusi II, reports that this year’s Durbar showcased the rich culture of Kano people

Emir Muhammadu Sanusi II...showcasing the rich culture of Kano people

T

he popular Hausa adage of “Kano koda me kazo an fika”, meaning “Kano is home to everything” and the thrill of spectators who witnessed the 2016 eid Durbar popularly known in Hausa tradition as Hawan Daushe whereby all citizens of the state from far and near troop out in large numbers to witness the historic festival.

For those wondering, Durbar literally means procession of horses and is as old as Kano people who usually observe the popular Hawan Daushe, a day after the end of the congregation of eid. People dress in their traditional regalia and other attractive attires aimed at expressing their happiness over the observation of the Sallah and completion of the Ramadan fast.

Kano’s Hawan Daushe is the best and well organised horse riding in the traditional history of Kano where horse riders rode horses from Kofar Kwaru to their final destination at Kofar Kudu, a place where the Emir and his visitors are received with applauds and greetings from the people.

The Durbar is very colorful because diplomats and top government officials grace the occasion to witness the rich culture and traditional outfits of Kano people.

The traditional Sallah Durbah tagged ‘Hawan Daushe/Hawan Babban Daki/ Hawan Yamma’ is one of the traditional Durbah functions that commences on the second day of every eid.

Emir Sanusi II and his entourage observed the Hawan Daushe amid praises and greetings from the people who thronged either sides of the road.

When he arrived at Babban Daki, the Emir greeted his mother and later proceeded to the venue of the Durbar where the state governor, Abdullahi Umar Ganduje and other guests received greetings from district heads, traditional title holders and horse riders.

Spectators at the colourful Kano Sallah Durbar

Emir Sanusi II merely continued with what he inherited from his forefathers and even introduced some new innovations which will continue to showcase Kano emirate as the leading traditional institution in the north

Kano State Governor, Abdullahi Umar Ganduje (left), exchanging pleasantries with the Minister of Environment, Amina Mohammed, at the Sallah Durbar...recently

Muhammadu Sanusi II was crowned as Emir of Kano June 8, 2014 as the Emir of Kano.

He was pronounced as the Emir at a short press briefing addressed by the Secretary to the State Government, Alhaji Rabiu Bichi, at the Government House, Kano. He succeeded late Alhaji Ado Bayero. The Hawan Daushe was not organised for sometime because of problems of insecurity necessitated by terrorists attacks. However, this year the story changed as the traditional Durbar came back with all its glamour.

As early as 12 noon, horse riders dressed

in their beautiful attires started to march towards the Emir’s palace. They came from the different directions such as Gidan Shettima, Shahuci, Kofar Naisa and Kofar Dan’agundi.

The Emir and the entire district heads headed for Gwangwazo quarters to pay Sallah homage to the mother of the Emir as demands by the tradition. Right from there, the whole entourage moved to the Emir’s palace where dignitaries sat down to receive the Emir around 5pm. The Durbar was simply colourful.

Over 10,000 horses graced the occasion

to showcase their solidarity and loyalty to the Emir of Kano and the emirate as they continue to sustain the tradition of the people of Kano.

Before the ceremony came to an end, the Emir sat down with the invited guests and watched the spectacular horse racing which is the most important aspect of the whole event.

The horse riders adorned themselves and their horses with attractive attires that are highly attractive to the teeming people who gathered to witness the historic and traditional Durbar.

Among the top government officials that witnessed this year’s Durbar were Governor Ganduje who happened to be the chief host and he played a prominent role in providing security as well as enabling environment for the occasion to go smoothly.

The Durbar was also attended by the Minister of Environment, Hajiya Amina Mohammed along with some members of CONTINUED ON NEXT PAGE

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T H I S D AY • MONDAY, JULY 25, 2016

CITYSTRINGS

As Anambra Prepares to Scrap the Customary Court of Appeal David-Chyddy Eleke writes on the proposal before the Anambra governor on the recommendation of the state’s Judicial Service Commission for the scraping of the Customary Court of Appeal

I

f all goes well, Anambra State in the nearest future may cease to have Customary Court of Appeal, tthat is when the State Governor, Chief Willie Obiano gives ascent to the recent quest for the scrapping of the appellate court in the state. But the real question may be, if the court is scrapped, where will matters arising from the Customary Court be appealed upon by litigants who feel dissatisfied with the outcome of the lower court’s verdict?

In the 227th meeting of the of the Anambra State Judicial Service Commission which was held on 24th June 2016, the commission recommended the phasing out of the Customary Court of Appeal in the state.

The meeting which had in attendance the Chief Judge of the state who also doubles as the Chairman of JSC in the state, Hon. Justice Peter Umeadi; Barr Anali Chude the Attorney General of the state; Barr. Iveanyi Udevi-Aruevoru, Ichei Paul Ibe and Dr. Elizabeth Okafor, who are members of the commission resolved to relay the message to the state governor for onward movement to the State House of Assembly.

Stating some of the reasons for the resolution, the commission said, “This is predicated on the fact that the Hon. Judges of the Customary Court of Appeal, Anambra State are young of age and still desirous of doing active judicial work, and that as at June 2016, the number of cases before the Customary Court of Appeal are only three in number, more so, the cases are almost ready for judgment, with the possibility that there would be no further work to be done at the Customary Court of Appeal thereafter,” the commission stated.

Also proffered as reason for the scrapping of the court are; that the entire federal counterpart funding accruing to the Customary Court of Appeal, Anambra State would remain intact since they are received per head of all existing judges, such as emoluments and overheads received from the National Judicial Council (NJC). Again, it stated that about 100 cases are filed in the High Court of Anambra State on a daily basis and the present judges of the Customary Court of Appeal would be of assistance if they resume sitting at the High Court of Justice.

In view of this, the commission resolved to communicate the Anambra State governor to cause an executive bill, to be presented before the Anambra State House of Assembly to authorise the closure of the Customary Court of Appeal, Anambra State and thereafter prevail on the National Judicial Council to transfer the judges therein to remain and serve out their term in the High Court of Justice of Anambra State.

The concluding part of the communiqué issued from the meeting reads, “That the Hon.

This is predicated on the fact that the Hon. Judges of the Customary Court of Appeal, Anambra State are young of age and still desirous of doing active judicial work, and that as at June 2016, the number of cases before the Customary Court of Appeal are only three in number, more so, the cases are almost ready for judgment, with the possibility that there would be no further work to be done at the Customary Court of Appeal thereafter

Obiano

Chief Judge and chairman of the commission is hereby mandated by the commission to forward this resolution to His Excellency, the governor of Anambra State and his lordship the Chief Judge of Nigeria and the chairman of the National Judicial Council.”

Attempts to book an appointment and speak with the affected judges however did not yield fruit, but a source who is a close aide of one of the affected judges told THISDAY on condition of anonymity that one of the Judges had complained openly that he has become so redundant that he now has to while away time by reading newspapers back to back, staying at home endlessly and doing nothing. The situation is however not the same with their colleagues in the High court of Justice, Anambra State, where there is fear that the few available judges may breakdown as a result of workload on them.

To this, the Chief Registrar of the High Court, Her Honour, Doris Ezeani on enquiry told THISDAY that on a daily basis, matters

flood the High Court, and there is a shortage of Judges in the High Court to attend to the matters in the court, and that transferring the Honourable Judges of the Customary Court of Appeal to the High Court will help them to get useful again, and serve out their term on clean records, while also relieving the High Court Judges of the burden on their shoulders, while also enhancing the development of the justice sector in the state through quick dispensation of justice.

The affected judges of the Customary Court of Appeal include: Hon. Justice Samuel Nwachukwu Okoye, Hon. Justice Okwudili Aloysius Ezeoke, Hon. Justice Jude Uchenna Obiora and Hon. Justice Cordelia Enu Chukwurah of Nnewi, Aguata, Ogbaru and Onitsha North Local Government Areas respectively. The Executive Secretary of the Judicial Service Commission, Mr. Christian Nnabuihe who had earlier briefed journalists to intimate them of the intended scrapping of the Customary Court of Appeal stated that the commission derives its powers, “pursuant

to its undoubted powers provided for in section 6(a) of part 11 of the third schedule of the constitution of the Federal Republic of Nigeria, 1999, as amended, sat at plenary session and took the resolution.”

Speaking with Ezeani, the Chief Registrar of Anambra State High Court on the implication of the scrapping, she stated that all that can be seen from it will be positive outcome, and not negative. She said since the state judiciary was all one, it would be only fair for the judges of the Customary Court of Appeal, who will have nothing more to do when the three matters before them are dispensed to join their colleagues in the High Court to get useful and have fulfilling careers.

On where litigants who are dissatisfied with outcome of matters at the Customary Court will go, Ezeani said that automatically, matters from the Customary Courts, which are meant to be appealed upon will go to the High Courts. She added that letting the Customary Court of Appeal to remain will amount to rendering a very important arm of government redundant as there will be no cases to adjudicate upon.

As at the time of filling this report, it was gathered that an executive bill has however not been sent to the House of Assembly for consideration, but when that eventually happens, Anambra will join the league of states, whose judicial system will operate without Customary Court of Appeals, just as Edo State has been identified as one.

P O M P A N D PAG E A N T RY AT K A N O D U R B A R National Assembly and diplomats from various countries who were accorded the hospitality of Kano and its people.

Kano State was among the Northern states that suffered Boko Haram attacks in the past especially on Sallah day, but with the peaceful conduct of Sallah Durbar the whole world would now believe that the state is now enjoying peace.

Many people interviewed by THISDAY in Kano said that the 2016 Sallah Durbar was among the best Durbar in Kano under the leadership of Emir of Kano Muhammadu Sanusi II. Emir Sanusi II merely continued with what

he inherited from his forefathers and even introduced some new innovations which will continue to showcase Kano emirate as the leading traditional institution in the north.

The Emir dressed in normal traditional attire which was a testimony that the city is home to culture and tradition. He was surrounded with palace guards popularly known as ‘Dogarai’ who were busy hailing and praising him with their traditional accolades.

People from all over the state also gathered in colourful dressing and took a centre stage in various locations and expressed their joy for witnessing the celebration under the

leadership of Emir Muhammadu Sanusi II. Among those that witnessed the celebration are Chinese communities residing in the state who are always identifying themselves with Kano tradition and culture because of the hospitality always provided to them in their normal commercial activities.

An Igbo tourist from Enugu State, Elder Tochukwu Edem who could not hide his joy said, “I love the rich culture of Kano.

I came all the way from Enugu State and witnessed this celebration; it’s very attractive and peaceful.”

Young ladies and their friends also gathered

exchanging pleasantries with one another for witnessing this historic day under the leadership of Emir Sanusi II. However, one of the residents of Kano Mallam Habib Muhammad who works in Abuja but came back to Kano to witness the occasion, said he and members of his family have enjoyed the peaceful conduct of all Sallah festivities despite the economic setback in the country.

He commended Kano residents and the security agencies over the role they played to ensure security of lives and property during Sallah festivities.

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OLABISI MORENIKE ARINOLA DAVID-ETIM ROSEMARY UKWUOMA LARISA A. SKY ENTERPRISES LLC (FWD) SKY ENTERPRISES LLC (FWD) MONTANA SIR ILONZE JOSEPH OGUNDIPE GBOLAHAN M UNILEVER NIGERIA PLC-JOF CAPITAL COLD ROLLING STEEL MILLS LIMITED CAPITAL COLD ROLLING STEEL MILLS LIMITED MBULU ADENIKE M MBULU EBUBECHUKWU J OFFIONG OFFIONG E. BASSEY JULIUS BERGER NIGERIA PLC EUR JULIUS BERGER NIGERIA PLC EUR JULIUS BERGER NIGERIA PLC EUR JULIUS BERGER NIGERIA PLC EUR JULIUS BERGER NIGERIA PLC EUR JULIUS BERGER NIGERIA PLC EUR TADECO CELPLAS INDUSTRIES NIGERIA LIMITED PRIMA CORP LTD NNAOBI ABIOLA ADEOLA OLADAPO OLUWATOSIN MICHEAL UWAKWE JEREMIAH A.A WEAVERS CONSULT NIG LTD CARDOSO OMOLOLA KLUXMANLUCKY JAYARATNE KKANDOLO KASONGO ONILEDE SOLOMON YINMI EKPO RIO THOMPSON KAKKAR MOHIT TAMIDAN NIG LTD AKRO GODFREY ANTHONY ATANDA OLUBUKOLA BAGSICAN LUCIO JAYSING SAVALERAM KALE NIGERIAN SOCIETY OF ANAESTHETIST TANIOS ELIAS ABOU NADER OWOYEMI AJIBOLA TUBOSUN ADEOLA K SKG PHARMA LIMITED OK FOODS LIMITED TADECO IND ENT NIG LTD OLOWU Mr. UCHE MESSIAH VESA FISHERIES LTD PRIMA CORPORATION LIMITED APPLE AND PEARS LIMITED HOLBORN (NIGERIA) LTD HOLBORN (NIGERIA) LTD FLOUR MILLS OF NIGERIA PLC CELPLAS INDUSTRIES NIGERIA LIMITED CELPLAS INDUSTRIES NIGERIA LIMITED CELPLAS INDUSTRIES NIGERIA LIMITED CELPLAS INDUSTRIES NIGERIA LIMITED MIDDLE POINT NIG LTD DEE-LITE IMPORT AND EXPORT DISTRIBUTIONS DEE-LITE IMPORT AND EXPORT DISTRIBUTIONS DEE-LITE IMPORT AND EXPORT DISTRIBUTIONS OFFIONG PATIENCE N SALAMI OWOLABI ZENITH INTL BANK LIMITED UNITY BANK PLC UNITED BANK FOR AFRICA PLC SALAMI ENIOLA O UNION BANKMASTER CARD/MASTERCARD TAVISTOCK GLOBAL RESOURCES LIMITED UNION BANKMASTER CARD/MASTERCARD UNION BANKMASTER CARD/MASTERCARD MITSULIFT NIGERIA LIMITED OBITEX INDUSTRIES LTD CKS INTERNATIONAL LIMITED POLY PRODUCTS NIG LTD RENUKANA NIGERIA LIMITED ADVANCE CHEMICALS LTD TECHNOLOGY DISTRIBUTIONS LTD ADVANCED CHEMICALS LTD ONTARIO OIL AND GAS NULEC INDUSTRIES PLC PRUDENT ENERGY AND SERVICES ANIMAL CARE SERVICES STELLAR BEVERAGES LIMITED AKOD AGENCIES HAFFAR INDUSTRIAL COMPANY LTD MONTANA INDUSTRIES NIG LTD VISTA INTERNATIONAL LTD NYCIL LIMITED WANDEL INTERNATIONAL NIGERIA LTD VEEPEE INDUSTRIES LTD QEW GARDENS ENTERPRISES NIG LTD CHIEDOZIE OKEY EVGENE VALS DÉCOR IKOLI TEIKUMO DANIEL IKOLI TEIKUMO DANIEL EFUNBOTE O SAMUEL EDEM ANIETIE AMOS MIDDLE POINT NIG LTD EUR ALLER AQUA NIGERIA LIMITEDEUR TEMPO PAPER PULP AND PACKAGING LTDEUR EKULO INTERNATIONAL LIMITEDEUR DUOPAMAOBOMANU ABIGAIL EUR YAHAYA ABUBAKAR ALABAGBP OZONOH ANGELA NWUKA MAXWELLGBP EGBEMA GRAMATU COMMUNITIES DEV FOUNDATIONGBP AREMU ISAIAH ADEWOLE GBP OYINKANSADE ADEWALEGBP OGBANGA JANE EGBEYALUGBP OYINKANSADE ADEWALEGBP

OTHER SOURCE 1 OTHER SOURCE 2 OTHER SOURCE 3 GBP CBN (FWD) CBN (FWD) CBN (FWD) OTHER SOURCES 4 OTHER SOURCES 5 OTHER SOURCE 6 OTHER SOURCES 7 OTHER SOURCES 8 OTHER SOURCES 9 OTHER SOURCES 10 OTHER SOURCES 11 OTHER SOURCES 12 OTHER SOURCES 13 OTHER SOURCES 14 GBP OTHER SOURCES 15 GBP OTHER SOURCES 16 OTHER SOURCES 17 OTHER SOURCES 18 OTHER SOURCES 19 OTHER SOURCES 20 OTHER SOURCES 21 CBN OTHER SOURCES 22 OTHER SOURCES 23 OTHER SOURCES 24 OTHER SOURCES 25 OTHER SOURCES 26 GBP

PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PTA NDF SALE NDF SALE POLYMERS OF ETHYLENE PTA PTA ESD10225-ACTIVE SILK ESSENTIAL MITSUBISHI NEXIEZ-MR ELEVATOR INDUSTRIAL MACHINERY PTA PTA PTA FREON BUILDING MATERIALS, CONSUMABLES BUILDING MATERIAL, CONSUMABLES CLEANER BUILDING MATERIALS,CONSUMABLES BUILDING MATERIALS, CONSUMABLES PLAIN PAPER IN SHEETS RAW MATERIAL FOR PLASTIC INDUSTRY POLYPROPYLENE HOMOPOLYMER H200MA INJECTION HOLDING MACHINE LIVING EXPENSES LIVING EXPENSES LIVING EXPENSES LIVING EXPENSES PERSONAL HOME REMITTANCE PERSONAL HOME REMITTANCE PERSONAL HOME REMITTANCE PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PERSONAL HOME REMITTANCE PAYMENT OF SCHOOL FEES PAYMENT FOR ACCOMMODATION MORTGAGE REPAYMENT PERSONAL HOME REMITTANCE PERSONAL HOME REMITTANCE PAYMENT FOR ACCOMMODATION PERSONAL HOME REMITTANCE MORTGAGE REPAYMENT LIVING EXPENSES PHARMACEUTICAL RAW MATERIALS HYDROGENATED VEG FAT PLAIN PAPER ESTACODE FROZEN FISH PET RESIN CR-8816L PET PREFORM MOULD AND CAP MOULDS PVC GRADE 225P/1091 LINEAR LOW DENSITY POLYETHYLENE RESIN LLDPE M3804RW 15,000M/TONS OF U.S. NO. 2 OR BETTER HARD RED WINTER WHEAT WITH MINIMUM PROTEIN OF 12.5% IN BULK RAW MATERIAL FOR PLASTIC INDUSTRY POLYPROPYLENE HOMOPOLYMER H200MA RAW MATERIAL FOR PLASTIC INDUSTRY POLYPROPYLENE HOMOPOLYMER INJECTION HNR100 RAW MATERIALS FOR INDUSTRY RAW MATERIAL FOR PLASTIC INDUSTRY POLYPROPYLENE HOMOPOLYMER HNR100 RESIN GUM, FOSTER CLARK INSTANT FLAVOUR DRINK ESSENCE VANILLA 6X12X28ML BOTTLES FOSTER CLARK INSTANT FLAVOUR DRINK PTA PTA Interbank Interbank Interbank PTA FUNDING OF MASTERCARD 30/6/2016 AGO FUNDING OF MASTERCARD 18/7/2016 FUNDING OF MASTERCARD 15/7/16 MITSUBISHI NEXIEZ-MR ELEVATOR BALL BEARING ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING DOW LDPE 150E PRINTING PLATES, INKJET FILMS, INKJ BASE OIL DESKTOP COMPUTERS, PRINTERS AND UPS BASE OIL GASOLINE Electric instantaneous or storage w GASOIL POULTRY VACCINE UN DENATURED ETHYL ALCOHOL OF ALCOHOLIC STRENGTH >80% VOLUME Dextrins and other modified starche INDUSTRIAL RAW MATERIAL PP HOMOPOLYMER RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS SOYA FATTY ACID MOTORIZED TRICYCLES IN CKD - TVS BRAND. ENGINE TYPE: 4 STROKE PETROL VERSION, ENGINE CAPACITY: 200CC ETHYL ACETATE SKIMMED MILK POWDER - MEDIUM HEAT (RAW MATERIAL USED FOR THE PRODUCTION OF NESTLE MILO) PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES THINNER ALLER CLARIA FLOAT MASTERBATCH FOR BOPP FILM PRODUCTION PLANT FOR THE PRODUCTION OF LAUNDRY OR TOILET SOAP NOODLES PTA PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES LIVING EXPENSES OFFSHORE CHARGE PERSONAL HOME REMITTANCE OFFSHORE CHARGE

18/07/2016 18/07/2016 18/07/2016 18/07/2016 18/07/2016 18/07/2016 19/07/2016 19/07/2016 19/07/2016 20/07/2016 20/07/2016 20/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016

280.00 299.50 370.00 210.00 210.00 210.00 280.00 280.00 280.00 280.00 280.00 280.00 284.50 305.50 280.00 280.00 380.00 380.00 320.00 280.00 280.00 280.00 285.00 316.00 308.50 300.50 315.00 300.50 311.50 380.00

18/07/2016 18/07/2016 18/07/2016 18/07/2016 19/07/2016 19/07/2016 20/07/2016 20/07/2016 20/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 21/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016 22/07/2016

300.00 395.00 300.00 210.50 210.50 300.00 280.50 280.50 280.50 306.00 306.00 280.50 280.50 280.50 341.80 341.80 341.80 341.80 341.80 341.80 320.50 301.00 309.00 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 316.50 316.50 320.50 320.50 316.50 309.00 309.00 309.00 309.00 312.00 309.00 301.00 301.00 301.00 301.00 301.00 301.00 301.00 311.00 320.50 309.00 309.00 309.00 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 316.50 315.50 309.00 301.00 320.50 301.00 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 316.50 301.00 244.10 244.10 244.10 244.10 244.10 244.10 337.12 358.96 354.48 346.08 344.00 422.39 422.39 422.39 422.39 422.39 422.39 403.02

1,000.00 53,000.00 162.36 1,000,000.00 4,000,000.00 1,000,000.00 1,291.12 302.41 23.33 6,166.10 7,983.85 1,570.72 700.00 2,200,000.00 117.90 1,350.00 39.91 359.53 3,000,000.00 2,335.54 441.71 812.33 1,944.48 2,000,000.00 5,000,000.00 1,500,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,094.65

1,050.00 14,919.71 4,000.00 5,325,313.25 430,488.67 53,000.00 4,000.00 4,000.00 55.77 74,130.00 925,870.00 2,000.00 2,000.00 4,000.00 35,765.49 119,875.76 578,538.49 6,233.92 170,007.61 289,578.73 64,285.00 9,840.00 250,000.00 3,500.00 5,000.00 6,000.00 3,994.00 9,900.00 29,166.67 38,583.00 3,000.00 1,488.20 4,943.00 2,000.00 1,300.00 4,003.04 900.00 2,500.00 1,803.84 3,500.00 3,857.70 4,000.00 141,800.00 88,882.40 83,051.28 840.00 100,000.00 50,000.00 99,720.00 73,080.00 81,840.00 1,000,000.00 45,360.00 57,915.00 62,800.00 78,200.00 175,216.00 77,438.00 101,608.00 77,438.00 4,000.00 4,000.00 2,000,000.00 1,000,000.00 500,000.00 2,000.00 21,104.25 518,809.65 754,404.31 31,361.27 124,207.00 93,033.50 89,182.50 89,100.00 80,000.00 1,400,000.00 1,000,000.00 600,000.00 500,000.00 10,000.00 1,000,000.00 67,104.50 46,200.00 80706.78 88620.00 129359.46 95700.00 92433.60 129336.90 138580.00 85000.00 3845.42 3845.42 2307.25 2307.25 2307.25 2307.25 220012.15 109622.40 127962.23 293631.42 1973.20 1270.25 9147.88 6534.20 784.10 19.60 3920.52 3.27

44

MONDAY JULY 25, 2016 T H I S D AY

45

T H I S D AY MONDAY JULY 25, 2016

CONTINUED....

RETURNS ON UTILIZATION OF FUND SOLD TO CUSTOMERS FOR WEEK ENDED FRIDAY JULY 22, 2016

298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370

ADEBOLAONIBALUSI&CO/BTA OLALEYEOMOTAYO AWOLOWOBRANCH OGBABRANCH ADETOKUNBOADEMOLABRANCH IDUMOTABRANCH ADETOKUNBOADEMOLABRANCH OKEARINBRANCH ADETOKUNBOADEMOLABRANCH OBAAKRAN1BRANCH ADEOLAODEKUBRANCH ADEOLAODEKUBRANCH IDUMOTABRANCH HOBBRANCH ADETOKUNBOADEMOLABRANCH IDUMOTABRANCH OKEARINBRANCH HOBBRANCH OKEARINBRANCH OKEARINBRANCH HOBBRANCH ABUJAGARKIIIBRANCH OKEARINBRANCH ABUJAGARKIIIBRANCH MGBECHARLES/PTA ADEOLAODEKUBRANCH ABUJAPHCRESCENTBRANCH SANUSIFAFUNWABRANCH ADESINAKAYODEP LEGACYPENSIONMANAGERSLTD MOTORWAYSBRANCH THREEEYESVENTURESLTD LADELEOLUWATOYINGRACE/PTA ADEOLAODEKUBRANCH ONIPANBRANCH OSENIOLUWATOFUNMIE-PTA UCHENNA-CHUKWUKAC-PTA OSENIDANIELOLAYINKA-PTA OSENIENIOLAISRAELIA-PTA CHETACHWUAJASA-PTA DANIELCHIDIEBERE-PTA YEWANDEONIANWAH-PERDIEM DE-BABALOHMULTISERLTD-PTA SALAMIFUNMILOLAI-PTA OMOTAYOOJURI-PTA NASSRHISHAM-PTA OLADIPUPOOLALEKANA-PTA OMA-UDANNIGLTD-BTA ANILAJMERA-PTA OGBONNIANJIDEKAO-PTA ADEYEMOFOLASADE-PTA ALPHAPRESSLIMITED-BTA AYENIADEDAYO-PTA OLAMNIGLTD-BTA SHOBAYOABDULJ-PTA ADETOKUNBOADEMOLABRANCH ONWUZULIKEVIOLET-PTA ADEBAYOMUTIATM-PTA ROWLANDOLUWATOYIN-PTA IFEOMAAJASA-PTA OGBOYEBABAFERANMI-PTA OGBOYEBOLUWATIFE-PTA KAZEEMOLATUNJI-PTA BALOGUNBABATUNDEA-PTA ABIODUNADEKUNLE/PTA KAZEEMOLUSHOLAA/PTA ahmedsurato/pta raheemzainab/pta IGHORHIOHWUNUHELENOM-PTA SAUBANOLANSHILEO-PTA OLUNLADEJOHNADELEKAN-PTA UMARHALIMAABDULLAHI-PTA HAMZAMUHAMMADM-PTA

PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA

21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16

300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 302.00 302.00 302.00 299.00 299.00 299.00 299.00 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50

1,131.45 5,000.00 2,000.00 2,500.00 2,500.00 2,500.00 4,000.00 4,000.00 2,500.00 3,000.00 3,000.00 2,500.00 2,500.00 500.00 3,000.00 2,500.00 5,000.00 4,000.00 4,000.00 4,000.00 6,156.00 4,000.00 4,000.00 4,000.00 3,908.49 3,000.00 4,000.00 4,000.00 3,411.75 3,658.25 4,000.00 10,000.00 3,761.19 3,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 2,000.00 2,490.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448

ROWLANDTOMIWA-PTA BABATUNDEOLAMIDE-PTA KAZEEMKEHINDET/PTA kazeemishaq/pta JOSEPHALABAA/PTA IDOWUHARUNAP/PTA OLUNLADECOMFORTM-PTA hassanabiodunw/pta FALAKIMUHAMMADGAMBO-PTA OGBOYEOLUWATOYIN-PTA SIJUWADEODUNAYOO-pTA AWOSOKANREAKINWALE-PTA OGBOYEBOLAKALE-PTA YUNUSAUSMAN-PTA SUNDAYAJASA-PTA LATEEFSULAIMONO-PTA SAIDUIBRAHIM-PTA UMARSALAMIB-PTA SOJI-ADEPITANADEOLAI-PTA AMAXPROPERTIESLTD-BTA O'DEGREELOUNGE&BAR-PTA mohammedmohammed/bta DEEPROOTEDSOLUTIONLTD-BTA FINATRUSTMICROFINACEBANK-BTA ADEFILASAMSUNDAY-BTA MAROOFBUSARI-MASTERCARD OLUYOOLAOMOBOLASB-MASTERCARD UNITYBANK FCMBMASTERCARD FCMBVISACARD UNITEDBANKFORAFRICA FIDELITYBANKPLC BRIDGETONYEACHO-PTA EQUILIBREOIL&GASSERVICESLTD/PTA AJISAFEADESOLAO-PTA OGBOGUSOMTOCHUKWU-PTA OGBOGUOBIAJULUE-PTA OGBOGUCHIDUBEMO-PTA ADEJOBIIBIWUNMIBOLAJOKO-PTA AJISAFEABAYOMIABIDEEN-PTA OGBOGUEMMANUEL-PTA OGBOGUADAORAO-PTA CAULCRICKAKINTAYOM-PTA ADAMORENIGERIALIMITED ADETUTUADEBOLAADEKOYA ADVEEMNIGERIALIMITED AGARYPHARMACEUTICALLIMITED AGARYPHARMACEUTICALLIMITED AJANTAPHARMANIGERIALIMITED AKASAEXCELENTERPRISES ALAMINAQUAFARMS ANIMALCARESERVICESKONSULTNIGLTD BANKERSWAREHOUSELTD BASCONIGERIALIMITED BEAUMONTAROMATICSNIGERIALIMITED BIFONINTERNATIONALCOLTD BLESSEDIZUGODGLOBALCONCEPTSLTD BLSPETROLEUMSERVICESLTD BNALLMACCHEMICALSLIMITED BONADGLOBALLINKSENTERPRISES BONADGLOBALLINKSENTERPRISES BRIGHTPRODUCTLIMITED CFAOYAMAHAMOTORNIGERIALIMITED CLASSICSOAPINDUSTRIESNIGERIALIMITED CYBELECOSMETICSLIMITED DAGMOTORCYCLEINDUSTRIESNIGERIA DIAPERGOLDEN-UNICINDUSTRIALCOLTD DURITAINDUSTRIESNIGERIALIMITED DURITAINDUSTRIESNIGERIALIMITED DURITAINDUSTRIESNIGERIALIMITED DURITAINDUSTRIESNIGERIALIMITED DURUESTHEROJIUGO DYNAMICINDUSTRIESLIMITED EHIOKUONGHAEPETEROSAZEE ELBEPHARMANIGERIALIMITED EMERGINGMARKETSTELECOMSERVICE EUROCHEMCOVENTURESLIMITED EUROCHEMCOVENTURESLIMITED

PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA MASTERCARD MASTERCARD INTERBANKTRANSACTION FCMBCARD FCMBCARD INTERBANKTRANSACTION INTERBANKTRANSACTION PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA PTA/BTA RAWMATERIALFORAGROVETERINARY SCHOOLFEES CALCIUMPROPIONATEWHITEPOWDER INFUSIONSETWITHNEEDLE21GX1.50 INFUSIONSETWITHNEEDLE21GX1.50 IMPORTATIONOFCOMBISUNATE80/480 AUTOSPAREPARTS FISHMEALFORANIMALFEEDPRODUCTION BATTERYCAGES MACHINERY BAZUKIMOTOCYCLEINCKD INDUSTRIALCOMPRESSORANDACCESSORIES FLATMETALSHEETS NEWMOTORCYCLESPAREPARTS BASEOIL IMPORTATIONOFNITRICACID MULTIPLEYARNSIZE3 MULTIPLEYARNSIZE3 PAYMENTFORRAWMATERIALS YAMAHAPORTABLEGENERATOR TUBEMAKINGMACHINE&ACCESSORIES ODORIFEROUSSUBSTANCES:ZT2905 BAJAJRE4S198.88CCAUTORICKSHAWINCKD ENGINECYLINDER PAYMENTFORGOOSESAFETYMATCHES PAYMENTFORGOOSESAFETYMATCHES PAYMENTFORGOOSESAFETYMATCHES PAYMENTFORGOOSESAFETYMATCHES SCHOOLFEES POLYISOBUTYLENECOMPOUND SCHOOLFEES ESSENTIALPHARMACEUTICALPRODUCTS. TELECOMMUNICATIONEQUIPMENT PVCRESINHG-1000F 20MTBLISTERPVC-250MICRONS

22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16

300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 300.50 302.00 302.00 302.00 302.00 302.00 302.00 302.00 302.00 302.00 302.00 305.00 320.50 300.50 300.50 300.50 300.50 300.50 311.00 311.00 300.50 300.50 311.00 317.00 311.00 311.00 320.50 300.50 300.50 301.00 300.50 317.00 320.50 317.00 317.00 311.00 320.50 320.50 320.50 320.50 300.50 317.00 311.00 300.50 317.00 300.50 300.50

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 6,000.00 6,000.00 500,000.00 610,770.97 1,367,854.03 1,500,000.00 1,500,000.00 1,000.00 1,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 83,373.94 5,000.00 25,000.06 111,000.00 136,848.00 20,000.00 5,000.00 78,000.00 31,800.00 31,500.00 35,973.28 39,088.00 20,000.00 5,000.00 32,697.00 5,185.11 14,881.61 55,881.61 20,000.00 33,010.00 500,000.00 16,976.18 50,000.00 15,000.00 23,386.66 49,120.00 104,693.34 122,800.00 7,692.31 34,031.00 1,218.06 20,000.00 40,000.00 30,500.00 40,960.00

449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541

EUROCHEMCOVENTURESLIMITED EUROCHEMCOVENTURESLIMITED FLOURMILLSNIGPLC FLOURISHWATERLIMITED FYNEFIELDPETROLEUMCOMPANY GBOYEGABALOGUN GBOYEGABALOGUN GLOBALAPPLIANCESNIGERIALIMITED HANAPACKAGINGLIMITED HANAPACKAGINGLIMITED HEALTHPRODUCTSANDFARMSLIMITED HYKENGLOBALAGENCYLIMITED INDORAMAPETNIGERIALIMITED INDUSTRIALMETALIZING&PACKAGINGCOMPANY INTEGRATEDOILANDGAS INTEGRATEDTOTALCONTROLSYSTEMLIMITED INTERNATIONALTOBACCOCOPLC IYAMABOPATRICK IYKECHUCKSMULTI-LINKSCONCEPTLIMITED JEZCOOILNIGLTDDEPOTACCOUNT JOBIKANNIGERIALIMITED JUBAILIBROSENGINEERINGLIMITED JUBAILIBROSENGINEERINGLIMITED JUBAILIBROSENGINEERINGLIMITED JUBAILIBROSENGINEERINGLIMITED KALLKASTRONIGERIALIMITED KCDOZIEHOLDINGSLIMITED KENVEENIGERIALIMITED KENVEENIGERIALIMITED KLUSYLINTERNATIONALCOMPANYLIMITED LPACEMAKERPHARMACEUTICALSLIMITED LANREBHADMUSINDUSTRIESLIMITED LEANINDUSTRIESLIMITED LEANINDUSTRIESLIMITED LIVESTOCKFEEDPLC LYZOGLOBALRESOURCESLTD MARYQUEENINTERNATIONALLIMITED MASHABROS&SONSLIMITED MATUZORESOURCESINTERNATIONALLTD MBHPOWERLIMITED MINLLTDMANAKSIAINDUSTRIES MTNNIGCOMMUNICATIONSLTD MULTICHOICENIGLTD MULTIPROCONSUMERPRODUCTSLTD-S&DDIVISION NESTLENIGERIAPLC NESTLENIGERIAPLC NGOBROSANDCONIGLTD NIPCOPLC OPAULYCEEOVERSEAAGENCIESLIMITED OMOLAREWAJUENTERPRISES OMOLAREWAJUENTERPRISES OCTOGONEINTERNATIONALGAS&OILCOMPANYLTD OJICAMCOMPANYNIGERIALIMITED OJICAMCOMPANYNIGERIALIMITED OLAKROOFINGNIG.LTD OLAMNIGERIALIMITED PASTELINDUSTRIESLTD PEUGEOTAUTOMOBILENIGERIALIMITED PLUTUSINDUSTRIESLTD PREMIUMALUMINIUMLIMITED PROMASIDORNIGERIALIMITED PROMASIDORNIGERIALIMITED QEWGARDENSENTERPRISES REDINGTONNIGERIALIMITED REGALPLASTICINDUSTRIESLIMITED ROMARONGNIGERIALIMITED ROCKWATERSINTEGRATEDSERVICESNIGLTD SAROAGROSCIENCESLIMITED SHIVEXHOMEANDELECTRICALAPPLIANCESLTD SHIVEXHOMEANDELECTRICALAPPLIANCESLTD SHIVEXHOMEANDELECTRICALAPPLIANCESLTD SILVERINDUSTRIESNIG.LTD SKYCHEMINDUSTRIESLIMITED SOHOMAVITAVENTURESLIMITED SONNEXPACKAGINGNIGERIALIMITED STARGATELOGISTICSLIMITED SWEDISHMACHINERYTRUCKSSMTNIGERIALIMITED TADECOINDUSTRIALENTNIG TESKACMERCHANDISECOMPANYLIMITED THREEKAYINTERNATIONALCONCEPT TOMBOINDUSTRIESLIMITED TRADINGCONCEPTLTD TRANSERVEDISCTECHNOLOGIESLTD TUMECKEENCOYLTD UNITEDTECHNICALPROJECTNIGERIALIMITED VALUCKINVESTMENTCOMPANYLIMITED VISTAINTERNATIONALLIMITED YODESONSNIGERIALIMITED YUNUSASULEILANI ZEKWESINDUSTRIESLIMITED ZEXSTANDARDPHARMACEUTICALSLIMITED ZONASONPHARMCEUTCAL&CHEMICALCOMPANY ZUMACEXCELGLOBALCOMPANYLIMITED

FIRST CITY MONUMENT BANK

20MTBLISTERPVC-250MICRONS,SELFADHESIVETAPE 16,500KGSALUMINIUMFOIL HARDWHEATWITHMINIMUMPROTEIN WATERPURIFICATIONMACHINE GASOIL UNTILITYBILL MORTGAGE BINATONEKETTLE BRAND-EXXONMOBIL BRAND-EXXONMOBIL STRAWBERRYFLEXAROME NEWMOTORCYCLESPAREPARTS PURCHASEOFRAWMATERIALS RAWMATERIAL:PETRESING5801 GASOIL GASSOFLEXCOMPOSITEHOSE RAWMATERIALFORCIGARETTEPRODUCTION MORTGAGE PAYMENTFORRECHARGEABLECAMPINGLANTERN PMS RAWMATERIAL PAYMENTFORIMPORTATIONOFPERKINSDIESELENGINE PAYMENTFORIMPORTATIONOFPERKINSDIESELENGINE PAYMENTFORIMPORTATIONOFPERKINSDIESELENGINE PAYMENTFORIMPORTATIONOFPERKINSDIESELENGINE TRAILERAXLEASSEMBLYMACHINE PURCHASEOFTRAILERAXLE LLDPERESIN LLDPERESIN PHARMACEUTICALPRODUCTS COMBISUNATE20/120DISPERSIBLE PAYMENT GENPARTS GENPARTS NATUZYME GASOLINEGENERATINGSET&GRINDINGMACH PAYMENTFORSTATIONERYFILE VACUMFLASKS FISHMEAL65%STEAMDRIED ELECTRICALMATERIALANDEQUIPMENTS POLYESTERCOATINGS TELECOMMUNICATIONEQUIPMENT PROGRAMMINGFEES MILKPOWDERCOOLCOWFFMP6GMS INDUSTRIALSPAREPARTS INDUSTRIALSPAREPARTS BABYDIAPERRAWMATERIALS GASOIL AUTOSPAREPARTS INDUSTRIALSEWINGMACHINE INDUSTRIALSEWINGMACHINE GASOIL newmotorcyclespareparts newmotorcyclespareparts EQUIPMENTFORCOLDROLLINGMILL NPK15-15-15INBULK PURCHASEOFCHEMICALRAWMATERIALS PAYMENTFOR3008ACTIVE1.6THPGAIT HDPEFL7000,PACKING:7000BAGSX25KGSNETPERBAG PLAINCOILS RAWMATERIAL RAWMATERIAL PLAINPAPERINSHEETS(RAWMATERIALS) PAYMENTAGAINSTIMPORTATIONOFITACCESSORIES. ARTIFICIALRESIN-HDPEFILM MACHINERYFORMINNING MACHINERY AGRICULTURALINSECTICIDESNIPER VANILLAESSENCEFLAVOUR VANILLAESSENCEFLAVOUR VANILLAESSENCEFLAVOUR BOPPFILMOFPOLYMERSOFSTYRENENOTPRINTED CHEMICALRAWMATERIALS CORNSTARCHPACKEDINPAPERBAGSOF25KG POLYESTERFILM MARINEVESSELFEE EARTHMOVINGEQUIPMENTSPAREPARTS PLAINPAPERINSHEETS(RAWMATERIALS) NEWMOTORCYCLESPAREPARTS IMPORTATIONOFAGRICINSECTICIDES SODIUMSULFATEANHYDROUS PAYMENTFORGOODS IMPORTATIONOFPRODUCTIONRAWMATERIALS NEWMOTORCYCLESPAREPARTS RAWMATERIAL:UNCOATEDWOODFREEPAPER NEWMOTORCYCLESPAREPARTS RAWMATERIALFORPRODUCTIONOFEXERCISEBOOKS PVCCOMPOUND SCHOOLFEES BAGS-CKDPANELSSCHOOLBAG: PHARMACEUTICALPRODUCT GENTAMYCININJECTION80MG/2ML*10's NEWMOTORCYCLESPAREPARTS

22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16

300.50 300.50 315.50 311.00 295.07 300.50 300.50 300.50 320.50 320.50 317.00 311.00 300.50 317.00 317.00 300.50 300.50 311.00 311.00 316.00 317.00 300.50 320.50 320.50 320.50 300.50 311.00 320.50 320.50 311.00 317.00 300.50 300.50 300.50 317.00 300.50 300.50 320.50 301.00 317.00 317.00 317.00 320.50 317.00 317.00 317.00 311.00 300.50 311.00 320.50 320.50 306.00 311.00 311.00 311.00 317.00 300.50 311.00 302.00 311.00 317.00 317.00 300.50 320.50 317.00 317.00 311.00 317.00 300.50 300.50 300.50 311.00 300.50 317.00 317.00 301.00 317.00 300.50 311.00 300.50 317.00 300.50 300.50 311.00 317.00 311.00 317.00 317.00 300.50 317.00 317.00 311.00 311.00

60,825.00 73,816.17 2,000,000.00 7,500.00 4,300,000.00 1,064.79 2,395.77 8,797.04 5,520.00 44,480.00 8,048.13 8,000.00 34,645.00 41,000.00 100,000.00 1,645.60 35,094.00 4,972.00 50,000.00 1,000,000.00 50,000.00 53,301.59 40,300.00 53,355.58 248,866.34 10,000.00 20,000.00 6,621.83 75,000.00 5,000.00 17,560.70 15,000.00 102,996.05 106,444.60 41,951.87 20,000.00 20,000.00 29,663.00 44,200.00 50,000.00 57,023.82 30,000.00 3,000,000.00 54,247.00 7,785.07 88,235.48 10,000.00 500,000.00 15,000.00 50,000.00 256,200.00 2,000,000.00 6,000.00 50,000.00 95,000.00 48,895.90 14,906.00 3,796.34 56,400.00 20,500.00 34,200.00 66,033.00 10,000.00 348,484.00 40,003.00 52,349.30 85,985.57 20,909.00 23,786.20 24,237.00 24,972.00 48,000.00 20,000.00 40,000.00 3,000.95 500,000.00 68,821.79 30,383.71 5,000.00 18,653.17 59,000.00 28,180.00 9,209.00 8,000.00 4,000.00 5,000.00 11,479.00 18,712.00 13,015.00 3,513.21 90,000.00 3,000.00 10,000.00

RETURNS ON SOURCES OF FUNDS SOLD TO CUSTOMERS FOR WEEK ENDED FRIDAY JULY 22, 2016 SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

SOURCE OTHERS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK INTERBANK OTHERS OTHERS INTERBANK OTHERS OTHERS INTERBANK INTERBANK OTHERS OTHERS INTERBANK INTERBANK INTERBANK INTERBANK CENTRALBANKOFNIGERIA OTHERS INTERBANK INTERBANK INTERBANK INTERBANK INTERBANK OTHERS INTERBANK OTHERS

DATEOFFUNDPURCHASE 18-Jul-16 18-Jul-16 18-Jul-16 18-Jul-16 18-Jul-16 18-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 21-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16 22-Jul-16

EXCHANGERATE AMOUNT 283.42 7,250,000.00 298.00 33,557.05 288.00 16,298.10 288.00 47,637.00 295.00 600,000.00 289.00 3,000.00 290.00 200.00 302.00 50,335.57 302.00 304,857.62 290.00 290.43 285.00 36,800.00 284.00 3,579.58 300.50 1,619.00 290.00 453.00 290.00 172.80 300.00 150,000.00 300.00 1,866,666.67 290.00 1,063.83 290.00 471.86 305.50 2,000,000.00 300.50 4,395.04 302.00 2,949.70 300.00 33,333.33 300.00 633,333.33 299.50 1,398.58 290.00 305.00 316.50 1,500,000.00 315.50 1,000,000.00 300.50 1,000,000.00 301.50 1,200,000.00 300.00 5,000,000.00 300.00 50,000.00 320.00 500,000.00 315.00 2,000,000.00 320.00 5,000,000.00 300.50 1,000,000.00 300.00 500,000.00 294.57 4,300,000.00 310.50 1,000,000.00 300.50 3,000.00 TOTALAMOUNT

37,095,717.49

46

MONDAY JULY 25, 2016 T H I S D AY

47

T H I S D AY MONDAY JULY 25, 2016

Executive Master Class on Beyond SurvivalDeveloping Winning Strategies in Turbulent Times, Public and Private Sector Perspectives

*10% DISCOUNT FOR WIMBIZ MEMBERS*

(To activate 10% discount, kindly type WOMEN in coupon)

Faculty Professor Rodria Laline Chair of Interbond Capital & Visiting Professor Harvard, INSEAD and IESE

Rt. Hon Mark Simmonds Deputy Chair Commonwealth Investment Council, Privy to the Queen of UK, Former Minister for Africa and Foreign Commonwealth Office, UK

Themes to be covered; 1. Developing wining strategies: Agility, Expanding value chains and Efficiency- in Turbulent times 2. Strategic Leadership for Superior Performance in Turbulent times 3. Strategic approaches to Navigating Headwinds in Challenging Times 4. Developing Innovation in the Board Room and Excelling in the Value adding process Venue: British Deputy High Commissioner’s Residence The British Residence 3 Oyinkan Abayomi Drive Ikoyi, Lagos Cost: £500 (payment could be made in Naira) Date: 11th August 2016 Time: 9.00am-4.00pm

RVSP: www.texem.co.uk or contact Dr Alim Abubakre t: +44 7983 128 450 | e: alim@texem.co.uk

48

SUNDAY JULY 25, 2016 T H I S D AY

T H I S D AY MONDAY JULY 25, 2016

49

50

MONDAY JULY 25, 2016 T H I S D AY

NATIONAL SUGAR DEVELOPMENT COUNCIL, ABUJA INVITATION TO TENDER 1.0 INTRODUCTION The Management of the National Sugar Development Council (NSDC) hereby invites reputable and interested Contractors/ Consulting Service Providers (where applicable) to tender for the following 2016 Capital Projects being carried out by the Council.

2.0 SCOPE OF WORK 1. Lot 1: The Construction of Access Road; Parking Lots; and Drainages at Sugarcane Biofactory, Unilorin Sugar Research Institute, University of Ilorin, Kwara State.

2. Lot 2: The Construction of Preparatory Building; Crushing Shed and External Works at Sugarcane Biofactory, Unilorin Sugar Research Institute, University of Ilorin, Kwara State.

3. Lot 3: The Provision of External Services at Sugarcane Biofactory, Unilorin Sugar Research Institute, University of Ilorin, Kwara State.

4. Lot 4: The Supply of Transformers and Connection to National Grid at Sugarcane Outgrowers Fields at Iseyin, Oyo State.

5. Lot 5: The Conduct of Phase 1 of Soil Characterization & Productivity of Sugarcane Growing Ecologies of Nigeria.

6. Lot 6: The Supply of Computers & Accessories for NSDC Headquarters 7. Lot 7: The Supply of SUV vehicles for Monitoring of National Sugar Master Plan (NSMP) Projects 3.0 GENERAL REQUIREMENTS Contractors wishing to carry out the above jobs should submit the following: i. Registration with Corporate Affairs Commission (CAC). ii. Current Tax Clearance and VAT Certificate for the last 3 years and evidence of remittance. iii. Evidence of compliance with Provisions of the Pensions Reform Act, 2004. iv. Evidence of compliance with Provisions of the ITF Act, 2011. v. Evidence of Registration with COREN, CORBON, ARCON etc ( for LOT 1; LOT2: LOT 3; and LOT 4). vi. Evidence of Registration with Nigerian Institute of Soil Science ( for LOT 5). vii.Evidence of Registration with Financial Reporting Council of Nigeria ( for LOT 1 LOT 5). viii. Registration with Bureau of Public Procurement (BPP). ix. Evidence of Previous Experience on the job to be bidded for. x. Tender should also indicate specific period for the completion of the jobs . xi. The quotation should be inclusive of all taxes.

4.0TENDER INSTRUCTIONS Interested Contractors and Consulting Service Providers should collect Bid Documents from the Procurement Department of the National Sugar Development Council, after payment of a non-refundable fee of N 50,000 (Fifty Thousand Naira only) per Lot through the REMITA Platform.

5.0 SUBMISSION OF BID DOCUMENTS The completed Tender Documents with a copy of the receipt of Tender Fee shall be submitted in a sealed envelope and marked for Lot 1: The Construction of Access Road; Parking Lots; and Drainages at Sugarcane Biofactory, Unilorin Sugar Research Institute, University of Ilorin, Kwara State; Lot 2: The Construction of Preparatory Building; Crushing Shed and External Works at Sugarcane Biofactory, Unilorin Sugar Research Institute, University of Ilorin, Kwara State; Lot 3: The Provision of External Services at Sugarcane Biofactory, Unilorin Sugar Research Institute, University of Ilorin, Kwara State; Lot 4: The Supply of Transformers and Connection to National Grid at Sugarcane Outgrowers Fields at Iseyin, Oyo State; Lot 5: The Conduct of Phase 1 of Soil Characterization & Productivity of Sugarcane Growing Ecologies of Nigeria; Lot 6: The Supply of Computers& Accessories for NSDC Headquarters; Lot 7: The Supply of SUV vehicles for Monitoring of National Sugar Master Plan (NSMP) Projects at the top right corner of the envelope and addressed to: The Executive Secretary, National Sugar Development Council, Sugar House, 45, Oroago Crescent, Off Muhammadu Buhari Way, Garki II, P.M.B. 299, Garki Abuja.

Deadline for the submission of completed tender documents is six weeks from the date of this publication (25th July, 2016) i.e. not later than 12 noon on Monday, 5th September, 2016, while the bids will be opened immediately at NSDC Conference Room. Any tender received after 12noon and this date will not be entertained. NSDC is not bound to accept any tender and would not enter into correspondence with any contractor.

SIGNED

MANAGEMENT

T H I S D AY MONDAY JULY 25, 2016

51

52

MONDAY JULY 25, 2016 T H I S D AY

NATIONAL PENSION COMMISSION 174 Adetokunbo Ademola Crescent, Wuse II P. M. B. 5170, Wuse, Abuja

CONFERENCE OF DIRECTORS OF LICENSED PENSION OPERATORS

T

he Na onal Pension Commission (PenCom) is convening the 2016 Conference for Directors of Licensed Pension Operators. The Conference is designed to promote capacity building and ins tu onal strengthening of the pension industry that is anchored on good corporate governance prac ces.

Details of the Conference are as follows: Theme:

“Strategically Posi oning the Nigerian Pension Industry”

Keynote Address:

Fiduciary Responsibility in Corporate Governance

By Dr. Pascal G. Dozie

Papers: 1.

Deployment of Micro Pension Scheme in Nigeria

By Niyi Falade (Co-Chairman, Industry Commi ee on Micro Pension)

2.

Accessing Pension Funds for Infrastructural Development

By Opuiyo Oforiokuma (MD/CEO ARM-Harrith Infrastructure Fund)

Date: Venue:

Thursday, 28 July, 2016 Lagos-Osun Hall, Transcorp Hilton Hotel, Abuja

A endance is strictly for nominated Directors of Licensed Pension Operators.

SIGNED MANAGEMENT

53

T H I S D AY • MONDAY, JULY 25, 2016

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P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

179.50

187.50

-4.27%

3,058,771,079,197.50

10.64

16.87

6.22

4.46%

4.74

02 Nigerian Breweries Plc

138.01

137.00

0.74%

1,094,295,213,552.88

5.37

25.71

3.96

2.61%

6.42

03 Nestle Nigeria Plc

850.01

835.00

1.80%

673,765,740,762.52

29.95

28.38

4.45

3.41%

17.73

04 Guaranty Trust Bank Plc

21.03

21.00

0.14%

618,937,699,080.72

3.38

6.22

2.70

8.42%

1.50

05 Zenith Bank Plc

15.37

15.30

0.46%

482,564,109,490.82

3.37

4.57

1.12

11.71%

0.81

06 Lafarge Africa Plc

Table 3 Top 5 Gainers

59.65

59.65

0.00%

271,699,892,966.50

5.93

10.06

1.02

5.03%

1.54

Stock

194.90

194.90

0.00%

253,853,566,974.70

4.45

43.81

2.04

1.77%

5.49

11.80

12.33

-4.30%

216,524,704,337.00

1.39

8.47

0.42

5.25%

0.58

330.00

330.00

0.00%

182,592,403,290.00

23.48

14.05

1.62

4.82%

0.65

10 United Bank for Africa Plc

4.40

4.40

0.00%

159,629,915,816.80

1.64

2.68

0.51

13.64%

0.48

11 Access Bank Plc

5.16

5.22

-1.15%

149,268,333,615.96

2.28

2.27

0.44

10.66%

0.41

12 Guinness Nig Plc

96.48

95.95

0.55%

145,288,092,378.24

0.78

123.97

2.92

0.00%

3.25

13 Presco Plc

36.00

36.00

0.00%

142,937,173,620.00

3.28

32.81

1.97

3.61%

3.40

14 Stanbic IBTC Holdings Plc

13.00

13.49

-3.63%

130,000,000,000.00

2.04

6.38

1.10

0.77%

1.16

15 Unilever Nigeria Plc

33.00

33.00

0.00%

124,848,776,250.00

0.32

104.71

2.11

0.15%

15.60

3.39

3.41

-0.59%

121,685,042,564.88

0.42

8.03

0.24

4.42%

0.21

140.45

140.45

0.00%

89,970,916,483.35

11.12

12.63

1.16

1.57%

3.75

6.80

6.49

4.78%

81,600,000,000.00

0.96

7.07

0.81

7.35%

1.40

19 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

20 International Breweries Plc

19.58

18.65

4.99%

64,501,400,902.40

0.64

30.63

3.49

1.28%

5.35

5.12

4.92

4.07%

61,617,248,737.28

0.50

10.24

0.11

14.65%

0.39

22 Total Nigeria Plc

180.00

180.00

0.00%

61,113,930,660.00

11.92

15.10

0.29

7.78%

3.76

23 Mobil Oil Nig Plc

161.55

161.55

0.00%

58,254,164,576.10

13.51

11.95

0.91

4.46%

3.79

21.45

21.50

-0.23%

56,289,887,661.15

1.84

11.65

0.17

9.32%

0.55

1.35

1.29

4.65%

52,273,346,523.75

0.05

25.73

1.28

0.00%

0.60

07 Forte Oil Plc. 08 Ecobank Transnational Incorporated 09 Seplat Petroleum Dev. Co. Ltd

16 FBN Holdings Plc 17 7-Up Bottling Comp. Plc 18 Dangote Sugar Refinery Plc

21 Oando Plc

24 Flour Mills Nig. Plc 25 Transnational Corporation Of Nigeria Plc 26 U A C N Plc

20.50

20.09

2.04%

39,377,719,933.50

2.70

7.60

0.54

4.88%

0.53

27 Sterling Bank Plc

1.29

1.29

0.00%

37,139,639,382.54

0.36

3.61

0.34

6.98%

0.39

28 Diamond Bank Plc

1.59

1.59

0.00%

36,825,018,459.12

0.24

6.51

0.17

0.00%

0.17

29 Fidelity Bank Plc

1.14

1.10

3.64%

33,017,347,688.88

0.48

2.37

0.22

14.04%

0.18

30 Wema Bank Plc

0.78

0.78

0.00%

30,088,083,543.18

0.06

12.93

0.66

0.00%

0.65

31 Okomu Oil Palm Plc

31.50

31.50

0.00%

30,048,165,000.00

2.76

11.42

3.09

0.32%

2.49

32 Cadbury Nigeria Plc

15.00

15.20

-1.32%

28,173,030,600.00

3.21

4.68

0.84

8.67%

2.72

1.32

1.29

2.33%

26,139,578,230.92

0.24

5.49

0.17

7.58%

0.16

34 Cap Plc

36.00

36.00

0.00%

25,200,000,000.00

2.49

14.49

3.57

3.19%

16.58

35 Glaxo Smithkline Consumer Nig. Plc

18.50

18.50

0.00%

22,123,715,028.00

0.81

22.93

0.72

1.62%

1.68

36 Custodian And Allied Insurance Plc

3.61

3.99

-9.52%

21,233,529,743.95

0.71

5.06

0.71

3.88%

0.81

37 National Salt Co. Nig. Plc

8.00

8.00

0.00%

21,195,507,024.00

0.79

10.07

1.31

6.88%

2.99

38 PZ Cussons Nigeria Plc

20.60

20.60

0.00%

20,600,000,000.00

1.10

6.28

1.81

0.49%

0.92

39 Mansard Insurance Plc

1.95

1.96

-0.51%

20,475,000,000.00

0.16

12.32

1.24

2.56%

1.18

40 Skye Bank Plc

0.85

0.85

0.00%

11,798,256,198.50

0.85

0.99

0.09

35.29%

0.08

41 Honeywell Flour Mill Plc

1.44

1.38

4.35%

11,419,484,627.52

0.14

10.19

0.23

11.11%

0.53

42 Continental Reinsurance Plc

1.06

1.02

3.92%

10,995,108,970.72

0.21

5.13

0.56

11.32%

0.71

43 Unity Bank Plc

0.93

0.93

0.00%

10,871,084,286.06

0.54

1.71

0.17

0.00%

0.13

44 Cement Co. Of North.Nig. Plc

6.99

6.99

0.00%

8,784,177,584.34

0.96

7.31

0.67

1.43%

0.87

45 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.10

5.16

0.94

6.00%

0.45

46 UACN Property Development Co. Limited

3.85

3.85

0.00%

6,617,187,480.75

1.81

2.13

0.59

18.18%

0.20

47 Nigerian Aviation Handling Company Plc

4.00

4.00

0.00%

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

0.70

0.73

-4.11%

4,851,143,136.00

0.28

2.53

0.15

7.14%

0.50

50 Fidson Healthcare Plc

1.92

1.92

0.00%

2,880,000,000.00

0.50

3.87

0.35

2.60%

0.46

33 FCMB Group Plc

TOTAL

8,898,216,126,688.53

TOTAL MARKET CAP

9,499,618,836,212.35

% OF MARKET CAP Annotation - MA* = Simple Moving Average

93.67%

NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open Close Change % 21-July-16 22-July-16 27,997.29 9.62

27,659.44 9.50

-1.21% -1.21%

115.81 9.02

114.28 8.90

-1.32% -1.32%

Open Close Change % 21-July-16 22-July-16

International Breweries Plc Dangote Sugar Refinery Plc Transnational Corporation Of Nigeria Plc Honeywell Flour Mill Plc Oando Plc

18.65 6.49 1.29

19.58 6.80 1.35

4.99% 4.78% 4.65%

1.38 4.92

1.44 5.12

4.35% 4.07%

Table 4 Top 5 Losers Stock

Open Close Change % 21-July-16 22-July-16

Custodian And Allied Insurance Plc Ecobank Transnational Incorporated Dangote Cement Plc AIICO Insurance Plc Stanbic IBTC Holdings Plc

3.99

3.61

-9.52%

12.33

11.80

-4.30%

187.50 0.73 13.49

179.50 0.70 13.00

-4.27% -4.11% -3.63%

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

54

MONDAY JULY 25, 2016 T H I S D AY

MONDAY JULY 25, 2016 • T H I S D AY

55

INTERNATIONAL

email:foreigndesk@thisdaylive.com

DNC Chairwoman under Pressure to Resign Zacheaus Somrin with agency report

Democratic National Committee Chairwoman, Debbie Wasserman Schultz, is facing intense pressure to resign her post and was meeting with party honchos about her future, several Democratic leaders told CNN, urging her to quell a growing controversy threatening to disrupt Hillary Clinton’s nominating convention.

Both critics and supporters within the DNC are demanding Wasserman Schultz issue a statement to deal with the many issues raised by the release of a trove of DNC emails by Wikileaks that appeared to show the party favouring Clinton over Bernie Sanders during the primary process.

In a meeting yesterday that was described as at times contentious, Wasserman Schultz said she wanted the statement issued in the name of Amy Dacey, the DNC’s CEO. “We said no,” said a veteran party activist involved in the discussions.

“She needs to own this.”

Separately, a Democratic operative said Hispanic leaders close to Clinton and her high command were discussing Housing Secretary Julian Castro as a possible successor to Wasserman Schultz at the DNC helm. Party officials decided Saturday that Wasserman Schultz will not have a major speaking role or preside over daily convention

proceedings this week.

The DNC Rules Committee has named Rep. Marcia Fudge, D-Ohio, as permanent chair of the convention, according to a DNC source. She will gavel each session to order and will gavel each session closed. “She’s been quarantined,” another top Democrat said of Wasserman Schultz, following a meeting Saturday night.

David Axelrod, a former top adviser to Barack Obama’s presidential campaigns and a CNN senior political commentator, said Wasserman Schultz should resign.

“I would ask her to step aside. I would ask her to step aside because she’s a distraction in a week that is Hillary Clinton’s week,” Axelrod told CNN’s Jake Tapper on “State of the Union.”

One close Clinton ally said the hope is that Wasserman Schultz would get the message and leave her position before the convention kicks off Monday. “But she is stubborn,” the Clinton ally said.

Wasserman Schultz reluctantly agreed to relinquish her speaking role at the convention here, a sign of her politically fragile standing. But party leaders are now urging the Florida congresswoman to vacate her position as head of the party entirely in the wake of leaked emails suggesting the DNC favored Clinton during the primary and tried to take down Sanders by questioning his religion.

Democratic leaders are scrambling to keep the party united, but two officials familiar with the discussions said Wasserman Schultz was digging in and not eager to vacate her post until after the November elections.

“She seems oblivious to the volcano that will erupt if she walked into that [convention] hall,” said a veteran Democratic operative, who added that as of Sunday morning, Wasserman Schultz believed the uproar would pass. “Forty percent of

the people in that hall didn’t like her to begin with. She was going to get booed before all this.”

While Wasserman Shultz may be in danger of losing her job soon, she originally had no plans to seek re-election to her post as party leader when her term ends in January 2017.

Her stewardship of the DNC has been under fire through most of the presidential primary process, but her removal from the convention stage comes

following the release of nearly 20,000 emails. One email appears to show DNC staffers asking how they can reference Sanders’ faith to weaken him in the eyes of Southern voters.

Another seems to depict an attorney advising the committee on how to defend Hillary Clinton against an accusation by the Sanders campaign of not living up to a joint fundraising agreement.

Sanders on Sunday told Tapper the release of the DNC emails that show its staffers working

against him underscores the position he’s held for months: Wasserman Schultz needs to go.

“I don’t think she is qualified to be the chair of the DNC, not only for these awful emails, which revealed the prejudice of the DNC, but also because we need a party that reaches out to working people and young people, and I don’t think her leadership style is doing that,” Sanders told Tapper on “State of the Union,” on the eve of the Democratic National Convention in Philadelphia.

Zimbabwe Threatens ‘Traitorous’WarVeterans after Mugabe Attack Zimbabwe’s government at the weekend denounced leading independence war veterans as traitors for an unprecedented attack on ageing President Robert Mugabe and vowed to identify its unnamed authors and put them on trial.

Veterans who fought against white minority rule in the former British colony turned on their long-time ally and commander on Thursday, calling him a dictator in a jolting rebuke highlighting political manoeuvring over his succession and mounting anger over economic woes.

Mugabe abruptly cancelled a hastily arranged news conference on Friday evening meant to respond

to the veterans. State-owned newspapers reflected the power struggle on Saturday with a highly unusual 12-page supplement praising his wife Grace on her 51st birthday.

War veterans have accused her of having too much influence over her 92-year-old husband.

“Government ... dismisses the said traitorous so-called communique, which is treasonable in the constitutional democracy that Zimbabwe is,” Retired Brigadier-General Asher Tapfumaneyi, the most senior civil servant in the veterans ministry, said in a statement on Saturday.

“Multi-agency investigations are underway to establish its origins,

authorship, ownership and purpose,” he said, adding the government would “bring all associated with it to justice”. The Zimbabwe National Liberation War Veterans Association (ZNLWVA) issued its allegations of corruption and economic mismanagement by Mugabe in its own name, without individual signatures, after a seven-hour leadership meeting.

Tapfumaneyi expressed dismay at the statement and said the government was working to address most of their grievances

by April 2017, a year before the next presidential election. Mugabe has ruled Zimbabwe since its

independence in 1980.

“Any agitation or activism outside this very constructive process in the manner of this purported communique would therefore be misguided, treacherous and outright counterproductive,” he said, adding that some former fighters were distancing themselves from the ZNLWVA statement.

As Mugabe shows signs of frailty, senior members of the ruling ZANU-PF party are positioning themselves for the post-Mugabe era. Two factions have emerged, one linked to Vice President Emmerson Mnangagwa and one to Mugabe’s wife.

56

MONDAY JULY 25, 2016 • T H I S D AY

NEWSEXTRA

Customs, FIRS, DPR Raked in N142bn as Internal Revenue in 12 Months Three major revenue collecting agencies of the federal government have generated a total of N142.6 billion between June 2015 and May 2016.

This is the cost of revenue collected by the Nigeria Customs Service (NCS), the Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources

(DPR).

In an investigation by the Economic Confidential from its monthly Federation Account allocations, the FIRS raked in a total sum of N85.94 billion between June 2015 and May 2016, which is four percent of the total sum of its collection into the Federation Account.

It was followed by the NCS with the sum of N35.78 billion which was seven percent of the total revenue it collected for the federation, while the DPR got N20.88 billion, amounting to four percent of its collected revenue within the period under review.

The total cost of collection by FIRS in the 12 months under review

Edo 2016: Oshiomhole Moves to Drag Igbinedion, Oghiadomhe, Ize-Iyamu before EFCC Adibe Emenyonu in Benin City Edo State Governor, Adams Oshiomhole, has revealed plans to drag the former Governor of the state, Chief Lucky Igbinedion; the Peoples Democratic Party (PDP) governorship candidate, Mr. Osagie Ize-Iyamu, and former Chief of Staff to former President Goodluck Jonathan, Chief Mike Oghiadohme, before the Economic and Financial Crimes Commission (EFCC) for alleged misappropriation of the funds of the state when they held

sway in the state.

Oghiadohme and Ize-Iyamu were deputy governor and Secretary to the State Government (SSG), respectively, during the Igbinedion administration.

Oshiomhole who stated this at the weekend where APC governorship candidate, Godwin Obaseki, went to campaign at Fugar, headquarters of Etsako Central Local Government Area of the state, which incidentally is the home of Oghiadomhe, said he decided not to probe that administration since

PDP Wins Kogi East Senatorial Rerun Poll APC wins Owerri West, other results declared inconclusive Yekini Jimoh in Lokoja with agency report A former Chief of Air Staff, Air Vice Marshal Isaac Alfa, of the Peoples Democratic Party (PDP) has been declared the winner of the Kogi East senatorial re-run elections held at the weekend just as the Deputy Inspector General of Police (DIG), Mr. Foluso Adebanjo, leader of the police team for the rerun commended the people of the state for peaceful election.

The former Chief of Air Staff scored a total votes of 57, 575 to defeat five other candidates.

Professor Lucky Ovwhasa who was the returning officer for the election while announcing the result in Idah, said Alfa was declared winner after polling the highest number votes.

He said the candidates of ACPN, KOWA, MPPP, UPP and the Labour Party scored 1,793, 888, 498, 349 and 11,908 votes respectively in the election.

The senatorial rerun election was held in eight out of the nine local governments in Kogi East senatorial district. They are: Bassa, Dekina, Ankpa, Olamaboro, Ofu, Idah, Igalamela/Odolu and Ibaji.

The election was held in 236 out of the 1,080 polling units in the senatorial district while only 140,297 out of the 643,559 registered voters in the area participated in the election.

A total of 1,390 personnel conducted the election.

The ruling party, the All Progressives Congress (APC) did not participate in the election due to an Appeal Court judgment banning it from fielding a candidate.

The Returning Officer of the Idah state constituency re-run election, Professor Femi Ajayi had late Saturday evening announced Hon. Haruna Idoko of the APC as the winner of the election.

Idoko polled 8,346 votes to beat his closest rival, Hon. James Ukwubile of the PDP who scored 8,274 votes.

The result of Ofu state constituency re-run election is still being awaited.

Meanwhile, INEC has declared as “inclusive,” the Okigwe senatorial zone re-run election, while the APC candidate for Owerri West assembly seat won the electoral contest.

The commission however declared the result of Imo North senatorial district rerun election inconclusive. It also declared inconclusive the results of Oru East and Isiala Mbano State Constituencies following reported cases of violence which characterised the exercise in some communities in the two affected areas.

Exchange of gunfire was reported at Okata and Amiri in Oru East, while skirmishes and snatching of ballot boxes characterised the election in some communities in Isiala Mbano area.

Prof. Arinze Agbogu, the INEC Returning Officer for Imo North senatorial district who announced the result yesterday, however said that Mr Ben Uwajumogu, APC’s senatorial candidate, polled 48,921.

Agbogu also announced that PDP’s Athan Achonu scored 40,142 votes to emerge second in the already declared result.

Acording to the News Agency of Nigeria (NAN), he explained that results of several polling units in Isiala Mbano area were characterised by irregularities leading to cancelation of the results.

Agbogu explained that the exercise was cancelled in 15 polling units with a total of 13,000 registered voters.

According to him, the difference between the candidate with the highest score and the second stood at 8,777 votes.

he became governor because he would not want to be distracted, adding however, that recent political developments in the state would forced him to do so.

According to him, “These PDP leaders should be ashamed, I am looking at the books now because I just wanted to work and look forward because for me, my task is not to be reversing because I have spent too much time fighting and just wanted to work so I don’t want to look at the books.

“But when I see the snakes, the scorpions, the pythons, all these creatures that God cursed, trying to cause confusion, I called for the books. When I am going to Anigbette, I will carry the vouchers where Oghiadohme, Ize-Iyamu and his Oga, appropriated money and called it for the construction of Anegbette bridge.

“In their books, they claimed they built the bridge but no bridge on ground. Everything must go to Abuja. They collected the money in full, even to Ayoha my mother’s village, they stole the money. I will publish them for our traditional rulers to see, they claimed they did the road from Jattu-Ayuwa-Iyuku and they collected the money and pocketed it.

“God will definitely punish them, that is why I am warning our brother (Oghiadohme) that he cannot afford a fight. He abandoned his people while he was in power first as deputy governor for eight years, and Chief of Staff to Jonathan, and today he is talking nonsense.

For seven and half years they planned to impeach me, but today I am standing and they are out of power. God impeached them.”

which was N85.94 billion is higher than the combination of what NCS and DPR received which amounted to N56.66 billion.

Most of the high cost of collections shared by the revenue collecting agencies were made in 2015, while the lowest disbursements were made in 2016.

For instance, within the period the highest cost of collection received

by FIRS was N23billion in July 2015; that of NCS was N3.5billion in November 2015 and that of DPR was N2.5billion in July 2015.

Meanwhile, the lowest cost of collections received by FIRS was

N4.2 billion in April 2016, that of NCS was N1.1 billion in May 2016 while DPR got N1.1 billion in March 2016.

The three federal revenue collecting agencies are entitled to the special allocations from the Federation Account as cost of collection and is meant to incentivise them in their revenue drive.

NCS receives seven per cent of the monthly revenue it generates for the federation from import duties, excise duties, fees, CET on Special levy, Customs Penalty Charges and Auction Sales.

FIRS receives four per cent of

the monthly revenue its generates from Value Added Tax (VAT), Petroleum Profit Tax (PPT) on Oil and Gas, Company Income Tax, Personal Income Tax and other taxes, while DPR receives four per cent of monthly revenue it generates from royalties on crude oil and gas concessions, rentals, gas flaring penalties, among others.

The collecting agencies do not feature in the federal government’s budgeting process as their operations are funded from the revenues they are entitled to from the Federation Account to defray their cost of collection.

COST OF COLLECTION OF REVENUE JUNE 2015- MAY 2016 The Federation Account Shares N142bn to FIRS, NCS, DPR in 1 Year of Buhari’s Administration from June 2015 to May 2016 as the Cost of Collection of Revenues to the Federation by the Agencies

MONTHS

*FIRS Cost of Collection 4% of Revenue Generated

**NCS Cost of Collection 7% of Revenue Generated

***DPR Cost of Collection 4% of Revenue Generated

June 2015

4,675,602,903.14

2,880,627,069.13

1,540,711,514.93

9,096,941,487.20

July 2015

23,097,770,297.81

3,128,497,297.61

2,528,498,749.56

28,754,766,344.98

August 2015

9,418,806,105.14

3,199,080,461.60

2,389,038,826.71

15,006,925,393.45

September 2015

6,199,582,907.30

3,373,773,166.12

1,594,738,481.98

11,168,094,555.40

October 2015

4,941,683,990.99

2,965,552,383.02

1,552,340,156.12

9,459,576,530.13

November 2015

9,058,311,815.99

3,534,940,474.17

1,530,834,277.92

14,124,086,568.08

December 2015

4,471,169,914.62

3,416,548,316.23

1,589,255,201.36

9,476,973,432.21

January 2016

4,528,109,992.60

3,457,587,444.84

1,544,238,100.09

9,529,935,537.53

February 2016

5,662,686,165.75

3,225,095,898.05

1,524,334,030.23

10,412,116,094.03

March 2016

4,773,525,221.44

2,783,024,767.99

1,157,138,259.03

8,713,688,248.46

April 2016

4,253,210,461.12

2,618,541,256.70

1,442,264,677.08

8,314,016,394.90

May 2016

4,862,101,914.54

1,197,588,736.53

2,488,655,631.94

8,548,346,283.01

85,942,561,690.44

35,780,857,271.99

20,882,047,906.95

142,605,466,869.38

TOTAL

TOTAL

*FIRS: Federal Inland Revenue Service receives 4% for its revenue generation efforts **NCS: Nigerian Customs Service receives 7% for its revenue generation efforts ***DPR: Department of Petroleum Resources receives 4% for its revenue efforts Table by the Economic Confidential www.economicconfidential.com

NDIC Wants Strict Sanctions for Non-performing Insider Loans The Nigeria Deposit Insurance Corporation (NDIC) said it is concerned about the increasing figure of non-performing insider loans in banks and directed banks to impose strict sanctions on defaulters.

This is contained in a statement issued yesterday in Abuja by the Head, Communication and Public Affairs of NDIC, Mr. Hadi Birchi.

It quoted Alhaji Umaru Ibrahim, the Managing Director, NDIC, as expressing the concern when the newly elected President, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, visited him in Abuja.

According to Ibrahim, the development had posed credibility questions which were capable of eroding public confidence in the banking system.

He called for strict compliance with the existing code of conduct and a review of the existing laws to

provide stiffer penalties for directors of banks who are guilty of the act.

The NDIC boss also decried the casualisation of workers in the banking industry, adding that the development has a negative impact on the system.

According to him, casual staff accounted for about 25 per cent of the banking industry workforce.

He noted with concern the practice whereby some banks assigned sensitive roles to casual staff; thereby exposing the banking industry to cases of fraud and forgeries.

Speaking on the recent staff rationalisation embarked upon by banks, Ibrahim enjoined the banks to exercise caution so as not to create industrial unrest in the industry.

He therefore called on the CIBN to intervene by advising its members on the aim of the

rationalisation, which should be to weed out bad eggs from the industry.

According to the News Agency of Nigeria (NAN), Ibrahim said the corporation would continue to partner with the CIBN and other professional bodies towards achieving effective capacity building among its staff. The NDIC boss also disclosed that 77 members of its staff were currently undergoing the Bangor/CB MBA programme which commenced three years ago.

“The Bangor/CB MBA programme is an initiative of the NDIC, the CIBN and the Bangor University, Scotland, where staff of the corporation undergo up to 24 months training programme.

“They graduate with dual certification, an MBA and Chartered Banker of Scotland, and 14 members of staff have already graduated from the programme,’’

he said.

Ibrahim urged CIBN to fast track the accreditation of the Corporation’s Training Academy and the introduction of the Deposit Insurance System (DIS) in the institute’s curricula to broaden professionalism in the industry.

The CIBN President had earlier appreciated the corporation for its positive contributions to the activities and programmes of the institute.

He commended NDIC for its support towards the establishment of the CIBN Bankers House in Abuja and for its contribution in ensuring stability in the banking system.Ajibola assured Ibrahim that the accreditation committee of the institute would soon visit the NDICAcademy.

He appealed to the NDIC boss to further collaborate with the institute on training and other issues of mutual interest.

MONDAY JULY 25, 2016 • T H I S D AY

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Buhari: Why Babangida Removed Me from Power President Muhammadu Buhari has said he was removed from office 31 years ago because he was planning to purge the military hierarchy of corruption.

Buhari, who has not spared the military even in his ongoing anti-corruption war, said senior military leaders, led by former military president, General Ibrahim Babangida and General Aliyu Gusau, removed him in August 1985, to save themselves from his wrath.

In an exclusive interview published in the current edition of The Interview magazine, Buhari challenged Babangida and Gusau to tell the truth on why they carried out the coup against him.

“I learnt,” he said, “that Aliyu Gusau, who was in charge of intelligence, took import licence from the ministry of commerce which was in charge of supplies and gave it to Alhaji Mai Deribe.

“It was worth N100,000, a lot of money at that time. I confronted them and took the case to the Army council in a memo...I wanted Gusau punished.”

A statement by the Managing Director/Editor-in-chief of The Interview, Azu Ishiekwene, said:

“This is one edition that won’t let sleeping dogs lie.”

Babangida had told The Interview in its December edition that there was nothing in the memo which Buhari said he submitted to the army council.

“Don’t forget that I was one of Buhari’s closest aides. I was the chief of army staff. So, I had an important position, an important role to play within that administration. I don’t think it had to do with a memo,” Babangida said.

But in a tone which revealed that the past may neither have been forgotten nor forgiven, Buhari challenged Babangida and Gusau to come clean on why they removed him, asking The Interview to choose whose story to believe.

He also fielded questions about his health, the 2016 budget, the pace of his government, former President Goodluck Jonathan and why Mr. Babatunde Raji Fashola was handed three ministerial portfolios.

The edition also features interviews with Liberian presidential hopeful, Mr. Winston Tubman, and retired Justice

Finally, FG to Inaugurate Abuja-Kaduna Rail Tomorrow Dele Ogbodo in Abuja President Muhammadu Buhari will tomorrow inaugurate the newly completed Abuja-Kaduna train service for commercial operation.

The historic event, according to a statement made available by the Ministry of Transportation, said state governors, captains of industry and stakeholders in the industry will attend the event.

The statement read: “The Nigerian Railway Corporation has been test running the train service by moving people free of charge from Abuja to Kaduna and back since 15th of June 2016.

The Abuja-Kaduna train service is part of the on-going efforts and commitment of President Buhari

administration to provide modern, safe and affordable means of transportation in the country and will serve as a vehicle for delivering sustainable socio-economic development, social harmony and political stability.

On final inspection of the various stations over the weekend, the Minister of Transportation, Mr. Rotimi Amaechi, said government had to put in its best to make sure that the project which was started by former President Goodluck Jonathan, was brought to a successful completion.

According to him, government had listened to the hearing of the people and has decided to peg the cost of a one way ticket at N500, per trip per passenger.

Emefiele, Ali Baba, Others to Speak at Teens Conference The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; former Chairperson, Federal Inland Revenue Service (FIRS) and current chair of the Lagos State Employment Trust Fund, Mrs. Ifueko Omoigui-Okauru, Director General of PenCom, Mrs. Chinelo Anohu-Amazu and ace comedian, Mr. Atunyota Alleluya Akporobomerere (aka Ali Baba) will be guest speakers at a Teens Conference holding in Abuja on August 13.

Organised by The Everlasting Arms Parish (TEAP) of the Redeemed Christian Church of God, pastored by Dr. Eva Azodor, a consultant urologist and retired Colonel, the conference is expected to bring together teenagers from Abuja and its environs to listen to expert advice on career choices in today’s dynamic and challenging world.

According to the Conference Coordinator, Mr. Olusegun Adeniyi,

the objectives of the programme include teaching the teenagers to take responsibility for their future; having their imaginations fired through interaction with accomplished professionals in the society; making them to realise that no matter the odds, they can reach their goals and getting them to understand that God still intervenes in the affairs of men.

The theme of the conference, being co-sponsored by The UBA Foundation, is “Your life, your Future: Not a Laughing Matter” while attendance will be by registration at a portal already opened at www.rccgteapteens. org. “It promises to be a day of fun with music, food and drinks as the teenager engage people they ordinarily would see only on television. It is a mentoring programme and I am happy that these otherwise busy people have agreed to come and spend time with teenager,” said Adeniyi.

Dahiru Saleh, the controversial judge whose court nailed June 12.

And in an interview which indicates that the battle for 2019

could be well and truly underway, pharmacist and rotarian, Dr. Mike

Omotosho, aims at the Kwara State government house.

PLAYING CATCH UP AFTERTHE HARVEST

R-L:MinisterofTransportation,RotimiAmechi;Hon.DorisUboh-Ogunkoya;andManagingDirector,CartlarkInternationalLimited,Mrs.MariamAkanmode, attheharvestserviceofStJamesAnglicanChurch,Asokoro,Abuja....yesterday

Shippers’ Council, NUC to Introduce Maritime Law as a Course in Universities Ugo Aliogo Determined to address the dearth of knowledge in maritime law in the Nigerian judicial system, the Nigerian Shippers’ Council and the National Universities Commission (NUC) have agreed to collaborate on the introduction of maritime law

as a course of study in Nigerian universities.

Maritime law is not offered in any Nigerian university either at the undergraduate or postgraduate level.

The agreement was reached in Abuja yesterday during a courtesy visit to the Executive Secretary of

Olukolade: Security Spokespersons Must Be Certified by NIPR Spokespersons of security and response agencies in Nigeria have been urged to ensure that they register and renew their membership of Nigerian Institute of Public Relations (NIPR) before they could practice as PR practitioners in the country.

The immediate past Director Defence Information (DDI), Major General Chris Olukolade (rtd), who made the disclosure at a regional seminar on Media Engagement in Crisis Communication organised by the Centre for Crisis Communication (CCC) in Port-Harcourt, said it is illegal to practice PR without certification of the regulatory body Olukolade who is a Fellow of NIPR and Chairman of its Enforcement Committee, told participants at the seminar that: “It is now illegal to practice PR in Nigeria without certification as the institute is undertaking membership certification and recertification to weed out quackery in the profession.”

Speaking on “Strategies for Engaging the Media in Crisis Situation,” Olukolade said: “Crisis

management would always involve dealing with threats before and during an incident. The turbulence surrounding crisis situation has made communication more vital for PR practitioners in times of crisis to sustain the reputation of the nation and establishment.

“The belief that the mass media has power to make and break any organisation is still true, therefore knowing how to engage the media and understand how they operate is vital. Public relations managers must be multi-skilled and know how to manage relationship with public media.

Also speaking on “Online PR in Crisis Management, the founder of PRNigeria News Release platform, Mr. Yushau A. Shuaib, disclosed that online media has taken over from the traditional media as effective means of communication.

In a statistical presentation, Shuaib who listed the enormous advantage of social media for effective communications added that Nigeria has reached 46 per cent internet penetration with 86 million users.

NUC, Professor Julius Okojie, by the Executive Secretary, Nigerian Shippers’ Council Malam Hassan Bello According to Bello, the dearth of legal practitioners and judges who are knowledgeable in maritime law continues to hinder the adjudication of maritime cases in the country.

He said the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, had directed the council to collaborate with NUC in introducing the basics of maritime law in curricular of Faculties of Law in Nigerian universities.

Bello said other justices of the Supreme Court had also requested the council to do same.

His words: “This, according to their lordships, is because until recently, maritime law was not taught in our universities both at under graduate and post graduate levels.

As a result of this, our judges who are called to dispense justice on complex maritime issues, found it extremely tasking to dispose of such matters expeditiously.

As matter of fact, some Justices of the Supreme Court and those of the Court of Appeal have in the past admitted that they had no prior contact with admiralty law until after participating in the maritime seminar for judges series.

In several instances, their lordships find solace in the papers that were presented at the past seminars in determining complex maritime cases.’’

The Shippers ‘ Council Executive Secretary lamented that Nigerians who are interested in developing a career in admiralty practice have had to undertake such course abroad at a great cost.

He said the Minister of

Transportation, Rotimi Amaechi, had also lent a voice to the need for the council to partner NUC in introducing maritime law to Nigerian universities.

“It is expected that the teaching of the subject as an undergraduate course will equip judges and lawyers with a better grasp of the subject matter.

It will help speed up complex maritime cases like impounding of vessels through arrest and detention,’’ he said.

Bello said that the importance of maritime sector to the development of national economy could not be overemphasised as it contributed a lot the Gross Domestic Product and created employment.

He said if properly harnessed, the sector was a veritable source of economic sustenance and diversification, adding most countries derived 90 per cent of their revenue from the sector.

Responding, NUC Executive Secretary, Professor Julius Okojie, said NUC and the council would set a committee to work out the modalities without as fast as possible.

He urged the council to do its survey and work towards capacity building in the area of manpower.

Professor Okojie immediately nominated some staff of the commission that would be members of the joint committee on introduction of course in Nigerian universities and urged to council to d same.

“It is not something that will be difficult; we will proceed quickly. It will be a course that could become a specialised area. We will introduce it and it will run concurrently with the postgraduate level,’’ he said.

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MONDAY JULY 25, 2016 • T H I S D AY

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Lagos Targets N1tn Budget by 2018 To increase IGR by 100% Gboyega Akinsanmi The Lagos State Government yesterday disclosed that its annual budget would not be less than N1trillion from the 2018 fiscal year.

The state government alsorevealed that it was determined to increase the Internally Generated Revenue (IGR) to N30billion monthly in 2017 and N50billion monthly in 2018.

It reeled out the plan in a communique issued after a four-day retreat for members of the State Executive Council, Body of Permanent Secretaries and heads of government agencies and parastatals held in Badagry.

The communique, which was co-signed by the Commissioner for Information and Strategy, Mr. Steve Ayorinde and his Economic Planning and Budget counterpart, Mr Akinyemi Ashade, said the state government was ready to massively reduce its dependence on federal allocation.

The communique added that the state government it had resolved to scale up and run efficient revenue collection machinery through the convergence of the Ministries, Departments and Agencies (MDAs) operations and utilisation of cutting edge technologies.

It said participants intensively deliberated on the six pillars of Lagos State Development Plan (LSDP) which are infrastructural

development, sustainable environment, finance, economic development, social development and security and governance.

On the budget plan, the communique said though the target was ambitious, but that appropriate measures were being adopted “to achieve the plan. It is ambitious.

It requires thinking and what we are going to do differently is to ensure that we use technology to drive it in terms of automation and collection.

“What we are also going to ensure is that the whole reform around consumption taxes is really taken to another level. The land administration system will support this our initiative.

“With the automation of the processes, the reform in the consumption tax administration in the state and blocking all loopholes, we believe we will have the right funding to finance all these plans and we will not forget one critical fact which is that all is about Public Private Partnership because we are also going to use that to drive implementation of our plan.”

The communique said participants reaffirmed the vision of the state governor, Mr. Akinwunmi Ambode, to make life better and more meaningful for the people, thereby expressing resolve to create the enabling environment for everybody and businesses to promote and advance the wellbeing

of Lagos residents It said aside the fact that participants agreed to achieve 100 percent budget performance with a 58 per cent to 42 per cent ratio for capital and recurrent expenditure, they resolved that efforts should be redoubled at reducing cost and blocking leakages, while MDAs not yet integrated into the Treasury Single Account (TSA) be brought in before the end of third quarter of 2016.

It said: “Participants pledged to ensure timely preparation of the 2017 Budget and its passage into

law by the end of October. This will facilitate implementation of the budget from 1st January, 2017.

“As a government of inclusion, participants identified the need for partnership with persons and organisations that would create positive value to enhance the quality of life and standard of living of Lagos residents.”

Participants, also, agreed on the need to benchmark and set roadmap for social development and security in view of its impact on the people, as well as the need for a comprehensive inter-modal public

transportation system as obtainable in other developed economy.

On Badagry, Ayorinde recalled the town hall meeting and the State Executive Council meeting which held in Badagry the previous week as well as the tour of government projects in the historic town, saying that it was a demonstrable evidence of the readiness of the Ambode administration to develop all parts of the state He said: “Nearly all parts of Badagry are well lit courtesy of the Light Up Lagos Project, roads have been fixed, development projects

have been identified and Badagry has been declared as the hub for tourism not only in Nigeria but in the whole of Africa.

“So, this shows the government is fulfilling its promise of running a government of inclusion and more importantly the governor and the entire cabinet of the state finds every area of the State save and secure enough for them to stay for a whole four days. This is remarkable, commendable and it will continue as part of the features and characteristics of this administration.”

Abia PDP Moves against Sheriff’s Loyalists, Picks Holes WELCOMETO MY RESIDENCE in Ogah’s CoR FormerVicePresident,AtikuAbubakar (right),andBauchiStateGovernor,Mr.MuhammadAbdullahiAbubakar,whenthelattervisitedAtikuinhisAsokoro Emmanuel Ugwu in Umuahia The Abia State chapter of the Peoples Democratic Party (PDP) has taken steps to come hard on its members who have openly declared their loyalty to Alhaji Ali Modu Sheriff, who has continued to regard himself as the national chairman of the party.

Three former members of the state House of Assmbly, namely Chidi Nwosu, Emeka Ejiogu and Chukwuemeka Osoagbaka, have constituted themselves as the arrowhead of the pro-Sheriff group and have rejected the May10, 2016, state congress of the party as a “sham.”

But state executive committee of the party is not taking this affront lightly as the issue dominated its emergency meeting during which a seven-point resolution was adopted condemning the action of the three former lawmakers and their supporters, describing them as “a group of political dissidents and rascals.”

The resolution signed by the 15-member executive committee led by the state Chairman, Chief Johnson Onuigbo, said the rejection of the “democratically conducted” state congress of May 10, 2016, smacked of “irresponsibility, gross misconduct and disloyalty of extreme order.”

While pledging their loyalty to the national Caretaker Committee of PDP headed by Senator Ahmed Makarfi, the state executive committee the state PDP declared that the party “is united, intact and has no division whatsoever in its rank and file.”

Meanwhile, after obtaining a

certified true copy (CTC) of the Certificate of Return (CoR) which the Independent National Electoral Commission (INEC) had issued to Mr. Sampson Uche Ogah, the state PDP at the weekend declared that the electoral body had committed a “horrendous blunder” as the document excluded the supplementary poll held on April 25, 2015.

This anomaly was pointed out by the state Publicity Secretary of PDP, Chief Don Ubani, at a news conference in Umuahia, saying since the election of April 11, 2015, did not produce a winner it meant that Ogah was issued a fake certificate of return.

INEC had declared the April 11, 2015, governorship election in the state inconclusive and went ahead to conduct a supplementary poll on April 25, 2015, after which Dr Okezie Ikpeazu of the PDP was declared winner.

In the certificate of return issued to Ikpeazu on April 27, 2015, INEC stated that it was based on election “held on the 11th and 25th day of April11 and 25, 2015.”

But following an order of Abuja high court INEC on June 28, 2016 issued a certificate of return to Ogah based on the election “held on the 11th day of April 2015” without taking cognizance of the supplementary poll of April 25, 2015.”

“It is a horrendous error,” the Abia PDP spokesman said, adding that it was not unexpected because the electoral body “started being mischievous from the word go when it declared the governorship election inconclusive.”

residenceinAbuja....weekend

Pass Competition and Consumer Protection Bill Now, Organised Private Coalition Tells National Assembly The organised private coalition of business-minded organisations has urged the National Assembly to pass the ‘Competition and Consumer Protection Bill.’

In an advocacy-walk organised in Kaduna to enlighten the public on the provision of the bill, the coalition group noted that the bill, which has passed through second reading in the National Assembly, is aimed at creating a level playing ground for businesses, enterprises, businessoriented non-government organisations and stakeholders at all levels.

Speaking to journalists in the advocacy rally, Lawal Abdulkadir, said “in the business circle, we know that industries, businesses and companies operate at different levels. Some are small scale, some are medium and some are large scale. Therefore, at those levels the wherewithal is not the same. This competition bill aims to create a level playing field to all businesses across various sectors of the economy.

“One of the objectives of this bill, is to manage pricing that will benefit both large and small scale businesses. It is possible that a large business can strike out smaller and medium scale businesses by simply crashing out the prices in the market; and all they

need to do is to slash their prices and at the lower level, smallscale businesses will not have any chance to compete at all. The bill tries to address this.

“Generally, businesses are able to compete fairly; consumers are able to get the value for their money. The economy in general is going to be improved and everybody is able to make a choice in the market because there are different products and the prices are right, competitive and businesses have the freedom to choose with nobody forcing them to buy a particular product at a higher price.

“For consumers, nobody will give them a product that is not the right quality. The bill adequately protects consumers; they can buy what they want and if any of the industries or companies are trying to outsmart consumers, there is an appropriate forum that can complain to and they will be heard. As the situation is now, there is no place they can go to because this bill has not come into effect. Like I said, it has passed through the second reading at the national level, but at the state level, awareness is being propagated right now and we expect that the information will flow to every consumer.

House Committee Backs WAV on Local Content Capacity Ejiofor Alike The House of Representatives Committee on Local Content has urged the international oil companies (IOCs) to patronise the marine support base and shipyard of the West African Ventures located at Warri in Delta State, as part of the efforts to encourage local capacity development.

Speaking at the weekend during the inspection and verification of the company’s local content capacity as part of the committee’s oversight function, the Chairman of the Committee, Hon. Emmanuel Okon noted that the under-utilisation of the company’s facilities by IOCs will not encourage sustainable investment needed to build incountry capacity and boost the ability of indigenous companies to compete internationally.

In his expression of satisfaction with the standard of passenger boats, tug boats and investment in dry dock, the Chairman said that the House of Representatives would ensure a sustainable patronage of the multi-billion naira yard of the company as well as the facilities of other indigenous companies.

“I am impressed by what I am seeing here and I believe the community is impressed and from the local content perspective, I believe this is all it is about. Even though the facilities are not properly utilised the way it is supposed

to, we will try our very best to get people, marketers who can market this company and give them the level of patronage that they deserve,” Okon said.

He said the lower chamber would exercise its legislative powers to ensure that the crisis in the oil and gas sector did not weigh down the business, adding that the global crisis was evidently affecting related markets and other local companies at this time.

“As a responsive legislature, we will make sure that we continue to legislate and come out with laws and legislations that will force other companies and other users of light boat like this to consider getting it from companies like WAV with huge investment in the country to create jobs,” Okon added.

Also speaking, the Executive Director of West African Ventures Limited, Alhaji Ibrahim Sambo said the company embarked on three redundancy exercises in the last quarter to manage cost in order to meet up with dwindling revenue.

He was however optimistic about huge patronage from some government parastatals and other organisations in respect of flying boats services, border patrol and the likes, following the legislative backing to assist the company and other local companies in terms of patronage, having realized that facilities available were under utilised.

MONDAY JULY 25, 2016 • T H I S D AY

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NGF: Germany Trip, Quest to End Economic Downturn Gboyega Akinsanmi The Nigeria Governors Forum (NGF) yesterday defended the

trip by six governors to Germany, describing it as a genuine quest to end the paucity of funds and grave economic crisis all the states in

Peter Obi: I’m Not Plotting to Kill Anybody The former Governor of Anambra State, Mr. Peter Obi, has described the news being circulated on social media of how he vowed to destroy the Indigenous People of Biafra (IPOB) and their leaders as well as the Movement for the Actualisation of a Sovereign State of Biafra (MASSOB) and Niger Delta Avenger as a piece from deceased minds.

The statement by his Media Aide, Mr. Valentine Obienyem, noted that since Obi left office, the concocting of news against him has become the norm among those that do not wish him well.

Obienyem explained that they had gone to the extent of requesting him to stop attending events as well as threatening to kill him.

“When they speak or act, all one sees is the antics of a group that is competing and fighting with itself,” Obienyem submitted.

Further, he said that just about three weeks ago, the same people

embarrassingly put words into the mouth of the revered Dr. Alex Ekwueme, saying he rebuked Obi for speaking against Nnamdi Kalu, when nothing of such happened.

He said that regrettably, they had now come up with the tale of Obi planning to kill Nnamdi Kanu.

Obienyem who said that no amount of blackmail could tarnish the character and reputation of a man who is godly and good, prayed that every of their deadly concoction would continue to fail.

Concluding, Obienyem called on the masses to continue to disregard such news, assuring them that Obi remains committed in support of the greater future for the Igbos, which he believes would be achieved thought equitable restructuring of Nigeria.

Meanwhile, Obienyem said that anytime Obi wishes to speak on any issue, that it would always be through recognised and credible channels.

the federation “are currently going through.”

The NGF, also, said the three-day trip was designed to discuss areas of partnership and cooperation with a select group of German technocrats and investors with a view to seeking other options for economic partnership.

The forum explained reasons for the trip in a statement by its Head of Media and Public Affairs, Mr. Abdulrazaque Bello-Barkindo, noting that the trip was to work out antidote to the over-dependence of states on oil which consigned Nigeria to a mono-product economy.

A human rights activist, Mr. Femi Falana (SAN), had criticised earlier the plan of the forum to send a team of six governors to Germany, describing it as a ploy by the governors to embark on a jamboree The human rights lawyer had, also, described the proposed trip as frivolous, thereby appealed to the German government to deny

them visas.

Falana added that the trip was a decoy for a summer holiday that would amount to further waste of the scarce resources of their states at a time the nation was said to be broke.

He explained that there was no justification for the trip, insisting that there were enough solutions within to the problems of the country, which according to him, the governors are not attending to.

But in a statement yesterday, the NGF said nothing could be farther from the truth than the lawyer’s postulations because it was obvious that the real essence of the trip had not been explained to the lawyer since he was reacting to a story whose content had not even fully reached the reporter that was asking Falana questions.

The forum, therefore, said the six governors “are embarking on a 3-day trip to Germany to discuss areas of partnership and cooperation with a select group of German technocrats and investors with a view to seeking other options for economic partnership, against

their over-dependence on oil which has consigned the country to a mono-product economy.”

He added that six of them were going on behalf of other governors in order to assimilate the true import of the presentation by the German Ambassador and work out ways of domesticating the advantages.

He said partnerships they “are seeking will cover such non-oil sectors as agriculture, health, renewable energy and vocational training institutions that could employ our teeming unemployed and jobless youths.

“It is important to note that nobody feels the pinch of the current economic downturn more than the various state governors who are now working assiduously to ease the hardship that the average Nigerian is going through.

“The trip that is being embarked upon is as Spartan as possible as no governor is traveling with more than an aide who is also responsible for the area of need as it relates to their region and they

will be visiting several industrial installations, vocational training centers and theme-parks to get a firsthand feel of how they are organized so as to replicate same in their domains.

“Suffice it to also state that this is a trip that is intended to bring added value to the running of states rather than waste scarce resources, as the respected lawyer had thought,” the forum explained.

It pointed out that governors like other Nigerians were also feeling the deep heat arising from the paucity of funds and dire straits that the nation “is currently going through and are just as concerned, while they are putting in their best to get the nation out of the doldrums.”

It clarified that those who elected them need “to accompany the confidence they repose in them with their votes with some vestiges of trust and not completely deny them the benefit of the doubt, no matter how well-meaning their intentions are, the result of which will be a win-win situation for us all.”

Ex-Malawian President to Deliver Second Women’s Power Lunch Keynote Address The Murtala Muhammed Foundation (MMF) yesterday said former President of Malawi, Dr. Joyce Banda, would handle the second Women’s Power Lunch keynote address.

The MMF said the power lunch, which would be attended by women leaders and influencers from government, private sector, civil society, academia/students, media and the arts, was designed to brainstorm challenges facing women in Africa.

The foundation disclosed this in a statement by its Chief Executive Officer, Mrs. Aisha Muhammed-Oyebode, noting that the annual event “is an initiative of Muhammed-Oyebode.”

The statement said the Women’s Power Lunch “attracts the attendance of a cross generational audience of women leaders and influencers from all walks of life including government, private sector, civil society, academia/ students, media and the arts.

“A lot is already being done to advance equal opportunities and the rights of women and children in Africa. The is, however, a lot of grounds we are yet to cover, which requires the urgent need for women to network across geographies and occupations – to deepen our cooperation and develop new platforms for collaboration in the pursuit of our common goal of defeating patriarchy and misogyny in Africa. This is one of the goals of this initiative.”

The statement said Women’s Power Lunch had become a prominent feature in the annual calendar of women’s events in Africa, where internationally acclaimed and highly distinguished

speakers “deliver inspiring keynote addresses on pertinent development issues relating to African women, in an ambiance that stimulates robust engagement, rich discussions and networking opportunities.

“The 2016 edition – the second since its inception in 2015 – is themed, ‘Women in Solidarity: A New Paradigm for Inclusion,” the statement said.

It added that Banda, a foremost entrepreneur, activist, politician, and philanthropist, would deliver the keynote address of the 2016 edition of the programme.

It noted that Banda was the founder and leader of the People’s Party in Malawi and was the South-Eastern African country’s first female president and Africa’s second.

In 2013, the statement said: “Banda was named as one of the 100 most influential people in the world by TIME Magazine, and in December 2014, Forbes named her the most powerful woman in Africa and the 40th most powerful woman in the world. In the same year CNN named her as the most inspirational woman in politics in the world.

“The first edition of the Women’s Power Lunch featured Her Excellency, Mrs. Graça Machel Mandela, the former first lady of South Africa and Mozambique, as Keynote Speaker,” the statement said.

The MMF was founded to commemorate the ideals and legacies of former Head of State, late Gen. Murtala Muhammed which include the empowerment of women and children, as well as the social and economic integration of African people.

PROUD PARENTS

Lawyer, Dr. Joseph Mwobiko (SAN), and wife, during their daughter’s graduation from University of Sussex, England...recently

Anambra Records $5mVegetable Exports to Europe In a bid to underscore the importance of diversifying the economy and attracting more industries to Anambra State, Governor Willy Obiano has confirmed that the concise Economic Blueprint, made up of the four pillars of development; including agriculture, industrialisation, trade and commerce and oil and gas he developed on assumption of office has started yielding dividends.

The governor who spoke in Abuja in an interactive session he had with the people of the state living in the North-central part of the country, stated that the state was now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth creation opportunities.

To this end, he told the audience including the Obi of Onitsha, Igwe Alfred Achebe, Dr. Oby Ezekwesili both members of the Peoples Democratic Party (PDP) and All

Progressives Congress (APC) in the National Assembly, former Governor Chinweoke Mbadinuju and several others that the state investment agency, ANSIPPA, charged with the mandate of attracting and fast-tracking investments in the state, has so far attracted over $4.2billion deals to the state.

The latest investment, he confirmed, was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts embedded power generating plant in Ogbaru.

When completed in the next 18 months as scheduled, all the power generated from it would be distributed mainly in Anambra State.

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million

to Europe. At the same time, our locally-produced brand of rice known as Anambra Rice recently emerged the ‘Best Rice in Africa’ at an African products forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroun.

“Our agricultural sector has also attracted investments from seven companies valued at $1.011billion, while the large industrial farms have pushed our local rice production from 90,000 metric tons to 210,000 metric tonnes. At this rate, we shall soon surpass the 320,000 metric tonnes we consume in Anambra State per annum.”

Obiano told the capacity crowd that the Oil and Gas Advisory Committee headed by the former Special Adviser to the President on Petroleum Matters, Dr. Emmanuel Egboga, had been charged with drafting a comprehensive blueprint for the

oil and gas sector and advising the state on the necessary steps that would ensure the recognition of Anambra as the 10th oil producing state in Nigeria.

“We have opened access to the oil fields by completing the 280-metre long bridge on the 42-kilometre road across to the Omambala River in Aguleri. We are also building two other bridges to the oil fields through Umueje in Ayamelum and Umudiora in Anambra West Local Government Areas.”

According to the governor, there was no access to the oilfields of Aguleri before now, as it could only be accessed through Enugu State.

“We have concluded plans to pipe ATK (aviation fuel) from the Orient Petroleum Refinery to the proposed cargo Airport in Umueri where a storage facility will be built for it. The idea is for the airport to serve as a major hub for the re-fuelling of international flights in West Africa.”

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MONDAY JULY 25, 2016 • T H I S D AY

NEWSEXTRA

Ngige: Buhari’s Election Saved Nigeria from Collapse Says loyalty is reason president favours cronies

David-Chyddy Eleke inAwka Nigeria’s minister of Labour and

election of President Muhammadu Buhari in 2015 saved Nigeria from total destruction.

He said the Peoples Democratic Party (PDP) during former President, Dr. Goodluck Jonathan, administartion would have destroyed the country through its corrupt tendencies, which would have impoverished the greater majority of Nigerians.

The minister who was speaking by the troops to include two AK-47 in a meeting with leaders of his rifles with registration numbers party, the All Progressives Congress 565214175 and 5-65399 respectively, (APC) from the 327 wards that four AK-47 rifle magazines fully make up Anambra State said loaded, 25 litres of petrol, as well Nigerians are lucky to have a as assorted food items. man like Buhari at this time.

The army spokesman said the He said the Buhari government troops also recovered a motorcycle inherited an alarming debt burden and two bicycles amongst other items running into trillions of naira, and from the terrorists.

Meanwhile, about 14 out of the three officers and 16 soldiers declared missing during the last week ambush attack at Gogoni village in Borno State by the terrorists, are yet to be found.

Usman had on Saturday announced the return of five of the missing troops including the Commanding Officer.

Employment, and former Governor of Anambra State, Senator Chris Ngige, yesterday stated that the

Troops Ambush Boko Haram Terrorists Crossing into Sambisa Forest Senator Iroegbu in Abuja The troops of Operation Lafiya Dole in the early hours of yesterday ambushed Boko Haram terrorists crossing into Sambisa forest from Komala and Musafanari axis with logistics items.

The Director of Army Public Relations (DAPR), Col. Sani Usman, in a statement yesterday, said “the ambush party killed two Boko Haram terrorists, while two soldiers sustained gunshot wounds.”

Usman said the wounded have since been airlifted and are receiving treatment at a military medical facility.

He listed that the items recovered

that those who blamed the Buhari government for the hardship in the country do not have proper information.

The minister said if the PDP had remained in power after the 2015 election, most Nigerians would have become paupers by now.

“What we saw when we came in was horrible-total decay and destruction. The PDP was out to kill this country. We thank God for the intervention in the 2015 general election.

“In the Ministry of Works alone, we inherited a debt of N400 billion.

In the power sector over N200 billion was inherited among others.

“The Dasukigate you hear about was a loan of trillions of naira they collected and shared

among themselves. The corruption was terrible and massive,” Ngige said.

The former governor who entertained questions from the APC faithful in the meeting -ranging from high cost of kerosene, poor power supply and general hardship in the country, said the Buhari government had lined up palliatives to mitigate the situation. He said the incentives would come in forms of empowerment, including jobs, skill acquisition, party patronages, good governance among others.

Ngige assured them that the prices of most commodities would come down soon.

He said the contracts for the 2nd Niger Bridge as well as that of Onitsha/Enugu expressway

had been perfected, assuring them that by next year, the people of the South-east would have cause to salute the APC government of Buhari.

He enjoined the APC members to persevere in their followership, stressing that loyalty was virtuous.

“Some people are complaining that President Buhari is favouring certain people, without knowing that such people have been loyal to the president since 2003. Loyalty pays,” the minister stated.

Ngige said the APC would win the governorship election in Anambra State in 2017, adding: “By next year, those who are currently occupying the state Government House will just run away, and APC will take over.”

THANKS FOR COMING

Kuwait Ambassador to Nigeria, Dr. Abdulaziz Ahmad Al-Sharrah (left), presenting a souvenir to Governor Aminu Waziri Tambuwal of Sokoto State, when the latter visited the envoy, in Abuja...weekend

ABDULMUMIN CLAIMS HE HAS NOTES FROM DOGARA ON DISTRIBUTION OF BUDGETARY CONCESSION TO N’ASSEMBLY

PUBLIC NOTICE

The above named Glory Apostolic Church of Nigeria has applied to the corporate Affairs Commission for registration in accordance with the provisions of the Companies and Allied Matters Act. Laws of the Federation of Nigeria, 2004.

THE TRUSTEES ARE:

PROPHET SAMSON ADESIDA. General overseer.

DEACONESS ADENIKE ADESIDA treasurer.

SOTUNDE OLU IDOWU secretary

ADEWALE JOSEPH OMOLAYO Trustee APOSTLES AKIN OLATOKUN Trustee SALAMI ADEYINKA O Trustee DEACONESS OLUWAFUNMILAYO JACINTO Trustee

Any objection thereto should be addressed to the Registrar General, Corporate Affairs Commission, Abuja within 28 days of this publication.

Signed: Chairman

reports from standing committees, an analysis was conducted. We discovered that about 10 only out of the 96 Standing Committees of the House introduced about 2,000 (two thousand) projects without the knowledge of their committee members amounting to about 284,000,000,000 . I was alarmed.

But I was cautious because at our pre-budget meeting with the committee chairmen, I was clearly warned not to touch their budgets.

I reported the matter to the speaker.

He did nothing about it obviously because he was working behind the scene with the committee chairmen.

That was the beginning of the whole budget problem from the side of House and the whole exercise had to go through several versions before it was passed. So, is it Abdul that introduced 2,000 projects into budget worth 284billion? But I quietly bore the pain and abuses from all over the country and continue to defend the committee inputs as a show of

loyalty to the institution I represent which I so much love and still have many great minds in there. Apart from Chairman Agriculture Hon Mongunu who owned up and explained his inputs at the only executive session I was allowed to attend, the other few chairmen who loaded the budget kept quiet and watched me bashed from every angle by angry Nigerians.”

“People have asked why did I wait this long to open up, so much was happening behind the scene. I fought the battle of my life to raise these issues internally and get Mr Speaker to adress them to no avail. I pushed so hard that I got frustrated and depressed.

All my attempts met brick walls. That was why some members were always raising their voice against me because they do not have the facts.

I later on realised that the Speaker enjoyed that so much and colluded with his cabal to dump everything on me.

I am sure not too long some members that knew what I went through will come out and testify. I also have evidence to show my internal struggles.”

“All these forced me to stay away from him except on official assignment. I can count how times I have been to his office or home. I stayed away completely. It was such a frustrating and depressing period for me.

Who will I complain to? How do I face the world and say I got it wrong after playing such a lead role in his emergence? When you see a house you sacrificed everything to build is falling apart and the driver believes he is firmly in charge because he has 8 votes advantage, you are left with no choice than to tie your seat belt for obvious eventuality.”

“Speaker Dogara has completely derailed, remains clueless, keeps on with an unmatched ego and surely leading the House to the biggest scandal it may ever experience.

He has failed to live above the fog in public duty and private thinking, a direct opposite of what my favorite American Poet Josiah Gilbet Holland prayed Lord to grant us in leaders.”

“All I am asking for is my right to be heard by my colleagues which they denied me. I am calling on my colleagues to plead with Speaker, Yakubu Dogara, Deputy Lasun, Whip Doguwa and Minority leader Ogor to stop obstructing justice and allow me my right to be heard by the House. It is the House that will institute a special investigation on this matter to allow me testify and provide evidence before any other external action.

I will make a more detailed statement in due course”

MONDAY JULY 25, 2016 • T H I S D AY

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CRIME&PUNISHMENT SERAP Wants EFCC to Investigate N40bn Budget Padding by National Assembly The Socio-Economic Rights and Accountability Project (SERAP) has urged the Speaker of the House of Representatives, Yakubu Dogara, to urgently refer to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for an effective and independent investigation the allegations that the leadership of the House attempted to pad this year’s budget to the tune of N40 billion and that the member who blew the whistle was victimised for opposing immunity for principal officers.

SERAP’s call followed allegations by the immediate past Chairman of the House Committee on Appropriations, Abdulmunin Jibrin, that Speaker, Yakubu Dogara, and three other principal officers of the House victimised him for refusing to support immunity for presiding officers as well as the approval of N40 billion for principal officers out of N100 billion approved for members of the House for constituency project.

In a statement yesterday by its

Executive Director, Adetokunbo Mumuni, the organisation said Given the seriousness and gravity of the allegations against the leadership of the House, any investigation by the House would not be enough, as it would not meet the threshold of an effective, transparent and independent investigation.

It noted that Nigerians won’t have confidence in the House investigating itself in this case.

The statement read in part: “Referring the allegations to both the EFCC and the ICPC for a joint investigation would show that the House leadership is willing and able to enhance the transparency and accountability of its system and that of the National Assembly as a whole.

“The Speaker must now move swiftly to refer the allegations to the EFCC and the ICPC to allow for a swift, transparent, effective and independent investigation in order to contain the damage that is already done, but also not to create the impression of a cover up.

There must be full accountability for any leader or member of the

House found to be responsible for corruption and abuse of office.

“These allegations also raise numerous questions about the need for greater level of transparency and accountability in the National Assembly, such as telling Nigerians the salaries and allowances of Senators and members of the House; public auditing of spending by the National Assembly, and why several concluded reports on allegations of corruption that have been investigated by the National Assembly remain shrouded in secrecy and skewed to favour suspected corrupt officers.

“SERAP also urges the leadership of the House to publicly commit that the House will not promote constitutional amendments on immunity for its principal officers.

No matter how it’s framed, no public interest is served by the National Assembly seeking to grant its principal officers immunity that wasn’t contemplated by the framers of the 1999 Constitution.

“It’s absolutely important that members of the National Assembly - the Senate and House

of Representatives - conduct themselves at all times in the knowledge that their role is a public one; appearances of propriety can be as important as actual conflicts of interest in establishing what is acceptable behaviour.

“SERAP also urges Dogara to use the opportunity of addressing the allegations raised against the leadership of the House to propose a bill on members’ integrity, which we strongly believe would help to restore public confidence in the National Assembly; provide a check against corruption; and protect the leadership of the House and Senate from claims and criticisms of self- interest.

“Legislators are fiduciaries in terms of acting with honesty, integrity and the utmost good faith in the public interest. The oath of office sworn by members of National Assembly at the beginning of every term also sets a clear evidence of their fiduciary duty that they must be faithful to the constitution and commit themselves to the greatest happiness of the greatest number.”

L-R: Special Adviser to the Governor on Civic Engagement, Mr. Kehinde Joseph; Permanent Secretary, Lagos State Ministry of Economic Planning and Budget, Mr. Yomi Kadir, both presenting a GCE form to a student, Saka Moshood Opeyemi, during the distribution of GCE forms to promising youths of Epe division, by the Renaissance Group of Epe, at the council secretariat in Epe, Lagos...recently Kola Olasupo

Police Arrest Two Robbers in Lagos The operatives of Rapid Response Squad (RRS) of the Lagos State Police Command have arrested two armed robbers in two separate operations in Ikotun and Olodi – Apapa area of the state.

This is just as they recovered they gun they used for the operation, as well as some jewelry, laptop and 18 mobiles phones from the armed robbery gang.

While 22-year-old Bashir Wasiu, an Oyo State indigene, was arrested at Olodi-Apapa, the other suspect, 23-year-old Tunde Adedeji, from Abeokuta, Ogun State, was arrested at Ikotun.

Bashir had in company of his two other gang members, waylaid their victim, one Viho Segun at his residence and made away with his documents, phones and N15,000

from him at gun point before leading him to his flat to collect more valuables from his family.

At the Viho’s flat, Bashir threatened to kill him in the presence of his children and wife if they fail to produce more valuables.

When the wife refused to surrender what they wanted, Bashir smashed Viho’s head with the gun butt and beat the wife to a pulp.

According to the victim, “When he started beating my wife, I summoned courage to engage him.

As soon as we started fighting, his colleague took to their heels.

He too tried to run but I held him and I called out to neighbours, seized his gun and just in the nick of time, RRS officers on patrol arrived and they arrested him.”

In his confession, the suspect said: “We have been monitoring Viho. We know he goes to work

early in his car and we decided to ambush him.

“We were three, Michael and I followed him into his flat to collect more money while Joseph was monitoring the situation outside.

“The three of us met at a point near boundary in Ajegunle. That is where we plan and set out for our operations. We operate early in the morning and late evening.”

Meanwhile, Adedeji, the suspect who was arrested at Ikotun confessed that his 10-man gang had in invaded Muslim and Omotayo Streets, where they robbed all the occupants of the three buildings they targeted.

Over 25 robbery victims residing in the three buildings narrated their ordeals in the hands of the 10 – man robbery gang when they besieged RRS Headquarters in Alausa after

One Dead, Three Missing as Boat Capsizes in Mambilla Plateau Tragedy struck yesterday in Taraba State as a local boat ferrying people across River Donga in Sarduna Local Government Area of the state capsised, killing one person and leaving three others missing.

The boat, which was travelling on one of the international routes linking Nigeria and the Republic of Cameroun, capsised in the early hours yesterday with nine persons on board. Among the people on board the boat was the driver of the Speaker of Taraba State House of Assembly who was on his way along with others to meet the Speaker, Hon Abel Peter Diah at his country home in Vacude, on the Mambilla Plateau. Five of the occupants of the boat were rescued immediately by divers as well as a corpse while rescuers are still searching for the other three missing persons among whom is a driver to the Speaker.

Special Adviser to the Speaker on Media and Public Affairs, Dahiru Baba who confirmed the incident to newsmen said the travelled to his home town to attend the wedding of the son of the Special Adviser to the governor on political affairs, Alhaji Abubarkar Bawa.

Some of the victims, according to the special assistant were on their way to the speakers village to pay homage on the speaker when the incident occurred.

Traditional Ruler Asks Delta Govt to Ensure Justice over Land Dispute

The paramount ruler of Ovwie Kingdom in Uvwie Local Government Area of Delta State, Emmanuel Ekemejewan Sideso, the Ovie of Uvwie Kingdom, has appealed to the Peace Building Committee set up by the state government over the land ownership tussle of Enerhen community between Uvwie and Udu Local Government Areas to ensure that justice prevails. The monarch made the appeal over the weekend when he received Uvwie, descendants of Onoserhi, Eduo, Aregbe and Ekere who sold and leased land in the community in Uvwie which is now under Udu Local Government Area. THISDAY gathered that the disputed land allegedly belonging to Uvwie descendants was leased and sold out in Enerhen community but the land now falls under Udu Local Government Area after its creation. This development however did not go down well with the descendants of Uvwie who felt their land should have been carved and placed under Uvwie Local Government Area which belongs to them. But during their visit, the Uvwie Kingdom commended the families for their peaceful disposition towards resolving the matter and urged the committee to do a thorough job. The Uvwie monarch who commended the state Governor, Dr. Ifeanyi Okowa, for setting up the Peace Building Ad hoc Committee however reiterated that the Dame Patience Uduehi five-man committee should do a thorough job so that peace should not be built on injustice. The Uvwie descendants of Onoserhi, Eduo, Aregbe and Ekere, who sold and leased lands in the community had pleaded with the state government through their royal father not to tamper with the present status of the community as regards where it belongs and its ownership. They maintained that they were the only ones who can decide where they belong, insisting that the area belongs to Uvwie and not Udu Local Government Area.

One Dead in Militants, NSCDC Gun Duel in Bayelsa

EDUCATION IS THE WAY FORWARD

Chiemelie Ezeobi

In Brief

reports filtered to them that RRS officials arrested one of the robbery suspects.

Most of the robbery victims sustained several matchete cuts in the head and body.

The robbery victims, who came to Alausa in three fully loaded commercial buses were invited one after the other to identify the suspect and also identify their belongings from the 18 mobile phones, trinkets and assorted jewellery, recovered from the back – pack of the suspect.

Explaining how they planned and carried out the robbery operation, Adedeji said “At about 12:00 midnight on this fateful day, Sadiq, Sule, Ijoba, myself and six others whose names I don’t know met and discussed about the robbery.

Operatives of the Nigeria Security and Civil Defence Corps (NSCDC) in Bayelsa State, was weekend killed in a gun duel with suspected militants operating in the area. The civil defence operatives were reportedly caught in an ambush in the waterways of Bayelsa State by the marauders who immediately opened fire on them, instantly killing one. THISDAY learnt that the security officers were on a surveillance duty at Agbobiri community in Southern Ijaw Local Government Area in the night when they were ambushed by the armed militants. A source noted that operatives from the anti-vandal unit of NSCDC had gone to the creeks to check oil installations in the area in line with the directive of the state Commandant, Mr. Desmond Agu when they were attacked. He added that following the activities of militants in the region, Agu deployed his men in oil-bearing communities and ordered them to constantly patrol oil installations in the creeks. “The team had conducted their daily surveillance and were on their way back when suddenly some gunmen opened fire on them. The men fired back but because it was an ambush, one of them was killed,” he disclosed. The incident, which could have led to some casualties on the new part of the militants, according to the source who preferred not to be named, reportedly happened at about 11.15p.m. Expert divers were said to have recovered the body of the deceased operative who was an indigene of Okodi in Ogbia Local Government Area of the state. Agu, the state commandant of the NSCDC, confirmed the incident, describing it as unfortunate.

While restating the commitment of his command in protecting all assets of the government against sabotage, Agu said the killers would not go unpunished. He added that his men gave a good account of themselves despite the ambush and advised criminals operating in the creeks to turn a new leaf or leave the state. “My men of the anti-vandal unit on surveillance duty were ambushed at Agobiri community in Southern Ijaw Local Government Area. they were ambushed on their way back.

“One of them was killed. The incident happened on Friday at about 23.15 hours. We have recovered the body,” Agu said. He pledged that his men would not be deterred by the loss, noting that the command was further motivated to tackle criminals in state.

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monDAY, julY 25, 2016 • T H I S D AY

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

FlFA President in Abuja, to Meet Buhari Today Duro Ikhazuagbe FIFA President, Mr. Gianni Infantino, and the Secretary General, Ms Fatma Samoura who arrived Abuja yesterday on a two-day official visit to Nigeria are scheduled to meet President Muhammadu Buhari at the Aso Rock Presidential Villa today.

Infantino and Samoura, alongside Nigeria’s Sports Minister, Solomon Dalung, NFF President, Pinnick, chairmen of the Senate and House sports committees, NFF General Secretary and other NFF Board members, and the visiting FA presidents from other African countries, will pay a courtesy call on President Buhari.

Also on the programme today, the FIFA chief and his entourage are to be guest at an Under-13 exhibition football match at the National Stadium, pay a visit to the Sunday Dankaro House, the new NFF headquarters and cap the day with a business dinner with Nigeria’s political heavyweights and captains of industry.

The 46-year old multi-lingual Infantino and Samoura were received on arrival at the Nnamdi Azikiwe International Airport by Pinnick, Sanusi, vice presidents

Seyi Akinwunmi and Shehu Dikko, and other members of the NFF executive committee and management.

At the Transcorp Hilton Hotel, Pinnick accompanied Infantino to the presidential suite, and meetings between the FIFA President and the NFF Board and with the visiting FA presidents from other African countries.

The FIFA president and scribe are accompanied on the trip to Nigeria by executive assistants Mattias Grafstrom and Veron Mosengo-Omba.

A total of 17 FA presidents from other African countries arrived in Nigeria on Saturday to join the NFF in receiving Infantino.

These are Kwesi Nyantakyi (Ghana), Lamin Kaba Bajo (The Gambia), Isha Johansen (Sierra Leone), Musa Bility (Liberia), Juneidi Basha Tilmo (Ethiopia), Nicholas Kithuku (Kenya), Andrew Chamanga (Zambia), Philip Chiyangwa (Zimbabwe), Frans Mbidi (Namibia), Chabur Goc Alei (South Sudan), Walter Nyamilandu (Malawi), Abdiqani Said Arab (Somalia), Vincent Nzamwita (Rwanda), Moses Magogo (Uganda), Jamal Malinzi (Tanzania), Augustin Senghor (Senegal) and Souleman Waberi (Djibouti).

HS Group Media Forum Raises the Alarm over Nigeria’s Rio2016 Participation Nigeria’s poor preparations for major competitions especially for the fast approaching 2016 Rio Olympics has become a source of concern to leading sports editors and managers of the country’s newspapers and electronic organs as well as former Olympians.

A communiqué issued at the end of an Editors’ Forum hosted by HS Media Group at its corporate headquarters in Oregun, Lagos last Friday, noted that the non-preparation was a reflection of an almost total collapse of sports structure in Nigeria.

The forum therefore called for the restructuring of Sports in Nigeria which should involve deliberate plans to revive School Sports and getting passionate and credible persons with ideas to run the sports federations.

“The forum called for deliberate plans to incorporate funding from the private sector with attractive waivers to get corporate organisations more involved in sports, while the government should ensure conducive environment through the provision and maintenance of sports facilities.

It also noted with sadness that “there is an unprecedentedly high turnover of sports ministers in Nigeria, which in itself is an indication

of having wrong people in charge of this very important area of our national life.”

The forum therefore “called on President Muhammadu Buhari should forthwith ensure that only knowledgeable person is made to head the Sports Ministry.”

Special Guest speakers at the gathering include Nigeria’s greatest quarter-miler of all time and Olympic silver medalist, Falilat Ogunkoya-Omotayo and Sydney 2000 Olympic 4x400m relay gold medalist, EnefiokUdo-Obong and the Chairman/CEO HS Media Group, Mr. Taye Ige, who was the chief host.

L-R: Former Team Nigeria Olympic silver medalist, Chief Falilat Ogunkoya; Chairman/CEO HS Media Group, Mr. Taye Ige; and Former Team Nigeria Sydney Olympic 4x400m relay gold medalist, Enefiok Udo-Obong at the one-day round table talk shop on Nigeria’s participation at the Rio2016 Olympic Games in Lagos at the weekend

Mikel, Four Others Join Dream Team VI Camp in Atlanta Super Eagles skipper John Mikel Obi and four other top players were expected to join the country’s Olympic team at their training camp in Atlanta Georgia, United States of America, late yesterday.

The other players are William Troost-Ekong, Kingsley Madu, Oghenekaro Etebo and Daniel Akpeyi.

Mikel and Akpeyi are the two over-aged players Nigeria will parade in Rio next month, while Norway-based Troost-Ekong and Madu have been capped at

full international level and will now make their debut for the Olympic team..

Officials informed AfricanFootball.com Mikel and the other players confirmed their arrival in Atlanta and they could even feature in the team’s final warm-up match against Riobound Honduras on Tuesday.

“Mikel and the other players have confirmed their arrival,” an official said.

“Their arrival will most certainly boost team morale.”

Meanwhile, Nigeria Olympic team officials have also confirmed that Turkey-based forward Umar Aminu will be the last player to join up with them for the Rio Olympics as he is now expected to fly directly to Brazil.

Aminu was originally expected to link up with the team at their Atlanta training base yesterday, like the other players led by Mikel, but he has been held back by club commitments and will now join the squad in Brazil.

“Aminu’s club is very much

NNPC Jnr Tennis: Maxwell, Asogba Win Awards Timipre Maxwell of Rivers State was named the Most Outstanding Player of the 2016 NNPC Junior Tennis Championship which ended in Lagos at the weekend.

In claiming the award which was donated by the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), the 12-year-old defeated her teammate

from the Kodian Tennis Foundation, Amiyefor Jim-Jaja 9-3 to take home the girls’ 14 & under title.

“She has continued to develop in such a way that we truly cherish. From being the champion of the 10 & under and 12 & under in the last two editions, her progression has been fantastic and this we can’t just ignore,”

Director of the International Tennis Academy, organisers of the programme, Godwin Kienka, noted with excitement.

Toyin Asogba, 13, of Aces Tennis Academy had twice in the last eight months gone on training tours of the United States of America and her exposures to top-class tennis reflected

Rio2016: Russia Escapes Total Ban Russia will not receive a blanket ban from Rio 2016 following the country’s doping scandal.

The International Olympic Committee (IOC) will leave it up to individual sports’ governing bodies to decide if Russian competitors are clean and should be allowed to take part.

The decision follows a report in which Canadian law Professor Richard McLaren said Russia operated a state-sponsored doping programme from 2011 to 2015.

The Rio Games start on August 5.

involved in the qualifying rounds of the UEFA Europa League. He is a key member of the team and even scored a hat-trick for them last week in one of the qualifying matches,” an official hinted.

“He will therefore join us in Brazil as a result of his club engagement.”

Aminu’s club Osmanlispor will welcome Nomme Kalju FC of Estonia in a third qualifying round of the Europa League on Thursday with the return leg a week later.

Competitors from Russia who want to take part in the Games will have to meet strict criteria laid down by the IOC. And any Russian athlete who has served a doping ban will not be eligible for next month’s Olympics.

IOC President Thomas Bach said: “We have set the bar to the limit by establishing a number of very strict criteria which every Russian athlete will have to fulfill if he or she wants to participate in the Olympic

Games Rio 2016.

“I think in this way, we have balanced on the one hand, the desire and need for collective responsibility versus the right to individual justice of every individual athlete.”

World Anti Doping Agency (WADA) President Sir Craig Reedie said previously his organisation, which commissioned the McLaren report, wanted the IOC to “decline entries for Rio 2016 of all athletes” submitted by the Russian Olympic and

Paralympic committees.

The IOC also confirmed it will not allow whistleblower Yulia Stepanova to compete as a neutral athlete in Rio. Stepanova has previously failed a doping test and also did not satisfy the IOC’s “ethical requirements”.

The IOC statement added: “The executive board would like to express its appreciation for Mrs Stepanova’s contribution to the fight against doping and to the integrity of sport.”

significantly on her game which saw her bag the Most Improved Player award in the girls’ category.

It took a 9-8 tie-break decider to separate her and top-seed Angel Mcleod in their clash.

Matthew Abamu won the Most Improved Player for boys’ category and was clearly on top of his game throughout the tournament.

His sensational performance, especially in the final of the boys’ 16 & under against Emmanuel Jebutu - where he masterfully hits deep forehand winners - was astonishing.

“The depth and competitive nature was pleasing to us because there were so many upsets recorded in the championship. “Favourites likes Christopher Bulus could not make it out of the group stage while Christopher Itodo was also stopped in the semifinal. Michael Osewa, with his pedigree could not reach the final of the boys’ 16 & under which clearly points it was competitive,” Kienka concluded.

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T H I S D AY • MONDAY, JULY 25, 2016

MONDAYSPORTS NPFL…

NPFL…

NPFL…

NPFL…

Wikki Back at the Summit, Rangers Falter against Lobi TundeOyedeleinAkure Wikki Tourists are back on top of the Nigeria league after they beat Abia Warriors 2-0 at home and closest rivals Enugu Rangers were held to a 1-1 draw by visiting Lobi Stars.

Both Wikki and Rangers are on 47 points each after 27 matches, but the Bauchi have a superiors goals difference.

Godwin Obaje is now the leading scorer in the league after he finally netted his 14th goal for Wikki after Ibrahim Alhassan ‘Muazam’ opened scoring for the home team against Abia Warriors.

In Enugu, Ocheme Edoh scored his first goal for Rangers, but the home team’s joy was cut short when 10-man Lobi pegged back ‘The Flying Antelopes’ late in the second half.

Rivers United remains in third place with 44 points from 26 matches after they lost 1-0 at Sunshine.

Dele Olorundare’s free kick was all the Akure Gunners needed to snatch maximum points in an interesting Match Day 28 encounter in the Ondo State capital.

The home side started the game on a bright note when eventual match hero, Olorundare missed a free chance in the box that could have been the first goal on 11 minutes.

After missing series of opportunities and forcing the visitors to their half, Sunshine raised their game and trouble started for the Garden City boys when Referee

Aliu Abdulahi from Kaduna sent Rivers United Assistant coach to the stands for indecent comment against a call on the 15th minute.

That was before their defender, Chinedu Ali was stretchered off and replaced by Ofem Inah in the 23rd minute.

Just as the match was nearing the half time, the home side got the needed goal on 41 minutes as free kick specialist Olorundare perfectly tucked in a beautiful strike that left goalkeeper Rotimi Sunday stranded.

The hosts had so similar advantages early in the game but the chances were wasted and when they had this free kick at the edge of the box as Seun Olulayo was coming in for Abiodun Joseph, Olorundare powered in the free kick with a thunderbolt that sent the stands on jubilation.

The half ended 1-0 in favour of the Akure Gunners.

During the re-start, Aremu Afeez, a former player of Sunshine Stars, produced some cheering moves, as the visitors had the chance to level score. Fredrick Obomate’s got the chance to score but his effort went far from the net.

No other goal was scored until the final whistle, and looking at a bigger picture, after missing glaring chances and losing some games scandalously on the road, Coach Solomon Ogbeide tried to convince many that he had found a winning formula at Akure Stadium. He said the victory came at the right time.

Champions Enyimba Slips again in Title Push Champions Enyimba yesterday suffered yet another setback in their quest to retain the Nigeria Professional Football League (NPFL) crown after they fell 2-0 at relegation-threatened Plateau United.

This was their ninth loss of the season and they remain in fifth place on the table with 40 points from 25 matches, seven points behind leaders Wikki Tourists.

Plateau United moved out of the drop zone with 33 points from 27 matches.

STANDINGS

Team P Wikki 27 Rangers 27 Rivers Utd 26 Kano Pillars 27 Enyimba 25 Sunshine 25 Lobi Stars 27 Ifeanyiubah 26 Nasarawa 26 Akwa Utd 27 MFM FC 26 Abia Warriors 27 El-Kanemi 26 Warri Wolves 27 Tornadoes 26 Plateau Utd 27 3SC 26 Heartland 27 Ikorodu Utd 25

W 13 13 14 12 12 10 11 10 12 10 10 9 11 9 10 8 10 7 3

D 8 8 2 6 4 9 6 7 1 6 6 8 1 7 3 9 3 9 9

Plateau opened scoring in the 37th minute through Joshua Obaje with an assist by Kabiru Umar.

The home team then doubled their lead on 70 minutes through Sunday Ingbede.

In Sunday’s other game, bottom club Ikorodu United were held to a 2-2 draw by visiting Nasarawa United.

Ikorodu scored through Paul Duke and Oluwole Balogun Johnson, while Nasarawa goals were by Abdularahman Bashir and Samson Gbadebo.

L 6 6 10 9 9 6 10 9 13 11 10 10 14 11 13 10 13 11 13

GF 37 38 28 40 26 31 28 26 31 34 28 24 28 23 28 25 30 18 20

GA 17 30 20 27 23 24 25 26 33 34 28 30 31 28 32 29 40 25 41

GD 20 8 8 13 3 7 3 0 -2 0 0 -6 -3 -5 -4 -4 -10 -7 -21

Pts 47 47 44 42 40 39 39 37 37 36 36 35 34 34 33 33 33 30 18

Kano Pillars’ Rasak Adegbite (left) sandwiched between two MFM FC defenders during their Match-day 28 clash at the Sani Abacha Stadium in Kano last weekend

LaLiga President Lists Benefits of Partnership with NPFL Spanish Ambassador, Barnuevo joins Tebas to open LaLiga Nigeria Office President of LaLiga, Javier Tebas listed the benefits of the three-month old partnership with the Nigeria Professional Football League (NPFL) when he was joined by the Ambassador of Spain to Nigeria, Alfonso Barnuevo to formally open the LaLiga office in Nigeria located inside the Corporate Headquarters of the League Management Company (LMC) in Maitama District, Abuja.

The LaLiga President afterwards spoke at a media conference where he restated the Spanish League body’s commitment to making the five-year commercial and technical partnership with the NPFL a success.

He recalled that he led a delegation of LaLiga officials to Nigeria in April to sign a Memorandum of Understanding (MoU) with the LMC and noted that “we are here today to open a LaLiga Office in Nigeria in furtherance of that understanding.”

According to Tebas, the benefits of the partnership would be attained in phases citing the coming tour of Spain by a select All-Star team of NPFL players.

In listing the benefits of the partnership, the LaLiga President stated, “We have made good progress in the three months of the understanding signed between us and Nigeria football league and in a few weeks, an All-Star team from Nigeria will tour LaLiga and we are taking care of the travel and accommodation of 40 members of the team.

“During this tour, the team will play three matches in Spain and will be watched by the Directors of top LaLiga clubs who make decisions and this may result in some Nigeria League players being invited to the clubs. We also will be sending experts to interact with NPFL Club Managers and

share knowledge and also send coaches to work at the grassroots academies for development of youth football.”

He also assured the audience made up of the LMC top executives, Nigeria Football Federation (NFF) board members, NPFL club chairmen and the media that with time, “LaLiga clubs would also visit Nigeria to play friendly matches...yes, Barcelona can come to Nigeria and that will mean that the NPFL is a big league”.

Tebas said the partnership is providing opportunities for mutual benefit of both leagues and concluded, “I am sure that by the time the first five years of the partnership ends, LaLiga and NPFL will be bigger”.

Ambassador Alfonso Barnuevo said he was happy to see Nigeria and Spain extend cooperation to football and predicted that there is a bright future ahead.

“As Spanish Ambassador,

I have to express my satisfaction that one of the strongest institution in Spain, and probably one of the best known worldwide, LaLiga, has established office in Abuja.

I see a bright future ahead”, the Ambassador remarked “I am very happy that the already fruitful relationship between Nigeria and Spain is expanding to other domains.

Nigeria is a strategic partner of Spain in energy matters. As you know, Spain is the third best client of Nigeria, buying 4.6 billion euros in gas and oil...”.

Barnuevo added.

Chairman of LMC, Shehu Dikko in a closing remark expressed appreciation to the LaLiga partners and took time to list some of the breakthroughs the LMC has made in recent months, citing a letter of commendation from FIFA on the league’s governance structure.

“We are delighted by some of the modest achievements

we have attained and want to thank LaLiga for the partnership and their decision to open an office here. More importantly, we believe more can be achieved with the support of all stakeholders”, Dikko remarked.

Some of the personalities at the ceremony include a representative of the NFF President, Alhaji Ibrahim Gusau, NFF Board member, Ahmed Fresh Yusuf, LMC CEO, Hon. Nduka Irabor, LMC COO, Salihu Abubakar, Chairman of Club Owners/Managers Forum, Isaac Danladi and the Executive Secretary of Club Owners Forum, Alloy Chukwuemeka.

Also present were Chairman of Abia Warriors FC, Chief Emeka Inyama, Chairman of El-Kanemi Warriors, Alhaji Zana Mohammed Mala, the Chairman of MFM FC, Godwin Enakhena, and a former Chairman of Lobi Stars FC, Dominic Iorfa.

L-R: LMC Chairman, Shehu Dikko; LaLiga President, Javier Tebas; Spain’s Ambassador to Nigeria, Alfonso Barnuevo; NFF Board Member, Alhaji Ibrahim Gusau; the LaLiga Africa Director, Mr. Antonio Baradas; and ex-international Mutiu Adepoju of LaLiga Nigeria office shortly after the opening of the LaLiga Nigeria Office in Abuja…at the weekend

TR

Monday July 25, 2016

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Price: N250

MISSILE Adeosun to Nigerians

“Is Nigeria in recession? Technically, if you go into two quarters of negative growth.

Technically, we are in recession but I don’t think we should dwell on definitions. I think we should really dwell on where we are going. I think if we are in a recession, what I will like to say is we are going to come out of it and it will be a very short one because the policies that we have will ensure that we don’t go below where we need to go and I think with what we are doing, we will begin to turn the corner by the third quarter.” – Minister of Finance, Mrs Kemi Adeosun, telling Nigerians that the country is in recession ‘technically’.

KINGSLEYMOGHALU GUEST COLUMNIST

On the Travails of the Naira W

e must begin with the end in mind: a stable (but not immovable) currency, the exchange rate of which broadly reflects both an approximation of its true market value as well as Nigeria’s broader economic interests. Which raises the question: between a fully flexible exchange rate (full float) and a peg or a managed float of the currency, where does Nigeria’s national interest lie?

Answer: whichever will make Nigeria’s economy more efficient and encourages production.

Before we proceed, let’s be clear about two things. First, with extremely few exceptions such as Canada and the United States, the central banks of the advanced industrial economies that mainly use flexible exchange rate policies manage their currencies through occasional interventions in financial markets to stabilise those currencies. They also carry out occasional competitive devaluations, in this case because they are productive, export-oriented economies.

Second, the naira’s (and our economy’s) woes were exacerbated by the Central Bank of Nigeria’s prolonged pegging of the naira to a fixed, artificial exchange rate of 199 naira to the dollar, when all the rational economic factors that previously sustained this exchange rate had collapsed, rendering the peg unsustainable. This contributed to black market devaluation-fueled inflation, and unemployment, as manufacturers could not access forex at the official rate and output productivity dropped sharply. We are now in a recession.

But that is water under the bridge. With its policy decision in May 2016 to move to a fully flexible exchange rate, the CBN capitulated to reality, heralding a more rational policy direction that significantly addressed widely held economic and market concerns. Nonetheless, the naira is not out of the woods. Forex liquidity constraints persist because foreign investors remain on the sidelines, and the gap between the parallel and interbank markets remains wide. Typical of our national patterns, we are seeking “quick fixes” to the currency’s malaise without fully assessing the interlocking challenges that confront it. The naira’s problems are symptoms of deeper economic, governance and institutional malfunctions. Without confronting these problems, our quest for “solutions” may be skirting the real issues. There are eight specific challenges we must address.

The fundamental problem is the absence of a productive economy. Two most important aspects of this challenge are electric power to support the growth of a productive, manufacturing industrial economy, on the one hand, and removing the obstacles international trade policy places on our industrialization prospects by stymying the viability of our local industries, on the other. Cheaper foreign manufactures have easy access to our markets.

Conversely, our own manufactures are unable to access foreign markets because value-added goods from our country are blocked by high tariffs imposed by our trading partners (but our raw materials for their own industries are welcome and attract low tariffs!). Quality standardization concerns also dog Nigerian exports.

What is the solution? We need to shift from the never-ending quicksand of gas-based power to a focus on renewable (solar, wind, geothermal and biomass) energy for household consumption and hydro and coal-based power for industrial production. And we need to impose “smart” protectionism through high tariffs that can be justified under the rules of the World Trade Organization, on imports from foreign markets that are snuffing out our local industries in several sectors such as textiles. Absent these two policy approaches, we are treading water. If we combine these policies with a flexible exchange rate policy that makes export-oriented value-added products more profitable than importation, the naira will ultimately realize a

CBN Governor, Godwin Emefiele beneficial effect from its inevitable devaluation. This is the answer to President Muhammadu’s Buhari’s (and many other Nigerians’) understandable concern about the absence of any benefits from prior devaluations.

Those devaluations, though involuntary because of external shocks to which the nature of our economy exposes us, only imported inflation. That reality was not offset by any benefit because of there were no complementary policy actions in other economic sectors outside of finance.

The second problem is the absence of a wellarticulated, medium to longer term economic strategy to take us forward in light of new realities. The 2016 budget, or the budget for any particular year, cannot be such a strategic plan. This kind of strategy, which needs to be multi-year and have clear, interlinked components with timelines and accountabilities, would be an ideal backdrop against which the CBN can situate medium term monetary policy thinking.

Third, and related to this, is the evident absence of a strategic linkage between fiscal policy, which is the role of the Ministries of Finance and Planning/ Budget, and monetary policy which is the central bank’s domain. A central bank can contribute to national economic policy, but does not on its own make such policy in the holistic sense. Rather, monetary policy complements a robust fiscal policy by maintaining monetary and price stability. This role can be a defensive one where fiscal policy is deficient. For instance, a central bank may raise interest rates if it believes there is excessive, politically inspired “fiscal dominance” that can trigger inflationary trends. The absence of a solid, comprehensive fiscal strategy is one reason why the CBN is overburdened with quasi-fiscal functions and ever-increasing development finance interventions.

Fourth, the CBN itself needs to develop a more strategic approach to monetary policy and financial stability, even within the limitations of the absence of a larger national economic blueprint. The Bank’s responses to the challenges of the past two years have appeared short-term, reactive, episodic and experimental, and without a larger plan of action that is evident to all Nigerians, the financial markets, and foreign investors.

Fifth, adequate understanding of basic economic principles that should inform public policy is lacking in our country’s populace. Populism often reigns as a result, as emotional passions take hold and get translated into the “national interest” or that of “the masses”. Zimbabwe and Venezuela offer sobering examples of this kind of approach to economic problems.

Meanwhile, other oil and commodity producers have made (certainly painful) adjustments to their currencies in response to changed fundamentals in the past two years. Even the great British pound sterling sharply lost value as a consequence of Brexit.

Sixth, the modern world and the fickleness of its financial markets requires highly adept communication

by central banks. The CBN cannot escape the need to communicate effectively to Nigerians the fundamentals of the naira’s travails, and its plan to meet evolving challenges. The new forex policy is a good basis to build on.

Seventh, the institutional and policy autonomy of the CBN has increasingly become compromised.

It is unclear whether these challenges have been self-inflicted or externally induced, or both. There are very sensible reasons why the laws of Nigeria provide for the independence of the CBN in the exercise of its functions, as in the case with the central banks of many nations that are making economic progress.

Recent negative trends in the Nigerian economy have borne out the foresight in this principle. It is the duty of a central bank to tell a political leader not necessarily what he or she wants to hear, but rather what the leader needs to know. This is what the national interest and professionalism require. It also is a foundational basis for a serious response to economic crisis.

The CBN should educate Nigeria’s political leadership class, for example and especially in connection with devaluations of the naira since 1985, on the global implications of the evolution of the international monetary system since 1914. Fixed exchange rates worked well only when the whole world used them.

Currencies were pegged to gold from 1870 up to 1914, and then to the dollar which itself was backed by gold, after 1945. This was abandoned in 1971 when the US dollar became unable to maintain its value of $35 for one ounce of gold. Countries progressively adopted floating exchange rate regimes of various shades and complexities, and fixed exchange rates were completely abandoned by most countries in 1985.

Nigeria’s economy was of course not left untouched by this evolution.

Eighth, as the International Monetary Fund noted

in a recent report, investor confidence in the Nigerian economy is low. All the seven factors above have contributed to this reality.

Today, we know that fixed exchange rates, though they may appear to provide an appearance of stability, are largely inappropriate for the nature of the contemporary world economy, and tend to cause currency crises as we saw with Mexico in 1995 and the Asian and Russian currency crises of 1997. Flexible exchange rates, on the other hand, can also engender instability, especially for developing countries. This is why many countries have a “managed float” of some sort or the other. That is therefore not abnormal. We have done this for many years, but the circumstances today differ fundamentally from yesterday’s. First, therefore, let us find the naira’s true value and narrow the gap between the interbank and parallel market.

Then, the CBN can intervene in the markets as may be necessary, but from an evidence-based standpoint.

The economy will be the loser otherwise, as dollar liquidity shortages continue, driving the naira ever downward and foreclosing the prospects of its recovery in the absence of better news for oil. The economic precept that no central bank can have at the same time a fixed exchange rate, free movement of capital, and an independent monetary policy (a choice of two of these must be made, while markets determine the third) still holds sway. Floating exchange rates, despite their risks (which can be managed) serve the very useful function of letting monetary policy serve purposes beyond certitude. In the case of Nigeria, it can play the key roles of attracting much needed forex liquidity in the markets, and nudge the economy towards a more productive state when combined with effective trade and industrial policy.

• Prof. Moghalu is the President of Sogato Strategies LLC, and was a Deputy Governor of the Central Bank of Nigeria from 2009-2014.

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