Monday 22nd August 2016

Banks’Returns on FX Utilisation Show Reduction in Capital Outflows Electronic transactions hit N33.8tn in 17 months Obinna Chima in Lagos and James Emejo in Abuja The returns on foreign exchange (FX) utilisation published by some of the

international banks have revealed that the pressure on capital outflows has gradually subsided.

Unlike in the past when FX purchases for repatriation

of capital used to feature prominently on returns of FX utilisation published by Stanbic IBTC and Standard Chartered, the report for the week ended August 12,

2016 published last week showed gradual easing of FX outflows.

For instance, while Stanbic IBTC returns on FX utilisation showed that

the bank sold $62,646,491.70 to 135 customers (both individuals and corporates), the FX purchased by foreign portfolio investors that included The Northern

Trust Company, SNNL/JP Morgan Chase Bank, HSBC Bank Plc, and the Bank of New York Mellon was just Continued on page 10

PDP Leaders Resume Talks as Former Scribe Seeks Buhari’s Intervention… Page 10 Monday 22 August, 2016 Vol 21. No 7787. Price: N250

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Avengers’ Ceasefire Offers Hope for Resolution of N’Delta Crisis Ijaw Youths Council hails cessation of hostilities

Sylvester Idowu in Warri, Emmanuel Addeh in Yenagoa The ceasefire announced by the militant group, the Niger Delta Avengers, on Saturday night has offered new hope for the resolution of the crisis in the oil-rich region as several stakeholders welcomed the development yesterday.

Leading the pack of

supporters of the ceasefire, which came a day after a stakeholders’ conference in Warri, facilitated by a former Minister of Information, Chief Edwin Clark, is the Ijaw Youths Council, which hailed the cessation of hostility as a step towards the restoration of peace.

Continued on page 10

CBN, NBET Negotiate Fresh N180bn Fiscal Stimulus for Power Sector Chineme Okafor in Abuja The Nigerian Bulk Electricity Trading Plc (NBET) and Central Bank of Nigeria (CBN) are currently negotiating new financial stimulus worth N180 billion to support electricity operators in Nigeria’s power sector, THISDAY has learnt.

The paper gathered from an exclusive interview with the acting Managing Director of NBET, Mr. Waziri Bintube, at the weekend in Abuja that negotiations on the new package had advanced with the CBN favourably disposed to it.

Continued on page 12

Debts: FG Deducts N32bn from States’ Allocations… Page 64

MINISTERS VISIT WIKE

L-R: Rivers State Governor, Nyesom Ezenwo Wike; Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN); and Attorney General and Minister of Justice of Rwanda, Busingye Johnston, during a courtesy visit to the governor, at the Government House, Port Harcourt… Saturday

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PDP Leaders Resume Talks as Former Scribe Seeks Buhari’s Intervention Onyebuchi Ezigbo in Abuja In spite of the several law suits occasioning many contradictory rulings and judgments from courts of coordinate jurisdiction, the Peoples Democratic Party (PDP) leaders indicated yesterday that they would resume talks aimed at settling their squabbles out of court.

The Chairman of the PDP Board of Trustees (BoT), Walid Jibrin, told THISDAY in a telephone conversation that the peace plan the body initiated weeks before the botched August 17, 2016 National Convention of the party in Port Harcourt would be put into action, adding that the warring parties would be recalled for discussion within the next few days.

"We are still pursuing the peace plan and we intend to continue with the dialogue until final resolution is achieved," he said.

The BoT had set up the Prof. Jerry Gana Committee to explore peace between the former National Chairman, Ali Modu Sheriff, and the National Caretaker Committee led by Ahmed Makarfi and work the modalities for the two to work towards the botched convention.

But negotiations broke down as the two groups could not agree on some key issues, including the venue and composition of the convention committee.

The Deputy National Chairman of the Sheriff group, Cairo Ojougboh, however, explained yesterday that the peace negotiations broke down because of ego and sundry issues between Sheriff and Governor Nyesom Nwike of Rivers State.

Ojougboh offered this explanation as the former National Secretary of the party, Wale Oladipo, called on President Muhammadu Buhari and the Chief Justice of the Federation (CJN), Justice Mahmud Mohammed, to intervene in the judicial impasse that threatens to ridicule the judiciary.

Ojougboh told THISDAY that supremacy battle between Sheriff and Wike was behind the failure of the party to resolve its crisis.

A week before last Wednesday's national convention of the PDP, the BoT had constituted a reconciliation committee headed by the former Minister of Information, Gana, to mediate in the leadership crisis but details of its report were not made public.

But Ojougboh said his group reached a seven-point agreement with the Gana-led peace committee on how to return normalcy to the party but it was abandoned.

He said that among the seven conditions Sheriff agreed to were that the Port Harcourt repeat convention be postponed and that the convention be held in Abuja, insisting that Wike would not be the chairman of the convention.

Others were that both Sheriff's group and the Makarfi-led National Caretaker Committee should nominate members of the convention committee and that Makarfi would open the convention while Sheriff would give the closing speech.

"In fact they proposed the seven points after both parties had spoken and they said that they were going to come back and they came back with the seven points. We said we agreed, they left us and said they were coming back to us and we didn’t hear from them again only for us to learn that they had gone to meet the Northern Caucus and the Northern caucus said that they don’t want Sheriff, that Sheriff is the one causing trouble," he said.

Narrating their own side of the engagement with the Gana committee, Ojougboh said: "Let me tell you what happened last week, we were seated in our office when Jerry Gana called that there was a need for us to settle this power tussle politically and we said ‘oh, that is very good, that is what we have being waiting for', so Jerry Gana came and we spoke.

"We said ‘look we are ready for peace and we have started this peace meeting in the house of the Taraba State governor and of course I was there and we said we are very ready for peace'."

Ojougboh said that after negotiating and agreeing on the peace plan, Gana and his team presented the proposal to the Makarfi-led caretaker committee, the PDP governors and National Assembly caucus of the party for consideration.

He said that to his greatest dismay, while others were giving consideration to the terms of the peace agreement, Wike opposed it and told them to forget Sheriff, adding that the convention must go on.

The Delta State-born politician said he had appealed to members of the BoT and the National Assembly caucus to do something urgently and find a political solution to end the crisis rather

than allow the courts to be adjudicating on the matter.

"Till today we find it very dishonest.

We can’t believe it that men of integrity and men that are respected in the society to behave like that because we were told that when they went to tell Wike what was agreed that Wike said they shouldn’t mind us that he has finished the matter, that he is in charge, that they shouldn’t worry that everything is in order and I was shocked at that,” he said.

On why Sheriff is against Wike and Port Harcourt as convention venue, Ojougboh said he believed that if the convention held in Port Harcourt it would never be free and fair.

He said: "At the first instance when we went to Port Harcourt for the May 21 convention, before we got there, the governor changed all the functionaries that were elected and gave their jobs to his commissioners and they were changing the name of delegates to suit them.

"Even the one they did on Wednesday, the same thing happened and of course if this convention was to take place, they have their plans and they would have 'rail-roaded' the convention and produced who they wanted to produce but we can never be influenced and that is what we are against.

"They have pencilled down Agbaje.

They have pencilled down the former financial secretary from Kaduna to be the secretary of the party. They have pencilled down Uche Secondus to return as Deputy National Chairman of the party South. These are things we had already known and they had perfected how these persons would come over and we said no!

"This thing will kill the party and we must return the party to the people.

Sheriff keeps telling them and we keep telling them that we must sit down as a party to grow this party. When I say it God doesn’t make mistake; Sheriff is an agent of change to say no to impunity and that is why those of us who are with him are supporting him."

Former Scribe Calls on Buhari, Mohammed Meanwhile, a former National Secretary of the PDP, Oladipo, has asked Buhari and the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, to wade into the judicial

wrangling trailing the court actions instituted by the party’s warring factions.

Oladipo said Buhari should step in to save the judiciary from the imminent danger of being infiltrated and controlled by politicians.

He spoke against the backdrop of the many conflicting orders and judgments emanating from different divisions of the Federal High Court and the High Court of the Federal Capital Territory (FCT) as they relate to the leadership crisis in the PDP. In a statement in Abuja yesterday, the former PDP secretary said it was worrisome that after parties had been served court processes and had joined issues, they rushed to another court where they got pliable judges to grant them exparte orders and conflicting orders and judgments within days.

“This ugly trend began with the Hon. Justice Mohammed Liman of the Port Harcourt Division of the Federal High Court. He granted an exparte order in respect of the same issues and parties on the 23rd of May, 2016, twelve (12) days after the Federal High Court, Lagos, had become seized of the matter and made orders which forbids the PDP from 'conducting any election into the offices of the National Chairman, National Secretary and National Auditor occupied by the 1st (Sheriff), 2nd (Prof. Wale Oladipo) and 3rd Plaintiffs (Alhaji Fatai Adeyanju) respectively pending the determination of the substantive suit'.

"The same court granted an order restraining the Independent National Electoral Commission (INEC) from 'monitoring and/or recognising the conduct of any election by the 2nd Defendant/ Respondent (PDP) into the offices of the National Chairman, National Secretary and National Auditor occupied by the 1st (Sheriff), 2nd (Prof. Wale Oladipo) and 3rd Plaintiffs (Alhaji Fatai Adeyanju) respectively pending the determination of the substantive suit',” he said.

Oladipo noted that while Justice Buba decided to return the case file to the Chief Judge of the Federal High Court for administrative action upon being aware of the multiplicity of suits, Justice Liman of the Port Harcourt Federal High Court proceeded to hear the matter and went on to deliver

BANKS’ RETURNS ON FX UTILISATION SHOW REDUCTION IN CAPITAL OUTFLOWS $2,699,545.98. Previously, FX transactions by the aforementioned investment banks used to dominate Stanbic IBTC’s FX returns publication.

The Central Bank of Nigeria (CBN) ditched its 16-month old peg on the naira in June and introduced a flexible exchange rate regime to allow the currency to trade freely on the interbank market.

But dollar liquidity has remained a concern in the system with periodic intervention by the central bank. The naira, which closed at N316.55 to the dollar on the interbank FX market, has remained volatile as it continues to search for an equilibrium price.

Meanwhile, the returns on source of funds by Stanbic IBTC showed that it bought $69,536,289.25 from the CBN and other autonomous FX sources.

Similarly, Standard Chartered Bank of Nigeria’s returns on FX utilisation showed that the bank sold the greenback it bought from both the CBN and autonomous market sources to its customers for school fees, Visa Card settlement, interest on loan repayment and certificates of capital importation (CCI) settlement. The bank’s publication showed that it sold dollars to 144 customers.

In the same vein, Zenith Bank Plc’s returns on FX utilisation showed

that it sold $57,799,674.06 to 414 of its customers, both firms and individuals.

The bank also entered into significant amount of non-deliverable forward (NDF), a foreign exchange hedging strategy where both parties agree to settle the profit or loss in a foreign currency futures contract prior to the expiration date of the contract, with Nigerian Breweries Plc. Other FX transactions between Zenith Bank and its customers were for the payment of school fees, and importation of industrial raw materials, among others.

Also, Diamond Bank Plc sold $19,945,172.18 to 181 customers.

Majority of its customers purchased the greenback for PTA, while others were for payment of tuition abroad, importation of industrial plastic, pharmaceutical machinery, Visa Card settlement as well as to Bureau De Change (BDC) operators.

For First Bank Nigeria Limited, its publication showed that it sold $70,295,756.22 to its customers. Of the total, $60,405,164.7 were for FX Futures contract between the bank and some of its customers, mostly those in the manufacturing sector. The firms were PZ Cussons Nigeria Plc, Multipro Consumer Product Limited and TG ARLA Dairy Products Limited.

Skye Bank Plc sold $681,295.95 to 66

firms for PTA, payments of medical bills, school fees as well as the importation of plants and machinery.

Keystone Bank Plc’s returns also showed that the bank sold $1,317,082.04 to its customers.

Similarly, First City Monument Bank Limited’s returns showed that the bank sold the greenback it purchased from the CBN as well as autonomous sources to 333 customers, for PTA, BTA, school fees, and software payment among others.

Access Bank Plc’s returns also showed that it sold dollars to 687 customers for export proceeds remittances, and homeward remittances, among others.

While FBN Merchant Bank Limited sold $402,444 to its customers, Rand Merchant Bank Limited also sold $563,246.09 to its customers.

Banks' Electronic Transactions Hit N33.8tn The banking sector transacted a total of about N33.8 trillion through electronic payment channels in 2015 and the second quarter of the year (Q2 2016), according to the National Bureau of Statistics (NBS).

According to the report on Electronic Payment Channels in the

Nigeria Banking Sector (2015-Q2 2016), which was released by the statistical agency yesterday, the Nigeria Interbank Settlement Instant Payment System (NIP) recorded a total amount of N19.3 trillion and accounted for the highest settlement made by banks.

This was followed by Nigeria Electronic Fund Transfer (NEFT) with N7.67 trillion, while payment through cheques and Automated Teller Machines (ATMs) stood at N3.3 trillion and N2.59 trillion respectively.

Others are payments through Point of Sales Terminal (POS) — N367 million, Internet/web payments — N67 million, mobile payments — N381million and electronic bills payments — N171 million.

A month-by-month breakdown of the payments showed that the sums of N339.2 billion and N350.1 billion were paid through ATMs in January and February, while March, April, May, June and July had N380.6 billion, N381.6 billion, N382.3 billion, N370.5 billion and N394.3 billion respectively.

For cheque transactions, the report said the N3.3 trillion were paid as follows: January N465.5 billion, February N501.1 billion, March N487.5 billion, April N472.4 billion, May N480.4 billion, June N488.6 billion and July N436 billion.

a judgment that further reaffirmed the exparte orders within 40 days.

He said: “Although the undercurrents of the matter have been chronicled in a petition sent to the CJN and the National Judicial Council (NJC) for appropriate disciplinary action, it is disturbing that the same Justice Liman, who is the most senior and the Administrative Judge in the Port Harcourt Division of the court, has not relented in his questionable actions.

“While in the background, he is now using Justice Ibrahim Watila, one of his brother judges in the Port Harcourt Division, to perpetrate some dastardly acts. Just like it was before and after the botched 21st of May, 2016 National Convention, the same

parties and issues that are already before the Abuja Division of the Federal High Court are being taken to the Port Harcourt Division for adjudication.

“The court, as presided over by Justice Watila, granted an exparte order, converted it to a Motion on Notice through substituted service, heard the matter within 72 hours and delivered judgment within a week without affording those who wished to be joined as parties the opportunity to do so.

“Having successfully done that without being called to order, the same Justice Watila, is said to be ready to grant another exparte order and curious judgment in the coming days and week.”

AVENGERS CEASEFIRE OFFERS HOPE FOR RESOLUTION OF N’DELTA CRISIS Niger Delta elders, including leaders of thoughts, traditional rulers and senior government officials from the region had met on Friday to deliberate on the resurgence of militancy and increasing violence in the region.

The meeting, which was addressed

by Clarke and Governor Ifeanyi Okowa of Delta State, called for, among others, an end to militancy and withdrawal of troops from the region. It also resolved to support the clamour for the restructuring of the federation as recommended by the 2014 National conference held in Abuja. It resolved to form a Pan Niger Delta platform to represent the region in the proposed negotiation between the federal government and the militants.

In an apparent response to the Niger Delta elders’ appeal for peace, the Avengers said it had decided to lay down its arms for a moment pending discussions with the federal government.

The Ijaw Youths Council (IYC) hailed this declaration of ceasefire against attacks on oil installations in the region yesterday in a statement by its spokesperson, Eric Omare, and said was a welcome development.

It said the council had always advocated dialogue as the means to the resolution of the Niger Delta crisis.

"We welcome the conditional declaration of ceasefire by the Niger Delta Avengers if it is actually from them," it said.

The Avengers, the militant group that had claimed responsibility for bombings of several oil facilities, had weekend formally declared cessation of hostilities in the Niger Delta region.

It declared support for any negotiating team that Chief Edwin Clark's Niger Delta elders and stakeholders’ conference held last Friday might raise to negotiate with the federal government and multinational oil companies on modalities for de-escalating conflicts in the region.

The Avengers, in a statement by its spokesperson, Mudoch Agbinibo, had said it would continue to observe its unannounced cessation of hostilities against all interests of oil companies but warned it would engage in asymmetric warfare during the period if the federal government use security agencies to harass or intimidate its suspected members.

"We are going to continue the observation of our unannounced cessation of hostilities in the Niger Delta against all interests of the multinational oil corporations, but we will continuously adopt our asymmetric warfare during this period if the Nigerian government and the ruling political APC continues to use security agencies/agents, formations and politicians to arrest, intimidate, invade and harass innocent citizens, suspected NDA members and invade

especially Ijaw communities," it stated.

The Ijaw youths however called on the federal government, especially President Muhammadu Buhari, to take advantage of the ceasefire to aggressively dialogue with the people of the region to address the issues affecting the region.

"For the umpteenth time, we call for a bipartisan and sincere dialogue to resolve the root causes of the recurrent Niger Delta crisis.

The dialogue should be issue-based and not to solve immediate problems and massage the ego of personalities.

"President Buhari must avoid listening to political hawks around him at the expense of the country's unity and development," it concluded.

This development came up shortly after Leaders of Gbaramatu kingdom in Warri South West Local Government Area of Delta State raised the alarm about the planned invasion of the kingdom by the military under the guise of searching for members of the Avengers.

The Benenibowei of Gbaramatu Kingdom, Chief Godspower Gbenekama, who raised the alarm at a press conference in Warri, said people had been fleeing the various Ijaw communities when it became known that the military had concluded arrangements to invade the kingdom.

"Please help us tell the whole world that the military has concluded plans to invade Gbaramatu communities under the guise of looking for members of the Niger Delta Avengers. It is the innocent people of our communities that will suffer should the military go ahead to bombard our communities.

We don't harbour members of the Niger Delta Avengers. The agitation cuts across the region so why singling out only Gbaramatu kingdom?" he asked.

Continued on page 12

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MONDAY, august 22, 2016 • T H I S D AY

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Mayowa Ahmed, Cancer Patient, Dies Chiemelie Ezeobi Miss Mayowa Ahmed, who had battled against ovarian cancer for four years, finally bowed to the cold hands of death yesterday in a South African hospital, barely days after she was flown out for treatment.

When the news first broke on social media, it was greeted with disbelief until her brother tweeting from @Asiwaju_foye confirmed it in a series of tweets.

He wrote: "By Allah in whose hands our lives are, Mayowa Ahmed has left us in this world. We pray that jannat becomes her home. She tried but God's will prevailed."

Already, hours after the news of her death filtered in, a hashtag #RIPMayowa started trending on

Twitter, Facebook and Instagram, all social media platforms.

Many social media users and those that contributed to the fundraising to keep her alive also poured encomiums on the deceased, just as they commiserated with the bereaved family.

On Twitter, one Susan Dphee wrote: "Lord knows we tried our best to save Mayowa, I pray she rests in peace ... free from all the banter of busy bodies. #RIPMayowa."

Lolshotee Omogeola wrote: "You are in a place where no one will doubt the legitimacy of your being, where your truthfulness will be celebrated with glorious melody.#RIPMayowa."

Glory Ise wrote: "After all the drama that surrounded the #mayowa

situation, it would have been really great if she survived. #RIPMayowa."

One Sanni Hussein said: "God knows best Mayowa. You have departed from this sinful world.

Go rest now. #RIPMayowa."

Hero Chima said: "Rest in Peace, Mayowa Ahmed. You gave it one hard final push, and inspired many. #RIPMayowa."

Another sympathiser, Rita Onuorah, wrote: "#RIPMayowa.

Hope you find eternal peace. You honestly didn't need the media circus that surrounded you towards your last days. Rest on."

While so many people extended their condolences to the Ahmed family, there were yet several others who blamed popular blogger, Linda Ikeji's interference in the fundraising,

for Ahmed's death.

Whilst news of Ahmed's condition filtered out, Nigerians had collectively raised $100,000 in a GoFundMe account, an online platform for raising funds, and an additional N81 million in an unprecedented show of empathy.

However, popular blogger, Ikeji, acting on an unconfirmed and false tip off, had labelled the fundraising a scam, after Yoruba actress, Toyin Aihmaku, and Lifestake Foundation, who helped in raising the funds, had a misunderstanding with the Ahmed family.

The three parties (Ahmed family, Aihmaku and Lifestake Foundation) were said to have fallen out over who would control the funds raised from kind-hearted Nigerians.

This report prompted the intervention of the Lagos State Police Command, who put an embargo on the account, thus delaying Mayowa’s much needed treatment.

However, after investigating the allegation against the family, the Commissioner of Police, Lagos State Command, Fatai Owoseni, last week confirmed that the fundraising was a genuine effort by the family to save a beloved ailing sister.

With the embargo removed, the family was able to finally fly Mayowa to a South African hospital, where she finally died yesterday after battling ovarian cancer for four years.

One of those who had been vocal about the blogger’s unconfirmed and false report was popular radio

show host, Osi Suave, who wrote: "Hope Linda Ikeji is happy now. #RIPMayowa you are in a place where there is no more pain."

Lane Ville tweeting from Ghana said: "So Linda Ikeji was reported to be deleting people's comment indicting her and Aimakhu of Mayowa's death. Shameful. #RIPMayowa."

But some people like Olukemi Olunloyo, were quick to defend Ikeji, noting that it was ovarian cancer that killed her and not the blogger's false story that caused a hitch in her treatment.

Olunloyo wrote: "#RIPMayowa should not be an attack on Toyin Aimakhu or @lindaikeji. It's a lesson for women to start getting pap smears before it’s too late."

Bayelsa CJ’s Son Dies in Swimming Pool Emmanuel Addeh in Yenagoa Mr. Wariebi Abiri, son of Justice Kate Abiri, the Chief Judge of Bayelsa State, has died under circumstances described as mysterious.

A Law graduate and student of the Nigerian Law School,

Abuja, Abiri reportedly died in a swimming pool last Friday night in the Federal capital.

The Bayelsa State Governor, Seriake Dickson, however, yesterday expressed deep shock over the untimely death of the young man.

A statement by his Chief Press

Secretary, Daniel Iworiso-Markson, said Dickson had also called on the authorities to immediately probe the death.

The governor made the call during a condolence visit to the chief judge at her residence in Yenagoa, the state capital.

He regretted the circumstances

under which the judge’s son died and pledged the state government’s collaboration with the police and other relevant agencies to unravel the cause of his death.

Dickson described Wariebi as a focussed and promising young man, who was preparing to make a wonderful career in the legal

profession, adding that his demise was a painful loss to the Abiri family and the state.

While urging the family to see what has happened as the will of God, Dickson prayed to God to strengthen and grant them the grace and fortitude to bear the loss.

“As a government, rest assured that we will stand with you shoulder to shoulder in this very, very challenging period, especially in working with the police and other relevant agencies of the government to unearth the real cause of his death,” the governor said.

to brokering a ceasefire is that there were several militant groups to talk to.

The problems reflect deep-seated issues in the Niger Delta, which produces the bulk of oil but whose local communities complain of pollution, a lack of opportunities and what they say is an insufficient share of petro dollars. These problems are compounded by an economic crisis and a government battle with Boko Haram militants in the north.

"This is likely the beginning," Elizabeth Donnelly, deputy head and research fellow of London think-tank Chatham House's Africa Programme said of the unrest, adding that "the resolution that will come will not come quickly".

The government this month resumed cash payments to militant groups that it stopped in February, just before the launch of the worst violence since the payments began under a 2009 amnesty. But attacks continued anyway.

The Avengers claimed the bulk of them, announcing strikes on Twitter even before oil majors themselves knew their remote pipelines had been hit.

Twitter shut the group's account, but sources said the Avengers have extensive knowledge of oil sites, and follow the media closely to track companies' actions.

"With the Avengers, you don't

want to say 'we'll be back up next Wednesday', because then you'll get a bomb next Tuesday," one oil executive said. "They have to be careful."

But new groups, such as the selfstyled Revolution Alliance, which claimed an attack on a Shell-owned oil line, loom, while non-violent local protests have also exacted a toll.

Collings Edema, a local youths leader of the Itsekiri group that has blocked access to Chevron's Escravos tank farm for almost two weeks, said "the oil companies have not shown any sign that they are ready to improve our lives".

Experts warned that as long as people are unhappy, militants and their targets could evolve in unpredictable ways.

"This is also about frustrations of younger people coming up in the Niger Delta and needs not having been addressed," Donnelly said. "This isn't just about militancy, though the political and economic context feeds it."

Adding to the division of the militant scene, MEND, another group which agreed to a ceasefire in 2009, denounced the Avengers due to its "criminal and treasonable activities".

"MEND reiterates its full support for the ongoing military presence in the Niger Delta," it said in a statement, referring to a recent military campaign to hunt down the Avengers.

involved in evaluating, reviewing and regulating power projects in the country on understanding Power Purchase Agreements (PPAs) and Put Call Options Agreements (PCOAs).

He said the training was done to help the agencies and its officials understand the contents and significance of the PPAs and PCOAs considering that they would always have to come across it for review and approvals for investors who are interested in building power plants in Nigeria.

According to him, the ministries of power, finance, justice and Bureau of Public Procurement (BPP), as well as the Nigerian Electricity Regulatory Commission (NERC)

and Nigerian National Petroleum Corporation (NNPC) were some of the agencies that were trained on the use of the industry documents.

“Over the past several months, NBET has been negotiating PPAs and PCOAs with numerous gas and solar independent power project developers who are actively developing utility scale projects which will create circa 5,000 megawatts of new generation capacity for the country.

“The NBET PPA-PCOA training was designed to familiarise key government officials with the PPA and PCOA documents which will then be submitted to their respective offices for approval,” Bintube added.

AVENGERS CEASEFIRE OFFERS HOPE FOR RESOLUTION OF N’DELTA CRISIS Gbenekama, who is also the spokesperson of the Gbaramatu Traditional Council, said information available to them was that the kingdom might be invaded by the military, noting that soldiers had already been massed in the region ready to launch attack any moment from now.

Also yesterday, the Movement for the Emancipation of the Niger Delta (MEND), which had recently claimed to be in the forefront of the peace process has disparaged the meeting convened by elder statesman, Chief Clark, and urged the federal government to discountenance all efforts by the committee.

According to MEND, the meeting jointly convened by Clark and Governor Ifeanyi Okowa of Delta State in Warri on Friday, would not give the region the much needed calm, which would enable government to develop the area.

It was learnt that the alleged linkage of former President Goodluck Jonathan to the formation of the Avengers might have set several militant groups in the region against one another.

While the Reformed Niger Delta Avengers (RNDA), a splinter group from the NDA, and MEND have recently spearheaded the campaign, some of the groups in the Niger Delta were also said to have been riled over the reports of the linkage.

Over a week ago, the RNDA,

believed to be sponsored by MEND, published names of 20 alleged sponsors of the NDA, the group it broke away from, naming the ex-president as well as former and serving governors of southern states as the pillars behind the renewed militancy in the region.

But yesterday, a splinter Niger Delta ex-militants’ group, the Reformed Egbesu Avengers (REA), vowed to go after those it said have recently begun a smear campaign against ex-President Jonathan by linking him with the current violent militancy in the region.

In a statement issued in Yenagoa, Bayelsa State, by the group's spokesman, ‘General’ Columbus Okolobo, the group specifically pledged to hunt down the leadership of the RNDA, which it said had become the mouthpiece of politicians who are bent on rubbishing the ex-president’s ‘rising profile'.

It particularly singled out one Cynthia Whyte, spokesperson of the RNDA, the arrow head of the campaign, for ‘peddling falsehood’ and challenged the spokesperson to reveal his/her true identity.

The Egbesu Avengers described the purported security/intelligence report linking Jonathan with the rising militancy in the area as a cover for the accusers’ sinister motives and advised the group to return to the original

tenets of the struggle.

“The lid has blown open over Cynthia Whyte, as Nigerians now understand that the same person is the spokesperson for MEND and the RNDA. We urge them to quit acting scripts because they can no longer masquerade, the carpet is off their feet.

"The cordial relationship between RNDA and other militant groups with security agencies points to the fact that there is a romance to hatch devilish allegations and machinations against perceived political foes,” the Egbesu group alleged.

Meanwhile, oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter, Reuters has reported.

In the six months since the first major attack on Nigeria's oil – a sophisticated bombing of the subsea Forcados pipeline – dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years.

Talk in the country has shifted from ceasefire optimism and oil companies' assurances that repairs were underway, to hedged comments from the government and radio silence from oil majors.

Yesterday, the Avengers, which have

claimed several major pipeline attacks, said in a statement they were ready to give dialogue a chance.

But highlighting the fracturing of militants into small groups, the previous day, a group called Niger Delta Green Justice Mandate claimed an attack on a gas pipeline in the southern swamps lands.

Without a unified command and groups dominated by "generals" unable to fully control their own fighters, it is difficult for the government to identify the right people to talk to or enforce any ceasefire.

"People are giving up in the short term," one oil industry source told Reuters of a resumption in exports of key Nigerian grades such as Forcados or Qua Iboe, adding you "can't get anything" out of the majors, including Shell, Chevron, ExxonMobil or ENI, about when the oil might come back.

Shell declined to comment, while the other companies did not immediately respond to a request for comment.

In June, Nigerian government officials said privately it had a ceasefire with militants. But pessimism crept in, with even Oil Minister Emmanuel Ibe Kachikwu telling journalists this week "we are talking but (it) is not an easy thing," and "we need a ceasefire" – a contrast to the belief that a ceasefire was underway.

He has also said another challenge

CBN, NBET NEGOTIATE FRESH N180BN FISCAL STIMULUS FOR POWER SECTOR NBET is a government agency responsible for the bulk purchase of electricity from generation companies (Gencos) for resell to distribution companies (Discos). It acts as a financial stabiliser in power trades between the Gencos and Discos.

Bintube, however, told THISDAY that the CBN had in addition to the N213 billion it approved in its Nigerian Electricity Market Stabilisation Facility (NEMSF) for disbursement to operators at a concessionary term, agreed to put another N180 billion into the facility.

He also said NBET had not touched its capitalisation fund, and that while the CBN expects to wrap up its first N213 billion

to the market, the new N180 billion would immediately kick in.

“The NBET has a working capital, up to $350 million was given to us under the Euro bond facility and we have that amount in our kitty which we can deploy in exceptional situations. In addition, the government has given us N50 billion from its privatisation proceed on Egbin, and which we have put in our escrow account, the purpose of that is to breach the time difference when the Gencos want their money and when they can be paid.

“In addition, there are some offthe-line supports like the Central Bank’s Nigerian Electricity Market Stabilisation fund that was granted by

the CBN to cover obligations in the market from the date of privatisation.

That was another form of support to the market.

“We are currently negotiating with the CBN again to come in with a second tranche. They have some amount that they are yet to disburse but even after that, we are looking at getting the board to approve another second tranche on top of the N213 billion that has already been approved. We are looking at about N180 billion,” said Bintube.

Asked if the negotiations have largely being positive, he said: “Yes, we have the assurance of the CBN governor. He is very dedicated to resolving the logjam and ensuring

that all the key pillars of the economy work because they are interrelated.”

He added: “If the power plants work, the manufacturers will have lesser problems, the banks will get paid for their products and then there will be less need for foreign products to come in and that reduces the request for foreign exchange.

Just imagine that if our refineries are working, we will not need to depend on importation which takes away a lot from us including profits and jobs.”

Bintube also disclosed that NBET in conjunction with United States' President Barack Obama’s Power Africa Initiative, recently trained key government agencies and officials

13

T H I S D AY MONDAY AUGUST 22, 2016

AUDITED RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2016 The Board of Directors of Access Bank is pleased to announce the Group's audited results for the six months ended June 30, 2016

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the period ended 30 June 2016

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2016 In thousands of Naira

Cash and Balances with Banks Investment under management Non pledged trading assets Derivative financial assets Loans and advances to banks Loans and advances to customers

GROUP JUNE 2016

GROUP DECEMBER 2015

BANK JUNE 2016

BANK DECEMBER 2015

In thousands of Naira

612,253,609

478,409,336

412,162,161

405,998,636

11,403,713

10,403,608

11,403,713

10,403,608

23,778,607

52,298,422

23,778,607

52,298,422

155,550,018

77,905,020

155,306,292

77,852,349

69,059,407

42,733,910

100,992,370

60,414,721

1,746,863,344

1,365,830,831

1,569,741,806

1,243,215,309

Pledged assets

269,177,523

203,715,397

264,035,594

200,464,624

Investment securities

206,196,592

186,223,126

157,705,218

155,994,798

91,048,323

83,014,503

82,245,216

78,623,381

-

-

46,624,570

45,439,246

80,101,766

73,329,927

68,944,999

65,900,384

7,026,886

6,440,616

4,960,944

4,977,908

Other assets Investment in subsidiaries Property and equipment Intangible assets Deferred tax assets

Deposits from financial institutions Deposits from customers Derivative financial liabilities Current tax liabilities Other liabilities

4,986,776

10,845,612

3,781,057

10,180,832

3,277,446,564

2,591,150,308

2,901,682,547

2,411,764,218

140,727

179,843

3,277,587,291

2,591,330,151

140,727 2,901,823,274

179,843 2,411,944,061

208,982,658

72,914,421

117,460,746

63,343,785

1,970,423,706

1,683,244,320

1,726,027,453

1,528,213,883

48,090,028

3,077,927

46,500,234

2,416,378

6,317,489

7,780,824

5,328,917

6,442,311

91,961,420

69,355,947

82,158,521

64,094,358

Deferred tax liabilities

476,062

266,644

-

-

Debt securities issued

212,484,633

149,853,640

111,510,594

78,516,655

Interest-bearing borrowings

304,070,191

231,467,161

405,630,228

302,919,987

6,164,500

5,567,800

6,157,427

5,567,800

2,848,970,687

2,223,528,684

2,500,774,120

2,051,515,157

Retirement benefit obligations

Share capital and share premium Retained earnings Other components of equity Total equity attributable to owners of the Bank

Non controlling interest Total equity Total liabilities and equity

212,438,802

212,438,802

212,438,802

212,438,802 49,459,102

70,691,647

51,730,369

70,748,085

139,788,357

99,732,330

117,862,267

98,531,000

422,918,806

363,901,501

401,049,154

360,428,904

5,697,798

3,899,966

-

-

428,616,604

367,801,467

401,049,154

360,428,904

3,277,587,291

2,591,330,151

2,901,823,274

2,411,944,061

Report on the financial statements We have audited the accompanying financial statements of Access Bank (“the bank”) and its subsidiaries (together, “the group”). These financial statements comprise the statement of financial position as at 30 June 2016 and the statements of comprehensive income, changes in equity and cash flows for the period then ended, and a summary of significant accounting policies and other explanatory notes.

Directors’ responsibility for the financial statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with IAS 34 Interim Financial Reporting and with the requirements of the Companies and Allied Matters Act and the Banks and Other Financial Institutions Act and for such internal control, as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility Our responsibility is to express an independent opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimatesmade by the directors, as well as evaluating the overall presentation of the financial statements.

GROUP JUNE 2016

GROUP JUNE 2015

BANK JUNE 2016

BANK JUNE 2015

Interest income Interest expense

112,292,554 (43,841,887)

98,861,986 (50,699,097)

97,594,915 (38,152,388)

88,317,800 (46,759,484)

Net interest income Net impairment charge Net interest income after impairment charges

68,450,667 (10,212,305) 58,238,362

48,162,889 (8,886,639) 39,276,250

59,442,527 (8,557,077) 50,885,450

41,558,316 (9,105,371) 32,452,945

35,632,172 (57,448) 35,574,724

17,151,635 (302,016) 16,849,619

31,930,080 31,930,080

13,251,894 13,251,894

Net gains on investment securities Net foreign exchange income/(loss) Other operating income Personnel expenses Prepaid rent expense Depreciation and amortization Other operating expenses

33,089,164 (11,108,100) 4,163,527 (22,068,132) (990,251) (5,115,330) (41,761,035)

39,199,767 7,929,774 5,498,790 (19,689,221) (867,805) (4,737,820) (44,346,010)

33,072,183 (12,949,785) 3,861,815 (18,521,260) (818,856) (4,480,401) (38,343,016)

39,176,866 5,848,840 4,568,833 (16,488,535) (745,468) (4,315,979) (39,251,590)

Profit before income tax Income tax expense

50,022,929 (10,536,217)

39,113,344 (7,826,247)

44,636,210 (9,380,476)

34,497,806 (6,072,231)

Profit for the period from continuing operations

39,486,712

31,287,097

35,255,734

28,425,575

Profit for the period

39,486,712

31,287,097

35,255,734

28,425,575

17,266,423

(420,193)

-

-

-Fair value changes arising during the period - Fair value changes on AFS financial instruments from associates Other comprehensive (loss)/gain for the year, net of related tax effects:

13,413,968

3,206,943

13,514,011

3,241,100

30,680,391

2,786,750

13,514,011

3,241,100

Total comprehensive income for the period

70,167,103

34,073,847

48,769,745

31,666,675

Profit attributable to: Owners of the Bank Non-controlling interest

39,235,574 251,138

31,027,064 260,033

35,255,734 -

28,425,575 -

Profit for the period Total comprehensive income attributable to: Owners of the Bank Non-controlling interest

39,486,712

31,287,097

35,255,734

28,425,575

68,369,271 1,797,832

33,891,793 182,054

48,769,745 -

31,666,675 -

Total comprehensive income for the period

70,167,103

34,073,847

48,769,745

31,666,675

Continuing operations Discontinued operations

70,167,103 70,167,103

34,073,847 34,073,847

48,769,745 48,769,745

31,666,675 31,666,675

161 159

136 135

142 142

124 124

36,613,540

24,416,535

28,260,557

19,996,906

1.97%

1.70%

1.66%

1.50%

Fee and commission income Fee and commission expense Net fee and commission income

Other comprehensive income (OCI) net of income tax: Items that will not be subsequently reclassified to the income statement: Items that may be reclassified subsequently to the income statement Foreign currency translation differences for foreign operations - Unrealised (losses)/gains arising during the period - Realised gains arising during the period Net changes in fair value of AFS financial instruments

Earnings per share: Basic earnings per share(kobo) Diluted (kobo) Total impaired loans & advances Total impaired loans & advances to gross risk assets (%)

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion In our opinion the accompanying consolidated and separate financial statements give a true and fair view of the state of the financial affairs of the bank and group at 30 June 2016 and of the financial performance and cash flows of the group for the period then ended in accordance with IAS 34 "Interim Financial Reporting and the requirements of the Companies and Allied Matters Act, the Banks and Other Financial Institutions Act and the Financial Reporting Council of Nigeria Act. Report on other legal requirements The Companies and Allied Matters Act and the Banks and Other Financial Institutions Act require that in carrying out our audit we consider and report to you on the following matters. We confirm that: i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; ii) the bank has kept proper books of account, so far as appears from our examination of those books and returns adequate for our audit have been received from branches not visited by us; iii) the bank’s statement of financial position and comprehensive income are in agreement with the books of account; iv) the information required by Central Bank of Nigeria Circular BSD/1/2004 on insider related credits is disclosed in Note 44 to the financial statements, v) to the best of our information, there are no penalties for contraventions of relevant circulars issued by the Central Bank of Nigeria,

For: PricewaterhouseCoopers 19 August 2016 The statement of financial position, statement of comprehensive income, report of the independent auditor and specific disclosures are published in compliance with the requirements of S.27 of the Banks and Other Financial Institutions Act. The information disclosed have been extracted from the full financial statements of the bank and the group and cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the bank and the group as the full financial statements.

The financial statements were approved by the board of directors on 28 July, 2016. Signed on behalf of the directors by:

14

T H I S D AY • MONDAY, AUGUST 22, 2016

COMMENT

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

IS IT WORTH THE TIME?

T

The Green Alternative Agricultural Policy is another exercise in futility, argues Polycarp Onwubiko

he All Progressives Congress-led federal government has come up with its variant of policy direction on agriculture ostensibly to demonstrate in bold relief its belief in the longawaited diversification of the country’s comatose economy. It has turned a blind eye to abrogating the constraining federal laws that prevent the states from exploring and exploiting the mineral resources within their territory. Who is fooling whom?

Making the public presentation of the supposed innovative agricultural policy, the Minister of Agriculture, Chief Audu Ogbeh exuberantly believed that the agricultural policy that would operate from this year to 2020 would position the country as self-sufficient in food supply, with surplus for exports including raw materials that will enable economically advanced countries of the world make sophisticated use of the agricultural value chains which the Nigerian technology is yet to exploit.

If the stark reality of the deplorable socio-economic and political situations and conditions menacingly facing Nigeria are anything to go by, the agriculture minister should be pitied and excoriated for wasting the time and intellectual resource of the ministry’s staff in articulating the illusive agricultural policy which is fit for the dust-bin. The supposed agricultural promotion policy is a well-packaged deception which is in line with the pseudo-federalism that gave birth to excessive centralisation and bureaucratisation.

At a time when well-meaning Nigerians are calling for fundamental restructuring governance consequent upon the deformed and lopsided federation imposed by the aberrant military and sustained overtly and covertly by the feudal caliphate, the obviously enlightened minister is so lily-livered to dance to the tune of President Muhammadu Buhari whose nepotistic bearing has never been hidden with respect to his political appointments and hostile posturing on the categorical imperative of restructuring the country to reinvent true fiscal federalism that would release the buried potential of the federating ethnic nationalities.

It does not pay the leadership of the APC, and more importantly the Northern Moslem-controlled federal government, to continue playing the proverbial Ostrich by resisting the sorely needed fundamental restructuring of governance to enable the federating units [call them “states/grouping of states to be designated as regions] design policies, programmes and projects that are in tandem with the deep

NOBODY WHO KEEPS CLOSE TAB ON THE DISCRIMINATORY POLICIES IN THIS COUNTRY WILL EXPRESS SURPRISE ON THE DECEPTIVE AGRICULTURAL POLICY

yearnings, aspirations, philosophy and world-views of their people. There is a limit to suppressing the inalienable rights of a people.

Nigeria would have been rubbing shoulders with civilised and advanced countries of the world if the military [backed by the caliphate] had not truncated the fundamentals and sacred principles of federal system of government as practiced the world over. To say that the naïve and vaulting ambition to lord it over the rest ethnic nationalities by the Northern Moslem has destroyed the great potential of the country is merely stating the obvious. The long years of military’s spoliation and the untrammelled corruption and sleaze cum impunity of civilian administrations have placed the country on a failed state status.

In countries that practice true federal system of government, the sub-national units take care of ministries like agriculture since the climatic conditions of the federating units are not the same. The climate of the south is not the same with the north; therefore why should there be a common policy on agriculture? Of course it amounts to leading the people up the garden path if not plain naivety for the minister of agriculture to have come up with the so-called “Agricultural promotion policy 2016-2020”.

Nobody who keeps close tab on the discriminatory policies in this country will express surprise on the deceptive agricultural policy. There has been no need for operating federal ministries like agriculture and water resources and many others like security, education, health, industry, etc., as the states are well placed to operate them. The hidden agenda from the military regimes in operating ministry of agriculture has been to funnel the totality of the annual federal budgets on agriculture to the northern parts of the country for the construction of dams and irrigation to create the false impression that it is the north that feeds the entire country. Provisions for dams and irrigations in the federal budgets were never made for the southern parts of the country on the claim that there are rivers in these areas.

What of ministry of water resources? Local governments can conveniently operate the ministry as obtained in true federalism; but in this accursed country the federal government controls virtually all ministries and brazenly hijack agencies like internally revenue service for the issuance of motor vehicle plate numbers and drivers’ license. What a shame!

Onwubiko wrote from Awka, Anambra State

WILL WORKERS STILL GET WAGE INCREASE?

N

Adewale Kupoluyi argues there is every justification for an upward review of the minimum wage

igerian public workers were excited when the federal government announced that it had constituted a committee to come up with proposals on a new minimum wage and palliatives that would cushion the effects of the recent hike in the price of fuel. Unfortunately, the excitement appears to be waning by the day because not much has been heard of what the committee is doing, or has so far done.

We recall that the federal government and the Nigeria Labour Congress set up a national committee to work out palliative measures and fashion out a new minimum wage that would ameliorate the impact of the increase in the pump price of the premium motor spirit (petrol). Not long after the committee was constituted, there were conflicting media reports on its activities. Initially, it was alleged that the committee had started sitting, but NLC denied that the committee had truly started meeting, saying the federal government was yet to constitute the committee.

Both the NLC and the Trade Union Congress (TUC), the two central labour organisations in the nation had proposed N56,000 as the new national minimum wage as against the current N18,000, which had been in operation since 2011.

There is every justification for an upward review of the minimum wage following the increase in the pump price because the adjustment has worsened the plight of workers such that their purchasing power has drastically reduced. Not only that, an increase in transportation cost is making some of them to become truant at work.

Apart from the high transportation fare,

the increment has robbed-off on virtually all the goods and services being traded in the country, which the current minimum wage cannot cope with. As a result of this, many government staff cross the states and their families by undergoing untold hardship, ranging from lack of food on the table to their children’s/ward’s withdrawal from school as fees cannot be paid promptly. Many people have turned into begging as past-time, criminality, heavy indebtedness and even suicide, as a result of the harsh economic situation facing the country.

In fact, for an average public servant of today, good life can be described as an unaffordable luxury. That has largely accounted for why trade unions in country have continued to press for better remuneration and working conditions for Nigerian workers. The Joint Negotiation Council which has consistently clamoured for an increase in national minimum wage had claimed that such a reviewed had lapsed over five years ago. The issue of reviewing workers’ minimum wage took a centre-stage during this year’s International Labour Organisation (ILO) conference in Geneva, Switzerland, where participants encouraged ILO to promote the ratification and implementation of the Minimum Wage Fixing Convention of 1970, while the wage reviews should be held in a five-year cycle, according to global labour practice.

As the debate intensifies on whether there should be minimum wage increase or not, those who are against the proposal had argued that the labour’s demand for a wage increase is unsustainable on account of the deplorable and prevailing economic situation in the country coupled with the sharp fall in the price of crude oil at the

international market. For them, this slide has culminated into the inability of most state governors to pay workers’ salaries and meet other official obligations. To date, many state governments still owe salary arrears up to seven months or more. In view of this financial crisis, the federal government recently declared 27 states bankrupt, stating that they were ‘incapable’ of paying salaries and maintaining ‘efficient’ and unhindered daily government operations, a position affirmed by the Chairman of the Nigeria Governors’ Forum, Abdulazeez Yari of Zamfara State, who claimed that many governors had failed to perform their statutory responsibilities because they accepted the wage increase when oil price averaged $100 per barrel and hence, it makes no sense continuing with the payment of N18,000.

On the other hand, those who support an increase in the minimum wage, however, hinged their reasoning on the grounds that those on the bottom rungs of the civil service salary ladder are among the poorest civil servants in the world and the N18,000 minimum wage was grossly inadequate to meet the basic need of the workers. Not only that, many critics still believe that the salaries of low-level workers can be increased, only if serious efforts are made to check corruption and other wastage in the system through mechanism such as reduction in the humongous salaries and allowances paid to political office holders, curbing ghost workers syndrome, downward review of the huge sums committed to security votes, constituency allowances and checking the unbridled bureaucratic corruption/wastage.

Then, the questions to ask are: Is it really feasible to increase the minimum

wage payable to Nigerian workers? Is this realistic for both the federal and state governments to implement? While the case of the federal government seems to be feasible, state governors could also achieve it by borrowing a leaf from the recent example shown by Governor Adams Oshiomhole of Edo State, who has increased the state’s minimum wage to N25,000. Similarly, despite the cash crunch being experienced, workers’ salaries are still regularly being paid by the Cross River State government. Governor Ben Ayade-led administration’s prudent fiscal management is worthy of emulation, despite the fact that the state’s earning has nosedived since the hitherto 13 per cent derivation from its oil wells had been ceded to Akwa Ibom State, following a Supreme Court judgment.

Another governor that could be a reference point is Mr. Akinwunmi Ambode of Lagos State. It is remarkable to note that Lagos State has already surpassed its first quarter internally-generated revenue target with the over N100 billion gross earning, as many states remain beggarly by rushing to Abuja for the monthly dole and reliance on bail-out funds. Without further delay, the federal government should let Nigerians know how far the committee has gone in the provision on the blueprint on the palliatives and evolving of a living and sustainable minimum wage for workers. By that, the government would not only be sending the right signals that accountability is key to responsive governance; it is also shows clear commitment and sensitivity to workers’ agitation. This is the right way to go!

Kupoluyi wrote from Federal University of Agriculture, Abeokuta

15

T H I S D AY • MONDAY, AUGUST 22, 2016

EDITORIAL SHORTAGES OF AVIATION FUEL

F

The scarcity of Jet A1 is stifling the aviation industry in Nigeria

or almost one year, airlines operating in Nigeria have been facing difficulties obtaining aviation fuel, known as Jet A1, at the right price and in the quantity demanded. The hardest hit are the domestic carriers that do not have the choice of flying across to other countries and can stop at neighbouring Abidjan in Ivory Coast, Accra in Ghana or Yaoundé in Cameroon to obtain the product at the right price. For an oil producing country, this is yet another emblem of shame.

Due to the unfortunate situation, airlines operating in or from Nigeria have become notorious for delayed and cancelled flights. This has also led to so much uncertainty since a passenger going to the airport is not sure whether he would travel or not because the airline might cancel the flight due to aviation fuel scarcity. These cancellations and delays have also led to unruly behaviour among passengers after waiting for several hours. The airlines have lost huge revenues due to inadequate supply

BY ITS LOCATION of the product. It AND THE PASSENGER has also lowered the TRAFFIC, LAGOS SHOULD passenger traffic on NATURALLY BE THE the domestic routes AVIATION HUB IN WEST and threatens the AND CENTRAL AFRICA sustainability of Nigerian carriers.

Although oil marketers have attributed the scarcity and high price of the product to the exchange rate of the naira, we do not believe that is a plausible excuse. Long before the naira fell to about N365 to the dollar, the price of the product was already high while marketers never met airlines’ demand. Indeed, some airline operators had in the past accused the marketers of forming a cartel, which

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Letters to the Editor

subdued competition in the Jet A1 market as they colluded to jointly import the product and sell at arbitrary prices.

The allegation has always been that by jointly importing the product, the marketers were always bringing into the country less aviation fuel than the actual volume needed, thus creating artificial scarcity which obviously kept the price high. Nigerian airlines need an average of 1.6 million litres of fuel a day, while international carriers and private jet operators require about 800,000 litres a day, but less than that volume was always imported. Essentially, marketers have kept the price of the product high by making it scarce.

In defending themselves, oil marketers argued that there were additional costs incurred in bringing aviation fuel to the country, including port charges and sometimes demurrage costs. They also accused the government of not fulfilling its promise of making foreign exchange available to them at rates lower than the official exchange rate. But the feeling within the industry is that the price the marketers sell the product is almost 50 per cent higher than the actual price after deducting all expenses. For example, about two weeks ago, Ghana reduced the price of aviation fuel by 20 per cent, selling it at N110 per litre. In Nigeria, the same product sells at N200 per litre and more.

It is unacceptable that an oil producing country like Nigeria is selling the product at a price higher than what obtains in other African countries. In fact, at different aviation fora, it has been said that the price of aviation fuel in Nigeria is the highest in a country that is not at war. Yet by its location and the passenger traffic, Lagos should naturally be the aviation hub in West and Central Africa. But Nigeria is losing this to Ghana because of the high price of aviation fuel, poor infrastructure and exorbitant charges imposed by government agencies. That, we insist, is not acceptable.

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.

APPROPRIATING THE BENEFITS OF COOPERATIVE SOCIETIES According to the International Co-operative Alliance (ICA), a cooperative society is an association of people that come together to pool resources and engage in business or economic activities for the purpose of improving their welfare. The cooperative movement began in Europe in the 19th century, primarily in Britain and France.

Robert Owen, a Welshman who made his fortune in the cotton trade, is considered as the father of the cooperative movement.

In Nigeria, the history of cooperative movement dates back to the 1930s. The most prevalent of such institution is the credit organisation known in English as the “contribution society’’ but which, according to variations in language, has diverse terms such as ‘Adashi’ ‘Esusu’ or ‘Ajo’ and ‘Isusu’.

In 1935, the Nigeria cooperative society ordinance was enacted via the recommendation of Mr. C. F. Strickland which was fashioned out of the India cooperation society’s act of 1912. The ordinance provided for recognition of cooperative as a separate business enterprise, prohibition of the indiscriminate use of the title “cooperative’’ and appointment of a registrar of cooperative to control and administer cooperative laws and fostering of cooperative development.

Without gainsaying, cooperatives are the forerunners of modern sustainability as displayed in their age-long principles.

Cooperative enterprises have made positive contributions to sustainability through their ability to utilise the dynamics of human and natural resources within a given community for the benefit of such community and beyond.

Over the years, cooperative societies have clearly demonstrated that they are key actors to redefine the sustainable development models prioritising social equity. The cooperative formula is seen as a solution that is not only durable but contemporary, resilient and relevant, and therefore significant in establishing a more solid economic development through their ethic economy, defence of the collective interest and the democratisation of the entrepreneurial sector.

Cooperatives have a proven record of creating and sustaining employment and also in helping to improve the living and working conditions of women and men globally, and in making essential infrastructure and services available even in areas neglected by the state and by investor-driven enterprises.

Cooperative societies help members to develop a savings culture. Nobody can escape poverty without a savings habit. Anyone that spends everything on consumption is just a step away from poverty. Saving is made relatively easy with cooperatives because every member must contribute regularly without default. In most private and public

organisations, such contribution is usually deducted directly from members’ income.

So, irrespective of their needs, they are made to save as an obligation. Cooperatives also offer members access to loans either in cash or in the form of goods. As it is difficult for a camel to pass through the eye of a needle, so it is for the average individual to get loan from banks. For low income earners, it is even worse, because they don’t have collateral. Even for those that can meet the conditions for bank loans, the loan may not come promptly as needed. But as a member of a cooperative, loan can be accessed promptly as your contributions serve as collateral while fellow contributors are accepted as guarantors.

Also, the interest rate and repayment terms are not crushing as those of the banks. This easy access to loans has helped many people achieve improved welfare.

In many countries, political, economic and social changes have put pressure on governments to limit their involvement in economic and social affairs. The core idea of structural adjustment programmes is a shift from public to private initiative, financing, management and responsibility.

The cooperative model of joint ownership and management is, therefore, increasingly being used by employees to buy out their own enterprises in the transport, service and manufacturing sectors, as a means of

protecting and generating jobs in an era of continued downsizing resulting from globalisation and technological changes.

It is in order to draw wider attention to the immeasurable benefits of cooperatives that the International Cooperative Day is observed on the first Saturday of July every year as established by the International Cooperative Alliance (ICA) and embraced by the United Nations (UN).

The day aims to strengthen and extend partnerships between the International Co-operative Movement and other actors, including governments, at local, national and international levels.

In Lagos State, the number of registered cooperative societies has grown from 108 in 1967 to well over 15,000 with a net asset of N71 billion according to the mid-year report of the cooperative department for year 2016.

Aside this impressive financial profile, the cooperative movement in Lagos has been consistently supporting the state government’s policies and programmes in the areas of public transportation, job creation, housing and infrastructure provision.

In reciprocating these contributions, the state government has continued to provide the enabling environment for profitable investment of cooperative funds.

Lolade Ogunbiyi, Ministry of Commerce, Industry and Cooperatives, Alausa, Lagos

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MONDAY AUGUST 22, 2016 T H I S D AY

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T H I S D AY • MONDAY, AUGUST 22, 2016

POLITICS

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

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

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A Profile in Crisis In this discourse, Davidson Iriekpen deconstructs Justice Okon Abang of the Federal High Court, wondering how long the leadership of the judiciary will watch him sully the revered institution

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t is longer news that the Court of Appeal, last Thursday, upturned the judgment of Justice Okon Abang of the Federal High Court, Abuja, which sacked Governor Okezie Ikpeazu of Abia State from office in July. What is however news was the way and manner the justices of the appellate court descended heavily on the judge, totally embarrassing and ridiculing him in the eyes of the public for debasing justice and bringing the judiciary to grave disrepute and ridicule.

Abang had on June 27, 2016, ordered Ikpeazu to vacate his seat as governor for allegedly falsifying tax documents. He further ordered the Independent National Electoral Commission (INEC) to issue a certificate of return to Mr. Sampson Ogah, who came second in the Peoples Democratic Party (PDP) primary election held in December 2014, but did not participate in the general election.

However, in a unanimous judgment, which lasted about six hours, the five justices of the court held that the trial judge was not only perverse and biased in his judgment, but that he turned the law upside down. First, the court held that Justice Abang erred in law and occasioned a miscarriage of justice against the governor, when he refused to give fair hearing and that he pre-judged the matter, when he touched on the substantive issues at the preliminary stage without hearing the appellant.

Justice Ogunwumiju, who delivered the lead judgment in one of the appeals, held that Abang “committed grave violence against one of the pillars of justice” relating to fair hearing. She further held that the judge raped democracy in his order that the Independent National Electoral Commission (INEC) should issue a certificate of return to Ogah, when there was no evidence of forgery or criminality against the appellant.

According to the court, the judgment given

by Abang was grossly erroneous, because it was based on inadequacy of tax receipts that could not be visited on the appellant (Ikpeazu).

Justice Ogunwumiju further held: “After reading through the judgment several times, I was amazed at how the trial judge arrived at his conclusion of perjury against the appellant when there was no evidence of forgery. His findings are ridiculous. The judge must have sat in his chambers, unilaterally assessed and computed the taxes of the appellant and came to the conclusion that he did not pay the required taxes.

“Courts are not allowed to speculate, as the trial judge did in the instant case. In one breadth, the trial judge spoke from the two sides of his mouth, when he claimed that he based his findings on supply of false information and in another breadth, he came to the conclusion that the appellant committed perjury even when there was no allegation of forgery and no allegation that he did not pay tax.”

Justice Ogunwumiju also held that the trial judge turned the head of the law upside down in his conclusion that it was the appellant that should bear the burden of proof of an allegation made by Ogah.

Again, she noted: “With respect, we disagree with him because it is the person that makes the allegation of falsehood that must prove it. The court erred when he imported the phrase, ‘as and when due’ into the PDP 2014 guidelines.

The judge would not have imported the phrase into his findings if a copy of the PDP guidelines had been attached to the originating summons.

The judge violated the party’s guidelines.”

Recall that after delivering his judgment, Abang again refused to hands off the case. He assumed jurisdiction on the motion for stay of execution, insisting that he had jurisdiction to hear a motion for stay of execution of his earlier judgment delivered on June 27, even after the appeals against the judgments had been entered at the Appeal Court.

For this, Justice Philomena Ekpe, who CONT’D ON NEXT PAGE

Abang...integrity test!

T H I S D AY • MONDAY, AUGUST 22, 2016

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POLITICS/ THE MONDAY DISCOURSE A PROFILE IN CRISIS

President of Court of Appeal, Justice Zanab Bulkachuwa_ Justice of the Supreme Court, Justice Wilson Onnoghen and Chief Justice of Nigeria, Justice Mahmud Mohammed at a function

read the lead judgment, also tongue-lashed him, saying he was wrong to have assumed jurisdiction on a motion for stay of execution of his earlier judgment delivered on June 27, even after the appeals against the judgments had been entered.

She said the judge lacked jurisdiction to interpret the provisions of the Court of Appeal being the rules of a superior court, adding also that what the judge of a lower court ought to have done in line with the time honoured doctrine of “stari decisis” was to have transferred the motion to the Court of Appeal for determination.

“The lower court (Justice Abang) has made a complete summersault of the entire suit. Once an appeal is entered into, there is nothing left for the trial court to adjudicate upon. All the trial court was supposed to do was to transmit the record of proceedings to the appellate court. But it deliberately chose to do otherwise. This is against Order 4 Rules 10 and 11 of the Court of Appeal Rules 2011.

The lower court acted ultra vires.”

To many observers, the chastisement of Abang has gone a long way to show how terribly the lower court has sunk. Not only do many of them oftentimes descend into the arena, they exhibit bias in their orders and judgments only attributable to huge financial inducement. These orders and judgments always create ill-feelings among Nigerians, who have overtime lost hope in the judiciary in the country.

Apart from the Ikpeazu judgment, Abang had in the last couple of months acquired a reputation for his controversial orders, rulings and pronouncements, which have raised eyebrows and reinforced the perception of rascality in the Nigerian judiciary. So reckless and perverse are some of his orders and judgments that many wonder why the National Judicial Council (NJC), the highest judicial organ in the country would close its eyes to the embarrassment he was causing the judiciary.

While he was sitting in Lagos, litigants and counsel had written petitions against him over the way and manner he had handled their cases.

Some of the aggrieved litigants and counsel have even had cause to openly object to his orders and disparage the judiciary.

Today, many analysts strongly hold him responsible for the crises rocking the PDP. So far, he has granted a number of orders that have added to the confusion in the party, thus fuelling insinuations that he was being used by external forces to run down the PDP. Aside the series of controversial orders he had delivered to stop the party’s national convention, Abang has also acted in a manner largely suspected to be on mission to kill the PDP by granting many orders that Ali Modu Sheriff remained the authentic national chairman of the PDP and has the authority to act and take decisions on behalf of the

party against the orders of similar courts of the coordinate jurisdiction, which had asked Sheriff to stand down.

His palpable bias and habitual judicial blunder came to the fore, when he sat on appeal on a judgment delivered by a similar court of concurrent jurisdiction presided over

by Justice Abdullahi Liman of the Federal High Court sitting in Port Harcourt.

Note that as a way of permanently resolving the legal crises plaguing the PDP, Justice Liman had in a judgment delivered on July 4, declared that the May 21 national convention of the party, where the Senate Ahmed Makarfi-led National Caretaker Committee was inaugurated was valid, stating that its decisions did not violate any known law or the constitution of the party.

He also affirmed that the appointment of the caretaker committee by the national convention of the PDP to oversee its affairs was legal and in line with the provisions of the party’s constitution. He therefore dismissed all grounds of defence put up by Sheriff.

Liman said Article 31 (1) of the PDP constitution vested the powers to convene a national convention on the national executive committee of the party and held that pursuant to the constitution of the party, Sheriff had no powers to unilaterally postpone the properly constituted national convention on a day all delegates had converged on Port Harcourt, the host city.

The judge described the action of Sheriff as “most unconscionable”, pointing out that the

After reading through the judgment several times, I was amazed at how the trial judge arrived at his conclusion of perjury against the appellant when there was no evidence of forgery. His findings are ridiculous. The judge must have sat in his chambers, unilaterally assessed and computed the taxes of the appellant and came to the conclusion that he did not pay the required taxes…

Courts are not allowed to speculate, as the trial judge did in the instant case

Auta

former acting national chairman participated in all the processes leading to the national convention, only to make a U-turn at the final minute after he was screened and disqualified.

The court also ruled that after Sheriff was disqualified following his screening, the only option that was left to him was to have gone to the venue of the national convention to seek the opinion of delegates whether they were prepared to go on with the convention or not.

According to him, the absence of Sheriff at the convention did not visibly affect the process as his powers were not usurped. He declared, therefore, that under Article 35 (b) of the PDP constitution, in the absence of the chairman, the deputy chairman was empowered to preside over the national convention.

He further argued that in line with Article 33 (2) of the PDP constitution, the national convention of the party is supreme and can exercise the powers to dissolve the national working committee and the national executive committee of the party.

On the issue of the abuse of court process claimed by the former national acting chairman, the court held that the plaintiffs in the case in question were not the same in the cases mentioned by the defendants, noting that the plaintiff’s suit only centred on the national convention.

Justice Liman, as a result, emphasised that there was no suit challenging the conduct of the national convention in Port Harcourt, Rivers State and that no injunction was sought to stop

the convention. He noted that five days to the national convention, Sheriff had, through his counsel, Ahmed Raji (SAN), dissociated himself from one of the suits they filed via proxies.

But Abang, who has concurrent powers with Justice Liman, in his wisdom, would rather than respect the judgment, sat as superior court and sacrilegiously used interlocutory order to debase the verdict by holding that the purported convention held in Port Harcourt on May 20 was in violation of two court orders of the Lagos Division of the Federal High Court, which barred the PDP and INEC from holding the convention.

He consequently barred the Makarfi-led caretaker committee from exercising any authority or taking any decision on behalf of the PDP on account of being an illegal body.

Literally elevating his court to an Appeal Court status, Abang took a swipe at the Makarfi-led group for going to Port Harcourt to obtain a favourable judgment from a division of the Federal High Court, which is a court of co-ordinate jurisdiction to that of Lagos.

With evident judicial impunity, he reprimanded his colleague in the Port Harcourt division for recognising the Makarfi-led caretaker committee, saying it was unlawful, illegal and has no foundation in law to stand.

He further held that until the orders made by the Lagos Division of the Federal High Court, which restrained the PDP from holding the convention at the time it did was set aside, anything done in contravention of the two subsisting orders would not stand.

“The Port Harcourt Division of the Federal High Court cannot make an order to neutralise the effectiveness and potency of orders of the Lagos Division of the Federal High Court,” he said.

Rather allow the parties to sort out their counsel as it’s usually the practice, Abang completely descended into the arena, when he further ruled, among others, that the lawyer hired by the Makarfi faction of the party could not represent the party and recognise the lawyer hired by the Sherriff’s faction.

He held that the letter by Senator Makarfi, appointing Ferdinand Obi (SAN) for PDP was illegal, unlawful and was set aside by the court on the grounds that Makarfi has no law to his side to appoint a lawyer for PDP or carry out any act on behalf of the party. Abang, therefore, upheld the appointment of Olagoke Fakunle (SAN), having been appointed to represent PDP by the Sheriff-led committee.

Also, some detainees of the Economic and Financial Crimes Commission (EFCC) had fingered the controversial judge as one of the to-go-to judges, who readily grants long detention orders to the commission during its investigation of high profile corruption cases.

For example, the usual practice is that when a party in case notices bias by a judge, he/ she petitions the Chief Judge of the court to CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, AUGUST 22, 2016

POLITICS/ PERSPECTIVE

Why the Desperation to Rope in Jonathan?

Every attempt to criminalise former President Goodluck Jonathan will always come to naught, writes Reno Omokri

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he coordinated attack on the integrity and credibility of former President Goodluck Jonathan is unfortunate. That the same hastily cooked jup lies were reported simultaneously and almost word for word

by The Nation, saharareporters.com, premiumtimesng.com and other known client media of the powers-that-be is evidence of the fact that someone powerful is out to get the former President.

Let us even consider the report in itself. One of the conjectures used by the propagators of this lie to pull the wool over the eyes of Nigerians is contained in this quote: “It has been known in government circles that Jonathan may be behind the NDA. The speed with which he denied the allegation spoke volumes.”

There has never been such a childish and amateurish justification for sullying the hard earned peaceful reputation of a man like former President Jonathan as this.

When in November of 2012, Boko Haram named Major General Muhammadu Buhari (rtd), now the current President of Nigeria, as one of its chosen mediators did he not quickly and immediately deny and reject the nomination by Boko Haram?

Flowing from the same warped reasoning, his speedy denial is also evidence that he had a hand in the terrorism occasioned by the radical Islamic sect, but we know that is not true because Boko Haram tried to kill Mr. Buhari.

If it were that Dr. Jonathan did not quickly and completely deny any links with the Niger Delta Avengers and any other militants group, then the sponsors of this wishy-washy story would have changed their tactics and would have said his non-denial is evidence of his complicity. Another so-called evidence used against the former President, in this sponsored report, is the fact that he called for peace and urged militants not to declare a republic or contemplate secession.

In the disturbed thinking of the sponsors of this report, this is evidence against Dr. Jonathan?

Has it occurred to these demented persons that this is precisely what a genuine statesman should do in times like these? In September of 2011, former President Olusegun Obasanjo visited

Petrochemical, for providing the materials used by terrorists and militants to make Improvised Explosive Devices (IEDs).

Now, according to this new tale inserted into the media, it was Dr. Jonathan, who instructed militants to mine oil installations before the May 29th, 2015, handover date.

Now, it is confirmed that liars do not have a good memory and so must contradict themselves. If the oil installations were rigged with mines the question to be asked is are mines made from fertilizers? Can they not get their story right? There is a troubling pattern here. It seems that any time Dr. Jonathan is advancing on the world stage for his humanitarian and pro-democracy activities, these fallacious stories appear in the media to distract him.

Jonathan...in a different world

Maiduguri to see the family of the late founder of Boko Haram, Mohammed Yusuf, in search of peace. He was applauded for such a courageous act, as he should have been, because that is what is expected of statesmen.

In other climes, they give people Nobel Peace Prizes for prevailing on belligerents to sheathe their swords, but apparently in Nigeria, it is evidence of your complicity.

Should Nigerians be surprised then that passers-by refuse to help those attacked by armed robbers or accident victims on the roadside like the Good Samaritan? If you do, the government may accuse you of being the perpetrator instead of the saviour.

But these happenings are not surprising to me. We were all witnesses to the threat to withdraw the licenses of the two major fertilizer manufacturers in Nigeria, Notore Petrochemical and Indorama Eleme

Somebody asked me what I gained by working with Goodluck Jonathan, my response was that I learnt wisdom…I learnt that the best revenge against those who criticise how you do your job is to step aside and let them have the job and watch them underperform in such a manner until they get so desperate that the only achievements they can boast of are the ones you achieved during your socalled underperformance.

May God bless Dr. Jonathan for teaching me such wisdom, in Jesus name!

When he was on his very successful international speaking tour earlier in the year, the lie was told that he was away on exile. Now that he is back from his second successful outing as head of the African Union Elections Observation Mission to Zambia, the usual suspects are up to their old tricks. Who knows what they would do next when they behold the great things that Dr. Jonathan is set to do very shortly?

And to the Minister of Information, Dr. Lai Mohammed, who was quoted in the said report as saying “these allegations have refused to go away and those making the allegations are not backing out”, let me remind him that there are allegations against him that have refused to go away.

In fact, the allegations against Lai Mohammed come with documentary evidence. We remember that he was alleged to have begged his subordinates at the National Broadcasting Commission (NBC) for a ‘loan’ of 13 million against civil service rules and against the rules of public decency.

Have those allegations gone away, Mr. Lai Mohammed? Should we then accept them as true? Of course not! Why? Because allegations, no matter how weighty, are not evidence.

Like I said before, I am ever proud of Dr. Goodluck Jonathan. Somebody asked me what I gained by working with Goodluck Jonathan, my response was that I learnt wisdom. I learnt that it is better to lose power and gain honour than to gain power and lose honour. I learnt not to defend myself when my enemies falsely accuse me. The same media that gleefully reported their lies will eventually expose them when they see that the public is no longer buying their lies.

Finally, I learnt that the best revenge against those who criticise how you do your job is to step aside and let them have the job and watch them underperform in such a manner until they get so desperate that the only achievements they can boast of are the ones you achieved during your so-called underperformance. May God bless Dr. Jonathan for teaching me such wisdom, in Jesus name!

-Omokri is the founder of the Mind of Christ Christian Center in California and the host, Transformation with Reno Omokri

A PROFILE IN CRISIS complain and possibly appeals that the judge be changed. While many judges have had to recuse themselves from such cases to maintain their integrity, oftentimes Abang had refused to do the same The case in point, for example, is the corruption trial involving the former National Publicity Secretary of the PDP, Olisa Metuh.

After the latter accused the judge of bias and being his classmate at the Nigerian Law School between 1987 and 1988, Abang denied him, and refused to hands off the case.

This is not the first time Abang would abuse court process. On September 22, 2014, he appointed the law firm of Olisa Agbakoba as the receiver/manager on behalf of the Asset Management Corporation of Nigeria (AMCON) over Bi-Courtney assets, including the Murtala Muhammed International Airport, Terminal 2 despite the fact that the case had been settled by the same court.

But the orders were set aside by Justice Ibrahim Buba, who held that the orders constituted abuse of court process because they were obtained by Agbakoba through concealment of material facts. However, the case found its way back to Abang’s court and promptly renewed it against all judicial tenets When the case went to the Court of Appeal, the court upheld the ruling of Justice Buba, discharging an order empowering AMCON to take over assets of Bi-Courtney. Justice Sidi Bage of the Court of Appeal in his judgment held that the circumstances under which AMCON obtained the ex-parte ordered against Bi-Courtney Group from Abang amounted to an abuse of court.

He held that the ex-parte order was

obtained in the face of subsisting order of Justice Mohammed Liman (also of the Federal High Court) delivered on November 4, 2011, restraining the federal government and its

Apart from the Ikpeazu judgment, Abang had in the last couple of months acquired a reputation for his controversial orders, rulings and pronouncements, which have raised eyebrows and reinforced the perception of rascality in the Nigerian judiciary. So reckless and perverse are some of his orders and judgments that many wonder why the National Judicial Council (NJC), the highest judicial organ in the country would close its eyes to the embarrassment he was causing the judiciary

agencies from taking any steps to takeover Bi-Courtney Group. The appellate court, in its unanimous decision, held that the lower court judge did not raise any issue suo motu (on his own) as alleged by the appellant (AMCON).

Even the federal government, through the Federal Directorate of Public Publication (FDPP), has had cause to accuse Abang of working in the interest of three former bank chiefs being prosecuted by the Nigeria Deposit Insurance Commission (NDIC) for alleged N604 million fraud. The bank chiefs were the Managing Director of the defunct Integrated Microfinance Bank, Simon Ademola Akinteye; Jerry Orimobuohoma and Gabriel Adepoju, both former directors of the bank.

The accused persons were charged before Abang by the NDIC for alleged banking malpractices and fraud. They were specifically accused of granting questionable loans to themselves and other companies without collateral, fallout of which led to the failure of the bank in the operations of the bank.

However, the FDPP, in a petition to the Chief Judge (CJ) of the Federal High Court (FHC), Justice Ibrahim Auta, accused Abang of frustrating the case of the prosecution in favour of the accused persons.

The judge was specifically accused of foreclosing the case of the prosecution even when more witnesses were still intended to be presented to the court.

The FDPP, which is a directorate in the Federal Ministry of Justice, had specifically urged Justice Auta to recall the case file from Abang and re-assign the matter to another judge of the court, who will conduct the trial in an unbiased manner. The move was said

to have been informed by the lack of trust by the NDIC in the ability of Abang to be fair in the conduct of the trial.

For a long time, Abang was held responsible for the crisis that also rocked the PDP in Ogun State based on the curious orders he granted in favour of a faction of the party loyal to a multi-millionaire in the state. He was also said to have been involved in granting several orders with respect to substitution of names for the primary elections of the PDP to select candidates for various elective positions for the last general election until a petition was written against him by a party.

This made the Chief Judge of the court to order that the case file be taken away from him pending the conclusion of investigation into his activities in respect of the matter. After the investigation, the chief judge withdrew the case from him, only then that the party savoured respite For now, it is not clear for how long the NJC would allow Abang to continue to bring the judiciary to public scorn and avoidable disrepute. This growing concern, amongst the observing public, is equally founded given that the judiciary is assumed to be the last hope of everyone, whether common or highly placed persons.

But that truism may not be very correct or true to type in Abang’s court and this is why it is the opinion of many that the NJC as a body must rise up to the challenge to properly and critically look into the activities of this judge, whose profile is in self-designed crisis before his actions completely cast a poor shadow on the already unpleasant standing of the judiciary.

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MONDAY, AUGUST 22, 2016 • T H I S D AY

FEATURES

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

Pushing for Reparation With the concerted efforts of the governments of the Caribbean countries, the push for reparation in Africa is gradually gaining momentum, writes Ugo Aliogo and Chidinma Okonkwo

L-R: Mrs. Christie Ade.Ajayi, Vice Chancellor University of Lagos, Prof. Rahamon A. Bello, Vice President Yemi Osinbajo and Vice Chancellor University of West Indies, Prof. Hilary Beckles, during the inaugural J.F. Ade.Ajayi Memorial Lecture titled, ‘History and the Pan Africa Nation’ held at UNILAG’s Main Auditorium, Akoka, Lagos…recently

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n the midst of the myriads of challenges facing the continent of Africa, reparation struggles is one of the vital issues which has not been given the full attention by government of African States. For centuries, Africa has faced various forms of deprivations, resulting from slavery, colonialism, and neo-colonialism.

The human and material resources of the continent have been the pillaging field of the West. Political commentators have viewed reparation as an issue that is at the heart of social harmony and justice essential for man’s survival. Some commentators feel that the issue has continuously been slept under the carpet by government of nations and the African Union (AU). While others are optimistic that the issue is receiving commendable attention despite some hindrances.

At the JF Ade Ajayi Memorial Lecture held in Lagos at the University of Lagos recently with the theme; ‘History and the Pan Africa Nation’, the issue of reparation was brought to the front burner of debate. Stakeholders at the lecture were quite optimistic that the reparation struggles were receiving remarkable progress, but much concerted efforts need to be put in place.

Speaking at the lecture, the Vice Chancellor of University of West Indies, Prof. Hilary Beckles, stated that the reparation struggle is making headway on a global scale, adding that in the Caribbeans, they people are now in the vanguard of reparation, and the government

has established reparation commissions to carry out national public education and to organise historical information in order to make a compelling case.

He explained that currently, they have

The human and material resources of the continent have been the pillaging field of the West. Political commentators have viewed reparation as an issue that is at the heart of social harmony and justice essential for man’s survival.

Some commentators feel that the issue has continuously been slept under the carpet by government of nations and the African Union

completed their work and submitted the findings to the government, stressing that the government is in a vintage position to make a claim to the governments of Europe on the issue. “The government of the Caribbean has written formerly to the governments of Europe calling for a summit to discuss the crimes that have been committed against the African people in the Caribbean and Africa.”

Beckles expressed confidence that as advocates of the reparation struggles, they will not relent in pushing the boundaries, adding that they are expecting the government of Africa to come onboard, in spite of the divided stance of African governments over the issue.

He said African leaders are not sure what position to adopt on an issue which has caused tremendous damage on the continent’s human and natural resources, “Nigeria was the largest exporter of people, who were carried across the Atlantic Ocean. Therefore Nigeria was a country that was ravaged and victimised by this crime.”

As Africa’s Big Brother, Nigeria is expected to play a lead role in arguing the case for the black continent at the United Nations, but she has not fulfilled this mission yet, “reparation is an issue that ought to be settled in a diplomatic fashion. United Nations has to provide the leadership; it will make a huge difference, so in the Caribbeans we are waiting on Africa and Nigeria leadership,” espoused the Vice-Chancellor.

Despite being a small cluster of nations, the Caribbeans has played its part in persuading the UN to declare the next 10 years as the decade for Africa descendant people. The effort took a lot of global diplomacy to announce.

In this decade, one of the objectives is that advocates of reparation are pushing for global justice for the African people for the crimes committed during the era of Transatlantic Slave Trade.

“Brazil has now come onboard and established a reparation commission. The U.S. has also established a national reparation commission. We are waiting on Nigeria and African government to come onboard regarding this issue.” Beckles noted.

Beckles added that there is an alliance between North America, the Africa America, the Caribbeans, Brazil and the Africa, expressing optimism that there will be a global transformation, “the Europeans believe that they can treat the Caribbeans in a certain disrespectful way because we are small countries and we don’t have the global power on the international community.”

Despite their (Caribbean countries) efforts to push to work as a united front on the issue before the global community, Beckles explained that they have received lots of disappointments from government of West African countries and Nigeria especially, in the area of support and commitment.

He said: “In 2001 in Durban, South Africa, Nigeria President Olusegun Obasanjo did not

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T H I S D AY • MONDAY, AUGUST 22, 2016

FEATURES

Vice President Yemi Osinbajo, addressing participants at the inaugural J.F. Ade.Ajayi Memorial Lecture titled, ‘History and the Pan Africa Nation’held at UNILAG’s Main Auditorium, Akoka, Lagos… recently support us. Also most of the government of West African countries did not support us as well. We felt wounded that the governments of Africa were supporting the European nations, instead of pitching tent with us. In the Diaspora, we believe that we have played an important role in the liberation of Africa.

When African countries were fighting for their independence in the 50s, we played a vital role through our intellectuals, musicians, and political leaders.

“We fought the apartheid regime, thousands of people from the Caribbeans died fighting the liberation struggles in Southern Africa, though the Cubans were in the majority, but there were soldiers from other countries.

But to organise the Cubans to fight in order to bring down apartheid, the Caribbeans had to be mobilised to enable those soldiers travel across the Atlantic Ocean and reach Southern Africa, Zimbabwe, Mozambique and Namibia.

“For the last 60 years, before the days of Marcus Garvey, who started the process of Africa liberation struggle in an organised way, we have been fighting for the liberation of Africa and now we have called on the African governments to support us and our political struggles for reparation. We were disappointed that we didn’t get the necessary support from the government of African countries, but the citizens of Ghana and Nigeria were supporting us.

“We had full support from the academics, trade unions movement and civil society organisations in Nigeria, Senegal, Ghana, and Zimbabwe. They were fully in support, but the government was not. It was a case where the people of Africa and West Africa were on different pages. Though, we were disappointed that we could not get government support. But it was cheering to know that the people were with us. We are hoping that the government and the people will join together to support us.”

When the issue of reparation struggles were brought before African leaders, a number of arguments were raised, regardless of efforts to persuade the governments to agree to those positions, President Obasanjo at that time expressed concerns that the reparation issue would create a policy of confrontation with the West, therefore, he didn’t wish to be part of the confrontation issue. Though they tried to convince him that reparation is not about confrontation; rather it is about using the diplomatic channel that is available to you, since the UN was concerned about dialogue and diplomacy.”

He added: “We tried to talk to the African governments that the history has been confronted and addressed, there was a view that many of the African countries were negotiating with International Monetary Fund (IMF) for a loan and there were concerns that if they have taken stance in support of reparation they will be blackmailed by the

We already have the platform in the UN General Assembly because they have endorsed the two things; slavery and slave trade which were crimes against humanity. The UN has also endorsed the next decade to look at the damages done to African people as a result of these crimes. Therefore the United Nations has done what it can do, it is left for us to do the rest

Vice Chancellor University of West Indies, Prof. Hilary Beckles, during the inaugural J.F. Ade. Ajayi Memorial Lecture held at UNILAG’s Main Auditorium, Akoka, Lagos…recently IMF and the World Bank.

“It was clear to us that many of the African countries were being intimidated by the IMF and the World Bank. There was no doubt that IMF was involved in the intimidation of Senegal because Senegal was negotiating with World Bank for loans. The important thing is for us to recognise that many of the governments of African countries were being intimidated by the IMF and the World Bank.

“Since Durban, we have been able to move the matter unto the agenda of the AU. We have urged the AU that they must reverse their position on the issue, because what was done to the people of Africa and the Caribbeans was wrong. We have told them that they need to reverse their position. The matter has come to the AU and they have given us their support. The AU has stated that they will treat the Diaspora as the zone

of Africa and in principle they are in support of reparation.

“The government of Gambia has stated that they will be the champions of reparation movement in Africa. I am involved in negotiations across Africa to persuade many African countries to take a stronger position and to use the AU as a platform to strengthen the case. Also, move towards the United Nations General Assembly.

“We already have the platform in the UN General Assembly because they have endorsed the two things; slavery and slave trade which were crimes against humanity.

The UN has also endorsed the next decade to look at the damages done to African people as a result of these crimes. Therefore the United Nations has done what it can do, it is left for us to do the rest.”

In another development, the Vice President,

Yemi Osinbajo, lauded the commitment of the African Union (AU) to continue the fight against corruption in the continent, while calling on Africa leaders to support the anti-corruption war.

Osinbajo stated that the AU has been playing a leadership role in its efforts to curb illicit financial flaws and corruption, adding that the organisation has displayed a strong commitment to promoting transparency and anti-corruption campaigns in the continent.

The Vice President charged African leaders to understand their responsibilities and the needs of their people in the rural communities, adding that the administration of the President Muhammadu Buhari is highly committed to tackling corruption in the country and it will not relent in its efforts.

“In addition to the AU’s convention of preventing and combating corruption, however the fight against corruption in Nigeria must continue. The challenges before us as a nation are the insurgency in the North-east and the environmental challenge in the Niger Delta. Over two million people are internally displaced in the North, and Borno State has over 49,000 people with over N10 billion lost due to the insurgency. Considering the amount of money voted into the Niger Delta region in the past 16 years, we will ensure that the region earns higher than most African states. It is time for the AU to correct and characterise corruption as a crime against humanity,” he stated.

Osinbajo lauded the legacies of the late Prof. Ajayi, stressing that he was an epitome of hard work, uprightness and selflessness, while urging the public to emulate the values of Ajayi in their service to the nation.

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IMAGES

T H I S D AY • MONDAY, AUGUST 22, 2016

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

Ogun State Commissioner for Commerce & lndustry, Otunba Bimbo Ashiru (left) and Lagos State Commissioner for Budget and Planning, Mr. Akinyemi Ashade at the Lagos Chamber of Commerce & lndustry 2016 Presidential Policy Dialogue Session in Lagos...recently ABIODUN AJALA

L-R: Registrar, Landmark University, Omu-Aran, Dr. Daniel Rotimi; Vice-Chancellor, Landmark University, Prof.

Aize Obayan, presenting the university’s farm kits to Kwara State Governor, Alhaji Abdulfatah Ahmed, at the Government House, Ilorin…recently

L-R: Board Member, United Bank for Africa (UBA), Mrs. Angela Aneke; Chief Executive Officer, Transcorp Hotels Limited, Mr. Valentine Ozigbo; Director, Group Business Development, Heirs Holdings Limited, Mr. Adim Jibunoh; author of the book ‘The Alphabet of Leadership, The A-Z Improving Your Leadership Effectiveness’, Dr. Maxwell Ubah; and Mr. Doyin Ogun of Forte Oil Plc, during the launching of the book at Lekki, Victoria Island, Lagos...recently KOLAWOLE ALLI

L-R: Chief Executive Officer, Emmarach Ltd, Mr. Ajibola Olayinka; Chairman, MattO’ Bell Ltd, Pastor Ademola Malumi; and Managing Director/CEO, Matt O’ Bell Ltd, Mr. Dare Ojo- Bello, at the media launch of Odoo SME in Nigeria in Lagos...recently ETOP UKUTT

L-R: Chief Technical Officer, OLX SSA, Stephen Ballot; Country Manager, OLX, Lola Masha; and Product Owner, OLX SSA, Stephen van der Hejiden, during the partnership of OLX and TechCabal product masterclass for developers in Lagos...recently

L-R: Managing Director, Prestige Assurance Plc, Dr. Balla Swamy; Chairman, Mr. Hansan Usman; and Company Secretary, Mr. Abayomi Odulana, during Prestige Assurance’s 46th annual general meeting in Lagos...recently ETOP UKUTT

Minister of Information and Culture, Alhaji Lai Mohammed (middle), and members of the Federation of Tourism Associations of Nigeria (FTAN) during their visit to the minister in his office in Abuja...recently

L-R: President, Association of Telecommunications Companies of Nigeria (ATCON ), Mr. Olusola Teniola; Head, Corporate Affaris, NITDA, Mrs. Hadza Umar; acting Director General, NITDA, Dr. Olatunji Vincent; COO, Computer Warehouse Group Plc, Mr. Kunle Ayodeji; and Dr. Femi Adeluyi of NITDA, during a courtesy visit to CWG Plc, Lagos...recently

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T H I S D AY • MONDAY, AUGUST 22, 2016

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 17.4417 16.7724

3-MONTH 6-MONTH

A S 17.6079 19.8254

A T

NITTY 1-MONTH 2-MONTH 3-MONTH

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

A U G U S T 15.7532 16.0348 17.1017

6-MONTH 9-MONTH 12-MONTH

1 8 , 18.1773 18.9773 22.408

2 0 1 6

EXCHANGE RATE N316.55/ 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes NIM Set for Membership Week

OIL AND GAS INDUSTRY CHIEFTAINS

L-R: Chairman, Petroleum and Technology Association of Nigeria (PETAN), Bank-Anthony Okoroafor; Managing Director/Chief Executive of Total E&P Nigeria Ltd, Nicolas Terraz; and Vice Chairman PETAN, Geoff Onuoha, during a visit of PETAN executive to Total…recently

Oloketuyi: Why Wema Opted out of Bid for Keystone Bank Obinna Chima The Managing Director/Chief Executive Officer, Wema Bank Plc, Mr. Segun Oloketuyi has said that the bank opted out of the bid for the acquisition of Keystone Bank Limited because the expected synergy values from the target bank may not be realised.

Oloketuyi, who disclosed this during an interactive session with journalists in Lagos at the weekend, said Wema Bank was one of the financial institutions that initially bidded for the Keystone Bank, a commercial bank that is wholly owned by the Asset Management Corporation of Nigeria ( AMCON).

AMCON is expected to announce the buyer for Keystone

BANKING Bank in the coming days.

“We were one of the first set of people that wanted Keystone Bank. But we re-appraised our strategy somewhere along the line. Growth comes in two major stages - organic and inorganic. Organic by what we are doing today at Wema Bank and inorganic through mergers and acquisition (M&A) opportunities. So, we looked at the M&A opportunity and essentially what we looked at was the fit of the target.

“First you define your strategy and what you want to do as a bank, and then you go look at the other opportunity, to see if it has a fit in what you are doing. We went some

distance in the process and we decided we should get out of it because there were a whole lot of overlap between what we are and what the target is. Essentially, what you are looking at is the value addition.

“In M & A, if you add one plus one, in arithmetic, the answer is two, but in M& A, it is not. In M & A, if one plus one gives you two, it has added no value to you. In fact, if anything, you have taken on more trouble. So, if you take on a target, one plus one should give you multiples of two. It can be three or four. But if one plus one gives you just two in M& A, it is not value creating. But that does not mean the target is not good. But what i am saying is that it did not align with my

growth aspiration. That was the consideration and at some point in time, we decided to opt out of the bid,” he explained in response to an enquiry from THISDAY. Furthermore, Oloketuyi said the withdrawal of public funds through the implementation of the treasury single account (TSA) policy of the federal government impacted the volumvolt deposits at Wema Bank by about N50 billion, adding that the larger banks would have been more impacted.

“Over N2trillion left the entire banking system for TSA and it impacted the volume of deposit in the system. Deposit is our Continued on page 24

Development Partners, Private Sector Commit $1.7bn for Food Security James Emejo and Chukwuemeka Maduagwuna in Abuja

ECONOMY

The private sector and development partners have so far committed $1.7billion for the development of agriculture in the country under the New Alliance and Grow Africa Partnerships.

The partnership was an initiative of G8 Summit at L’Aquila, Italy, which was formed to support Africa’s effort towards food and nutrition security.

Essentially, it is a partnerships agreement between the government, private sector and development partners on targeted actions needed to promote agriculture investment

and consequently food and nutrition security in Nigeria.

Out of the $1.1billion expected to be invested by the private sector by 2016, a total of $1.4billion had already been provided, representing an achievement rate of 123per cent.

On the other hand, development partners who were expected to have provided a total of $420million in aid for agriculture by 2016 have actually made the sum 294 million available, representing a 70 percent achievement rate.

On the part of the government, which was also expected

to fulfil its own part of the agreement by completing 26 specified tasks by June 2016, nine of such obligations were said to have been carried out, representing a 35 percent achievement rate.

Policy Analyst, ECOWAS Commission/Head, Regional Strategic Analysis and Knowledge Support System – West Africa (ReSaKSS WA), Dr. Manson Nwafor said the purpose of the partnerships was to increase private investment and improve food security.

Giving an overview of New Alliance/Grow Africa Partnerships in Nigeria at a workshop on policy validation of annual progress report in Abuja, he said

government made 27 specific commitments in 13 broad areas including seed and fertilizer, agriculture financing, agriculture insurance, nutrition, land titling, staple crops processing zones, commodity exchange, enterprise registration and power availability.

Development Partners had committed to predictable funding of $500 million over the 2013 – 2016 period while the private sector made commitments in the areas of agriculture investment $3.8 billion in the 2013 – 2023 period.

Among other things, the workshop sought to identify key Continued on page 24

The Nigerian Institute of Management (NIM), Ikeja Chapter is set to hold its annual Members’ Week.

The programme scheduled for August 18th and 19th2016 is themed, “Challenges in the Nigerian Economy: Change and the Anticorruption Fight.”

The event is aimed at youth empowerment, capacity building and providing a forum for robust exchange of entrepreneurial/ managerial ideas.

The first day, Thursday, August 18, 2016, will experience a youth empowerment and skills acquisition programme. Proficient and experienced trainers will be present to facilitate the event.

Participants, which include NIM and non-NIM members, will be taught these skills for free. It is expected that many Nigerians, especially the youths, will take advantage of this opportunity and learn practical skills, which can translate to viable businesses afterwards.

On the second day, Friday, August 19, 2016, there will be a business lecture where the theme of the event will be exhaustively discussed.

The guest speaker for this programme is Dr. Biodun Adedipe, a seasoned economist and manager per excellence. During the occasion, professional managers will review key economic issues and make practical recommendations for sustainable growth.

NIM said in present times, with growing recognition that fiscal responsibility is the key to individual and national growth, Nigeria needs to examine the anticorruption and change concepts, which are hallmarks of the present administration.

BA Crew Votes for Industrial Action

British Airways cabin crew has voted for industrial action over the airline’s new “unfair” performance scheme.

The 8,800-strong British Airlines Stewards and Stewardesses Association (BASSA), a section of the Unite union, voted 91 percent for industrial action short of a strike, the union said.

Cabin crew said that the new performance management scheme is a needless replacement for the existing, functioning system and have real concerns that its introduction masks a hidden agenda of future job losses.

“The BA management should note the enormous strength of feeling against this policy,” Unite regional officer Matt Smith said in a statement.

“There is a window of opportunity here for BA to allay our members’ fears and change direction”, Smith said.

The union said it would not be announcing dates of any industrial action until discussions take place.

Bombardier Reports Quarterly Loss

Bombardier swung to a second quarter net loss as business jet revenue fell on lower production.

The Montreal-based plane and train maker posted a net loss of $490 million for the quarter ended June 30, compared with a profit of $125 million a year earlier.

Consolidated revenue fell 6.7 percent to $4.31 billion.

While revenue from commercial aircraft was up 28 percent at $764 million, business aircraft revenue was down 19 percent at $1.47 billion as it scaled back production.

The company delivered 27 commercial and 42 business aircraft in the three months.

During the quarter Bombardier agreed a $1 billion investment by the Government of Quebec in return for a 49.5 percent equity stake in a newly created limited partnership.

Brazil said last month it may launch a trade challenge against Canada over state funding of the CSeries.

Bombardier delivered the first CSeries aircraft, a CS100, to Swiss International Air Lines on June 29. It entered commercial service on July 15, 2016.

“Let us not forget the fact that AMCON was not set up to make profit. It is not a profitmaking organisation ” Chief Executive Officer, Asset Management Corporation of Nigeria,

Mr. Ahmed Kuru

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T H I S D AY • MONDAY, AUGUST 22, 2016

BUSINESSWORLD OLOKETUYI: WHY WEMA OPTED OUT OF BID FOR KEYSTONE BANK

raw material. Certainly, if the sector lost over N2trillion, it would impact. You will see the impact on the liquidity of every institution.

“Wema Bank lost almost N50 billion to TSA, but some banks would lose a lot more.

In our annual report in 2015, we grew deposit in spite of the loss by about 15 per cent, compared to 2014.

“So, what that means is that perhaps we would have grown better than we did. So, the impact was that we were not able to meet our deposit obligation, neither were we short on the liquidity ratio required for banks,” he said.

DEVELOPMENT PARTNERS, PRIVATE SECTOR COMMIT $1.7BN FOR FOOD SECURITY

challenges private investors face and make recommendations on the priority actions that the government and development partners need to undertake in addressing them.

It also sought to discuss if any amendments are needed to the contents of the New Alliance and Grow Africa agreements (including the commitments) in order to better promote agriculture investment and food security.

Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr. Shehu Ahmed said the federal government committed to 13 major policy actions in the areas of seed and fertilizer, Bank of Industry, agricultural insurance, and nutrition among others.

He explained that the federal government, private sector and development partners had written commitments on key actions to be embarked upon in order to improve agricultural investment and food and nutrition in line with the principles of the Comprehensive African Agriculture Development Programme (CAADP).

Coordinator, Agric Business Group, Mr. Emmanuel Ijewere said the prevailing economic conditions necessitated the review of the New Alliance and Grow Africa initiative as well as the need to assess the impact of the scheme on Nigerians and the way forward.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

Customs Moves to Review CEMA Act Eromosele Abiodun In a bid to ensure trade facilitation and efficient service delivery, the Nigeria Customs Service (NCS) has embarked on the drive to review Customs and Excise Management Act (CEMA).

Speaking at a stakeholders’ engagement on the review of CEMA, held in Lagos, the Comptroller-General of the NCS, Col. Hameed Ali (Rtd.) urged stakeholders to consider national interest in their inputs to the review of the Act. Ali said that the review was necessary and overdue to enable the NCS meet up with modern customs administration under a template provided by the World Customs Organisation (WCO).

The NCS boss added that the consulting stakeholders were strong pillars for any modern Customs administration, adding that customs legal framework defines who the customs is, what it does and how or who the laws relate with.

According to him, “Over the years, both Customs and stakeholders have clamoured for a review of our enabling law which was first enacted in 1958. CEMA did not undergo any major review for over half a century.

“This attempt represents a collective resolve to update our laws and realign its provisions with modern realities.

Most importantly, we need to take a second look at

the provisions for sanctions that are neither punitive nor deterrent enough to promote compliance.’’

He explained that the review of the CEMA was originally initiated by the immediate past administration of the NCS adding that they could not get presidential assent after undergoing the legislative processes.

Ali said that review process

by the last administration, therefore lapsed and, “the present administration is back at the starting blocks again to review the CEMA law.”

He urged government agencies and stakeholders to always access customs trade hub for any information relating to any consignment coming into the country, without visiting any customs office.

The Legal Adviser to the

lacking, with the respect to the WCO Revised Kyoto Convention (RKC).

“The law does not contain provisions to support the use of modern Information Technology (IT), such as use of electronic documents, signatures and payments as well as application of risk management, post clearance audit and special, simplified procedures for qualified readers.”

PRESENTING FACTS AND FIGURES

L-R: CEO, Red Star Express, Mr. Obalori Peter Olusola; Outgoing GMD/CEO, Sule Umar Bichi; Chairman, Dr. Mohammed Koguna and Company Secretary, Mrs. Frances Ndidi Akpomuka at the 23rd annual general meeting of the company in Lagos… recently ABIODUN AJALA

‘How to Unlock SME Value Chain’ Unlocking the full potential for development of small and medium scale enterprises (SMEs) segment will depend on the ability to deploy the most effective combination of strategy, resources, planning and diligent execution, experts have said.

This was the key takeout from the Stanbic IBTC Bank 2016 SME Capacity Building Sessions, which took place in eight cities across the country recently.

According to a statement, the programme was designed to contribute to the development of relevant expertise and priorities that would help SMEs flourish, enabling them to play their catalytic role in economic growth.

One of the biggest causes of small business failure is a lack of sound financial management, Development Finance Strategist at Visionaries Nigeria Limited, Mr. Eziukwu Princewill, who facilitated at the Abuja session, said.

He stated that “to stay in business, there should be vast and keen knowledge of the environmental indices and how they can affect the growth and sustainability of the business.”

He spoke against the backdrop of the current state of the Nigerian economy.

Head, Business Banking, Stanbic IBTC Bank, Anya Duroha, said the SME sector is pivotal to the economic

NCS, Mr. Paul Ikhenoba, who is also the Chairman of the Review Committee, said that the review was fundamental to customs modernisation efforts, which was a sound legal structure in line with international norms and best practices.

He said: “The CEMA law was enacted in 1958 and the initial gap analysis of the Act was conducted in 2009 which discovered that the law was

growth and development of any nation and Nigeria is no exception, especially as the government attempts to diversify the economy in the aftermath of declining revenue from oil due to plummeting prices. He said the series was conceived two years ago to expose SME operators to modern and innovative marketing, financial, and management skills that are useful to their business operations and which will help them to attract the necessary funding for growth.

The seminar course content included essential topics such as book-keeping and financial management; operational efficiency; people management; customer relationship management and the state of the economy.

The sessions held simultaneously in Abuja, Ibadan, Kano, Lagos, Port Harcourt and Aba with a total of over 2,000 participants in attendance.

Managing Director, Customer CentriCity Limited, Mrs. Uloma Umeano, noted that the programme will help SME operators become more effective business owners and managers by maximising the productivity of their limited resources, recognising and seizing opportunities and enhancing their profitability.

Equally, a tax consultant, who took the participants at the Port Harcourt , Mr. Dominic Assim, explained that

proper bookkeeping will not only help businesses manage their finances well, but also help them identify areas they can save on taxes, which will eventually boost the bottomline.

A participant and partner at KCBC Partners, Mr. Kayode Oshin, described the session as a good forum for discerning operators as it provides a great networking opportunity while the information and knowledge gained from it will help the participants “navigate the confines of the Nigerian economy as far as the macro-economy is concerned.”

Chief Executive Officer, West Atlantic Resource & Equity House Ltd, Adegboyega Adebajo, noted that developments in the global economy, notably the plummeting oil prices, will impact on the local economy, with small and medium enterprises largely affected.

To survive and succeed, he said SMEs have to be strategic in developing their business objectives, then factor in environmental issues and adopt appropriate business models. This is especially against the backdrop that lack of managerial and technical skills among Nigerian smallscale entrepreneurs, inadequate financial resources as well as infrastructural deficiencies are often cited as major drawbacks.

FAAN Urges Users of Airport Facilities to Abide by Security Regulation Chinedu Eze The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Saleh Dunoma has called on concerned organisations and individuals who use the airport facilities to obey traffic rules in order to sustain the safety and security at the airports, especially the Murtala Muhammed International Airport, Lagos.

The Managing Director stated this following a directive from the federal government that all users of the airports, including VIPs must abide by the rules that guide airport operations and services.

The government said that it has observed a growing incident of flagrant violation of traffic regulations by VIPs and top government officials at the nation’s airports, noting that the indiscriminate parking of vehicles by the aforementioned persons at the front of the terminal buildings consequently precipitate long queues and congestions.

The statement by the General Manager, Corporate Affairs, Yakubu Dati further said this is contrary to air transport operation regulations, as spelt out in Annexes 9 and 17 of the International Civil Aviation Organisation (ICAO) convention and that the incidents have

deteriorated to the extent that personal aides of some of these highly placed persons and top government officials manhandle Aviation Security (AVSEC) officials whose duty it is to ensure safety and the protection of the terminal building, passengers and the general public.

“To avert the undesirable phenomenon, which portends greater danger in the light of current security climate of the intensified concerns about possible use of vehicles as mobile bombs, all VIPs and top government officials are enjoined to comply with all civil aviation measures and procedures put in place by FAAN to ensure safety at all the airports,” Dunoma said.

Industry observers have also noted that other Nigerians and expatriates who use the airports obey traffic rules and regulations but the overzealous aides of VIPs and some security operatives break these rules with impunity and this had in the past elicited misunderstanding between the security operatives and AVSEC. It was also noted that the VIP parking at departure has significantly contributed to the gridlock at peak hours of air travel, an act which has made many travellers miss their flights.

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T H I S D AY • MONDAY, AUGUST 22, 2016

BUSINESSWORLD

MARKET REPORT

Stocks Rebound on Renewed Demand, Bargain Hunting Goddy Egene and Nosa Alekhuogie The Nigerian equities rebounded last week after two weeks of bear run, appreciating by 1.48 per cent following renewed demand on the back of bargain hunting and positive reactions to the results impressive results of Access Bank Plc and Guaranty Trust Bank Plc(GTBank).

Investors’ sentiments had remained negative in the past weeks due to weak half year (H1) corporate results of most companies. Also, many investors saw the fixed income market as a safer investment destination following the recent hike in Monetary Policy Rate(MPR), leading to a significant flow of investments into the fixed income market. This development priced down most equities, thereby creating an entry opportunity for discerning investors.

The renewed demand for equities by such discerning investors led the market to close on a bullish note last week with the Nigerian Stock Exchange (NSE) All-Share Index, rising by 1.48 per cent to close at 28,642.25. Similarly, market capitalisation added N117.4 billion to be at N9. 5 trillion. Trading volume also improved by 20 per cent to N12.940 billion staked on 1.375 billion, up from N10.711 billion invested in 1.361 billion shares.

With the exception of the NSE Insurance Plc and NSE Oil and Gas Indices that depreciated, other sectoral indicators appreciated while NSE ASeM Index closed flat. The NSE Consumer and Industrial Goods indices advanced the most, up 2.6 per cent apiece on the account of rally in Nigerian Breweries Plc ( 5.8 per cent) Unilever Nigeria(10.2 per cent), Lafarge Africa Plc (+5.1 per cent) and Dangote Cement (+1.7 per cent). The Banking Sector Index rose 2.1 per cent on gains in GTBank (+4.1 per cent), which reported a six month gross earnings and profit after tax (PAT) of N209.9 billion and N77.5 billion respectively. Similarly, Access Bank gained 1.6 per cent after reporting gross earnings and PAT of N185.2 billion and N39.5 billion in that order. Conversely, the NSE Insurance Index declined 1.2 per cent as a result of losses in Continental Reinsurance Plc(-3.0 per cent) and Custodian (-2.3 per cent).

Daily Performance Summary The bulls dominated the market , being in control for four days. The NSE ASI trended northwards from Monday to Wednesday, appreciating 0.26 per cent, 0.27 per cent and 0.18 per cent in the first three trading sessions before easing on Thursday due to profit taking. However, the bulls resurged on Friday, up 0.6 per cent. Trading had opened for the week on Monday on a bullish note, with the NSE appreciating by 0.26 per cent to close at 27,316.52.

Similarly, the NSE Industrial Goods Index rose 1.98 per cent and Consumer Goods (+0.86 per cent).

On the other hand, the NSE Oil and Gas (-2.23 per cent) and NSE Banking indices suffered losses of 2.23 per cent and 1.66 per cent respectively. Market breadth was negative with 11 gainers versus 37 losers. Total volume traded decreased by 45.41 per cent to 213.64 million shares, valued at N2.05 billion, and traded in 3,742 deals.

The bullish sentiments persisted on Tuesday following sustained

turnover of 38.048 million shares worth N1.768 billion in 2,676 deals.

Trading in the top three equities namely, United Bank for Africa Plc, Access Bank Plc and FBN Holdings Plc accounted for 559.065 million shares worth N2.452 billion in 3,690 deals, contributing 40.66 per cent and 18.95 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 57,828 units of Exchange Traded Products (ETPs) valued at N766,162.96 executed in 37 deals, compared with a total of 1,003 million units valued at N12.116 million transacted last week in 43 deals.

A total of 3,127 units of Federal Government Bonds valued at N3.057 million were traded in six deals compared to a total of 4,044 units of Federal Government Bonds valued at N4.062 million transacted last week in six deals.

interest in large cap stocks such as Zenith Bank, GTBank and Nigerian Breweries as the NSE ASI rose by 0.27 per cent. On Wednesday, the positive momentum in the equities market continued with the NSE ASI gaining 0.2 per cent to close at 27,437.25. Market capitalisation added N16.6 billion to close at N9.4trillion.

However, the market could not sustain the bullish run on Thursday as the NSE ASI decline by 0.1 per cent to close at 27,420.99, while market capitalisation N5.6 billion to be N9.4 trillion. The market was dragged by sell-offs in GTBank (-1.2 per cent), Guinness (-3.8 per cent), Union Bank (-4.8 per cent) and Transcorp (-4.6 per cent).

with 76.489 million shares worth N154.736 million in 964 deals. The

Market turnover Meanwhile, market turnover stood at 1.375 billion shares worth N12.940 billion in 16,915 deals were traded by investors on the floor of the exchange in contrast to a total of 1.361 billion shares valued at N10.711 billion that exchanged hands the previous week in 16,070 deals.

The Financial Services Industry led the activity chart with 1.195 billion shares valued at N8.631 billion traded in 10,365 deals, thus contributing 86.90 per cent and 66.70 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed

TOP TEN BROKERS

TOP TEN BROKERS(BY VALUE)

third place was occupied by the Consumer Goods Industry with a

AS AT LAST FRIDAY

BROKER

VALUE

% VALUE

EFCP LIMITED

4,633,002,259.12

17.98

STANBIC IBTC STOCKBROKERS LIMITED CSL STOCKBROKERS LIMITED LAMBETH TRUST & INVESTMENT CO. LTD

4,622,162,838.72 1,388,604,378.83 1,208,503,492.20

17.94 5.39 4.69

RENCAP SECURITIES (NIG) LIMITED

1,181,296,306.63

4.58

A.R.M SECURITIES LIMITED - BRD CHAPEL HILL DENHAM SECURITIES LTD - BRD WSTC SECURITIES LIMITED

863,604,649.77 827,231,164.23 594,812,531.68

3.35 3.21 2.31

FBN SECURITIES LIMITED MERISTEM STOCKBROKERS LIMITED

(BY VOLUME)

BROKER EFCP LIMITED

561,381,443.75

2.18

557,498,420.37 16,438,097,485.30

2.16 63.79

AS LAST FRIDAY VOLUME %VOLUME 257,262,678

9.36

STANBIC IBTC STOCKBROKERS LIMITED

202,567,327

7.37

CSL STOCKBROKERS LIMITED

176,416,040

6.42

FBN SECURITIES LIMITED

124,827,984

4.54

CARDINALSTONE SECURITIES LIMITED DUNN LOREN MERRIFIELD LIMITED

114,712,987

4.17

112,430,462

4.09

UNITED CAPITAL SECURITIES LIMITED

104,881,545

3.81

APT SECURITIES AND FUNDS - BRD

103,672,862

3.77

A.R.M SECURITIES LIMITED - BRD

84,187,468

3.06

RENCAP SECURITIES (NIG) LIMITED

78,043,568

2.84

1,359,002,921

49.42

Gainers and losers The price movement chat showed that 25 equities appreciated in price during the week, higher than 18 equities of the previous week.

Conversely, 39 equities depreciated in price, higher than the 38 equities of the previous week, while 116 equities remained unchanged lower than one hundred and 124 equities recorded in the preceding week.

Unilever Nigeria Plc led the price gainers with 10.2 per cent, followed

by N.E.M Insurance Plc with 10 per cent. Nigerian Breweries Plc gained 5.7 per cent, while Lafarge Africa Plc 5.1 per cent. Other top gainers include: Eterna Plc (5.1 per cent); Seven-Up Bottling Company Plc (4.9 per cent); Stanbic IBTC Holdings Plc (4.3 per cent); GTBank Plc (4.1 per cent); Fidelity Bank Plc (4.0 per cent); Livestock Feeds Plc (3.3 per cent).

On the contrary, Champion Breweries Plc led the price losers with 19.5 per cent, trailed by Wema Bank Plc with 15.1 per cent, while National Aviation Handling Company Plc appreciated by 14.0 per cent. Cement Company of Northern Nigeria Plc appreciated by 11.9 per cent.

Other losers are: Fidson Healthcare Plc (11.6 per cent); AIICO Insurance Plc (10 per cent); Conoil Plc (9.6 per cent), UACN Property Development Company Plc (9.4 per cent); Unity Bank Plc (8.1 per cent) and International Breweries Plc (8.0 per cent.

26

T H I S D AY • MONDAY, AUGUST 22, 2016

BUSINESSWORLD

INSIDE BROAD STREET country had to contend with was armed robbery and petty stealing. The coming of information communication technology has also brought with it innovations in internet fraud, a new and evidently more attractive means of livelihood for educated youths who now deploy their knowledge and skills in the wrong direction.

Added to the crime mix is kidnapping, a crime that was alien in this part of the world until a few years ago, when Niger Delta militants introduced it as a source of funding for their activities. The increasing rate of kidnapping in the country, most of which are unreported, is evidence of its lucrative nature, especially with the low risk of getting caught, since families of victims would rather pay ransoms to get their loved ones freed rather than have them killed in any rescue effort involving security agencies.

The high rate of unemployment means that the manufacturing sector, the engine room of any nation’s economic growth, is robbed of the opportunity to engage sufficient competent hands for their operations, with the economic consequence of not being able to produce enough for local consumption let alone for export, for the much needed foreign exchange.

A view of Lagos financial district

AKINWUNMI IBRAHIM

As Govt Grapples with Unemployment Obinna Chima The youth unemployment rate of 21.50 per cent in the first quarter of 2016, compared with 19 per cent in the fourth quarter of 2015, released by the National Bureau for Statistics (NBS), in a country with an estimated population of 180 million, is scary.

Youth unemployment rate in Nigeria averaged 16.43 per cent from 2014 until 2016 and reached an all-time of 21.50 per cent in the first quarter of 2016.

It is even more worrisome because the figure is bound to increase in the current year with tertiary institutions set to churn out fresh batches of job seekers, alongside the recorded high level of job losses across all sectors.

However, there is a general acknowledgement of the fact that unemployment is one of the major challenges confronting the country today, the reason the current administration made job creation one of its cardinal programmes and the Chartered Institute of Personnel Management (CIPM), being the regulatory body for the practice of human resource management in the country also demonstrated support of the agenda through active engagement of stakeholders.

There is definitely a valid link between the parlous state of the economy and the rising rate of unemployment in the country. Many

MARKET INDICATOR decades of reliance on oil as the mainstay of the economy have brought to the fore the country’s susceptibility to the vagaries of incidents and developments outside its shores. The consequence is the massive job losses in virtually all the key sectors of the economy – oil and gas, manufacturing, finance, and services.

A recent survey conducted at the behest of the CIPM through its committee on the Management of National Unemployment Challenge (MNUC) showed that beyond the state of the economy, policy inconsistency has contributed immensely to the high rate of unemployment in the country, at an average rating of 4.56 on a scale of 5.

The survey identified lack of critical analysis of the applicability and sustainability of public policies before they are formulated as a major obstacle to any effort to reduce unemployment in the country. There are also issues of poor political governance and setting of political direction, as well as the harsh operating environment for businesses; lack of a clear-cut national employment policy that is owned by all citizens, particularly political actors in all the divides, as well as wrong alignment of output from the

country’s educational system with industry requirements.

Income and wealth inequality are also major causes of unemployment, as findings from the CIPM survey showed. The distribution of income and wealth is skewed heavily in favour of workers in the private sector – a sector that has become perhaps worse hit by the current state of the economy. This inequality has naturally generated greater interest of the country’s youth in high-paying jobs in the private that no longer exist.

The proclivity to see acquisition of education not just as a means for securing well-paid jobs, but also for prestige, has resulted in erosion of the once held belief in the dignity of labour. A large percentage of the unemployed in Nigeria comprises youths who would rather remain unemployed than take up what is generally seen as menial jobs that would not enhance their status and prestige, a culture that defeats the purpose of going to school in the first place.

Costs to the country The rising wave of crime in the country is unarguably the highest cost the country is paying for its large pool of unemployed youths. This has also led to increased ethno-religious crisis and other social vices which are mostly being perpetrated by the youths. Before now, the dominant crime the

Way forward There is a convergence of opinion among experts that a significant step towards reducing the rate of unemployment in the country is the setting up of cottage industries in rural areas as a way of reversing the rural-urban drift. Availability of such establishments in the rural areas would achieve the two-pronged objectives of creating employment in the hinterland and also encouraging residency of the country’s most active population in those areas, where the cost of living is relatively low. There is also the prospect of spreading development to those areas in terms of provision of infrastructure.

In further addressing the challenges, Dr. IkechukwuKelikume of the Lagos Business School added that macroeconomic policies cannot effectively combat Nigeria’s unemployment issues stating that “quick fix solutions would be ineffective rather what is needed is to set out a rolling plan for the next 10 to 15 years on how best to positively shift Nigeria’s economy thereby bridging the knowledge gap.”

He stated further that technically, Nigerians need to be liberated, equipping them with what it takes to be productive.

Also, the World Bank in a recent report highlighted ingredients required to accelerate structural transformation to significantly increase productive employment opportunities.

The World Bank report noted that given the country’s rapidly growing population, it will require 40 to 50 million additional jobs to employ its population. The transformation of employment opportunities will need to be balanced and inclusive to also address the gender gap in the labour market and youth unemployment.

The setting up of economic empowerment schemes in form of micro, small and medium enterprises programmes that target the informal sector then presents a veritable avenue for reducing unemployment in the country, especially with the growing interest in entrepreneurship by the youth.

Women constitute the larger segment of operators in the informal sector of the nation’s economy. There are, at the moment, various empowerment initiatives that are designed to uplift the standard of living of women.

The effort to reduce unemployment must therefore include more of such initiatives at the local, state and federal levels.

Zenith Bank, Benson Bus Stop, Ikorodu Town, Lagos Nume Ekeghe Situated close to a market, the experience at this branch was not pleasant. Unlike any Zenith Bank visited in the past, only one out of the five ATMswas working at the time THISDAY visited. This caused very long queues outside the bank premises.

Also, inside the banking hall was con-

INSIDE BANKING HALL gestedasmany customers were waiting to be attended to. There were three customer service personnel seated on the left and ahead of them were three tellers attending to all banking transactions and another one,

who wasattending account holders only.

In fact, during this observation, there were over 200 people in this branch. It was obvious that the customer service officials were overwhelmed. Some of the customers expressed disappointment about the slow pace of the bank officials.

However, the bank officials were very

polite and professional in the manner they discharged their duties.

The management of the bank is advised to device smarter banking strategies. Electronic payment devices should be deployed to limit the number customers that come physically for transactions. Also, the management should ensure that the ATMs are working at all times.

27

T H I S D AY • MONDAY, AUGUST 22, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

Emefiele Emerges AACB President The 39th Ordinary meeting of the Assembly of Governors of the Association of African Central Bank Governors (AACB) has ended in Abuja, with the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele elected as the President of the ACCB for the 2016 – 2017 year.

Elected, alongside Emefiele, to run the affairs of the association for the period are the Governor of the Bank of Ghana as chairman of the West African sub-region; Governor of the Central Bank of Mauritania, Chairman of the North African sub-region; and the Governor of the Bank of Central African States, Chairman of the Central African Sub-region.

Also elected were the Governor, Banque de la Republique du Burundi as Chairman of the East African Sub-region and Governor of the Central Bank of the Kingdom of Swaziland as Chairman of the Southern

African Sub-region.

In the communique at the end of the meeting of Governors, Emefiele disclosed that the nomination for the Vice Chairman of the AACB, which is zoned to the South African Sub-region, would be made known in due course.

The Assembly of Governors also chose: “Prospects for monetary integration in Africa: Lessons learned from the experience of monetary and financial integration of Europe,” as theme for the 2017 symposium.

According to the communique, the meeting noted that the unwinding of unconventional monetary policy measures, adopted during the financial crisis by the United States Federal Reserve and central banks of developed countries, could have a negative impact on African countries due to the interconnectedness of economies.

However, the congress noted that the unwinding of

unconventional monetary policy could be an opportunity for African countries to develop appropriate measures to strengthen their resilience in the face of exogenous shocks.

The Assembly of Governors therefore stressed the necessity for African countries to diversify their economies and improve exports, while limiting imports.

The Assembly also emphasised the urgent need for coordination between monetary and fiscal policy across all African countries.

The Governors equally examined the implementation status of the African Monetary Cooperation Programme(AMCP) and pointed out the inability of African States to sustainably meet some of the criteria for macroeconomic convergence due to the negative impact of certain variables within the international environment.

They therefore urged African countries to strengthen efforts at

implementing structural reforms in order to diversify their respective economies, improve the business environment and promote intra-regional trade as a way of strengthening their resilience amidst external shocks.

In reviewing the implementation of the work programme of the Community of African Banking Supervisors (CABS), which it noted had helped to set up an intranet platform for exchange of information among African banks, the AACB disclosed plans to unveil a project for collecting information on the activities of cross-border banks. This, the AACB noted, would allow the identification of risks associated with the activities.

The 39th Ordinary meeting of the Association of African Central Banks (AACB) was attended by 27 member Central Banks and the African Union Commission (AUC).

L-R: Senior Vice President Vendor Management, Jumia Nigeria, Thomas Simonet; Chief Executive Officer, Juliet Anammah; Head of Marketing, Simone Bartlett and Head of Customer Operations, Chidinma Ifepe, at the Jumia Nigeria facility tour and management session in Lagos...recently

AfDB Announces Senior Management Appointments for SudQuotidien, Le Journal de l’Economie and Marches Tropicaux. He also led Oxfam Great Britain’s media work in West and Central Africa. In this position, he worked on highprofile global campaigns such as the humanitarian crisis in Darfur and Eastern Chad, the Food and Fuel Crisis, the adoption of the ECOWAS Convention on Small Arms, as well as numerous development projects He joined the International Monetary Fund in 2009 as Press Officer. Over the years, he has led several high-stakes communication campaigns on numerous country and policy issues, including the reform of IMF facilities for low-income countries, the 2014 Africa Rising Conference, and the Ebola crisis.

Also, N’Garnim-Ganga was appointed General Counsel of the African Development Bank Group with effect from 19th September 2016. She will also join the senior management team of the Bank.

N’Garnim-Ganga, a national of Chad, is currently the Resident Representative for the

African Development Bank in Mali. She holds Master’s degree in Law from Harvard University Law School, USA and a Master’s degree in International Law from University of Sorbonne, Paris I, France. She also holds a Masters of Advanced Studies (Diplomed’etudeApprofondies, DEA) from Assas University, Paris II, France.

In her current role in Mali, she has been deeply involved in partnering with the donor community to drive policy dialogue with government officials and stakeholders at the highest level, notably on issues relating to economy, finance and infrastructure.

She also led on behalf of the African Development Bank the assessment process of Northern Mali provided for in the Malian Peace Accord and was recognised by the government and other stakeholders for her noteworthy contributions.

Similarly, Nmehielle was appointed the the Secretary General of the African Development Bank Group with effect from 1st September 2016. He

Broadband service provider, Smile Communications Nigeria Limited, has won ‘The Most Innovative Broadband Service Provider of the Year’ award.

The award was one of the highpoints of The Titans of Tech Awards 2016, which held in Lagos recently.

The event had the Minister of Communication Adebayo Shittu and the majority leader of the House of Representatives, Femi Gbajabiamila in attendance. According to the organisers, the award was bestowed on Smile for its knack for innovative products and consistent provision of innovative services. The company was also commended for its massive investments in 4G Long Term Evolution (LTE) technology.

Receiving the award, the Managing Director of Smile Nigeria, Mr. Godfrey Efeurhobo, dedicated it to all Smile customers in Nigeria. He reiterated the company’s commitment to the provision of best-in-class Internet services. He avowed that Smile Nigeria has been consistent in the provision of valuable products and innovative services among which are ‘MidNite Bundle’, ‘SmileVoice’, which consists such variants as SmileVoice App that heralded the lowest 4G LTE call rate tariff in Nigeria. The latest innovation from Smile

is the UnlimitedPremium Plan that gives customers InternetFreedom whereby they can download unlimited movies, watch unlimited videos, play unlimited games online, enjoy unlimited social media. The plan is acclaimed as the only truly Unlimited Internet available to everyone in Nigeria.

Efeurhobo noted that from inception Smile has remained consistent in the unrivalled quality of its service delivery.

“Our goal is to provide Nigerian broadband internet users with speed, quality, reliability and simplicity. Our vision of becoming the broadband internet provider of choice in Nigeria has guided us in everything from selecting our people and partners to choosing the best technologies and creating innovative and relevant products and services,” he added.

As at date the company is present in key Nigerian cities including Ibadan, Lagos, Abuja, Port Harcourt, Benin, Kaduna, Asaba and Onitsha.

Smile launched the first 4G LTE network in West Africa in Nigeria in 2014, revolutionising the way people access the Internet. Late last year, the company became the first operator in West Africa to offer its customers Voice over LTE services thereby ensuring them access to the growing global standard for voice and video calling.

Cloud Energy Boss Wins Award, Harps on Renewable Energy

CUSTOMER SERVICE ON THEIR MINDS

The African Development Bank Group (AfDB) has announced the appointment of three members into the Bank’s senior management team.

They are IsmailaDieng, Professor Vincent Nmehielle and Hélène N’Garnim-Ganga Dieng was appointed the Director of Communications and External Relations, effective 1st September 2016. He will join the senior management team of the Bank. Dieng, a Senegalese National, joins the Bank from the International Monetary Fund (IMF), where he is currently working as Africa Team Leader in the Communications Department.

He holds a Master’s Degree in Journalism from the Graduate School of Journalism of Columbia University, USA and a bachelor degree from the University of Dakar, Senegal. He was a Knight-Bagehot Fellow in Business and Economics Journalism at Columbia University and a Reuters Fellow at Green Oxford.

Dieng started his career as a business journalist, working

Smile Wins Most Innovative Broadband Service Provider Award

also joins the senior management team of the Bank.

Nmehielle, a South African national, joins the Bank from the African Union Commission where is currently the Legal Counsel and Director of Legal Affairs.

Nmehielle is an acclaimed legal scholar, with extensive experience and expertise in international law, corporate governance and management of complex governance issues that involves multiple stakeholders.

He has 26 years of experience in corporate legal practice, university lecturing and scholarship in international law, and international civil service with a focus on international rule of law, policy, justice, governance and development in Africa.

Until his appointment, he was the Legal Counsel and Director for Legal Affairs of the African Union Commission, where he served as the chief Legal Advisor of the Policy Organs of the African Union, including the Assembly of Heads of States and Government, the Executive Council, among other functions.

The Managing Director of Cloud Energy Photoelectric Limited, Theo Nweke, has urged energy solutions providers to move away from traditional solutions and adopt innovative service delivery.

He explained that modern energy solutions should aim at achieving the aspirations of citizens living in the information age. He stressed the need for the all-time availability of energy, conformity with evolving climate standards and deliberately contributing to the acquisition of the new skill levels required to triumph in the knowledge economy.

Nweke gave the advice while receiving an award as the ‘Most Outstanding Energy Solutions Provider’ at the Titans of Technology Awards 2016, a platform designed to celebrate personalities that have contributed immensely to the growth of the society.

According to Technology Africa, organisers of the Titans of Tech Award, Cloud Energy’s boss was recognised for its consistency, innovation and passion in the development of the nation’s energy landscape with renewable energy.

“The Award was conferred on the indigenous Cloud Energy corporate for its commitment to standards, and

extended warranty on products and for the premium it places on after sales support and overall systems availability,” the organisers said at citation.

They further commended the exceptional capacity of Cloud Energy to install and support energy solutions across Nigeria without a drop in standards.

The Award, which took place in Lagos, was attended by the Majority Leader of the House of Representatives, Hon. Femi Gbajiabiamila, and the Minister of Communications, Adebayo Shittu.

Nweke, who commended the organisers for recognising excellence, said winning the Most Outstanding Energy Solutions Provider 2016 was another proof of Cloud Energy’s commitment to increase access to solar electricity for all classes of business and the citizenry. A society with a dependable power supply is a productive society. He expressed concerns over the failure of energy policies and institutions of the country, which he said, has done more harm to Nigeria than corruption itself.

According to Nweke, the award would encourage Cloud Energy as a company to position solar energy as the answer to the current recession and the key to national development.

28

T H I S D AY • MONDAY, AUGUST 22, 2016

BUSINESSWORLD

INTERVIEW

Kuru: Borrowing from Banks is Not a Crime The Asset Management Corporation of Nigeria, which was set up primarily to address the financial crisis of 2008/2009 effectively played its role which helped to restore liquidity and stability in the banking sector during that turbulent period.

Its Chief Executive Officer, Mr. Ahmed Kuru, in a recent media chat, spoke on the corporation’s debt recovery efforts and varied issues on the economy.

Chika Amanze-Nwachuku and Obinna Chima present the excerpts: In AMCON’s 2015 results, we noticed that the corporation once more recorded loss.

Is this going to be a continuous trend or when do we expect the trend to reverse?

I can tell you that the loss situation of AMCON would continue to reduce over a period of time. It has a 10-year period.

Now, loss is unavoidable. When we bought these facilities between 2010 and 2011, if you recall, there were interest elements on them. The obligors were made to pay interest, which in itself from beginning was faulty because the banks that sold these facilities to us had already provided for them and were not charging interest on them because the businesses were dead already. But they transferred the businesses to AMCON and AMCON invited the owners, sat down with them on how to resolve the issue. At the initial stage, there was a gap between the purchase price and the face value of the liabilities. So, for some of these obligors, by coming to AMCON, already they have a discount. So, they came to AMCON, sat down with the corporation and almost 51 per cent of the accounts were restructured with a payment plan. Now, in CBN’s valuation and based on prudential guidelines provisions, any account that you have restructured with a payment plan, is a performing account.

Let us not forget that these accounts were brought from somewhere that they were buried for 15 years or 10 years. At the beginning of AMCON, obviously there were a lot of low-hanging fruits because a lot of facilities, particularly in the oil and gas sector that the market moved against, were still struggling and they were ready to settle, which they did. So, for you to say AMCON is going to make profit in the next few years is not possible because these facilities are hard core facilities and they are not performing.

The only thing we can do is to continue to recover them. But let us not forget the fact that AMCON was not set up to make profit. It is not a profit-making organisation.

AMCON is a resolution company that has a timeline. I think what is important, based on what we have seen is that within the sunset period of AMCON, with the support of the sinking fund, we should be able to meet our obligation.

Even if AMCON sells all its assets today, and we are able to pay the N1.7 trillion that supported those assets, like I told you before we still have the financial accommodation side. We get money from the sinking fund on the average of N60- N100 billion every year.

So, our estimation is that the contribution of the sinking fund as the banking industry is growing would continue to improve. The initial agreement was that they would contribute 31 per cent, but now based on what is happening, they are going to contribute maybe 60 per cent of the total liabilities of AMCON which stands at about N5.1 trillion today. So, the most important thing for AMCON is its ability to at the end of its sunset period to discharge its obligation. And I think AMCON would be able to do that diligently. We have countries that adopted this type of model.

They include Ireland, Malaysia and the United States. The asset management company in the United States and Malaysia are still not profit-making ventures. What they are trying

Kuru to do is to be able to settle their obligations and immediately you settle your obligation, the whole exercise stops. Even if AMCON is making profit today, the profit goes back into settlement of the bonds. So, whether I am making profit or not, what is happening is that at the sunset period, AMCON should be able to repay its debt so that it can wind down. Even if we sell all our assets, what would happen is that we just take a unit at the Central Bank of Nigeria where they would just be netting off whatever they collect from the banks against their outstanding book balance. This is the only country in the world that has such a framework and I think it is very commendable.

So, I don’t think we are going to make profit in the nearest future. But if you look at our financial statement for 2015, on AMCON stand alone, the losses went down. It was N344 billion in 2014, but went down to

N310 billion in 2015. It will continue to go down from AMCON’s standalone financial statement. But the group figure was N304 billion because we had to consolidate Aero Contractors. Then, if you look at what made up the larger percentage of losses we had, there is portion of debt we owe, over N2.3 trillion that we are paying interest on that has no matching assets on our books. Total interest we have paid to service the N3.8 trillion debt to CBN stood at N280 billion, which accounted for almost 80 per cent of the losses. But we are hoping that as we pay down on those obligations, the bills would be reducing and the interest element on the N3.8 trillion would be reducing. We have assets that we carry on our books that in line with IFRS, we need to test for impairment at the end of the financial year. The experience we have is that the property market has gone down, so we suffered impairments

in our financial statements to the tune of about N20 billion on all the property we have. Also, the loans we are carrying that we have not restructured, we also need to fair value them in line with IFRS. We have so far collected cash to assets of about N644 billion and we have settled 56 per cent of the total amount of N3.7 trillion. But you know settled does not mean money in the pocket. Settled means those that have come to discuss with AMCON. Some months ago, the president inaugurated a committee on loan recovery and we expected that with the support of that committee AMCON would be able to touch all the sacred cows that are your debtors.

What has been the impact of the committee on your recovery efforts?

CONTINUED ON NEXT PAGE

29

T H I S D AY • MONDAY, AUGUST 22, 2016

BUSINESSWORLD

INTERVIEW

KURU: BORROWING FROM BANKS IS NOT A CRIME You know AMCON is a law abiding corporation, just as the committee is also law abiding.

What they we try to do with the committee process is to see how to leverage the support of other agencies to support AMCON. Let me give you an example, somebody in the oil and gas sector took money and did not pay, but that same person has a subsidy claim of may N5 billion or N10 billion. Unless, there is an arrangement within government, you may not be able to track that money. But if there is a government process, because our law allows us to track money anywhere and claim it, then for you to be able to do that, there must be harmony between AMCON and agencies such as Debt Management Office (DMO), Petroleum Products Pricing Regulatory Agency (PPPRA), the NNPC, Office of Accountant-General, etc. You see, the committee is not the type of committee that issues statements. It is a committee just to help AMCON in our recovery efforts. It is a good initiative and it is helping us to reach out. The Minister of Justice and Attorney-General has been very good. You know quite a number of our cases go to court and so we need the support of the judiciary. We are not looking for any favour from the judiciary, but quick dispensation of justice. So, the support we are getting from the committee will help us in our recovery efforts.

When will the sale process for Keystone Bank come to an end?

We are almost at the final stage for Keystone.

You know it is a long process and because it is a financial institution, we don’t like to talk about. If you continue to talk about the divestment of an institution, it has an impact on what they do. But they have gone very far on that and we are now at the final stage, which we believe in the next one or two weeks, the public would know the conclusion of the exercise.

Some people have the perception that AMCON is just playing to the gallery by sealing up offices of some its debtors, what is your take on that and what is true situation of things between AMCON and Jimoh Ibrahim?

We have gained a lot of traction with the efforts we are making. There are two ways you go about recoveries. One is that you sit down with the guy, and he pays you the cash, or if they don’t have the cash, because you bought the facilities against some assets, if he doesn’t have the cash to give, he gives AMCON the assets because that is what is supporting the business.

So, take the assets and ultimately you have to go to court and look for order, appoint receiver and manager. It is not something you just go and seal the place. AMCON does not have power to seal any place, only when the court give us the power. It is only when all our recovery efforts have failed that we go to court to seek how to take over the assets. I can tell you that in terms of assets forfeiture, it has increased by more than 200 per cent. There are quite a lot of reasonable people that have seen the future and decided to forfeit their assets.

But while you may not see a lot of cash payments is because some of these assets we are not selling them, because if you sell them, we may not get the actual value today.

If you value these assets today, they would tell you it is around N8 billion. But take it to the market, you will struggle to get N2 billion. We have asked people to value property for us, they would value it at N500 million, but when we contact recognised estate valuers to sell it, same people would come back to tell us that the economy is bad.

So quite a lot of these properties we are not selling them, that was why we created the Real Estate Investment Trust (REIT) so that we can put them inside and subsequently when the economy picks up, we would be able to sell them. So, we have seen a lot of traction and quite a lot of people are talking to us. I can tell you that it is very difficult because there is no cash. Who in Nigeria today would give you N2 billion, N5 billion or N10 billion? So, the issue is that we just have to look at the character and personality of the people that are involved in the press war. We don’t join press war with

Kuru anybody. You will notice that as a corporation, we avoid talking about people because that is not our mandate. Our mandate is to quietly ask people to come and pay us our money. If a court passes an injunction against somebody that is very popular, the media pick it up as news. But at AMCON, we try to engage people quietly. Like the case that you mentioned, you will notice that there are lots of press releases on that matter, but you not see any by AMCON on that matter. What the court even said was that all parties should go and reconcile the figures and go back to the court on August 4. We went back to the court on August 4, and the judge passed an order on Union Bank to go and appoint an auditor, reconcile before we go back to the court. For us, we saw that figure we mentioned in standing in our books. And that is one leg because there are other legs and you will hear them from the court. For us, we just want people to come and talk to us quietly because we don’t gain anything by embarrassing anybody.

Otherwise, you would have been seeing us responding to some of those press releases.

Obviously, there is a problem that needs to be solved. You will notice that we don’t do grandstanding and we don’t create drama.

You see, to borrow money from a bank is not a crime, it is a commercial transaction.

The only time it becomes a problem is when you refuse to honour your obligation. For us, we are looking at it from the commercial side and how we can encourage people to

honour their obligations quietly. Like I said, in the resolution process, going to court is usually the last option. So, for you to hear that we are in court, obviously that means the situation has changed.

There is the impression that any organisation taken over by AMCON fails, what is your reaction to that?

Firstly, most of the businesses that were brought to AMCON were either intensive care, wheel chair or inside the casket. The issue is that for them to be at AMCON, which means there is a problem. Financial institutions primarily have the responsibility to give loans and if you go through the financial accounts of banks, you will find out that more than 65 per cent of income of all banks is from interest earnings, which means giving out loans are very important to financial institutions. So, for a financial institution to carry let’s say LP Enterprise and bring to AMCON, that is a suspect. It never happens. So, all the facilities that they transferred to AMCON, 80 per cent of them were already inside the casket, only that they refused to open it for people to see what is inside. The things that support them are the supporting assets. And that was what was paid for, not for the business. But we had some of them that were kicking here and there. Let us not forget the fact that AMCON was not set up to manage any business, because we don’t have the capacity and that is not our mandate. Our mandate

is that we are more of a resolution company.

We take over the assets, and we sell those assets to recover our money. And the process of selling those assets involves looking for people that understands that business or people that are interested in that asset. If it is a house, you look for people that want the house and they buy it, if it is an airline, you look for somebody who is in the airline business and you sell it. What AMCON did at the beginning was to look at some of those businesses that are not completely dead, but inside intensive care and they look for what to do to support them. And they sat down and had restructuring arrangement including further injection of funds into those businesses. Most of the businesses, we didn’t know they had cancer, we thought it was malaria or fever. Ultimately, some of the businesses had passed the stage of redemption. But I we can go into statistics and specifics on the businesses that AMCON took over. Let me give you an example, Aero Contractors, by the time AMCON entered into Aero, the outstanding obligation was more than N40 billion. Now, tell me, if you have to pay interest on N40 billion, what is the returns in terms of earnings from an airline that was struggling that can survive under that kind of environment?

And AMCON sat down with the legacy shareholders and agreed to convert some of the debts to equity, but that we agreed to leave the shareholders with the opportunity to provide the managing director so that they would still be managing the airline. This is because AMCON is not in the business of managing businesses. However, because we are interested in corporate governance, we said we would provide the chairman for the company. That was the state that we found the airline when we were appointed last year. Already at that time, the airline from having about 10 aircrafts, had reduced to about four. An airline with four aircrafts had staff strength of about 1,600. You can’t tell me that it is possible for any airline, even if you are a magician or Warren Buffet, with airline of three or four aircrafts and staff strength of 1,600 that you will make profit. First of all, the issue with excess staff is not only limited to payment, but having people, who are not working can drag down a business. For instance, in the newsroom, when you have reporters that are not reporting, they might be distracting those that want to report. And AMCON had put in money, additional money to see how to support the airline. But unfortunately, it didn’t work. Like I told you, the template of AMCON at the beginning was faulty.

There is the misconception that because you took a business to AMCON, it should start operating from day one. The businesses had been in the cooler for five, 10 and some even 15 years, in financial institutions with all the experience, capacity and staff that they have.

Really, I don’t believe AMCON goes to get any business to kill that business. I want us to discuss in specifics so that we can clearly see what has happened. AMCON has never said it is the business of running any business.

We are only a 300 to 400 organisation, how many businesses can we run? The people that are at Port Harcourt airport of Aero Contractors are more than the entire staff of AMCON. So, I don’t believe AMCON kills business. Maybe those businesses, the diagnosis were faulty. So, it is not factual.

You mentioned that the law empowers the corporation to recover debts wherever they are, what of investments made outside the country?

You know gradually, the world has become a global village. What you need to do is that once you have a local judgement, you engage a lawyer that will go and file the case over there. That is why in some of our cases, we do assets tracing. And because over there, they are familiar with what happens here, once you have a local judgement, we engage a lawyer outside to file it in the court over there and they give us access to what we need. You see, these people outside, they know what is happening here because they have people that report to them regularly.

So, we follow the law, we appoint lawyers and get those assets.

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MONDAY, AUGUST 22, 2016 • T H I S D AY

BUSINESS/MONEYGUIDE

NEXIM Bank, AFREXIM Bank, Others Move to Revamp Cocoa Sector Obinna Chima In the bid to revive the ailing cocoa Industry in the country, the Afreximbank and the International Cocoa Organisation (ICCO) met with the Bank of Agriculture (BOA) and the Nigerian Export-Import Bank (NEXIM) to discuss possible ways of intervention and development of the Cocoa Industry in Nigeria.

The visiting team was led by the Regional Head of Project Finance Afreximbank, Mr. Kofi Adumaku, and Mr. A.S Kurama of the Bank of Agriculture.

The Ag MD/CEO of NEXIM Bank, Mr. Bashir Wali, in welcoming the group gave a brief overview of the activities of NEXIM Bank and expressed great delight in this initiative organised by Afreximbank, the Federal Government of Nigeria and the ICCO towards reviving the cocoa industry

in Nigeria.

He further explained that NEXIM Bank as an export credit institution charged with the mandate to promote export diversification of the non-oil sector had in the past supported the cocoa value chain by funding major cocoa processing plants such as Ile –Oluji, Multi –Trex and Stan Mark under the ADB/ESL facility and stated that the story of the cocoa industry, especially as it relates to processing, in Nigeria cannot be told without the mention of NEXIM Bank.

In his response, Adumaku indicated that Nigeria had been the sleeping giant in the industry, having lost its former enviable position of being the largest producer of cocoa in the world, to the fourth largest producer after Ivory Coast, Ghana and Indonesia.

He informed NEXIM Bank that a decision had been reached

by the federal government in collaboration with all relevant stakeholders in the industry to come up with a 5-year strategic plan towards the revamping and sustained development of the cocoa industry in Nigeria.

Wali thanked the visiting team and said there was need for cooperation and input from all the stakeholders and synergy between the financial institutions to achieve any meaningful development in the cocoa industry.

The NEXIM MD expressed the commitment of the bank to provide funding interventions especially to entrepreneurs involved in cocoa processing; and urged major players and stakeholders in the industry to avail themselves of the single digit interest under the N500 billion Export Stimulation Facility (ESF) provided by the Central Bank of Nigeria which is being managed by the Bank.

FG Urged to Review Policy Framework for MSMEs The federal government has been advised to review and redefine its policies and regulatory frameworks for the micro, small and medium enterprises (MSMEs) in the country as part of measures to stimulate economic growth.

Delivering the report of a tax advocacy paper targeted at MSMEs in Nigeria that was carried out by Deloitte Nigeria in collaboration with National Association of Small and Medium Enterprises (NASME) and ENABLE Nigeria, with the theme: “Redefining the Policy and Regulatory Framework for MSMEs in Nigeria,” the Partner, Tax and Regulatory Services,Deloitte Nigeria, Mr.OluseyeArowolo, said as part of the recommendations of the report, the federal

government should ensure an amnesty programme of voluntary disclosure; harmonisation of taxes, fees and levies to reduce incidence of multiple taxation; dedicated MSME- friendly tax regime; and restructuring Small and Medium Enterprises Development Agency in Nigeria (SMEDAN), to serve as a one-stop-shop agency.

The report revealed some of the challenges facing MSMEs in the country included government are perceived lacked of sensitivity; rigid and stringent requirements for start-up businesses; over regulation and insufficient fund and finance.

Giving further insights on the report, Arowolo noted that government would benefit immensely because “currently, only about27.7 per cent of registered

businesses in Nigeria pay taxes out of the recorded number of 450,000.

“To unleash the potential of MSMES for the benefit of Nigeria’s economy, it is imperative for government to revisit its approach to the challenges of the MSME sector. The current disconnect in policy and the reality of MSMEs must be eliminated through appropriate combination of options. “The desire to assist government to appreciate expectations from the MSME sector has necessitated the preparation of this sector-wide paper. Stakeholders within the MSME sector through NASME are prepared to engage and dialogue further with government at all levels,” he added.

Fidelity Bank Unveils Savings Promo Fidelity Bank Plc has introduced a new savings promo tagged ‘Get Alert in Million Savings Promo.”

The promo, which is the sixth from the bank in the last nine years, it explained was part ofefforts to empower its customers as well as to reward them for their loyalty.

In his remark at the event held in Lagos recently, the bank CEO, Mr. Nnamdi Okonkwo said as a reputable financial institution committed to satisfying the needs of its

teeming customers, the new promo encourages customers and members of the public to imbibe a savings culture, thus deepening financial inclusion in the country.

“Savings serve as a veritable instrument for capital mobilisation to finance aggregate investment required for economic growth. As an active participant in the Nigerian economy, we are supporting the federal government by making savings available for critical infrastructure

deployments that would aid socio-economic development.

“More importantly, this promo underscores once again our determination to improve the standard of living of Fidelity customers.

Even with the prevalent economic conditions triggered by the free fall in global oil prices, ‘Get Alert in Million’ is our little way of rewarding our customers for their unflinching loyalty and steadfast devotion to the brand,” Okonkwo added.

Sterling Bank Partners FG on Desertification As part of its corporate social responsibility (CSR) focus on the environment and in support of the federal government’s plan to sustain the environment while reducing desertification, Sterling Bank has concluded plans to carry out tree planting exercises in three states in Northern Nigeria.

Nigeria is faced with rapid desert encroachment affecting fifteen northern states all with varying levels of severity. As such, this initiative became imperative as one of the solutions to cushion

the effects of desertification.

This is also in line with the United Nation’s Sustainable Developmental Goals for environmental preservation, and a way of challenging other private institutions to support the initiative.

According to a statement from Sterling Bank, the Executive Governors of the three states - Plateau, Bauchi and Gombe have confirmed participation at the events and the novel occasion will hold tomorrow in Jos and Wednesday in Bauchi respectively.

The bank in a statement

signed by its Group Head, Strategy and Communications, Mr. ShinaAtilolaemphasised the need for the private sector to support the government at all levels to checkmate the rising challenges posed by desertification in the country.

“Desertification has done a lot of damage to the local communities as it has made farming impossible in the affected areas leading to food shortage and rising cost of food items. Without food and water, it becomes harder for people to thrive,” he added.

Cocoa

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2016 Broad Money (M2)

20,470,436.00

-- Narrow Money (M1)

9,040,817.68

---- Currency Outside Banks

1,441,365.03

---- Demand Deposits

7,599,452.65

-- Quasi Money

11,429,618.32

Net Foreign Assets (NFA)

5,551,714.27

Net Domestic Assets(NDA)

14,918,721.73 22,664,815.74

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

3,782,578.01

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

4,991,246.39

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

-1,208,668.38

---- Credit to Private Sector (CPS)

18,882,237.7

--Other Assets Net

-7,746,094.02

Reserve Money (Base Money)

5,758,634.07

--Currency in Circulation

1,811,090.48

--Banks Reserves

3,383,756.72 • Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

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

OPEC DAILY BASKET PRICE AS AT 18 AUGUST 2016 The price of OPEC basket of fourteen crudes stood at $46.50 a barrel on Thursday, compared with $45.34 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (IslamicRepublic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), EsSider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

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MONDAY, AUGUST 22, 2016 • T H I S D AY

MARKET NEWS

Access Bank’s Half-year Profit Grows by 28% to Hit N50 Billion Goddy Egene and Nosa Alekhuogie Access Bank Plc’s shares rose 4.8 per cent last Friday as investors reacted positively to its impressive half year audited results to June 30, 2106.

Despite the headwinds in the operating environment, Access Bank reported positive top and bottom-lines and recommended

an interim dividend of 25 kobo per share for shareholders.

Specifically, Access Bank ended the H1 of 2016 with gross earnings of N174billion, up three per cent from N168.3 billion recorded in 2015. Interest income rose by 14 per cent from N98.8 billion to N112.3 billion in in 2016, while net interest income jumped by 42 per cent to N48.2 billion to N68.5 billion. Operating expenses was

T H E

contained, recording a marginal 0.4 per cent increase from N69.64 billion to N69.93 billion.

Profit before tax stood at N50 billion, showing increase of 28 per cent, above the N39 billion in 2015, while profit after tax grew to N39.5 billion, from N31.3 billion in 2015.

Commenting on the results, the Group Managing Director/ Chief Executive Officer of Ac-

N I G E R I A N

cess Bank, Mr. Herbert Wigwe said the performance continues to be resilient in the face of a challenging macro-economic environment, which has been further exacerbated by doubledigit inflation, amidst an untimely devaluation.

“Despite these macro uncertainties, we delivered gross earnings of N174 billion, while pre-tax profits grew 28 per cent

STO C K

N50 billion in the period. The results underscore our continued ability to grow sustainably whilst effectively adapting to a challenging operating landscape.

He explained that during the period, the bank grew its retail market share, leveraging innovation and technology to create lifestyle products and enhance customer experience.

“This growth has led to signifi-

E XC H A N G E

cant increase in our transaction volumes and fee-related income.

In addition, our cost of funds dropped by 170 basis points year on year reduction, reflecting the increase in our low cost funding base. Notwithstanding the high inflation and the impact of the currency devaluation on cost, operating cost remained stable owing to our cost management initiatives,” he said.

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T H I S D AY • MONDAY, AUGUST 22, 2016

Nigeria’s top 50 stocks based on market fundamentals

19-Aug-16 18-Aug-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

183.00

183.00

0.00%

3,118,412,855,115.00

9.56

19.14

5.76

4.37%

4.58

02 Nigerian Breweries Plc

138.01

134.63

2.51%

1,094,295,213,552.88

4.50

29.95

3.56

2.67%

6.56

03 Guaranty Trust Bank Plc

25.25

24.70

2.23%

743,137,275,406.00

3.38

7.31

2.44

7.17%

1.68

825.01

825.01

0.00%

653,949,334,462.52

19.41

42.50

3.94

3.52%

18.59

05 Zenith Bank Plc

15.80

15.30

3.27%

496,064,601,818.80

3.10

4.94

1.15

11.76%

0.77

06 Lafarge Africa Plc

Table 3 Top 5 Gainers

56.00

56.00

0.00%

255,074,501,360.00

-6.71

-8.35

1.15

5.36%

1.82

Stock

07 Ecobank Transnational Incorporated

11.50

11.43

0.61%

211,019,838,972.50

0.23

49.75

0.39

5.42%

0.35

160.10

161.30

-0.74%

208,527,224,590.30

4.22

38.22

1.42

2.14%

4.90

09 Access Bank Plc

5.60

5.34

4.87%

161,996,641,133.60

2.48

2.16

0.45

10.30%

0.40

10 United Bank for Africa Plc

4.36

4.25

2.59%

158,178,734,763.92

1.65

2.61

0.51

13.95%

0.45

11 Presco Plc

36.96

36.96

0.00%

146,748,831,583.20

0.54

68.91

2.11

3.52%

3.59

12 Unilever Nigeria Plc

38.58

36.75

4.98%

145,959,569,325.00

0.46

79.47

2.28

0.14%

15.61

13 Stanbic IBTC Holdings Plc

14.10

14.10

0.00%

141,000,000,000.00

2.04

6.92

1.19

0.71%

1.26

14 Guinness Nig Plc

93.00

89.99

3.34%

140,047,601,484.00

3.70

24.34

1.20

0.00%

3.05

240.00

240.00

0.00%

132,794,475,120.00 -14.43

-16.63

1.42

6.63%

0.35

3.10

3.10

0.00%

111,275,407,655.20

0.30

10.17

0.22

4.84%

0.18

244.00

249.00

-2.01%

82,843,328,228.00

31.13

8.00

0.35

5.62%

4.01

6.50

6.50

0.00%

78,000,000,000.00

1.05

6.19

0.65

7.69%

1.31

114.45

109.00

5.00%

73,315,567,045.35

11.12

9.80

0.90

2.02%

2.91

48.39

48.39

0.00%

63,874,800,000.00

0.24

199.88

0.62

3.10%

2.85

5.11

5.34

-4.31%

61,496,902,548.34

-3.46

-1.54

0.34

14.04%

0.46

18.39

19.00

-3.21%

60,581,244,259.20

0.17

108.92

2.51

1.32%

5.07

162.65

167.94

-3.15%

58,650,819,364.30

17.69

9.49

0.73

4.29%

3.52

19.60

19.60

0.00%

51,435,048,865.20

6.81

2.88

0.14

10.20%

0.51

1.05

1.05

0.00%

40,657,047,296.25

-0.37

-2.81

0.90

0.00%

0.53

26 U A C N Plc

19.90

19.01

4.68%

38,225,201,301.30

2.44

7.79

0.51

5.26%

0.49

27 Okomu Oil Palm Plc

36.25

36.25

0.00%

34,579,237,500.00

4.60

7.89

2.81

0.28%

2.22

28 Fidelity Bank Plc

1.03

0.99

4.04%

29,831,463,262.76

0.39

2.54

0.20

16.16%

0.16

29 Sterling Bank Plc

1.03

1.03

0.00%

29,654,130,669.78

0.31

3.34

0.28

8.74%

0.35

30 Diamond Bank Plc

1.15

1.12

2.68%

26,634,447,313.20

0.11

10.15

0.12

0.00%

0.11

31 Cadbury Nigeria Plc

14.00

14.15

-1.06%

26,294,828,560.00

3.21

4.41

0.79

9.19%

2.57

32 FCMB Group Plc

1.27

1.23

3.25%

25,149,442,691.87

0.61

2.01

0.15

8.13%

0.14

33 Wema Bank Plc

0.62

0.64

-3.13%

23,916,168,970.22

0.06

10.15

0.50

0.00%

0.52

34 Custodian And Allied Insurance Plc

3.90

3.90

0.00%

22,939,270,360.50

0.76

5.13

0.69

3.59%

0.82

35 Glaxo Smithkline Consumer Nig. Plc

18.50

18.50

0.00%

22,123,715,028.00

-2.54

-7.28

0.76

1.62%

2.42

36 National Salt Co. Nig. Plc

8.10

8.10

0.00%

21,460,450,861.80

0.89

9.14

1.18

6.79%

3.11

37 Mansard Insurance Plc

2.00

2.10

-4.76%

21,000,000,000.00

0.27

7.73

1.15

2.38%

1.04

38 Cap Plc

27.30

27.30

0.00%

19,110,000,000.00

2.49

10.99

2.71

4.21%

12.57

39 PZ Cussons Nigeria Plc

18.20

18.00

1.11%

18,200,000,000.00

4.14

4.35

1.36

0.56%

0.54

40 Honeywell Flour Mill Plc

1.37

1.37

0.00%

10,864,370,791.46

-0.40

-3.39

0.23

11.68%

0.66

41 Unity Bank Plc

0.91

0.91

0.00%

10,637,297,527.22

0.54

1.68

0.17

0.00%

0.12

42 Continental Reinsurance Plc

0.98

1.03

-4.85%

10,165,289,425.76

0.33

3.13

0.52

11.65%

0.55

43 Skye Bank Plc

0.64

0.63

1.59%

8,883,392,902.40

-2.93

-0.21

0.05

47.62%

0.08

44 Cement Co. Of North.Nig. Plc

5.81

5.81

0.00%

7,301,297,820.46

0.96

6.08

0.56

1.72%

0.72

45 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.11

4.62

0.88

6.00%

0.43

46 UACN Property Development Co. Limited

3.53

3.71

-4.85%

6,067,187,482.35

-0.05

-71.16

1.89

18.87%

0.18

47 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

48 Nigerian Aviation Handling Company Plc

3.44

3.62

-4.97%

5,587,312,500.00

0.15

23.47

0.73

5.52%

0.95

49 AIICO Insurance Plc

0.63

0.64

-1.56%

4,366,028,822.40

0.28

2.32

0.13

7.81%

0.46

50 Fidson Healthcare Plc

1.59

1.52

4.61%

2,385,000,000.00

0.31

4.96

0.34

3.29%

0.36

04 Nestle Nigeria Plc

08 Forte Oil Plc.

15 Seplat Petroleum Dev. Co. Ltd 16 FBN Holdings Plc 17 Total Nigeria Plc 18 Dangote Sugar Refinery Plc 19 7-Up Bottling Comp. Plc 20 Julius Berger Nig. Plc 21 Oando Plc 22 International Breweries Plc 23 Mobil Oil Nig Plc 24 Flour Mills Nig. Plc 25 Transnational Corporation Of Nigeria Plc

TOTAL

8,927,068,633,069.04

TOTAL MARKET CAP

9,496,487,214,491.11

% OF MARKET CAP Annotation - MA* = Simple Moving Average

94.00%

NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open 18-Aug-16

Close 19-Aug-16

Change %

27,420.99 9.42

27,650.32 9.50

0.84% 0.84%

113.67 8.85

114.65 8.93

0.86% 0.86%

Open Close Change % 18-Aug-16 19-Aug-16

7-Up Bottling Comp. Plc Unilever Nigeria Plc Access Bank Plc U A C N Plc Fidson Healthcare Plc

109.00 36.75 5.34 19.01 1.52

114.45 38.58 5.60 19.90 1.59

5.00% 4.98% 4.87% 4.68% 4.61%

Table 4 Top 5 Losers Stock

Open Close Change % 18-Aug-16 19-Aug-16

Nigerian Aviation Handling Company Plc Continental Reinsurance Plc UACN Property Development Co. Limited Mansard Insurance Plc Oando Plc

3.62

3.44

-4.97%

1.03 3.71

0.98 3.53

-4.85% -4.85%

2.10 5.34

2.00 5.11

-4.76% -4.31%

Trading week closes bullish as ASI gains 0.84% Market pulse on the Nigerian Stock Exchange (NSE) today –Friday, August 19, 2016 was bullish as the market closed green today due to renewed optimism.

This was further highlighted by positive performances from all the NSE sub-sectors: Banking and Consumer Goods (save Insurance and Oil & Gas). Trading activities increased in volume as 314.60 million shares worth N2.78 billion in 3,340 deals exchanged hands today.

This is an increase from the 313.28 million shares worth N3.60 billion in 2,883 deals exchanged on Thursday. Topping in volume terms was Diamond Bank Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc while Nigerian Breweries Plc and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with a 0.84% (+229.33) decrease to close at 27,650.32 from 27,420.99 the previous trading day. Market Capitalization appreciated in tandem to N9.50 trillion from N9.42 trillion of prior trading day. Similarly, the Thisday BGL 50 Index also followed suit with an increase of 0.86% to close at 114.65 from 113.67 recorded at the end of the previous trading day, while its market capitalization stood at N8.85 trillion from N8.85 trillion of the previous trading day.

A total number of 16 stocks gained on the bourse today while 18 stocks declined, 65 leaving stocks unchanged. 7-Up Bottling Comp. Plc emerged the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 5.00% to close at N114.45 per share. It was followed by Unilever Nigeria Plc with a gain of 4.98% to close at N38.58 per share. Others on the gainers list include: Access Bank Plc, U A C N Plc and Fidson Healthcare Plc, while on the decliners’ list; Nigerian Aviation Handling Company Plc led with a loss of 4.97% to close at N3.44 per share. It was followed by Continental Reinsurance Plc with a loss of 4.85% to close at N0.98 per share. Others on the losers list include: UACN Property Development Co. Limited, Mansard Insurance Plc and Oando 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

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MONDAY AUGUST 22, 2016 • T H I S D AY

61

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Iraq Hangs 36 People Sentenced to Death Iraq said yesterday that it had hanged 36 militants sentenced to death over the mass killing of hundreds of mainly Shi’ite soldiers at a camp north of Baghdad two years ago. It is the highest number of militants executed in one day by the Iraqi government since Islamic State fighters took control of parts of northern and western Iraq in 2014.

The executions were carried out at a prison in the southern Iraqi city of Nasiriya, state television quoted the Justice Ministry as saying. As many as 1,700 soldiers were killed two years ago after they fled from Camp Speicher, a former U.S. military base

just north of Saddam Hussein’s home town of Tikrit, when it was overrun by Islamic State, the ultra-hardline Sunni group.

The government came under increased pressure from local Shi’ite politicians to execute militants sentenced to death after a massive bombing that targeted a shopping street in Baghdad on July 3, killing at least 324 people.

Claimed by Islamic State, the truck bomb that blew up in the Karrada district was the deadliest since the U.S.-led invasion that toppled Saddam Hussein in 2003. Iraq’s Justice Ministry announced days later that 45 death sentences had

Congo’s Opposition Rejects Talks with Kabila Congo’s main opposition alliance at the weekend rejected talks with the government of President Joseph Kabila over elections that were due to have been held in November but have been delayed and called for a general strike on Tuesday.

The opposition wants Kabila to end his 15-year rule in December as mandated by the constitution but authorities say the vote cannot be held until at least next July and the top court says Kabila can stay in power until the election is held.

The strike call represents a significant escalation of

opposition action in a country where about 40 demonstrators died in anti-government protests over the issue in January 2015. It is also a setback for African Union mediator, Edem Kodjo, who earlier said the way was open for all-party talks to begin on Tuesday to secure agreement on the election.

“Opposition parties call on the Congolese people to hold a dead city strike (general strike) on Aug. 23,” said a statement on an opposition website. The opposition accuses Kodjo of favoring the government and asked him to step down.

been carried out since the beginning of the year.

The United Nations said on Aug. 1 that Iraq’s efforts to speed up the execution of militants could result in innocent people being

put to death. An estimated 1,200 people are on death row in Iraq, including possibly hundreds who have exhausted appeals, the U.N. statement said.

“Given the weaknesses

of the Iraqi justice system, and the current environment in Iraq, I am gravely concerned that innocent p e o p l e h av e b e e n a n d m ay c o n t i n u e t o b e convicted and executed,

r e s u l t i n g i n g r o s s , i rrev e r s i b l e m i s c a r r i a g e s o f j u s t i c e ,” U. N . H i g h Commissioner for Human Rights Zeid Ra’ad al-Hussein said in the statement.

50 Killed in Southern Turkey Bombing At least 50 people were killed at the weekend when a suspected suicide bomber detonated his explosives among people dancing on the street at a wedding party in the Turkish city of Gaziantep, about 40 km (25 miles) from the Syrian border.

President Tayyip Erdogan said it was likely that Islamic State militants carried out the late-night attack, the deadliest bombing this year in Turkey, which faces threats from militants at home and from Syria.

Just weeks ago, Erdogan and his government survived an attempted coup, which Ankara blames on U.S.-based Islamist preacher Fethullah Gulen. He has denied the charge.

Islamic State has been blamed for other attacks in Turkey, often targeting Kurdish gatherings in an effort to inflame ethnic tensions, and the deadliest previous one was last October at a rally of pro-Kurdish and labour activists in Ankara when suicide bombers killed more than 100 people.

Saturday’s wedding party was for a member of the pro-Kurdish Peoples’ Democratic Party, it said, and the groom was among those injured. The bride was not hurt, one local official said. Celebrations were ending at the traditional henna night party, when guests

have decorative paint applied to their hands and feet. Some families had already left when the bomb went off but women and children were among the dead, witnesses said.

Blood and burns marked the walls of the narrow lane where the blast hit. Women in white and chequered scarves cried, sitting crosslegged outside the morgue waiting for word on missing relatives. “The celebrations were coming to an end and there was a big explosion among people dancing,” said 25-year-old Veli Can.“There was blood and body parts everywhere.”

The local governor’s office said in a statement 50 people were killed in the bombing, and more wounded were still being treated in hospitals around the province.

“We want to end these massacres,”witness Ibrahim Ozdemir said.“We are in pain, especially the women and children.”

Hundreds gathered for funerals

on Sunday, some weeping at coffins draped in the green colour of Islam, local television images showed. But other funerals would have to wait because many of the victims were blown to pieces and DNA forensics tests would be needed to identify them, security sources said.

In Gaziantep, the chief prosecutor’s office said they

had found a destroyed suicide vest at the blast site. Three suspected Islamic State suicide bombers killed 44 people at Istanbul’s main airport in June. Violence has also flared again this week in the largely Kurdish southeast. Ten people were killed in bomb attacks, mostly police and soldiers, in an escalation that officials blamed the PKK.

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MONDAY AUGUST 22, 2016 • T H I S D AY

NEWS

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

Debts: FG Deducts N32bn from States’ Allocations Debts on bailout, AMCON, foreign loans, bonds, commercial agric Osun, Bayelsa, four other states in critical conditions

The federal government has deducted a total sum of N32billion from allocations of states from the Federation Account in the month of April 2016 for different loans they

incurred.

In a report by the Economic Confidential, the economic intelligence magazine, it appears Osun State was worse hit by the development and ranks

Salary: NLC to Apply `No Pay, No Work’ Rule

Many countries want Nigeria to disintegrate out of envy, says Wabba The Nigeria Labour Congress (NLC) has said all state councils where salary liabilities of up to three months exist will apply no pay, no work’ rule.

NLC President, Ayuba Wabba, made this known when he featured on the News Agency of Nigeria (NAN) forum yesterday in Abuja.

“We have given instructions to all of our state councils that where there is liability of salary up to three months, they should also apply the rule of ‘no pay, no work’ it is not only ‘no work, no pay’.

“You can also apply the rule in a reverse order of `no pay, no work’ and that is legitimate because the law provides that after 30 days of working, the worker is entitled to be paid.

“How can we encourage people that have put in their best or even those that are still in the system trying to put in their best without addressing this very fundamental issue?

“Those are the situations we have found ourselves across states and across different employments; I feel very sad with that situation but I think we will do all we can within our means and power to try to continue to protect all those workers.’’

He said workers must be seen as an asset to our county instead of shifting all the challenges to the workers.

“The challenges have been there; instead of looking inward to try to address these challenges, the bulk of the issue have been shifted to the workers and that is why I think that you can effectively say that yes these workers are under attack.’’

Wabba said NLC held a meeting with the state councils, where they took inventory of the liability of pension, gratuity and salaries, adding that the data was alarming.

“When you see the data of how much it stands today of liabilities that workers have not been paid, the worst is that of gratuity which some states have a liability of up to 10 years.

“Workers have worked for 30 or 35 years in service; they retired following the normal process but yet after retirement, they were not paid a dime.

“Therefore, it is like they were slaves; It is only slave that will work and not be

paid his entitlement.

He decried a situation where the political leaders do not see the payment of workers’ salaries as important but rather they see it as a waste.

The president noted that some governors would prefer to award bogus contracts rather than pay workers their wages.

He noted that everywhere in the world workers were seen and placed appropriately for them to contribute their quota.

According to him, due to the neglect and non-payment of workers’ salaries, productivity has been at the lowest point.

Wabba said “most countries” are unhappy that Nigeria is the giant of Africa, and will therefore be happy to see the country disintegrate.

He therefore urged Nigerians not to succumb to external forces working very hard to break up the country.

Wabba said that the country’s size, population and natural endowments are assets that many other nations are envious of.

He expressed optimism that the current security challenges and agitations “being fuelled and funded by forces determined to undermine Nigeria” would be surmounted.

He said: “Our position is that we will not canvass the issue of cannibalizing Nigeria into segments for any reason or any consideration” “It is in unity that our strength lies as a country. We are today the giant of Africa; most countries are not happy with that. They will do anything possible to undermine our national interest and also work towards the disintegration of Nigeria.

“That is a fact, and we see that as we travel around the world. Even within the committee of unions, people are envious of Nigeria. We must not forget how people said Nigeria was going to break by 2015 and you must not forget that they are still working on that.

“They are still funding all manner of things and trying to see that Nigeria does not actually have peace; it is deliberate. There is no resource today in the world that we do not have; they see us as a country that is blessed without measure.”

number one, as its allocation for the month of April 2016 totalling N2.030 billion was wiped away by a deduction of N2.391 billion leaving a deficit of N361 million to be paid in the subsequent month by the state, and this represents a whopping 117.8 per cent of the total allocation due the state from the Federation Account.

This means that Osun State had nothing to take home for the month of April 2016, as other means of survival had to be adopted to keep the ship sailing for the people of the state.

Osun State is followed in

the mind boggling deduction conundrum by Bayelsa State with a total deduction of N3.207 billion out of an allocation of N4.812 billion for the month of April 2016 representing 66.66 per cent of the total allocation.

Others are: Cross River State with a total deduction of N1.405 billion, Ogun State, N1.185 billion, Plateau State, N1.248 billion and Ekiti State with N1.067 billion all representing 63.46 per cent, 57.20 percent, 56.52 per cent and 55.33 per cent respectively within the period under review.

From the investigation, not

less than N3.078 billion of the total amount was deducted for bail-out funds granted the states by the federal government.

At least eight states had no deductions on bail-out funds for the month of April 2016.

The states are Akwa Ibom, Anambra, Jigawa, Kogi, Lagos, Rivers, Yobe and the Federal Capital Territory did not collect the bailout funds from the federal government or appropriate time for the deduction have not fallen due and are yet to commence.

Meanwhile, from the schedule of deductions

obtained and computed, the deductions from the states also include debts on AMCON loan, Commercial Agric Credit Scheme, Bond Issuance Programme, contractual obligation, and deduction from Excess Crude Account.

Others are refund/payment arrears of derivation, foreign loans, special intervention/ flood management project, the national FADAMA project and reconstruction of commercial bank loans into federal government’s bonds apart from bailout funds.

RATING OF INDEBTED STATES AND DEDUCTIONS FROM THE FEDERATION ACCOUNT FOR THE MONTH APRIL 2016 STATUTORY

M

STATE

VALUE ADDED

EXCHANGE

DERIVATION

ALLOCATION

TOTAL

NET TOTAL

DEDUCTION

TOTAL

TAX

RATE GAIN

DEDUCTIONS

ALLOCATION

PERCENTAGE

01 OSUN

1,331,049,901.83

0

683,083,065.64

16,388,304.56

2,030,521,272.03

2,391,918,772.87

361,397,500.84

117.80%

02 BAYELSA

1,291,355,279.45

2,954,716,056.03

546,125,797.60

20,152,168.06

4,812,349,301.14

3,207,720,821.27

1,604,628,479.87

66.66%

03 CROSS RIVER

1,467,603,681.96

0

634,727,543.95

112,260,442.63

2,214,591,668.54

1,405,319,270.34

809,272,398.20

63.46%

04 OGUN

1,355,906,360.53

0

699,511,811.68

16,694,345.09

2,072,112,517.30

1,185,254,124.42

886,858,392.88

57.20%

05 PLATEAU

1,524,035,637.69

0

666,657,225.29

18,764,405.57

2,209,457,268.55

1,248,734,378.00

960,722,890.55

56.52%

06 EKITI

1,304,956,505.21

0

606,147,974.12

18,071,157.13

1,929,175,636.46

1,067,497,185.93

861,678,450.53

55.33%

07 ONDO

1,358,592,562.88

863,406,090.35

678,485,323.06

31,969,041.02

2,932,453,017.31

1,284,015,380.13

1,648,437,637.18

43.79%

08 ZAMFARA

1,452,342,298.03

0.00

681,578,019.58

17,881,694.65

2,151,802,012.26

930,188,059.96

1,221,613,952.30

43.23%

09 EDO

1,364,658,761.54

554,037,249.30

737,888,406.79

16,067,034.46

2,672,651,452.09

1,055,840,663.70

1,616,810,788.39

39.51%

10 GOMBE

1,374,690,663.87

0

625,059,954.83

16,925,623.33

2,016,676,242.03

795,112,009.87

1,221,564,232.16

39.43%

11 BENUE

1,636,749,013.17

0

720,214,700.11

22,325,714.12

2,379,289,427.40

915,209,474.87

1,464,079,952.53

38.47%

12 JIGAWA

1,632,122,837.28

0

735,731,466.13

20,095,209.13

2,387,949,512.54

905,798,121.73

1,482,151,390.81

37.93%

13 RIVERS

1,573,968,191.28

3,181,553,295.57

917,201,446.66

74,387,092.75

5,747,110,026.26

2,084,287,284.30

3,662,822,741.96

36.27%

14 IMO

1,517,417,085.34

165,580,282.37

704,838,565.42

21,533,422.12

2,409,369,355.25

793,154,239.49

1,616,215,115.76

32.92%

15 DELTA

1,481,870,212.48

5,373,451,196.92

789,465,783.04

16,076,106.12

7,660,863,298.56

2,387,818,972.64

5,273,044,325.92

31.17%

16 LAGOS

1,955,131,617.73

0.00

5,826,155,158.18

24,072,194.71

7,805,358,970.62

2,377,218,633.57

5,428,140,337.05

30.46%

17 NIGER

1,728,761,832.52

0.00

728,657,726.01

21,285,058.80

2,478,704,617.33

717,542,660.21

1,761,161,957.12

28.95%

18 OYO

1,636,929,854.45

0.00

997,976,504.22

20,154,394.63

2,655,060,753.30

729,138,063.21

1,925,922,690.09

27.46%

19 KWARA

1,299,138,504.78

0

611,764,216.14

15,995,401.41

1,926,898,122.33

407,018,564.45

1,519,879,557.88

21.12%

20 BAUCHI

1,745,745,238.57

0

748,559,803.15

65,999,794.97

2,560,304,836.69

522,682,129.96

2,037,622,706.73

20.41%

21 BORNO

1,813,283,337.52

0

727,110,883.12

18,069,597.60

2,558,463,818.24

463,481,474.87

2,094,982,343.37

18.12%

22 NASSARAWA

1,345,910,282.48

0

554,006,136.07

16,571,270.23

1,916,487,688.78

334,483,449.27

1,582,004,239.51

17.45%

23 TARABA

1,405,854,777.10

0.00

583,248,645.27

17,309,325.68

2,006,412,748.05

349,736,939.14

1,656,675,808.91

17.43%

24 ADAMAWA

1,453,842,988.86

0

661,129,671.27

17,900,171.62

2,132,872,831.75

351,155,391.02

1,781,717,440.73

16.46%

25 ABIA

1,366,614,662.26

181,839,556.88

620,207,658.71

20,047,604.56

2,188,709,482.41

355,809,082.99

1,832,900,399.42

16.26%

26 AKWA IBOM

1,467,353,437.50

6,475,549,274.34

693,030,792.80

131,688,382.44

8,767,621,887.08

1,385,480,228.90

7,382,141,658.18

15.80%

27 KEBBI

1,541,077,304.91

0

661,796,282.81

18,974,227.93

2,221,847,815.65

291,116,769.16

1,930,731,046.49

13.10%

28 SOKOTO

1,608,452,602.38

0

717,722,359.69

19,803,773.76

2,345,978,735.83

295,682,482.64

2,050,296,253.19

12.60%

29 KOGI

1,613,042,701.79

0.00

659,543,249.93

19,860,288.50

2,292,446,240.22

274,975,818.44

2,017,470,421.78

11.99%

30 KADUNA

1,912,221,736.80

0.00

866,121,521.48

23,543,874.77

2,801,887,133.05

327,694,685.75

2,474,192,447.30

11.70%

31 KATSINA

1,794,026,023.78

0.00

923,044,185.79

22,088,612.02

2,739,158,821.59

316,854,404.91

2,422,304,416.68

11.57%

32 ENUGU

1,467,730,346.07

0.00

703,898,805.41

16,925,623.33

2,188,554,774.81

236,945,965.47

1,951,608,809.34

10.83%

33 KANO

2,314,957,299.81

0

1,211,394,358.99

28,502,481.55

3,554,854,140.35

350,468,819.88

3,204,385,320.47

9.86%

34 EBONYI

1,305,693,300.33

0

580,260,612.10

26,177,868.92

1,912,131,781.35

131,461,804.11

1,780,669,977.24

6.88%

35 ANAMBRA

1,451,119,385.18

0

724,916,656.24

17,866,637.76

2,193,902,679.18

130,633,081.79

2,063,269,597.39

5.95%

36 YOBE

1,449,255,806.33

0

603,073,024.07

17,843,692.71

2,070,172,523.11

116,549,604.73

1,953,622,918.38

5.63%

37 FCT - ABUJA

2,071,237,351.56

0

616,646,706.71

25,501,724.98

2,713,385,783.25

25,520,008.11

2,687,865,775.14

0.94%

38 TOTAL

57,414,699,385.25

19,750,133,001.76

31,446,982,042.06

1,045,773,763.62

109,657,588,192.69

32,149,518,822.10

77,508,069,370.59

29.32%

Table by the Economic Confidential www.economicconfidential.com

MONDAY AUGUST 22, 2016 • T H I S D AY

65

NEWSXTRA

NBA: Buhari Should Fight Corruption Within the Law

Ernest Chinwo in Port Harcourt

The President of the Nigerian Bar Association (NBA), Augustine Alegeh (SAN), has called on President Muhammadu Buhari to ensure that his anti-corruption war is fought within the ambit of the law.

A level spoke yesterday at the opening ceremony of the 56th annual general conference of the association in Port Harcourt He condemned the increasing spate of arbitrary judgements being churned out by the judiciary in recent times.

Alegeh also chided the Independent National Electoral Commission (INEC) for having 136 inconclusive elections across the country within the last one year.

Speaking on issues affecting national growth and development, the NBA president said the theme of the conference, “Democracy and Economic Development”, was chosen in recognition of the socio-economic challenges facing the country.

He noted that out of 36 states, 28 were having difficulties paying salaries, while pensioners were owed pension arrears, even as the national fortunes were declining with the increasing drop in the price of crude oil.

“It is time to interrogate the problems. If our fortunes continue to decline, can we afford to continue to remain as a nation? We need to look at the problems and proffer solutions.

“Panels were set up to look at the problems from several perspectives, including diversification and sharing the little that we have. Are we sharing it correctly? Is the amorphous centre taking too much to the detriment of the federation states? Is the 13 per cent Derivation too much or too little?

“The time has come when we can no longer sweep under the carpet the challenges us as a nation. As an association in a country grounded by corruption, we cannot but talk about corruption and examine if the

government of today is able to make the change.

“We must examine whether the President Buhai administration is moving forward or stagnating in the war against corruption”, he said.

Restating the commitment of the NBA to zero tolerance against corruption, Alegeh admonished that “the war against corruption should be fought, must be fought and can be fought within the ambit of the law.

“Any attempt to shortcut the law in fighting corruption is corruption in itself. If the fight against corruption was to stifle political enemies; if the fight against corruption is to take back what was fraudulently stolen to give to another person, then count NBA out of the fight,” he said.

Taking a swipe at the judiciary, the NBA president described as unfortunate the spate of judgments which he said were avoidable.

“We call on the National Judicial Council (NJC) and the Chief Justice of the Federation to look into this matter as quickly as possible. It is a shame, an embarrassment. It diminishes us a lawyers in this country”, he said.

The NBA president did not spared the human rights groups in the country as he said some government bodies were eager to take over the functions of other bodies when sector was suffering.

“The National Human Rights Commission (NHRC), in your focus on human rights, you have failed to identify and to deal with the abuse of human rights. It will be a tragedy in the country for the NHRC to take over the functions of the other agencies,” he said.

The NBA president also condemned the failure of the present leadership of the INEC for failing to hold conclusive elections, adding “elections can be easily conducted, like the NBA had done. It is a shame to 136 inconclusive elections in the country within one year”, he said.

Abdulmumin: My Fight is to Complement Buhari’s Anticorruption War Damilola Oyedele in Abuja The former Chairman of the House of Representatives Committee on Appropriation, Hon. Jibrin Abdulmumin, has said his determination to expose corrupt leadership in the green chamber is borne out of a desire to complement the anti-corruption war of the present administration.

This is as he again called for the resignation of the House Speaker, Yakubu Dogara, whom he accused of corruption and abuse of office.

In a statement yesterday, Abdulmumin said he remained resolute and committed to exposing fraud in the 2016 budget.

“It will be the 10th wonder of the world if Dogara and the three other principal officers are allowed to continue in office. It will amount to having

a corrupt man and fraudster as speaker, as number four citizen under this dispensation which has zero tolerance for corruption,” he said.

“It is a known fact that legislative investigation is used as avenue to extort money in an organised crime aided and abetted by Mr. Speaker.

This situation has gone so bad that members named such investigations ‘commercial motions,’” he further alleged.

The House of Representatives has been embroiled in crises since the sack of Abdulmumin as Chairman of the Appropriation Committee. Following his removal, Abdulmumin accused Dogara, Deputy Speaker, Yussuff Sulaimon Lasun, Chief Whip, Alhassan Ado Doguwa and Minority Leader, Leo Ogor of corruption and abuse of office.

Also speaking, Aminu Tambuwal of Sokoto State said education was the key focus of his administration, adding that the core objective was turn around the fortunes of the youths in the state and get them better educated.

He also announced that his administration had made a

policy pronouncement to stop street begging in the whole of the state, adding that stipends were being provided to ease the pains of the excruciating poverty facing the people.

The governor also made it known that his administration was not owing pensioners, adding

that the people of the state should expect bumper harvest this year as he had made subsidised agricultural inputs available to farmers.

In his address, Rivers State Governor, Nyesom Wike, tasked the NBA to rise up to the task of defending the nation’s democracy.

He said the association, as a critical stakeholder, was, in the past, at the forefront of the democratic struggle but regretted that it had not been active in that cause in recent years, adding that the attempt at democratic growth was been threatened by some impurities.

EMINENT LAWYERS

:L-R: President, Nigerian Bar Association (NBA), Augustine Alegeh, Rivers State Governor, Nyesom Ezenwo Wike, his wife, Justice Eberechi Suzzette Nyesom-Wike; and Sokoto State Governor, Aminu Tambuwal, at the 56th annual general conference of the NBA in Port Harcourt...yesterday

Air Force: Time for Boko Haram Insurgents to Escape is Almost Over No intelligence yet on where Chibok girls are We won’t bomb Niger-Delta Iyobosa Uwugiaren andPaul Obi inAbuja The Nigerian Air Force (NAF) yesterday said the war against the Boko Haram insurgency and other acts of terrorism remain on course, adding that its main focus is to degrade the terrorists and eventually destroy their logistic base.

The Chief of Air Staff, Air Marshal Sadique Abubakar at an elaborate briefing with journalists in Abuja on the recent activities of the force, took time to shed light on the fight against terrorists in the North-east part of the country, stating the determination of the military to rout all forms of terrorism against the state.

Abubakar said: “Our strategy is to ensure that we degrade the capacity of the Boko Haram sect, so that the army can conduct ground operations. All over the world, air power is very important, so we have to do all that to ensure success.

“What we want to achieve is to degrade Boko Haram terrorists and destroy their logistics base, towards the end of the year and it is going to be possible. The time for the Boko Haram to escape is almost over.”

He explained that the challenge in ground operations lies in the difficulty in accessing Sambisa Forest, particularly for the army,

“you can see there is the difficulty in covering every inch of Sambisa Forest, we still fly over Sambisa Forest. The terrain is very difficult for the land force, for us we can fly anytime. However, it is difficult to say the place can be occupied now.”

On Chibok girls, Abubakar told the editors that there was no clear-cut intelligence on the whole matter about the whereabouts of the girls, stressing that the military is working round the clock to find a lasting solution and possibly rescue the girls.

“There is no intelligence that can specifically tell you that the girls are here or there. Honestly, there is no intelligence; we are working round the clock. When civil societies criticise; they say there is nothing happening. It’s not too nice, we are working, I believe that we will get there,” the air force chief said.

He also denied allegations by the Boko Haram sect that the air force bombed some of the Chibok girls kidnapped by the sect saying: “There is no military operation without collateral damage, but what we are saying is that we have taken steps to avoid civilian casualties.”

Abubakar further dispelled speculations about a possible military operation in NigerDelta, to stop the Niger Delta Avengers (NDA) and other

militants’ activities, particularly, the bombing of oil facilities.

He said while the political approach should be pursue with seriousness, it is incumbent on the military to protect the national assets in the region and across the country.

“Talks are political issues; our own mandate in the constitution is to protect the territorial integrity of Nigeria. We already have base there that is supporting the operation. What I can tell you is that we are not going to bomb the Niger-Delta region. But we are going to protect the region the people and oil installations,” Abubakar stated.

The air force boss said under his watch, the Nigerian Air Force was looking inward, restrategising and focusing on research and development for an effective and efficient air force capable of withstanding any aggression.

To that effect, the air force now has about 25 doctoral degree holders and over 50 master’s degree holders trained abroad on aerospace engineering. He added with this manpower, the air force is now partnering Nigerian universities to train more officers of the service.

“Our research and development project addresses our aircraft maintenance issue

without going abroad, so we need to look inward and save cost. Therefore, research and development are the most important in our quest to innovate and improve our air power,” Abubakar said.

He stressed that that procurement of military ware at the international level more on politics than affordability, adding that the administration of President Muhammadu Buhari has strengthened the capacity of the air force to engage in rigorous research and fortification of its defence weaponry.

Abubakar maintained that the “Winning Hearts and Minds project is the most important in community relations and the only way for the community to come close to the military. If the community have a stake in what you are doing, they will be committed.”

He listed several projects built by the air force for the Internally Displaced Persons (IDPs) in the North-east, such as hospitals, schools, toilets and provision of free medical services.

The Chief ofAir Staff also pledged to continue to provide improved welfare for officers, catering for the well being and ensuring that officers at the war front are properly treated and their families taken care of.

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MONDAY AUGUST 22, 2016 • T H I S D AY

NEWSXTRA

FG Warns States against Misappropriation of $1.5m Grant for SOML Paul Obi in Abuja

The federal government weekend warned state governments against misappropriation of the $1.5 million disbursed grant to states as part of the implementation of the Saving One Million Lives (SOML) project.

The Minister of Health, Prof. Isaac Adewole, read the riot act to state governments following the disbursement of $1.5 million to each of the 36 states and FCT under the

Saving One Million Lives Programme for Results (SOMLP4R) of the ministry.

The minister made the remarks in Kaduna during an operationalisation meeting of the SOMLP4R organised by the ministry in partnership with stakeholders in the health sector Adewole noted that “government had disbursed a performance based grant of $1.5m each to 36 states and the FCT in the health sector,” warning that, any diversion of the funds will

Army to Conduct Military Exercise in Delta Creeks Delta govt urges riverside communities not to panic Omon-Julius Onabu in Asaba The Nigerian Army has informed the Delta State Government of its intention to carry out a two-week military training exercise in the creeks of the state.

In a statement by the Delta State Commissioner for Information, Mr. Patrick Ukah, the exercise, which is amphibious in nature, would involve heavy presence of military personnel and movement of equipment in the creeks.

“The public, especially people living in communities in the creeks, are advised not to panic over the presence of military personnel in their communities,” the statement said.

Although, the date of the commencement and other details of the military

exercise were not disclosed, the statement also expressed the “determination of the state government to partner security agencies to ensure the safety of lives and property in the state.”

“The military exercise is not targeted towards any persons or group of persons or communities, but to provide the Nigerian army the opportunity to train its personnel and improve its security operations in the riverine areas and make the environment safe for all,” the statement further noted.

The state governor, Ifeanyi Okowa, recently sued for prompt information from military authorities on their operations and special exercises in the communities in order to allay fears or suspicion about such exercises.

attract severe sanctions from the federal government.

He said: “The programme is motivated by the desire to pay for results rather than paying for processes and reimbursing activity. Adewole said the programme had six major pillars and two enablers that can change health outcomes in Nigeria.”

The minister also outlined the pillars of the project to include “Maternal New Born and Child Health, Childhood Essential Medicines (MNCHZ) and increasing treatment of Childhood diseases, Improving Child Nutrition, Immunisation, Malaria Control and Elimination of Mother to Child transmission (eMTCT) of HIV and the enablers as Promoting Innovation and use of ICT and improving Supply and Distribution Chain.”

Adewole further disclosed that “states receive 82 per cent of the grant, and further disbursement will be made

based on five Disbursement Linked Indicators.”

Governor Nasir el-Rufai of Kaduna State, on his part commended efforts of the federal government, pledging to rededicate his commitment towards improving healthcare service delivery in the state.

The governor emphasised his zeal to scale up the performance for primary health centres as well as other efforts related to the indicators such as encouraging routine immunisation through meetings with local government chairs and traditional rulers.

The National Team Lead of the MNCH2, Dr. Salma Anas-Kolo, said that the SOMLP4R aligns with her programme’s mandate to drastically reduce maternal deaths and improve survival rate.

She stressed that the country, Nigeria, contributes more than 10 per cent of the

global burden and highlighted that about 70 per cent of the burden in Nigeria is brought by the six North-west states.

Anas-Kolo called for an integrated approach to deliver MNCH services using Primary Health Centers (PHCs) as the platform and called for increased government funding.

She commended the Kaduna state government, revealing that the program has witnessed significant improvement in the state, especially in the area of human resources.

“If by 2019, MNCH2 in collaboration with government and relevant partners are able to improve maternal health and strengthen health systems in the North-west region, the overall health indices in Nigeria will improve,” she said.

The Chief of Health, Nutrition and Population at the World Bank, Dr.

Benjamin Levisohn, explained that the philosophy of the SOML programme was around these cardinal points; robust measurement of results, responsibility of states, competition, relevant performance not absolute and reducing risk.

The conference had in attendance key stakeholders in the health sector drawn from across the North-west states and Yobe as well as development institutions and partners including the Permanent Secretary of the Federal Ministry of Health, Hajiya Binta Lami Adamu Bello; Director of Family Health, Dr. Adebimpe Adebiyi; National Programme Coordinator of the SOMLP4R, Dr. Ibrahim Kana, and President of the Society of Gynaecology and Obstetrics of Nigeria, Prof.

J.I.Brian Adinma, among others.

Inactive Telephone Lines Increase to 67m in June, Says NCC The Nigerian Communications Commission (NCC) has said inactive lines in the country’s telecommunications industry have increased from 65,186,763 in May to 67,331,498 in June 2016.

This is contain in the “Monthly Subscriber Data’’ report made available to the News Agency of Nigeria (NAN) in Lagos yesterday.

The report indicated that there was an additional 2,144,735 inactive numbers within the period, making the unused lines to increase to 67,331,498 in June.

It showed that of the 217,150,404 connected lines, only 149,818,906 numbers were active.

The report stated that of the 67,331,498 inactive numbers, the Global System for Mobile Communications (GSM) networks had a share of 63,934,119.

“The Code Division Multiple Access (CDMA mobile) operators had a share of 3,210,489; while the Fixed Wired/Wireless networks had a total of 182,662 unused telecommunications lines.

“Moreso of the 149,818,906

active lines, the GSM networks had 149,179,083 numbers, adding a total of 990,040 lines to their May number of 148,189,043 active lines.

“The CDMA operators had 454,092 active lines, as their active numbers reduced by 33,049 lines, from the May result of 487,141 active numbers.

“The Fixed/Wireless networks had a share of 170,539 of the active lines, reducing their May 2016 record of 171,974 by 1,435 lines in June,’’ it said.

In addition, the report said that the teledensity of Nigeria’s telecommunications industry also climbed to 107.01 per cent in June, compared to 106.32 per cent in May 2016.

It said the teledensity measured the percentage of a country’s population with access to telecommunications services as determined by the subscriber base.

“Nigeria’s teledensity is currently calculated by the NCC on a population of 140 million people.

“The data showed that some subscribers purchased SIM cards, but dumped them after using them for some time,’’ the report said.

WE LOVE YOU

Photographer and journalist, Sunmi Smart-Cole, flanked by the retiring Archbishop of the Ecclesiastical Province of Lagos (Anglican Communion), Most Reverend Adebayo Akinde (left), and Diocesan Bishop of Lagos Mainland, Right Reverend ‘Pelumi Johnson, after a reception for the clergymen by the Elders Council of Lagos Mainland Diocese at All Saints Church, Yaba, Lagos...recently MAINLAND DIOCESAN

Ondo Guber: Agunloye Emerges SDP Candidate as PDP Primary Holds Today James Sowole in Akure The Social Democratic Party (SDP) candidate for the November 26 governorship election in Ondo State, Dr. Olu Agunloye, has said his party is a better alternative to the ruling Peoples Democratic Party (PDP) and the All Progressives Congress (APC) in the state.

Agunoye, a former Minister of State for Defence, made the declaration in Akure in his speech after he was unanimously elected as the SDP standard bearer for the November election.

According to the SDP candidate, the All Progressives Congress (APC) that is ruling at the centre and the PDP ruling

at the state had not changed the lives of the people for better.

He said the SDP was ready to find solution to the problems of Ondo State if voted to power in the November governorship election.

He said the current economic crisis facing the people of the state was as a result of the maladministration and ineffective leadership on the part of the party in power in the state.

“We are here today to signal a completely new path, new way and new mindset. What you may call a shift from the unrealisable transformation programme of the PDP and unreliable ‘Change Agenda’ of the APC to a systems approach

to citizens empowerment and food security.

“Our party seeks new way and better alternative entrenched in integrity of managing people, infrastructure and economy for people’s empowerment and emancipation,” he said.

Agunloye, who expressed assurance that the party would defeat the PDP and APC to win the governorship election, said he was ready to work for the people of the state if he gets to power in 2017, promising that he would rebuild and reposition the state.

Meanwhile, the governorship primary of the Ahmed Makarfiled faction of the PDP to elect the candidate for the November election will hold today.

The exercise is scheduled to hold at the state International Event Centre, The Dome, Akure, the state capital.

Two aspirant, Mr. Eyitayo 0jegede and Mr. Saka Lawal are the two aspirants that obtained form to contest for the party’s ticket.

While Jegede was the immediate past Attorney General and Commissioner for Justice in the state, Lawal was the PDP deputy gubernatorial candidate for the 2012 election in the state.

Lawal was a running mate to the former National Legal Adviser of the PDP, Chief Olusola Oke, who is now contesting for the governorship ticket of the APC.

MONDAY AUGUST 22, 2016 • T H I S D AY

67

NEWSEXTRA

Kwankwaso, Ganduje Feud Deepens in Kano Ibrahim Shuaibu in Kano The cold war between the Kano State Governor, Dr. Abdullahi Umar Ganduje and his political mentor and erstwhile Governor of the state, Senator Rabi’u Musa Kwankwaso, has reached a crescendo, following the alleged refusal of the current governor to grant the former permission to host an event in the state capital.

It was gathered that Kwankwaso, now Senator representing Kano Central, had planned to undertake a mass wedding of 100 couples under the auspices of his nongovernmental organisation, the Kwankwasiyya Development Foundation.

However, Ganduje allegedly directed the police to stop the event for security reasons.

Initially, the state government in an attempt to scuttle the Kwankwasiyya event also scheduled the launch of a youths empowerment programme to hold simultaneously with the Kwankwaso programme, however, sensing foul play, the Kwankwasiyya postponed their

event to the following day, with a view to avoiding any clash.

However, determined to ensure that the Kwankwasiyya programme did not hold, the state government reported the matter to the police who in turn advised the two parties to postpone their events to later dates when it would guarantee security.

In a swift reaction to the cancellation of the event, the Kwankwasiyya foundation alleged that the action of the state governor was not only fighting Kwankwaso but in a way trying to stop a fundamental religious injunction of contracting marriage among couples.

A member of the Kwankwasiyya Development Foundation and Media Aide to Kwankwaso, Hajiya Binta Spikin, alleged that Ganduje disguised under the security cover just to deny the Kwankwasiyya the right to peaceful assembly.

She explained that Ganduje was apprehensive on the growing popularity of Kwankwaso which is posing

a serious threat to his political ambition.

“The truth is that Ganduje is a failure and a betrayer.

Thus, he is doing everything to embarrass Kwankwaso, but unknown to him, he is making him more popular, and no amount of blackmail will weaken Kwankwaso’s popularity,” she said.

According to her, Ganduje lacked foresight and vision to govern the state therefore; he resorted to blackmailing his mentor and political godfather.

Kwankwaso’s aide also appealed to all kwankwasiyya adherents to remain calm and law abiding, as they were strategising to overcome all the evil machinations of the state government under Ganduje in a peaceful and democratic manner as enshrined in the laws of the land.

Kwankwaso had while serving as governor of the state between 2011 to 2015 introduced a mass wedding of widows yearly, but since his exit in 2015 the incumbent administration under Ganduje, failed to organise any.

Skye Select Summer Campaign Gathers Momentum The ongoing Skye Select Summer campaign, a product recently launched by Skye Bank, has continued to gather momentum as enthusiastic members of the public have been opening account in large numbers.

The Skye Select summer campaign offers a new investment window for discerning high end individuals who value personalised services and unique lifestyle.

The campaign is targeted at the upper-middle level managers and professionals who earn a monthly net income of N750,000 and above, and travel regularly.

According to a statement issued by the bank, those who take advantage of the summer

campaign to either open new accounts or build up their existing accounts would enjoy increased earnings via interest on their credit balances, as well as benefit from discounted interest rates on personal loans.

Other benefits of the Skye Select account are free cheque book and the ability to make unlimited withdrawals from their accounts.

The bank explained that other lifestyle benefits that customers would enjoy include exclusive discount at Hilton Hotel, Abuja; free priority pass membership as well as two free airport lounge visits per year.

The bank further said customers will enjoy packaged holiday tours through its Skye

Travel Finance in addition to being offered fast track services in designated branches, and will also be assigned dedicated relationship officers.

Skye Select is an individual current account designed for discerning high-end individual customers who value personalised service and could afford a constant credit balance of N100,000 in their accounts.

It also gives benefits and values that are specific to the life styles of premium customers. Some of the target audience include: people who undertake frequent foreign trips, businessmen, top government officials and individuals who undertake regular holy pilgrimages.

Law School Class of 85 to Honour Osun Chief Judge, Others at Port Harcourt Reunion The prestigious set of the Class of 85 of the Nigeria Law School will on Wednesday honour some of their members who have distinguished themselves in various spheres of the legal profession during their reunion coinciding with the ongoing annual general conference of the Nigerian Bar Association (NBA) taking place in Port Harcourt, Rivers State.

According to a statement issued by the Chairman of the class, Chief Emeka Ngige (SAN), four high court judges, six Senior Advocates of Nigeria, two professors of law, the Solicitor-General of the Federation and three other members who have distinguished themselves and uplifted the profile of the class would be honoured at the annual reunion of the class taking place at Asia Town

Chinese Restaurant in GRA, Port Harcourt.

Among the judges to be honoured are the Chief Judge of Osun State, Justice Adepele Oyebola Ojo, Justices Sabiu Yahuza, of Federal High Court, Jude Okeke of High Court of Federal Capital Territory and Justice Ada Onyetenu of Federal High Court.

Among the senior advocates to be honoured are Chief Joe Odey-Agi, Mr. Dejo Lamikanra, Mr. Charles Obishai, Granville Abibo, Emeka Anaenugwu and Mr. Aham Eke-Ejelam.

Similarly, the SolicitorGeneral of the Federation and Permanent Secretary in the Federal Ministry of Justice, Mr. Taiwo Abidogun and the Director of Civil Litigation in the same ministry, Mr. Dayo Apata would be honoured.

The university dons

included in the honour list are Prof. Ayo Atsenuwa, the Dean, Faculty of Law, University of Lagos, and Prof. Sunday Okogbule, also the Dean Faculty of Law, Rivers State University of Science and Technology. The Chief Registrar of National Industrial Arbitration Panel, Hajia Hajara Usman, former Group Company Secretary of NNPC, Mr. Ike Oguine and former Director of Legal Services of Central Bank of Nigeria (CBN), Mr. Moses Adediran are among those to be honored.

The leader of the class, Prince Lateef Fagbemi (SAN) is expected to declare the reunion open.

Ngige enjoined members of the class to turn out in their numbers and grace the occasion.

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MONDAY AUGUST 22, 2016 • T H I S D AY

CRIME&PUNISHMENT

Ahmed: Six Prisons Officers Died in Abakaliki Jailbreak Fracas Dele Ogbodo in Abuja The Nigeria Prisons Service (NPS) yesterday said six of its officers died in last Thursday’s jailbreak at the Abakaliki Prison facility, Ebonyi State.

A statement signed by Mr. Francis Enobore, the Prisons Public Relations Officer, on behalf of the Controller- General of Prisons (CPG), Mr. Ja’afaru Ahmed, noted that 10 others, including both officers and inmates sustained injuries.

The CGP attributed the recent jailbreaks in Kuje, KotonKarfe and Nsukka prisons to the near abandonment of routine cell search practice.

The fracas which led to the death of the six officials, started when the prison officials were about to carry out routine

cell-search in the morning but the inmates in a particular cell resisted the exercise.

The statement said: “They suddenly became riotous, broke other cells and released the inmates.

“They eventually broke into the workshop to arm themselves with dangerous weapons and severely attacked some staff trapped in the yard while others made for the main gate and pulled it down.

“Meanwhile, the Prisons’ Armed Squad and men from other security agencies on guard outside the perimeter fence were firing warning shots to deter the rampaging inmates but a number of them rushed out and escaped.”

The attempt by some of the prisoners was however resisted

by the combined team of armed personnel who prevented what could have turned into a catastrophic security situation.

The statement added: “Regrettably, at the end of the fracas, six prisoners died and 10 others were injured. Six prison officers were also severely injured.

“However, the injured staff and inmates are responding to treatment with some already discharged from the hospital.

Ahmed, according to the statement, has set up a 3-man panel to carry out a detailed investigation into the incident in order to establish both the immediate and remote causes of the riot.

He commended the officers and men of the Abakaliki Prisons for successfully foiling the attempted jailbreak and also

thanked officers of other security agencies that promptly responded in resisting the jailbreak noting that such synergy was essential in maintaining peace and good order in the society.

The CGP said routine cellsearch is a tradition in the prison usually carried out as a proactive security measure to ensure that prisoners do not keep dangerous items that could aid escape or compromise the safety of their fellow prisoners or staff.

“Abakaliki prison was built in 1946 with an installed capacity of 387 inmates but as at Thursday August 18, 2016, the prison had a population of 920 prisoners out of which 811 are awaiting-trial Prisoners, leaving just 109 as convicted inmates,” the statement added.

In Brief

Man Kills Wife, Three Others in Sokoto The Sokoto State Police Command yesterday confirmed the alleged murder of a 43-year-old woman, Yemisi Adio, by her husband, Taiwo Adio. This was contained in a statement signed by the spokesman of the command, El-mustapha Sani, and made available to the News Agency of Nigeria (NAN) in Sokoto. Sani said the incident took place at the weekend at the old Airport Area of Sokoto city. He said the suspect had used the same pestle with which he killed his wife, to kill three other persons. The victims, according to him, were: Rachael Adewole, 42, Dennis Adewole,10, and Esther Badelu, 14, all of the same address. The police spokesman further said that the pestle had been recovered as an exhibit, while the case was being investigated by the command’s Criminal Investigation Department (CID). ”All the corpses had been deposited at the morgue of the Usmanu Danfodiyo University Teaching Hospital, Sokoto, for post mortem,” he added.

Police,Vigilantes Nab Robbery Gang in Taraba

The Taraba State Police Command in conjunction with a renowned vigilante group, Tabital Pulaaku Njode Jam, at the weekend arrested four members of a robbery gang that has been operating in Bali Local Government Area of the state and its environs.

The suspects who are part of a seven-man gang were arrested while carrying out an operation along Sansani/Nafada road at about 3p.m. following a tip off. The state Commissioner of Police, Mr. Yakubu Yunana Babas, who paraded the suspected robbers while briefing journalists in his office yesterday, said he got an information at about 2.30p.m. last Saturday that Sansani/Nafada road had been blocked by armed robbers.

According to him, he quickly called the DPO of Bali to mobilise his men and go to the area to clear the road of the robbers which they did successfully in conjunction with the vigilante group. He revealed that two single barrel guns were recovered from the bandits whose names he gave as Nadabo Abubakar (19), Abubakar Abdulkadir (23), Ahmed Musa (20) and Riga Rabo (27) all native of Bali local government.

Stakeholders Meet in Bauchi over Rising Criminal Activities

ENCOURAGING THE CHILDREN

Ogun State Governor, Senator Ibikunle Amosun, flanked by his wife, Olufunso (right), and the state Deputy Governor, Mrs. Yetunde Onanuga, in a group photograph with some students of Ogun Summer Camp, at the Government House in Abeokuta...weekend

Lawyer Drags Aregbesola to Court over New Tax Law Yinka Kolawole in Osogbo A rights activist, Kanmi Ajibola, has dragged the Governor of Osun State, Mr. Rauf Aregbesola, to court over the recently introduced land use tax in the state.

He also said the court should declare the law backing it which was signed in March this year by the governor as null and void.

Also, the lawyer stressed that no one can sign into effect any new tax regime apart from the state Commissioner for Finance, saying Aregbesola’s refusal to inaugurate new state executive council for over one year and nine months further makes the introduction of the said tax illegal.

Ajibola who joined the

state House of Assembly in his suit filed at the state High Court, Ilesa, contended that the law by that its name, ‘the State of Osun Land use Charge Law 2016’ and its maker, ‘State of Osun House of Assembly’ are unlawful and unconstitutional.

The legal practitioner said in the 53-point affidavits he deposed to, all actions taken by either the governor or the state lawmakers with the name “State of Osun” cannot stand in the face of the law.

He noted that, “Osun State is the creation of the 1999 Constitution.

Expressly and impliedly, what the 1999 Constitution created is Osun State not “State of Osun” According to him, “I

believe that ‘State of Osun’ is an impish coinage and unknown to the 1999 Constitution. The first defendant, the governor of Osun State, took his oath of office as Governor of Osun State.

He said there is a difference between ‘Osun State Government’ and ‘State of Osun Government’.

I believe ‘Osun State’ does not mean the same thing as the ‘State of Osun.”

“I believe that ‘Osun State House of Assembly’ does not mean the same as ‘State of Osun House of Assembly’. I strongly believe that the ‘State of Osun Land Use Charge Law, 2016’ is made for the state unknown to the Constitution of Federal Republic of Nigeria.

“I strongly believe that the ‘State of Osun Land Use Charge Law, 2016’ is made by a legislative body unknown to the Constitution of the Federal Republic of Nigeria”.

He stressed if the law is allowed to operate, the state through a private company, Interspatial Limited, will be making an average of unlawful N50 billion per annum at a time when workers in the state are being paid irregularly with half salaries.

Ajibola urged the court to restrain the state from implementing the law and set it aside in its entirety adding that the policy and its operation would be encouraging social, security and economic malaises in the state.

To curtail the rising cases of kidnappings, armed banditry and cattle rustling, the Bauchi State Police Command has met with traditional rulers, caretaker committee Chairmen, representatives of Police Community Relations Committee (PCRC) and discussed modalities on how best to curtail the rising trend of kidnappings in some local government areas.

Representatives of Vigilante group, Danga Security, hunters, clerics, National Union of Road Transport Workers (NURTW) and the leadership of Myetti Allah cattle breeders from seven local government areas comprising of Toro, Bauchi, Ningi, Ganjuwa, Alkaleri, Tafawa Balewa and Darazo discussed security issues affecting the councils. Speaking during the meeting, the state Commissioner of Police, Halliru A. Gwandu, according to the News Agency of Nigeria (NAN), thanked the stakeholders for honouring his invitation in order to find lasting solutions to the problems bedeviling the state at the moment. He identified three major challenges such as difficult terrain, scattered settlements and poor communication network in some areas as stumbling blocks affecting Police operations. The CP also urged them to set up a joint police vigilante groups in their respective areas in order to identity and arrest hoodlums and night marauders but warned against implicating innocent persons based on sentiment or perceived rivalry. Those in attendance included local caretaker chairmen of the seven local government areas, district heads and Deputy National Chairman of PCRC, Alhaji Sanusi Maijama’a.

Court Vacates Interim Order against RT Briscoe

Justice Ibrahim Buba of a Federal High Court sitting in Lagos, has vacated the order he granted restraining an automobile and generator company, R.T. Briscoe Nigeria Plc, from withdrawing its funds in any bank over an alleged N2.5billion debt owed Diamond Bank Plc. The court had on June 13, following an application by the bank, granted the order. Vacating the order, Justice Buba said: “After hearing Mr. A.B Ogunba (SAN), with him counsel for the petitioner/applicant and Mr. Sulu Gambari counsel for the respondent/ applicant, it is hereby ordered as follows that the interim order granted ex-parte dated 13/6/2016 is hereby discharged.” R.T Briscoe, in urging the court to discharge or set aside the interim order of injunction, had said the bank allegedly suppressed and misrepresented material facts to the court. The company said the Companies Winding Up Rules require the petitioner to make the application for injunction on notice rather than ex-parte.

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T H I S D AY • MONDAY, AUGUST 22, 2016

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

J A PA N E S E F A N ’ S C A S H B O N U S

Mikel Leads Under-23 Team to ‘Defy’ NFF

While millions of Nigerians are still celebrating the solitary medal (bronze) won in the football event last Saturday by the gallant Under-23 team at the just concluded Rio Olympics, the Nigeria Football Federation (NFF) and the players led by their captain John Mikel Obi have been at daggers drawn over the money donated to the team by a generous Japanese billionaire, Katsuya Takasu.

Although the NFF had officially denied the news making the rounds that it wanted to collect the $390,000 on behalf of the team which the reports stated that the players flatly rejected, it was gathered that hours after the team’s victory over Honduras, coach Samson Siasia and Obi received the money from the Japanese plastic surgeon.

Earlier on Saturday, the NFF had issued a statement quoting president Amaju Pinnick as saying it was mischievous to say that the body planned to use the donation to offset the backlog of salaries owed its coaches, adding that the NFF was merely conducting an integrity test on the donation and the donor.

The Japanese fan in redeeming his pledge to the team wrote out two Citibank cheques — $200,000 in favour of Siasia and $190,000 in favour of Mikel.

A member of the team, who craved anonymity, disclosed last night: ”We have resolved that no matter what, we will not surrender this cash to the NFF. “Mikel has insisted all of us will get our share of the money.

That we should not mind what the people in the NFF are saying.

“He will make available this cash when he comes for next month’s AFCON qualifier against Tanzania in Uyo.” According to him, a meeting

by the team had resolved that both players and officials would receive equal amount of the cash, while Obi had said that he would give part of his share to Siasia so that the coach’s share would be more than that of individual player in the squad.

It was further gathered that the sharing formula agreed at the meeting would be a flat rate for the 22 players (18 accredited players and four alternate players) and 10 officials.

A further check also revealed that the Nigerian Embassy in Tokyo, Japan had written to the Sports Ministry to confirm knowledge of the decision of the Japanese doctor to reward the U-23 team, but the Minister of Sports Solomon Dalung insisted that he would not be part of the generous gift saying: “We want to protect Nigeria’s image.”

An official in the Under-23 team said that the desperation on the part of the players to share the money without the support of their principals was borne out of the fact that similar donations to the national football teams by philanthropists in the past were never released to the players.

“When the Super Eagles won the African Cup of Nations in 2013, prominent Nigerians made pledges and till date nothing came out till date.

“A while ago in 2005 when coach Samson Siasia led Nigeria to come second at the FIFA U-20 World Cup in Holland, former Governor of Balyelsa State, late Diepreye Alamieyeseigha, donated $50,000 to the team through NFF and nothing has been heard about the money till date following the dissolution of the camp after the tournament.

Takasu (middle) with Mikel Obi and Samson Siasia after the match… Saturday

Saraki Celebrates Team, Urges for Honest Reappraisal Senate President, Dr. Abubakar Bukola Saraki, yesterday celebrated with Nigeria’s Under-23 team for winning the bronze medal in the men’s football event at the Rio Olympics and called on Sports authorities in the country to embark on honest reappraisal.

Saraki in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, in Abuja, also congratulated Nigeria for the feat achieved by the team.

He extolled the doggedness

of the Coach Samson Siasia-led boys and their ability to bounce back from defeat to claim a bronze medal for the country.

Saraki said: “I am excited about this last minute redemption of the nation’s pride by the team. The game against Honduras was no doubt a make or mar cracker. But we are happy to have emerged victorious. Thanks to the team and their technical crew.

“You have made the country proud by winning the third

Sandton, kept clean sheets during regulation time and almost won the matches for his team by saving spot kicks during the ensuing penalty shootouts.

Though the team could not progress to the final, his heroics during open play and penalty shoot outs were enough to earn him the Competition’s Most Valuable Player award.

The Etisalat Football Team emerged Nigeria’s representatives to the Tournament after defeating

immediately put their house in order and ensure that the country’s athletes have better preparations for the next Olympics and other major sports meets in the world.

“We must immediately reappraise our participation and ensure that the factors that set us back in the various events are identified and immediately redressed in order to aid our planning and preparation for the next edition of the games,” he said.

20 Players Begin Camping for 2016 ITTF World Juniors The National Training Centre of the Lagos National Stadium will come alive today. Twenty players made up of 12 boys and eight girls begin camping for the ITTF World Junior Championships in Cape Town, South Africa.

The camping would be used to select the players that will represent the country at the global championship under

the watchful eyes of seven-time Olympian, Segun Toriola as part of his efforts to inspire young players.

Some of the players were part of the team that featured at the ITTF African Junior Championship in Algiers where they qualified for the World Juniors.

Also, the outstanding players from the National U-16

Etisalat’s Goalie Wins MVP at Corporate Soccer Challenge in S’ Africa For his heroics in the matches played by his team, Nelson Okotie, the goal keeper of Etisalat Football Club, Nigeria’s flagbearer at the just concluded Corporate Soccer Challenge 2016 in South Africa, has emerged the competition’s Most Valuable Player.

Okotie, who was between the sticks when the Nigerian team took on South African opponents, PSL/SAFA and FATO Cats teams, at the Zoo Lake Sports Ground, Rosebank,

place match against all odds and we are proud of you and your superlative outing. All those who prayed and supported the team to the end also deserve special commendation. We were not disappointed,” he said.

Saraki noted that the fact that the nation’s delegation did not perform as expected in the Rio Olympics Games billed to end on Sunday should not be a reason to engage in a blame game. Rather, he urged sports authorities in the country to

Chevron Nigeria at the Nigeria Corporate Games held in December 2015.

This tournament was organized under the aegis of Corporate Soccer Nigeria (CORPSON) and affiliate of the International Federation of Corporate Football (FIFCO) and is aimed at promoting corporate football leagues, tournaments and events around the world.

Captain of the Team, Andrew Enebeli ‘Dre’ who spoke about

the team’s performances blamed the losses on the harsh weather conditions.

“Our major challenge was that the weather condition was very harsh as we played at 2 degrees C. Also, we didn’t take our chances in front of goal when they came.

All of these affected the outcome. We now need to get on with preparations as quickly as possible for the upcoming Nigerian Telecom Games which we are targeting to win, “he said.

tournament also made the list of players invited to camp.

According to the President, Nigeria Table Tennis Federation (NTTF), Wahid Oshodi, the camping is necessary as some of the players would gain from the experience of Toriola, who has been celebrated globally for his consistency and discipline in the sport.

“We are blessed with talents just like Aruna Quadri and we don’t want to lose the momentum by ensuring that we come through with our programmes. This camping becomes necessary as we want to select the best hands among the junior players so that they can also test might with their foreign counterparts at the world juniors. With the experience of Toriola and Michael Oyebode, who were both in Rio Olympic Games, I am confident that camping would have impart on the players and prepare them for the championship,” Oshodi said.

He added: “The selected

players will later go into close camping before the championship in November and they will continue to train in readiness for the competition.

Toriola will surely depart to his base after the camping and we hope the coaches around can continue to sharpen the skills of the players before the tournament which has Egypt, Nigeria, Algeria and Tunisia representing Africa in Cape Town, South Africa.”

The invited players are Abayomi Animasahun, Azeez Solanke, Amadi Umeh, Michael Abayomi, Augustine Emmanuel, Jamiu Ayanwale, Ololade Oyenekan, Tobi Falana, Etim Orok, Babafemi Babatunde and Umar Ibrahim for boys and the girls include Tosin Oribamise Agnes Onoja, Ajoke Ojomu, Alimot Ayinla, Rofiat Jimoh, Iyanuoluwa Falana, Vivian Akpan and Sukurat Aiyelabegan.

NTTF will cater for the players’ feeding and accommodation while their states are expected to offset their transport fare.

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monDAY, August 22, 2016 • T H I S D AY

MONDAYSPORTS

Britain Beats China to Second Place in Medal Table Great Britain have finished second in the medal table at the 2016 Olympics - above sporting powerhouse China.

One of the event’s dominant nations, China have won more than 200 golds since returning to the Games in 1984.

Britain ended the Rio Games with 27 golds from 15 sports, one ahead of China.

Super-heavyweight boxer Joe Joyce won GB’s final medal, a silver, as they finished with a total of 67 from 19 sports, beating the 65 at London 2012.

Since the modern Olympic era began in 1896, no country has increased its medal tally at the summer Games immediately following one it hosted.

GB have also smashed their pre-Games target of at least 48 medals, which was set by UK Sport.

China, with a population of 1.357bn to Britain’s 64.1m, have amassed more medals (70) than Team GB in Brazil, achieving notable success in table tennis, diving and weightlifting.

However, GB are ahead on golds, which is what the rankings are based on.

Asked if the achievements in Rio were better than London 2012, Liz Nicholl, chief executive of UK Sport, told BBC Sport: “Absolutely.

“It is more of a thrill because although we knew we had medal potential, we were not as sure about the environment in which we were competing.

“Those of us involved know that there is still a huge amount that can be improved. As we look beyond Rio and on to Tokyo, it is looking really exciting.”

UK Sport performance director Simon Timpson insisted the success was “not happening by chance”, adding: “This is success by design.”

Britain effectively clinched second spot when kayaker Liam Heath, boxer Nicola Adams and runner Mo Farah won their events on Saturday.

Diver Tom Daley was another medal prospect but failed to make the final in the 10m platform diving, which was won by China’s Chen Aisen.

Gracenote Sports creates a Virtual Medal Table for the Olympic Games based on data from events with world fields from London 2012 up to Rio 2016.

Gracenote’s head of analysis, Simon Gleave, told BBC Sport: “The 70 total medals for China and 26 golds came very close to our Virtual Medal Table’s pre-Olympic prediction of 71

and 29.

“However, it is that slight underperformance in gold medals which allowed Great Britain to take second place in the medal table.

“Initially, it looked as though it would be close for second place, with China just taking it, but the surprise gold medals from Nick Skelton and the women’s hockey team made Great Britain the most likely country to finish second.

“Beating the London total of 65 medals was a realistic possibility once Britain won nine medals on 16 August - the best day’s medal haul since Beijing 2008.”

Gleave said Britain had outperformed in track cycling, artistic gymnastics, diving and flat-water canoeing.

“All provided more gold medals than the data suggested,” he added.

They had been absent since 1952 - when only one athlete represented the nation - following a dispute with the International Olympic Committee over the status of Taiwan. Prior to that, the nation had not won any medals.

Since 1984, China have topped the table just once - at their own Games in Beijing in 2008, when they finished with 15 more gold medals than the US. But in eight summer Games, they have only been out of the top four once. That was in 1988, when they were 11th with five gold medals.

At London 2012, China won 38 golds and 88 medals in total to finish second to the US. GB were third with 29 golds.

Since 1984, GB have never finished higher than third and were 36th in 1996, when rowers Sir Steve Redgrave and Sir Matthew Pinsent won GB’s only gold.

MEDAL TABLE COUNTRIES United States

G S B 45 37 38

Britain

27 23 17

China

26 18 26

Russia

19 18 19

Germany Japan France

17 10 15 12 8 21 10 18 14

S’Korea

9

3

9

Italy

8 12

8

Australia (78) Nigeria

8 10 0 0

1 1

Mo Farah

Neymar Watches Brazil’s Men Win V’ball Gold on Final Day Brazil made up for defeats in the last two Olympic men’s volleyball finals and gave the home crowd a gold medal to celebrate as they beat Italy for gold on the closing day of the Games.

The home side won 3-0 in a raucous atmosphere to secure Brazil’s seventh gold medal in Rio. Brazil football hero Neymar was at the Maracanazinho arena to watch the final, 24 hours after his team won gold.

The USA earlier came back from two sets down to beat Russia 3-2 and win bronze.

Brazil’s victory made amends for 2012, when they lost to Russia after missing two match points.

Neymar in the crowd… last night

PREMIER LEAGUE

Arsenal Lacks the Invincibles’ Personality, SaysVieira Former Arsenal captain Patrick Vieira believes the Gunners are lacking two of the Invicibles team’s best qualities.

Patrick Vieira has blamed a lack of physicality and personality within Arsenal’s squad for their Premier League drought under Arsene Wenger.

The club’s former captain won three Premier League titles during his stay between 1996 and 2005, with

their famous Invincibles team going unbeaten in his penultimate season in 2003-04 – which remains the last time the Gunners claimed the title.

Wenger has been responsible for two FA Cup wins in the last three years, but Vieira points to serious deficiencies that were not present when he enjoyed his own era of success in England as reasons for their failure to challenge in the league.

Salisu Counts Gains of NPFL All-Star LaligaTour Coach of the Nigeria Professional Football League, NPFL All-Star team, Salisu Yusus said he left Spain with lots of positives at the end of the three-games tour of the LaLiga, a product of the technical, promotional and commercial partnership between Laliga and the NPFL. The tour saw a select squad of players from NPFL clubs play a pre-season friendly against former European and Spanish League champions, Valencia and also participate in the 62nd Trefoe Ramon de Carranza Cup which featured Malaga CF, hosts Cadiz CF and Atletico Madrid.

Yusuf looked back at some

of the games of the tour and suggested that the absence of the five players from Enyimba contributed to the 4-1 defeat they got in the hands of Malaga CF. The game, second of the 62nd Trofeo Ramon De Carranza saw the NPFL All-Star start well, better than they did against Valencia CF on Wednesday, only to cave in later in the game.

He said he was dwelling more on the benefits of participation that on the outcome of the match in terms of winning or losing and added that he has learned some lessons as a coach in this Spanish adventure.

“I saw the free flowing football

exhibited by Valencia, the speed of their passes and their ability to make quick penetrating passes.

“Against Malaga I also learned a lot. It’s a good lesson for us.

Remember this is the first time and we know the next time out we will do better,” On the departure of the five players on the day of the match against Malaga CF, Yusuf said in as much as those players including captain, ChimaAkas were core to his match plans, that there was nothing the trainers could do about losing the Enyimba players since they had a crucial game in the CAF Champions League.

“I was asked this question before the game and the answer I gave was simply that it’s a lesson we have learned. Maybe next time we will come with more players, or not bring players who will have important assignments with their clubs.

“Because of the shortage of players we had to play some out of position and we had to do the same thing against Athletico Madrid on Saturday,” Salisu said.

The NPFL All-Star eventually lost their last game 2-1 to UEFA Champions League runner-up, Atletico Madrid and have since returned to Nigeria.

“My generation had lots of physically strong players,” Vieira told The Telegraph.

“In the last five or six years, Arsenal went with more of this type of technical players. The Invicibles had it all.

“Now when I watch Arsenal, they play good football, but I just have a feeling they are missing something - the physical presence, the personality.

EPL TABLE

Team Man City Man Utd Hull City Chelsea Everton M’brough Tottenham Burnley WBA West Ham Liverpool Swansea Arsenal Watford Leicester S’hampton Stoke Sunderland Palace B’mouth

P 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

W 2 2 2 2 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0

D 0 0 0 0 1 1 1 0 0 0 0 0 1 1 1 1 1 0 0 0

EPL RESULTS

Man Utd 2 - 0 Southampton Stoke 1 - 4 Man City Swansea 0 - 2 Hull City Tottenham 1 - 0 Palace Watford 1 - 2 Chelsea W B A 1 - 2 Everton Burnley 2 - 0 Liverpool Leicester 0 - 0 Arsenal Sunderland 1 - 2 M’brough West Ham 1 - 0 Bournemouth L 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 2 2 2

GF 6 5 4 4 3 3 2 2 2 2 4 1 3 2 1 1 2 2 0 1

GA 2 1 1 2 2 2 1 1 2 2 5 2 4 3 2 3 5 4 2 4

GD 4 4 3 2 1 1 1 1 0 0 -1 -1 -1 -1 -1 -2 -3 -2 -2 -3

Pts 6 6 6 6 4 4 4 3 3 3 3 3 1 1 1 1 1 0 0 0

T H I S D AY MONDAY AUGUST 22, 2016

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Monday August 22, 2016

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Price: N250

MISSILE IBB to Nigerians “In 1989 we proposed that the National Assembly should be part-time. I still believe that if I had the opportunity I will make the National Assembly part-time. I believe in that very strongly. It is all in an effort to cut down the cost of governance.” – Former military president, Gen. Ibrahim Babangida, canvassing a part-time National Assembly as one of the ways to save cost.

ALIYUABUBAKAR Facts and Myths about NNPC RIGHT OF REPLY

I

n a grossly-opinionated article on the THISDAY Back Page of Tuesday, August 16, 2016, entitled “Baru’s Triumphant Return: Be Afraid! Be Very Afraid!”, the writer, Mr. Toyin Akinosho, succeeded in casting aspersions and mudslinging on the personality, capability and credibility of Dr. Maikanti Kacalla Baru as the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC).

Sadly, the write-up was not only a deliberate effort at disparaging the GMD’s pedigree to deliver on his recent appointment, but also to mislead the general public on some critical developments in the Nigerian oil and gas industry. However, in order to put the records straight and situate them in a proper perspective, we wish to state the following facts: The write-up claimed Dr. Baru’s appointment as GMD “spelt victory for the old guard at the corporation”. It is a fact that Dr. Baru’s appointment was at the recommendation of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to the president. Thus, the minister must have found Dr. Baru the most fit for the job. Most importantly, Baru’s sterling antecedents that are characterised by his honesty, integrity, transparency and accountability, which are also part of the cardinal principles of the Muhammadu Buhari administration, speak volumes for him. It is on record that he was, for four years (2004-2007), the chairman of the NNPC Anti-Corruption Committee.

Therefore, those exemplary traits were part of what earned him the position of GMD of the country’s petroleum conglomerate.

The write-up claimed “NNPC is a political party with a profusion of ranking managers who consider first their personal interests”.

We wish to state that Baru does not partake in partisan politics whether internal or external to NNPC. He is an honest and hardworking technocrat who focuses on any assignment he is tasked to do. His proven track record over a very-fulfilled career testifies to this.

On assumption, Baru had stated to the staff and the entire world that he would continue with the good works of the minister. In fact, at a maiden meeting with the staff of the corporation recently, he clarified the issue of NNPC’s achievement in terms of profitability as surplus of cash flow in May 2016 rather than profit as the various obligations of the corporation were not taken into account towards arriving at the figure. This was proven in NNPC’s June 2016 Financial Report that showed a loss of N26 billion which was more in line with the N19 billion loss recorded in April 2016.

The write-up claimed “NNPC could not find a way of solving the Joint Venture cash call challenge”. We wish to state that Baru has expected action from the committee that is negotiating with the JV partners to close out the deal that would not only repay the arrears over the next five years but also put in place a process where the JVs will not be cash calling government and eventually transiting to the Incorporated Joint Venture (IJV) model as is the case with the Nigerian Liquefied

Baru Natural Gas (NLNG), where the IJV would be autonomous under the direction of its board and management. It can fund its operations, pay royalty and taxes to government as well as dividends to its shareholders as a Limited Liability Company.

The write-up claimed that “past NNPC management badly managed the Production Sharing Contract (PSC) debacle”. To the contrary, in 2008, NNPC put up a case for the review of the PSC terms and the then Minister of Petroleum Resources, Dr. Odein Ajumogobia, issued a letter putting on notice the PSC contractors to renegotiate the PSC terms.

Actual negotiations were started between a committee consisting of Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS), Ministry of Finance (MoF) and the NNPC with the PSC contractors that year.

However, when Ajumogobia was replaced, his successor discontinued the engagement. The re-engagement was restored by the current minister and was continued by the team even after the change in baton as GMD. It is expected that both efforts towards JV cash calls and PSC dispute settlement will be approved by the appropriate authorities when concluded by NNPC and the teams and they will be implemented under the leadership of Baru.

The write-up claimed that “Dr. Baru is too steeped in NNPC’s intrigues and predilection for stalling investments”. We wish to state here that if contacted, the partners that invested in the divested assets by the international oil companies (IOCs) would have opened up to say that Baru’s actions while serving as Group Executive Director (GED), Exploration & Production (E&P) were laudable and would have given the various assets the latitude to sweat the assets maximally.

His vision, which he shared with them from day one was to transit each oil mining lease (OML) to an Incorporated Joint Venture (IJV) like the NLNG model from that date.

The IJV would develop the assets as the operator under the guardianship of its board with a management whose managing director would be from the JV partner rather than NNPC. However, due to the insistence of their bankers, they preferred operatorship which is in conflict with the Joint Operating Agreement (JOA) signed with the divesting IOCs where operatorship automatically reverts to NNPC on relinquishment of IOCs’ shares except if NNPC opts otherwise.

A middle path was charted by Baru for a joint operation of the assets through Assets Management Teams with the partner taking a lead role as a prelude to converting the OMLs to the IJV model. This middle course has been implemented and the partners are happy with the outcome and looking forward

to the JV incorporation within the next few years.

It is instructive to note that the militancy in the Niger Delta has largely contributed to the continuous disruptions of smooth operations of the assets. Militancy is worse in the Western Delta where NPDC and its JV partners have assets than the Eastern Delta where Aiteo and Eroton operate. But with the dialogue between government and the militants, we expect the situation to improve and the full value of Baru’s vision greatly realised.

Interestingly, one of Baru’s 12 Key Business Focus Areas, the growth of the Nigerian Petroleum Development Company (NPDC), a subsidiary of NNPC, is geared towards reviewing some of the salient contractual arrangements and terminating all bad ones.

It will help a lot if energies are expended on promoting the attainment of such laudable objectives which are premised on moving the corporation forward.

For now, it is too early for one to get too feverish with Baru’s appointment or his performance. He is on course. In fact, he is on the sure path of sustainable growth and development of NNPC and the country’s oil and gas industry at large. The train has already left the station.

• Abubakar, Technical Assistant, Communications to the GMD, writes from Abuja

It is expected that both efforts towards JV cash calls and PSC dispute settlement will be approved by the appropriate authorities when concluded by NNPC and the teams and they will be implemented under the leadership of Baru

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