Wednesday 27th July 2016

CBN Moves to Tame Inflation, Ups Interest Rate to 14 Per Cent Assures of banking stability James Emejo in Abuja, Obinna Chima in Lagos In a strong bid to tame inflation, the Central Bank of Nigeria (CBN) yesterday raised the Monetary Policy Rate (MPR), otherwise known as interest rate, by 200 basis

points to 14 percent from 12 percent.

It also assured Nigerians of the stability of the banking sector, saying whilst it was poised to deal ruthlessly

World Bank raises 2016 crude oil prices forecast to $43 per barrel with any misdemeanour and malpractice, the recent removal of some banks' chiefs was not a sign of distress.

The apex bank spoke at the end of its two-day Monetary

Policy Committee meeting in Abuja, indicating that while it moved up the interest rate, it left Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) unchanged at 22.50

per cent and 30 per cent respectively as well as retained the Asymmetric Window at +200 and -500 basis points around the MPR. The MPR is the rate at

UBA Denies Alleged Involvement in Turkey Coup… Page 8

which the apex bank lend to commercial banks and usually determines the cost of funds in the banking system.

Addressing journalists at the end of the meeting, the CBN Governor, Godwin Emefiele, Continued on page 8

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Ikpeazu Gets Lifeline As Court of Appeal Maintains Status Quo Embattled Abia State Governor Okezie Ikpeazu got a huge relief yesterday as the Court of Appeal sitting in Abuja told him to retain his seat pending the time the court will hear his appeal challenging the judgment of a Federal High Court which removed him

from office.

Justice Morenikeji Ogunwumiju who presided over a five-member panel of judges said the parties in the matter must “remain as they were” before the case got to court.

Continued on page 9

House Fires Back At Abdulmumin Says I stand by my statements

Damilola Oyedele in Abuja The spat between the Speaker of the House of Representatives, Yakubu Dogara, and the former Chairman of the Committee on Appropriations, Jibrin Abdulmumin, showed no sign of thawing yesterday as the House hit back at the former chairman, accusing him of misconduct, incompetence and abuse of office and the budgetary process.

But in a swift reaction, Abdulmumin restated his

allegations of abuse of office against the speaker, his deputy, Lasun Yusuf; the Minority Leader, Leo Ogor; and the Whip, Alhassan Doguwa, posting 20 questions he said the principal officers must answer to clear their names.

The House, however, said the report of an internal investigation conducted on several allegations against Abdulmumin would soon be made public and the Economic Continued on page 9

Buhari Inaugurates Abuja-Kaduna Rail, Promises Speedy Completion of Lagos-Calabar Route… Page9

L–R Minister of Transport , Mr. Rotimi Amaechi ; Speaker of House of Representatives , Honourable Yakubu Dogara ; President Muhammadu Buhari and Senate President , Senator Bukola Saraki at the Inauguration of the Abuja – Kaduna Standard Gauge train in Idu , Abuja …yesterday godwin omoigui

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PAGE EIGHT

UBA Denies Alleged Involvement in Turkey Coup Obinna Chima with agency report The United Bank for Africa Plc yesterday denied any involvement in the recent failed coup in Turkey, saying a Turkish newspaper report linking it with the high treason was false and spurious.

A Turkish newspaper, Yenisafak, had alleged that a suspected financier of the coup in Turkey, ex- US commander, General John Campbell, transferred funds used to finance the coup through the Nigerian bank.

It stated that Campbell managed more than $2 billion transactions through UBA in Nigeria, using CIA links to distribute the money among the pro-coup military personnel in Turkey.

But UBA in a two paragraph

statement by its Head of Communications, Charles Aigbe, dismissed the allegation saying it was in no way connected with the coup in the European country It said: "UBA is aware of the ongoing spurious media speculation linking our institution to recent events in Turkey. In the light of this, we believe it is necessary to categorically state that UBA has no involvement in or connection to these accusations, which are clearly false.

"We remain focused and firmly committed to delivering on our strategy to build Africa’s premier banking institution."

The report by Yenisafak had alleged that the Nigerian branch of UBA was the main base for the last six-months of money transactions

for the coup plotters.

It stated that millions of dollars were transferred from Nigeria to Turkey by a group of CIA personnel.

The money, which it said had been distributed to an 80-person special team of the CIA, was used to convince pro-coup generals. More than two billion dollars were allegedly distributed during the process leading to the coup.

It said after taking money from their bank accounts, the CIA team hand delivered it to the coup plotters under military dresses.

It also stated that ongoing investigations showed that Campbell had paid at least two secret visits to Turkey since May, until the day of the coup attempt.

The coup plot that was foiled

by the comprehensive effort of Turkish Nation, including its citizens, politicians, media and police forces, was organized by the Fethullah Terrorist Organization (FETO) led-by a cleric Fethullah Gülen who had been living in self-exile in America for several years.

American Intelligence, Military and other institutions are accused of supporting the FETO leader Gülen.

According to Yenisafak, military sources said Campbell, who was the commander of ISAF between August 26, 2014 and May 1, 2016, had held some top secret meetings in Erzurum military base and Adana nicrlik Airbase.

It further alleged that if the coup attempt was successful, Campbell would visit Turkey

in a short time, according to the sources.

The sources, it said, claimed that some familiar figures in the Eastern and South-eastern part of the country had taken active roles during the process, while the members of the Gülenist gang had been used in central and eastern region.

All officers who commanded a group of soldiers in a patrol station, unit, company, regiment, brigade, division, corps, or army were kept in close surveillance.

The Turkish paper said in 2015, the pro-Gülenist officers in the ncirlik base established an investigation desk, drawing the map of all soldiers under their command. They investigated the soldiers’ trends, their personalities and family background.

All soldiers were categorized in three groups: opponents, neutrals, and supporters.

A commander from the smallest patrol station to all military units had been blacklisted under the process.

Soldiers who were marked as opponents to the junta, were debarred from the “financial support.”

The military personnel who were in a neutral position received a difference in the amount of money, according to the importance of their position and ranks.

The money transactions were started in March 2015 through the commissioned “courier”.

The supports who also were categorized as “those who will move with us,” were provided a huge amount of money.

He said: "The MPC further noted the prolonged non-payment of salaries, a development which has affected aggregate demand and worsened growth prospects. It also noted that at the May MPC meeting, members weighed the risks of the balance of probabilities against growth and voted to hold, allowing fiscal policy some space to stimulate output with injections, but this has been long in coming.

"Members further noted that there existed a substantial amount of international capital in negative yielding investments globally and Nigeria stood a chance of attracting such investments with sound macroeconomic policies. Consequently, members were of the view that an upward adjustment in interest rates would strongly signal not only the Bank’s commitment to price stability but also its desire to gradually achieve positive real interest rates.

"Such a decision, it was argued, gives impetus for improving the liquidity of the foreign exchange market and the urgent need to deepen the market to ensure self-sustainability.

Members were of the opinion that this would boost manufacturing and industrial output, thereby stimulating growth which is desired at this time."

Naira Hits N310/$ as analysts react Meanwhile, the performance of the naira was mixed yesterday. It depreciated slightly on the interbank market to N310.07 to a dollar yesterday, as against the N309.84 to a dollar it closed the previous day.

On the other hand, it gained N1 on the parallel market to close at N377 to a dollar yesterday, from N378 to a dollar the previous day.

Reacting to the MPC decision, the Chief Economist for Africa at Standard Chartered Bank, Razia Khan, said given the pledge to gradually restore positive real interest rates, she anticipates another 200 basis points (bps) hike in the policy rate to 16 per cent at the September MPC meeting.

According to Khan, given the cost-push nature of inflation in Nigeria, which largely stems from the shortage of FX, the MPC decision was the right thing.

"It demonstrates a commitment to FX liberalisation, which alone will undo some of the bottlenecks that have contributed to inflation. While the CBN framed its internal debate as choosing between growth and inflation, we believe there is no meaningful long-term trade off. Establishing more credible policy and attracting greater inflows is about as pro-growth as policy can be, given the challenges currently facing the Nigerian economy.

Today’s tightening was an important step in re-establishing the credibility of monetary policy in Nigeria, and should allow for a gradual recovery in FX inflows,” he said.

"The asymmetric band around the

MPC was not altered from its current +200bps/-500bps, disappointing our expectations of a significantly higher floor to rates. However, with the MPR tightening, the rate on the CBN’s standing deposit facility does move higher, to nine per cent from a previous seven per cent. This is still meaningful," Khan stated in a note to THISDAY yesterday.

Commenting on the decision to keep the CRR unchanged at 22.5 per cent, the economist also noted that given weak oil prices and output, she did not see excessive liquidity growth in the Nigerian economy.

On his part, the Head of Research of Lagos-based Cowry Asset Management Limited, Edgar Ebinum, argued that the increase in MPR would impact negatively on the equities market. He, however, predicted that the move by the committee would be felt positively by the fixed income securities market as yields for treasury bills hover around 17 per cent.

"This will definitely lead to increase in lending rate which would impact negatively on the real sector. Already banks have been weighed down by tight liquidity situation since the implementation of the Treasury Single Account (TSA). Outside that, recent development shows that there are concerns about the health of banks.

So, attracting the much desired foreign investments at this point might be difficult," he argued in a phone interview with THISDAY. CSL Stockbrokers Limited in a report stated that the MPC decision would have two consequences on the economy.

"Firstly, it will help to support the exchange rate and, in turn, reduce the imported component of inflationary pressures. Secondly, an increase in supply of foreign exchange would improve the access of domestic manufacturers to FX needed to import capital goods and inputs. As such, the improvement in the supply of foreign exchange will help to stimulate economic growth," they stated.

was in the World Bank’s latest Commodities Markets Outlook and takes into account a recent softening of demand and the recovery of some disrupted supply.

"We expect slightly higher oil prices for the second half of 2016 as oil market oversupply diminishes," Senior Economist and lead author of the Commodities Markets Outlook, John Baffes said.

"However, inventories remain very large and will take some time to be drawn down."

According to the report, despite the recovery of oil and many other commodity prices in the second quarter of 2016, most commodity indexes tracked by the World Bank are expected to decline this year.

"This trend is due to persistently elevated supplies, and in the case of industrial commodities – which include energy, metals, and agricultural raw materials -- weak growth prospects in emerging market and developing economies. However, most of the declines are projected to be smaller than expected in the April outlook.

Energy prices, which include oil, natural gas and coal, are due to fall 16.4 percent in 2016, a more gradual decline than the 19.3 percent drop anticipated in April. Non-energy commodities, such as metals and minerals, agriculture, and fertilizers, are expected to ease 3.7 percent this year, a more moderate contraction than the 5.1 percent retrenchment forecast in the previous outlook.

Metals prices are projected to fall 11 percent in the coming year, a sharper decline than the 8.2 percent drop forecast in April, reflecting weak demand prospects and new capacity coming on line.

Agriculture prices are forecast to fall less than projected in April as a result of reduced harvests in South America and plateauing demand for biofuels," it added.

CBN MOVES TO TAME INFLATION, UPS INTEREST RATE TO 14 PER CENT said five members voted to raise the MPR while three others voted to retain the rate at 12 percent.

The hike in interest rate came on the day the Naira hit N310.07 to the US Dollar even as the World Bank raised some hope of a brighter year, raising its oil price forecast for 2016 to $43 per barrel.

The governor, who admitted the difficulty among members in arriving at a decision over the MPR said it eventually settled for a hike given that the apex bank "lacked the instruments required to directly jumpstart growth, and being mindful not to calibrate its instruments in such a manner as to undermine its primary mandate and financial system stability, in assessment of the relevant issues."

He added that currently the balance of risks remained tilted against price stability.

Emefiele further explained that the committee had considered the high inflationary trend which has culminated into negative real interest rates in the economy, a condition which according to him discouraged savings.

He added that the negative real interest rates did not support the recent flexible foreign exchange market as foreign investors attitude had remained lukewarm, showing unwillingness in bringing in new capital under the circumstances.

Notwithstanding the hike in MPR, the CBN Governor said the bank would continue to make targeted interventions in agriculture, mineral resources and new manufacturing, adding that it was committed to boost the economy through the Anchor-Borrower programme which has recorded significant success in local rice and wheat production.

The governor noted that the weak macroeconomic environment, as reflected particularly in increasing inflationary pressure and contraction in real output growth underscored the need for coordinated action, anchored by fiscal policy, to initiate recovery at the earliest time.

The CBN also re-echoed concerns that the economy was still saddled with the effects of the shocks of the first quarter of the year which led to a contraction in Gross Domestic Product (GDP) largely due to energy shortages, high electricity tariffs, price hikes, scarcity of foreign exchange and depressed consumer demand.

He said although some of the factors which aided contraction of the economy in the previous quarter had reduced, the economy is unlikely to rebound strongly in the second quarter as a result of increasing vandalising of oil installations and setbacks in the energy sector, coupled with the rather slow implementation of the 2016 budget, which was passed late.

That could effectively result in a consecutive negative growth that would usher the country into a recession.

He said: "Whereas the influence and persistence of some of the factors waned in the second quarter, it is unlikely that the economy rebounded strongly in the quarter as setbacks in the energy sector continued, owing mainly to vandalism of oil installations. In addition, the implementation of the 2016 budget in the second quarter remained slower than expected in the second quarter.

He pointed out however, that most of the conditions undermining domestic output growth were outside the direct purview of monetary policy.

He said if the monetary policy initiatives recently carried out by the bank had been complemented with appropriate fiscal component early enough, the economy could have witnessed substantial recovery.

The committee further urged the Federal Government to fast-track the implementation of the 2016 budget in order to stimulate economic activity to bridge the output gap and create employment.

The committee also expressed concern over non-payment of salaries in some states and urged express action to help stimulate aggregate demand which had been down.

Nevertheless, Emefiele said the apex bank would continue to take measures and deploy relevant instruments within its control to complement fiscal policy with a view to restarting growth.

Also, for the umpteenth time, the CBN Governor dispelled fears in some quarters that the banking sector may be fragile following the CBN's recent intervention and removal of the board of Skye Bank over lax corporate governance issues.

He said the CBN's intervention as a result of a misdemeanor of a particular board does not suggest that the bank showed any sign of collapse.

He, therefore reassured the public that no depositors in the banking system would lose their money.

Fielding questions from journalists, Emefiele said the recently introduced flexible exchange policy, though saddled with few teething challenges, has had "excellent outcome" so far and further hoped the positive trend would be sustained.

He said there had been evidence of forex inflows into the economy as a direct result of the new forex regulations.

He said till date, "nobody has faulted the guideline" partly because stakeholders' input was all-inclusive.

He also said it was true the banks were yet to sell forex to BDCs as contained in a recent directive.

According to him, it would take a few more days to sell to

BDCs as efforts are ongoing to hold engagement meetings with stakeholders.

He, however, assured that the resumed sale of forex to BDCs would see rates crash drastically.

Meanwhile, the MPC enjoined commercial banks to support government efforts by redirecting credit from low employment generating sectors to those capable of supporting growth, reducing unemployment and improving citizens’ standards of living.

Members further agreed that the economy was passing through a difficult phase, dealing with critical supply gaps which underscored the imperative of carefully navigating the policy space in order to engender growth and ensure price stability.

According to Emefiele, who read the committee's communique, "The MPC therefore, summarized the two policy options it was confronted with as restarting growth or fighting inflation. The MPC was particularly concerned that headline inflation spiked significantly in June 2016, approaching twice the size of the upper limit of the policy reference band. The Committee noted that inflation had risen significantly, eroding real purchasing power of fixed income earners and dragging growth.

"The MPC was further concerned that while the situation called for obvious tightening of the monetary policy stance, the technical recession confronting the economy and the prospects of negative growth to year-end needed to be factored into the policy parameters.

"The arguments in favour of growth were anchored on the premise that the current inflationary episode was largely structural. In particular, members noted the prominent role of cost factors arising from reform of the energy sector, leading to higher domestic fuel prices and electricity tariffs and prolonged foreign exchange shortages arising from falling oil prices leading to higher inputs costs, domestic fuel shortages, increased transportation costs, security challenges, reform of the foreign exchange market reflected in high exchange rate pass-through to domestic prices of imports."

Continuing, he said: "Consequently, the current episode of inflation, being largely non-monetary but largely structural, tightening at this point would only serve to worsen prospects for growth recovery as the Bank had in June 2016, withdrawn substantial domestic liquidity through the foreign exchange market upon introduction of the flexible foreign exchange regime.

Members however, noted the negative effect of inflation on consumption and investment decisions and its defining impact on the efficiency of resource allocation and investment."

World Bank Raises 2016 Crude Oil Prices Forecast The World Bank has raised its 2016 forecast for crude oil prices to $43 per barrel from $41 per barrel due to supply outages and robust demand in the second quarter.

The multilateral institution yesterday hinged the decision for the upward review on the destruction of oil installations in Nigeria It noted that oil prices jumped 37 per cent in the second quarter of 2016 due to disruptions to supply, particularly wildfires in Canada and sabotage of oil infrastructure in Nigeria.

It stated that the revised forecast

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T H I S D AY • WEDNESDAY JULY 27, 2016

PAGE NINE

Ogun Adopts Rescued Nine-year old Boy Ogun State Government has adopted a nine-year-old minor, Korede Taiwo, who was chained on his neck to a heavy log of wood in a room in Ado-Odo/Ota Local Government Area of the state, for weeks by his father for alleged stealing food.

The boy, who was rescued by the Nigeria Civil Defence Corp and the Nigerian Police, has since been admitted into the Federal Medical Centre, Abeokuta.

Speaking during a visit to

the boy at the hospital, the wife of the governor, Olufunso Amosun expressed satisfaction over the health of the child who was recuperating, noting that the state would take up the responsibility of raising and educating the child.

"I am happy to see him active and responding to treatment and with the way things are, he would soon be discharged from the hospital.

The state government has taken full responsibility and would ensure his safety and

his education," she said.

Amosun's wife condemned the maltreatment of the boy by his father and charged parents to take good care of their children by providing for them to avoid a situation that could lead them to stealing and other vices.

The Commissioner for Health, Dr. Babatunde Ipaye, said the state government would give the child the best medical and social support, explaining that the boy would still be at the

hospital for another week to enable him recuperate fully.

Ipaye said Korede was strong and willing to come out of his health situation.

The hospital’s Head of Department of Paediatric, Morufat Ogundeyi, said he was admitted for child abuse and chronic malnutrition, adding that the boy was being investigated for other infections.

Ogundeyi said Korede needed special care and rehabilitation to help him develop and interact well with

other children. She added that the child was mentally alert and explained that given the opportunity, he would do well like any normal child of his age.

The Commissioner for Justice, Olumide Ayeni, said the Amosun administration had zero tolerance for all forms of abuse and would spare no effort to curb them, noting that Korede’s case was being addressed by the appropriate authorities to bring his abusers to book.

Ogun State Governor, Ibikunle Amosun

Buhari Inaugurates Abuja-Kaduna Rail, Promises Speedy Completion of Lagos-Calabar Route Dele Ogbodo in Abuja President Muhammadu Buhari, yesterday inaugurated the AbujaKaduna standard rail gauge, 16 years after the contract was awarded to the China Civil Engineering Construction Company (CCECC), for N11.1 billion.

Buhari who boarded the train from its Idu Station to Kubwa Station, Abuja accompanied by the Minister of Transportation, Rotimi Amaechi, the Governor of Kaduna State, Nasir el Rufai, the President of the Senate, Bukola Saraki, and the Minister of the Federal Capital Territory (FCT), Mohammed Bello, among other captains of industry, said the AbujaKaduna rail passengers and freight railway is the first standard line to be constructed in the country.

Promising that other modern railway under construction, including the Lagos-Calabar and Lagos-Kano railways would be speedily completed, the President said he was pleased to have completed the project started by his predecessors.

"This project was conceived by a previous administration, started by the last government and I am pleased to complete and commission it,” he said, adding that the new rail lines would facilitate a faster movement of goods and services between the two major cities of Kaduna and Abuja.

President Buhari said the unveiling of the Kaduna- Abuja railway exemplified the vision of his administration to restore railways as a more effective and efficient mode of transportation, particularly for the

movement of agricultural produce and manufactured goods.

"The Completion and Commissioning of this project is indeed in keeping with our vision of bringing about the desired change to make life easier for the generality of Nigerians through the development and provision of the necessary social and physical infrastructure,” he said.

"It is on record that between 1963 and early ‘80s, Nigeria had a vibrant rail system which conveyed agricultural and livestock and solid mineral resources to Lagos and Port Harcourt sea ports from where they are exported to other parts of the world," he said, emphasising that his administration was poised to take maximum advantage of the restoration of this mode of transportation.

He said: "The construction of the Abuja-Kaduna standard gauge rail track commenced in 2009 and happily, 16 years after, we are on the threshold of presenting to Nigerians a standard gauge railway train service that will be safe, fast and reliable."

Buhari commended Amaechi and his team for completing the project within a short period of time even as he assured Nigerians that many state capitals and major commercial and production centres would be linked with railway system as a way of bringing about rapid socio-economic development and improving the quality of life of the Nigerians.

"I wish to also reassure Nigerians that due attention will be placed on pursuing the 25 year strategic

railway master plan which is aimed at rehabilitating the existing 3,505km narrow gauge rail line and developing and constructing new standard gauge rail lines across the country," the President said.

Buhari reiterated his administration'scommitment to pursue with greater vigour and determination the rehabilitation and construction of other rail lines including the major Lagos-Calabar and Kano-Lagos lines.

In a brief remark, Amaechi, said the commencement of the rail service would impact on the lives of Nigerians residing within the FCT and Kaduna State, adding that agricultural products could now be cheaply conveyed from Kaduna to Abuja down to the South.

The minister expressed gratitude

to the Chinese government, the China-EXIM Bank and the Minister of Finance, Mrs. Kemi Adeosun, for their financial support and fulfilment of their responsibility as directed by the president.

In his comments, President of the Senate Saraki said the Senate had passed the Nigerian Railway Bill that would allow state governments to construct rail lines.

He said: "Last week, we had in the Senate, passed a new Nigerian Railway Bill. Also in the National Assembly, we are in preparation for the constitution amendment that would move railway from the exclusive list to the concurrent list, which will also allow states such as Lagos and particularly Kaduna to also embark on this kind of project."

“Hon. Abdulmumin Jibrin will be afforded the opportunity of fair hearing.”

Abdulmumin, Namdas said, was not removed earlier because investigations were being conducted based on allegations levelled against him even during his tenure as Chairman of the House Committee on Finance in the seventh Assembly.

In a lengthy text read by Namdas, the House said

Abdulmumin, who has made several damning allegations against Speaker Yakubu Dogara and some principal officers, had a tendency and proclivity to blackmail colleagues and highly placed government officials, misused and mishandled sensitive government information.

“He was in the habit of collating, warehousing and manipulating sensitive information to blackmail

people sometimes apparently for pecuniary purposes. And by the virtue of his position as Appropriations Chairman, he meets with very high and senior public officers at all levels,” he said, alleging further that: “The Speaker and the Leadership were inundated with complaints by heads of Ministries, Departments and Agencies (MDAs) over harassment from the House Appropriations

Chairman to engage in conduct and acts unbecoming of their offices.”

Namdas further accused the embattled lawmaker of currying favour from President Muhammadu Buhari by the insertion of funds for Muhammadu Buhari Film Village in his (Abdulmumin’s) constituency in Kano State and the citing of numerous projects in Daura without the consent or solicitation of the President.

Revenue and did not get any staff of the board to testify that the tax certificates were forged.

He accused the trial judge, Justice Abang of violating his right to fair hearing by embarking on judicial investigation without giving him (Ikepazu) the opportunity to address the court on the issue.

The notice of appeal also further states: "The learned trial judge erred in law when he held that the appellant presented false information to the Independent National Electoral Commission by his ingenious meticulous study and investigation of documents filed in courts in the recess of his chambers and thereby violated the right of the appellant to fair hearing."

The governor said that the judge had no duty to investigate the contents of documents dumped on the court in the recess of his chambers with a view to finding for the plaintiff.

"The decision of the judge which arose from the judicial investigation without opportunity to the appellant violated the appellant's right to fair hearing", the governor said.

Ikepazu also rejected the decision of the high court declaring him

unqualified to be nominated at the primary election conducted by his party because false information was supplied to INEC. According to him, INEC Form CF001 which the judge relied on was not one of the grounds of qualification to contest the primary election of PDP. He said that the judge misconceived the presentations by the parties and thereby arrived at a wrong conclusion which occasioned a grave miscarriage of justice.

Meanwhile, the governor's party, the PDP has also rejected the judgment and filed a separate appeal.

The party said that the trial court erred in law when it held that it had jurisdiction to hear the suit which was on whether section 24 (f) of the 1999 constitution was complied with.

It said: "The honourable trial court misdirected itself when it construed the provisions of the PDP constitution to the detriment of the appellant without giving the appellant a chance to be heard and thereby occasioned miscarriage of justice."

In the particulars of the error, the appellant said Ukeagbara and Mba

being "the 1st and 2nd respondents in the appeal did not pray the trial court to construe the provisions of the PDP constitution.

"No evidence was led that the said Uche Sampson Ogah participated in the 2015 Abia State gubernatorial elections yet the trial court declared him as winner of the said elections contrary to the express provisions of section 141 of the Electoral Act." The PDP urged the Court of Appeal for "an order setting aside the judgment of the Federal High Court of Nigeria in suit No. FHC/ ABJ/CS/10862014 delivered on the 27th day of June, 2016."

Meanwhile, the first respondent, Obasi Ekeagbara, yesterday, explained that the basis for Justice Abang's sack of Ikpeazu was on supply of false tax information to INEC. Ekeagbara gave the clarification yesterday at a press briefing in Abuja.

He noted that the clarification became necessary in view of the widespread information in some sections of the media that the court decision was based on alleged forgery that was committed by Ikpeazu.

HOUSE FIRES BACK AT ABDULMUMIN and Financial Crimes Commission (EFCC) would be invited take the matter up.

The Chairman, Committee on Media and Public Affairs, Abdulrazak Namdas, addressed the press yesterday and insisted that Abdulmumin’s removal was based on sundry acts of misconduct, incompetence, total disregard for his colleagues and abuse of the budgetary process,

among others.

He also noted that the lawmaker displayed immaturity and a lack of capacity to handle his sensitive position, which exposed him to highly placed government officials at all levels.

Namdas disclosed that in accordance with the rules of the House, the matter would be handled by the Committee on Ethics and Privileges where

IKPEAZU GETS LIFELINE AS APPEAL COURT MAINTAINS STATUS QUO However, she said the ruling did not mean a stay-of-execution order.

A Federal High Court had on June 27 nullified Ikpeazu’s election after holding that he submitted false information regarding his tax clearance certificate.

The trial judge, Justice Okon Abang, had also ordered the Independent National Electoral Commission, INEC, to issue Samson Ogah a certificate of return.

At the hearing of the appeal yesterday, Dr Alex Izinyon, SAN, who represented Ogah argued that Ikpeazu was not legally the de facto occupant of the Abia State Government House. He said there were conflicting judgments on the matter.

Izinyon also protested the order of the court that parties should maintain their positions.

This protest made the court to ask him who was the de facto occupier of the Abia State Government House.

Izinyon said he would not answer the question because to answer would imply that he had conceded.

However, Justice Ogunwumiju, said the court considered it important to avoid a misinterpretation of its ruling.

She said that the ruling of the court was for parties to remain as they were should not be misconstrued as implying that the court had issued an order for stay of execution.

Also yesterday, the governorship candidate of the All Progressives Grand Alliance, Dr Alex Otti applied to join as an interested party.

The appeal was adjourned to August 9th for hearing. The court said it would hear all applications and the main appeal together.

In his notice of appeal filed by Chief Adegboyega Awomolo, SAN, the Abia State governor raised five grounds of appeal upon which he asked the Court of Appeal to set aside the judgment and orders of the High Court.

The governor said that the Federal High Court lacked the power to order him to vacate the seat as Abia State Governor.

The notice of appeal reads: "The trial judge erred in law when he ordered as a consequential order that the appellant vacates his office as the Governor of Abia State immediately when there was no jurisdiction in the Federal High Court to remove, vacate the occupier of the office of

the governor of a state or order the removal of such officer after the unsuccessful challenge of the result of the election at the tribunal and swearing in of the appellant as the governor."

The governor said that the only power, authority and order exercisable by the Federal High Court was to disqualify the candidate from contesting the election based on section 31(6) of the Electoral Act 2010.

Ikpeazu also faulted the judge when he held that he did not pay his tax for the years 2011, 2012 and 2013, as and when due, when he was a public officer whose tax deduction was under Pay As You Earn (PAYE) scheme where tax deductions were from the source of his monthly salary by the tax authorities who issued all the tax receipts and certificates.

He also said that the Abia State Board of Internal Revenue Services that issued him with the tax certificates had not declared the certificates forged and that the trial court did not invite the issuing authorities to give evidence in the course of the trial.

Ikpeazu said that the plaintiff Dr Samson Udechukwu Ogah was not a staff of the Abia Board of Internal

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WEDNESDAY JULY 27, 2016 • T H I S D AY

NEWS

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

INEC Postpones Rerun Elections in Rivers over Insecurity Police, DSS, Amaechi, Wike hold peace meeting PDP, APC bicker

Ernest Chinwo in Port Harcourt, Onyebuchi Ezigbo and Dele Ogbodo in Abuja The Independent National Electoral Commission (INEC) has again postponed the re-run election into some Assembly seats in Rivers State due to reported cases of violence in the affected areas.

The commission in a statement signed by the Secretary to the Commission, Mrs. Augusta C. Ogakwu, said it had been compelled to further postpone the conduct of the suspended national and state legislative elections in the state earlier tentatively scheduled for July 30, 2016, due to recorded cases of violence, intimidation and a general atmosphere of fear in some areas where the elections were to be conducted.

It regretted that one of the earlier stipulated conditions for return to the state for the conclusion of the elections had not been met, despite widespread consultations with all major stakeholders in Rivers State.

It stated: “While the commission reiterated its readiness to conclude the outstanding elections, it also indicated its readiness to review and reconsider the suggested date as the security situation unfolded in the state.”

The commission further explained that it took the decision to postpone the elections based on unanimous reports on periodic electoral risk assessment by security agencies, relevant extra ministries departments and agencies (MDAs) and civil society organisations (CSOs), carried out in the three and a half weeks since the decision was reached to schedule the elections on, July 30, 2016, at the National Stakeholders’ meeting which was held on June 30, 2016 in Abuja.

INEC said: “In the commission’s view, the rhetorics of some of the political actors, the incidence of

violence in a number of the local government areas where these elections are scheduled and the atmosphere of fear and intimidation created by these rhetorics and violence, all indicate a clear and present danger in proceeding with the election as earlier scheduled. This situation is now further worsened by direct attacks on the commission, of which the most recent and glaring was the burning down of the INEC office in Khana Local Government Area on July 22, 2016.”

“The commission assured all voters and stakeholders of its readiness to conclude elections in Rivers State within the shortest time possible once the security situation was deemed conducive for the conduct of peaceful elections. It stressed that: “anything less than this would not be in the interest of the people of the state and the nation at large.”

Meanwhile, the acting Inspector for General of Police (IG), Ibrahim Idris, Director General of the Department of State Services (DSS), Mr. Musa Daura, the Minister of Transport, Mr. Rotimi Amaechi, and the Governor of Rivers State, Mr. Nyesom Wike, met late yesterday over the rerun elections in the state.

In a statement made available to the media by the Force Public Relations Officer (FPRO), Donald Awunah, said: “In order to guarantee a violent-free and credible rerun elections into the Senate, House of Representatives and state House of Assembly in Rivers State, a crucial meeting to chart the path to peace in Rivers State before, during and after the re-run elections in the state was held between the IG, Idris and Director-General of DSS, Daura.”

The statement added that the two major players in the politic of Rivers State, Wike and Amaechi were in attendance.

The meeting according to the

Tribunal Upholds Dickson’s Election My victory is for democracy, Bayelsans, says governor The Election Petitions Tribunal sitting in Abuja yesterday upheld the election of Governor Seriake Dickson of Bayelsa State.

The All Progressives Congress (APC) and its candidate, Timipre Sylva, had challenged the election of Dickson of the Peoples Democratic Party (PDP), seeking a reversal of the decision of the Independent National Electoral Commission (INEC) which declared him as the valid winner of the election But in a unanimous decision, the three-man tribunal, led by Justice Kazeem Aloba, said the APC failed to prove its case.

The tribunal consequently dismissed Sylva’s petition and upheld Dickson’s election as earlier declared by INEC. In his reaction, Dickson applauded the judgment, describing it as “a victory for democracy and Bayelsans.”

The governor in a statement issued by his Chief Press Secretary, Daniel Iworiso-Markson, also commended the judiciary “for upholding our nation’s democracy and once again acquitting itself as the bastion of our democracy.”

Dickson according to IworisoMarkson, praised Bayelsans for voting for him and his party on conviction and stood to protect their votes.

The governor, who regretted the loss of lives and property during the election, decried the “intimidation of voters” which he regarded as a failure of institution.

Dickson, however, said the judgment indicated that “the resolve of the people did not go in vain” as he canvassed for “greater vigilance to protect democracy” in the country.

statement deliberated on the need to have peaceful, free and fair election devoid of violence which was the hallmark of the previous elections in the state.

Wike and Amaechi resolved to be irrevocably committed to lasting peace and vowed to play the game by the rules during the elections.

They also agreed to prevail on their teeming supporters to adhere to their commitment to peace and security in the state.

The statement read: “Addition, the two major stakeholders agreed to convene another meeting in Port Harcourt, Rivers State aimed at further solidifying the commitment to peace reached in the meeting, which is a prelude to the roadmap that will usher a permanent and lasting peace in Rivers State.”

Meanwhile, following the postponement of the rerun elections on Monday, the All Progressives Congress (APC) and Peoples Democratic Party (PDP) in Rivers State, yesterday accused each other of being responsible for the shift

in date.

The APC accused the PDP of being responsible for the postponement because of its alleged predilection to violence.

But the PDP said the alleged burning of the INEC office in Bori, headquarters of Khana Local Government Area by the APC was responsible for the postponement.

Both political parties had earlier accused each other of being responsible for the arson on the INEC office in Bori.

The state Publicity Secretary of the PDP, Mr. Samuel Nwanosike, told journalists in Port Harcourt yesterday that INEC fell for the gimmick of the APC by the shift in date of the election.

He maintained that the APC was not ready for the election and used the burning of the INEC office to set the stage for the postponement.

“The APC in Rivers State never campaigned or showed any sign of readiness for the election,” he said.

Nwanosike explained that the PDP could not have burnt down

INEC office in an election it was sure of victory, adding that Rivers State remains a PDP state.

He said: “We are not surprised that INEC will bow to this APC’s gimmick. I disagree with the comment by the APC that the statement of the governor led to the burning of the office. By this comment, Nigerians should know that APC burnt the INEC office.”

Nwanosike, however, urged INEC to give Rivers people another date for the rerun, maintaining that the PDP was not comfortable with the absence of Rivers representatives in the National Assembly.

“INEC should give us a date for this election so that Rivers State can have representatives at the National Assembly,” he said.

But the state Publicity Secretary of the APC, Mr. Chris Finebone, insisted that the PDP was responsible for the burning of the INEC office.

Finebone noted that though the APC, received the news of the postponement with mixed

feelings, PDP’s actions coupled with statement credited to the state Governor, Chief Nyesom Wike, left INEC with no option than to call off the election.

He said: “Our instinctive response is that of huge disappointment considering that it will further deny the people parliamentary representations at both the national and state levels while the pressure on our candidates to sustain their campaigns continues apace.

“Just before the March 19 rerun elections, Governor Nyesom Wike employed the use of hate speech as his battle cry, calling his followers to stop Senator Magnus Abe. Days later, the senator’s campaign office was bombed and burnt down.

“Last Thursday, Wike was at his game once again. Speaking at his party’s Rivers East PDP campaign rally at Okehi, the governor let out his usual battle cry and less than 24 hours, those believed to be his foot soldiers bombed and burnt down the INEC office in Bori.

PARTY AFFAIRS

R-L: President Muhammadu Buhari, Kaduna State Governor, Mallam Nasir El-Rufai; and Imo State Governor, Chief Rocharles Okorocha; Kebbi State Governor,SenatorAbubakarAtikuBagudu;andNassarawaStateGovernor,TankoAl-Makura,during thepresident’smeetingwiththegovernorsoftheAll ProgressivesCongress(APC) attheStateHouseinAbuja....yesterday StateHouse

Buhari Meets APC Governors Okorocha says governors stand with president Tobi Soniyi inAbuja President Muhammadu Buhari yesterday met with governors elected on the platform of the All Progressives Congress, (APC) at the State House in Abuja Addressing journalists after the meeting, Chairman of APC governors’ Forum and Imo State governor, Rochas Okorocha, said financial fortunes of states had improved tremendously.

Okorocha, who led other APC governors to the meeting with Buhari, also said the governors were worried about the crises in the National Assembly.

Asked about the state of the economy in the states now, Okorocha said: “There is a lot of improvement. You will recall that

when oil was above $100, what the states are getting now is close to what they used to get before.

“This means that government is doing a lot, we are not yet there but we are getting there. We appeal to Nigerians to be patient with this government because it means well about the welfare of our people.”

The states have been in bad financial shape receiving meagre allocations from the federation accounts in the last one year.

The parlous financial situation of the states left about 28 of them unable to pay their staff salaries with some of the governors applying for bail-outs from the federal government.

Last week, the Minister of Budget and National Planning, Senator Udo Udoma, hinted that

things had started improving financially as the Federal Inland Revenue Services (FIRS) had improved on revenue collections, making more money available for the governors to share.

The revenues shared to the governors in July from the Federal AllocationAccountsCommittee(FAAC) was an improvement over what they got in previous months.

Askedwhatthegovernorsdiscussed with the president, Okorocha said: “We have come to reassure the pesident that the APC governors are solidly behindhim.Hisfightagainstcorruption, his fight against insurgents and all his laudable projects.

“We are concerned about the incessant happenings in the National Assembly and we have taken it upon ourselves to look

into the matter, (the crisis at the National Assembly.)

“We are going to look into the matter because we need a strong, vibrant National Assembly to make things move fast in the country.”

Responding to criticisms trailing the governors planned trip to Germany, Okorocha said it was not a jamboree but an exchange programme aimed at improving governance back home.

He said: “There is nothing like jamboree trips, we are going to Germany because we cannot do everything here without exchanging ideas.

So, we want to see how they did what they have done to succeed. It’s the aspiration of Nigeria to be like other countries in the world.”

T H I S D AY WEDNESDAY JULY 27, 2016

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WEDNESDAY JULY 27, 2016 • T H I S D AY

NEWS

FG’s Delayed Dialogue, A Ploy to Acquire Drones, Says Niger Delta Avengers MEND urges Buratai to guard his utterance

Chinedu Eze in Lagos and Sylvester Idowu in Warri The Niger Delta Avengers (NDA) last night accused the federal government of bidding for time with its supposed dialogue with militants to acquire drones to fight its operatives attacking oil facilities in the Niger Delta region.

The accusation came just as the Movement for the Emancipation of the Niger Delta (MEND) yesterday reacted to the statement credited to the Chief of Army Staff, Lt. General Tukur Buratai who was quoted as saying that the Nigerian Army was getting ready to battle the Niger Delta militants should the current negotiation going on between the people

of the region and the federal government fail, describing such statement as insensitive.

The unrelenting militant group, claiming responsibilities for strings of destructions of oil pipelines in the region alleged that the drones were being purchased from the United States of America and were being expected by the end of August.

According to a statement signed by its spokesperson, Mudoch Agbinibo, the group noted that the federal government was not serious about any dialogue but made it looked as if it was the NDA that was not disposed to talks.

“They are not serious about any dialogue and made it seems the NDA are the ones not ready

Buhari Reappoints Mbam as RMAFC’s Boss President Muhammadu Buhari has approved the re-appointment of Elias Mbam as Chairman, Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) after his first tenure that ended in November 2015.

The announcement was made through a statement from the Office of the Secretary to the Government of the Federation (OSGF).

A former Finance Minister of State from Ebonyi State, like his predecessor, Hamman Tukur, who had served two-term tenure, Mbam is also an electrical engineer.

The RMAFC is constitutionally empowered to monitor the accruals and disbursement of revenue from the Federation Account; review the revenue allocation formula; advise tiers of government on fiscal efficiency and determine the salaries of political office holders at federal states and local governments.

The commission is a member of Federation Account Allocation Committee; Local Government Joint Accounts Allocation Committee; Joint Tax Board; Commission on Ecological Fund and National Council on Statistics.

The commission, according to Economic Confidential, is so powerful that it has the power to demand and obtain regular and relevant information, data or returns from any government agency including from the Nigerian National Petroleum Corporation (NNPC); the Nigerian Customs Service; the Federal Board of Inland Revenue; the Central Bank of Nigeria, and the Federal Ministry of Finance.

Born on September 2 1958 in Nwofe-Agbaje area of Ebonyi State, Engr. Mba, attended Hartford State Technical College in the U.S. 1977-1979 for Associate Degree before moving to University of Nigeria, Nsukka where he bagged a bachelor’s degree in electrical engineering in 1984.

An Engineer by Profession, Mbam was Chairman of Ebonyi Board of Housing between 1996 and 1998 and served as Commissioner of Works, Housing and Transportation in Ebonyi State from 1999-2005 before becoming the Minister of State for Finance between 2006 and 2007 where he chaired the monthly Federation Account Allocation Committee (FAAC).

for dialogue,” it added.

The group said its intelligence agency had established that the said peace talk or dialogue was a delay tactic for the purchase of the drones.

“The NDA intelligence agency gathered that the said peace talk or dialogue by the federal government is a delay tactic employed by the federal government, to enable their purchased drones that are said to arrive latest end of August from the US. “This whole thing makes us to wonder what kind of country is this? We can all see that President Muhammadu Buhari-led government is fraud.

They are not serious about any dialogue and made it seems the NDA are the ones not ready for dialogue,” it stated.

The group however said it was not bothered whether the drones were purchased from Europe and US, noting that it won’t stop it from bringing the nation’s economy to zero.

It declared, “Mr. President you can purchase all the drones

in Europe and US. It won’t stop the NDA from bringing the country’s economy to zero.

“The worse you can do is to kill poor innocent people which the military is good at but know the Nigeria economy will suffer.

Also noted (sic), you will not be able to export one litre of crude in the Niger Delta”, it added.

NDA advised the federal government to intensify its search for oil exploration in the North-east and forget about that of the Niger Delta region because it won’t export any oil from the region.

“Just intensify the oil exploration in the North-east, as for the ones in the Niger Delta forget about it because the Nigeria government won’t export a drop from our land,” it declared.

Meanwhile, has warned Buratai to guard his utterances to the effect that the Nigerian military authorities would resort to the use of force if dialogue to resolve the current Niger Delta crisis fails.

MEND in a statement made available to THISDAY last night said: “The attention of the MEND has been drawn to a statement made in Port Harcourt on Monday, July 25, 2016 by Buratai to the effect that the Nigerian military authorities will resort to the use of force if dialogue to resolve the current Niger Delta crisis fails.

“MEND hereby makes it clear that Buratai’s statement is insensitive, provocative, unprofessional and prejudicial to the fair outcome of the ongoing preliminary talks regarding the Niger Delta crisis between representatives of oil companies and security agencies, on the one hand; and the MEND, on the other hand,” it said.

It therefore warned the Chief of Army Staff and urged him to guard his utterances, “refrain from making political and inflammatory statements and stick to his primary responsibility.”

MEND also appealed to

the people of the region to remain patient with President Buhari administration, pledging it would be able to extract concessions from the administration for the development of the region.

“We use this medium to appeal to the good people of the Niger Delta to remain patient with the Administration of Buhari and keep hope alive as MEND and the Aaron Team 2 Dialogue, Peace and Development Initiative led

by Mr. Odein Ajumogobia, and King Alfred Papapreye Diette-Spiff are working assiduously to secure sustainable concessions for the region from the government.

“While MEND have already kick-started the dialogue process with the ongoing preliminary talks, the Aaron Team, made up of distinguished and accomplished personalities from the region, are waiting on the sidelines to conclude the dialogue process,” the militant organisation said.

PEACE MEETING

L-R: Director General, NIMASA, Hon. Dakuku Peterside; Acting Inspector General of Police, Ibrahhim Idris; Minister of Transportation, Hon. Rotimi Amaechi; Rivers State Governor, Chief Nyesom Wike; and Director General, Department of State Services, Mr. Musa Daura., during peace meeting on the rerun elections in Rivers State in Abuja....yesterday

INEC Formally Ratifies Makarfi-led PDP Leadership Party unveils zoning arrangement

Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) yesterday ratified the administrative approval granted to Senator Ahmed Makarfi as the head of the Peoples Democratic Party (PDP).

The commission said it recognised the Makarfi-led National Caretaker Committee based on the judgment of the Federal High Court in Port-Harcourt and that it would henceforth work with it for all its activities.

Also yesterday, the leadership of the PDP received the report of its zoning committee (NCC)which in addition to zoning the presidential candidate and national chairman to

the North and South respectively also share the other national offices at the parity between the North and South.

According to its Decision Extract issued on July 14, 2016, and signed by the Director, Commission’s Secretariat, Ishiaku A. Gali, the commission said it would recognise the national caretaker’s activities such “as the conduct of primaries of political officers; and the submission of the plaintiff’s list of the candidate for any election to be conducted by the commission.

The commission had two weeks ago received the candidate forwarded to it by the Makarfi-led faction of the PDP which had earlier secured an order from the

Port-Harcourt High Court.

Meanwhile the PDP zoning committee headed by the Governor of Ebonyi State, Dave Umahi, yesterday submitted its report to the NCC at the party’s temporary office in Abuja.

While presenting the report of the committee, Umahi said the national offices of the party had been shared equally between the North and the South.

The details showed that the positions zoned to North include: Deputy National Chairman, National Secretary, National Financial Secretary, National Publicity Secretary and National Auditor.

Other posts also zoned to

the North are the National Woman Leader, Deputy National Treasurer, Deputy National Organising Secretary, Deputy National Youth Leader, Deputy National Legal Adviser and Deputy National Secretary.

Under the zoning arrangement, the PDP zoned the National Chairman, Deputy National Chairman (1), National Treasurer, National Legal Adviser, National Youth Leader and National Organising Secretary to the South.

Also zoned to the South are post of the Deputy National Publicity Secretary, Deputy National Woman Leader, Deputy National Auditor and Deputy

National Financial Secretary.

Umahi explained that in arriving at the zoning arrangement, the committee considered earlier zoning formula in the party since its inception to date, and equally examined previous happenings in the party in respect of restrictions to equal participation of members.

“Consequently, it desired a paradigm shift from the unsatisfactory practices within the party operations and that all positions should be keenly contested for among the major zones they are zoned to in order to open the space and allow for full participation of members.

“That the chairmanship of the

party be zoned to the southern zones bearing in mind that the presidential ticket of the party for 2019 was zoned to the northern zones as approved by the National Convention in Port Harcourt, Rivers State, held on May 21, 2016; He said the committee also made provisions for two positions of Deputy National Chairman which would be shared between the North and South.

According to him, the zoning committee also recommended that the party amends its constitution to make a provision for the six National Vice Chairmen to henceforth be included as members of the National Working Committee (NWC).

T H I S D AY WEDNESDAY JULY 27, 2016

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T H I S D AY • WEDNESDAY JULY 27,, 2016

COMMENT

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

THE NORTHERNISATION OF NIGERIA (1) Sonnie Ekwowusi reckons President Buhari’s appointments are insensitive

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part from the outcry that the Nigerian economy has slipped into recession thus fuelling galloping inflation and poverty in Nigeria, there has been a consistent outcry against what many perceive as the Northernisation of Nigeria (or what some have simply dubbed the Fulanisation or Islamisation of Nigeria) in the Buhari government. Following the lop-sided political appointments in favour of the North to the disadvantage of the South especially the South-East, arbitrary extension of the last Eidel-Fitri public holiday from two to three days without any apology to the public; the killings of Nigerians across the country by Fulani herdsmen; murder of a 70-year-old Igbo lady Mrs. Bridget Agbahime for alleged blasphemy; the hacking to death of a 42-year-old Redeemed Christian Church of God lady, Mrs. Eunice Elisha while she was preaching; the stabbing of a 41-year-old Francis Emmanuel for eating during the last Ramadan; the attack on Friday, July 15 of St. Philip’s Catholic Parish, Baki Iku, close to Zuma Rock in Niger State on the absurd ground that the church has right to hold worships only on Sundays not Fridays, and so forth, many Nigerians are worried that the principle of federal character as enshrined in the 1999 Constitution, the principle of popular participation in democracy and the secularity of the Nigerian state as stipulated in section 10 of the constitution are being violated under the Buhari government in order to satisfy certain parochial interests.

Channels TV, and, lately the Punch Newspaper, have been carrying out extensive public education and enlightenment on the lop-sided political appointments in the Buhari government. Last two Sundays or so, Presidential spokesman Femi Adesina was on Channels TV’s Sunday Politics to answer questions on why the appointments in the Buhari government are skewed in favour of North. According to Channels TV, the South-East got only 12 appointments; South-South, 17; South-West, 16; North-Central, 16 while North-West got 34 and North-East, 25 in the Buhari government. A quick glance at the key political appointments revealled as follows: Chief of Army Staff, Northern Muslim Hausa-Fulani; Minister of Defence, Northern Muslim Hausa-Fulani; National Security Adviser, Northern Muslim Hausa-Fulani; Minster of Internal Affairs, Northern Muslim Hausa-Fulani; Chief of Staff, Northern Muslim Hausa-Fulani; Director-General, Economic and Financial Crimes Commission (EFCC),Northern Muslim Hausa-Fulani; Director-General, Immigrations-,Northern Muslim Hausa-Fulani; Minister for Federal Capital Territory (FCT), Northern Muslim Hausa-Fulani; Inspector-General of Police, Northern Muslim Hausa-Fulani; Director-General, Customs, Northern Muslim Hausa-Fulani ; Department of State Services (DSS), Northern Muslim Hausa-Fulani; Nigeria Prisons, Northern Muslim Hausa Fulani; ADC to the President, Northern Muslim Hausa-Fulani; CSO to the President, Northern Muslim Hausa-Fulani. Others include: Director-General, National Broadcasting Commission (NBC), North; Head of Service, North; Managing Director, Nigerian Ports Authority (NPA), North; Chairman, National Drug Law Enforcement Agency(NDLEA), North; Chairperson, Independent National Electoral Commission (INEC), North; Accountant-General of the Federal, North; Commander of National Security and Civil Defence Corps, North; Secretary to the Federal Government, North.

IN A MULTI-ETHNIC SOCIETY LIKE OURS THE PRINCIPLE OF FEDERAL CHARACTER OUGHT TO GOVERN POLITICAL APPOINTMENTS IN ORDER TO FOSTER THAT ESPRIT DE CORPS AND FORGE A SENSE OF UNITY ACROSS THE COUNTRY AS ENSHRINED IN SECTION 14(3) OF THE 1999 CONSTITUTION

Already, the Senate President hails from the North; Speaker, House of Representatives, North; Chief Justice of the Federation, North; Chief Judge of the Federal High Court, North. Of the 13 recently appointed Police AIGs, South-West was given only one slot; South-South, two; South-East, zero; while the North got 10 slots.

The full list of the army officers compulsorily retired recently from the army by the Buhari government indicates that 90% of them are Southerners. There is also gender discrimination in the Buhari political appointments. With the exception of probably Finance Minister Kemi Adeosun there is no other lady from the South who is a minister in the Buhari government.

Certainly a sincere and dispassionate scrutiny of the above appointments indicates that the key political appointments under the Buhari government are skewed in favour of the North.

President Buhari has explained that this is informed by the need to compensate areas or regions of the country that voted for him in the last presidential election. He has also said something to the effect that he has the discretion to appoint only those he can trust and work with. Answering questions on Channels TV, Adesina admitted that political appointments in the Buhari government are skewed in favour of North because there are other factors for consideration other than federal character. Although Mr. Adesina failed to mention those other factors, he, however, expressed hope that with the passage of time the imbalance in political appointments would be corrected.

These pseudo-rationalisations are fundamentally faulty. To begin with, the South-West and South-South also voted massively for Buhari in the last presidential election. So, why are they not being compensated with political appointments for doing so? Buhari also captured many Igbo votes in the last presidential election.

But the Igbos have been crying to high heavens in the last one year that there is a deliberate exclusion of about 40 million Igbo race in the Buhari government and nobody has been listening to them. Their interpretation of this exclusion is that President Buhari entertains hatred for the Igbos. This prejudice, whether justifiable or not, could have been avoided if we had had an all-inclusive Buhari government. Point is that in a pluralistic and multi-ethnic society like ours the principle of federal character ought to govern political appointments in order to foster that esprit de corps and forge a sense of unity across the country as enshrined in section 14(3) of the 1999 Constitution.

The beauty of democracy lies in creating equal opportunities for different people from different ethnic groups and different geo-political zones to meaningful participation in running a government that would affect their destiny. In participatory democracy, the fears of every one across board are taken into account, whether the fears are real or imagined. More importantly, considering the upsurge of several agitating and separatist groups in different parts of South-South and South-East one had thought that tribal and religious differences should have been overlooked and the universal spirit of brotherhood imbibed in the making of political appointments in order to heal old wounds. After all, despite our ethnic and religious differences, we are all members of same human family. We are all brothers and sister, equal in dignity before God.

NIGERIA’S UNITY IS NEGOTIABLE (1)

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Nigeria’s unity is beyond sloganeering. It requires negotiation, argues Godwin Etakibuebu

few days ago, President Muhammadu Buhari was quoted as telling a group of agitators from the Niger Delta region of the country that “Nigeria’s unity is not negotiable”. He went further by quoting from the former head of state, General Yakubu Gowon’s most popular speech while the Nigeria/Biafra war lasted to buttress his point: “To keep Nigeria one is a task that must be done”.

I want to convince myself that the president’s “clarion” call of non-negotiability of the nation’s unity” was for the attention of all militant groups or agitators in the country.

This is necessary because what is good for the goose of the Niger Delta geo-political region of Nigeria is even better for other and all the remaining geo-political zones of the country.

Of course, this slogan of “Nigeria’s Unity not negotiable” is not new; it is an age-long and over-used phrase by most political leaders in Nigeria. Proof at hand is that this slogan has failed the test of time. It is time for us therefore to go to the other side of the current bargain of “non-negotiable” in finding solution to the peculiar and perilous challenge that may likely put Nigeria asunder sooner than expected by exploring the benefits of “negotiating the unity” of this geographical enterprise called Nigeria.

First and foremost, there was no country

by the name Nigeria until 1914 when the amalgamation took place under the watchful eyes of Lord Lugard. He happily adopted the name ‘Nigeria’, a loudly pronounced thought of that British journalist, Dame Flora Louise Shaw [1852 – 1929], who later became Lady Lugard – the adoption itself was negotiated.

In a well-researched lecture in 2013 by one seasoned and old British scholar in the Nigerian House, London, under the chairmanship of Dalhatu Sarki Tafida, then Nigerian High Commissioner to the United Kingdom, the revelation on the reason for the 1914 amalgamation by the British Empire was laid on the table. I was there at the lecture just by co-incidence of events.

The two separate protectorates of both south and north coming together in 1914 was “based on the economic consideration of running the protectorate of the north which could not pay its bill”, according to the scholar/researcher, adding that “while the south protectorate was economically self-sufficient, the north protectorate was not”. It is in the face of this reality that the decision was taken by the Home office to fuse both north and south protectorates together “so that the ‘unified’ country would be self-sufficient economically. We, the people of this “area of the Niger”, as opined by Lady Lugard, were “negotiated” into a nebulously packaged unity by powers and influences outside purely for the economic exigency of

the British.

I want to submit therefore that a clarion call for the survival of this fraudulent unity that is operational in Nigeria presently should be negotiation-based by the Nigerian people. Any opposition to this is begging for rapturous disaster. Let us pull from one major historical event of the past to be surer of the most likely profitable route, in enduring national survival, which we need to follow in this matter.

Sometime in the past, in one of the conferences to the build-up of Nigerian independence, Dr Nnamdi Azikiwe, who became the first Nigerian president told his colleagues, mostly the northern delegates, to that meeting that “let us forget about our differences and forge ahead, living together in one country”.

Sir Ahmadu Bello, the great Sardauna of Sokoto, however countered him, wisely and firmly though, saying “let us understand our differences so that we will be able to know how to live together”. To me, that wise counsel of the Sardauna of Sokoto would remain a manual in interpreting the benefit of negotiation for ever.

If l read the mind of the Sardauna properly, he probably understood where his journey into the “Nigerian unification” started from; in terms of cultural heritage, jihad-based religious concept, imbalance in educational pursuit between the south and the north, inequality in political development, plus many other things,

than the Great Zik of Africa, who had wanted his contemporaries “to forget our differences and forge ahead”. The philosophy of negotiation introduced by the Sardauna and accepted by the colonial master, though lop-sided to very large extent, brought sanity to the federation of the First Republic through the practice of properly integrated fiscal federalism, with its hold on resource control by the federated regional units.

This concept remained beneficial to the Nigerian enterprise until the military incursion to the polity and its subsequent eradication of all norms and ethos of a properly defined fiscal federalism. We have, since this incursion of 1966 and until date, been practicing unitary system of government or a distorted and disjointed federalism. If the truth must be told therefore, there is no way the unifying nationalities can continue in this type of “damaged” federalism.

The good news however is the fact that there are more prospects, gains and advantages in negotiating living together within legal rules and this can be achieved by “negotiating” the continuous flow of Nigerian unity. We can as well refuse to negotiate and end up in terrible hostility amongst the nationalities with an inevitable outcome.

Etakibuebu, a veteran journalist, wrote from Lagos

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T H I S D AY • WEDNESDAY JULY 27, 2016

EDITORIAL THE TRAGEDY OF SOUTH SUDAN

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South Sudan politicians should sink their differences in the interest of their long suffering people

arely three months after the United Nations forced a delicate peace pact between first Vice-President Riek Manchar and President Salva Kiir, bullets have started flying again in Juba, the capital of South Sudan. And following a few days of fighting that broke out on July 8, 2016, over 300 persons were reported to have been killed even as the UN and world leaders have urged an immediate cessation of hostilities to pave way for a peaceful resolution of the violent conflict that dates back to December 2013. We believe that this is a hugely unfortunate development.

South Sudan earned its independence in July 2011 after 25 years of guerrilla warfare, breaking away from the Moslem-dominated northern part of Sudan.

Now the south, which is essentially Christian that had complained about domination and marginalisation by its Moslem brothers from the north, has been unable to hold together for three of its five years of independence.

Meanwhile, Sudan that it left has been in peace.

The descent to strife began in May 2013 following political conflicts THIS INTERNAL STRIFE within the ruling HAS DISPLACED ABOUT Sudan People’s TWO MILLION PEOPLE Liberation Movement.

WITH 720,000 OF THEM With President Kiir FORCED TO SEEK REFUGE and the now replaced OUTSIDE THE COUNTRY. first Vice- President TENS OF THOUSANDS Manchar leading HAVE BEEN KILLED AND antagonistic sides MANY MORE THOUSANDS of the divide, the RISK DEATH FROM FAMINE political struggle for power soon took ethic dimensions. Kiir had dissolved his cabinet, effectively sacking Manchar. The tension generated by that action erupted into violence in December of that year when the president, of Dinka tribe, alleged a coup plot and proceeded to disarm and target soldiers of Nuer’s ethnic origin, forcing Manchar and his preindependence forces to flee to the country side. From there, they waged war.

The civil war has deepened the misery of the people

Letters to the Editor

who had practically known no peace, following a 25year war for independence most of which was fought on South Sudan soil with its attendant destruction of the minimal infrastructure that Khartoum grudgingly provided. This internal strife has also displaced about two million people with 720,000 of them forced to seek refuge outside the country. Tens of thousands have been killed and many more thousands risk death from famine.

Needless to say that the country’s economy has nose-dived with its national currency taking a severe bashing while prices of foods and goods have soared, completely out of the reach of many citizens. In three years, South Sudan has become a pathetic humanitarian disaster, with the UN seeking a whopping sum of $1.6 billion to assist 4.6 million people in need in 2015.

But the effort was only 62 per cent funded.

N 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

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

WHY OGUN SHOULD REINTRODUCE EMISSION CONTROL

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n November 2012 some stakeholders in Ogun State, including the National Union of Road Transport Workers (NURTW), Road Transport Employers Association of Nigeria (RTEAN), Tricycle Owners and Riders Association of Nigeria (TORAN) and others called on the state government to reintroduce emission control to curtail the increasing air pollution in the state.

Emission is the term used to describe the gases and particles which are put into air or emitted by various sources, but the amount and types of emissions change yearly. These changes are caused by change in the nation’s economy, industrial activity, technology improvements, traffic, and by many other factors.

In order to improve the air quality, the amount of pollutants in the air must be measured. The emissions measurement centre develops standards and evaluates testing methods so that regulations can be developed and enforced. An emission factor is a relationship between the amount of emissions that are released and the activity of the producer. Emission factors are used to predict emission levels for different industries.

Though emission inventories are quantities of pollutants measured over time, they can be compared with air pollutant level in an area to determine if increased emissions decrease the air quality.

ow a burden to the world, the international community brought pressure on Kiir to make peace with Manchar. The first pact in August, 2015 collapsed so was the second in January, 2016. Further pressures brought Manchar back to resume his position in Juba in April, paving the way for the peace deal signed in May in the Ethiopian capital, Addis Ababa.

The deal smoothened the ground for a permanent ceasefire followed by the formation of a transitional government, the drafting of a new constitution and, eventually, fresh elections. This was the situation before the fresh outbreak of hostility on July 8, a day to the fifth anniversary of the country’s independence.

While the cause of the breakdown of the latest accord is still unclear, we can only urge South Sudan politicians to move away from the battle fields and return to the negotiating table for reasoned discussions on the way forward for their country in the interest of their long suffering people. It is obvious that the conflicts arose from politics and could only be resolved through politics. To achieve this, the African Union needs to do more to rein in the combatants and free the people of South Sudan from the pangs of sufferings, poverty and want that their political elites have forced on them.

Once the measurements are made the information must be collected and stored so that it can be used to evaluate the air quality and effects of the regulations. The Clearing House for Inventories and Emissions Factors (CHIEF) is a centralised resource for emission data.

Ogun State and Nigeria indeed need to fight against air pollution and the major sources are from vehicular and power generating sets as they account for about 90% of air pollution.

Most people do not really know the danger of air pollution and it is the responsibility of government to constantly enlighen the people.

Vehicular emission accounts for more than 50% followed by industrial discharges. This is the more reason why the stakeholders in the state admitted to join hands together to combat the menace.

The emission control scheme should not be limited to transporters and industrialists in the state, but should be extended to those who use generators for their day-to-day activities as these also contribute at least 40% air pollution.

Now, it is imperative for the residents of the state to cooperate with the state government to protect the publics from the hazard of air pollutions, as the government cannot shoulder the responsibility in curtailing air pollution in the state.

Ademola Orunbon, Federal Housing Estate Olomore, Abeokuta

KUDOS, MR PRESIDENT

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o doubt, the present government under the administration of President Muhammadu Buhari has taken the bull by the horn. I give the administration ‘kudos’ for the boldness and doggedness in fighting corruption, a cankerworm that has ruined the country.

As a result of corrupt leaders that we have been having, we are saddled with a poor transportation system, epileptic power supply and lack of jobs for our teeming graduates. This also led to our youth systematically going into some criminal activities like kidnapping, terrorism, pipeline vandalism, raping, and lots more.

In the recent battle against corruption in the country, some people have gone to the ridiculous extent of branding it tribalistic and sectional. I am amazed the extent to which people can go.

Dear president, my little advice is to make sure that all these money recovered are put to good use so that the people know what their corrupt leaders had been doing to them. If the money recovered is saved, some other people might come and squander it. We will all be the loser. In this era of diversifying the economy, I will suggest that the president should plough the recovered money into agriculture which is capable of producing millions of jobs for the youths. Yes agriculture can be modernized with the recovered loot. The youths should be trained in different agricultural fields from where they can settle for any areas of choice.

Ibitoye Olabode Clement, Ado-Ekiti,Ekiti State

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WEDNESDAY JULY 27, 2016 T H I S D AY

T H I S D AY WEDNESDAY JULY 27, 2016

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T H I S D AY • WEDNESDAY,JULY 27, 2016

MIDWEEKPOLITICS

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

THE NEWSMAKER

More Troubles for Ogah For Dr. Uche Ogah, the road to becoming the Abia State Governor is obviously harder than he’d imagined, writes Shola Oyeyipo

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he political quagmire created by the judgment delivered by Justice Okon Abang of Federal High Court, Abuja, sacking Governor Okezie Ikpeazu of Abia State and the subsequent issuance of a certificate return to Dr. Uche Ogah by the Independent National Electoral Commission (INEC) Commissioner, Lawrence Nwuruku is yet to peter out. Indeed, any assumption that Ogah would have an easy ride to the Abia State Government House is still a tall dream.

Not only did the governor secure an ex-parte motion preventing Ogah from being sworn in as governor and maintaining that he remained the substantive governor, there are other hurdles to Ogah’s emergency governorship aspiration.

These include the judgment by Justice Ambrose Allagoa of Federal High Court, Owerri, Imo State, in a matter filed by Mr. Friday Nwosu against Governor Ikpeazu, Ogah, the Peoples Democratic Party (PDP) and the Independent National Electoral Commission (INEC), over alleged forgery of tax documents by the governor, declaring that Ikpeazu’s tax documents were not forged.

Although Justice Abang had held that the 2011 tax clearance certificate and income tax receipt Ikpeazu submitted to INEC before the primaries contained false information, which made him to declare Ikpeazu as ineligible to stand for the 2015 governorship election, citing a Supreme Court decided case in INEC vs Obi, Allagoa’s Friday, July 8, declaration that Nwosu was unable to prove that the tax documents against the governor were forged had become the talking point on whether it is a nullification of the earlier ruling by Abang.

Former chairman, Ikeja branch of the Nigerian Bar Association (NBA) who is the legal counsel to Ogah, Mr. Monday Ubani has however maintained that Justice Allagoa’s judgment could not stand the test of time because apart from the fact that another court had ruled on the issue, what the Owerri court looked at was a different ground of argument.

According to him, “The refusal of Justice Abang of the Federal High Court to hear the application for stay of execution of Dr. Okezie Ikpeazu means that the judgment he delivered on the 27th of June still stands until it is reversed by a higher court, this time the Court of Appeal and/or later the Supreme Court.

“It is important to point out that the judgment of the High Court, Owerri, in which the reliefs of Mr. Nwosu were dismissed is very favorable to Dr. Uche Ogah. It would have been otherwise if the Court in Owerri had ordered Dr. Ikpeazu to vacate his seat for Mr. Nwosu to take over.

Mr. Nwosu came under weak foundation. He alleged forgery of the tax papers; that allegation must be proved beyond reasonable doubts.”

Whilst the argument over Abang-Allagoa rulings continues, for whatever it is worth, the Abia State chapter of the PDP has come up with a new dimension to the anti-Ogah campaign.

The party is of the view that the certificate of return Ogah received from Nwuruku was not original but fake and they have many reasons to back up this claim.

In establishing the now trending issue, the publicity secretary of the Abia State PDP, Chief Don Ubani, while displaying the two certificates of return given to both Ogah and Ikpeazu, highlighted some features on which basis he claimed the certificate in Ogah’s possession was “fake, a sign of desperation and an illegality.”

“The certificate of return given to Ikpeazu has two dates on which the governorship elections were held, which were 11th and 25th of April 2015, for both the main election and the supplementary, while Ogah’s has only the 11th April, 2015 date, being the one for the main election.

“The difference in the dates resulted from the

Political Notes

Buhari’s 31 Years Old Story

Ogah...his endless problems.

elected governor of Abia State.

But Ogah’s lawyer, Ubani, in disagreeing with the position, said his client’s certificate of return was not fake. “It is laughable because INEC has disassociated itself from that fake news circulating in the social media as no hard core news media have carried the baseless rumour.

INEC has threatened legal action against any media platform or individuals championing such malicious story without facts.

“The falsehood peddlers will have to produce that INEC source to prove their case, stating that such baseless falsehood peddled on a social media by the camp of Dr. Okezie Ikpeazu makes a mockery of the group and their candidate.

Dr. Uche Ogah remains the authentic bearer of the original INEC certificate of return as the one issued to Dr. Okezie Ikpeazu is deemed cancelled in law.

“It is advised that it is high time Dr. Okezie Ikpeazu vacated the governorship seat honourably and stopped the childish hiring of all manner of charlatans, who are financially induced to pay fake solidarity visits. Faceless groups with their solidarity visits based on financial inducement cannot change the eight lies of Dr. Okezie Ikpeazu, which are already before the court of law.”

As if that was the end of it, the Ikpeazu camp has also gone a step further to establish yet another feature alleged to be missing in Oga’s certificate and which it proved by comparing the certificates of others, including the one The most plausible of President Muhammadu Buhari, which is implication of this, perhaps, the coat of arms on the back ground. Whilst other certificates have the coat of arms on their is that if Ogah cannot background, Ogah’s does not, showing clearly be held responsible for that if not fake as being alleged, then something is curiously amiss. whatever errors detected most plausible implication of this, perhaps, in his certificate of return, isThe that if Ogah cannot be held responsible for believed to have been issued whatever errors detected in his certificate of return, believed to have been issued by INEC,

by INEC, then, Governor then, Governor Ikpeazu can equally not be held Ikpeazu can equally not responsible for the alleged mistakes in the tax be held responsible for the certificate, issued not by him but an authority established by law and for taxes deducted at alleged mistakes in the source as an employee of the state. tax certificate, issued not Obviously, the last may not have been heard of the crisis in Abia State and many are of the by him but an authority view that the judiciary has the most important established by law and for role to play in finally resolving what is evidently taxes deducted at source as a legal stalemate over, who is the authentic governor of the state.

fact that on the day of the main election, no one emerged as the governor, which led to a supplementary election held on the 25th, which produced Ikpeazu as the governor.”

Ubani, who was a Commissioner of Information in the state, alleged that Ogah’s desperation to become governor through illegal means whereas he never campaigned or participated in any phase of the election proper was what made INEC make the mistakes.

“We hold strongly against the intention of INEC and Dr. Ogah to misinform the people about Ikpeazu. He was a civil servant as the General Manager of Abia State Passenger Integrated Manifest/Safety Scheme and the immediate past Deputy General Manager of Abia State Environmental Sanitation Authority in charge of Aba zone and by virtue of being a civil servant, his tax was deducted at source.

Therefore, those saying that he did not pay his tax were either being funny or they are being out of tune with the realities on the ground concerning tax issues,” he maintained.

He alluded to the judgment of the Federal High Court, Owerri, which he said had vindicated the governor on the authenticity of his tax certificate as a public servant and a basis for the governor to maintain that he was the duly

an employee of the state

Thirty-one years after he was ousted from power as military head of state, President Muhammadu Buhari has come out to explain why the group of officers led by former military president Ibrahim Babangida toppled his government. He didn’t mince words neither was his reason far-fetched – it was corruption – the scourge he’s addicted to combating, he pointedly said.

According to him, the IBB junta sent him packing because he had wanted to probe them for alleged corruption. The president, who reportedly spoke to The Interview Magazine said the then Head of Military Intelligence, Aliyu Gusau, was allegedly involved in some sharp practices and he had recommended his sack from the military leadership because he did not want his anti-corruption war to appear one-sided as it appears today.

Unfortunately, that move, according to him, later cost him his job as Gusau, Babangida and other officers (who had borrowed leaf from him as the chief beneficiary of the 1983 coup), ousted him as head of state. Today, Buhari is still fighting his curious corruption, largely believed to be selective even when the entire country is fast drowning in economic recession and the regrets of hopping on a directionless change train. Well, that is Buhari’s account of what happened in August, 1985.

A quick rewind to the other account: when IBB and others too took over power, they also gave reasons why they struck. Their excuses included that Buhari lacked the gravitas to run a complex country like Nigeria because of his sectional tendency and that he was merely fighting both the real and imaginary enemies at the expense of practical development.

They claimed he feigned to know all the problems of the country as well as the solutions to them, whilst he was far away from such intellectual credit in terms of capacity and ability to think through policies and clinical execution. Say whatever – those excuses as espoused by the IBB junta are largely seen as relevant today as they were in August of 1985, when they struck. This account too, even if many could not relate with it then, a lot can now. The most unfortunate thing about Buhari’s ouster is the fact that he allegedly had an inkling he was going to be removed, invited Babangida and confronted him with the facts, yet, he allowed for himself to be removed. That, without much ado, says a lot about Buhari’s ability to lead. He could not save himself. Perhaps, he had lost face with all that mattered in the military hierarchy. In any case, of what good was the military interregnum to the political and economic evolution of the country? Nothing more than a cankerworm that ate up the good of the past, the promises of the present and nearly decimated the hopes of the future of an auspicious people!

Buhari too, therefore, cannot extricate himself from the rots of the past. Ousting an elected government is no less corruption, whatever the grounds for doing so and that remains a fact of Buhari’s record. Thus, telling the story 31 years after changes nothing. Besides, he is telling his story now that he is in power; IBB too told his when he was in power. What more, there could be a third account after he also leaves office. What is expedient now is that both accounts are subject to different interpretations, depending on who is looking at what. But that is not the pressing matter for now; it is rather sheer distraction, completely extraneous to matters arising. What is urgent and crucial now is that Nigerians are suffering because of an economy in technical recession.

President Buhari should deploy to work fast and stop advancing unproductive excuses. It will be two years soon that he assumed office.

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T H I S D AY • WEDNESDAY,JULY 27, 2016

ONTHEWATCH

MIDWEEKPOLITICS

Ondo 2016 and the Clamour for Power Shift With the governorship primary of the All Progressives Congress in Ondo State fixed for Saturday,August27,2016, certain factors remain expedient in the choice of its candidate, writes Femi Ogbonnikan

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xciting as the political climate may be, the jostling for the number one seat in Ondo State on the platform of the All Progressives Congress (APC), with new entrants signifying intentions, seems to have presented a comical rehearsal of sorts. However, two factors appear to determine who may coast home to victory at the end of the day.

Chiefly, the governorship contest of the Sunshine state is clearly between two camps – the legacy (between 60 and 70 years of age) and the fresh ideas (between 40 and 50 years of age) groups.

Despite the vintage position, which Ondo State ought to occupy in terms of development, the opposition still holds the belief that the state is still lagging behind in terms of development, not just as an oil producing state, but also as the home of cocoa, timber and oil palm.

The bane, as identified, is not the absence of natural resources, but the dearth of quality leadership. Though the state has had some good leaders in the past, these were mostly men in the twilight of their lives.

It is believed, therefore, that while death is no respecter of age, it is also viewed that if men were given chances in their prime to lead, they would still be alive to serve the interest of the state, after leaving office. Why has the question of agility and fresh ideas come to the fore? It is near impossible, a school of thought postulated, to solve an emerging problem of today with old ideas.

As the world changes, the emerging issues cannot be solved with knowledge acquired over 30 years ago, for an instance. Hence, the reason leaders are chosen in their prime, when they are current with issues and able to work under severe pressure.

As evident in most states of the federation, where younger generations have taken over leadership, with positive results, Ondo, observers reckon, cannot be left out in the emerging generational shift of power to conform to the demands of time and challenges. Governance is a collective responsibility and there should not be a barrier between the governed and the leaders.

As a result, the clamour for generational shift in Ondo State is seen as a major leverage to help galvanise the various interest groups, already polarised by status, class and ethnic interests.

In the past, a few politicians, in an attempt to score political points, have always equated age with experience. However, history has also shown that experience is better served through knowledge acquired, rather than through the age of the leader.

The Ondo State PDP has an array of young aspirants like Mr. Eyitayo Jegede (SAN), as its governorship aspirant, while the APC has a mix of both the old and young elements in the race.

The dominance of the oldies in APC, however, is unsettling the youths, who are clamouring for a generational shift, as an important factor to move the state forward and as well, exclude professional politicians from the pack.

There is no doubting the fact that the APC is the party to watch out for in the forthcoming governorship election, but the various stakeholders in the state have opined that the success of the APC at the poll depends largely on the character of the candidate the primaries will throw up.

It is the belief that a young, agile and dynamic candidate of impeccable character will most likely appeal to the electorate.

The top, young and dynamic aspirants on

Akeredolu

Oke

Borrofice.

Oyewunmi

Niran-Oladunni

Jegede

the upscale include Boye Oyewumi, Adeniyi Adegbonmire, Akinfehinwa Awodeyi (aka Apata), Niran Sule, Foluso Adefemi, Moyosore Niran-Oladunni and others.

Prominent among aspirants, who have expressed interest in the Alagbaka, Akure Office are Foluso Adefemi (a shipping magnate), Victor Olabimtan (a former Speaker of Ondo State House of Assembly), Sen Ajayi Boroffice (a two-time serving senator), Mr Akinboye Taiwo Oyewumi, Chief Segun Abraham (Lagos-based businessman), Ganny Dauda (a Labour Party decampee), Nat Adojutelegan, Dr Tunji Abayomi and Niran-Sule Adesuyi (a former Commissioner for Special Duties under Governor Olusegun Mimiko).

Others are Bukola Adetula, Oluwarotimi Akeredolu, SAN (candidate of the ACN in 2012), Mrs Jumoke Anifowose (daughter of late Pa Adekunle Ajasin), Alhaji Jamiu Ekungba, Akinfehinwa Awodeyi, Bode Ayorinde, Adeniyi Adegbonmire, Tunji Ariyomo, Sen Tayo Alasoadura (serving senator), Derin Adesida, Ademola

Adegoroye, Akinyinka Akinnola, Chief Olusola Oke (a former PDP flagbearer in 2012), Dapo Adelegan, Akinrinsola Odunayo and Chief Paul Akintelure (a former APC Deputy Governorship candidate in 2012).

But the last straw that broke the camel’s back was the development levy of N2 million the party asked each aspirant to pay a fortnight ago.

An informed source within the leadership of the Ondo APC hinted that eight gubernatorial aspirants were able to meet the requirement while the rest fell by the way side, thus pruning down the number of aspirants to a manageable number.

The development levy is said to exclude the nomination form fee of N5.5 million, which each aspirant will be required to pay before the primary of the party slated for August 27. It has been the yardstick used to measure serious and unserious aspirants in the race.

With the recent pronouncement by the National Vice Chairman, South-west zone of the APC, Chief Segun Oni, that zoning will not be applied in picking its candidate for the Ondo election, the stage is now set as aspirants, in their individual capacity, have gone back to the drawing board, mapping out strategies in their bid to clinch the governorship ticket.

Ranking high among the first set of aspirants with brighter chances of clinching the governorship ticket, as political watchers have identified, are Oke, Boroffice, Alasoadura, Oyewumi, Akeredolu and Niran-Oladunni. But, it is feared, that a lot of other factors are likely to affect the fortunes of each of the aspirants. Importantly, the interplay of forces as well as the application of the strengths, weaknesses, opportunities and threats will serve as determinant factors at the primaries.

In the case of Oke, a former standard-bearer of the PDP in 2012, who defected to the APC shortly after the defeat of his party, though with his intimidating profile, his loyalty is believed to be in doubt, especially with references to the dispositions of persons like the Senate President, Dr. Olusola Saraki, Senator Dino Melaye and the Kogi State Governor, Alhaji Yaya Bello, all of whom are believed not to be on the same page with the party.

The gubernatorial chances of Oke, who was once the National Legal Secretary of the PDP might therefore suffer a setback if weighed against the instances cited above because the national leadership of the APC could weigh its options in order not to fall prey to the antics of serial defectors or experience a repeat of those

they have sponsored to elective offices and later betrayed them.

Age is believed to be an odd against the aspiration of Boroffice. He is said to be in his late 60s, though a two-time serving lawmaker at the Upper Chamber of the National Assembly.

Other aspirants that have fallen into the age barrier category include Abraham, Akeredolu, Anifowose, Ayorinde and a host of others.

On his part, Akeredolu, who was the Ondo State ACN standard-bearer in 2012, is said to be losing grounds, as the leadership of the party is not favourably disposed to fielding him again. The former NBA President is said not to be a grassroots politician, thus, fielding him again may not change the result from the last exercise, which reproduced the outgoing governor, Mimiko.

However, Oyewumi, whose entry into the governorship contest four months ago is believed to have caused a stir, is one of those presently stealing the show. The 52-year-old business mogul, who hails from Oke-Igbo town, Ondo South senatorial district, is an ex-member of the NADECO, a political organization, which fought for the revalidation of the June 12, 1993 presidential election as well as the declaration of the late Chief Moshood Kashimawo Olawale Abiola as winner.

His membership of NADECO and close working relationship with the national leadership of the party, age (52), vibrancy, agility, pedigree, exposure and academic qualifications may give him some edge over the older aspirants.

Niran-Oladunni, a 45-year old aspirant is perhaps the youngest in the race. A former Assistant General Manager at Cards Technology Limited is an alumnus of the Lagos Business School. With a formidable legacy and enviable antecedents, having come from a politically inclined family stands an equally good chance against anyone.

He is an entrepreneur and about the only aspirant in private business. He is generally considered a pro-active and cerebral young man, who cuts across the various groups within the state and party because he is indigenous – born and bred in the state. With a relatively comfortable war chest and supports that cut across the many divides, he is certainly one aspirant to keep a tab on.

These factors aside, it is the final decision or the prerogative of the delegates to the primaries to decide who in their wisdom the cap fits, when they take the decision on Saturday, August 27, 2016.

The Ondo State PDP has an array of young aspirants like Mr. Eyitayo Jegede (SAN), as its governorship aspirant, while the APC has a mix of both the old and young elements in the race. The dominance of the oldies in APC, however, is unsettling the youths, who are clamouring for a generational shift, as an important factor to move the state forward and as well, exclude professional politicians from the pack

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WEDNESDAY, JULY 27, 2016 • T H I S D AY

FEATURES

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

Living Under Wires

Recently, a wire that snapped from one of the transformers in Lugbe area of Abuja killed three people and injured more than five persons.

Chineme Okafor who was at the community, reports that the danger is palpable yet the residents remain unconcerned

E

xperts in health and safety professions often said that two factors are habitually linked to unsafe acts and accidents in the use of electricity – the ability to know better but intentionally use electricity carelessly; and not knowing at all and still incurring the rage of electricity.

Either way, an indigenous community in the Lugbe area of Abuja where about 5000 people live and partly undertake their businesses was recently made to pay heavily for either its ignorance of the immense danger that its careless management of the use of electricity has, or its decision to ignore such irrespective of its foreknowledge of such danger.

The community, Tudun Wada is a poorly planned settlement which resides right under the right of way of two 330KV/132KV high voltage electricity transmission lines. It takes a ride of about 10 minutes on a regular motorcycle (Okada) from the Lugbe Federal Housing area to get to the community through a rough and meandering road network.

It was in this community which also has very poorly wired electricity connections into its houses that a 22-year-old adult, Joseph Terver and two other persons died two weeks ago when an energised electricity transformer snapped and conducted naked; unsafe to use; and dangerous electricity currents into their homes. More than five others people were also burnt or seriously injured from that incident.

From THISDAY’s observation when it visited the community, the electrical accident was almost unavoidable because the community was badly wired. The paper learnt that most of the wiring were allegedly done by unprofessional electricians who are not under the employ of the electricity distribution company that serves the community.

With cluttered electrical wires on zinccoated rooftops, the thoughts that Tudun Wada may have been lucky to escape a colossal electrical accident was so obvious.

Zinc according to electrical engineers is a reasonable conductor of electricity because it has a density of 7.140 gram per millilitre (g/ml), yet homes in Tudun Wada which also do not have earthing systems to protect or minimise them from accidental discharge of electricity, have their electrical wires hanging carelessly on their roofs and walls.

Walking through the tight neighbourhood

We were just around the transformer when the conductor at the pole snapped and went up in flames. A house behind it was affected and my neighbour, Peter Haruna’s child sustained burns in the process. Three persons, including a 22-year-old boy known as Joseph Terver, died while over five others sustained serious burns

Homes surround the transformer

The transformer which conductor snapped is just few metres away from homes

of Tudun Wada also reminds one of the danger communities that live under high voltage electricity lines and with poor wirings keep with them, and just like Tudun Wada, they are found everywhere in the country.

The accident also brings to the fore the need for clear and strong emphasis on proper connections and wirings in Nigerian electricity network, as well as education of electricity users on the danger that irresponsible relationship with electricity

portends.

As stated by experts, the risks that wrong management of electricity constitute include shocks; psychological damage; physical burns; neurological damage; and ventricular fibrillation which often result to death. Tudun Wada got most of these in the recent electricity accident.

Indeed, electricity even with its prized use to mankind, will when not properly controlled or harnessed, result in serious

danger to those who use it just the way it played out in Tudun Wada.

In addition to Tudun Wada’s poor electrical infrastructures, THISDAY observed that the community, which gets electricity supply from the Abuja Electricity Distribution Company (AEDC) may have added to its irresponsible management of electricity through the widespread illegal connections which the Disco claims.

With such development, getting Abuja

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WEDNESDAY, JULY 27, 2016 • T H I S D AY

FEATURES

Disco to be exclusively accountable and charged for improper management of its network could be quite a task for the regulator, the Nigerian Electricity Regulatory Commission (NERC). As observed, both the Disco and community may be collectively responsible for the accident in that while the community allegedly connected to the network through substandard practices with its attendant dangers, the Disco perhaps failed to recognise this as a legitimate ground to discontinue supplies to it and guarantee safety.

Abuja Disco as was learnt even continued to send bills for monthly consumptions to the community to suggest that it kept the lights on irrespective of the danger it portend.

It was gathered that most of the connections in the Tudun Wada were reportedly done by none staff of Abuja Disco, a prevalent longstanding practice that characterises Nigeria’s power sector, and which many of the electricity accidents in the country have been traced to.

Often referred to as ‘NEPA 2’, the practice is usually perpetrated by quack electricians who for the gains of free electric supply to homes, illegally hook them on to the mains with little or no safety measures.

When Sunny Adu, a resident of Tudun Wada narrated to THISDAY how the accident happened, he said that it started with an unexpected snapping of a conductor to one of the community’s transformers, from which a fire started out.

“We were just around the transformer when the conductor at the pole snapped and went up in flames. A house behind it was affected and my neighbour, Peter Haruna’s child sustained burns in the process.

“Three persons, including a 22-year-old boy known as Joseph Terver, died while over five others sustained serious burns,” said Adu. He explained that all the injured persons, except one, had been treated and discharged from the hospital.

THISDAY further confirmed this from the family of Haruna when it visited the community again to discover that their young son who was injured in the accident had been discharged and gone back to school to continue with his terminal examinations.

Notwithstanding the profoundness of the danger the community was living with, Mai Ungwa, the traditional chief of the community appealed that victims of the accident and families of the deceased persons be duly compensated by Abuja Disco.

He made claims that the transformers used in the community to supply electricity to its homes were bought by residents and connected before the network was handed over to Abuja Disco through a 2013 government sale of power assets, the Disco could not confirm these claims.

The traditional head of the community also admitted that the network was badly configured and urged the Disco to help clean it up since they now operate the facilities, to forestall future occurrence.

THISDAY also gathered that the government had as part of an environmental impact assessment (EIA) for the transmission line that passes through the community, paid to them amounts in compensation for the portion of their land that has the transmission gantries. The government also urged them to vacate the transmission right of way having paid them compensation, but they went back to build under the line.

Peter Ukoh, who said he has lived in Tudun Wada for close to nine years, explained to THISDAY that indiscriminate building of houses in the community means that even access roads to guarantee either escape or emergency call in any event of such accident is almost impossible because homes were built tightly against each other.

He said the Abuja Disco supplied them electricity and collected monthly income from bills issued to them despite the untidy installations. This he averred makes both parties guilty of negligence.

“Worst still, AEDC feeds power to the households and generates bills for the customers without cleaning up the network comprising poor cables and illegal connections,” Ukoh said.

Further from THISDAY’s study of the

The transformer shares walls with houses

Minister of Power, Works and Housing, Mr. Babatunde Fashola

community’s network, it was discovered that for years, Tudun Wada like some communities across the country had lived and gotten away with such unhealthy use of electricity. The community had for reasons that cannot be explained, believed it was good for it to continue to live under such conditions.

Under one of the transmission towers, THISDAY met with a group of artisans who welded iron and cut woods without thoughts of what may become of them if

Worst still, AEDC feeds power to the households and generates bills for the customers without cleaning up the network comprising poor cables and illegal connections

the electric line above their workshop gave way. When asked if they knew the danger of what they were into, one of them simply waved off our reporter and said the tower was not energised and posed no risk.

His claims were quite untrue because further request on the status of the line from the transmission company indicated it was a live line that transmitted power from the recently completed Gwagwalada transmission substation which the government in 2014 inaugurated after the National Integrated Power Plant (NIPP) completed it.

Similarly, that Abuja Disco collected revenues from the community irrespective of its poor and questionable connections suggests that it may have deliberately ignored the dangers posed to its customers and operation in utter disregard to safety codes set up by the Nigerian Electricity Regulatory Commission (NERC) to ensure safe use of electricity in the country.

This, from a regulatory perspective, requires that a thorough investigation be conducted by the NERC to determine which of the parties could be responsible for the obvious negligence - the community which daily risked its existence with substandard and

often illegal practices, or the Disco which perhaps played along with the community for reasons other than revenue collection.

In this regard, the acting chairman of NERC, Dr. Anthony Akah who also visited the community, said an investigative team from the commission would undertake a detailed investigation to establish how the incident happened as well as come up with hands-on strategies against a possible repeat of such accident.

The Abuja Disco also indicated that without interference with NERC’s investigation, it was going to conduct its own as part of its legally mandated accident reporting requirement.

It said that it has collated information of the victims and taken over their medical bills, in addition to dispatching a team of eight men to investigate the accident.

The Disco said preliminary reports from this team showed that an 11 Kilovolt (Kv) wire from a transformer that supplied electricity to a section of the community snapped and fell on a metallic channel iron that sent high voltage to the residents who were electrocuted and injured.

The company also noted that the team had visited victims of the accident who were admitted at its referral hospital, Cedar Crest in Apo area of Abuja, and the families of the three dead persons in line with its work.

Its Director of Risk and Compliance, Mr. Collins Chabuka, said the team was also cooperating with the regulatory bodies - NERC and the Nigeria Electricity Management Services Agency (NEMSA) in its investigations.

“It is AEDC’s internal health and safety policy requirements that all accidents are investigated by independent internal competent persons with industry background, competence and knowledge. The purpose of the investigations is to highlight the shortcomings that may have led to the incident and also to recommend industry best practices and remedial measures to prevent a recurrence,” Chabuka said.

Living under high voltage transmission lines and constant disregard to requests for safe use of electricity just the way Tudun Wada does is a common practice across Nigeria irrespective of repeated deaths recorded from this.

Clearly, communities and consumers across Nigeria have overtime helped to aggravate incidences of electrical accidents either by failing to adhere strictly to warnings against unsafe use of electricity or malpractices in their connections to their networks, while Discos have on their parts often failed to effectively take the message to customers on the dangers of illegal connections; use of poor electrical equipment; and residing too close to electrical installations just the way Tudun Wada currently does, but until these measures are mutually practiced, instances of electrical accidents in Nigeria may sadly continue to occur.

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IMAGES

T H I S D AY •WEDNESDAY, JULY 27, 2016

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

R-L: Actuarial Consultant, Mr Francisco Saliu, and the Head Verifications, Ms Ibilola Akinla, both of Alexander Forbes L-R: Members of the Band of Mercy Society of Archbishop Vining Memorial Church Cathedral Lagos, Mrs. Ibidun Consulting Nigeria, at the handover of the 2015 Treatment Records Validation Report on The Bridge Clinic to Dr Olufunwa, Mrs. Joy Chinwokwu, Mrs. Ronke Ifederu, Chief John Odeyemi (patron), Mrs. Yemi Osonuga and Mrs. Ekundayo Omogbehin, General Manager of The Bridge Clinic...recently Funmi Obisan, during the celebration of their 20th anniversary in Lagos...recently

L-R: Deputy Governor of Lagos State, Dr. Oluranti Adebule; 2016 Amir Hajji and Commissioner for Home Affairs, Dr. Abdulhakeem Abdullateef; and his counterpart in the Wealth and Job Creation Ministry, Mr. Babatunde Durosimin-Etti, representing the state governor, during a lecture for the 2016 intending hajji pilgrims in Lagos...recently kola olasupo

L-R: President, Lagos State Cooperative Federation (LASCOFED), Mr. Oriyomi Ayeola; representative of Lagos State Governor, Dr. Mustapha Akinkunmi; Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye; and the Projects Manager, Software Service (SAAS), MTN Nigeria, Mr. Steve Nwaubani, during the commissioning of LASCOFED office complex and multipurpose hall, in Ogba, Lagos... recently

3. L-R: Assistant Director, Investigation/Enforcement, National Agency for Food and Drug Administration and Control (NAFDAC), Kingsley Ejiofor; acting Director General, NAFDAC, Mrs Yetunde Oni; Director, Narcotics and Controlled Substances, Dr. Umar Musa; and Director, Planning Research/Statistics, Prof. Samson Adebayo, during a press briefing and parading of suspects by NAFDAC in Lagos...recently etop ukutt

L-R: Deputy Director, Consumer Protection Council, Mr. Nggada Joshua Yakubu; Principal, MTN Project Fame Academy, Mrs. Joke Jacob; Project Fame Session 8 winner, Mr. Joffery Akoh; and the Senior Legal Officer, Consumer Protection Council, Mr. Okon Emeka, during the opening ceremony of MTN Project Fame Session 9 gala night, in Lagos...recently

L-R: Osun State Governor, Mr. Rauf Aregbesola; Amir, Ahmadiyya Muslims Jama’at Nigeria, Dr Mashhud Adenrele Fashola; and the Missionary-in-Charge, Maulvi AbdulKhalique Nayyar, during a grand lecture by the Ahmadiyya Muslim Jama’at Nigeria, in Osogbo, Osun State...recently

L-R: National Church Growth Officer, The Redeemed Christian Church of God, Lagos Province 21, Magodo, Pastor Sola Joseph; Host Pastor, Bisi Olowoyo; Senior Pastor, Covenant Christian Centre, Pastor ‘Poju Oyemade; and President of The Wisemen’s Fellowship, Daniel Adebola, during the 2016 convention of The Wisemen’s Fellowship, in Magodo, Lagos...recently

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WEDNESDAY, JULY 27, 2016, • T H I S D AY

Group Business Editor Chika Amanze-Nwachuku Email chika.amanzenwachukwu@thisdaylive.com 08057161321, 08033294157

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S NIBOR

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%

2 2 ,

6-MONTH 9-MONTH 12-MONTH

2 0 1 6

4.3684% 15.0135% 16.6335%

EXCHANGE RATE N307.98/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes

Sterling Bank Pledges Quality Services

The Executive Director, Finance and Strategy of Sterling Bank Plc, Mr. Abubakar Suleiman has assured that the bank would consolidate on the positive ratings by the various international rating agencies.

This, he said would be achieved by ensuring that it continues to deliver qualitybankingservicestoitscustomersandadherestrictlywithbest practice as applied to banking worldwide. Abubakar, who attributed the ratings by Global Credit Rating (GCR), Moody’s and Lafferty Bank Quality Ratings (LBQR) to the Bank’s strong performance and resilience amidst challenging operating conditions also noted that the ratings were validation of the bank’s business models.

The GCR had earlier in the month, affirmed Sterling Bank Plc’s national long term and short term ratings of BBB(NG) and A3(NG) respectively, with the outlook accorded as stable. Similarly, Moody’s Investors Service had also assigned B2 Issuer rating to the Bank.

This according to Moody’s was a confirmation of the bank’s “solid assets quality metrics and provision coverage, improvements to the Bank’s Information Technology (IT) infrastructure and risk management processes as well as its high liquidity buffers and a solid deposit funding base”.

Assessing the Bank’s quality, the Lafferty Bank Quality Ratings (LBQR) also this year, reckoned Sterling Bank to be amongst the top 10 in the world, top 3 in Africa (after Capitec and Barclays Africa) and the top Bank in Nigeria.

ACCOUNTING TO SHAREHOLDERS

L-R: Managing Director/CEO, Law Union and Rock Insurance Plc, Mr. Jide Orimolade; Chairman, Princess Adenike Adeniran; and the Company Secretary, Mr. Stanley Chikwendu, at the 47th annual general meeting of Law Union and Rock Insurance Plc in Lagos …recently etop ukutt

Despite Slump in Commodity Prices, Africa among Fastest Growing Regions Obinna Chima Notwithstanding a relative slowdown as a result of the prolong drop in commodity prices, sub-Saharan Africa remains one of the fastest growing regions in the world, a report has shown.

This was reflected in the foreign direct investment (FDI) levels in 2015, where FDI project numbers increased by seven per cent, according to EY’s (Ernst & Young) 2016 Africa attractiveness programme titled: “Staying the course, despite a relative slow down,” obtained on Monday.

Although, the capital value of projects was down yearon-year — from $88.5billion in 2014 to $71.3billion in 2015 — this was still higher than the 2010–2014 average of $68billion. Similarly, jobs

ECONOMY created were down year-onyear, but, again ahead of the average for 2010–2014.

The report showed that in the year under review, Africa was one of the only two regions in the world that achieved growth in FDI project numbers over 2015. East Africa was the biggest gainer, while other key economies recovered ground. But the United States remained the leading investor into Africa.

Commenting on the report findings, Africa Chief Executive Officer at EY, Ajen Sita, noted that over the past year, global markets have experienced unprecedented volatility.

Sita added: “We’ve witnessed the collapse of commodity prices and a number of currencies across Africa, and with

reference to the two largest markets, starting with South Africa, we saw GDP growth decline sharply to below one per cent and the country averting a credit ratings downgrade; in Nigeria, the slowdown in that economy was impacted further by the decline in the oil price and currency devaluation pressure.

“The reality is that economic growth across the region is likely to remain slower in coming years than it has been over the past 10 to 15 years, and the main reasons for a relative slowdown are not unique to Africa. In fact, Africa was one of the only two regions in the world in which there was growth in FDI project levels over the past year.”

According to the report, in 2015, East Africa recorded its

highest share of FDI across Africa as it achieved 26.3 per cent of total projects. On the other hand, Southern Africa remained the largest investment region on the continent, although projects were down 11.6 per cent from 2014 levels.

The West Africa region saw a rebound in FDI projects by 16.2 per cent, and interestingly in 2015, the region became the leading recipient of capital investment on the continent, outpacing Southern Africa.

North Africa experienced 8.5 per cent year-on-year growth in FDI projects. Furthermore, while projects were increasing in North Africa, they are increasing at a much faster rate in Sub-Saharan Africa.

On his part, EY’s Africa Business Centre Leader, MiContinued on page 24

Flour Mills Defers N40bn Rights Issue on Investor Apathy, Economic Headwinds Goddy Egene The current economic headwinds and investor apathy have compelled the directors of Flour Mills of Nigeria (FMN) Plc to defer its plans to raise equity capital of N40billion through a Rights Issue.

Given the huge bank charges FMN is paying on borrowings, which has driven costs of finance upwards for many years, shareholders of the company last year authorised the directors to raise up to N40billion of additional equity via a Rights Issue.

However, the directors have decided to put the right issue on hold for now and will

CAPITAL MARKET

later raise the funds in three tranches.

According to the directors, given the economic headwinds, they decided to undertake the Rights Issue through a Shelf programme (a situation whereby securities are sold over a period of time) to enable the company raise the required funds in several transactions over three year period.

The directors said they have already registered a N40billion Shelf Programme with the Securities and Exchange Commission (SEC), adding that they will continue to assess the economic climate to determine

the most appropriate time to launch the first tranche.

Although, the directors cited the current economic situation for the deferment, market sources said investor apathy could not also be ruled out.

THISDAY had last year reported that some of the shareholders were not willing to take up their rights saying they were yet to get value for the Rights Issue the company made in 2011. According to them, they were not encouraged to stake their funds in the proposed Rights Issue.

Some of the shareholders had said since the last Rights Issue of 2011 at N62 per share, the value of shares has continued

to dip a situation that persisted and has led to 65 per cent fall as at Monday. The shares of FMN closed at N21.50 per share.

The company’s bottom-line has been affected by huge interest charges paid on bank borrowings. For instance, the company paid a total of N21 billion as interests on bank loans and overdrafts for the year ended March 31, 2016, showing a jump of 33 per cent above the N15.9 billion paid in the previous year.

The Chairman of FMN, Mr. John Coumantaros, had last year said the proceeds Continued on page 24

LCCI Partners German Trade Group

The Lagos Chamber of Commerce and Industry (LCCI), the premier Chamber of Commerce and a leading voice in the organised private sector (OPS) in Nigeria and the Delegation of German Industry and Commerce in Nigeria (DGIC) have signed a Memorandum of Understanding (MOU) to boost trade, investment and knowledge transfer between Germany and Nigeria.

The official signing, which took place at the German Consulate in Lagos recently, provided the platform for support to Nigerian and German companies and individuals, as well as strengthening the shared interest of reinvigorating the Nigerian-German business relations. Director General, LCCI, MudaYusuf said: “This is a welcome development, coming at a time when Nigeria seriously needs forex inflows as a way of diversifying the economy, and strengthening the non-oil sector.The focus, here, with the MOU signing, is to strengthen the bilateral trade relations between Germany and Nigeria, and boost the economic activities between the two countries.”

The Director General further stressed that: “this could not have come at a better time. The Nigerian economy is in dire need of diversification at this time, given the collapse of oil price.”

He expressed the belief that the Federal Republic of Germany has tremendous support to offer in Nigeria’s quest for economic diversification. “We have had very good relationship with the German embassy as well as its commercial arm over the years,” he added.

Access Bank Pledges Support for Women

The Group Managing Director/Chief Executive Officer, Access Bank Plc, HerbertWigwe has said that the bank would continue to support more women in their quest for motherhood and a healthy lifestyle.

According to him, the bank, under its ‘W’ initiative, introduced the MaternalHealthServiceSupport (MHSS) Programme, a discounted loan that supports medical procedures for women in hospitals in Nigeria and abroad.This programme provides financing support for a widerangeofmedicalproceduresincludingIVFtreatment,natalcare, Fibroid treatment, dental care, Hysterectomy and select surgeries.

“For Access Bank, helping women overcome financial barriers while supporting them in their quest for health and motherhood is not just a business proposition, it is in fact an obligation to African women,” he said. Wigwe added: “Through this service, we have been able to support so many women in their quest for motherhood and a healthy life. In June, 2015, we joyfully welcomed the 1st baby conceived through an IVF procedure financed under MHSS programme. The proud parents welcomed a baby boy after a successful IVF cycle.”

To underscore our commitment to improving the health of women, AccessBankpartneredwithreputablematernalfocusedorganisations such as the Association for Fertility and Reproductive Health (AFRH), The Audrey Pack and several Maternity clinics nationwide to ensure a wider reach of the service to Women across the Nigeria.

“I don’t think we should panic every time the International Monetary Fund speaks. I think we need to be confident around what we are doing and where we are going”

Minister of Finance

Kemi Adeosun

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WEDNESDAY, JULY 27, 2016, • T H I S D AY

BUSINESSWORLD

NEWS

DESPITE SLUMP IN COMMODITY PRICES, AFRICA AMONG FASTEST GROWING REGIONS

FG Urged to Ban Tomato Paste Importation

chael Lalor said: “In a context of heightened concerns about economic and political risk across the continent, FDI flows remain robust, and in line with levels we have seen over the past five years. A key factor here is the structural shift in FDI — from a high concentration of source countries and destination markets and sectors, to a far more diverse FDI landscape. As a result, risks and opportunities are being spread much wider, and there is no longer an overdependence on a limited group of investors or sectors to drive FDI performance.”

The US retained its position in 2015, as the largest investor in the continent, with 96 investment projects valued at $6.9 billion. During 2015, traditional investors such as the UK and France, as well as the UAE and India, also showed renewed interest in Africa.

Over the past decade, there has been a shift in sector focus in FDI from extractive to consumer-facing industries. Mining and metals, coal, oil and natural gas, which were previously the key sectors attracting major FDI flows, have given way to consumer products and retail (CPR), financial services and technology, media and telecommunications (TMT), accounted for 44.7 per cent of FDI projects in 2015.

Nume Ekeghe and Ugo Aliogo

FLOUR MILLS DEFERS N40BN RIGHTS ISSUE ON INVESTOR APATHY, ECONOMIC HEADWINDS from the Rights Issue would help the company reduce its debt burden, lower its interest charges as well as to augment its working capital.

FMN cut dividend per share by 52 per cent from N2.10 in 2015 to N1.00 in 2016. Although the company ended the year with a profit after tax of N14.42 billion, up from N8.474 billion, it was booted by a N24 billion realised from the sale of its investment in United Cement Company Limited.

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 (Capital Market)

The President, Lagos State Chamber of Commerce and Industry (LCCI), Dr. Nike Akande, has called on the federal government to support local production of tomato pastes in Nigeria, pointing out that this would help the country attain self-sufficiency in food production and boost local consumption.

Also, NLC scribe cum Secretary General of the Textile Workers’ Union, Issa Aremu, has urged the federal government to ban the importation of tomato paste into the country.

The duo made the call during the unveiling of Erisco Foods Innovation Tomato Processing Technology in Lagos. The equipment converts dry and fresh tomatoes into finished products.

Akande said that agriculture can play a vital role in the economic development of Nigeria, stressing that manufacturing and industrialisation are the key drivers for growth and economic transformation for any nation.

She commended Erisco Foods for the tomato processing plant and urged its management to continue to encourage local production of made - in - Nigeria goods.

Speaking in the same vein, Aremu said noted that Nigeria has the capacity to be self-sufficient in tomato paste production.

He said: “We want to add our voice to the demand of Erisco Foods Chairman that we can see today that Nigeria has the capacity to be self-sufficient in tomato paste production.

And if we are self-sufficient, the government must ban

importation of tomato paste into the country. “This factory has the capacity to produce 450,000 metric tons of tomato paste and our local demand is about 250,000. Which means we have the capacity to feed ourselves and export? So why should we allow unnecessary importation into the country.”

Also, the Minister of Labour and Productivity, Dr. Chris Ngige, who was represented

by Mrs. Olufunke Aleshinloye, lauded the company for the giant stride attained with the procurement of the new innovative technology. He said that the economy requires such innovations and economic diversification in order to stimulate job creation in the agricultural sector. Ngige called on the firm’s management not to relent in its

efforts at carrying out business activities responsibly, while urging them to ensure compliance with labour related matters, occupational, health, safety standards as well as various statutory obligations.

On his part, the Chairman/ Chief Executive Officer, Erisco Foods Limited, Mr. Eric Umuofia, said the economy was losing money due to combination of evil forces against the nation by some unpatriotic Nigerians and foreign economic mafias that always want to milk the economy dry, especially with substandard tomatoes paste imported from China.

He said: “In Nigeria alone, we have a tomatoes paste processing plant with processing capacity of above 450,000 metric tons per annum, among other

product lines.”

He expressed worry that regulatory agencies such as the National Agency for Food Drug and Administration Control (NAFDAC) and the Ministry of Health had failed to place confidence in an indigenous company becoming a leading brand in the production of tomato paste in Nigeria.

Umuofia explained that despite the industrial challenges facing Nigeria, the country remains the biggest importer of tomato paste in the world despite that over 75 per cent of fresh tomatoes harvested are wasted yearly.

He noted: “The Indians that form the majority of the people that import substandard tomato paste into Nigeria, and China which produces the substandard

do not consume in their own countries, the same quality of tomato paste they produce and bring into Nigeria. Still they pay little or nothing as import duty.”

He added: “We thank President Muhammadu Buhari and the All Progressive Congress (APC) - led government’s determination to task us (Nigeria) to produce what we need and eat what we have. From his directive, we swung into action and the result is what we witnessed today; that is the ability to convert fresh and dried Nigeria fresh tomatoes into paste that will be able to save our nation over US$1billion being spent annually on importation of tomato paste.

TECHNOLOGICAL ADVANCEMENT

L-R: Chairperson, Alliance for Affordable Internet, Dr. Omobola Johnson; representative of Vice President, Senior Special Adviser to the Vice President on Job Creation, Youth and Employment, Afolabi Imuokhuode, and Managing Director Connect Marketing, Tunji Adeyinka, at the opening day of Techplus 2016 conference and exhibition in Lagos...recently

Bulk Trader, Oriental Group Sign Purchase Agreement on Solar Power Ejiofor Alike Oriental Renewable Solutions, a subsidiary of the Oriental Group company, has signed a 20- year, dollar-denominated Power Purchase Agreement (PPA) with the Nigerian Bulk Electricity Trading Plc (NBET), better known as Bulk Trader for a 50-megawat capacity solar power project in Jigawa State.

The agreement forms part of a wider NBET process to sign up PPA’s to deliver 1,200 megawatts of additional generation capacity to the Nigerian grid through a total of 12 solar power projects spread across Nigeria.

Oriental Renewable Solutions was established to deliver on the potential that renewable energy offers Nigeria to address a long term power deficit that continues to hold back economic growth. The Jigawa project marks the first project in a broader strategy to establish a significant footprint in Nigeria’s fast emerging solar power generation segment.

The project is expected to be completed between 18 and 24 months of financial close.

Commenting on the signing of the PPA, Oriental Group Chairman Alhaji Muhammadu Indimi said the project marked a

major milestone for the Oriental Group, as the company implements its strategy to diversify into new areas of the Nigerian economy.

“We recognise the importance of power generation to Nigeria’s socio-economic development and believe that Nigeria’s natural resources extend beyond its traditional dependence on oil and gas extraction to include many more resources that new technology is making available to us. We hope that by proving the viability of renewable solutions in Nigeria, we can deepen our nation’s long term capability to deliver the power

that we so desperately need, while simultaneously delivering much needed investment across a swathe of Northern Nigeria,” Indimi explained.

Nigeria has installed generation capacity of 12, 600 megawatts, but availability of considerably less than that, and average transmission of between 3,000MW and 4,500MW of the last year. This is further affected by disruption to gas supply, on which the vast majority of Nigeria’s power infrastructure relies.

The development of significant generation capacity in solar, and other renewables offers a

strong counterbalance to the vulnerability of gas production and distribution infrastructure, while significantly reducing Nigeria’s long term carbon footprint.

Oriental Renewable Solutions was established in 2014 as an investment vehicle to develop power projects in Nigeria’s emerging renewables market segment. It is a subsidiary of the Oriental Group of companies, founded by Alhaji Muhammadu Indimi and which has a portfolio of assets across the oil and gas, power, manufacturing and education sectors of the economy.

MAN Wants Deposit Rates Lowered for Economic Devt James Emejo in Abuja The Vice-Chairman, Manufacturers Association of Nigeria (MAN) Abuja Chapter, Mr. Odun Emasealu has said that the impact of ongoing measures by the government to reposition the economy would be limited unless the problem of high interest rates from commercial banks is addressed.

He, describe the current interest rate regime as a “major killer” of businesses

and obstacle to economic development.

Speaking in an interview with THISDAY in Abuja, he said crashing the deposit rate was a sure way to reducing interest adding that “if deposit rate is low, interest rate will be low.”

He said: “For me, interest rate is a major killer, not exchange rate per se because we have a huge population and people can do business.

We are talking of increasing productivity- any attempt to increase productivity of

a nation either by business opening, commerce, manufacturing involves raising capital.

“And when capital is 27 percent, it means there will be no capacity increase and if that doesn’t happen, we will remain where we are.

So what government has to face is how do we ensure that everybody is workings? To me interest rate is the major problem.”

Emasealu, who is also Managing Director, Interior Woodwork Limited said interest rate cut had to be

fixed as a constant and not a variable “for us to have meaningful development” adding that “businesses have to be funded and we have a population that cannot buy, the income is low but cost of fund is high and cost of products will be very high as well.”

He said several businesses have paid so much in bank loans without any business in return adding that so many companies have been unable to pay salaries and have had to shut down as well as lay

off staff as a result.

While however, commending the introduction of a new flexible exchange rate policy by government, he maintained that other initiatives were required to address the capacity of people to buy and spend.

He said: “Our inflation is sometimes artificial. It may not be too real because people refuse to adjust to the changing indices. But even with this, it will take a while for it to begin to affect the inflationary figures.

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EQUITIES WATCH

Wema Bank’s Glimer of Hope

A growth of 10.6 per cent growth in profit for the half year ended June 2016 by Wema Bank is an indication of a bounteous harvest for investors of the bank at the end of the year, writes Goddy Egene Investors have started seeing the corporate results of listed companies for the half year (H1) ended June 30, 2016. The performances have been mixed. Given the economic headwinds, investors have been expecting moderate performance from companies for the H1.

Apprehension among investors in banks is very high due to the policy tightening by the Central Bank of Nigeria (CBN) that has affected their earning capacity. Although some of them surpassed expectations in the first quarter (Q1), their H1 results are being awaited. Some have sent notifications for late filing of their results. However, Wema Bank Plc last week delighted investors, recording growths in performance indicators for H1.

ensured its non-performing loans (NPL) ratio is kept below three per cent, which is significantly lower than the industry average.

He said:” We expect that this risk underwriting discipline should continue to serve as a foundation for us to deliver consistent satisfactory results to our stakeholders in the second half of the year. We are also delighted by the affirmation of our current investment grade rating by Fitch rating agency; a ratification of the sustained performance over the last few years. We commence the second half of the year with a sense of cautious optimism; well aware that the economic fundamentals point to an economy heading for further slowdown, yet hopeful that additional fiscal initiatives will be implemented to stimulate growth.

We are awaiting final regulatory approvals for our debt capital raise and we expect to conclude the process this quarter.”

Oloketuyi explained that the bank is continuously being transformed, stressing that “while we are pleased with the current results, we are aware of the tough task ahead. We remain committed to all our stakeholders in delivering value across board. The focus on growing our retail base and engaging our customers through mobile and alternative platforms should yield benefits to the bottom-line as we also continue to monitor and manage our risk portfolio and asset quality.”

Corporate summary Wema, incorporated in 1945 as Agbonmagbe Bank Limited, is Nigeria’s longest surviving indigenous bank. The bank became a public limited liability company in 1987 and its shares were subsequently listed on the Nigeria Stock Exchange (NSE) in 1991.

In 2009, the bank was classified among the distressed banks in Nigeria, given its negative capital position at that time. Subsequently, CBN replaced the bank’s management with an interim management team to oversee the recapitalisation of the bank.

In 2011, Wema downscaled its operation and opted for a regional banking license, in order to focus on its key market jurisdictions and strengths. The regional scope covered the South-West, South-South and Abuja. In 2013, Wema’s capitalisation position improved after the successful completion of a private placement, which brought on board First Pension Custodian Nigeria Limited as the largest shareholder.

Having built the bank’s capital base well above the N25 billion regulatory minimum capital requirement for a national bank, Wema Bank applied for and was granted a national banking licence by CBN in November 2015.

Financial Performance An analysis of the results showed gross earnings of N24.264 billion, which is an increase of 16 per cent above the N20.874 billion in the corresponding period of 2015.

Interest income grew by 15.2 per cent from N17.497billion to N20.157billion, while net interest income fell from N9.0 billion to N8.5 billion. Wema Bank ended with an operating income of N12.69 billion, up by 3.4 per cent from N12.269 billion. Operating expenses recorded a marginal growth of 2.7 per cent, from N11.096 billion to N11.393 billion.

Consequently, profit before tax (PBT) stood at N1.297billion, a 10.6 per cent increase above the N1.173 billion in 2015.Profit after tax (PAT) grew by same margin, from N997 million to N1.103 billion.

However, a further analysis of the results indicated a drop in PAT margin, which declined from 4.78 per cent in 2015 to 4.55 per cent in 2016. Cost to income ratio improved from N90.4 per cent to 89.78 per cent in 2016, while loan to deposit ratio rose to 61.9 per cent from 56.7 per cent. Return on average asset improved from 0.29 per cent to 0.30 per cent, while return on average equity declined from 2.28 per cent to 2.40 per cent.

Managing Director’s explanation Commenting on the performance, the Managing Director/Chief Executive Officer of Wema Bank, Mr. Segun Oloketuyi, said in spite of these challenges, the bank has been able to deliver a modest improvement in the first half of the year. According to him, interest income grew by 15.2 per cent from N17.5billion in H1 2015 to N20.2 billion in the current period, while fee and commission income improved significantly by 42.3 per cent from N2.2 billion in H1 2015 to N3.1 billion in H1 2016.

“This growth in non-interest revenues was driven by our ongoing initiative to enlarge our footprint in the retail space while keeping

customers at the heart of our operations. We believe that this is where we will continue to win in the marketplace. We continued to closely monitor our costs as we optimize our operations. Operating expenses grew from N11.1 billion in H1 2015 to N11.4 billion at a rate of 2.7 per cent, lower than year-to-date inflation rate of 13.26 per cent. We achieved this through the continued migration of customers

to alternative channels and deliberate efforts at reducing our cost to serve. These efforts are reflected in our PBT growing by 11 per cent to N1.3 billion from N1.2 billion in H1 2015,” Oloketuyi said.

The CEO said while the bank has increased its loan to deposit ratio from 65.1 per cent in December 2015 to 67.5 per cent as at June 2016, its emphasis on selective risk creation

WEMA BANK HALF YEAR FINANCIAL PERFORMANCE 30 25 20

JUNE JUNE 2016 N24.264bn 2015 N20.874bn

15 11

JUNE JUNE 2016 2015 N11.393bn N11.096bn

JUNE 2015 JUNE N9.064bn 2016 N8.523bn

10 09 08 07 06 05 04 03

JUNE JUNE 2016 2015 N1.297bn N1.173bn

02 01 0

GROSS EARNINGS

NET INTEREST INCOME

OPERATING EXPENSES

PROFIT BEFORE TAX

JUNE 2016 N1.103bn

JUNE 2015 N0.997bn

PROFIT AFTER TAX

Regaining National Bank Status After operating as a regional bank for about five years, Wema Bank last November got back its national banking licence from CBN. Oloketuyi said the decision to scale down operations in 2010 and operate as a regional bank was a deliberate interim measure to reposition the bank for better performance.

“The resultant shrinkage in the geographic space of operations enabled us to focus business development on our areas of strength as a repositioning strategy in the short term.

We were also able to wind down operations in locations where the bank did not have viable business. Having stabilised the bank through improved processes, systems and people, we are well positioned to replicate our new and tested service delivery model in other locations outside our current geographic space,” he said.

The Oloketuyi explained that Wema Bank has become a stronger, more efficient, resilient and customer-focused organization with a robust risk and governance structures in place to support its growth plan.

“The bank has realigned its business focus to concentrate on its key area of strength, which is retail banking. We have used technology to our advantage, deploying in-branch solutions, mobile and internet applications and other social media tools to drive customer patronage and to reduce our cost to serve. We have continued to contain our operating expenses and at the same time reporting significant improvement in our fee-based income lines,” he said.

Fitch Rating Fitch, a global leader in credit ratings and research, recently affirmed Wema Bank’s Long-term National Rating at BBB-.

Fitch, in its rating, said Wema Bank’s strengths, which underpin its long- and short-term ratings, include its strong risk management culture, low non-performing loan (NPL) exposure and good liquidity levels.

“The bank’s affirmed rating further reinforces its resolve to remain a smarter and efficient Bank. The Long-term Issuer Default Ratings (IDR) of Wema remains on Stable Outlook as the rating is driven by its Viability Ratings (VR) and there is no expectation of any material change in the bank’s intrinsic creditworthiness,” Fitch said.

In Fitch’s opinion, the banking industry in Nigeria will remain challenging considering volatile and low oil prices, continued disruptions in oil production and constraints regarding the foreign exchange liquidity.

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BUSINESSWORLD

INTERVIEW

Ukeje: CBN is Desirous to Boost Market Liquidity The Special Adviser to the Central Bank of Nigeria Governor on Financial Markets, Mr. Emmanuel Ukeje, spoke to Obinna Chima on recent developments in Nigeria’s foreign exchange market. Excerpts: What informed the decision by the CBN to direct banks to commence the sale of forex accruing from remittances to licenced Bureau De Change operators because some analysts have described it as a policy summersault by the CBN? It is not a policy summersault because you remember that even when we decided to stop funding them (BDCs), we said they could get their money from autonomous sources, and that the central bank will no longer allocate money to them. You know these inflows that are coming in into the banks; it is not central bank’s money. We all know that these are individual funds coming in through Western Union, MoneyGram and the likes. What Nigerians do is that if they have dollar expenses in the US, all they used to do was to look for someone that has need for naira. Some people do that and those dollars don’t come in. So, we had said in the past that we would keep working with these people (BDCs). If we don’t do anything to a very large extent to help these people (BDCs), it might affect the market. Even when we said we were not going to fund them, we still said they could get their monies from autonomous sources. So, the central bank is not reversing itself because we are not giving them any funding. We keep dialoguing. We cannot say we want to ignore them out completely.

Nobody is saying export proceeds should be given to them. It is just normal monies that come in through remittances. So, they BDCs can have that to oil their businesses. So, it is part of efforts to boost dollar liquidity in the market and ensure stability of exchange rate.

Do you think this new policy can help ease the pressure we have seen in the market in the past few days?

To a very large extent, it should help to ease the pressure in the forex market. What happens is that if they are sure of more sources of FX, other than one now, then people would be calm. Now, if this other source which is supposed to be supplementing the interbank market gets supply, in as much as the gap has narrowed, no matter how small it, we think it would reduce the panic in the system.

There have been so many circulars on the forex market from the central bank.

What do you think is the solution to achieving exchange rate stability in the country?

You have come to the issue of stability which is part of what we have been saying over time.

You know the dollar is a currency we do not produce. So, for you to have enough of it, you must earn it. We all know the structure of our economy that is why we are saying that we must to a very large extent diversify the economy. See what it happening to crude oil prices and also the quantity the country produces. The amount we spend in importing petrol and other petroleum products is very huge. By the time all these refineries that are coming start functioning and take away that huge chunk being imported; you would have taken away almost 30 per cent of foreign exchange demand for import. So, for us, the best thing is that while we are doing demand management, we should also ensure that we diversify the economy and produce more. This is because the moment you start earning the foreign exchange, then you don’t have issues.

No matter what happens internationally to the currency, it doesn’t affect your exchange rate adversely. This is because by then, you would have developed other areas to cushion the effect.

Mind you, even the last time we had such slump in crude oil prices; we were able to overcome it because we had plenty of money in terms of Excess Crude Account (ECA) and the external reserves. Unfortunately, we don’t have that strong buffer now. But you know what is happening now is not peculiar to Nigeria. It is a global issue. You can also see what the Brexit caused and how much the pound sterling has lost against the dollar.

But we believe that going forward, if the

Ukeje

diversification drive is sustained, we would come out stronger. This again has to do with the issue of demand and supply. When we have a situation when we continue to demand for a particular product and the supply is not enough to match the demand, then it becomes an issue.

So if we are able to reduce our demand for import, we would be able to save currencies to be used to fund industrial production and

If we don’t earn dollars, the CBN cannot produce dollars. Today, we have the budget, but unfortunately, we all know what is happening to our crude oil and all these are limitations which I believe we would overcome with time

not consumption items. People may argue that consumption is critical, but you need to produce before you consume. What is it that grows an economy? It is production. So, to a very large extent we all need to continue supporting government’s diversification effort so that we can be able to earn more dollars.

There is no short cut to it. If we don’t earn dollars, the CBN cannot produce dollars. Today, we have the budget, but unfortunately, we all know what is happening to our crude oil and all these are limitations which I believe we would overcome with time.

Where is the naira headed in the coming days?

I can tell you that that definitely it is going to start appreciating. If you ask me, I will tell you that the worse is over. It is not going to depreciate lower than what we are seeing presently. It is going to be heading southward in terms of appreciation and not northward.

Are we expecting the CBN to continue intervening in the interbank market?

The CBN will not abdicate on its role as a market participant. We have been intervening

in the market by selling money. It is the issue of the volume we want to put in at a particular point in time, depending on where we see rates going. Even though we are an interventionist, we are also a market participant. We make sure that when we are intervening, we do so based on a two-way quote system. We come into the market to sell; we can also buy if we want to buy, depending on where we see liquidity. But for now, the central bank will not shirk its role of being an interventionist in that market. We will continue to play that role because it is one of our mandatory duties to moderate rate depending on what happens in that market.

Finally, with this new forex market structure, has the central bank loosen its hold on capital control?

If we talk about capital control, even before now, there was no lid on capital control. Before we used to say if you bring in your capital, it has to stay for about a year before you can repatriate, but that was removed long ago.

So, as a matter of fact, there is no lid we are removing because there was no lid on it before the new forex guidelines. The lid had been removed long before now.

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INTERVIEW

Abe: Govt Urgently Needs to Focus More on the Capital Market The President of the Chartered Institute of Stockbrokers, Mr. OluwaseyiAbe spoke to journalists in Lagos on the state of the economy and the capital market. Goddy Egene presents the excerpts: What is your assessment of the Nigerian economy since the beginning of President Muhammadu Buhari’s administration?

In an attempt to assess the current administration of President Muhammadu Buhari, we must not lose sight of the fact that the current government came into office on the 29th of May last year on the mantra of “change”, there were challenges and obstacles from inception.

Consequently, the first year of the government was largely spent settling down to understand the true state of affairs. I think the government has done well in some areas. However, a lot is expected of the government in other areas. For instance, economic indicators have worsened, and it appears the government is taking too long to have a clear direction on several policy issues.

What is your view on the Nigeria’s investment environment?

Nigeria’s natural endowments still makes her a very attractive investment destination.

However, this must be strategically supported by well thought-out policies. The truth of the matter is that many foreign investors still regard Nigeria as a good investment destination because of our current political stability. However, they will be further encouraged if we also have some consistency with our foreign exchange policies in line with the global best practices.

At the heart of the capital market is the issue of participation of local investors. Expectedly, it is the local investors who ultimately will bring stability to the equity market. The critical issue now is that the Federal Government and other stakeholders must be prepared to address the need to encourage our local investors to return to the market.

How are the stockbrokers coping in this challenging phase of our economy ?

It is not an exaggeration to say that the biggest challenge facing stockbrokers today is low participation and low liquidity in the market. While the regulators and stockbrokers have been working hard to create new products such as the Exchange Traded Funds (ETF), the buy side of the market remains weak, especially from the local end.

Meanwhile , stockbroking firms have also had to grapple with spiralling costs arising from the recently introduced Minimum Operating Standards. Investors’ confidence is still low as a result of massive losses arising from the 2008 global recession, although this is being addressed. Quoted companies are also going through challenging times with regard to rising costs. This is affecting their dividend paying ability.

It is indeed a trying time for the stockbrokers.

But the period also called for creativity and resilience for all stakeholders.

Any prospect for the stockbroking profession in an emerging economy like ours ?

There is a very big prospect . One unique thing about stockbroking is that you must be a professional in a particular field before you can write our final professional examination . We introduced Diploma in securities and investment to attract young ones who are bright enough to aspire to become investment experts. The programme is also introduced to enable university degree holders in non-finance fields to have a strong foundation in finance.

History has shown that the capital market provides the surest route for developing countries to accelerate the pace of their economic development. So the prospect of stockbroking in a country like Nigeria is bright and the crucial importance of the profession cannot be overemphasized.

The question we should be asking is: “are we making maximum utilisation of our capital market in formulating and implementing development policies?” Government urgently needs to focus more on the capital market and craft policies that will make the market thrive for local and foreign investors. I must be quick to add that as long as the financial system exists, funds must be

Abe

mobilised from the surplus economic unit to the deficit one. Therefore, stockbrokers shall continue to be relevant in the global financial market. I am happy to place on the record that we have always had our members in the commanding heights of the various sectors of the economy including politics. The future is bright. Stockbroking goes beyond buying and selling of securities.

That is why we have expanded our syllabus at the Institute to ensure that those who pass the final professional examinations are globally competitive as investment experts. The world of securities and investment is expanding everyday and only professionals that keep pace with the changing dynamics can fit into the system. Our Compulsory Professional Development (CPD) is designed to provide on-the-job training for practising professionals.

Operators and the regulators are continually worried about the level of volatility in the market. What is the way forward ?

Yes, stakeholders in the market are bound to worry when the market is in a downward swing. But this is one of the attributes of a stock market globally . It is only normal for the market to swing upward and downward because that is what makes it a market. It is

absolutely normal for the market to have swung on a downward direction.

But the fact of the matter is that the direction of the capital market at any given time is a reflection of the economy and it’s been known that the economy has not been doing too well lately. In this regard, it is even the best time to invest in the capital market because once the economy gets better, the capital market will recover as well.

What factors do you think attract investors into the market or send them scampering away from the market?

Some of the factors that draw investors into the capital market include, positive expectation about the economy, adequate and positive information about the market, security of investment, good returns in the form of dividends and / or capital gains, and favourable government’s policies.

‘Loss of confidence’ discourages investment.

Several factors could cause this, including lack of transparency, weak corporate governance structure, and economic downturn.

Do you subscribe to the school of thought that the recent introduction of direct cash settlement will protect investors and eliminate fraudulent activities in

the Nigerian capital market?

Absolutely, yes. It will surely bring more confidence into the market. Direct cash settlement is a situation where the accounts of investors are credited directly with the proceeds of sales of investments. This will make it more difficult to divert or convert investors’ funds fraudulently.

However, I do not think the direct cash settlement policy will eliminate fraudulent activities in the Nigerian capital market completely, but it will curtail it. In effect, direct cash settlement is only one of several structures that need to be put in place to safeguard investor’s position in the capital market.

Do you foresee any state government coming to raise capital in the market this year going by the development in the economy?

It is not likely. We are already half way into this year, and from the look of things, it may not be that feasible. The downturn in the market has continued in this year. Accordingly, we anticipate that the investment climate may not be attractive enough. The federal government’s budget deficit for 2016 and the implementation of Medium Term Expenditure Framework (MTEF) may make it more difficult for state governments to raise capital from the capital market. Although with

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BUSINESSWORLD

INTERVIEW

ABE: GOVT URGENTLY NEEDS TO FOCUS MORE ON THE CAPITAL MARKET greater clarity on government policy direction, there is modest expectation that investors would show more interest in the market as the economy improves. On this note, we cannot totally rule out that a state government cannot come to the market.

Do you think the offshore listing being embarked upon by some companies have a direct impact on the Nigerian economy?

Yes, though minimal. For instance, dual listing could have some direct benefits to the economy, especially, in times of currency crisis or other external factors. In 2013, for example, it was reported that despite the huge crisis among the BRIC nations (i.e. Brazil, Russia, India and China) in terms of currency devaluation against the United States (U.S) dollar due to the announcement of Federal Reserve Chairman to discontinue the free money policy, South Africa’s Rand confounded critics with dual listed companies attracting strong equity flows into South Africa. That is, despite strong U.S. data and mounting pressures on the emerging markets the Rand continued to hold up remarkably well.

Thus, the concept of dual listing can help the economy of a country stabilise, and serve as a strategy to counter currency devaluation.

Do you think the adoption of a more flexible rate policy by the Monetary Policy Committee (MPC) will boost the stock market?

Yes, I think so. This is because the capital market is the barometer of the economy. Its performance mirrors the performance of the economy. When the economy is doing well, the capital market is boosted. Research has shown that developing countries are relatively better off under flexible exchange rate regimes and that faster economic growth is associated with real exchange rate depreciation. This means that recent introduction of flexible exchange rate policy is expected to drive economic growth which will boost the capital market.

You were recently elected President of CIS. What is your agenda to lift the Institute to higher levels?

I have always been part of the CIS, having served in various capacities before my election as the President. My plan is to make the Institute more visible by enhancing its brand capital. We are working to fully automate the examination process and make it seamless. We will pursue vigorously the passage of the CISI bill, which is currently with the National Assembly.

As the institute is a membership -based organisation, we will do our best to advance the welfare of our members and ensure that the profession takes a pride of place among other professions in Nigeria. We are also pursuing a strategy of aggressively enhancing our membership base.

How has the recent recapitalisation of stock broking firms helped reposition your institute?

The recent recapitalisation of capital market operators is impacting positively on the development of the market as it has enhanced research and product development capability of the market as well as the development of a more efficient information and communication technology base. The new capital injections would enable stockbroking firms acquire requisite information technology infrastructure, maintain quality human resources, fund research and training and explore creative initiatives in product development and services. Overall, with the recapitalisation, we will likely see better-managed institutions and better prospects for those who are in the industry.

A firm that is well-managed and capitalised with good corporate governance in place will provide quality services to the investing public. It will also offer an exciting career for employees; and like I said earlier, the institute is committed to enhancing the welfare of our members. This makes sense because we are here for our members, and it rubs off positively on the institute if our members are happy and well taken care of.

How would you advise investors in Nigeria ?

I am glad to inform you that our indigenous investors are becoming better informed through our intensive enlightenment programme. We have been enlightening them on the necessity

Abe

of going through the stockbrokers as they are the licensed investment advisers who can guide them accordingly. The list of valid stockbrokers is always available at our institute. We have sustained our zero tolerance policy on unethical practices. All these are to ensure investor protection, a fundamental attribute of an efficient and effective stock market. Our efforts are further reinforced by our regulators –the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE). It is now total war against unethical practices as the stock market is a game of investor confidence in the final analysis.

In the light of this, investors should take advantage of the fact that most of the listed stocks on the NSE are trading below their intrinsic value. In a lay man’s language, they are very cheap at the moment. Once the economy picks up, the market will react accordingly and the stocks would head for their true values.

Those who take the calculated risk of buying low would ultimately made bountiful profits.

A team of top officials of the CIS recently to the former President of the Nigeria, Chief Olusegun Obasanjo in Abeokuta, Ogun State recently. What was your mission?

We at the CIS have continually engaged all our stakeholders on the benefits of the capital market to the growth and development of Nigeria’s economy, especially in the medium to long time. As a former president, who has always believed in the ability of our market to serve as an engine of economic acceleration, we thought it expedient at this point to visit him to give an insight to what we are doing

at the moment , our challenges and the way forward. In a nutshell our mission was more of extended advocacy to an opinion leader whose vast experience and contacts globally can undoubtedly strengthen our efforts.

How was the outcome of the visit?

It was successful. Obasanjo displayed clinical understanding of the dynamics of the capital market and exhibited a high level of optimism that our capital market has all it takes to finance the economy. Obasanjo pointed out that when Ethiopia’s economy was in doldrum, one of its Prime Ministers deployed the Commodity Exchange to put the economy on the strong footing. According to him, there is no reason why Nigeria’s economy cannot be revived by adopting the Ethiopian model.

In specific term, what is the take away from the historic visit?

Obasanjo’s endorsement of our efforts in capital market development advocacy is a boost to our market. We shall continue to engage with more opinion leaders, institutions and work more closely with the Federal Government and the National Assembly for collective efforts and indeed sound policies that would enable our capital market play its pivotal role in moving our economy to the next level.

Investor education is a continuous exercise and should be continually reviewed to reflect the current realities where investors must not only be exposed to the benefits of the capital market but also the risk aversion measures.

How would you describe the relationship

between the federal government and the capital market regulators and operators ?

We in the capital market have always had cordial relationship with the federal government.

We owe the federal government constant engagement in order to articulate policy issues that would move the market forward. The regulators and we the operators are the technical people.

But we need the endorsement of the government and its patronage at every stage for the market to move forward . Several meetings, including public hearings had been held to x-ray the capital market and re-position it for global competitiveness . Many committees had been constituted as ad hoc or standing one. These committees usually ha v e g o v e r n m e n t r e p r e s e n t a t i v e s .

Engagement with the government is a continuous exercise.I must put on record that many government functionaries, including governors, ministers and heads of Agencies and parastatals do visit the NSE. R e c e n t l y, t h e e x c h a n g e h o s t e d t h e S p e a k e r of House of Representatives, Honourable Yakubu Dogara who addressed the stockbrokers and closed the market by sounding the closing gong like other important visitors. Also, recall that the Vice President of Nigeria, Professor Yemi Osinbajo had also appeared on the trading floor. In the past, the NSE had played host to heads of state at various fora. Such visits symbolise cordial relationship and go a long way in boosting investor confidence in the market. In a nutshell, our relationship with the government is symbiotic.

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ANALYSIS

Therapy for Nigeria’s Troubled Currency Nigeria’s perennial exchange rate crisis can only be resolved when the country seriously adopts export promotion strategies and genuinely implement economic diversification policies, writes Obinna Chima

The depreciation of the naira against the US dollar in the past few days has sent shock waves across the financial market. While the development has been attributed to the scarcity of the greenback, it also presages further troubles for the growth of the Nigeria economy.

On the interbank market, the naira closed last Friday at N307.98/$1. 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.

To most financial market experts, the lacklustre performance displayed by the naira reflects the symptom of broader economic problems such as the import-oriented structure of the economy, continued inflationary pressure, fiscal imbalance, among others.

Notwithstanding other external factors plaguing the naira, Nigeria’s heavy import dependence is majorly responsible for the high forex outflow and the perennial weakness suffered by the naira.

The country’s high import dependence explains why the exchange rate is often the bellwether for Nigeria’s economic health, and why there is a swift pass-through of exchange rate movements to inflation.

Indeed, accelerating general price level, bearish growth outlook, weak credit expansion to the

private sector, rising level of banks’ non-performing loans and volatility in the FX market have continued to pressure domestic economy and financial market.

About a third of Nigeria’s forex outflows are due to invisibles, which refers to services. These include international payments for services as well as movement of money merely for transfer payments. Also, the country’s infrastructure deficit explains the huge level of importation of processed and final goods.

Central Bank’s Efforts As part of recent efforts to calm the market and stabilise the naira exchange rate, the Central

Notwithstanding other external factors plaguing the naira, Nigeria’s heavy import dependence is majorly responsible for the high forex outflow and the perennial weakness suffered by the naira

Bank of Nigeria (CBN) last month introduced new guidelines for trading on the interbank market. The policy allows the exchange rate of the naira to be determined by the market forces of demand and supply, as against the previous pegged rate system.

Under the new arrangement, the commercial banks act as FX Primary dealers. Part of the objectives of the new framework, which included the introduction of the naira-settled Over-the-Counter (OTC) FX Futures trading, was to discourage people from front-loading or hoarding forex due to uncertainty. The central bank also cleared the backlog of matured letters of credits. The new forex framework allows the market to operate as a single market structure through the interbank/autonomous window, while the exchange rate is market-driven using the Thomson-Reuters Order Matching System as well as the Conversational Dealing Book. The CBN however participates in the market through periodic interventions to either buy or sell forex as the need arises.

However, the implementation of the floating exchange rate regime triggered a 41.1 per cent depreciation of the naira. Also, the positive sentiment that trailed the new interbank market framework was short-lived as the emergence of autonomous players in the FX market has not been as swift as anticipated.

Also, as part of efforts to boost dollar liquidity in the market and ensure stability of exchange

rate, the central bank directed banks who are agents to approved international money transfer operators to commence the sale of foreign currency accruing from remittances to licenced Bureau De Change operators.

“The foreign currency proceeds of international money transfer sold to BDC operators shall be retailed to end-users in compliance with the provisions of Anti-money Laundering Laws and observance of appropriate Know-Your-Customer (KYC) principles, including the use of Bank Verification Numbers (BVNs),” it explained in a recent circular.

What Determines Exchange Rate Exchange rate is the price of one currency in terms of another. Similar to any other commodity, factors that affect either or both the demand and supply affect this price. For instance, a reduction in the supply of dollar will lead to an increase in the exchange rate of the local currency and vice versa. Equally, an increase in the demand for dollar will lead to increase in exchange rate; and this implies the depreciation of the local currency.

Analysts at the Financial Derivatives Company Limited had pointed out that there are many factors that have been used to explain exchange rates. According to the report, the common ones are the demand and supply of a currency, and relative price changes (inflation) in the countries of trading partners.

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BUSINESSWORLD

ANALYSIS

THERAPY FOR NIGERIA’S TROUBLED CURRENCY

Emefiele

“Nigeria is an import dependent economy.

Companies import raw materials and intermediate goods for their production while traders and consumers import several finished goods for final consumption.

“Due to a low competitiveness and high cost of doing business, a lot of what could have been produced locally is also imported. In addition, many Nigerians consume foreign services like travels, tourism, health and education.

“All these lead to high demand for dollars to make payments for these goods and services,” it explained.

On the other hand, Nigeria obtains the bulk of its dollar supply from the exports of a single commodity: crude oil. Consequently, the report noted that increased supply of dollars is only enjoyed when the global prices and/or domestic production of crude oil rise.

Therefore, the country is susceptible to undiversified export base, events that shape global oil prices, and domestic oil production.

This explains the tendency for the supply of dollar to fluctuate markedly in the face of a constantly rising demand for dollar. Thus, it explains why the naira is usually devalued or depreciates against the dollar whenever the global prices of crude oil decline.

“On the impact of inflation on exchange rate, the relative version of the purchasing power parity (PPP) framework argues that the currency of a high inflation country will depreciate relative to that of a low inflation trading partner in order to restore competitiveness.

“This is because excess money in the former country will be used to demand for the currency of the trading partner both for import and speculative purposes,” it added.

Achieving Exchange Rate Stability To the President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, there is an urgent need for Nigerians to start looking inwards by consuming goods and services produced locally.

As a country, Ajibola stressed the need to start taking seriously, export promotion strategies, adding that there was need to diversify the country’s earning base.

“The reliance on oil as our major source of revenue is too heavy. We need to reduce the

Finance Minister, Kemi Adeosun

significance of oil on our economy. So, we can start diversifying into agriculture, solid minerals, manufacturing, and expand our export potential, we would be able to earn more foreign exchange from other sources than oil. That would help us.

“The challenge is coming to us today that we don’t need to rely too much on other countries to feed our population. The varieties we have in our agricultural sector can feed our population is properly organised and well harnessed. We can rely on our population for the provision of basic necessities of life –food, clothing shelter, we can de-emphasis a lot of things we import because of our mentality to consume imported items.

“So, the high propensity to import which is fuelled by cultural disorientation can be corrected through import substitution strategies. So, if we can embrace these two, we would be able

The challenge is coming to us today that we don’t need to rely too much on other countries to feed our population. The varieties we have in our agricultural sector can feed our population is properly organised and well harnessed. We can rely on our population for the provision of basic necessities of life –food, clothing shelter, we can de-emphasis a lot of things we import because of our mentality to consume imported items

to reverse the recession we are facing at the moment. It is when an economy fails to learn from this temporary setback, that recession moves to depression. Depression is a permanent problem that may remain with an economy for decades,” he advised.

Also, the Chief Executive Officer at Graeme Blaque Group, Zeal Akaraiwe pointed out that when the new forex policy was released about a month ago, a lot of analysts had the misconception that it was the only solution to the country’s perennial exchange rate crisis.

“It is not! People thought once we open the market everything would be okay. But opening the market was necessary for progress, but it was not the solution. The underlining fundamentals have not changed. The fundamentals that affect the currency have to do with balance of trade, which for the whole of 2015, was negative. The only other time we had a negative balance of trade as a country was 1983 and 1998.

“We are also running a deficit budget. So, in as much as we do not earn enough foreign exchange and we have not done enough to control the demand for foreign exchange, there would be pressure on the currency. We consume about $20 million of petroleum products per day by my estimate. And as Niger Delta Avengers blow up pipelines, our foreign exchange earnings are dwindling.

“So, as all these things are happening, it is only natural for the currency to be under pressure.

And because we didn’t adjust the currency level when we should have, the pressure is being felt more presently, than if we had done it earlier ago,” Akaraiwe, who was a former bank treasurer, said.

He stressed the need to control the demand for forex in the country, by implementing import-substitution policies. Akaraiwe argued that the exclusion of 41 items from accessing forex for importation from the interbank market was a mistake.

On his part, the Special Adviser to the CBN Governor on Financial Markets, Mr. Emmanuel Ukeje, pointed out that achieving exchange rate stability has been the focus of the central bank over the years.

He stressed the need for the diversification of the economy.

“We all know the structure of our economy

that is why we are saying that we must to a very large extent diversify the economy. See what it happening to crude oil prices and also our level of production. The amount we spend in importing petrol and other petroleum products is very huge.

“By the time all these refineries that are coming start functioning and take away that huge chunk being imported; you would have taken away almost 30 per cent of foreign exchange demand for import. So, for us, the best thing is that while we are doing demand management, we should also ensure that we diversify the economy and produce more.

“This is because the moment you start earning the foreign exchange, then you don’t have issues.

No matter what happens internationally to the currency, it doesn’t affect your exchange rate adversely. This is because by then, you would have developed other areas to cushion the effect. Mind you, even the last time we had such slump in crude oil prices; we were able to overcome it because we had plenty of money in terms of Excess Crude Account (ECA) and the reserves,” Ukeje explained.

Continuing, while he decried that fact that presently the country does not have such strong buffers, he pointed out that the situation is not peculiar to Nigeria. He cited the turmoil that trailed the outcome of the Brexit referendum.

Furthermore, he expressed optimism that going forward, if the diversification drive is sustained, the country would no longer be susceptible to activities in the global market.

“This again has to do with the issue of demand and supply. When we have a situation when we continue to demand for a particular product and the supply is not enough to match the demand, then it becomes an issue. So if we are able to reduce our demand for import, we would be able to save currencies to be used to fund industrial production and not consumption items.

“People may argue that consumption is critical, but you need to produce before you consume. What is it that grows an economy?

It is production. So, to a very large extent we all need to continue supporting government’s diversification effort so that we can be able to earn more dollars. There is no short cut to it. If we don’t earn dollars, the CBN cannot produce dollars,” he added.

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BUSINESSWORLD

PERSPECTIVE

Nigeria’s Economy So Far under Buhari Odilim Enwegbara

I still disagree with those pessimist economists who now occupy our media, arguing that the economy after one year has never fared better under Muhammadu Buhari administration. I strongly believe that to be a good economist, one should also be a good historian after all whatever happens today has had its own precedence.

It took President Franklin D. Roosevelt from March 4, 1933 when he was sworn in as the president of the United States to August 14, 1935 to be able to turnaround America’s battered economy caused by the great depression. Taking his time during the two years, five months and 10 days to carefully examine what caused the great depression, Roosevelt discovered that to ensure that it was stopped and never happened again, that the laissez-faire capitalism which caused it should be replaced with social welfare capitalism. Mainstreaming America’s poor into the economy by increasing their purchasing power became the game changer that immediately brought to an end the horrific economic depression.

Even that did not stop the Republicans from mobilizing an army of media attack dogs against Roosevelt, including mocking his health, when they demanded, “Was it only polio he is suffering from; is he not suffering from syphilis too?”

The same thing was what Deng Xiaoping did. Upon inheriting a completely rundown China’s economy caused by decades of blind communist experimentation as a result of wanting to create an egalitarian society, from December 17, 1978 when he took over the mantle of leadership to June 1985, with nothing meaningful happening.

During the years, Deng and his close team took the time to carefully think through the problem and what needed to be done. Social capitalist system rather than continuing with the failed communist system became the answer to China’s eventual exit from poverty with double digit growth, leading to lifting up over 600 million Chinese out of poverty in less than 30 years. Even economy’s gradually taking off, did not stop endless protests to Deng’s government, including the infamous Beijing Tiananmen Square protests that between April 15, 1989 and June 4, 1989 had young students from across the country permanently occupying the square.

From these, we should agree that 13 months (or even one and half years) are not enough to be able to put in place the kind of policy measures this country needs in an effort to begin to see the badly needed irreversible economic growth. Let us also not forget that this is the first time in the history of our democratic journey that an opposition party, a party formed within less than two years by numerous micro parties, could take over power from a formidably powerful party that ruled Nigeria for 16 years uninterrupted.

Bearing this in mind will also mean recognizing the loads of intractable economic problems left behind by the exiting ruling PDP. Besides Buhari administration inheriting an economy at the edge of collapse, to worsen the situation, oil, the country main revenue source plunged in along with huge drop in the country’s output because of militancy in the Niger Delta. Understandably, without other sources of revenue, including tax revenue to quickly fill the huge revenue gap, President Buhari was powerlessly knocked left, right and center.

The government never envisaged finding itself in this kind of hopelessness.

While this is the reality this government has to contend with, the rush to see immediate tangible economic benefits by the suffering people of Nigeria is understandable, after all, they elected the president to make their lives better not worse. Of course, I would be surprised that given the current economic hardships rather than Nigerians putting pressure on Buhari they should be doing otherwise. However, while it is okay for the masses to be pressing for immediate economic fixes, I am stunned — to say the least — to see how those who

President Buhari

should know the kind of difficulty and the amount of time needed to turnaround our economic misfortunes are the loudest in singing the song of magical solutions to our decades-long economic malaise.

Because I believe in serious diagnosis of the problem, I also believe in assembling the right tools in getting the problems not only fixed but permanently fixed so as to avoid the possibility of returning to the same problems in future. Putting together a comprehensive economic road-map for this country, I will say needs a lot of time, especially if we want to begin the long overdue industrialization and economic diversification journey. And because the economic mess is really mind-boggling and more deep-seated than we can imagine, fixing the problem means as the usual fire-brigade solutions have never solved America’s or China’s problems, avoiding it remains the smartest way to once and for all solve our perennial economic problems.

Yes, as real, gloomy and pessimistic as the IMF has recently painted our economic situation, like every other human situation, as hopeless as it is, there is way out. This is only a call to duty for both the government and the people of Nigeria. It only tells us that for us to come out winners in our current situation, we should look for unconventional policy approaches.

I don’t agree that a country of gifted people as Nigeria shouldn’t find solution to its difficult economic problems, given that we still have the human and natural resources needed to turn Nigeria into a double-digit growing economy. That is why I still believe that if this government is given the time required and supported by all Nigerians, a phenomenal growth is not far with some homemade solutions put in place by this government.

First, we should all come to the painful economic reality that the era of flood of petrodollars is over. Second, we should all accept that either we diversify the economy by industrializing it, or we should be ready to perish without having in place the kind of economic shock-absorbers seen in other modern economies that have always seen them through harsh situations like ours today. Third, we should all come to agree that our current high cost of doing business is not only unacceptable, but remains the reason why importation of finished goods that could be easily made locally should never end. That is why the

present conscious but difficult efforts of this government to discourage floods of imports, including systematically imposing tariffs to deny importers not only access to official forex, but possibly also deny them access to our huge consumer market through goods confiscation should be praised and supported by all Nigerians.

This way, imported goods dumpers should either relocate their factories to Nigeria or they lose access to our consumer market. While we welcome this new policy measure, we should insist that government should expand the current local content policy by insisting that henceforth 80% of the goods displayed and sold in supermarkets and other sellers should be locally sourced from indigenous producers.

Our local content policy should go further to insist on all contracts paid for with taxpayers’ money should only be awarded to companies that are not only 100% owned and managed by Nigerians. No doubt, local content policy accompanied with focused economic patriotism that insists on buying made in Nigeria goods, in no distant time, the current import pressure on our scarce forex and the accompanying imported inflation would eventually disappear.

But to ensure that the recession that has been hovering around our economy never lands, like what Roosevelt did in 1930s to bring to an end America’s great depression, averting recession in Nigeria requires President Buhari injecting a minimum of N3tn annually into the country’s grassroots economy. Just like Roosevelt’s social welfare policies, Buhari’s social interventionist policies too should besides making the school feeding program a priority, monthly stipends of not less than N10,000 (instead of N5,000) given to millions of our poor families, widows, elderly, mentally and physically challenged Nigerians should be promoted with the rigor it requires.

Injecting huge liquidity into the economy, besides being the secret magic wand, flooding the economy with new money undoubtedly is what is needed to kick-start economic recovery, especially when driven by grassroots-led economic growth.

Should the country’s huge informal economy be made to lead the economic recovery and growth, besides reversing the current import pressures on the economy, empowering local farmers, food sellers, craftsmen, small manufacturers, small shop-owners, small transporters, etc. it will

generate unprecedented trickle-down effect along with high multiplier effect with the overall result rather than being recessionary pressures is a sustainable economic boom.

This economic empowerment of majority of our citizens by increasing the purchasing power of the economically excluded is the magic wand which increasing their consumer power should increase production and new jobs. In other words, if by empowering the marginalized and excluded millions of Americans by signing into law on August 14, 1935, an act that replaced laissez-faire capitalism with social welfare capitalism, America’s deep-seated economic malaise was finally resolved, why shouldn’t we adopt this method?

If government should boldly spend trillions of naira in increasing the purchasing power of millions of Nigeria’s poorest of the poor, rather than increasing consumption that increase imported goods, will grow demand for locally made goods and definitely encourage local producers of locally made goods to produce and sell more. And by empowering local producers and sellers, it will trigger the expansion and modernization of local production along local hiring of new hands to help them out. The good news is that unlike inflation caused by imported goods, the inflation caused by increasing liquidity that empowers grassroots economy is that the inflation it generates is, in fact, a healthy inflation which is inevitable in growing and diversifying such an emerging economy.

But for all these to be achieved, we need a secure political environment. That is why the present activities of various militant groups across the country should be brought to an end, starting with doing away with the usual African politics of zero-sum game; a kind of winner takes it all politics.

That is equally why as the father of the nation who is interested in leaving behind a more united nation as his legacy, President Buhari should as a matter of urgency, reach out to all ethnic groups so that all will begin to feel a sense of belonging in his government. Making his a government of national unity will mean that no section of the country feels excluded to the extent of going about sabotaging the government.

It is human nature that if one is not made part of something he holds dearly, to punish those who excluded him, there’s a tendency for him to go as far as ambushing, undermining and sabotaging the efforts of those who excluded him with the ultimate goal of inflicting enough damage on their activities so that at the end of the day, they would regret having excluded him in the first place.

That is why to see this country thrive on unity, justice, equity, and fairness, the long-term solution remains fiscal federalism, which as toxic as it could sound to those who do not see the ticking economic time-bomb, it is the only way to achieve a united country and the much needed economic growth, bring a stop to the incessant militancy and insurgency.

Mr President using military option rather than defeat the current militancy in the Niger Delta will in fact aggravate it.

Why military option can never be the kind of solution to pursue in the Niger Delta is because dropping a bomb in the Niger Delta, especially if civilians were among the casualties, could trigger an unprecedented recourse to ferocious guerrilla warfare, including exposing soft targets across the country to terrorist attacks. This will make Boko Haram a child’s play. This government should never be tempted to play into the hands of the militants because some potential beneficiaries of such a war are asking for it. Besides making militants harvest enormous public sympathies, military fighting in the Niger Delta could seriously fracture the country’s fragile unity to the extent that recovering from that would be extremely difficult.

•Enwegbara can be reached at: basil_ enwegbara@yahoo.com or 07038501486

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BUSINESSWORLD Glo Introduces 2442, ‘Do not Disturb’ Code for Subscribers In order to empower subscribers to control unsolicited text messages and calls on the Glo network, grandmasters of data, Globacom, has unveiled a ‘Do not Disturb’ service, which gives the subscribers the latitude to choose messages or calls they wish to receive or block.

“Do Not Disturb” is a selfservice platform for subscribers to manage all promotional messages sent to their lines with the option of either opting in or out.

Globacom, in a press statement in Lagos on Friday, advised subscribers interested in using the service to text ‘help’ to a short code ‘2442’ to receive a list of fields from which they want to receive or block unsolicited messages.

“For instance, subscribers interested in receiving information on Banking, Insurance and Financial products can send 1 to 2442, while subscribers are required to send 2 to 2442 to receive information on Real Estate. Those interested in having information related to Education only need to send 3 to the short code, 2442.

In the same vein, subscribers interested in receiving healthrelated information are advised to send 4 to 2442, while 5

should be sent to the same code for details on consumer goods and 6 for information on communications, broadcasting, entertainment and information technology.

“Those wishing to get updates on tourism and leisure will have to send 7 to the short code, while clients desirous of reading about sports need to send 8 to the same short code 2442. Similarly, any customer interested in religious matters should send 9 to the code.

Globacom described the service as a platform which gives subscribers the latitude to choose messages or calls they want to receive on their phones. It added that the package will go a long way in enriching subscribers’ telecommunication experience.”

The industry regulator, the Nigerian Communications Commission (NCC), recently directed operators to give the necessary instructions and clarifications that will enable their customers subscribe or unsubscribe to a particular service.

Subscribers willing to opt out of the service are enjoined to send “STOP” to the same short code 2442 for any of the services.

NEWS

Sterling and Wilson to Set Up 250 MW Solar Power Projects in Nigeria Sterling and Wilson, a leading global Solar EPC, said it plans to construct 250 MW capacity solar power projects in Nigeria in the next two to three years.

These solar projects, according to a statement are being developed by well-renowned international Solar Project Developers who recently signed PPAs with the Nigerian Bulk Electricity Trading Plc. under Feed-in-Tariff programme by the Ministry of Power.

With an experience of commissioning more than 1 GW, Sterling and Wilson is currently involved in advanced negotiations with these developers to offer its turnkey EPC solutions for their proposed projects in Nigeria. Sterling and Wilson, a multi-division multinational company, has strong local presence in Nigerian market with its office in Lagos, established in 2011. The company has already commissioned more than 40 MW of gas based power plant and has been a regular supplier of Diesel Generators to many local companies in Nigeria. It has also developed local capabilities to undertake solar projects of cumulative capacity of more

than 250 MW. “Sterling and Wilson has been a pioneer in Turnkey MEP and Solar EPC services. The company has strong presence across Africa, Middle East, South East Asia and Latin America with projects of 260 MW in Egypt, 175 MW in Morocco, 87MW in South Africa and 7 MW in Niger already in pipeline.

Its largest Solar PV Plant of 90 MW in size, is operational in South Africa. With over 3000 technically proficient people working in India and abroad, executing international projects is the key strength”, the statement added.

“With the recently announced PPAs of 975 MW, we see a huge solar potential opening up in Nigeria. We are well positioned to support growth in solar market in Nigeria through our presence and experience, as more investors are focusing on reliable, bankable Solar EPC Company, who can commission solar projects on time. We are here to offer 360º turnkey solutions adapted to each customer’s individual needs.

We are confident our solutions exceed customer expectations,

transforming solar energy into green assets by maximising value and mitigating risks”, the statement quoted President, Solar business, Sterling and Wilson Pvt Ltd, Mr. Bikesh Ogra to have said.

Solar power uptake on the African continent is predicted to surge over the coming years.

100 gigawatts (GW) of solar installations are forecasted by 2030. Sterling & Wilson is poised to ride the growing wave of the grid connected solar energy market in Africa. Sterling and Wilson is confident to attain market leader position supported by their proven track record and global reputation.

The company is already working on number of opportunities with various developers in Morocco, South Africa, Zambia, Namibia & Ethiopia to name a few. IHS Global Research and consulting firm also placed it 6th globally & 1st outside USA & China as per its report in Q2 2016.

Sterling and Wilson is one of the top globally renowned Solar EPC Company having an installed PV capacity of more than 1010 MW, with the largest project of 90 MWp in South Af-

rica. The company was recently ranked 6th globally and No.1 (outside USA and China) by IHS Global Research and Consulting firm. It was also awarded the “Energize” Indian Power Sector Award for “Excellence in Solar EPC” for the year 2012-13 and 2013-14, as evaluated by Ernst & Young and presented by CNBC-TV 18. Sterling and Wilson has been awarded as “Leading Solar EPC Company”

by Renewable Energy India Awards 2015 and Inter-solar Award 2015 Solar Projects for 11 MWp Solar PV Plant in Maharashtra.

Presently the company’s pipeline of solar projects covers Asia, Middle East, Africa and Latin America. Sterling and Wilson, has evolved as a leading MEP (Mechanical, Electrical & Plumbing) Services Company. Some of the iconic projects accomplished are First International Financial Centre (FIFC), Mumbai, Terminal 3 - Indira Gandhi International Airport, Delhi, Lulu International Mall, Kochi, Buddha International Circuit, Delhi, Ford India, Gujarat to name a few.

Emirates Introduces World’s First Interactive Amenity Kit in Economy Class Emirates has launched the world’s first interactive amenity kit in Economy Class providing a more comfortable travel experience.

It said the stylish new amenity kits utilise augmented reality (AR) technology to unlock immersive content on mobile devices.

The kit bags come in six designs inspired by six regions in Emirates’ global network – Australasia, Latin America, Middle East, Africa, Europe and the Far East. The designs incorporate the colours and patterns of each of these regions and the Middle East design, in particular, features Arabic calligraphy by UAEbased artist, Tagelsir Hassan.

The kits include all the necessities for additional comfort on long-haul flights including an eye mask, earplugs, toothbrush and toothpaste, and socks - each tailored to the style of the kit bag. The multipurpose pouches are made of Neoprene material - a water resistant fabric - and is designed to be reused after the flight to store anything from devices to cosmetics or stationery.

Emirates is the first airline to introduce AR technology with the amenity kits making it the world’s first interactive kit bags. By downloading the Blippar mobile phone app, and using it to scan the bags, customers will be able to unlock a world of entertainment on their mobile devices. Emirates partnered with Blippar, the world’s leading AR and visual

discovery platform, to create exclusive content including activities and health tips for a more comfortable and relaxing travel experience.

The content will continually be refreshed every six months so customers can look forward to new updates.

More broadly, the Blippar app is a Visual Browser which enables customers to discover more about the world around them. Customers can point at thousands of objects already recognized by Blippar (laptops to clothing and food to pets) to get additional information on those items. The content explains the object, the context and other useful and interesting facts – and is sourced from Blippar’s knowledge graph called Blipparsphere. Both the Blippar app and Blipparsphere are powered through Artificial Intelligence technology.

The cutting edge bags are part of Emirates’ continued product enhancement to improve comfort and convenience for Economy Class passengers.

The entertainment on the app complements Emirates’ awardwining inflight entertainment system – ice Digital Widescreen - which has recently clinched its 12th consecutive award for ‘World’s Best Airline Inflight Entertainment’ at the Skytrax World Airline Awards 2016.

Passengers across all classes can enjoy over 2,500 channels of entertainment and free Wi-Fi on board all A380s and most B777s.

The amenity kits are available on selected long-haul routes and on all ultra-long haul services starting from August.

BEHOLD OUR NEW EXECUTIVES

L-R: Newly elected Chairman, Committee of e-Banking Industry Heads (CeBIH)/Group Head, e-Business, Wema Bank Plc, Mr Dele Adeyinka; Head, Channel Services Department, Skye Bank & Chairman, CeBIH Electoral Committee, Mr Akinwale Ojo; Immediate past Chairman/Head, Consumer Distribution, Ecobank Nigeria, Mr Ayotunde Kuponiyi; Head, Card Business, Heritage Bank/member electoral committee, Mr Mike Onwu; and Group Head, e-Business, Zenith Bank Plc & Assistant General Secretary, Mrs Celestina Appeal, after the election of new executives of the association held in Lagos…recently

WorldStage Economic Summit to Address Unemployment Challenges With a total of 22.4 million Nigerians unemployed or underemployed out of the 76.9 million total labour force, Worldstage Economic Summit (WES) 2016 will be hosted in Lagos between September 7- 8, 2016 to address the unemployment challenges in the African biggest economy.

According to President/ CEO, World Stage Limited, Mr Segun Adeleye , “The alarming rate of unemployment in Nigeria is not only of great concern to the three tiers of government, but also to the private sector and other critical stakeholders of the economy on job creation. While some people see it as an indictment on the educational system that seems to be churning out ‘unemployable graduates’ it is also being seen as an economic deficiency, with economy having a limitation of

the labour force it can sustain by its productivity.”

He said Nigeria’s unemployment rate of 10.4% represents about 14 percent of global unemployment in fourth quarter 2015, the 7th highest in the world with only Kenya, Congo and Djibouti having worse rates in Africa.

“This should be embarrassing when compare with countries such as Qatar (0.2%) unemployment rate, Cambodia (0.3%), Belarus (0.5%), Thailand (0.8%), Benin (1.0%), Madagascar (1.2%), Laos (1.40%) and Guinea Bissau (1.80%),” he said.

He said the statistics that job loss in Nigeria dropped by only 1.29% in Q4 2015 at a period when oil price crashed by 65% could only show that there are other inherent factors outside oil that shape the labour market, which will be reviewed at the summit.

On how an economic summit can address unemployment challenges, he said, “We are in an era where Nigeria’s economic problem can no longer be left in the hand of government to fix alone. There are organisations and experts that have the knowledge of how to solve economic challenges of any kind, but in most cases, they are either not talking at the right forum, or they are not being heard.

At WES 2016, the government side is going to be represented by ministers, members of the National Assembly, head of regulatory agencies, CEOs of public corporations, top official from state governments; and they will be interacting with representatives of the organised private sector along with local and foreign experts, to discuss series of the sub-themes through which the problem

of unemployment in Nigeria will be tackled.”

The expected participants at the summit include the Presidency, National Assembly, MGAs, State Governments, OPS- Oil and Gas, Banking, Insurance, Maritime, Aviation, Mining, Agriculture, Hospitality & Tourism, Entertainment, Construction, Power, ICT, Education, Transportation, Local and Foreign Investors, Media and Other Relevant Stakeholders.

WorldStage is the operator of WorldStage Newsonline, the online news platform (www.worldstagegroup.com) which is currently a leading source of business information in Africa. WorldStage is also the publisher of TrueColour, the African dream magazine that celebrates the positive side of Africa.

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BUSINESSWORLD

INSURANCE

Financial Exclusion: Insurance Sub-sector Worst Hit Ebere Nwoji The insurance industry has been fingered as one of the arms of the finance subsector of the economy that has suffered the worst effect of financial exclusion problem.

This was disclosed recently by financial analysts in African Independent Television (AIT) programme monitored by THISDAY Newspapers.

According to the analysts, greater number of Nigerians

in both urban and rural parts of the country, live their lives and go about their businesses without having anything to do or caring to have anything to do with insurance.

The analysts said most of these are well learned yet they cared less about insurance.

The analysts said these are the target of the Central Bank of Nigeria (CBN) in its financial inclusion strategy.

This, they noted is also a sign of poor savings habit among

Nigerians and explains the long gap between Nigerians and financial institutions like banks when it comes to credit grants.

According to them, Nigerians into micro, small and medium scale businesses find it difficult getting loan because the finance institutions are looking at their money generating and savings habit as they encouraged Nigerians to imbibe good savings habit to enable them grow tiger businesses through loans granted

by banks.

They also encouraged them to buy insurance services to help mitigate against risks.

The experts also attributed people’s apathy to insurance to poor awareness creation by insurance operators.

These observations are coming on the heels of similar observation and comment on poor insurance awareness and poor publicity campaigns among insurance industry operators by the Minister of

Finance Kemi Adeosun, who at the recent insurance conference held in Abuja, disclosed that out of the 57 insurance companies in the country, less than 23 advertise their products while others often leave the public in the dark concerning their products and insurance industry at large.

The minister identified low awareness as one of the factors responsible for the underperformance of insurance sector.

“The companies put in less

than 20 adverts on television, less than 10 adverts on radio and less than 10 adverts on social media.

“Other factors include poor distribution channels and unethical practices among operators,” she said.

Adeosun said that her ministry was working vigorously with the National Insurance Commission NAICOM to cover this gap and ensure that the industry begins to perform optimally.

Cornerstone Insurance Counts Gains of Fin Insurance Acquisition Ebere Nwoji The board and management of Cornerstone Insurance plc, has said that full acquisition of Fin Insurance Limited, approved by the company’s shareholders last year, has not only strengthened the company’s balance sheet for its business outing in 2015, but also led to the record of N1.63billion profit after tax by the Group and growth in shareholders’ funds from N7.7billion in 2014 to N12.07 billion in 2015.

This was disclosed by the company’s chairman, Adedotun Sulaiman at the 24th annual general meeting of the company held in Lagos.

Sulaiman, also said despite the harsh operating environment

in 2015, Cornerstone Insurance Company experienced a growth of 41% in Gross Premium written from N5.21 billion in 2014 to N7.33 billion in2015.

He explained that the growth was achieved as a result of improving relationships with key partners and increasing revenue from new channels.

He said concomitant with this growth was a rise in the cost of claims and insurance benefits, which were exacerbated by the deterioration in macro-economic conditions.

“Consequently, cost of claims and insurance benefits increased from N1.7billion in 2014 to N2.8billion in 2015. Notwithstanding this deterioration in claims experience, the company recorded a 10% improvement in its underwriting result, “said

the Cornerstone Insurance boss.

He informed the shareholders that the company’s ability to grow its premium income and underwriting profit, in difficult circumstances, is a further testament to the long term viability of its strategy and the progress it has made in the implementation of same.

“The recognition of fair value changes on investment in major assets carried at fair value through profit or loss in accordance with IAS 39 is primarily responsible for the N332 million loss before tax recorded for the year. The Company’s retained loss for the year rose to N535million because of the addition of the minimum tax charge of N203 million for the year”.

According to him, there were also adverse changes in the

fair value of available for sale securities (AFS) of about N257 million in Other Comprehensive Income caused by the impact of the poor performance of the stock market on its listed securities portfolio as well as the headwinds from monetary policies which reduced yields on the fixed income securities portfolio.

He said the excess of the fair values of the net assets acquired over the total fair values of the consideration paid and other noncontrolling interest amounting to N1.83 billion was recognised and recorded as gain on bargain purchase in the consolidated statement of profit or Loss for the year ended 31 December 2015.

He said the group’s profit after tax amounted to N1.63

billion and shareholders’ funds increased to N12.07 billion from N7.76 billion in 2014.

Commenting on the company’s outlook for 2016, Sulaiman said Cornerstone company would continue to vigorously pursue the implementation of its strategic initiatives.

He expressed optimism that the focus of the federal government on the productive sectors of the economy and effective and successful implementation of the expansionary 2016 federal government budget would be favourable for insurance growth.

He also noted that with the position of the current government towards value for money, transparency and anti-corruption, the government would get a lot more value from its insurance expenses.

“The ongoing review of the Insurance Bill, the engagement on the taxation of the insurance industry, the efforts of NAICOM at sanitising the market and those of the Nigerian Insurers Association at improving awareness and enforcement should help improve the lot of the industry.

These developments will play to the strength of Cornerstone,” he stated.

He noted that Cornerstone Insurance is gradually establishing a strong position in innovation and brand presence adding that management believes the market is changing and should be served differently. We would continue to innovate and improve on the quality of our service, leveraging technology to entrench differentiation, the Cornerstone Insurance boss stated.

35

WEDNESDAY, JULY 27, 2016, • T H I S D AY

BUSINESSWORLD

NEWS

NNPC’s IDSL Gets NIS ISO 14001:2004 Certification Ejiofor Alike The Standards Organisation of Nigeria (SON) has granted Integrated Data Services Limited (IDSL), a subsidiary of Nigerian National Petroleum Corporation (NNPC), certificate of conformity to the requirement of NIS ISO 1400:2004 Environmental Management System Standard.

Speaking at the certification event in Lagos, the acting Director General/Chief Executive of the Standards of Organisation of Nigeria (SON), Dr Paul Angya

said with the achievement, the company had joined a privileged class of environmental management system - certified organisations in the country.

Angya stated that the company’s “milestone achievement in the pursuit of excellence is commendable and worthy of emulation by all service providers in Nigeria”.

He reminded the organisation that it’s “service offering is extremely important to Nigeria especially in the face of the prevailing economic challenges in the

country and competitiveness in the market”.

Angya pointed also that the adoption of the NIS ISO 14001:2004 environment reflects the IDSL’s vision to be a centre of technological excellence in the provision of geophysical, geological, reservoir engineering and data storage as well as management services in the global oil and gas industry, leveraging on the best talents in Nigeria and internationally.

“By the presentation of this certificate today, Integrated Data Services Limited is adjudged to

always strive to minimise the environmental impact of its operations through systemic identification and evaluation of the associated risks and implementing measures to reduce them”, he added.

Angya noted that the certification provides the company a robust, globally- recognised and acceptable solution to address the challenges associated with managing environmental issues and delivering excellent customer experience.

According to him, achieving ISO system certification is a

demonstration of the company’s management system conformity to internationally acceptable standard requirement and the ability of IDSL to get it right the first time and always.

For the Managing Director IDSL, Mr Roland Ewubare, the achievement of the certification was a product of hard work, consistency, perseverance and team work; adding that it has ‘been a journey of thousand steps, which eventually came to fruition.

“Over the years, the company has progressed, leveraging on

the best talents in the industry to deliver quality hydrocarbon exploration services. IDSL has also over the years gone into joint venture partnership with international oil servicing companies”, he said.

Ewubare added that the company’s seismic operations have taken it to fields on land, swamp and marine terrains, which usually are rough and challenging, saying IDSL has with various environments within and outside the shores of Nigeria.

Nigeria to Host African Central Bank Governors’ Meetings

Law Union Pays N762m Claims in Halfyear 2016

Nume Ekeghe

Ebere Nwoji

The 2016 annual meetings of the Association of African Central Banks (AACB) have been scheduled to hold in Abuja, Nigeria from 15-19 August, 2016.

A statement explained that the usual meeting of the Assembly of Governors will be preceded by a technical committee and Bureau meetings from August 15-17, 2016 as well as a Symposium on August 18, 2016 with the theme: “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa” The Symposium scheduled to hold at the CBN Head Office, Abuja will be declared open by

President Muhammadu Buhari, while the Keynote address will be delivered by the Governor, European Central Bank, Prof.

Mario Draghi. Speakers at the symposium include former Governor, Central Bank of Kenya, Professor Njuguna Ndung’u and the Governor, Central Bank of Mexico, Dr. Augustin Carstens.

The concept for the formation of an Association of African Central Banks was first introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government held in Addis Ababa, Ethiopia.

Commission for Africa (ECA).

The first AACB meeting of Governors was held in Addis Ababa, Ethiopia on February 15th-22nd, 1965, mainly to examining a cooperation

mechanism and its related organs. Since then, the Association has, in addition to various extraordinary meetings, organized 38 ordinary sessions. The Association, currently comprises the Assembly of Governors (the governing body of which are members all African Central Banks Governors), a Bureau (composed of the Chairperson and the Vice-Chairperson of the Association and Chairpersons of sub-regional Committees), subregional Committees (composed of Governors of Central Banks of the five (5) sub-regions as defined by the African Union).

The AACB Secretariat is located within the Headquarters of the Central Banks of West African States (BCEAO) in Dakar, Senegal.

Law Union & Rock Insurance Plc, said it has paid a total of N762million claims to her customers in the first six months of this year. This represents 11 percent increase in the quantum of claims paid by the company in the corresponding period in 2015. The company said this was part of its efforts to keep faith with all stakeholders. It also said this commitment was in line with its strategic direction which focuses on customer satisfaction.

Commenting on the company’s commitment in this direction, the Managing Director, Jide Orimolade said the company believes that Nigerians need insurance most now more than ever.

He gave a breakdown of the

paid claims saying the company paid the sum of N271, 287,135 on Motor insurance, which is the highest among the claims paid within the period and accounted for 35.5% of the total claims paid within the period under review. According to him, this was followed by claims from fire on which the company paid N227,242,749.

Orimolade said this experience underscored the need for people to consider taking insurance cover especially against motor and fire risks.

He highlighted other businesses where claims were paid as General Accident, Marine& Aviation, Bond and Credit, Engineering and Oil & Gas and

Energy insurances.

He said despite the down turn in the economy, the company recorded a positive growth in its Assets and Gross Premium Written within the same period.

The company’s assets, he added, grew by 3.51% from N8,273,420,000 to N8,996,290, 000 while Gross Premium Written of N2.37billion was recorded by the company with a growth of 2.6% compared with second quarter of 2015.

“In 2015, a sum of N1.64billion was paid as claim- which confirms our sincere commitment to our policyholders said Mr. Orimolade, informing that his company had lined up various strategic initiatives to accelerate claims processing.

36

T H I S D AY • WEDNESDAY,JULY 27, 2016

EDUCATION Making the Most of Summer Holiday Summer holiday means different things to different schools and families. In this report by Peace Obi, parents, teachers and other stakeholders share their ideas on how best to manage the period to serve the intended purpose Long vacation or summer holiday for schools all over the world marks the end of an academic session. It is said to provide among others things a good time and opportunity for the students to be away from the confines of the school and classrooms to explore environment and other areas of learning.

On the other hand, teachers and school administrators during this period review their strategies in management of resources, enrollment, teaching and learning outcomes.

Schools also use the opportunity to re-strategise by providing training for their teachers and non-academic staff; plan for the next academic session, among others.

History has it that long vacation was designed and included in the school calendar when most countries were agrarian societies. The vacation which duration differs from country to country, in most cases lasts between six to 10 weeks and was designed to provide children the opportunity to help their parents in the farm.

The idea was to have the children focus more on extra-curricular activities, help parents in the farm and learn some new skills along the line. However, as countries developed and grew from agrarian to industrialised societies, their economies also became diversified. With the forces of civilization and industrialisation taking over the control of different economies of the world, new jobs emerged, thus placing new demands on both families and schools and silently, a shift in paradigm occurred.

Couples working in industries and establishments who do not necessarily have to go on vacation along with their children were faced with the challenge of where to keep their children while at work thus summer classes became the solution. Schools in response to parents’ demands to have their children not only in safe hands but in a familiar environment, introduced summer classes. And in Nigeria, parents and schools approach vacation classes from different points of view.

For Mrs. Abimbola Agbeyehone-Oduma, long vacations during the 70s and 80s were better planned, spent and enjoyed by children of all classes. According to her, through the help of non-governmental organisations like The Nigerian Girl Guides, Boys Scouts, among others, students enjoyed such opportunities like exploring different environment other than home, learning and acquiring new skills. Sharing her experience, the educationist said: “As a member of The Nigerian Girl Guides during my younger years and as a student, there used to be one camp programme or activities which we attended paying a token called camp fees. At these camps there were lots of things to learn that do not and cannot be in normal school setting.

“There, we are put into patrols according to our age or classes and we try to carry out different tasks like building a tent, gadgets making, cooking, art crotchet, needlework, bead making, singing and nature. It was a beautiful experience that I loved.”

However, many years later, Agbeyehone-Oduma hinted: “Growing up and finding my way back into the organisation, I found out that there are few volunteers, so few camps to attend. And in the public schools, when you mention it to parents, they prefer their children helping them with their trade. They are very happy to have them at home because that means they have extra hands with their market.”

Stressing that low income parents may not be interested in any summer holiday programme that will cost them some money, she said “if the government can help to fund some of these summer classes, I am sure they would love to send their children.”

According to an educational consultant, Mr. Iboyi-Imoni Believe, his interactions with parents during PTA meetings on the issue of vacation classes revealed that parents want their children to be positively engaged while the long vacation lasts. “That is where the summer classes come in.”

Enjoying summer holiday camp

While stressing that during the long holiday, some parents want different experiences from the usual academic activities for their children, he gave some tips on the ideal content of a summer coaching programme.

“Many parents’ need where to keep and positively engage their wards or children. And parents made it clear that they were tired of only academic works during the period. I gave some thoughts to it and decided that for academics, English Language and mathematics should be there to introduce them to the next class work.

And for extra-curricular activities, the time-table should include watching of movies, cartoons like Lion King and other mentally simulation cartoons. While other activities such as games (in door), art and craft work, music and dancing competition, pastries, computer work, practicals and many others can also be included.”

Believe said schools just have to be creative in their summer coaching programmes and stop the everyday teaching routine. He advised schools to draw up time-tables for their summer coaching programmes and that the academic works should be done in the morning hours while other activities can come up thereafter.

The educational consultant added that among other things, the long vacation should be a time when school administrators and teachers need to sit on a round table to address a number of issues and carry out a review of their operational processes.

“Summer period is the best time to do retreat, training, brainstorming on new ideas and planning for the session and term ahead.

It is the time to sit and look at what was not done right and what to be done to correct it.”

For him, it is also the best time for schools to carry out Strength, Weaknesses, Opportunities and Threats (SWOT) Analysis of their operations.

“Unfortunately, many schools leave training and planning till the first week of resumption when the rush has started again. You walk into a school a week to resumption or the week of resumption and you meet them in training rooms. The head teacher then shuttles between the training room like he or she doesn’t need the training to attend to old parents and new parents. Most times, the school owners and administrators cannot implement the concepts taught because they did not learn.”

For a mother, Mrs. Yemi Wilde, it is a time for

knowledge sharing and to personally teach the children some skills. “I use the opportunity to teach the children around me skills. My nieces are taught how to sew, bake and cook. They also attend computer classes, go out and have fun and watch movies. The holidays are a good opportunity to teach and acquire skills that are not in the classrooms.”

With the established demand by working class parents to have their children in safe hands and where they will also be positively engaged during the period, the onus is on schools to creatively provide corresponding supply to the demand. A parent, Mr. Rotimi-Semasa Wusu opined that the period can be used to learn craft, attend football academy, music classes, among others. He stressed the need for such programme to meet the need of the diverse socio-economic classes in the country and advised that it should be affordable and organised in an ideal environment and platform.

Speaking on some of the programmes the Lagos State Govetrnment has in place for its students during summer the holidays, a school Principal, Mrs. Sade Alabi said: “I know that the Lagos State Government is doing a lot to engage her students. In public secondary schools and in collaboration with so many organisations, there is going to be many camping activities, vocational skills training at different centres.

“All its schools are also undertaking summer classes under the supervision of the Ministry of Education for interested students. Also in Education District I, our Tutor Genera/Permanent Secretary will be engaging the students in leadership training programme at various centres.”

Alabi, expressed concern over the unwillingness of some parents to release their children to participate in the programmes, said, “some of these parents need the money these poor children would join them to make because of the harsh economic situation. You would be surprised to hear that some of them look forward to holidays because the children’s daily transport fares demand will stop.”

In a move that seems like going back to the basics, making students explore new environment, learn some vocational and life skills, among others, Soetan Uwaye, said Fantasia Education Partners through its Youth Summer Projects is determined to make Nigerian children enjoy a memorable summer holiday at no cost.

Speaking on some of its programmes for the summer, the educator said: “We are elevating the benefits of summer learning by partnering with organisations to host summer day events in their communities to mentor children/ youths. We are also partnering with schools and summer learning providers to absorb low income students into their programmes. This is in addition to setting up free summer camps to teach academic skills, sports, creative skills and place youths in jobs as interns. Our vision is to make summer learning accessible to all especially the low income students.”

Sharing some ideas on summer holiday management, Uwaye noted that the programmes were also designed to take care of learning loss in children which occur after they have being away from school for a long while and which sometimes leads to students dropping out of school. “Summer holiday is mostly an idle time for low income youths and not a time to explore new interest or develop skills. There is also the learning loss which occurs during this period that the brain is insufficiently engaged, leading to high drop-out rate.”

According to Oshimiofa Stephen, “summer holiday should be a time to introduce the children to things they are not used to, new things that will shape and sharpen their minds for the future.”

Suggesting ways to avoid learning loss in students, Stephen said: “The first half of the summer should be academic free while the other half can be mixed with academic to get them prepared for the next session.”

Realising the place of parents in giving the children the necessary support that will enable them attend the summer coaching classes, Mrs. Mobolaji Oyebayo disclosed that she educates parents on the importance of summer holiday classes that gives little attention to academics.

According to the school administrator, attention should be paid to individual child’s need, especially on the subject areas he/she is having challenges such as mathematics and English Language.

To achieve mastery of the skills acquisition programmes schools offer during such holidays, she said one key skill should be taught while the rest of the time can be spent learning morals, etiquette, games, dance and sports.

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T H I S D AY • WEDNESDAY,JULY 27, 2016

EDUCATION

Teaching a Man how to Fish through Entrepreneurship Education The recent visit of the Africa Regional Coordinator of Teach A Man to Fish (TAMTF), based in Kampala, Uganda, Mr. James Love, to the Lagos State Technical and Vocational Education Board (LASTVEB) has further underscored the importance of fostering in youths an entrepreneurial spirit. Love’s mission was to seek partnership on how to better empower the youths in the area of entrepreneurship education.

Funmi Ogundare reports Entrepreneurship education seeks to provide students with the knowledge, skills and motivation to encourage entrepreneurial success in a variety of settings; so also is it imperative to provide the learning platform for young people to get technical business and soft skills as part of their education.

The Africa Regional Coordinator of Teach A Man to Fish, based in Kampala, Uganda, Mr. James Love, said the initiative, which is designed to provide unique and specialist training in all aspects of planning, setting up and managing a real and profitable school business, has since its establishment, been supporting schools at different levels: primary, secondary and tertiary to set up and manage school businesses run by the students and teachers and generate more income for the schools.

“Over the years, we look at acquisition of soft skills in business so we know that for young people going through our programme, we see a big shift over one year or two years in terms of core soft skills and ability to communicate, organise themselves, lead and work in a team as compared with students just going through the normal education.

“This programme has a big impact in terms of earnings after graduation and employment. So we know that graduates from our programmes, over three or four years after graduation will tend to earn more than their counterparts. 60 per cent of graduates of our programme tend to get more jobs much more quickly. Six months after graduation, they are not just sitting around.

We don’t give them jobs, but we prepare them.

“The students that go through the standard education struggle to find jobs in the formal sector compared to graduates from our programme, because they have soft skills that business employers are looking for, they are prepared to employ themselves after close to a year, they are not just sitting around looking for jobs, they are able to employ themselves and become employers.”

Love

Love said since 2007, his organisation has been skilling up in major ways, adding that between 2011 and 2015, it had worked with about 3,000 schools worldwide and about 106 countries in and around Africa.

“We have offices in East Africa and Rwanda and we work in seven other countries such as Tanzania, Democratic Republic of Congo (DRC), Sierra Leone, among others, and we are hoping to work in Nigeria; and over the next four years leading up to 2020, we are looking to scale up in a big way. We directly work

with one million young people worldwide.”

The regional coordinator said it also worked in Parakou, Benin, where schools were helped to become more sustainable to make money from their training.

“They have an impressive infrastructure, they teach carpentry, welding and auto mechanics, so we help them to integrate that to education to have a programme where young people can get business skills and take part in their businesses; at the same time, they get a qualification and to start generating income as well. So $5,500 was

the profit last year and we hope to double it this year so that they can become self-sustaining over the next few years.”

Asked what lessons he learnt from technical and vocational education in Nigeria and the messages he intends to take back to Uganda, Love said, “I have been struck by the increasing focus on entrepreneurship education in LASTVEB so the young people need not just the technical skills, but also entrepreneurial and they are already running a couple of programmes to support this.

“One thing that I will definitely take back is how much that is already going on under the NECA/ITF technical skills development project which helps graduates to incubate their businesses. Nigeria is a right environment for entrepreneurship education and some of the approaches I am seeing here will help technical colleges in other countries.”

So far, he said his organisation has been able to get support from government and private bodies in other countries, adding, “every country that we work with, we talk to government on board for the long term, we hope that the state will see the value of this programme so that it will make it a state education.

“We have successes primarily in Central America, we have been able to close up relationships in Guatemala, we have partnerships with government and in some of these countries, directly delivering our programmes.

We have support and the next level will have to be adoption within their education system.”

On the future of Teach a Man to fish, the regional coordinator said: “It is about supporting entrepreneurship education around the world to deliver the skills focus and sustainable education. At the beginning of the big skill up, I mentioned joint work with a million young people by 2020 that is just the beginning. With a few partnerships at all levels, we want to spread this to all countries around the world and all education systems.”

Today’s Impact Launches Free Education-based Newspaper Virtually all newspapers have a slant; it is either politics or business, science or sports. They focus on these or any other field but education. But the story will change tomorrow, as Today’s Impact, an Abuja-based weekly, will launch a newspaper with a strong bias for education.

Today’s Impact will present to the public more than just an education-based newspaper, it will also introducen a free newspaper. The Editor-in-Chief, Mr. Senagen Henry Noboh said, “because of the special interest in education, we will also

directly deliver our editions free to all tertiary institutions and to secondary schools in selected states, starting with the ones in Abuja and those owned by the federal government. With this strong bias for education, Today’s Impact has 20 per cent of its entire pages devoted to education.”

Noboh said he decided to launch a free newspaper to enable readers who have limited income get quality information without charge.

The public presentation of the newspaper, which will be

attended by former military President, Ibrahim Badamasi Babangida; Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu, will have the Minister of State for Education, Prof.

Anthony Anwukah deliver a paper titled, ‘Education as Fulcrum for Development’.

Also, the Senior Special Assistant to President Muhammadu Buhari, a veteran journalist, will expound on ‘The Role of the Media in Education’, while Minister of Information, Culture and Tourism, Alhaji Lai

Mohammed will develop the theme ‘Media as a Change Agent’.

Other dignitaries expected to attend the event are former Senate President David Mark; Speaker of the House of Representatives, Rt Hon. Yakubu Dogara; Minister of Health, Prof Isaac Adewole; and Minister of State for Budget and National Planning, Hajia Zainab Ahmed.

“It is imperative that a newspaper is devoting so much talk themes to education during its public presentation.

With headquarters in Abuja,

the newspapers, which had hit the newsstand on 18 May 2015 with limited weekly circulation in Abuja, Kano and Kaduna States, will assume a national dimension after the official launch,” Noboh said.

On how he will deliver a free newspaper in a commerciallytensed industry, Noboh said: “While it would be available in the news stand, we will concentrate more on intensive street distribution and office delivery. This will ensure readers receive the papers free, since we cannot guarantee that all

vendors would comply with our instruction, even though there is no price tag on the cover.

It would be first of its kind.”

He added that though the paper would be free, it will not compromise on its quality. “We have already demonstrated this in a small-scale circulation. In fact when we paid Babangida a courtesy visit, he was so thrilled at the quality of the paper that he said, ‘I can’t believe a paper can be of this quality and still be free. This is of the finest quality in the industry’.”

a learning centre in addition to teaching pupils in crowded and ramshackle sheds.

Biki said the school owners had flouted the directives issued in 2014 that they were illegal and be closed down.

She threatened that on no account should the schools be reopened, vowing that the

operators would be prosecuted if they defy order by secretly admitting new pupils for the new session which begins in September.

Some of the schools had only three rooms and put the health of the pupils at great risk because of lack of good toilets.

A staff of Superstar School,

which structure is no better than a football viewing centre, where, Mrs. Ugwu Florence, told the inspection team that the school had been operating for over eight years.

Ugwu said the school only registered with the proprietors’ association and not the FCT Education Secretariat.

FCTA Shuts Down 556 Illegal Schools Olawale Ajimotokan in Abuja The Federal Capital Territory Administration (FCTA) has closed down 556 schools that are operating in the territory without licenses and basic facilities considered conducive for learning.

The pilot exercise was launched in Abuja and will be extended to all the six council areas of the territory by officials of the FCT Education Secretariat.

The acting Secretary, Education and Director Administration and Finance, Naomi Biki, led the team to shut down two primary schools, Superstar

International School and Rit Success Nursery School, both in Gaduwa Estate, Durumi III, Garki, Abuja.

FCT Education Secretariat officials, who swooned on the two schools, said the affected schools were shut because they did not fulfil the basic requirements to be licenced as

T H I S D AY • WEDNESDAY,JULY 27, 2016

38

EDUCATION

Philosopher Shares New Knowlegde in Maths, ‘Alphabetic Mathematics’ Uchechukwu Nnaike A philisopher, who is the founder and President of the Branch Ministries International, Pastor Toyin Praise, has demonstrated that knowledge is limitless, as he announced the discovery of a new mathematics specialisation known as Alphabetic Mathematics (Alph Maths).

The cleric said he has also discovered a body of new knowledge discipline called Bible Technology, the same way there is Food Technology, Information Technology, Communication Technology, among others.

Briefing journalists in Lagos recently, he said he discovered and developed the Alphabetic Mathematics concept while reading Bill Gates’ book ‘The Road Ahead’. “I stumbled on where he was talking about ‘Cipher and Deciphering’ and showed the example of how ‘ULFW WZXX’ could represent ‘DEAR BILL’.

“Thinking on this, I suddenly discovered

that: for any of the letters above to substitute for another, such must be and can only happen on a given frequency.

Otherwise, you cannot substitute for D or vice versa: Lfor B or vice versa etc.

Or even any letter substitute for another in any coded message whatever.”

According to him, he discovered that in Ciphering and Deciphering, there is a hidden unit of mathematics the world has not known, which is Alph Maths.

Citing further examples, he said: “At a frequency, ‘WELCOME’ is ‘YGNEQOG’, at another frequency, the same is ‘IQSOAYQ’.

But it is only in Alphabetic Mathematics that you can search out the code and the conversion to make it so.”

Praise said the Alph Maths is a general programme that focuses on the analysis of quantities, magnitudes, forms and their relationships using alphabets. Just like Algebra, Geometry and Applied Mathematics, he said the new concept can be applied for technological uses

and studied in schools.

Highlighting the benefits of Alph Maths, he said it can be engaged in Advanced Strategic Studies and can be used in Military Science. “If explored in Computer Science and Software Programming, it will certainly alter the present Programming Dynamics. For instance, it can move the world from the Binary System, which has been the only way man has been communicating with machine. Indeed, it will give a dimension to Cryptography in Encoding, Cyphering and Deciphering. It can even lead to a new texts and words (business world).”

While stressing that his discoveries are open to tests, he urged universities across the country, as well as international institutes of Mathematics to avail themselves of the new concept as it would greatly add to knowledge globally.

“I challenge mathematics scholars from all over the world to put my discovery to test and disprove it if they can.”

Lessons Learnt From Experience We rush to effect major lifestyle changes as we encounter life’s realities like: the loss of a job, bereavement, wealth and advancement, illnesses and diseases, government policies and so on. Of this list, the change that’s usually made late, despite having been taught its rudiments in school, is with regards to what we ingest.

Statistics show that three-quarters of cardiovascular diseases, over half of women’s cancers and approximately half of men’s cancers are related to nutritional issues. Simply put - Eat the right kind of food to live a vibrant and happy life.

Eating balanced diets is a major contributor to living long. Having the right amount of vitamin E in your system, for instance, keeps your heart healthy. Vitamin E is also an antioxidant which releases toxins from your body. Omega-3 fats, monounsaturated fats, vitamin B and all organic food items are age-defying nutrients.

Some good foods to eat as staples are: green leafy vegetables, citrus fruits, oily fish range, nuts, brightly coloured fruits, white meats like fish, chicken and turkey, and of course water! Therefore, always buy what is healthy for your body and not what looks yummy. A good body weight not only makes you look good, it helps to keep you in good health.

Maintaining a good weight would ensure that: your blood pressure and cholesterol stay in check; your blood sugar does not escalate; your risk of heart disease, diabetes, hypertension and obesity (unless genetically prevalent) are lowered. A good weight is not too difficult to achieve, if you’re determined to do so. A healthy diet and exercise garnished with dedication will do the job Looking good and being complemented for it, would definitely make you feel good and boost your morale and self-esteem as you tackle your daily engagements.

Omoru writes from the UK

Bishop Howells School Graduates 42 EGG HEADS

L-R: Top three performers of the 2016 outgoing pupils of AmazingTalents School, Idimu, Miss Aina Temiloluwa, Cherechi Faith and Arinde Monique, as they display their prizes during the school’s valedictory and prize-giving day in Lagos… recently

Whiteslate Foundation to Develop Globally Competitive Teachers A non-profit organisation (NPO), Whiteslate Foundation is set to enhance the skills of primary school teachers in Lagos State through a workshop titled ‘A Child’s Cognitive Developmental Process and Impact of Language on learning’.

According to the Executive Director, Vera Osuji, the workshop, a hands-on developmental skills training for teachers in lower primary schools in Lagos, is aimed at impacting positively and

delivering classroom skills on child development process and language use to participants.

“These are skill gaps that researches have found lacking in many pre-school and elementary classroom teachers in Africa. The workshop, in collaboration with the University of Lagos (UNILAG), the Lagos State Universal Basic Education Board (LSUBEB) and other sponsors, comes up on July 27-29, 2016.

“Our children at their

formative age are being taught by teachers who themselves are victims of a poor educational system.

Here, too, we have poorly trained teachers, who were let down by their own erstwhile poorly trained teachers and by a public system that places no premium on further education. It is a vicious cycle of production and reproduction.”

Osuji added: “We believe teachers are the hubs of any educational system.

Their quality and devotion determine the success of any system. We see a group of Nigerian and African teachers who are proud of their profession.

“We cannot control the recruitment process, cajole our best to be in classroom; however we can train, groom and re-orientate the current crops of public school teachers to meet and compete internationally. That is what Whiteslate Foundation is set out to achieve.”

BESAN Appeals to Kogi Govt to Pay Teachers’ Salaries Yekini Jimoh in Lokoja An appeal has been made to the Kogi State Government by the members of Basic Education Staff Association of Nigeria (BESAN) to set machinery in motion to rectify all the anomalies in the payment of teachers’ salaries and their entitlements from the bailout funds and other issues of welfare of workers.

The group highlighted the plight of its members in a letter dated July 15, 2016 and addressed to Governor Yahaya Bello to look into the continuous payment of just 58 per cent of salaries to its members instead of 100 per cent full payment ordered by him.

The letter signed by the state Chairman and Secretary of the association, Mr. Ohino

Baiye and Chief Umar Adoga respectively called on the governor to also look into the issue of its retired members who have not receive their pensions for almost a year.

It also raised the alarm that many of its members in the state are dying of hunger and humiliation as a result of nonpayment of their salary. “Some are now engaging in shady and demeaning activities in

order to make ends meet.”

The group also urged the governor to bring all officials responsible for the ordeal of its members to book so as to serve as a deterrent to others.

BESAN commended the state government for its efforts at sanitising the state civil service, saying that it believes the just concluded screening exercise was conceived in good faith.

It was a day of joy, celebration and thanksgiving for parents, guardians, staff and students of Bishop Howells Memorial Grammar School, Lagos, as it recently held its valedictory service and graduation/prize-giving ceremony for the outgoing senior secondary three 2015/2016 set,“The Achievers Class.”

Presided over by the Bishop, Diocese of Badagy, Rt. Reverend Babatunde Adeyemi, the event which held at the auditorium of the school’s Chapel of Grace, also ushered the junior secondary three students into the senior secondary level.

In his remarks, the Principal, Reverend Bamidele Osunyomi, admonished the outgoing students as he offered special prayers for them and sought God’s intervention in their lives.

“You have scaled through the hurdles of the secondary education by writing the SSCE (WAEC and NECO) and I believe that the result will be excellent. As you continue in the journey of life, be focused, committed, determined and dedicated to your future ambition.”

To the JS3 students he said, “you have just finished the first half of your secondary school match. As you get ready for the second half, always remember that proper preparation prevents poor performance. As you do

all these, you are definitely going beyond the sky.” The principal also launched the school’s 2015/2016 year book.

Themed ‘A New Beginning’, the ceremony, which was preceded by a pre-valedictory lecture, featured the presentation of testimonials and certificates to 42 SS3 graduands, who were enjoined to be good ambassadors of their alma matar.

While presenting the graduating students to the gathering, the principal congratulated some of them who have just gained admission into different universities.

The occasion also witnessed awards and recognition of students in various subjects and school social activities among the outgoing SS3 and JS3 classes. Categories of prizes like outstanding overall student, most serviceable prefect, most serviceable student, outstanding student in sports, outstanding student in literary and debating, well behaved student, and the most outstanding student, chapel.

The Executive Secretary, Lagos Anglican Schools Management Board (LASMAB), Venerable Ayo Olusa, the Chairman Board of Governors of the school, Mrs. O A Odejimi, were among the guests from the schools’ management board that graced the occasion.

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EDUCATION

VC Solicits FG’s Assistance for Private Varsities James Sowole in Akure The Vice-Chancellor of Elizade University, Ilara Mokin, Ondo State, Prof. Kunle Oloyede, has called on the federal government to assist private universities in the country, saying that the institutions cannot be funded by their proprietors alone.

He made the call during the second foundation day lecture of the institution titled ‘Future: Here Earlier than We Thought’, delivered by the Vice-President, Prof. Yemi Osinbajo, which attracted guests from all walks of life.

Oloyede said the university, which was established to produce 21st century generic and professional skills for national and global competitiveness needs alternative funding apart from what the proprietor alone can provide.

“This idea of producing quality and employable graduates cannot be realised by a single funding source such as that provided by our founder alone as world-class universities are an expensive undertaking, even for government in more advanced and wealthier countries.

“Private universities need a

helping hand; these institutions are busy educating the future of Nigeria in the same manner as their public counterparts.

They are not money-making enterprises, but a significant drain on the net worth of their proprietors.”

He said there are more than 60 private universities in the country, which constitute a significant sector in educating the future of Nigeria and appealed to the government to look into how to support these citadels of learning and teaching, research and knowledge production and dissemination, community service.

The VC said the government can assist through the Tertiary Education Trust Fund (TETFund) Act or by other means possible, adding that the change agenda of the current government would not be complete without adequate facilities and enough institutions to educate all the students that are qualified for university and who would play key roles in the future of the nation. Oloyede announced that the management would soon launch an endowment fund to raise fund for the university founded by Chief Michael Ade Ojo.

NLNG Invests $12m to Boost Research, Engineering in Six Varsities Hammed Shittu in Ilorin The Nigeria Liquefied Natural Gas (NLNG) has invested a total of $12 million in six Nigerian universities as part of efforts to develop research and engineering in the institutions.

It said the investment was part of its social responsibility to the universities to build a better country. The benefiting universities are University of Ilorin, University of Port Harcourt, University of Maiduguri, Ahmadu Bello University, University of Ibadan and University of Nigeria, Nsukka.

It was gathered that the choice of the universities was based on their high standards; sources close to the NLNG told THISDAY that $2 million was

invested in each institution for the building and equipping of standard engineering research centre for the advancement of technology in the country.

Speaking at the inauguration of the ultra-modern NLNG Engineering Research Centre built for the University of Ilorin recently, the Chairman of NLNG, Mr. Babs Omotowa said, “with today’s commissioning of the multi-million naira engineering research centre, NLNG is supporting the university’s mission of providing a world class environment for learning, research and community service.

“The UNILORIN support programme is another chapter in our momentous journey to build an even greater company to bequeath to our successors

and to Nigeria.”

Omotowa added: “It is another feather in NLNG’s cap as a socially responsible corporate organisation and as part of our commitment to education; we also award scholarship to thousands of deserving young Nigerians at secondary school, university and postgraduate levels.

“We also endow the Nigeria Prize for Science and the Nigeria Prize for Literature worth $100,000 each, and built and run the Bonny Vocational Centre, which awards the International Technical Vocation, level 3 certificate of London City and Guilds and the Nigerian Skills Technical Certificate to graduates.”

He added that the UNILORIN

engineering research centre is the fourth of its kind by the organisation and charged other corporate organisations in the country to maintain connection to people and society and play a participatory role in helping to evolve a better country.

The Vice-Chancellor of UNILORIN, Professor Abdulganiyu Ambali, lauded the giant stride of the NLNG in the quest to develop the universities’ research and engineering support, adding that the gesture would improve the technological growth of the country.

Ambali assured the company that the centre donated to the university would be properly used to move the country forward.

Entries Deadline for Maltina Teachers’ Award Extended The deadline for the submission of entries for this year’s Maltina Teacher of the Year Award has been extended to Friday, July 22, 2016.

The extension followed the appeals by secondary school teachers across the country for more time to enable them send in their entries for the coveted prize worth over N50 million.

The Corporate Affairs Adviser of Nigerian Breweries Plc, Mr. Kufre Ekanem, who announced this in Lagos, said entries have been received from teachers in 34 states and the Federal Capital Territory (FCT).

“We have extended the deadline for the submission of entries for Maltina Teacher of the Year because of the overwhelming appeal by teachers across the country who pleaded for the extension.

This initiative is for teachers, we believe it is just fair for us to take their interest into consideration. As a company, we always listen and take the views of the people into consideration in our decision making process.”

He advised interested teachers to download application forms from the Maltina website, www.maltina-nigeria. com, adding that application forms should be completed and uploaded to the website or sent by email to maltinateacheroftheyear@heineken.com or post to PMB 12632, Marina, Lagos.

The company had earlier announced that it expanded the scope of the award to include teachers in private secondary schools in the country. In the maiden edition last year, the competition was limited to teachers in the nation’s public secondary schools.

The initiative, sponsored by the Nigerian Breweries- Felix Ohiwerei Education Trust, is

to reward commitment and diligence to duty by exceptional teachers across the country.

Ekanem said like last year, all eligible applications would be subjected to an intense selection and judging process.

“Our external and independent panel of judges will ensure transparency, credibility and objectivity of the initiative.

“The five- step evaluation process of the entries received will result in 37 champions (one per state and the FCT), subject to entries meeting the cut off mark set by the panel of judges. From among these state champions, the Maltina Teacher of the Year 2016 will emerge. All state champions and winners will be celebrated and rewarded in a grand ceremony scheduled for October 2016 in commemoration of World Teachers’ Day.” He said each state champion will get N500,000 and the top 10 teachers will be recognised before the grand winners are announced. The second and first runners-up would receive trophies and an additional N750,000 and N1 million respectively.

“The Maltina Teacher of the Year 2016 will get an additional N1 million instantly plus N1 million every year for the next five years; a development training opportunity abroad and a block of classrooms built at the school where he/she teaches.

“It is our hope that through the initiative, we can inspire this nation to accord our teachers their deserved credit and bring back respect to the teaching profession in Nigeria.

As partners for development, we solicit the support of all education stakeholders towards the success of this initiative.”

FUTURE LEADERS

Pupils ofTLS, Ikoyi, during the 2016 graduation ceremony of the school...recently

School Director Makes Case for Proper Parenting Funmi Ogundare The Director of TLS, Ikoyi, Mrs. Olubunmi Egbeyemi, has expressed concern over the attitude of some parents who send their children abroad at an early age to study, saying that such parents will miss the important aspects of parenting which include proper upbringing, teaching, helping and loving, as well as attending to their school matters.

Egbeyemi, who made this known during the school’s 2016 graduation ceremony, wandered how parents are able to sustain such attitude,

saying that going to school is not all about what they teach them, but about parenting and having time to look after their children.

“If you want to develop a child, there is a lot to parenting than just sending them abroad; there are times when some children are emotionally distrust and when you are not there, how do you say you are parenting your child? From open days and parents’ forum and other important meetings, you get to know the teachers and vice-versa, and if there is any problem, it is a phone call away.

The teachers in Nigeria are

excellent.”

She said parents are sending their children abroad because of the decadence in the education system in Nigeria, while recalling her days in school when many parents abroad used to send their children to universities in Nigeria.

“I schooled in Nigeria even up to university level, we want to appeal to the federal government to look into education and make the higher institution a lot better.

What I frown at is parents that have children between age 10 and 11 and are sending them to schools abroad.

“Yes they can afford it, but

there is more to parenting than just the schools. I asked my younger friends what is wrong with the secondary schools in Nigeria and why they are taking them at 10. Do you want to be going to the UK every time for parents’ forum day and sports day?

“One parent told me that they don’t have to be there all the time. I asked them why they can’t allow them to turn 16 before they go. Good parenting skills are essential, they are skills that will not only help parents discipline their children, but also help strengthen the bond between parents and children.”

‘Vantage Academy Can Match Any School Abroad’ A Nigerian-American institution, Vantage Point Academy, Gwarinpa, Abuja, has pledged to make Nigerian children great, while raising the next generation of leaders that will influence world affairs positively and be worthy global citizens of the world wherever they end up.

According to the Proprietress, Marie David, the school

was set up to level the playing field with its contemporaries from abroad, adding that the academy was born out of a mother’s passion for excellence and a father’s zest for technology “Nigeria is changing fast and has a fresh face. Ten years ago, it could be unthinkable for parents to imagine their wards being globally

developed through the best of the American educational component with the Nigerianbased curriculum.

“Vantage Academy is re-defining approach to education with the integration of best practices and the introduction of research proven new cutting edge models in education for the all-round development of students’, she says. “We only promise excellence

in education as we challenge, motivate and equip any child for success in a global economy.

We can achieve this since we are positive we can match any school abroad in whatever capacity.”

David, who lived all her adult years in America added that Vantage Academy, which was founded in 2014 has a holistic approach to teaching and learning.

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CITYSTRINGS

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

Scavenging to Live Iron and steel scavenging is a job with a variety of hazards. But many still depend on it to survive, writes Ugo Aliogo

A dump site in Ojuelegba, Surulere LGA

W

hat would make a man leave certainty for uncertainty? Why should a man engage in a venture that will endanger his life? Okoro Michael was a confectionery vendor in a community secondary school in Delta State.

He was very enterprising as a trader and cultivated a good savings culture.

From the meager profit he made daily, he was able to save enough money to support his aging parents and also for personal upkeep.

But, as he grew bigger in the trade, his spirit grew weary. He was eager to change to a new business. Something different from what

Though he made a fortune from the business, one fateful day, while cutting an aluminum sheet, he sustained a deep cut. Being a miser, Michael treated himself in a nearby pharmaceutical store, rather than paying for proper treatment at a hospital. Three days later, he died

he was doing.

In late 2000, there was a huge demand for used metals and aluminum materials by steel manufacturing industries in Nigeria.

This new trade caught Michael’s attention.

He abandoned his business to start buying metals for resell. Though he made a fortune from the business, one fateful day, while cutting an aluminum sheet, he sustained a deep cut. Being a miser, Michael treated himself in a nearby pharmaceutical store, rather than paying for proper treatment at a hospital. Three days later, he died.

Michael’s story is one in many. His life is a story not just with a sad end, but one with bitter life lessons to learn from.

Today, scrap iron and steel recycling has

become a common practice among youths in the country. They have taken to this ugly practice due to the prevailing economic conditions in the country. Many of them don’t consider the health hazards they expose themselves to when they come in contact with the dump sites they usually visit to acquire these scraps.

Ahmadu Ashiru, an iron and steel scavenger in Lagos, who has been in the business for 25 years, searches for scraps of iron daily on a double shift. At his dump site, they are 25 in number and have up to 10 trucks. For each truckload, he realises N3,500. “There is no much money in the business and it is injurious to health,” Ashiru said. “Truly, if I find another business with a better option,

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CITYSTRINGS

A dump site in Idi-Araba, Surulere LGA

Another dump site in Lagos

in it. On some days they are able to gather irons, while other days they gather nothing.

Like his compatriot, Ashiru, the little money he makes is enough for upkeep and meet other daily needs.

Usman has had several encounters with the

I will leave this one, he added.”

Another problem with the work is Police harassment. Ashiru said Police visit their dump sites, on an average, three times every week, demanding for money and arresting them if money is not provided. Ashiru’s brother, Hassan, was recently nabbed by the authorities and is now cooling his feet in Kirikiri. “It was because they caught him buying government owned aluminium materials,” Ashiru said. “We have raised the required N120,000 that they requested for, but they have refused to release him.

They said ‘after two years.’”

Isa Usman is another iron and steel scavenger. For him, the trade holds very little prospect despite his seven years involvement

We also face challenges from members of KAI. They say that it is illegal to push trucks in the streets of Lagos. It’s a major challenge we are facing in the business. They arrest our boys most times and warned them not to push trucks after they have regained freedom. But we cannot stop the business because it is our only source of survival. I have been in the business for more than 17 years now. I have achieved a lot within those years

Police and Kick Against Indiscipline (KAI) officials. But these setbacks are not enough to distract him from the continuous search for daily living in a society where the economic realities are biting hard on the poor.

There are many iron and steel dump sites around Lagos State. They are usually loaded in trucks from the site to the steel industries in the state. The major dealers who run the dump sites, deal directly with the steel companies in most cases. Sometimes, they use middlemen.

When THISDAY visited one of the dump sites in Idi-Araba, Surulere Local Government Area, Lagos State, the owner, who pleaded anonymity, said they send out their boys and give them N5,000 to buy the irons and steel from established customers, "They visit roadside vehicle mechanics to gather it," he said. "As a result of the relationship they have built with their customers, most of these boys have regular customers who keep the materials for them.”

“We don’t buy government owned aluminium materials. We only patronise constructions companies, industries, and roadside mechanics. We have the contacts of these companies, so when they want to sell off certain irons and steel such as vehicle engines they call us. Then we go, negotiate with them and buy it. We dismantle them and supply to interested steel companies.

We also buy from individuals who have condemned irons, zinc and pots."

He also explained that the challenges in

the business outweigh the profits they realise.

"After gathering the materials, I will have to pay the lorry that will convey it to the companies and also individuals that will load the goods into the lorry.

“Some of the companies we supply are in Lagos, some are not. There are some in Ikorodu and there is another one in Mile 2. These steel materials are used for local production of iron rods. The profit is very minimal. When our workers sustain injuries here, we take them to hospital and ensure that they are properly treated. Rather than give them half haphazard treatment in a pharmaceutical store.

“We also face challenges from members of KAI. They say that it is illegal to push trucks in the streets of Lagos. It’s a major challenge we are facing in the business. They arrest our boys most times and warned them not to push trucks after they have regained freedom. But we cannot stop the business because it is our only source of survival. I have been in the business for more than 17 years now. I have achieved a lot within those years.

"Before, we made a lot of profit because we were few in the business and getting the materials was easier. Now, we have a lot of people involved in the business. So we rely on the contacts we have to supply us with iron and steel materials. In the business, if you are financially buoyant, you can sell directly to the company. While if you are not, you can go through an agent to sell to a company.”

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WEDNESDAY JULY 27, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Japan: Knife Attacker Kills 19 in Their Sleep A knife-wielding man broke into a facility for the disabled in a small town near Tokyo early yesterday and killed 19 patients as they slept, authorities said, Japan’s worst mass killing in decades. At least 25 other residents were wounded in the attack at the Tsukui Yamayuri-En facility in Sagamihara town, about 25 miles (40 km) southwest of Tokyo.

“This is a very heart-wrenching and shocking incident in which many innocent people became victims,” Chief Cabinet Secretary Yoshihide Suga told a regular news conference in Tokyo. The suspect was a 26-year-old former employee of the facility who gave himself up to police. The man, Satoshi Uematsu, said in letters he wrote in February that he could “obliterate 470 disabled people”, Kyodo news agency reported.

He said he would kill 260 severely disabled people at two areas in the facility during a night shift, and would not hurt employees.

“My goal is a world in which the severely disabled can be euthanized, with their guardians’ consent, if they are unable to live at home and be active in society,” Uematsu wrote in the two letters given to the speaker of the lower house of parliament, Kyodo reported.

Uematsu was committed to hospital after he expressed a “willingness to kill severely disabled

people”, an official in Sagamihara told Reuters. He was freed on March 2 after a doctor deemed he had improved, the official said.

Uematsu lived near the facility, and a neighbour described him as a polite, young man who always greeted him with a smile.

“It would be easier to understand if there had been a warning but there were no signs,” said Akihiro Hasegawa, 73. “We didn’t know the darkness of his heart.” The suspect apparently began changing about five months ago, said Yuji Kuroiwa, the governor of Kanagawa prefecture, where the facility is located.

“You could say there were warning signs, but it’s difficult to say if this could have been prevented,” he told reporters. “This was not an impulsive crime ... He went in the dark of the night, opened one door at a time, and stabbed sleeping people one by one,” Kuroiwa said.

“I just can’t believe the cruelty of this crime. We need to prevent this from ever happening again.”

Staff at the facility called police at 2.30 a.m. local time (1730 GMT Monday) with reports of a man armed with a knife on the grounds, media reports said. The man wore a black T-shirt and trousers, the reports said. 3-hectare (7.6 acre) facility was established by the local government. Surrounded by tree-covered mountains and on the banks of the Sagami River, it cares

Suicide Bombers Kill 7 at Peacekeeping Base in Somalia Suicide bombers killed at least seven people as they tried to blast their way into the African Union’s main peacekeeping base in Somalia’s capital yesterday, police said. The force of the explosions shattered windows at Mogadishu’s nearby airport, showering arriving passengers with glass, said witnesses.

Al Shabaab, the Islamist militant group fighting to topple Somalia’s Western-backed government, claimed responsibility for the attack, saying it had killed more than 12 people. It regularly reports higher death counts than the authorities.

Police said the first attacker detonated a car bomb and the second tried to storm the base on foot, but was shot and exploded at the gate. “We understand at least seven from a private security firm

died,” said Ali Farah, a police officer.

The guards were caught in the blast at the gate as they escorted U.N. personnel into the base, which is known as Halane, he added. The African Union’s AMISOM force said on Twitter it condemned the “senseless attacks that aim to disrupt and cripple the lives of ordinary Somalis”. There was no immediate comment from the United Nations.

Al Shabaab spokesman Abdiasis Abu Musab said both attackers detonated car bombs. People arriving on international flights said the blasts shattered windows in the airport buildings.

“We were greeted by two loud blasts. The glass of the airport building fell on us,” said Ali Nur, who had just got off a plane from Nairobi.

South Sudan’s President Replaces Machar asVP South Sudan President, Salva Kiir, replaced his vice president and rival Riek Machar on Monday, a move that could potentially undermine last year’s peace deal and reignite war in Africa’s youngest nation.

Machar was sworn in as first vice president only last April, eight months after a peace agreement that ended two years of fighting that broke out the last time that Kiir sacked him as his deputy in 2013.

But the rivalry between the two men led to violence in the capital Juba early this month as forces from both sides battled each other with tanks, helicopters and other heavy weapons.

Machar, from the minority Nuer ethnic group, left Juba with his troops, saying he would only return when an international body

had to set up a buffer force between his fighters and those supporting Kiir, leader of the dominant Dinka group.

Kiir issued an ultimatum last week, saying Machar had 48 hours to contact him and return to Juba to salvage last year’s peace deal, or face replacement. He made good on that threat on Monday when he issued a decree “for the appointment of the first vice president of the republic of South Sudan”, naming General Tabal Deng Gai to the post.

A former minister of mining, Deng Gai was a chief negotiator on behalf of Machar’s SPLM-IO group in the talks that led to last year’s deal. But last week, he broke ranks with Machar and backed Kiir’s ultimatum to him.

for people with a wide range of disabilities.

The facility’s website said the centre had a maximum capacity of 160 people, including staff.

Japan has one of the lowest crime rates in the world and residents of Sagamihara said they were in shock.

The last murder in the area was 10 years ago. “This is a peaceful, quiet town so I never thought such an incident would happen here,” said Oshikazu Shimo, one of many residents of the town who gathered near the facility.

Taxi driver Susumu Fujimura said of the attacker: “He said ‘we should get rid of disabled people’ but he’s the worthless one.” “That kind of person can’t defend themselves,” Fujimura said, referring to the victims. “That’s why so many died. It makes you weep to think of somebody just murdering them.”

The dead ranged in age from 19 to 70 and included nine males and 10 females, Kyodo said. Police had recovered a bag with several knives, at least one stained with blood, a Kanagawa prefecture official said.

At least 29 emergency squads responded to the attack, Kyodo reported, with those wounded taken to at least six hospitals in the western Tokyo area.

Such mass killings are extremely rare in Japan and typically involve stabbings. Japan has strict gun laws and possession of firearms by the public is rare. Eight children were stabbed to death at their school in Osaka by a former janitor in 2001. Seven people died in 2008

when a man drove a truck into a crowd and began stabbing people in Tokyo’s popular electronics and “anime” district of Akihabara.

A revision to Japan’s Swords and Firearms Control Law was introduced in 2009 in the wake of that attack, banning the possession of double-edged knives and further tightening gun-ownership rules.

Members of a doomsday cult killed 12 people and made thousands ill in 1995 in simultaneous attacks with sarin nerve gas on five Tokyo rush-hour subway trains.

ACCEPT OUR CONDOLENCE

L-r: Consulate General de france, Mr. Laurent Polonceaux; Senior Special Assistant to the Lagos State Governor on General Duties, Mr. Abiodun Dina and the Senior Administration and Human Resources Officer, Office of Overseas Affairs & Investments (Lagos Global), Mr. Osinowo Adekunle, during the presentation of a condolence letter by the Lagos state government on the recent Nice terrorist attack in lagos......recently

Putin, Erdogan to Meet amid Growing Rapprochement Russian President Vladimir Putin will meet his Turkish counterpart Tayyip Erdogan next month for the first time in almost a year, a sign that a rapprochement between the two nations is gathering pace.

Russian trade sanctions imposed on Ankara over the Turkish shooting down of a Russian jet near the Syrian border last November remain in place, and Economy Minister Alexei Ulyukayev said on Tuesday they were unlikely to be lifted before the two leaders met.

Ulyukayev was speaking as senior officials from the two nations, including Turkish Deputy Prime Minister Mehmet Simsek, met in Moscow to lay the ground for a gradual thaw in ties. The Kremlin and the Turkish government said

Putin and Erdogan would meet on Aug. 9 in the Russian leader’s home town of St. Petersburg, Russia’s second-largest city.

The shooting down of the Russian fighter jet, which was taking part in the Kremlin’s campaign to support Syrian President Bashar al-Assad, prompted Moscow to impose sanctions on Ankara to hurt its tourism and construction sectors.

It also banned Turkish food imports.

“The agenda has not been discussed yet ... but beyond all doubt, there is much to talk about,” Kremlin spokesman Dmitry Peskov told a conference call with reporters, referring to the planned Putin-Erdogan meeting.

“This will be the first meeting after that collapse in our relations,

the first one after the leaders of the two nations turned over that page,” Peskov said. “Therefore, it’s possible to say with confidence they won’t lack topics for discussion.”

Erdogan faced the biggest challenge to his rule this month when he defeated a coup staged by his own military. He is now trying to consolidate his power by purging the army and security structures.

Turkey has thanked Russia for its solid support of its legitimate government during the abortive putsch. Mehmet Simsek, Turkey’s deputy prime minister, said his visit and that of other officials was part of an ongoing attempt to try to mend ties with Moscow. “We are here to improve our relations and to bring them to an even higher level than

before Nov. 24,” Simsek said at the start of a meeting on Tuesday with his Russian counterpart Arkady Dvorkovich. Russian and Turkish officials discussed the possible lifting of the food import ban, Dvorkovich told reporters. Officials would later also discuss whether it was realistic to restart the shelved TurkStream project, which aims to build a natural gas pipeline from Russia to Turkey.

Dvorkovich said the resumption of charter flights between the two countries “will take some time”. He said construction of the planned Akkuyu nuclear power plant project in Turkey was also on the agenda.”We plan to be able to move forward pretty fast,” he said, giving no further details.

Priest Killed in French Church Attack Two attackers killed a priest with a blade and seriously wounded another hostage in a church in northern France yesterday before being shot dead by French police.

The attack took place during morning mass at the Saint-Etienne parish church, south of Rouen in Normandy. Five people were initially taken hostage.

There were no immediate details on the identity or motives of the two assailants but the investigation was handed to the anti-terrorist unit of the Paris prosecutor’s office. A police source said it appeared that the priest had had his throat slit.

The attack is the latest in a string of deadly assaults in Europe,

including the mass killing in Nice on Bastille Day and four incidents in Germany. Many of the attacks have had links to Islamist militants.

The Archbishop of Rouen identified the slain priest as Father Jacques Hamel. The Vatican condemned what it said was a “barbarous killing”.

French Interior Ministry spokesman Pierre-Henry Brandet told France Info radio that the perpetrators have been killed by France’s BRI, its elite police anticrime force, when they came out of the church. He said that bomb squad officers aided by sniffer dogs had been scouring the church for any possible explosives.

Prime Minister Manuel Valls branded the attack “barbaric” and said it was a blow to all Catholics and the whole of France. “We will stand together,” Valls said on Twitter.

The attack will heap yet more pressure on President Francois Hollande to regain control of national security, with France already under a state of emergency 10 months ahead of a presidential election.

The Normandy attack came 12 days after a 31-year-old Tunisian Mohamed Lahouaiej Bouhlel ploughed his heavy goods truck into a crowd of revellers in the French Riviera city of Nice, killing 84 people. Islamic State claimed that attack. “Horror. Everything

is being done to trigger a war of religions,” tweeted Jean-Pierre Raffarin, a former conservative prime minister who now heads the Senate’s foreign affairs committee.

Hollande and Interior Minister Bernard Cazeneuve arrived at the scene of the attack where they met with members of the emergency services. Cazeneuve has come under fire from Conservative politicians for not doing enough to prevent the Bastille Day Nice attack. French lawmakers approved a six-month extension of emergency rule after the July 14 attack while the Socialist government also said it would step up strikes against Islamic State in Iraq and Syria.

49

WEDNESDAY JULY 27, 2016 • T H I S D AY

INTERNATIONAL

Turkish Troops Go after Remaining Coup Plotters Turkish special forces backed by helicopters, drones and the navy hunted a remaining group of commandos thought to have tried to capture or kill President Tayyip Erdogan during a failed coup, as a crackdown on suspected plotters widened yesterday.

More than 1,000 members of the security forces were involved in the manhunt for the 11 rogue soldiers in the hills around the Mediterranean coastal resort of Marmaris, where Erdogan was holidaying on the night of the coup attempt, officials said.

Erdogan and the government accuse U.S.-based Muslim cleric Fethullah Gulen of orchestrating the attempted power grab and have launched a crackdown on his suspected followers. More than 60,000 soldiers, police, judges and civil servants have been arrested, suspended or put under investigation.

The religious affairs directorate removed another 620 staff including preachers and instructors in the Koran on Tuesday, bringing to more than 1,100 the number of people it has purged since the July 15 coup attempt. Foreign Minister Mevlut Cavusoglu said two Turkish ambassadors, currently in Ankara, had also been removed. Former Istanbul governor Huseyin Avni Mutlu was detained and his house searched.

“There is no institution which this structure has not infiltrated,”

Erdogan’s son-in-law, Energy Minister Berat Albayrak, said in a televised interview, referring to Gulen’s network of followers.

“Every institution is being assessed and will be assessed,” he said. The response from the Turkish authorities would, he said, be just and not amount to a witch-hunt.

The coup attempt raised particular questions about the air force, some of whose senior members were deeply involved, and could lead to the re-investigation of past incidents including the downing by the Turkish military of a Russian warplane near the Syrian border last year, Albayrak said.

The incident provoked Russian trade sanctions but there are signs of rapprochement, with Turkey thanking Moscow for its solid support during the abortive putsch. By contrast it has frosty ties with Europe, which has criticized the post-coup crackdown, and with the United States, which it has urged to extradite Gulen.

Albayrak made the comments as the highest-level Turkish delegation since the downing of the jet visited Moscow and officials announced a planned meeting between Erdogan and Russian President Vladimir Putin next month. “Erdogan will be eager to send a message to Washington and EU capitals that Turkey has other options,” said Tim Ash, a strategist at Nomura and a veteran Turkey watcher.

Gulen,whohaslivedinself-imposed exile in the United States since 1999, denies involvement and says the

coup may have been orchestrated by Erdogan himself to justify a crackdown, a suggestion the president has roundly condemned. In an op-ed in the New York Times, Gulen wrote that if members of his “Hizmet” (Service) network had been involved in the attempted coup they had betrayed his ideals, saying Erdogan’s accusations revealed “his systematic and dangerous drive toward one-man rule”.

Almost two thirds of Turks believe Gulen was behind the coup attempt, according to a poll released on Tuesday.

The Andy-Ar survey showed nearly 4 percent blamed the United States or foreign powers and barely 2 percent blamed Erdogan.

On July 15 rogue soldiers commandeered fighters jets, helicopters and tanks to close bridges and try to seize airports. They bombed parliament, police headquarters and other key buildings in their bid for power. At least 246 people were killed, many of them civilians, and 2,000 wounded. Around a third of Turkey’s roughly 360 serving generals have been detained since the abortive coup, more than 100 of them already charged pending trial.

Two Turkish generals based in Afghanistan were detained in Dubai, a Turkish official said on Tuesday, naming them as MajorGeneral Cahit Bakir, a commander of Turkish forces serving in the international NATO-led security force in Afghanistan, and Brigadier Sener Topuc, who oversees education and aid in the country.

FEDERAL MINISTRY OF INTERIOR NIGERIA IMMIGRATION SERVICE HEAD QUARTERS SAUKA – ABUJA

PUBLIC NOTICE RE- INVITTION TO TENDER Reference to our advertisement on invitation to tender published in the Daily Trust and This Day Newspapers of 21st June, 2016 as well as the Federal Tenders Journal of 27th June, 2016, I am directed to inform all stakeholders and the general public that the deadline for submission of tenders has been extended to Tuesday 9th August, 2016 by 10.00 am prompt.

2. The Technical Bid opening is accordingly rescheduled as follows: DATE: Tuesday, 9 August, 2016 VENUE: Conference Hall, first floor Nigeria Immigration Service Headquarters, Sauka – Abuja.

TIME: 12.00 noon SIGNED SECRETARY (IMMIGRATION SERVICE TENDERS BOARD) FOR: COMPTROLLER – GENERAL OF IMMIGRATION

52

T H I S D AY • WEDNESDAY, JULY 27 , 2016

BUSINESS/MONEYGUIDE

Firm Highlights Opportunities in Exchange Traded Funds Obinna Chima Exchange Traded Funds (ETFs) have been described as very important investment vehicles that can help investors maximise their returns considering the uninspiring performance of the stock market.

The Financial Derivatives Company Limited (FDC) in its latest bi-monthly economic report noted that the benefits of having diverse investment products like the ETF cannot be over emphasised.

It noted that while market volatility has made many investors nervous, ETFs have continued to grow. ETFs are pooled investment vehicles with shares that can be purchased or sold on a stock exchange at a market-determined price.

They offer investors access to the markets such as the Nigerian Stock Exchange (NSE), the Standard & Poor’s 500 (S&P 500), the Financial Times Stock Exchange 100 Index (FTSE), and Johannesburg Stock Exchange (JSE) while offering diversification, access to non-traditional asset classes and hedging tools.

Since the introduction of ETFs in 1993, they have gained widespread acceptance in most developed markets. Over the last 10 years, investors’ demand for ETFs (both retail and institutional) has grown

markedly, which in turn has led to a greater variety offered by ETF sponsors. Now there is one for almost every type of market index or financial benchmark in existence. As of September 2015, the ETF and exchange traded products industry managed 5,978 products, representing total assets of $2.8 trillion.

“ETFs are essential in markets with a significant low product to investor ratio such as ours.

This gap is expected to be bridged over the coming years.

However, our regulators and fund managers have key roles to play in ensuring the right products are introduced to the market and that product proliferation does not lead to investor abuse.

“The Central Bank of Nigeria’s (CBN) recent introduction of a flexible foreign exchange policy and the commencement of a futures forex market leads us to believe that the next wave of market driven changes will be in the capital markets.

“There are plans to introduce esoteric securities, including equity options and futures that would deepen the markets and give investors more confidence in products to meet their investment objectives.

We believe that before these products are introduced, other existing products, such as ETFs and mutual funds, will gain

greater investor acceptance,” it added.

Shedding more light on how ETF works, the report explained that ETF originates with a sponsor - either a company or financial institution - who determines the investment objective. The originator is also referred to as an active participant (AP). The AP creates a basket of assets (e.g. equities, bonds, commodities, alternative assets, etc.) and in exchange for those assets receives creation units in the form of ETF shares.

Once the ETFs have been listed on the various exchanges, investors can then purchase and incorporate the securities into their respective portfolios.

Institutional and retail investors can access ETFs in both the primary and secondary markets.

In the primary market, investors buy these securities directly from the company issuing them, while in the secondary market, investors trade securities among themselves. Investors can buy and sell these shares just like any other shares on an exchange with easily accessible prices. The company with the security being traded does not participate in the transaction. A company publicly sells securities for the first time on the primary capital market. In many cases, this takes the form of an initial public offering (IPO).

Ecobank Supports Tertiary Institution Nume Ekeghe Ecobank Nigeria Limited has revealed that it has built and handed over a 100 seater ultramodern lecture theatre to the Chukwuemeka Odumegwu Ojukwu University (formerly Anambra State University), as part of its corporate social responsibility (CSR) initiatives.

Speaking at the inauguration ceremony, the Managing Director, Ecobank Nigeria, Charles Kie, said the multi-purpose CSR project initiated in 2014 has its fundamental objective to providing a convenient centre for general students’ academic activities and relaxation.

According to the bank

Fidelity Wins Sustainability Fidelity Bank Plc has disclosed that it was recently adjudged the “Best Green Partner 2015” by the Lagos State Government at the recently concluded 2016 Tree Planting Day. The organisers of the event said Fidelity Bank was given the award in recognition of its contributions towards the protection and improvement of the environment.

A statement quoted organisers of the event to have said the bank showed relentless support for initiatives aimed at identifying and promoting the preservation, protection and beautification of the environment.

Speaking at the event held at the National Youth Service Corps (NYSC), Camp in Lagos, Managing Director/Chief Executive Officer of Fidelity Bank Plc, Nnamdi Okonkwo, reaffirmed the bank’s commit-

managing director, the project symbolises Ecobank’s business partnership reward and appreciation with the university’s long-standing patronage.

Kie, who was represented

by Team Lead, Medium and Local Corporates, Commercial Banking, South East of the Bank, Jovita Okeahialam, said in a statement: “This is a promise kept in line with our business mantra.

The vision of this particular project revolves around creating a conducive environment for learning. This for us is reasonably considered to be the best way to exhibit a visible, vibrant and enduring corporate social responsibility. It is also a

Award

on

ment to support the State’s laudable greening policy as it aligns strongly with the bank’s Corporate Social Responsibility (CSR) focus on conservation and environmental protection.

“Fidelity Bank works in collaboration with public institutions – state and local governments – to create and maintain green parks in chosen locations.

The beautification of the Falomo Roundabout in Lagos State, in partnership with the Lagos State Government, is a typical example of what the Bank seeks to achieve in this area,” he said.

While promising to work with the State to create and maintain green parks in chosen locations Okonkwo noted that the bank has successfully executed several beautification projects across the country.

Some of these projects included

far-reaching compensation to the learning community for the endless years of unwavering patronage.”

He explained that the guiding principle of Ecobank’s CSR activities was to give back and contribute effectively to the communities in which it operates.

He said the bank would continue to contribute to societal ventures that enhance the lives of the people in the continent.

Kie further disclosed that plan is under-way to open a cash centre in the campus to mitigate the hardship currently being experienced by the university community in accessing banking services.

Environmental Onikan, Milverton, Dopemu and Matori Roundabouts in Lagos State; RSUT in Rivers State, Rangers Avenue junction in Enugu State, Mbaise Road in Owerri, Imo State, Abia Towers in Umuahia, KrikaSama Roundabout in Maiduguri, Borno State amongst others.

In his keynote address themed, “Lend a Hand to Save Trees”, Governor of Lagos State, Akinwunmi Ambode, noted that planting of trees was crucial for the environment as trees provide oxygen, helps conserve energy, saves water, and prevents erosion among others.

He disclosed that the state plans to plant 10 million trees by 2020. The Governor who was represented by the Secretary to the State Government (SSG), Tunji Bello commended Fidelity for initiating the drive for a greener environment.

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

-- Net Domestic Credit (NDC)

22,664,815.74

---- 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)

18,882,237.73

--Other Assets Net

-7,746,094.02

Reserve Money (Base Money)

5,758,634.07

--Currency in Circulation

1,811,090.48

--Banks Reserves

3,947,543.59 • 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 MONDAY 25, JULY 2016 The price of OPEC basket of fourteen crudes stood at $41.35 a barrel on Monday, compared with $41.71 the previous Friday, 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), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

51

T H I S D AY • WEDNESDAY, JULY 27, 2016

Nigeria’s top 50 stocks based on market fundamentals

26-July16

25-July-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

175.00

175.00

0.00%

2,982,088,795,875.00

11.57

15.12

5.76

4.57%

4.27

02 Nigerian Breweries Plc

146.54

144.91

1.12%

1,161,930,444,127.52

5.37

27.30

4.21

2.46%

6.82

03 Nestle Nigeria Plc

850.00

850.00

0.00%

673,757,814,200.00

29.95

28.38

4.45

3.41%

17.73

04 Guaranty Trust Bank Plc

22.36

21.30

4.98%

658,081,167,448.64

3.38

6.62

2.21

7.92%

1.52

05 Zenith Bank Plc

16.39

15.65

4.73%

514,588,533,152.54

3.33

4.92

1.23

10.98%

0.83

06 Lafarge Africa Plc

59.00

59.24

-0.41%

268,739,206,790.00

5.93

9.95

1.01

5.08%

1.53

07 Ecobank Transnational Incorporated

13.43

12.39

8.39%

246,434,472,817.45

0.71

18.99

0.46

4.62%

0.49

175.91

175.91

0.00%

229,119,450,828.73

4.58

38.41

1.80

1.96%

4.98

09 United Bank for Africa Plc

4.60

4.39

4.78%

166,885,821,081.20

1.64

2.80

0.53

13.04%

0.50

10 Access Bank Plc

5.70

5.30

7.55%

164,889,438,296.70

2.48

2.30

0.48

9.65%

0.43

297.83

313.50

-5.00%

164,792,410,520.79

23.48

12.68

1.46

5.35%

0.59

12 Guinness Nig Plc

94.99

95.00

-0.01%

143,044,318,978.12

3.70

25.69

1.27

0.00%

3.22

13 Presco Plc

36.00

36.00

0.00%

142,937,173,620.00

1.10

32.81

1.97

3.61%

3.40

14 Stanbic IBTC Holdings Plc

13.25

13.09

1.22%

132,500,000,000.00

2.04

6.51

1.12

0.75%

1.18

3.57

3.45

3.48%

128,146,195,267.44

0.30

11.71

0.26

4.20%

0.21

33.00

33.00

0.00%

124,848,776,250.00

0.32

104.71

2.11

0.15%

15.60

134.00

140.45

-4.59%

85,839,108,642.00

11.12

12.05

1.10

1.64%

3.58

18 Dangote Sugar Refinery Plc

6.75

6.80

-0.74%

81,000,000,000.00

0.96

7.02

0.80

7.41%

1.32

19 Oando Plc

6.20

5.63

10.12%

74,614,637,142.80

0.50

12.40

0.13

12.10%

0.47

20 Julius Berger Nig. Plc

50.93

50.93

0.00%

67,227,600,000.00

1.85

27.55

0.50

2.95%

2.77

21 International Breweries Plc

19.58

19.58

0.00%

64,501,400,902.40

0.64

30.63

3.49

1.28%

5.35

22 Total Nigeria Plc

181.50

181.50

0.00%

61,623,213,415.50

11.92

15.23

0.30

7.71%

3.79

23 Mobil Oil Nig Plc

162.00

161.55

0.28%

58,416,432,444.00

13.51

11.99

0.91

4.44%

3.80

1.48

1.48

0.00%

57,307,076,189.00

0.05

28.21

1.41

0.00%

0.65

25 Flour Mills Nig. Plc

21.50

21.50

0.00%

56,421,099,520.50

5.50

3.91

0.16

9.30%

0.59

26 U A C N Plc

20.50

20.50

0.00%

39,377,719,933.50

2.70

7.60

0.54

4.88%

0.53

27 Diamond Bank Plc

1.61

1.60

0.63%

37,288,226,238.48

0.18

8.77

0.17

0.00%

0.17

28 Sterling Bank Plc

1.25

1.29

-3.10%

35,988,022,657.50

0.36

3.50

0.33

7.20%

0.38

29 Fidelity Bank Plc

1.18

1.13

4.42%

34,175,851,116.56

0.47

2.53

0.24

13.56%

0.19

31.50

31.50

0.00%

30,048,165,000.00

2.76

11.42

3.09

0.32%

2.49

0.77

0.79

-2.53%

29,702,338,882.37

0.06

12.76

0.65

0.00%

0.64

15.00

15.00

0.00%

28,173,030,600.00

3.21

4.68

0.84

8.67%

2.72

1.39

1.35

2.96%

27,525,767,985.59

0.06

24.39

0.19

7.19%

0.17

36.00

36.00

0.00%

25,200,000,000.00

2.49

14.49

3.57

3.19%

16.58

35 Mansard Insurance Plc

2.14

2.04

4.90%

22,470,000,000.00

0.16

13.52

1.36

2.34%

1.29

36 Custodian And Allied Insurance Plc

3.80

3.79

0.26%

22,351,083,941.00

0.72

5.26

0.71

3.68%

0.81

37 Glaxo Smithkline Consumer Nig. Plc

18.50

18.50

0.00%

22,123,715,028.00

0.72

25.82

0.72

1.62%

1.65

8.20

8.20

0.00%

21,725,394,699.60

0.79

10.32

1.34

6.71%

3.06

39 PZ Cussons Nigeria Plc

20.60

20.60

0.00%

20,600,000,000.00

3.28

6.28

1.81

0.49%

0.92

40 Honeywell Flour Mill Plc

1.58

1.51

4.64%

12,529,712,299.64

0.14

11.18

0.26

10.13%

0.59

41 Unity Bank Plc

0.98

0.95

3.16%

11,455,551,183.16

0.54

1.81

0.18

0.00%

0.13

42 Skye Bank Plc

0.80

0.81

-1.23%

11,104,241,128.00

0.85

0.94

0.08

37.50%

0.08

43 Continental Reinsurance Plc

1.01

1.01

0.00%

10,476,471,755.12

0.19

5.26

0.51

11.88%

0.64

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

0.26

15.57

0.79

5.00%

1.06

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

0.73

0.72

1.39%

5,059,049,270.40

0.28

2.64

0.15

6.85%

0.52

50 Fidson Healthcare Plc

1.94

2.00

-3.00%

2,910,000,000.00

0.31

6.33

0.43

2.58%

0.46

08 Forte Oil Plc.

11 Seplat Petroleum Dev. Co. Ltd

15 FBN Holdings Plc 16 Unilever Nigeria Plc 17 7-Up Bottling Comp. Plc

24 Transnational Corporation Of Nigeria Plc

30 Okomu Oil Palm Plc 31 Wema Bank Plc 32 Cadbury Nigeria Plc 33 FCMB Group Plc 34 Cap Plc

38 National Salt Co. Nig. Plc

TOTAL

8,994,273,404,622.34

TOTAL MARKET CAP

9,597,701,516,458.26

% OF MARKET CAP Annotation - MA* = Simple Moving Average

93.71%

Table 1 Market Statistics Mkt Indicators NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open Close 25-July-16 26-July-16

Change %

27,629.90 9.49

27,945.02 9.60

1.14% 1.14%

114.15 8.89

115.52 8.99

1.20% 1.20%

Table 3 Top 5 Gainers Stock

Open 25-July-16

Oando Plc Ecobank Transnational Incorporated Access Bank Plc Guaranty Trust Bank Plc Mansard Insurance Plc

Close Change 26-July-16 %

5.63 12.39

6.20 10.12% 13.43 8.39%

5.30 21.30 2.04

5.70 22.36 2.14

7.55% 4.98% 4.90%

Table 4 Top 5 Losers Stock

Open Close Change 25-July-16 26-July-16 %

Seplat Petroleum Dev. Co. Ltd 7-Up Bottling Comp. Plc Sterling Bank Plc Fidson Healthcare Plc Wema Bank Plc

313.50 140.45 1.29 2.00 0.79

297.83 134.00 1.25 1.94 0.77

-5.00% -4.59% -3.10% -3.00% -2.53%

Market rebounds as All Share Index appreciates by 1.14% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, July 26, 2016 ended on a positive note as the stock market closed green. This was further highlighted by positive performances from the NSE sub-sectors: Banking, Consumer Goods and Insurance (Save Oil & Gas). However, trading activities decreased in volume as 286.72 million shares worth N2.34 billion in 4,316 deals exchanged hands today. This is a decrease from the 378.51 million shares worth N2.26 billion in 3,519 deals exchanged on Monday. Topping in volume terms was Zenith Bank Plc, United Bank for Africa Plc and Access Bank Plc while Nigerian Breweries Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with a 1.14% (+315.12) increase to close at 27,945.02 from 27,629.90 the previous trading day. Market Capitalization depreciated in tandem to N9.60 trillion from N9.49 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an increase of 1.20% to close at 115.52 from 114.15 recorded at the end of the previous trading day, while its market capitalization stood at N8.99 trillion from N8.89 trillion of the previous trading day.

A total number of 24 stocks gained on the bourse today while 14 stocks declined, 60 leaving stocks unchanged. Oando Plc again emerged the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.12% to close at N6.20 per share.

It was followed by Ecobank Transnational Incorporated with a gain of 8.39% to close at N13.43 per share.

Others on the gainers list include: Access Bank Plc, Guaranty Trust Bank Plc and Mansard Insurance Plc, while on the decliners’ list; Seplat Petroleum Dev. Co. Ltd led with a loss of 5.00% to close at N297.83 per share.

It was followed by 7-Up Bottling Comp. Plc with a loss of 4.59% to close at N134.00 per share. Others on the losers list include: Sterling Bank Plc, Fidson Healthcare Plc and Wema 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

T H I S D AY • WEDNESDAY, JULY 27 , 2016

MARKET NEWS

FBN Holdings Posts N46 Billion Profit Before Tax in Six Months Goddy Egene and Nosa Alekhuogie FBN Holdings Plc yesterday announced a profit before tax of N45.9billion for the half year ended June 30, 2016, down 11.9 per cent from the N52.1billion reported in the corresponding period of 2015.

Similarly, profit after tax fell by 10.5 per cent to N35.9billion, from N40.1billion

recorded in the corresponding period of 2015.

The profit came from gross earnings of N267.9billion, compared with N271.3billion in 2015.

The decline of 1.2 per cent in gross earnings reflected the slow business environment and restricted trade flows.

Although interest income declined 17.8 per cent to N169.2 billion, from N205.8 billion in 2015, this was offset

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by a 52 per cent increase in non-interest income to N94.1 billion, up from N61.9 billion in 2015.

Commenting on the results, the Group Managing Director, FBN Holdings, UK Eke said: “FBN Holdings’ performance has remained resilient in the challenging macroeconomic and business environment, further exacerbated by the devaluation of the Naira and by the persistent rise

N I G E R I A N QUANTITY TRADED

in inflation.

The Group returned gross earnings of N267.9 billion and profit before tax of N45.9 billion; a reflection of the strength of our underlying business, improving cost control as well as optimisation of revenue generating opportunities.

Focus remains on organic earnings generation, divestment of non-core assets, in addition to balance sheet

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efficiency to further enhance capital.”

A further analysis of the bank’s performance showed that net impairment charge on credit losses rose to N69.9 billion, from N22.6 billion primarily due to the impact of the devaluation of the Naira on the oil and gas, real estate and general sectors.

However, the bank said it has continued to revamp its credit and risk management

processes towards generating high quality assets and have begun to see improvements in this process operationally.

FBN Holdings recorded improvement in cost-to-income ratio that improved to 47.4 per cent, compared with 61.6 per cent in 2015.

This was achieved due to the 13 per cent decline in operating expenses coupled with strong growth in operating income.

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DAILY STOCK MARKET REPORT

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

T H I S D AY WEDNESDAY JULY 27, 2016

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WEDNESDAY JULY 27, 2016 • T H I S D AY

NEWSEXTRA

Drama as Ambassadorial Nominees Couldn’t Recite National Anthem Omololu Ogunmade in Abuja The Senate Committee on Foreign Affairs and observers were shocked to

the marrows yesterday when one ambassadorial nominee did not know the capital of Lagos State while two others could not correctly recite the National

Kogi: Appeal Court Reserves Judgment in Appeal Challenging Bello’s Election Tobi Soniyi in Abuja The Appeal Court in Abuja has reserved judgment in the appeal challenging the decision of the Kogi State Governorship Election Tribunal which upheld Governor Yahaya Bello of the All Progressives Congress (APC) as the winner of the election.

The appellate court said it would communicate the date it would deliver the judgment to the parties.

The court reserved the judgment after hearing submission from all parties involved in the matter.

The appeals were filed by James Faleke of the APC and Idris Wada of the Peoples Democratic Party against the decision of the tribunal which last month upheld the Bello as the validly elected governor.

Arguing the case of Faleke, his counsel, Chief Wole Olanikpekun (SAN), urged the court to set aside the decision of the tribunal and invalidate the election of Bello on the ground that Bello was not properly nominated.

He argued that Bello did not undergo all the electioneering processes as required by law before he emerged as his party’s candidate in re-run election.

Olanikpekun therefore urged the court to allow the appeal and declare Faleke as the proper person for the governorship seat.

In his submission, counsel to INEC, Ahmed Raji (SAN), asked the court to uphold Bello’s election on the grounds that he was properly nominated by APC as a replacement for Abubakar Audu who passed away during the election.

Also, arguing in the same vein, Joseph Daudu (SAN), counsel to Bello, insisted that the issue of nomination of candidates for election was the sole responsibility of a political party.

He argued that Bello, having been nominated by theAPC in compliance with the existing law and authority of the party, remained the candidate of his party in the election.

Daudu urged the court to dismiss all the appeals against his client and uphold the decision of the tribunal which had earlier held that Bello was properly nominated.

Anthem and National Pledge respectively.

The mild drama took place at the commencement of the screening of 47 ambassadorial nominees by the committee in the National Assembly in Abuja.

Upon the take-off of the screening exercise, the nominee from Anambra State, Mrs. Vivian Okeke, who was the first to face the Senate screening committee, was asked to recite the National Anthem but she became nervous and although she started the recitation, she could not carry through the test.

Hence, a member of the committee, Senator James Manager, compassionately came to her rescue by helping her to recite it to the end.

In the same vein, another nominee, Ibrahim Isah, from Niger State, was asked by the Chairman of the Committee, Senator Monsurat Summonu, to recite the National Pledge. Like Okeke, Isah failed the simple screening test as he could not correctly recite it.

During the recitation, Isah had said “...to defend her unity and integrity, so help me God,”

instead of “to defend her unity, and uphold her honour and glory, so help me God.” Besides, another nominee from Benue State, Mrs. Ada Ndem, was asked to mention 12 states in Nigeria and their capitals but when she got to Lagos, she said the capital of Lagos is Lagos.

Failing these simple tests worried some watchers as they wondered how the nation’s ambassadors could be unable to recite the anthem or pledge of the country they are going to represent just as it was viewed to be shocking that an educated Nigerian who rose to a laudable height in civil service did not know the capital of Lagos, the most popular state in the country.

Nevertheless, their failure in the simple tests did not imply that they would not scale the confirmation hurdle as they also correctly answered other questions posed to them before they were eventually asked to “take a bow and go.”

Okeke, for instance, who later put herself together, while responding to a question, said

the three major areas where the present government should give priority attention to should include war against corruption, war against insurgency and diversification of the economy.

Meanwhile, of the total 47 nominees whose names were sent to the Senate by President Muhammadu Buhari last month for confirmation, the committee screened 15 nominees yesterday while the exercise continues today and tomorrow when it is expected to come to an end.

However, Senior Special Assistant on National Assembly Matters, Senator Ita Enang, while embarking on damage control last night, denied reports that some nominees failed simple screening tests.

In a statement, Enang claimed that the reports were nothing but misrepresentation of facts even though it was common knowledge that Okeke while reciting the National Anthem omitted 11 words in the the last stanza as she skipped “... to serve with heart and might, one nation bound in freedom” before jumping to “peace and unity,” as Isa also did while

reciting The Pledge whereas Ndem openly said the capital of Lagos was Lagos instead of Ikeja.

The statement read: “Our Attention has been drawn to report by a section of the media that some Ambassadorial Nominees were unable to recite the National Anthem and Pledge while appearing before the Senate Committee on Foreign Affairs for screening today. ”May I state that the nominees were able to respond to questions asked them, and also recited the National Anthem and Pledge when called upon.

As such, the report by the media is incorrect.

“Subjecting them to criticisms at this point over a situation which never happened in the first place is most unfair and uncalled for.

“Let me use this opportunity to appreciate the effort of the Chairman, Senate Committee on Foreign Affairs, Senator Monsurat Sumonu, and members of the committee, for the intellectual and thorough manner in which the exercise is being carried out”

Jailing People Can’t Solve Nigeria’s Corruption Problem, Says Kukah Ademola Babalola in Ibadan Bishop of the Catholic Diocese of Sokoto, Bishop Mathew Hassan Kukah, has said that jailing people who have purportedly stolen money can never be the solution to fighting corruption in Nigeria.

Rather, he said building strong institutions around the fight against corruption; workable and functional educational system which could liberate people from ignorance that corruption ruins a nation and above all, good governance/functional society are the basis of corruption fight in a way that after these have been provided, anybody who runs foul of the law, should be made to pay dearly for it to serve as deterrent to others.

Kukah made this remarks as a guest of the Ibadan School of Government and Public Policy (ISGPP) when it organised a book reading club which according to the Executive Vice Chairman of the school, Dr. Tunji Olaopa, was aimed at reviving the dying reading culture especially amongst the younger generation.

The Bishop book which was drawn and reviewed by him to the audience, was the ‘Witness to Justice; an outpouring of emotions during the Oputa Truth Commission.

From it, he chronicled how emotions ran high from different ethnic representatives and people who suffered one form of injustice or another from past administrations

and powerful individuals in the country during the military governments preceding the democratic administration of President Olusegun Obasanjo in 1999.

“Corruption is a symptom of a sickness. We might deal with the corruption by jailing people but as long as the system allows people to steal, it will remain with us. Fighting corruption is not only about jailing people or putting them in prison. The system that produces corrupt people would remain with us if we don’t address some fundamental questions that breed corruption because some people can say afterall, certain number of people who have gone to prison have come back to be president of this nation. Some may also argue that a number of National Assembly members have gone to prison yet came back and got elected. Same goes for a number of people who are today in Nigerian government houses who also have at one time or the other gone to prison and came back to be elected as governors and so on. So prison is not a threat to a number of people.

“President Buhari has been dealing with $2.1billlion security money allegedly embezzled from the Office of the National Security Adviser for close to one year now and yet he said between $150billion to $200billion have been stashed abroad by corrupt Nigerians, when are we going to actualise all that if we are still just on $2.1billion arms money till date.

LONG MAY YOU REIGN

L-R: Abia State Governor, Dr. Okezie Ikpeazu, wife of the Premier of the defunct Eastern Region, Lady Adanma Michael Okpara; and her first son, Chief Uzodinma Michael Okpara, when they paid a solidarity visit on the governor at the Government House Lodge in Umuahia....yesterday Ibeabuchi

Na’Allah: Obasanjo Offered Me N50m Bribe in 2006 Omololu Ogunmade in Abuja Senate Deputy Leader, Senator Bala Ibn Na’Allah, yesterday dismissed the allegation of corruption levelled against members of the National Assembly by President Olusegun Obasanjo, claiming that he rejected N50 million bribe the former president offered him in 2006.

Na’Allah was reacting to the remark by Obasanjo while fielding questions from State House correspondents in Abuja last Monday that the recent allegation of budget padding against the leadership of the House of Representatives only confirmed his earlier remark that the National Assembly is a body

of corrupt persons.

But Na’Allah said Obasanjo lacked the moral rectitude to make such allegation, alleging that he offered N50million bribe to each of the 469 federal lawmakers in the fifth National Assembly while pursuing a third term agenda.

In a statement, Na’Allah claimed that he rejected the bribe as he described Obasanjo’s accusation as reckless and terrifying, adding that the former president had never caught him in any record of corruption.

The statement read: “My attention has been drawn to a purported statement attributed to Obasanjo in which it was alleged that he made a sweeping

statement to the effect that there are no men of integrity in the National Assembly.

“I am respectfully taking exception to the statement which I express the hope is not true. To start with, it is not in my character to join issues with an elder statement who have had the privilege of superintending over the affairs of our great country Nigeria.

“This exception has become necessary in view of the enormity of the alleged statement to my person and integrity. If President Obasanjo can come out with one proven record of corruption against me as a person, I promised to vacate my seat as a senator of the Federal

Republic of Nigeria.

“For the records, I was the only member from Kebbi State who did not find it worthy at that time of collecting the sum of N50 million as an inducement to subvert the constitution and provide a constitutional framework for the third term ambition of President Obasanjo.

I find this statement, if it is true, to be reckless and terrifying.

“The implication of the statement is to say that over 170 million Nigerians have not elected a single person with integrity among the 469 members of the National Assembly. This is definitely rhapsodic and does not conform to commonsense and reason.”

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Policeman, Four Others Shot as Displaced Pipeline Vandals Engage Police in Shootout Police deploy 100 operatives, drones, helicopters, 50 patrol vehicles and 10 APC IYC: Those accusing Ijaw of attacking Yoruba communities stoking ethnic tensions

Emmanuel Addeh inYenagoa and Chiemelie Ezeobi inLagos A policeman and four civilians were yesterday caught in a shootout between displaced pipeline vandals and operatives of the Rapid Response Squad (RRS), the Igando Police Division and the Police Mobile Force (PMF), in the Igando area of Lagos.

This is just as the Lagos State Police Command deployed over 100 operatives from the different arms of the force, drones, helicopters, 50 patrol vehicles and 10 Armoured Personal Carriers (APCs) to quell the situation.

Following the shootout, pandemonium erupted at the Obadore, Ewedogbon Community, Akesan Fatoki, and Egan areas of Igando, Lagos, as the vandals engaged the policemen for hours.

Although initial fears were that the suspects were militants that stormed the community to kidnap people for ransom, it was however discovered that they were displaced pipeline vandals who were on a

revenge mission.

THISDAY gathered that the vandals had stormed the community to avenge an attack on a gang member by some commercial motorcyclists in the area on Monday night.

Using the element of surprise, the vandals stormed the area in the morning and started firing sporadically at the commercial motorcyclists plying their trade in that area.

It was the sporadic shooting that caught the attention of some operatives of the Rapid Response Squad (RRS) who were deployed to patrol the area.

According to eyewitness accounts, the vandals upon sighting the operatives released more gunshots in a bid to repel them and it was in the process that one of the RRS operative was shot.

The other operatives were said to have sent a distress call to Igando Police Division and alongside the RRS operatives, who came to the scene and engaged the vandals in a gun duel.

Momohjimoh Lawal Resigned as Kogi Speaker

Assembly elects Umar Imam as new speaker Yekini Jimoh in Lokoja The embattled Speaker of the Kogi State House of Assembly, Hon. Momohjimoh Lawal, yesterday formerly resigned as Speaker of the assembly as Hon. Umar Imam of the All Progressives Congress (APC) was elected the new Speaker of the assembly.

For the past six months, the assembly has been in disagreement over leadership.

Lawal, submitted his resignation letter to the Clerk of the assembly on July 26, 2016, in absentia, was read by the Deputy Speaker of the assembly, Hon Aliyu Aku, who presided in the absence and it of Speaker.

According to the letter, “I would have preferred to continue with the struggle for the entrenchment of democratic values, but the interest of Kogi State must always come before any personal consideration “Today, my resignation as the speaker of this assembly was a difficult decision but I do believe it is the right things to do, and I am sure this will bring joy to some and anger to others “To those who believe in legislative democratic principles, I do understand your anger and frustrations. To my colleagues who stood by me in the struggle to uphold the sanctity of the legislature, I thank you and will forever cherish your love and solidarity.

“I want to urge all of us to use my resignation to heal, not to hate, so that we can collectively move the state forward for a better tomorrow and Kogi State.”

However, following the resignation of Lawal as speaker of the assembly, the Majority Leader of the assembly, Hon. Kolawole

Matthew representing Kabba/ Bunu state constituency raised a motion nominating Hon Umar Imam representing Lokoja 1 state constituency as Speaker and was seconded by Hon Abdullahi Hassan representing Ajaokuta constituency.

All the 22 out of 23 members of the state House of Assembly who were present formerly elected Imam as the new Speaker of the state House of Assembly.

Meanwhile, Imam, while addressing members of the assembly commended all the 23 members of the House of Assembly.

He said: “To you all, my distinguished colleagues, I am very grateful. I thank you all in particular for your confidence, for your generosity and for your cooperation in embracing peace and coming together as one strong united family. I will at all times be mindful of these selflessness and credence.

“I sincerely thank the immediate past Speaker, Lawal, for his services, and the ‘Peace Heroes’ from the Peace Committee of The Parliamentarians’, they deserve my wholehearted appreciation.

“For all the various steps taken at mediating and resolving our conflict, and for ensuring that sacrifices were made and compromises reached to bring us to where we are today, I say thank you. I am happy that the state government has taken adequate steps to acknowledge and appreciate them for their hard work and sacrifices.

“My address will not be complete without special recognition and appreciation to the state Governor, Alhaji Yahaya Bello, we thank you for heeding our calls to intervene in the crisis rocking the assembly, indeed, we are grateful.”

As at press time, despite the heavy presence of security agencies, some of the frightened residents and traders still fled the community and its environs for fear of another reprisal attack.

Some residents said the main issue was that the gunmen had stormed the community, possibly to abduct another person like they have successfully done in the past.

They claimed that when the residents started running away in fright, the vandals began to shoot sporadically, adding that it was the noise of the gunshot that attracted the policemen who called for reinforcement.

Citing the case of the kidnap of the Oniba of Iba two weeks ago, the residents who said they have been living in fear, called on the state government to come to their aid.

As at press time, combined team of policemen from the RRS, Police Mobile Force (PMF), conventional police and the army were on the ground after they had repelled the vandals, who fled in their speedboats.

One of the residents who spoke to THISDAY, John Ogenevo, said: “We are tired of the war situation we have found ourselves in Lagos.

Any waterway is now a dangerous route. It was in the same route, the

suspects came and abducted the Oba of Iba. “They have come again to abduct another person. Who knows who they came for. This axis was haven for pipeline vandals before, now that there is no avenue for siphoning fuel, they have now resorted to kidnapping.

“We are all relocating our families. Many of us are fleeing because life is no more interesting. life is shot and brief. We don’t know whether we are in a war situation, as we speak people are moving out the area.

“We are pleading with the federal government to intervene and rescue residents of riverine communities from untimely death and harassment from the gunmen.

“The government should declare a state of emergency on Lagos and Ogun waterways. The Navy and the marine police should be fully involved, because the war cannot be left for the police alone. This is war is beyond the police.”

Another resident, Oluwadare Damilola, who said his younger brother, Fidelis, was missing, said: “He just left for work when I started hearing gunshots. I have been calling his two phones and they are still switched off. I am worried whether the hoodlums took away my brother. I am still

waiting to hear from my brother.”

Another witnessed said: “The hoodlums who stormed our community comprising of Fatoki, Obadore and Egan at early hours of the morning. Our area is about five minutes to Iba where Oba Yushua Oseni was abducted.

“They came in speed boats. They stole our generator, Televisions, money and other items. The Police actually responded on time and repelled the idiots who fled in there speed boats.”

Debunking claims that six persons were shot dead in the gunfire, the state Police Public Relations Officer, Dolapo Badmos, a Superintendent of Police, said: “At the early hours of today, hoodlums invaded a community in Igando in large numbers in an attempt to cause havoc and a state of insecurity in the place.

“There was panic and the residents sent a distress call to the Police. The Police responded swiftly and repelled the hoodlums who fled the community in their numbers. They could not succeed in their evil plan.

“Without being boastful, our response to distress call is fantastically swift. The community has been commending us. We have strategically positioned Policemen in strategic locations where the

can be reached by the members of the public. This is to ensure rapid response to security challenges.

“The Marine Police has been deployed to man our waterway and more strategies have also been put in place to forestall further attacks on communities residing on waterways.

“I advise members of the public to emulate the spirit exhibited by the Igando community who quickly alerted the Police. If you alert us on time, our efforts will pay off as it was today.”

Meanwhile, the Ijaw Youth Council (IYC), worldwide, yesterday alleged that the continued linkage of the Ijaw ethnic nationality to criminal activities taking place in Ikorodu, Lagos State and some communities in Ogun State was a deliberate ploy by some highly placed persons to paint the Ijaw ethnic nationality in bad light.

According to the IYC, the plan was being hatched to justify the ”evil they are planning against the Ijaw people.”

Spokesman of the group, Mr. Eric Omare, said in a statement yesterday that the idea was to make Ijaw people look like enemies in the eyes of all their neighbours in the southern part of the country.

DIPLOMATIC VISIT

L-R: British High Commissioner to Nigeria, Mr. Paul Arlwright; Minister of Solid Minerals, Dr. Kayode Fayemi; and Minister of State for Solid Minerals, Hon. Abubakar Bwari, when the envoy paid a courtesy visit to the ministry in Abuja.... yesterday

Borno IDPs Protest Inadequate Food Supply Internally Displaced Persons (IDPs) in Bama, Borno State, yesterday complained about the quantity of food supplied to them in their camp by the state Emergency Management Agency (SEMA).

The News Agency of Nigeria (NAN), reported that the displaced persons voiced out their grievances when members of the House of Representatives Committee on the IDPs visited the camp.

A spokesman of the IDPs, Mallam Bukar Kolo, told the legislators that the IDPs were faced with acute food shortage at the camp.

“We were happy when the

camp management abolished the centralised cooking system last week due to our complaints.

“But the introduction of household cooking has not solved the problem,” Kolo said.

He accused the SEMA officials of supplying inadequate food items to households under the new system.

“I have a family of 30 dependents but they gave me a 10 kilogram bag of semovita, a 50 kilogram bag of rice and some few items.

“These food items are expected to last three weeks, before another supply, but we have already exhausted the supply,” Kolo said.

He added: “This arrangement

cannot work because the food supply is grossly inadequate.

“How can 30 people feed on food that cannot feed more than 10 persons?”

Mallam Mustapha Modu, another IDP, corroborated the claim.

“The food supplied to the displaced persons is not sufficient.

We are still living in hunger because the food supply is too small to sustain us.

“We want you to please intervene and ensure that more food is supplied to us,” Modu said.

But the IDPs’ Camp Manager, Mallam Babagana Grema, faulted the IDPs’ claims.

“It is true that we gave them one bag of rice and one bag of semovita each.

“But we have made provision for additional supply to families who have exhausted their supply,” Grema said.

Responding, Alhaji Sani Zoro, chairman of the committee, promised to tackle the problems.

“We are here on a fact-finding mission; our aim is to ascertain and see the living condition of the IDPs. “We will report back to the House and ensure that necessary action is taken towards alleviating your concerns here,” Zoro said.

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Inconclusive Polls: Fayose Accuses INEC of Messing up Democracy Olakiitan Victor in Ado Ekiti The Independent National Electoral Commission (INEC) yesterday drew the ire of the Ekiti State Governor, Mr. Ayodele Fayose, as the governor accused the electoral body of desecrating the democratic institution with the prevalence of inconclusive elections witnessed under its present Chairman, Prof Mahmood Yakubu.

Fayose said the INEC was messing up democracy in Nigeria with its handling of elections under the President Muhammadu Buhari-led All

Progressives Congress (APC) government.

The governor, who described the postponement of the Rivers State rerun elections and the alleged manipulation of the Imo North senatorial election as another dangerous signal of what to come in 2019, asked how an INEC that could not conduct elections conclusively in just one state will be able to conduct elections in the entire country in 2019.

In a statement issued yesterday by the Special Assistant to the governor on Public Communications , Lere Olayinka, the governor

reiterated his fear that “democracy in Nigeria is being threatened by INEC and this should call for national and international reflection.” He said: “Lovers of democracy in Nigeria and the entire world should be worried that after conducting inconclusive elections in Rivers State in March this year, INEC postponed conclusion of the elections twice.

“INEC had on June 20 after a meeting with relevant stakeholders, fixed June 30 as new date for the conclusion

of the poll.

“However, the electoral commission postponed the elections for the second time, claiming reports of violence and one wonders how INEC will be able to conduct elections in 36 states and the Federal Capital Territory (FCT) in 2019 if it has not been able to conclude elections in Rivers State in four months!”

Speaking further, the governor said President Buhari should be worried that since he assumed office, all elections conducted

by INEC ended inconclusive, adding that it should be clear to the president and his party men that absence of free, fair and credible electoral process is a direct invitation to anarchy.

He said: “Nigerians had thought issues of violence, ballot snatching and electoral fraud had been put behind them only for it to be brought back frontally by the Buhari’s government.

“President Buhari should ask himself if he would have been elected if the system then did not allow free and fair elections. INEC Chairman,

Prof. Mahmood Yakubu should also be worried if there would have been an INEC to head if the 2015 elections had been inconclusive.

“I therefore appeal to the APC-led federal government not to destroy the legacy of near credible electoral process bequeathed on Nigeria by the Peoples Democratic Party (PDP) government.

“The APC-led federal government should allow for a system that will make Nigerians to be able to elect their leaders freely.”

Introduce Graft Reduction Advocacy Programmes, EFCC Told Crusoe Osagie The Economic and Financial Crimes Commission (EFCC) has been advised to initiate preventive, corruption-reduction advocacy programmes as part of the efforts to further institutionalise its anti- corruption activities.

Speaking at a one-day seminar organised by the Centre for Applied and Social Advocacy in collaboration with the Coalition for Democracy and Credible Election (CODECE) in Abuja yesterday, the Director General, Peoples Democratic Institute (PDI), Dr. Lanre Adebayo, emphasised the importance of education as a vehicle to positively change society values.

He also noted that advocacy was a necessary element in any national effort to enlist citizens’ participation, ownership and sustainability especially on matters of national importance.

Adebayo contended that corruption had undermined the country’s development strides, adding that the current energy with which the Chairman of the EFCC Mr. Ibrahim Magu was fighting the menace was commendable.

He however, suggested an effective combination of both the preventive and curative approaches in order to mainstream the efforts as well as making it to endure.

He further argued that one of the ways to ensure the sustainability of current reforms and efforts was through a robust preventive corruption reduction

advocacy and education efforts which should domicile in the EFCC. The Director General called for a joint inter-ministerial and NonState collaboration in developing appropriate technical platform to support the EFCC and other anti-corruption agencies.

Adebayo noted the central role being played by the EFCC in the current anti-corruption efforts of the federal government adding that both the federal government and the National Assembly should make adequate budgetary provisions to further support the commission in its difficult assignment.

Participants at the seminar called for improved conditions of service for the personnel of the commission as part of the measures to strengthen the anti-corruption policy of the federal government.

They also called for citizens’ support for the EFCC and other ant-corruption institutions especially at the state and local government levels in the country in order to reduce leakages which had undermined the country’s capacity to develop.

The seminar urged the federal government to review the civic education curriculum at both the primary and secondary school levels to include anti-corruption element so as to inculcate anticorruption training in the minds of the youths.

The participants also urges the National Orientation Agency (NOA) to support the EFCC through massive grassroots advocacy campaign.

Nigerians Charged to Invest Positively in Education Sector Political office holders have been charged to contribute positively in repositioning the nation’s falling education sector. The advice was given by the Principal of International School, University of Lagos, Mrs. Emily Ojo, while receiving a former principal of the school, Mrs. Olushola Peters, during a book donation ceremony by the daughter of the former school in Lagos.

Ojo also urged parents and guardians not to abandon their responsibilities to teachers and the society, “but to strive towards complementing their efforts, through visits to their institutions. This will stimulate their efforts, as well as to dutifully join notable non-government organisations (NGOs) and other public organisations to accordingly mould their future to an enviable height.

BRIEFING THE MEDIA

L-R: Chairman, House of Representatives Committee on Media, Hon. Abdulrasak Namdas; Member of the Committee, Hon. Lynda Ikpeazu; and another member of the committee, Hon. E J Agbonayinm, brifing journalists on the revealations made by the former Chairman House Committee on Appropriation, Hon. Jibrin Abdulmumin, on the padding of 2016 budget by House leadership in Abuja... yesterday Julius Atoi

Global Labour Leaders Hail Dangote’s Massive Investment in Africa Crusoe Osagie For his strategic investments across African countries and creating thousands of jobs, the Global Organised Labour, under the aegis of African Industrial Global Union, has commended the President of Dangote Group, Aliko Dangote, for his patriotism and investment in Africa.

The body, at a meeting in Lagos, called for special recognition for the African entrepreneur, describing him as a success story from African soil for which African countries must be proud.

Speaking at a network meeting on unionisation in Dangote Group, organised by Industrial Global Union, Africa Region in Lagos, the union leaders, one after another, said Dangote has offered a relief to Africa from the negative narratives the western countries latched on to discredit Africa and her people.

They stated that much as an African could so patriotic as to be dotting African soil with billion of dollars investments to create jobs and reduce poverty, he needs to be given special recognition to motivate others to tow similar line.

Relishing on the prospective of an African country hosting the single largest Refinery and Petrochemicals train project, the union leaders said it was planning in their next African meeting to bring the business mogul

to address global union leaders.

Regional Secretary, sub-Sahara Africa, Fabian Nkomo said the body cherished the business acumen of Dangote and would like to work closely with him so that as he creates jobs, the union could also partner to ensure job quality is maintained.

He said he has moved round Africa and discovered no one else has invested so much in Africa as an Africa and therefore Dangote should be encouraged.

“He has help governments across African states to create vital jobs and reduce poverty among our people, the unions are very proud of him,” Nkomo stated.

In his remark, the Africa Regional Chairman of Industrial Global Union, Issa Aremu, who is also the General Secretary of Textile Workers Union commended Aliko Dangote for leading industrialisation in the Africa continent.

Aremu acknowledged the remarkable efforts of Aliko Dangote at re-industrialisation of the continent, stimulating the continent’s growth and creating more jobs for its huge population.

The labour leader lauded the commitment of Dangote to sustainable industrial development and urged government to provide favourable environment for investments as well as improvement in infrastructural development.

Dangote Group was commended for the strong network of branches across the Africa continent; Nigeria, Ghana, Cote d’ Ivoire, Liberia, Sierra Leone, Senegal, South Africa, Zimbabwe, Zambia, Tanzania, Congo, Cameroun, Kenya, Ethiopia among others.

Aremu added that it was time Dangote group entered into mutually rewarding engagement with relevant unions with a view to unionisation even as he called on trade unions to support business through improved productivity.

He alluded to the $12 billion refinery, petrochemicals and fertilizer projects which he said would be a revolution of the Nigerian industrial space when completed.

As partners in progress, Aremu pledges the support and cooperation of Industrial Global to ensure business-friendly unionisation of the Dangote workers.

He nevertheless cautioned the unions involved to be proactive and strategic in approaching the exercise saying: “We need to show that we are partners to improve on the businesses of Dangote because we are talking of unionisation because there is an investment in which workers are engaged. If there are no businesses, we can’t be talking of unionism.

“So first and foremost, we must be seen to be part of forces that are protecting investments. We are not business killers, if anything we are

adding value. So, we cherish him as one of the few Nigerians making a good story out of Nigeria and Africa and would like to collaborate with him.

Industrial Global Union with headquarters in Geneva, Switzerland, represents 50 million workers in 140 countries in the cement, mining, energy and manufacturing sectors. It is a force in global solidarity taking up the fight for better working conditions and trade union rights around the world.

In attendance were the leadership and organisers of industrial affiliate unions in Nigeria; National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), Nigeria Union of Petroleum and Natural Gas (NUPENG), Chemical and Non Metallic Products Senior Staff Association of Nigeria (CANMPSSAN), National Union of Chemical, Footwear, Rubber, Leather and Non Metallic Products Employees (NUCFRLAMPE), Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Steel and Engineering Workers Union of Nigeria (SEWUN) and National Union of Electricity Employees (NUEE). The Africa Regional Secretary of Industrial Global Union, Comrade Fabian Nkomo, attended the meeting with a representative of Dangote Group.

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Edo Guber: INEC Expresses Fear over Possible Violence Commission to publish candidates’ names today US Consul-General task candidates on violence-free poll Onyebuchi Ezigbo in Abuja and Adibe Emenyonu in Benin City

The Independent National Electoral Commission (INEC) has said the major concern in the preparation for the September 10 governorship election in Edo State is the security of personnel, voters and materials.

As part of the processes for the governorship poll, the commission said it would today publish the names of approved governorship candidates for the election.

The commission had Monday put off the scheduled re-run

National Assembly election in Rivers State due to fear of violence.

Speaking at a stakeholders’ meeting, the INEC National Commissioner (North-west), Mrs. Amina Zakari, said the reason for increasing cases of inconclusive elections recently is due to the desperation on the part of politicians to win elections at all cost.

She said rather than blaming the commission for it, Nigerians should hold political parties and politicians accountable for the inability to conclude elections peacefully.

Also, the Resident Electoral

Obasanjo Calls for Merger of MDAs to Check Wastages Former President Olusegun Obasanjo has called for merging of government’s ministries, departments and agencies (MDAs) as part of efforts to curb wastages of scarce resources.

Obasanjo made the call yesterday in Abeokuta while addressing members of the Joint Tax Board who paid him a courtesy call at his Hilltop residence.

The former president, according to the News Agency of Nigeria (NAN), said government needed to block all forms of financial leakages due to the dwindling revenue.

He also advised the various states should increase their revenue generating drive and ensure that taxpayers money were utilised to provide necessary infrastructure for benefit of all citizens.

“When times are hard, that

is when governments need increased drive for internally generated revenue.

“They have to look into ways of becoming slimmer and also bring together establishments or institutions which cannot continue to exist separately.

“They should also ensure that the funds generated from taxes are well utilised.

“I think these are some of the things we have to do to get us out of the tight situation that we are all in,” he said.

The Chairman of the Joint Tax Board, Mr. Babatunde Fowler, noted that tax earnings available to the federal government had increased through a renewed drive by the board.

He gave assurance that Nigerians would continue to benefit from the laudable projects financed through funds from taxes.

Ondo Guber: Another Commissioner Resigns from Mimiko’s Cabinet, Joins Guber Race James Sowole in Akure Less than one week after the Ondo State Attorney General and Commissioner for Justice, Mr Eyitayo Jegede (SAN) resigned from the cabinet of Governor Olusegun Mimiko to join the governorship race, the Commissioner for Local Government and Chieftaincy Affairs, Prince Bamiduro Dada, yesterday resigned for the same purpose.

Dada’s resignation brings to three the number of commissioners who so afr resigned from the cabinet of Mimiko to contest for the state governorship ticket on the platform of the Peoples Democratic Party (PDP) that would be decided on August 22.

Prior to Jegede’s resignation, the Commissioner for Environment, Chief Sola Ebiseni had quitted the Mimiko’s cabinet.

In his letter, Dada thanked Mimiko for the opportunity to serve the people of the state in various capacities in the past seven years including Special

Adviser on Political Matter and later Commissioner for Local Government and Chieftaincy Affairs.

“It is noteworthy that God has really used you to enable me put my God-given virtues into the discharge of my duties at the Due-Process Department, Political Matters and eventually as a commissioner.

“Words are not enough to express how grateful I am for the role you have played in my life. It is my prayers that it shall be well with you and your household now and forever,” Dada said.

Speaking to his supporters who came to congratulate him for a successful tenure, Dada assured them that he would defeat other aspirants to clinch the ticket of the party.

Dada, who said he is closer to Mimiko than any of the aspirants said he has been at the corridor of power in the state since 1999, the experience he would use in the run-up to the party primary.

Commissioner (REC) for the Edo State, Sam Olumekun, re-echoed the position of his colleague when he attributed incidence of violence during elections to the desperate bid by politicians to outwit one another.

“INEC’s experience since the 2015 general election is that election security may have been on the decline. I should therefore shout loudly that perhaps the biggest challenge we face is that of security,” he stated.

Regarding security strategy for the Edo State governorship election, INEC said: “We must try to balance the imperatives of securing the electoral processes with the need to allow voters unfettered opportunity to come out and cast votes without any fear as a result of the presence of security personnel,” he said.

The commission said the issue of security during elections should not be the concern of INEC or security

agencies alone but that other stakeholders such as the media, community leaders, Civil society and political parties should be involved.

According to the REC, the commission is working closely with security agencies under the inter-agency consultative committee on election security at the state and local government area levels in the state.

“No matter the extent of our readiness, if there are serious security concerns, the successful conduct of free, fair, credible and peaceful governorship election in the state would be jeopardised.

“Recurrent security issues such as snatching of election materials, abduction of election personnel, disruption of electoral processes by hoodlums and over zealousness on the part of the party supporters have since 2015 elections been on the increase.

“Security is basically

indispensable for the conduct of credible election from the provision of basic security to political parties at campaign rallies to the voters, election personnel and materials, the electoral process is guarded by security considerations,” he said.

Meanwhile, ahead of the election, the United States Consul-General in Nigeria, John Bray, has charged candidates of all the political parties in the election to see the poll as a contest and not a battle ground.

Bray in company of the Economic Officer of the Consulate-General, James Plasman, stated this when he paid a courtesy visit on the All Progressives Congress (APC) governorship candidate, Mr. Godwin Obaseki, in Benin City.

He warned political gladiators in the state be aware that the international community was waiting anxiously to see a violence free election.

Assuring the state government of a sustained working environment, Bray noted that matters of economic importance such as agriculture, power, (the Agro Power Projects which they are committing $50 million through USAID) Peace in the Niger-Delta and Matters bordering on youth empowerment is top on their priority list.

He said: “We are in the state for the upcoming election, just letting them know the international community is watching for a free, fair and transparent election. So we are trying to make that point to all the gladiators.”

On his part, Obaseki with his running mate, Philip Shaibu, while receiving the delegation, thanked them for the visit which he said would go a long way in sustaining the mutual working relationship between the US and the state.

SIGNED AND SEALED

L-R: Director, Legal and Regulatory, Airtel, Mr. Shola Adeyemi; Company’s Chief Commercial Officer, Mr. Ahmad Mokhles; and Regional Commercial Manager, West Africa, British Airways, Mr. Kola Olayinka, at the signing of memorandum of understanding (MOU), between Airtel and British Airways in Lagos....yesterday Sunday Adigun

Ex-militants: Delayed Amnesty Stipends Fuelling Criminalities in Niger Delta Emmanuel Addeh in Yenagoa A group of ex-militants from the nine oil-producing states in the Niger Delta yesterday stated that the delayed payment of stipends to beneficiaries of the federal government’s Amnesty Programme was capable of fuelling crimes in the region.

The ex-agitators under the auspices of the Leadership, Peace and Cultural Development Initiative (LPCDI), led by former ‘Gen’ Reuben Wilson (aka, Pastor Reuben) and Nature Kieghe, National Secretary, made their position known in Yenagoa, the Bayelsa State capital.

“We are still pleading with the Presidency to take a critical look into the issues of late salary payments of monthly stipends to

the amnesty beneficiaries.

“The delay of these payments is working against the peace we are preaching because these boys tend to go into criminality in order to make ends meet due to lack of payments,” the group said.

The former agitators reiterated their support for Brig. Gen. Paul Boroh (rtd), the Amnesty Coordinator, noting that in a short time, the former military officer has piloted the affairs of the programme well.

They warned “greedy and selfish politicians” to hands-off the programme and allow it run its course.

While commending President Muhammadu Buhari for initially extending the Amnesty programme, the youths called for a further extension till 2019.

“We are also appealing that the date be extended to 2019 to give enough time for the beneficiaries of the programme studying abroad to conclude their various educational programmes.

“This will also make time for those who are yet to undergo their various skill acquisition trainings to commence and conclude before the expiration of the programme,” the LPCDI said.

They also urged the President to extend an olive branch to “some of our brothers who are still in the creeks and are willing to embrace the programme,” it noted.

The group added: “We wish to use this medium to condemn the pipeline bombings in Delta and Bayelsa States. We advise all concerned to stop such

dastardly act as it will only bring the region back to its dark days and ultimately hinder any form of development in the area.

“We call on all our Niger Delta brothers and sisters to be more patient with the President as he needs more time to carry out his positive developments for the region.

“Finally, it is also very important here to commend the efforts of our military, under the leadership of the Lt. Gen. Tukur Burutai.

“He has gallantly piloted the affairs of the military and this is evident in the way and manner they have dissipated the Boko Haram group in the North and also in the way the military is handling the issues in the Niger Delta region,” it said.

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APGA’s 10 Years Cannot Match My 34-month Leadership in Anambra, Says Ngige David-Chyddy Eleke in Awka The Minister of Labour and Employment, Senator Chris Ngige, has said the government of the All Progressives Grand Alliance

(APGA) under former Governor, Peter Obi, and the incumbent Governor, Willie Obiano, which amounts to over 10 years has not equalled his 34-month achievements in the state as governor.

‘No True Son of Obaseki willVote for Another Party than APC’

Says Don Pedro must apologise to family else…

Adibe Emenyonu in Benin City The Ohen of Benin Kingdom, Chief Osayuki Obaseki, has asked Don Pedro Obaseki to immediately apologise to the family over his comments that people should vote for the governorship candidate of the Peoples Democratic Party (PDP) in Edo State, Pastor Osagie Ize-Iyamu, rather than his cousin, Godwin Obaseki, of the All Progressives Congress (APC).

Don Pedro Obaseki few days ago pledged his support for the PDP candidate, asking his supporters and people of the state to do same.

But addressing journalists in Benin City, yesterday, on behalf of the family, Osayuki, on behalf of the Obaseki family, said: “I will not want to hand over Pedro to our ancestors because I don’t want him dead. But I will appeal to him to retrace his steps, come back to the family and tender an unreserved apology and retract his statement that people should vote for Ize-Iyamu instead of Obaseki.”

According to him, “I do not know if I should say Pedro is one of my children because I am afraid of him now. I want to correct the unfortunate impression he created.

I do not know if he belongs to any political party because he could not have been in APC today, tomorrow

Accord Party and now ending up in the PDP. That is political harlotry which is a big shame.

“I want the world to know that no true son of Obaseki, born by an Obaseki, with Obaseki blood in his vein will ever vote Ize-Iyamu. The whole Obaseki family is supporting Godwin our son. Yes we all cannot put our eggs in one basket, there are some radicals who can go to the other group but don’t insult our son, Godwin, because he is very knowledgeable, he knows what he is doing, he has been in the stock exchange for years and that is the power house of Nigeria’s economy.

“He knows who is who in this country. We are not supporting Pedro and his allies. No Obaseki should vote for Ize-Iyamu. IzeIyamu is my mother’s relation, and that is my mother, but my father comes first. No true son of Obaseki will vote for Ize-Iyamu, I repeat. We must all vote for Obaseki.

“I use this opportunity to invite all Obasekis in the Diaspora that on September 9, we have our family get together every year-the celebration of the death of Agho Obaseki. I want all Obasekis to be present at Ogbe, and together, we will match to the polling booth on the 10th to vote Godwin as the state governor.”

Distraction, Petitions Force Court to Defer Judgment on Arco, AGIP’s Suit Ernest Chinwo in Port Harcourt

The Federal High Court sitting in Port Harcourt has differed its judgment on a matter filed by an indigenous oil servicing firm, Arco Group Plc against the Nigerian Agip Oil Company Limited (NAOC) and other cases listed for judgment because of “distractions and annoying petitions.”

Arco had, in suit number FH/ PH/CS/02/2015, dragged Agip, Nigerian National Petroleum Corporation (NNPC), Conoco Philips Petroleum Nigeria Limited and the Nigeria Petroleum Investment Management Services (NAPIMS) before the court to determine whether in view of the provision of section three subsections two and (3) of the Nigerian Oil and Gas Industry Content Development Act, 2010, having demonstrated ownership of equipment, Nigerian personnel and capacity to execute the task of performing the contract for the maintenance service of rotating equipment at the Nigerian Agip Oil Company gas plants at OB/OB,

Ebocha and Kwale, it is entitled, being a Nigerian company, to the exclusive right to be considered and granted such contract including any extension of its duration.

Presiding judge, Justice Abdullah Liman, on June 14 fixed July 22 for ruling on six motions including jurisdiction, motion on notice and contempt charges over maintenance of status quo as ordered by the court.

But on Friday, Liman said he had hoped to deliver his ruling on six contentions issues on the Arco case as well as judgments on other matters but that he was not able to write his judgment because of distractions and petitions.

“Even though the court is on vacation, I had hoped to deliver judgment on the listed cases today.

However, I am unable to write the judgments because of distractions and annoying petitions.

“Particularly, on the Arco Group case, this morning I have received additional authorities. I will look into the cases and deliver judgment on September 23. All the cases for judgment are hereby adjourned to September 23,” he said.

He stated this at his Alor home in Idemili South Local Government Area of the state.

Ngige, who was the governor of the state before he was sacked by the Court of Appeal on March 15, 2006, said the Obi and Obiano administrations had not measured up to expectation.

According to him, “APC will be in serious contention for the office of the governor next year because we are determined to take over the Government House because we will do better.

“However, it is too early to begin to talk about whether one will contest or not since the election is coming up next year.

“By the constitution of

Nigeria and the Electoral Act, the governorship election will take place perhaps by December next year.

“Before then, the marshal plan APC has for Nigeria would have been on ground properly as we believe that that will help us during the campaigns.

“For now, anybody who is saying he is campaigning for the governorship is only wasting his time as there is still enough time for that.”

He added that with his performance as a governor between 2003 and 2006, his party would be in good stead for the race.

Ngige stated that former Governor, Peter Obi, and his

successor, Obiano, put together could not equal his performance in 34 months in office with their 10-year reign.

Stating that he had an unbeatable record as governor, Ngige said: “Even when they tried to do multiplicity of roads, their roads have collapsed, while the ones I did are still in perfect conditions.

“Even the handover of schools they are priding themselves about was initiated by me because I was the person who signed the Memorandum of Understanding (MoU) with religious leaders in the state and handed over 37 schools on paper before we left office.

“If they had followed my agricultural road map, the state would have been feeding the whole South-east with rice by now.

“If I were to be governor today, I won’t be going to Abuja for money because our state would have been self-sufficient.

“I will get the required licence and begin mining of some minerals in the state,” he stated.

Ngige contested against the former governor of the state, Obi, for the office in 2010 and against the incumbent governor, Obiano, in 2013.

He was a senator from 2011 to 2015 before he was appointed a minister by President Muhammadu Buhari.

STRENGTHENING DIPLOMATICTIES

L-R: Angola’s Ambassador to Nigeria, Dr. E.. J. Quibato; National Director, Public Debt Management Unit, Angelica Paquete; Angola’s Minister of Finance, Amando Manuel; Minister of Finance, Mrs. Kemi Adeosun; and Director, International Economic Relations, Mr. Haruna Muhammed, during the visit of the AngolandelegationtotheministerinAbuja....yesterday

Ambode: We are Already Replicating Dubai in Lagos

Pledges to expand tourism potential in Badagry, Epe

Gboyega Akinsanmi Lagos State Governor, Mr. Akinwunmi Ambode, yesterday unveiled another ambitious plan of his administration, noting that he was working to replicate Dubai, a United Arab Emirates (UAE) city, in Lagos.

The governor, also, revealed the plan to expand the tourism potentials of Badagry and Epe, which he said, would bring new investors and at the same time boost the state’s internally generated revenue (IGR).

He made the disclosure during an inspection of on-going projects across the state alongside some members of the State Executive Council during which he flagged off the Epe-Marina Lagoon reclamation project.

He explained the lagoon reclamation project was at giving a leap to the tourism potentials of the state, noting that the projects in Epe and Badagry would look like that of Dubai in United Arab

Emirates (UAE) when completed.

He said the reclamation project “will be completed by the end of August, this year. The Epe-Marina Lagoon reclamation project is a complete redevelopment of project site to facilitate development of the area and promote tourism.”

The governor explained that the project “comes with sand filling to the lagoon up to about 200 meters and dualisation of the network of roads in the axis with functional walkways.”

Ambode said: “We want to actually duplicate what you see in Dubai-Marina. This is a whole stretch of two kilometers of real estate and new tourist centres that we are putting in Epe and Badagry at the same time.

“We believe strongly we are going to grow our IGR by 2017 to N30 billion and 2018 to N50 billion. We believe some of these projects that we are commencing now are just inlets to our dream of growing the IGR. “We know by the time we are expanding tourism potentials

of Badagry and Epe at the same time. We will be able to get new investors that will be able to come to our new locations to do other things beyond what you see about recreation, tourism or entertainment and then get a whole lot of investments into Lagos State.

“This is part of our dreams and dreams do come true. We are looking at the future of tourism from both axis. You cannot put tourism in those places without providing infrastructure required to allow people to come in and that is why we are also doing the road network,” the governor explained.

Ambode equally inspected the on-going dualization of about 25 network of roads in Epe, where he acknowledged that the massive investment of government in the area was part of the grand plan “to transform the axis and same was in line with the Lekki Free Trade Zone (LFTZ) project.”

He expressed satisfaction with the level and pace of work

done so far, saying the quality “is of international standard.

The projects will decongest the heartland of Lagos as people would be encouraged to move to Epe and Ibeju-Lekki axis.

“We believe with this expansion, the whole lot of what we are trying to do in Epe and Ibeju-Lekki axis will be developed. We are inspired to see how we can look at the phase two of this project as quickly as possible.

“This road dualisation is expected to be completed in 16 months, but because we are ahead of schedule, we are looking at the first quarter of next year. We have just injected 30 kilometers of standard roads into Epe and the meaning of that is of course changing the economy of Epe Township, real estate will be boomed and we are encouraging commerce and industrialisation.

“This project is the backbone of the Lekki Free Trade Zone, Deep Seaport and the proposed Airport.

All the state government is doing is stimulating the economy. That is what is happening here.”

WEDNESDAY JULY 27, 2016 • T H I S D AY

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CRIME&PUNISHMENT Police Nab Girl, 18 for Selling 18-Month-old Baby for N300,000

Christopher Isiguzo inEnugu

Enugu State Police Command has arrested an 18-year-old girl, Okike Ezinne from Isu Mbaneze in Ohaozara Local Government Area of Ebonyi State for allegedly selling her one year and six months old baby.

The teenage mother sold her baby identified as little Chisom Raphael for Three hundred thousand naira. She was arrested, along with her collaborators.

Ezinne told police that her bosom friend tricked her into selling off her baby.

The Police Public Relations Officer (PPRO) in the state, Ebere Amaraizu, who confirmed the arrest of Ezinne said the girl had the baby out of wedlock and decided to keep it but was reportedly tricked to sell off the baby by her friend, one Promise Godwin, a 20-year old single mother.

He said that the suspect narrated

that when things were no longer going smoothly for her at home, her bosom friend identified as one Promise Godwin, also from Isu Mbaneze Ohazara Local Government Area of Ebonyi State approached her to come to Enugu with the child with a promise that somebody was going to take care of Ezinne and little Chisom Raphael.

“According to Ezinne, she later joined the friend in Enugu where she secured an accommodation at Coal Camp axis but later found out that the friend has abandoned her husband and was into commercial sex work at Four corners junction, Enugu to make ends meet.

“It was further revealed that sometime in the month of March 2016, Promise Godwin having perfected the purchase deal of little Chisom at the rate of N300, 000 with 46-year-old Gloria Okafor from Uturu but married to now late Sunday Okafor of Umudi Lokpanta in Abia State whose

major occupation is to get and sell babies to prospective buyers within Uturu, lokpanta and its environs,” the police spokes man said.

Amaraizu said that police gathered that following the establishment of the sales understanding between Ezinne and Promise with Gloria Okafor, little Chisom Raphael was taken to Limca bus stop at Okigwe, Imo State, along Enugu Port-Harcourt Expressway, Okigwe where Chisom was sold to Gloria Okafor at the rate of N300, 000 and money given to the mother of Chisom in cash.

“On coming back to Enugu, the suspects shared the money as follows:N200, 000 to Ezinne, the mother of the sold child, N50, 000 to Promise, while the remaining N50, 000 went to the motorcyclist working with Godwin Promise at the Four Corner Brothel where she is staying.”

According to Amaraizu, Gloria Okafor, having been nabbed,

In Brief revealed how she bought the child from the duo of Ezinne and Promise but maintained that the child was later handed over to the buyer that same day and the buyer is now at large and further revealed that Godwin Promise, who is already 8-month pregnant and also with a child of one year and a month, has also perfected arrangement to sell off the baby whom she named Chiadikaobi to a prospective buyer before they were nabbed by the operatives of the Central Police station of the Nigeria Police, Enugu State command.

“Suspects are now helping police in their investigations and begging for forgiveness but however blamed the situation to act of satan.

“Meanwhile, the state Commissioner of Police, Emmanuel Ojukwu, has advised youths to know the type of friend they keep in order to become meaningful to themselves and the entire society,” the PPRO noted.

Customs Officials KillThree Residents of Ijora Community in Lagos Some officials attached to the Federal Operations Zone A, of the Nigerian Customs Service (NCS) in Ikeja, yesterday shot and killed three residents of the Ijora Badia community of Lagos during a separate operation carried out by the police. According to eyewitness account, the customs officials, whose identities were yet unknown, had stormed the area while the police were carrying out a separate operation and shot sporadically, killing three persons. THISDAY gathered that the customs officers were there at the invitation of some of the residents of the Hausa community, who had earlier been arrested in a raid carried out by the police. The police had earlier on Monday carried out a raid of some black spots at the Whitesand area of Ijora Badia community and arrested 10 northerners, on allegations of various offences. Some of the Hausa community residents were said to have informed the customs officers, who stormed there to secure their release, but met stiff resistance from the community.

An eyewitness account who spoke on anonymity said: “Some customs officers have killed three persons where the Divisional Police Officer of Badia Police Division was performing an operation. “The customs officers were invited by some Hausa miscreants affected by the operation because the DPO had a arrested 10 persons of Hausa extraction over alleged criminal activities. “When the customs officers came today, they started harassing some of us. Suddenly, they started shooting at us and killed three people.” Confirming the incident, the state Police Public Relations Officer, Dolapo Badmos, a Superintendent of Police, however said only one person died, while two others are recuperating in the hospital. She said: “The community and the police were on joint operation of raiding blackspots within the community and arresting suspected criminals yesterday. “In the process, some officers of the NCS, who were on convoy with officials of the National Emergency Management Agency (NEMA) had an encounter with some of the hoodlums. “They fired some shots and three people were hit by the bullets. As a result, one death was recorded while two others are receiving treatment in the hospital. Policemen are not involved.”

Police Parade Kidnapping, Robbery Suspects in Cross River

RUNNING TO SAFETY

A cross section staff of the University College Hospital (UCH) during a fire incidence in the hospital in Ibadan....yesterday Felix Ademola

Killers of Nigerian Student in London Would not Go Unpunished, Says British Envoy Alex Enumah in Abuja The British High Commissioner to Nigeria, Paul Arkwright, has assured that the killers of a Nigerian teenager, Fola Orebiyi, would not go unpunished as the British government is taking seriously the issue to prevent future ocurrence.

Arkwright who gave the assurance during a courtesy visit to the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs. Abike DabiriErewa, in Abuja disclosed that a number of persons have already been arrested and if found guilty they would be made to face the full wrath of the law.

He said, “The case of the Nigerian student who was murdered, we are taking seriously.

A number of people have been arrested. We will continue to do everything to ensure that such a crime does not occur again and if they do we will punish them.”

The high commissioner who took the opportunity to send condolences to the parents of

the deceased noted that Nigeria’s relations with Britain was an invaluable one that both countries would continue to work hard to improved.

He said a lot of Nigerian artists and sportsmen in the United Kingdom have contributed greatly to the development and wealth of the British society, adding that the Diaspora has a huge potential in helping to improve upon the image of Nigerians.

He reiterated the commitment of the UK towards the success of the corruption war of the President Muhammadu Buhari administration and pledged to sell opportunities in Nigeria to investors in the UK. Responding, SSA to the president on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, commended Britain for the efforts so far in ensuring that justice is done. She said conviction of the perpetrators may not be enough but it would have shown that the boy did not die in vain.

She thanked the envoy for assistance given when her team

visited the UK recently, noting that the visit particularly that to Newcastle revealed the enormous potentials of Nigerians in Diaspora.

The Senior Special Assistant lamented that the good stories of Nigerians outside are never told and promised to use the ‘Diaspora Quarterly’ magazine to showcase the success stories of Nigerians abroad.

She assured the envoy of the readiness of the Buhari’s

administration to partner with the UK in bringing about desired change in the country.

Orebiyi, was reportedly stabbed to death in a street clash on Sunday July 3, in Notting Hill, London, by a gang of youths.

He was reportedly involved in a fight on a nearby estate with a gang of youths, who chased him into the busy road where he was stabbed in the neck in front of shocked passersby and tourists.

Rotary Governor Tasks Public Office Holders on Society-driven Policies The District 9110 Governor, Rotary International, Patrick Ikheloa, has urged public office holders to pursue societal-driven policies that would advance the course of the masses, while calling for meaningful synergy between the leaders and the governed, in order to create a meaningful roadmap for better

understanding. Ikheloa who gave the remark at his official visit to the Rotary Club of Maryland, Ikeja, Lagos, added: “Nigerians should contribute their quota to nation building, alleviating the sufferings of others and strive towards advancing the economic prosperity of the nation.”

The Cross River State Police Command on Tuesday in Calabar announced that it has burst a kidnapping syndicate that has been terrorising parts of the state. The police command also stated that it succeeded in bursting an armed robbery gang that was responsible for some robbery cases in Calabar, the state capital. According to the Police Public Relations Officer (PPRO), Irene Ugbo, the suspected criminals were arrested that intelligence gathered by the police, and cooperation by members of the society. The PPRO who spoke when the suspects were paraded at the state police headquarters said those arrested as kidnapping suspects were Ademola Emmanuel Babajide and Prince Bassey Effiom, while another member of their syndicate known as Edem ‘Boy’ died as a result of injuries he sustained when they encountered the police in a gun battle.

Ugbo who spoke on behalf of the state Commissioner of Police, Mr. Jimoh Ozi Obeh, when the suspects were paraded, said they were arrested after the police responded to distress calls shortly after they kidnaped one Godwin Uduma in Calabar. The PPRO said two fleeing members of the syndicate known as Eyen Uyo and Kingsley Okon Ubong, believed to be the driver of the suspected kidnappers, were on the wanted list of the police. She said the police were on their trail and would soon apprehend them. She also disclosed that the armed robbery suspects paraded, along side the kidnapping suspects were arrested at various locations by the State Anti-Robbery Squad (SARS). The PPRO said the armed robbery suspects include Christian Donatus (aka Inyang), and Ubong Bassey Essien. She said preliminary investigation reveal that they are part of the gang that were terrorising and robbing Monty Suit, Bebobsco, New Airport/Ekpo Abasi Road, Palm Street, Marian Road, and other locations in Calabar metropolis. The PPRO also stated that one William Tony Echeng believed to be a student of the state College of Education Awi, Akamkpa Local Government Area, was arrested for being in possession of a locally made pistol on Saturday, July 16, this year. She warned that the police would not relent in their efforts to rid the state of criminals.

NSCDC Nabs Robbery Suspect During Operation in Ekiti

Men and officers of the Nigerian Security and Civil Defence Corps (NSCDC) last weekend arrested a robbery suspect terrorising a section of Ado Ekiti in recent time during a midnight operation. Speaking in Ado Ekiti yesterday, the Commandant of the Ekiti NSCDC Command, Mr. Donatus Ikemefuna, said the four-man robbery gang had invaded the Jokotayo area of Adebayo and embarked on house-to-house robbery operation of the residents. He said the suspects invaded the area at about 11.30p.m. on a motorbike, which was parked at the entrance before the NSCDC operatives stormed the area after receiving a distressed call to foil the operation. Ikemefuna, who disclosed that the robbers immediately fled the scene upon realising that his men had cordoned off the area, said double barrel guns, machetes, axe , torch light and other arms were recovered from the only culprit that was arrested at the robbery scene. The NSCDC boss said the suspect was immediately handed over to the police for further investigation and prosecution. He said his men’s action was borne out of the existing synergy among all the security agencies in the state in terms of cooperation and in performance of overlapping operations to rid Ekiti of criminals.

WEDNESDAY JULY 27, 2016 • T H I S D AY

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NEWSEXTRA

UCH Accident and Emergency Ward Gutted by Fire Ademola Babalola in Ibadan A first port of call for patients otherwise known as Accident and Emergency ward of the Premier University College Hospital in Ibadan was yesterday gutted fire.

While it lasted, the inferno destroyed the central air conditioning systems and other equipment.

The blaze, which started around 4:15p.m. at Medical Store Casualty Unit of the Accident and Emergency Unit according to eyewitnesses, was said to have been caused by a gas explosion from the central air condition.

The University of Ibadan (UI) fire truck was the first on ground to quell the fire before the Oyo State Fire Service came to join them with two fire trucks and was able to stop the fire around after 5p.m.

There were no casualties reported, but the incident caused chaos in the hospital and patients were evacuated to nearby facilities.

While inspecting the damaged facilities, the Chief Medical Director of UCH, Prof Temitope Alonge, said the fire started around after 4p.m. during his hospital rounds.

He said: “I was at the second

floor of the theatre complex building when I heard shout of people crying for help and I saw smoke coming out of the ward and I came around immediately to help.”

Alonge confirmed that there was no casualty and nobody was injured, be it a staff or patient.

“What I understood happened was that earlier in the day the head of electrical department noticed that the solar panel switch had a fault and it triggered a spark and they attended to it, but since it was not directly coming from the main supply from Ibadan Disco they decided to put on the power supply, so the spark ignted the insulator around the central air conditioning system and that was the beginning of the problem.

“Since our central air conditioner has stop working for a while, I believe it was the spark from the solar panel that ignited the insulator around the central air condition” he said The CMD said he was very emotional with the type of response that the staff of the hospital gave to stop the fire, adding that they climbed the roof to stop the fire.

Duke Urges Nigerians to Contribute to Nation Building Former Governor of Cross River State, Donald Duke, has called on Nigerians to contribute their quota to nation building. Duke who disclosed this recently at the inauguration of the Commint Buka Ikeja Branch, Lagos, commended the management of the organisation for creating employment opportunities for the unemployed youths. He

said: “Nigerians should be shining examples for others to emulate.

They should remain humble and dogged in their efforts to succeed and improve the nation’s economy.” The event also involved the presentation of awards to deserving Nigerians who have contributed to the growth of the organisation and the nation.

Members of the National Association of Nigerian Students (NANS) have declared support for President Muhammadu Buhari’s anticorruption war.

The student body also said it supported the move to recover all funds stolen by corrupt former public officials and civil servants.

NANS made its position known in a statement made available to journalists yesterday by its Acting President/National Convention Chairman, Prince Miaphen.

The students noted that corruption had for long remained the bane of Nigeria’s development.

Noting that corruption breeds nepotism, incompetence, apathy and public infrastructure among others, NANS urged the President not to relent in the war despite criticism from some quarters.

The statement read: “We strongly commend the zest and diligence of the Buhari administration in the war against corruption as it has made it resoundingly clear that indeed a new no-nonsense sheriff is in town and there is no hiding place for any former or present corrupt official.

“It further makes bare that President Buhari is a man that matches his words with

in the emergency department, resuscitation room, x-ray department, the operating theatre, were all affected.

“The central air conditioning system have his base in the basement of the emergency department, barely two weeks ago we just decided to remove the central air conditioning system

because it was becoming a nuisance to the hospital, and if we have not remove it, it would have affected the whole hospital because the entire air condition insulator goes all the way round the hospital and it would have been a bigger disaster.

“Also, because it happened at a time that the staffs were just closing

and were able to assist in stopping the fire.” he said Alonge said the have make arrangements to attend to emergencies and resuscitate them at the general patients departments next door.

He noted that his staff are working tirelessly to bring the situation back to normalcy and attend to emergencies.

A WORTHY OLD GIRL

L-R: An SS2 student, International School, UNILAG, Akoka, Yaba, Lagos, Master Oladipo Oduwole; Vice Principal (Academics) Mrs. Abimbola Olubunkola Adebayo; Donor’s mother and former Principal of the school, Mrs. Olusola Peters; Principal of the school, Mrs. Adora Emily Ojo; An SS 2 student of the school, Miss Oguama Chisom Oduwole; and Vice Principal (Administration), Mr. Olusola Popoola, with the Audio Book titled: ‘CAN DO’ authored and presented to the school by a 1988 graduand, Mrs. Idowu at the school in Lagos....recently

Sheriff’s Loyalists Worsen Leadership Crisis in Abia PDP Emmanuel Ugwu in Umuahia

The leadership crisis in Abia State chapter of the Peoples Democratic Party (PDP) further escalated yesterday as the group loyal to the national leadership of Alhaji Ali Modu Sheriff insisted that they would not recognise the state executive committee led by Chief Johnson Onuigbo. commensurate action because Speaking at a news conference the anti-corruption crusade was in Umuahia, the chairman of the a cardinal part of his presidential group, Chief Chidi Nwosu, insisted campaign manifesto. that the new state executives elected “We are fully aware that some at the state congress of May 10, trepid and disgruntled corrupt 2016 were products of impunity, individuals and organisations are which have “bedeviled our party stopping at nothing to discredit across the states.” and sabotage the ongoing war “Our aim is to fight for the against corruption. end to impunity in our party,” “Some say it is selective, he said, adding that he and other claiming it is targeted at decimating arrowheads of the pro-Sheriff faction the opposition. However, we are yet to in Abia were speaking for a vast see a single individual or organisation number of party members who that is standing trial or being investigated are aggrieved but for one reason for corruption under the current or the other could not speak out. administration that has not had his “This is a mass movement; fingers tainted with corruption.” every member of the PDP believes NANS urged Buhari not to be in what we are doing,” Nwosu distracted by what it called the bickering asserted. of disgruntled politicians and public He explained that the group servants who would rather wish that the decided to stand with Sheriff status quo of corruption be sustained. “because the principle he stands It also urged all Nigerians to be wary for in remodeling our party for of the antics of such people. progress is very pertinent” due The group saiditwouldpartnerwith to the state of affairs in the party.

Buharibytakingtheanti-corruption war He said his group visited Sheriff to campuses. on July 18, 2016 and presented a “We intend to partner with petition outlining their grievances Mr. President by taking the anti- over the state congress. corruption war to the campuses.

“The impunity of our party has “The quest to revamp our grown beyond imaginations. We as educational sector must also integrate individuals are not satisfied at the the need to stamp corruption out way the congress was conducted,” of the corridors of our ivory towers he said, adding that the executives which has frustrated all efforts to were hand picked while those who bring our academic institutions to bought nomination forms were competitive standards,” the statement denied the chance to contest for added. the various positions they sought.

NANS Expresses Support for Buhari’s Anti-corruption War Tobi Soniyi in Abuja

He listed the major damaged as the ceiling, the long span roofings, mattresses, some equipment, and the central air conditions, which he said was actually the main cause of the fire.

Alonge who was emotional while addressing journalists, said it would have been a greater damage if the sensitive rooms

Nwosu was flanked by other former state legislators, including Hon Emeka Ejiogu, who represented Umuahia North state constituency, Hon Chukwuemeka Osoagbaka, who represented Ikwuano as well as Uzodinma Ugele, who until last month was the state administrative secretary.

Corroborating his colleague, Ejiogu said: “What we are pursuing is in the interest of all other members of the party, adding that they complained to Sheriff because it was under him that the state congresses were conducted across the country.”

The former lawmaker lamented that he had bought nomination form to vie for the post of state party chairman but was shut out after Onuigbo was allegedly handpicked by “a cabal”, adding that that group actually complained to Sheriff about the “level of impunity that is killing our party here.”

Osoagbka also harped on the impunity in Abia PDP, noting that it was the major factor that made the party to lose 10 House of Assembly seats to the opposition during the 2015 election.

According to him, “leadership positions were given to persons who have no constituency” hence they could not deliver thereby making the party to lose in the areas under their control.

“If we get to a situation where mediocrity is celebrated in the state then we are finished, he said, adding that there was no reason why competence should be a liability.”

The former administrative secretary, Ugele, added that the impunity in the party made it possible for the immediate past state chairman to usurp his duties and shut him out of the committee that organised the state congress.

Oyo Workers to Receive Two Months Salary as Labour Ends Seven-week-old Strike Workers and pensioners in the civil service of Oyo State will receive January and February 2016 arrears of salaries and pensions within the next two weeks in a staggered arrangement.

While January salaries and pensions will be paid immediately from the available N3.49billion in the state coffers, the February salaries and pension will follow within the next two weeks on the receipt of the next allocation from the Federation Account.

This was the highlight of the agreement reached between the state government and labour leaders culminating in the suspension of the over seven-week-old strike by the workforce, on Monday evening.

The agreement was signed by the Secretary to the State Government, Mr. Olalekan Alli; Head of Service, Mr. Soji Eniade; Commissioner for Finance and Budget, Mr. Abimbola Adekanmbi, among others on the side of the government.

The state Chairman of the Nigeria Labour Congress, Waheed Olojede; State President of the Nigeria Union of Local Government Employees, Comrade Bayo Titilola-Sodo; state Secretary of the Nigeria Union of Pensioners, Olusegun Abatan, were among labour leaders that endorsed the agreement.

The state government also agreed to prevail on banks to grant workers with loan obligations a moratorium of two months on their January and February salaries and pensions.

The agreement read in part, “That the total amount received from the Federation Account in the month of June was N2.1billion; and additional N1.39billion, being the first tranche of the budget support facility received from the federal government.

“This brings the total available sum to

N3.49billion in the government coffers that could immediately be utilised for payment of salaries, wages and pensions of the state workforce for the month of January.

“That salaries and pensions for two months be paid within two weeks (of the agreement) on the receipt by the state of her share of federal allocation accordingly. That there would be the need for sacrifice from both sides resulting in adjustments of the state’s obligations and entitlements to various stakeholders in order to realise this payment.

“That the same principle will be applicable to the payment of salary and pensions for February based on expectations that the next allocation from the Federation Account and budget support facility would be of the same value.”

The agreement also called for a formal letter of apology from principals, teachers and pupils of secondary schools engaged in the breach of peace and destruction of government properties, which the SSG said had already been tendered to the government.

On its part, the government agreed to withdraw all outstanding litigations against labour, while it was also mutually resolved that no worker would be victimized for participating in the industrial action.

The 14-member joint committee, inaugurated on July 12 arising from the June 6 industrial action, also reached a consensus that a further biometric audit of all public service workers and pensioners across the state be carried out as expedient.

The government challenged labour to partner it in seeking alternative sources of revenue to meet its obligations to the workforce in the face of the dwindling allocations from the Federation Account, as well as to plug leakages within the system.

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T H I S D AY • WEDNESDAY, JULY 27, 2016

WEDNESDAYSPORTS NFF Elections: Jos Appeal Court Overturns Giwa’s Victory

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Seriki Adinoyi in Jos The Court of Appeal sitting in Jos, Plateau State, on Monday overturned the judgment of the Federal High Court, which relisted the case filed by Mr. Chris Giwa against the Nigeria Football Federation (NFF) and its President, Mr. Amaju Pinnick.

The Federal High Court had in a ruling, granted the request of Giwa nullifying the result of the Warri General Assembly and the subsequent elective congress that brought in the current NFF board led by Pinnick into office.

However, then President Goodluck Jonathan, faced with an imminent threat of a FIFA ban intervened, leading to the Chris Giwa-led faction of the NFF withdrawing the case.

But Messrs. Adama Yahaya and Obinna Ogba, acting on behalf of the Giwa-led faction had again approached the court on March 10, 2016 asking it to re-list the matter which they had earlier withdrawn, claiming that most of the issues that led to the court case had not been addressed.

On April 8, Justice Musa Kurya, who heard the re-listed case, ordered the recognition of Chris Giwa as the president of the NFF. He also barred anybody from interfering with the duties and functions of the NFF board under the leadership of Giwa.

The Pinnick-led board immediately appealed the judgment.

And Justice Joseph Tur, in his judgment on Monday held that the discontinuation of the cases on October 30, 2014, which was affirmed by the court stands.

He added that the ruling of the court on April 8 returning Giwa to the Glass House was null and void.

Mikel... leading Team Nigeria to Rio2016 Tur said that the case had been discontinued in the eyes of the law and that the plaintiffs were wrong in asking that the case be relisted.

He said that in ruling that Giwa be recognised as the president of NFF, the court should have taken into consideration the circumstances of the case giving that it was struck out and discontinued by the same court on October 30, 2014.

Tur while allowing the appeal of the NFF, set aside the ruling of the Federal High Court made on April 8, 2016 and reinstated the ruling made on the 30th of October 2014.

Mikel Named Team Nigeria Captain to Rio 2016 Super Eagles captain and Chelsea FC midfielder, John Mikel Obi has been named the Team Nigeria captain for the 2016 Olympic Games in Rio de Janeiro, Brazil.

The sports ministry stated that the midfielder has been picked as he is regarded as “a role model to the upcoming athletes.”

The 29-year-old is one of the over-aged players named in Nigeria’s Under-23 national team for the men’s football event at the Olympics.

It is the first time that Mikel will make an appearance at the Olympic Games after he shunned his invitation to Beijing 2008 Games where Samson Siasia led the Nigerian squad to a silver medal.

Table tennis star Funke Oshonaike has been named assistant captain.

Rio2016 is Oshonaike’s sixth appearance at the Olympics after she debuted at Atlanta ‘96.

“Mikel is a young, patriotic footballer of international status and we believe he will be a role model to the upcoming athletes while Funke Oshonaike is experienced and is one of the oldest athletes in the team.

We believe that their combined efforts will bring goodwill to Team Nigeria and project the county’s image positively to the world,” stated the head of mission, Christian Ohaa.

The football team known as the Dream Team VI is expected to depart for Rio from Atlanta, United States on Friday July 29 while other athletes including the table tennis team will leave in batches on the same day The Olympics in Brazil will be staged between August 5 and 21.

Oshonaike will be making her sixth appearance at the Olympic Games, the only female table tennis star in Africa to have achieved such feat

Infantino: FIFA Can’t Pressure Euro Clubs to Release Players for Olympics Olawale Ajimotokan in Abuja FIFA President, Gianni Infantino, has declared that the international governing body could not prevail on the football clubs to allow players join their national teams for the football event of the Olympic Games.

The touching point for African countries and foreign clubs in any Olympic year has remained the availability of the players needed by their countries for the Games.

The foreign-based clubs usually refuse to allow players join their national Olympic team on the premise that the competition is not on the coordinated international calendar of FIFA. Infantino told reporters in Abuja during his two-day tour of Nigeria that FIFA could only dialogue with the clubs to see reasons with the national associations as it is difficult to incorporate the Olympics into the FIFA international match calendar which is already saturated.

He said he can lobby the clubs to let players who are within the Olympic age bracket of Under-23 to represent their countries.

Nigeria is shorn of the services of some of its bright players including Kelechi Iheanacho, Ahmed Musa, Odion Ighalo and Alex Iwobi at Rio 2016 as their Europe-based clubs opted to retain them as the Olympic is not in the FIFA calendar.

“It is difficult to include the Olympics in the FIFA programme because the international match

calendar is already congested and the start of the of the season clashes with the Olympics. This is why clubs insist in having their players, leaving the players with the dilemma of choosing between club and country.

“We are discussing with the clubs to allow the players to serve their nations at the Olympics. In fact for some players once they miss one opportunity they may not get it again to play at that big stage and this is not good,” Infantino said.

FEDERATION CUP

Enyimba, Rivers Utd in Bruising Battle for S’final Ticket Two of the top teams in the Nigeria Professional Football League, Enyimba FC and Rivers United are to battle for one of the semi final tickets of this year’s Federation Cup this afternoon at the legendary Lekan Salami Stadium in Ibadan.

The two sides reached this stage of Nigeria’s oldest football competition in contrasting style.

United scored eight times in their opening two games of the competition against Papilo FC and Kaduna United before meeting a brick wall against Shooting Stars Sports Club (3SC) in the round of 16.

Rivers United required a penalty shoot out to eventually over power 3SC after regulation time at the Ahmadu Bello Stadium, Kaduna finished 0-0.

Enyimba also suffered a scare against lower-tier Julius Atete FC in their rescheduled round of 16 clash at the Confluence Stadium, Lokoja before Ezekiel Bassey calmed jangling nerves with an opportunistic winner at the death.

United and Enyimba both suffered defeats at the weekend in the Nigeria Professional Football League (NPFL) on Sunday to Sunshine Stars and Plateau United respectively but all that will count for nothing when the two giants go toe to toe on Wednesday.

Goals have surprisingly been in short supply in clashes between these two sides but excitement levels have almost reached manic heights with no goals scored from open play in games involving Enyimba and Rivers United.

On match day one of this

season’s NPFL season, Obomate Frederick’s 66th minute free kick proved to be the difference as United shocked Enyimba 1-0 at the Yakubu Gowon Stadium, Port Harcourt.

Enyimba dominated the reverse fixture in Umuahia but met the United goalkeeper, Sunday Rotimi in inspired form as the game, one of the best in the NPFL this season, finished goalless.

But today, it promises to be yet another titanic battle with the stakes arguably higher than the two times the two sides had met earlier this season.

Enyimba’s Head Coach, Paul Aigbogun, expects a tough examination for his side in Ibadan.

“The game against Rivers United is going to be tough but then It’s never easy when you

get to the quarter finals (of the competition),” he stressed.

The Rivers United Technical Manager, Stanley Eguma, also addressed the media ahead of the big game.

“It is always a big game when you play Enyimba. They are the only Nigerian club still left on the continent and we have a lot of respect for them.

“We want to compensate our Governor (Wike) and the people of Rivers State who have been solidly behind us all season,” Eguma said.

In another Federation Cup clash today in Abeokuta, FC Ifeanyi Ubah will be looking to extend their eight match unbeaten run in all competitions when they face Warri Wolves in the quarter finals at the MKO Abiola Stadium.

62

WEDNESDAY, JULY 27, 2016 • T H I S D AY

WEDNESDAYSPORTS

Keshi’s Final Burial Rites Begin Final burial rites for late Nigerian Captain and Coach, Stephen Okechukwu Keshi, will start in Benin City, Edo State tomorrow morning even as funds have hampered plans by the Federal Government to give him a heroic burial.

The Federal Government has now said it will play its own part for the late soccer icon’s burial after the Rio 2016 Olympic Games because of a combination of factors.

“We don’t want a haphazard burial for such a great patriot, that is why the Minister of Sports, Solomon Dalung, has said the FG will play its own part after the Olympics”, declared a top sports ministry source. “We will unveil details after the Games in Brazil,” she added.

The Keshi family is however going ahead with the burial plans beginning

with a Church Service on Thursday, July 28 at St. Paul’s Catholic Church, Benin City by 9am. After that the late ‘Big Boss’ as Keshi was fondly called in his playing and coaching days will be moved to the Samuel Ogbemudia Stadium, where a novelty match will be held in his honour, followed by his body lying in state for his numerous admirers to pay their last respect. The match is being organised by his former teammates led

by Austin Eguavoen, who has also captained and coach the national team.

After his remains move to Asaba, the Delta State capital, where his body will again lie in state at the stadium named after him by former Delta State Governor, Emmanuel Uduaghan on Nnebisi Road.

From Asaba, the body

will leave for Illah, his homestead. On entering Illah, the body will be received by the Obi of Illah, HRH Obi Gbemudu along with his high chiefs. Keshi himself was a high chief of the Illah kingdom.

After that the body moves to St John’s The Evangelist Catholic Church for a requiem mass. Next port of call will be his home in Illah, where the body will again lie in state for an hour before internment at the same venue.

It is expected that there will be heavy presence of officials of the Edo and Delta states government at these events heralding the glorious exit of a man who brought glory not only to the two states but the entire Nigerian nation and indeed Africa.

GOtv Boxing: Organisers Promise Adequate Security Flykite Promotions, organisers of GOtv Boxing Night, have promised adequate security in and around the Indoor Sports Hall of the National Stadium, Lagos, venue of GOtv Boxing Night 8, which holds on July 8.

Speaking in Lagos on Tuesday, CEO of Flykite Promotions, Jenkins Alumona, explained that fans coming for the event have nothing to fear, as adequate security arrangements have been made.

“We assure fans that they have nothing to fear.

We have never had any untoward incident since we started in 2014 and we will not have. One of our partners is the leading

security company in the country. They are the ones providing security for the event,” Alumona said.

He added that this edition, being held in the memory of legendary boxer, Muhammad Ali, will be bigger than the previous editions.

“There will be a national title fight. Even the undercards will feature national and sub-regional champions. It will be a cracker of an edition,” he declared.

The event will feature six fights in various categories.

The main bout is the national middleweight title contest between Abolaji and Rasheed and reigning champion, Sunny Iyere. Two light welterweight bouts are

scheduled, with one featuring Olaide “Fijaborn” Fijabi and Joseph Adeniji, while the other pairs Rilwan “Baby Face” Babatunde with Shakiru Lateef.

Waidi Usman, national and West African featherweight champion, will clash with David Ekpeyong. In the welterweight division, Stanley “Edo Boy” Eribo, the national champion, will face Dele “Lagelu” Adeleke. The super middleweight category will see Matthew Obinna up against Samuel Igbokwe.

The best boxer at the event, to be broadcast live in 47 African countries by SuperSport, will win a cash prize of N1million and the Mojisola Ogunsanya Memorial Trophy.

‘SWAN Members Are Critical Stakeholders in Nigerian Sports’ President of the Sports Writers Association of Nigeria (SWAN), Honour Sirawoo, has advised sports administrators to see sports journalists as critical stakeholders in sports development rather than adversaries, saying ``Nigeria’s march to greatness in sports cannot be achieved without the input of sports writers”.

The SWAN president said sportswriters were ready to operate strictly within the rules of engagement and ensure balanced reportage and constructiveness instead of painting a picture of confrontation.

Sirawoo, who was responding to questions from journalists on the sidelines of the ongoing National Hockey Super League at the Abuja National Stadium, where he joined the Federation’s top hierarchy to watch Plateau and Kaduna state teams play, said: ``Our major responsibility

is sports promotion and not vendetta using our privileged positions. ``While we advise sports administrators to do the right thing, we, as sports writers must also do our part by ensuring that we dish out balanced reports.’’ ``Our task is sacred and demands high sense of responsibility,” the SWAN President further stated.

He said one of SWAN’s challenges was to regain the confidence of the people, a task Sirawoo emphasised would be quickly accomplished by members realising that ``we not only share a common goal as SWAN, but believe in the existence of the association through our actions.”

The SWAN President commended the Youth and Sports Minister, Solomon Dalung, as well as the sports federations and other critical

stakeholders, for identifying with the mission of the new SWAN Executive Committee which was anchored on professionalism and restoration of the dignity of the association towards quality service delivery.

According to him, SWAN is the sports arm of the Nigeria Union of Journalists (NUJ) which houses and coordinates the activities of editors, reporters, photographers, researchers, producers, commentators and cameramen in the sports sector of the print and electronic media. ``We shall come hard on any member whose action undermines the supremacy of the association,” he declared and thanked members for their conduct and elaborate coverage of the visit of FIFA President Gianni Infantino and Secretary General Fatma Samoura to Nigeria.

Keshi

Masai Ujiri’s ‘Giants of Africa’ Extends Basketball Mission to Six African Countries

Ujiri President and General Manager of the Toronto Raptors, Masai Ujiri, who is also the president and founder of ‘Giants of Africa’, announced yesterday that ‘Giants of Africa’ project will be conducting camps in six countries across Africa this summer.

Dedicated to supporting the growth of basketball in Africa, ‘Giants of Africa’ will expand camps from Nigeria, Ghana, Kenya and Rwanda to also include Botswana and Senegal basketball camps.

The events are scheduled to hold as follows; Senegal between August 7 and 9; Ghana between August 12 and 14; Nigeria between 16 and 18; Kenya between August 19 and 22; Rwanda from August 23 to 25, and Botswana from August 26 to 29.

Each summer, ‘Giants of Africa’ brings top international coaches to the continent to host basketball camps designed to help young African players develop athletically, establish life goals and to refine their fundamental knowledge of the game.

In addition to on-court basketball skills coaching, ‘Giants of Africa’ strives to foster participants’ development

through life skills education. As part of the summer programme, the Giants of Africa team also conducts local community outreach initiatives in each country it visits.

This year, the team will be supporting the following outreach programmes across Africa – SEED Academy and Village Pilote in Senegal, The Village of Hope in Ghana, Little Saints Orphanage in Nigeria, Mully Children’s Family, as well as the installation of a new basketball court in Kiberia, (a partnership between Giants of Africa and H.E. Evans Kidero, the Governor of Nairobi County) in Kenya, Rafiki Club Kigali in Rwanda and the MPULE Foundation in Botswana.

“Encouraging the dreams of African youth is at the core of what we strive to achieve with Giants of Africa,” said Ujiri, “Basketball is a sport that has become increasingly popular across the globe. And we want to support African youth by using basketball as a tool to educate and teach core values such as dedication, discipline, and respect for others.

“We believe supporting the infrastructure of basketball in Africa via coaches, facilities and camps is imperative to create

opportunities for African youth to play and develop both on and off the court. We are thrilled to be extending our reach to six African countries this year,” he noted.

‘Giants of Africa’ began hosting camps in Africa 14 years ago. Since the camps inception more than 100 camp attendees have moved on to high school or university in the United States, with approximately 18 participants now playing basketball professionally in Europe.

Modelled after the NBA’s ‘Basketball Without Borders’ initiative, ‘Giants of Africa’ holds two types of annual camps – Top 50 Camp and Big Man Camp.

The Top 50 Camp focuses on the top 50 kids from across the country and provides campers with three intense days of instruction.

The Big Man Camp teaches young athletes at 6-foot-8 and above the basic fundamentals of the game with a focus on running, catching, footwork and shooting.

Giants of Africa summer camps are made possible through the support of partners from across the globe with special thanks to the NBA, Nike, Nestlé Milo, Ecobank, MLSE Foundation, Fortress, Blackberry, MasterCard, Bell and Sportscorp Travel.

63

T H I S D AY • WEDNESDAY, JULY 27, 2016

WEDNESDAYSPORTS

The Coach of Nigeria’s Basketball Team is From...Vermont How a former college soccer player ended up in the Olympic basketball arena Will Voigt grew up in Vermont, played college soccer in California and moved to Idaho earlier this summer. But he hasn’t been home much since then, and he won’t be until after the Olympics. He’s been too busy working: Will Voigt is the coach of the Nigerian men’s national basketball team.

This is more than the most unexpected job of Voigt’s career.

It may be the most unusual marriage of any coach and any country in the entire Olympic Games.

“What are the odds,” said Fran Voigt, his father, “that a little white guy from a little town in Vermont who never played college or professional ball would be selected to coach the Nigerian team?”

The odds of Nigeria winning a medal in Rio de Janeiro next month might be even longer.

That would be the single biggest shocker in the history of Olympic basketball. As the lowest-ranked team, Nigeria’s goal is to become the first African country ever to get into the knockout round, and they’re aware of how improbable that sounds. “Obviously,” said captain Ike Diogu, “nobody believes we can come out of our group.”

That they’re even playing in the Olympics is almost as remarkable as how the Nigerians ended up with a 39-year-old, soft-spoken, babyfaced American as their coach.

This has been Voigt’s full-time job for the last year, and every day he asks himself the obvious existential question: “How the heck did I end up here?”

It’s a wild story that continues in Rio after multiple stops in basketball hinterlands on several continents. And it began in a town that was rural even for Vermont. Voigt grew up on what used to be a dairy farm in Cabot, where he was one of 18 kids in the graduating class of his tiny high school, which was one of the smallest in the state. “There were more cows than people,” said his former coach Steve Pratt.

Still, people in Cabot sensed that Voigt would do something

interesting with his life in part because of who his parents are.

His father, Fran Voigt, founded the New England Culinary Institute. His mother, Ellen Bryant Voigt, was Vermont’s poet laureate and won a MacArthur genius fellowship last year for her poetry. “The gene pool,” said his father, “would not have anticipated this.”

Voigt went to Pomona College, a Division III school in California, where he played on the soccer team. His parents can still remember their response when they asked what he would major in and he told them he wanted to be a basketball coach: “Say what?” Fran Voigt said.

But he once explained to his mother why he wanted to coach basketball rather than the other sports he played.

“He was always interested in the strategy,” Ellen Bryant Voigt said. “He was the point guard on the basketball team, the catcher on the baseball team and the center striker on the soccer team. He wanted to be right in the thick of it and make strategic decisions—which clearly you can do and need to do in a basketball game.”

Voigt’s surprising career in professional basketball began with an internship with the Los Angeles Clippers. It stalled during the 1999 NBA lockout, so he worked for a data-warehousing company.

It continued with the Clippers when the lockout ended—but he still kept the job with the data-warehousing company.

Then he moved to San Antonio to be video coordinator for the Spurs. At the time, the Spurs’ front office was stocked with future coaches and general managers, and many of them had peculiar backgrounds.

Voigt’s was the most unexpected of them all.

“It’s like me wanting to be a water-polo player,” said Spurs coach Gregg Popovich.

Voigt soaked up Popovich’s wisdom—but not only at work.

They were roommates, too. Voigt found himself in need of a place to stay in the middle of the NBA season, and Popovich let

Coach Will Voigt addressing his team during a recent scrimmage in Las Vegas him crash in his guest room for a month.

He moved out, left the Spurs in 2001 and soon became a basketball nomad. For his first head-coaching job, Voigt went to Norway for what he thought would be a week. It turned out to be three years.

He was lured back to the U.S. for a magical run with a semi-pro team called the Vermont Frost Heaves that was founded by Sports Illustrated writer Alexander Wolff. He later relocated to China for a job with the Shanxi Brave Dragons.

Voigt is now coaching Nigeria in part because of that peripatetic career. He coached the Bakersfield Jam in the NBA’s D-League from 2009 to 2014—the longest Voigt has stayed in one place since college—and had key Nigerian national players on his teams there.

But even before then, Voigt became friends with Masai Ujiri, the Nigerian-born general manager of the Toronto

Raptors. When Ujiri began setting up basketball camps in his native country, Voigt was one of the first volunteers. He worked camps in Zaria, Abuja and Lagos and impressed Ujiri by venturing to smaller cities hours away on his off days. “A lot of people ask a hundred questions,” Ujiri said, “which you’re supposed to do.” Voigt didn’t. “Will was just, like, ‘Let’s go,’” he said. “He’s one of those explorer types.”

For all the rules in Olympic sports, there are none that govern the nationality of coaches, and the result is a lot of arrangements that make as much sense as the coach of Nigeria being from Vermont. It’s one of the strange realities of every Olympics that gets overshadowed by the spectacular theatrics on fields and courts, on the track and in the water: If you look away from the action, you find people whose paths to the Olympics were incredible in their own right.

Voigt had been to Nigeria

Nomination Opens for 2016 Nigerian Sports Award The organisers of the Nigerian Sports Award, Unmissable Incentives Limited, have announced that all is set for the 5th edition of the award as members of the public are now open to nominate Nigerian athletes who have exhibited excellent performance in their various sporting fields.

Speaking at a press conference held in Lagos yesterday, the Chairman of the Award Panel, Mr. Ikeddy Isiguzo disclosed that nominations for the various categories of the award have opened from 26th of July, 2016 to the 23rd of September 2016.

Isiguzo assured stakeholders in Nigerian sports that being the 5th anniversary of the award, the panel would leave

no stone unturned to ensure that this year’s edition would be bigger and better than any of the previous editions.

He then called on sports loving corporate organisations, government, well-meaning individuals and sports philanthropists to support the Nigerian Sports Award by sponsoring the 2016 edition.

While making a presentation of the plans and timelines for this year’s edition of the Award, the Executive Director, Unmissable Incentives Limited, Mr. Kayode Idowu revealed that 19 categories will be awarded this year.

He also hinted that the award ceremony will be held in Lagos on December 2, 2016 at the Banquet

Hall, Eko Hotels & Suites.

According to Idowu, the categories includes; Ball Sports Person of the Year (Tennis, Table tennis, Basketball, handball), Coach of the Year, Combat Sports Person of the Year (Karate, Judo, Taekwondo, Wrestling, Boxing), Discovery of the Year, Footballer of the Year (Women), Footballer of the Year (Men), Special Sports Person of the Year, Sports Administrator of the Year and Sports Governor of the Year.

Others are; Sportsman of the Year, Sportswoman of the Year, Sports Journalist of the Year (Radio), Sports Journalist of the Year (TV), Sports Journalist of the Year (Print), Sports Photo

Journalist of the Year, School Sport Award, Team of the Year, Track and Field Star of the Year and Weightlifter of the Year.

Also speaking at the press conference, the Marketing and Communications Manager of Bet9ja, one of the sponsors of the awards, Mr. Tunji Mesh, explained that Bet9ja is proud to sponsor the awards, as it recognises and appreciates sports men and women in Nigeria who are doing the country proud in their various fields.

He promised that Bet9ja would continue to support the Nigerian Sports Award in their drive for sport development in the nation by motivating Nigerian athletes and rewarding excellent performance.

before and has been to Nigeria since, but the country’s basketball officials came to Dallas to interview him last year. He was offered the job in June. Olympic qualifying began in August. His contract ran through September.

That meant Nigeria had to win the continental tournament known as AfroBasket or it would almost certainly have another new coach—and Nigeria had never before won AfroBasket.

Africa typically only gets one basketball team in the Olympics.

That team is usually Angola, which opened the Barcelona Games with a nightmarish loss to the Dream Team. The few people who remember the Nigerians’ first Olympic appearance in 2012 might recall them the same way. “When you think about us,” Diogu said, “all you think about is us losing to the USA by 80 points.” It was actually 83 points: Team USA won, 156-73, in the most lopsided Olympic basketball game of all time.

But last summer, with Ujiri watching from a bar in Senegal and Voigt’s parents streaming the games on a computer in Vermont, Voigt and the Nigerians beat out 15 other nations for Africa’s automatic Olympic entry. One of his trips to Nigeria since then was for a celebration at Aso Villa—the country’s White House.

Voigt’s job is part coach, part general manager. He cobbled together a coaching staff from Nigeria, Norway, and the NBA. He constructed a roster with current NBA players like AlFarouq Aminu and Michael Gbinije and notable college players who are now scattered around the world. Then he had to figure out how they should play. Nigeria still plans to run and press, but Voigt wants the team to be more efficient in the halfcourt, too. “In the past, people would look at African teams and say they’re athletic, but they have no discipline and play wild,” said Voigt, wearing

a Nigeria green polo shirt and matching G-Shock watch. “We’ve really worked hard to change that. That was our approach at AfroBasket, and that’s our approach for Rio.” There are 12 nations playing Olympic men’s basketball, and Voigt has the Nigerians convinced they could be one of the eight that get out of the group round.

In the last two Olympics, no team ranked lower than No. 20 survived the group stage, and Nigeria enters the Olympics ranked 25th in the world. But it’s not impossible. Last week, in fact, Nigeria beat No. 4 Argentina.

“This is not the Jamaican bobsled team,” Voigt said as he munched on a turkey sandwich afterward.

But the difference between the Nigerian and U.S. teams is roughly equivalent to the difference between basketball and badminton. One day last week, Nigeria rolled into practice riding 15-seater vans. Team USA walked off Wi-Fi-enabled luxury buses to hundreds of fans waiting in oppressive heat for their autographs.

Next week, Nigeria will play the U.S. in its last Olympic tuneup, a matchup of the only American head men’s basketball coaches in Rio: Voigt and Mike Krzyzewski. One of them has been a coach longer than the other has been alive.

That game will begin like other U.S. and Nigeria games: with “The Star-Spangled Banner” and “Arise, O Compatriots.” Voigt’s parents were delighted last year by what happened after AfroBasket’s final buzzer. Nigeria’s players lifted Voigt in the air, climbed the podium and, with iPhones in their hands and medals around their necks, belted out their country’s national anthem.

Voigt knew every word.

“We’re going to sing the anthem with pride,” he said, “and I do.”

Wednesday July 27, 2016

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MISSILE

Osinbajo to PDP “Politics and elections should not be about going to war or the depletion of public resources.

Never again will government agencies be used in favour of any political party to win elections.

The war against corruption is not targeted at the opposition parties. What government is doing now is that money meant for essential services should not be diverted to fund campaigns or to any other purpose.” – Vice-President Yemi Osinbajo explaining that some Peoples Democratic Party (PDP) stalwarts are being investigated by EFCC because the party diverted money meant for public services to fund political campaigns or other questionable purposes.

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kayode.komolafe@thisdaylive.com

0805 500 1974

The IDP Camps, a Test of Humanity

V

eteran conservative politician Adamu Ciroma played the role of a party elder very well the other day in a meeting with the Board of Trustees of the Peoples Democratic Party (PDP). When Ciroma talks politicians should listen regardless of party affiliations. This is because as they say, the elder statesman has seen it all. As a founder of the party that is now out of power, Ciroma expectedly berated the All Progressives Congress (APC) government at the centre as being “ill-equipped for good governance.” He also gave a pep talk to his crisis-ridden party: “Politics would always be there. There must be people, good and bad who participate in it. Everybody who participates in politics is in it for good cause and that good cause must be for the interest and political stability of all Nigerians…

“When you talk of politics people talk about PDP as if APC does not exist. So far APC is not playing the right role. APC will make a lot of mistake and PDP must be ready to put things right and all of you must be ready to contribute and participate and get involved for the interests of Nigerians.”

Ciroma spoke from Abuja, but he is from Yobe, one of the states in the northeast in which humanitarian crisis is prevalent in the camps of Internally Displaced Persons (IDPs). The consequences of the seven years of the Boko Haram war are glaring in the camps. The war itself is a symptom of the crisis of governance bedeviling Nigeria. Boko Haram is a product of the failed elite politics dominating Nigeria.

In the unfortunate circumstance, it would be expected that a part of the “good cause” of politics that the Ciroma talked about should be the condition in the IDP camps in the northeast. It should be a legitimate cause to pursue. Sadly, however, what happens at the camps is not a priority for most politicians. To be sure, politics has no bearing with our collective humanity if it is not about issues affecting hundreds of thousands of poor people in the horrifying camps. Indeed, the condition in the IDP camps in the northeast is a test of humanity in Nigeria. You could measure how much compassion exists in this society by the attitude of the government and people to the inhuman situation in the camps.

For now, the camps constitute another barometer for measuring humaneness in this land.

In the sort of “politics” being played

by APC and PDP issues concerning our collective humanity is not central to their agenda, if any. Here lies the problem with liberal bourgeois politics in Nigeria. It is basically an intra-class squabble for power and position. In the series of the controversies dominating the political landscape in recent times, you would not find the condition in the camps as a prominent item. For the sake of human progress in Nigeria, this elite politics has to be transcended. That is why the people should be mobilised for popular democracy. Voices of the elements of the ruling class are loud when they talk about “marginalisation” in political appointments.

They are busy scheming to secure party positions and strategising towards 2019 as if liberal democracy is all about periodic

Internally Displaced Persons elections. Why are politicians from the northeast not vociferous about the situation in the camps? If they loose out in the scramble for political appointments, you would hear their strident voices. The provenance of Boko Haram could be traced to the period when Ali Modu Sherriff was in power in Borno State, the epicentre of the crisis. The man is all over the place in “the fight for the soul” of the PDP. His voice is never heard in the battle to save the lives of the displaced persons in Borno state, much less the whole of the northeast.

Is he bothered about the body and soul of the displaced? The devastation of a state he had the chance to rule is not the focus of his politics; his attention is about the ownership of the PDP structure. The Aliko Dangote Foundation is providing relief to the camps to the tune of billions.

Where are the billionaires of the northeast to put money into the relief efforts?

So who will agitate for the poor who are exposed to the elements in the camps?

The socio-economic marginalisation of the helpless women and children is never a major issue of political discussion.

Marginalisation is only discussed in geo-political terms. Why shouldn’t the deterioration of the humanity of the displaced be a central issue of politics?

The constitution says the security and welfare of the people shall be the primary purpose of government. And politicians seek power to form governments. In the first place, the Nigerian state has abysmally failed the people of the northeast by not securing them against the onslaught of Boko Haram mass murderers. Will the Nigerian state fail again in the second duty of ensuring the welfare of the people in the camps? That is the political question to be answered. Both APC and PDP should address this question from their respective party positions. They should talk about the immediate issues of malnutrition and dehydration at the camps before talking about 2019. Political parties in power

and out of power in western liberal democracies have been confronting the humanitarian crises engendered by the influx of socio-economic migrants into these countries. Politicians in those countries argue in parliaments about the policies and approaches to the problem. It is not so here. The condition of the poor is not the focus of politics. The poor people are only relevant when they are called upon to be on the voting queues.

The news and pictures from the IDP camps are scary. Food, water, healthcare, sanitation etc., are still beyond the reach of many persons in the camp. Ironically, it appears that external voices are louder in drawing attention to the poor condition of the camps. Only last week, the humanitarian organisation, Médecins Sans Frontières (Doctors Without Borders), came up with a release replete with photographs that about 24,000 IDPs were in desperate condition. It was also reported that at least 30 persons, mainly children die daily in the camp. Another UN agency has drawn a parallel between the northeast of Nigeria and the humanitarian tragedy unfolding in the Southern Sudan.

To worsen matters, there have been criminal allegations of fraud and corruption in the handling of the resources and materials provided by local and foreign philanthropists for the relief of the poor people in the camp. The reports of theft of relief materials for the displaced are also mindboggling. President Muhammadu Buhari is reportedly outraged by these reports of inhumanity of some officials.

The trend should be effectively checked.

The diversion of resources is responsible for the inadequate impact of the billions of naira provided by the donors.

All told, the federal, state and local governments should step up the care for the displaced persons and ensure that they eventually go home to rebuild their lives in an atmosphere of security.

Local and foreign philanthropists should continue to support the relief efforts.

For the way we show compassion to those in distress is a measure of the humanity in us.

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