Monday 26th September 2016

FX Scarcity Heightens Concern over Banks’ Eurobond Obligations Obinna Chima The broad effects of low oil prices and production disruptions, which have resulted in a significant reduction of foreign exchange earnings, have

raised concerns about some banks’ ability to honour their Eurobond obligations upon maturity.

Some of the offshore funds that were raised by the banks to expand operations and finance foreign currency

infrastructure projects would mature between 2017 and 2021.

For instance, Access Bank will have to raise $350 million for its maturing Eurobond due in July 2017; Fidelity Bank’s $300 million

Eurobond would be due by May 2018; Guaranty Trust Bank’s $400 million will be due in May 2018; Zenith Bank has an outstanding debt obligation of $500 million; Diamond Bank also has a $200 million Eurobond; while

First Bank of Nigeria Ltd has two Eurobonds - $300 million and $400 million - maturing in 2020 and 2021.

All the Eurobonds issued by the banks with different coupon rates that must be paid annually before

maturity, are also callable before maturity.

Afrinvest West Africa Limited highlighted this in its 2016 “Nigerian Banking Sector Report” launched last week.

Continued on page 10

Ondo APC Crisis: Tinubu Demands Oyegun’s Dismissal… Page 55 Monday 26 September, 2016 Vol 21. No 7823. Price: N250

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Adeosun: Spending on Capital Projects, Our Strategy to Get Out of Recession Says FG yet to decide on specific assets for sale Economy tops agenda as FG, states, others meet in Ogun AfDB president to meet govt officials today Ndubuisi Francis and Dele Ogbodo in Abuja The Finance Minister, Mrs. Kemi Adeosun, while sidestepping questions on the controversy that arose last

week after her call on the Central Bank of Nigeria (CBN) to reduce the policy rate at its last Monetary Policy Committee (MPC) meeting, stated at the weekend that the federal government was

painstakingly fashioning out appropriate measures to reflate the economy, affirming that it had adopted a potent strategy to stem the economic recession through spending on capital projects.

Adeosun said investing in capital projects, including roads, railway projects, housing and education, among others, would trigger a ripple effect on the economy and impact potentially on

the populace, stressing that infrastructure was not only the fulcrum, but the superstructure on which development revolves.

She said the quest to inject massive spending on

capital projects had ignited government’s move for external borrowing because of the cheap interest rate potential inherent in foreign loans.

Continued on page 10

AGF Seeks Further Evidence to Prosecute Saraki, Ekweremadu Admits investigation into forgery of Senate Standing Rules inconclusive Police write clerk of N’Assembly for additional information

Tobi Soniyi in Abuja Three months after it charged Senate President Bukola Saraki, his deputy, Ike Ekweremadu, and two others with forging the Senate Standing Rules, the Office of the Attorney General of the Federation

(AGF) and Minister of Justice has declared the investigation into the alleged offence inconclusive, THISDAY has learnt.

The AGF, Abubakar Malami, is now desperately seeking fresh investigations Continued on page 11

SMART-COLE… STILL EFFERVESCENT AT 75 MEND, Clark Condemn Bombing SUNMI Renowned photographer and journalist, Mr. Sunmi Smart-Cole (right), conducting the Minister of lnformation and Culture, Lai Mohammed, and other guests round his photo exhibition to mark his 75th birthday and thanksgiving service held of Shell’s Bonny Pipeline… Page 12 Alhaji at the All Saints Church, Yaba, Lagos… yesterday abiodun ajala

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MONDAY SEPTEMBER 26, 2016 T H I S D AY

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MONDAY, SEPTEMBER 26, 2016 • T H I S D AY

PAGE TEN ADEOSUN: SPENDING ON CAPITAL PROJECTS, OUR STRATEGY TO GET OUT OF RECESSION The minister, who spoke in an interview in Abuja with select journalists, said one of the biggest issues for the government was the cost of borrowing, being the biggest borrower, adding that in resolving the issue, her ministry was working with the Debt Management Office (DMO) to restructure and refinance some of the existing debt.

“One of the biggest issues for us is the cost of borrowing because, of course, government is the biggest borrower. So, what we had said from the beginning was that we look for cheaper borrowing to bring down our cost of borrowing.

“Currently, it’s cheaper to borrow internationally than to borrow locally.

“So, what we are looking at doing is working with the DMO to try and refinance some of the existing debt, not just the new debt… over the medium term to get lower interest rates.

Restructuring will reduce the cost of our debt service, and increase the amount of money available for capital projects.

“That’s just really a strategy of getting us out of recession. It’s not just to spend the stimulus from government, but to spend on capital projects. That’s our priority,” she said.

On why she had for advocated a lower monetary policy rate (MPR) as against the CBN’s option to retain the existing rate, Adeosun said: “We have moved on from that because the CBN is independent, they have looked at the metrics and they have said, look, this is what we have to do.

We’ve moved on. It’s only one factor; it’s not the only factor. I have explained to you how we are going to get around that.”

Explaining why the country was yet to secure some of the loans it is seeking from offshore sources, the minister said the delay had nothing to do with Nigeria no longer being attractive to foreign creditors.

According to her, the process of securing the loans from all relevant bodies had commenced and would be consummated before the end of year.

“You know it’s a long process; if you remember at the last FEC (Federal Executive Council), we got the external borrowing plan approved by FEC. Once it’s approved by the National Assembly, we need to access those loans.

“That’s why we rushed it to FEC very quickly and now, it’s going to the National Assembly.

Once they finish their oversight function, we will now draw down on some of the loan facilities. But already, the approval has been done,” the minister stated.

On the proposed loan from the African Development Bank (AfDB), the minister said the bank’s president, Dr. Akinwunmi Adesina, was expected in the country today.

“I believe he will give us an update. The China Exim Bank loan is in the process at the moment, specifically for the railway projects.

Some of the China Exim Bank loans are already running, like for the airports. But the big one is for the railway projects and that’s the one that we are hopeful that before the end of the year, it would have been approved.

“Then the Eurobond, we are just finalising the appointment of the parties (advisers), and are confident on that one also. On the Eurobond, we already have commitments; even before we opened the offer, we already had

four commitments from investors stating that whenever Nigeria is ready, they will be committed to what we are doing because they could see that we are very serious.

“We went to London and we had a non-deal road show that was extremely successful and people were saying they are ready…” she added.

Impact of Released Capital Votes Speaking on the impact of the N770 billion so far released for capital projects, the minister said after the first N420 billion was released, the second tranche of N350 billion had just been released, promising that the impact would be felt soon.

“The second N350 billion has just gone out and so we have to wait for that impact. But the first one, we are quite satisfied with what has happened, because many of these contractors had not been paid since 2012.

“When we did the first one, they were not sure as to if we were going to sustain the releases and so the second one for us is far more significant, and a lot of them came and said ‘we had not been paid since 2012’, so the tendency was to hold on to that money rather than get to work.

“But now, we have done the second tranche, I think that confidence in government’s ability to meet its obligation is being restored. As a result, I’m sure that with this second release, you are going to see a whole lot of activity on our roads, railways and those big infrastructure projects,” the minister stated.

Attracting Investors During Recession On what the government was doing to attract foreign investors in a season of recession, Adeosun explained that the majority of investments in the country are

by Nigerians, adding that the focus of the government was to provide the right environment, which would ultimately attract not only local but foreign investors.

“One thing we need to understand is that majority of the investments in Nigeria are by Nigerians. If I can’t persuade you to invest then I cannot persuade a foreigner to invest. So, our focus is to get the environment right.

“Once the environment is right and there is an opportunity to make profit, foreign investors will come but the most important thing is the environment and those things that investors want to see in order for them to invest – both Nigerian and foreign investors.

“Sometimes we focus more on foreign investors and ignore the fact that the people that are really putting money in Nigeria are mainly local investors. As such, we need to sort out the infrastructure.

“That is what investors have been saying is a limiting factor – the corruption because people get frustrated by going from one ministry to another trying to get a permit and afterwards they will just say let’s forget it. So these are the things we are trying to do, so we can have an environment where business can thrive,” she explained.

Agenda for IMF/World Bank Meetings On the forthcoming annual meetings of the International

Monetary Fund (IMF) and World Bank, the minister said: “We are in talks with the World Bank and IMF everyday and I think we will be telling them what plans we have for the Nigerian economy, how we see the Nigerian economy going forward, that we are committed to inclusive growth, that we are confident of the plans that we are pursuing, and we are willing for them to support us.

“They are already supporting us considerably in so many areas such as education, polio and rebuilding of the North-east.

They are very supportive of this country and we want to continue to deepen the relationship so that we can get concessionary funding that we need for these projects and give them the assurance that the reforms we are pursuing are working.”

Sale of National Assets The minister also addressed the issue of the federal government’s consideration of the sale of national assets, stating: “I think there are a lot of assets that are being considered. There are some unused assets that are just lying idle and people have come and said these things you are not using, can we lease it from you?

“I think when you are looking for money, some things that government is sitting on and we don’t have money to rehabilitate them, it makes sense for us to unlock those things as it will bring money to the economy during these difficult times so that we can move forward.

“I don’t think we have gotten to the stage where we say it’s this or that asset. I think the conversation now is should we just continue borrowing or now that things have gotten to this stage, should we start to dislodge some under-utilised assets.

“And this debate is not limited to us alone: Saudi Arabia is selling some of its oil assets. So if you sell assets and use that to finance other assets, which we are going to give you more, then I don’t have problem with that.”

Adeosun added that deciding on whether to lease or concession the assets, or their outright sale would depend on the nature of the assets in question.

“There are some assets that you can lease and there are some which you may need to divest from.

Investors will need to look at the risks and pricing accordingly. We can sell to the Nigerian people or the Pension Fund and you can also list these assets on the Nigerian Stock Exchange (NSE).

“So there are different methodologies for disposing of the assets and raising funds,” the minister explained.

Quantum of Borrowing Adeosun also spoke on whether or not the sale of some national assets would determine the size of government borrowings, saying: “Yes, we have done a Medium Term Expenditure Framework and Debt Strategy Plan, but we feel that the infrastructure challenges that we face are very serious.

“Accordingly, the kind of money that we need, we can’t borrow because when you have an accumulated deficit, you need to look for the money that will sustain what you are doing for the next three to four years.

“So that is what we are looking at and adopting a more strategic approach so that over time, we

will borrow less and which of course is good in the long run."

Getting Out of Recession In response to a question as to whether the country would begin to get out of the recession by the next quarter, the minister said although she might not predict if the timeline was realistic, she was confident that the economy would start to grow soon.

“I don't want to predict when we will get out of recession, but let me tell you that we would start to grow and that is how you get out of a recession because of the stimulus that we are providing.

“It may take longer than we would like but we would definitely get out of it. We are already seeing some positive signs around agriculture and solid minerals and with what we are trying to do in other sectors, I’m sure we will get out of it,” she assured her interviewers.

FG, States, Others Meet On the heels of the minister’s interview at the weekend, state governors, ministers and policy wonks from the federal, states and local governments across the country, among others, will tomorrow converge on Abeokuta, the Ogun State capital, to examine available options on shoring up government revenue streams, especially in an environment of dwindling earnings from crude oil.

The gathering, which will take place under the auspices of the National Council on Finance and Economic Development (NACOFED) 2016 Conference, will be hosted by the finance minister.

The conference, according to a statement from the Ministry of Finance, will attract a diverse group of participants, including ministers, governors, state commissioners for finance and budget, as well as captains of industry from the private sector.

NACOFED was created as a forum for members to discuss current socio-economic issues, and proffer a way forward for the Nigerian economy on fiscal and monetary policies.

The statement issued by the media aide to the minister, Mr. Festus Akanbi, disclosed that the conference would be declared open by the Ogun State Governor, Senator Ibikunle Amosun.

The statement also quoted Adeosun as stating that the policy thrust of the current administration informed the theme of this year’s conference.

She said her ministry has continued to discharge its numerous functions through wellarticulated initiatives and policies to improve revenue generation, blocking leakages, tackling wastage, and obtaining best value for money in government expenditure.

Some of the topics to be discussed include: “The non-oil sector as a sustainable alternative in enhancing revenue generation” to be delivered by the Minister of Mines and Steel Development, Dr. Kayode Fayemi.

Others include: “Harnessing Customs and Excise Duties for Improved Revenue Generation” to be delivered by the Comptroller General of Customs, Col. Hammed Ali (rtd); and “Tax as a Source of Improved Revenue to the Federation Account” to be led by the Chairman of the Federal

Inland Revenue Service (FIRS), Mr. Babatunde Fowler.

Business executives and economic analysts expected at the event include Managing Director, Guaranty Trust Bank, Mr. Segun Agbaje; Group General Manager, Nigerian National Petroleum Corporation, Dr. M.K. Baru; Managing Director, Financial Derivatives Limited, Mr. Bismarck Rewane; and a former Director General, Budget Office, Mr. Bode Augusto, among others.

AfDB President to Meet Govt Officials Meanwhile, the President of AfDB, Adesina, will arrive Abuja today for a three-day official visit to discuss measures on stimulating for the Nigerian economy.

During his time in the country, he will meet with President Muhammadu Buhari, Adeosun and the Governor of the CBN, Mr. Godwin Emefiele, to chart ways to turn around the economy.

A statement obtained on AfDB’s website yesterday, said Adesina would be in Nigeria on his first official visit to the country since his appointment in 2015.

According to the statement, the AfDB president will meet government/policy makers, the private sector, and development partners to discuss the challenges facing Nigeria and highlight AfDB’s commitment to further strengthen its partnership with the country.

He said: “I am very much looking forward to my first official visit to Nigeria as President of

the AfDB. Nigeria is a vital shareholder and partner for the Bank.

“The Nigerian economy is in a critical phase and in these difficult times, we have to make sure we all work together to tackle the challenges facing Africa’s largest economy.”

Adesina added: “The visit aims to advance cooperation across a wide range of areas, including how best Nigeria can respond to its current challenges.”

In Abuja, Adesina will hold series of meetings with the leadership of Nigeria, including the president, the Minister of Finance, and CBN governor.

The statement added that the AfDB president would take part in roundtable discussions with philanthropic leaders and hold discussions with the private sector, as well as development partners.

Adesina will also receive an award from the Nigerian Economic Society (NSE).

“The AfDB has a robust partnership with Nigeria, which is one of the Bank’s founders.

Nigeria, the biggest shareholder, is also one of the largest beneficiaries of AfDB’s assistance.

“In 2016, the Bank has so far lent US$524,969 million to Nigeria.

As of September 2016, the Bank had invested about US$7 billion in the Nigerian economy since it began its operations in the country in 1967,” the statement said.

AfDB is working closely with Nigeria to support its various sectors, including agriculture, infrastructure, energy, transport, water and sanitation, the Bank added.

FX SCARCITY HEIGHTENS CONCERN OVER BANKS’ EUROBOND OBLIGATIONS The high cost of raising capital from the domestic market was one of the factors that drove the banks and other corporates to the international debt market.

The Nigerian economy is in recession with external reserves falling to $24.743 billion as of last Thursday. Since the Central Bank of Nigeria (CBN) introduced a flexible exchange rate regime to allow the currency to trade freely on the interbank forex market, dollar liquidity has remained a challenge.

Owing to this, the central bank has remained the major supplier of FX in the market. The naira closed at N440 to the dollar on the parallel market last Friday, while on the interbank FX market the spot rate of the naira closed at N307.79 to the dollar.

“With the scarcity of FX in the market, you shouldn’t forget that a number of banks have Eurobond exposure. There are more than $2 billion maturing Eurobond obligations within the next few years. If we don’t find ways to allow more dollars into the system, this could be a potential problem to watch out for as they mature,” the Managing Director of Lagos-based Afrinvest West Africa Limited Ike Chioke said in the report.

Furthermore, the report stated that oil and gas loans may also pose a challenge for Nigerian banks in 2016, based on developments in the economy, followed by general consumer goods and then manufacturing.

“Power is a perennial one since the power sector privatisation.

That is because we have many of these assets which only earn naira revenue, but were sold in

dollars.

“So, many banks still have many challenges restructuring those facilities because of the massive devaluation and the effect on the balance sheet,” Chioke added.

However, the report showed that the Nigerian banking industry remained liquid, with many of the commercial banks reporting very strong liquidity ratios based on their 2015 audited accounts.

From a valuation perspective, the report stated that all the issues facing the economy had turned out to be challenging for the banks, adding that they are relatively undervalued compared to sub-Saharan African banks from a price-to-earnings perspective.

Continued on page 11

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T H I S D AY • MONDAY, SEPTEMBER 26, 2016

PAGE ELEVEN

Tambuwal Lays Foundation for School in Sole LG in Nigeria Without One Mohammed Aminu in Sokoto Sokoto State Governor Aminu Waziri Tambuwal at the weekend laid the foundation for the construction of a new secondary school in Balle, the headquarters of Gudu Local Government Area, effectively closing the chapter of the town being the only council without a secondary school in Nigeria.

Speaking at the event attended by development partners, religious leaders and traditional rulers from within and outside Sokoto, Tambuwal said his administration embarked on the project, as the area had remained the solitary council of the 23 others of the state and the entire country without a Senior Secondary School.

“The school will be a coeducational one, for boys and girls. We have decided to make it a unity school that will attract students from all parts of Nigeria and neighbouring Niger Republic.

“Students of the school would be taught in both English and French,” Tambuwal said.

According to him, the contractor had since been paid the required 30 per cent mobilisation fee.

He said the project would be completed in the next four months, while work commenced about two months ago.

The governor also promised to make funds available for the completion of the project on schedule and according to specifications.

“Education is key to success both in this world and in the hereafter. The school is aimed at improving enrolment, retention and completion of students across the state. It is also aimed at improving equal access to education for both boys and girls in the state.

“As the adage goes, when you educate a girl, you educate the society but when you educate a boy, you educate only an individual,” he added.

Tambuwal called on the contracting firm to complete the work on schedule, warning that compromise by supervising engineers would not be condoned.

Speaking at the occasion, the Sultan of Sokoto, Muhammad Sa'ad Abubakar III, commended

the state government for embarking on the project.

He stressed the need for all children to have equal opportunities to education.

While describing illiteracy as a “disease”, which forces people to follow others blindly, Abubakar decried street begging by some children, saying such obnoxious acts were un-Islamic.

The sultan urged wealthy individuals to provide scholarship for the children of the less privileged.

The state Commissioner for Basic and Secondary Education, Dr. Jabbi Kilgori, said the project consists of 12 classrooms, laboratories, a library, hostels, staff quarters and clinics, among others.

FX SCARCITY HEIGHTENS CONCERN OVER BANKS’ EUROBOND OBLIGATIONS According to the report, from the composition of risk assets, banks’ 2015 audited results showed that an average of about 35 per cent among the Tier I banks, their risk assets were denominated in foreign currency.

“As you translate this on to the balance sheet, because of the exchange rate devaluation, it would have an impact on their capital adequacy ratios. We are projecting NPLs could get to 12 per cent by the end of the year. Clearly, there are lots of concerns for the industry,” the Afrinvest boss said.

He noted that the drop in crude oil prices exposed the underbelly of the Nigerian economy, adding that immediately the oil tap stopped flowing, everybody in Abuja began to pay attention

to words such as reforms and economic restructuring.

“This also affected the country’s current account balance such that quarter-on-quarter, the country was in deficit, trying to find ways to fund the perennial appetite of its citizens importing basically everything it needs, from toothpicks, ice cream, human hair, etc.

“But there were other shocks that we caused ourselves. Knowing that our income had declined, we didn’t take appropriate defensive action to correct the dwindling of our external reserves. It took us until May 2016, to actually effect a proper devaluation of the currency and by that time, we had lost close to half of our external reserves.

“So, that was a self-induced problem and we could have addressed that. That delay in devaluation was really not a good one for the economy.

“Well, we did manage to reform the fuel pricing even though it was a bit late and the current structure is still unstable. We have managed to divert a portion of export proceeds that come from the international oil to fund the oil marketers who then import fuel for us.

“But going full and implementing something that allows us to build our refineries and be able to have petroleum products locally would save us between 30 and 40 per cent of the FX we spend in importing fuel.

“Another shock was the

Treasury Single Account (TSA) implementation. In an environment where you know your income is much reduced and you are trying to deficit finance yourself, you are mopping up the liquidity in the banking system.

“You find out that liquidity is a bigger driver in the system than interest rate. So, by mopping up all the liquidity in a very tough market, you actually frustrate many of the banks from lending.

“Today, the fundamentals of the country are not as strong as they used to be, and we can see that from our ratings downgrade.

This obviously doesn’t help us when we want to go abroad to raise capital to fund our deficit as we plan to do this year,” the report said.

Sokoto State governor, Aminu Waziri Tambuwal, lays the foundation stone for the construction of a new government secondary school in Gudu, the only LGA without a secondary school in Nigeria, as the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III looks on

by the Chairman, Special Investigation Panel (SIP), Assistant Inspector General (AIG) of Police Ali Amodu (rtd), a copy of which was also sighted by THISDAY. The police requested the clerk to furnish them with “the date Senator Ike Ekweremadu presided over the House in 2015”, just as it demanded the “Hansard (votes and proceedings of the plenary session) for the date” in question.

Curiously, in a reminder titled “First Reminder” by the police dated August 31, 2016, the paragraph requesting that “the statement of Dr. Ogozy Nma should be brought to the attention of Senator Ita Enang and Senator Abu Ibrahim to corroborate or deny it” was removed.

As at the time of filing this report, it was not clear if the clerk of the National Assembly had furnished the police with the required information.

What was clear, however, was that the prosecution was desperately searching for information to nail the accused persons.

This latest move confirmed the initial perception that the federal government had filed the forgery charge to humiliate Saraki and Ekweremadu and force them to step down as principal officers of the National Assembly.

Meanwhile, Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court, Jabi, Abuja, will on Wednesday request that the federal government reopens its

case against the accused persons.

Both senators are facing trial over their alleged involvement in the forgery of the Senate Standing Rules, 2015.

Also charged before the court over the alleged forgery were the former clerk of the National Assembly, Alhaji Salisu Abubakar Maikasuwa, and his deputy, Mr. Benedict Efeturi.

The judge on June 27 admitted the defendants to bail and adjourned the matter for trial.

All the accused persons pleaded not guilty to the charges preferred against them.

However, the case could not proceed as scheduled on the next adjourned date of June 27, 2016, owing to the fact that the court had commenced its annual vacation.

Consequently, the trial of the defendants was differed till Wednesday, September 28, 2016.

Ekweremadu had in a letter to the international community complained of the trumped-up charges against him and his boss, the Senate President, as well as the retired and then serving senior bureaucrats of the National Assembly.

He said: “I also wish to appeal to you to kindly find time to read through the annexures – petition by members of the Senate Unity Forum, statements by persons interrogated, and the police report – to see if our names appeared anywhere in these documents.

“You may, thereafter, judge for yourself whether the federal

AGF MOVES TO GET EVIDENCE TO NAIL SARAKI, EKWEREMADU that will enable him convict the accused persons, even though he has not withdrawn the pending charges against them.

To get the court to accept the charges, the AGF had told the court that investigations into the alleged forgery had been concluded.

In June, when the case was first filed in court and before the arraignment of Saraki and other co-accused persons, the federal government deposed to an affidavit, which was attached to the case file at the time, attesting that investigations into the matter had been concluded.

In the charge sheet dated June 10, 2016 and signed by D.E Kaswe Esq., Principal State Counsel on behalf of the AGF, and which was backed by an Affidavit of Completion of Investigation deposed to at the Federal High Court Registry, Abuja, on the same date by Okara Neji Jonah, a litigation officer in the Federal Ministry of Justice, Abuja, attested that the police had concluded its investigations.

Okara swore that “the FCIID (Force Criminal Investigation and Intelligence Department) has concluded investigation of the case and has forwarded the file to the Honourable Attorney General of the Federation for Prosecution”.

However, three days to the adjourned date on the matter, THISDAY gathered from highly reliable sources and sighted various documents from both

the office of the AGF and that of the Inspector General of Police (IG) that the prosecution was making frantic efforts to reopen what it termed “inconclusive investigations”.

A letter from the office of the AGF to the IG and signed by the Special Assistant to the President on (Research and Special Projects)/Secretary, National Prosecution Coordination Committee, Sylvester Omoregie Imhanobe, a copy of which was sighted by THISDAY, clearly stated that the AGF was seeking fresh investigations into the case.

The AGF noted that after reviewing the case, he had since realised that the investigations were “inconclusive”, and therefore was seeking to reopen it.

The letter reopening the investigation, addressed to the current IG, Ibrahim Idris, was received in his office on Saturday, August 20, 2016, but which was mistakenly dated Friday, August 19, 2015, read in part: “Sir, I have the instructions of the Honourable Attorney General of the Federation and Minister of Justice (HAGF)/Chairman, National Prosecution Coordination Committee (NPCC), to write this letter for your kind prompt action.

“The NPCC and the new legal team engaged to take over the prosecution of the above case have reviewed the case file and found that the police investigation of the case was inconclusive. Therefore, it is necessary that you further investigate the case with particular

reference to the following: Did the Seventh Senate at any time amend the Senate Standing Orders 2011? If yes, what was the extent of amendment?

“Further investigations should show - who authorised the amendment of Senate Standing Orders, 2011? Who ordered for the printing of the Senate Standing Orders, 2015? Who distributed the printed copies of the Senate Standing Orders, 2015 to senators-elect?

“Obtain the complete Hansard of the 9th and 24th June 2015 to see what transpired on the floor of the Senate. What date was the induction mentioned by Senator Abdullahi Gumel, what did they do with the Senate Standing Order of 2011 at the induction? Who conducted the induction?

“The statement of Dr. Ogozy Nma should be brought to the attention of Senator Ita Enang and Senator Abu Ibrahim to corroborate or deny it.

“Find out the date Senator Ike Ekweremadu presided over the house and obtain the Hansard for the date.

“Please it is important that I receive your response to the above inquiries on or before September 7, 2016 for further necessary action.”

Acting on the letter, the IG, in a letter dated August 25, 2016, asked the clerk of the National Assembly to furnish his office with additional information on the forgery case.

The IG’s letter was signed

government, acting through the Attorney General of the Federation, has any justification whatsoever to generate our names for trial.

“The list of the accused persons appears to have been politically generated, because you cannot by the documents attached relate any of our names to the offence for which we are now being charged.

“Moreover, the rules and principles of fair hearing have not been adhered to because the police have not interacted with me or the President of the Senate as at the time of writing this letter.

“You may also wish to judge for yourself whether this trial orchestrated against me is not a political trial, calculated witchhunt, barefaced intimidation, and a clear attempt to emasculate the parliament and silence me as the leader and highest ranking member of the opposition in Nigeria.”

Interestingly, a Federal High Court in Abuja presided over by Justice Gabriel Kolawole had also ruled on June 28, 2016 that the trial of the duo, while the suit challenging the constitutionality of the police investigation of the internal affairs of the Senate upon which the case was based was still pending in his court, was a “gross abuse of legal process”.

He, however, declined to stop the trial, because according to him, that power resided in the court of coordinate jurisdiction already hearing the case.

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MONDAY SEPTEMBER 26, 2016 • T H I S D AY

NEWS

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

MEND, Clark Condemn Bombing of Shell’s Bonny Pipeline

Chiemelie Ezeobi in Lagosand Sylvester Idowu in Warri The Movement for the Emancipation of the Niger Delta (MEND) and Ijaw leader, Chief Edwin Clark, yesterday condemned in strong terms, the renewed hostilities by the Niger Delta Avengers (NDA).

The group at the weekend claimed responsibility for the bombing of Bonny pipeline in Rivers State.

MEND also dissociated itself from the ‘holier than thou’ and arrogant attitude of the Pan-Niger Delta Group over the proposed Niger Delta Summit convened by the federal government.

In a statement by its spokesperson, Jomo Gbomo, MEND said the renewed hostilities by the NDA was unstable, destructive and stemmed from an immature behaviour.

The statement read: “MEND also condemns in very strong terms the unstable, destructive and immature behaviour of the NDA which resumed hostilities at the slightest lame excuse.

“We believe that the right approach would have been to attend this summit as a precursor to future intensive interactions and dialogue with government. A boycott at this stage, in our opinion was rather hasty.

“Considering that this government has been opened to the subject of dialogue with a people whose majority sold their birth rights for monthly stipends under a fraudulent amnesty programme, whose elders, traditional rulers, tribal

assemblies, political class, activists and clergy turned a blind eye and kept mute during the six years of plenty and unmitigated corruption and looting while their own son and daughter were at the helm.

“The Pan-Niger Delta Group on behalf of the Niger Delta people should go to the summit in shame and sober reflection while singing the praise of President Muhammadu Buhari like the women of Israel sang in praise of David.

“All we are demanding from the present administration today are valid issues during the past administration of a son of the soil Dr. Goodluck Jonathan, which were never seen as urgent during his tenure to be addressed.

“MEND will remain in the Pan-Niger Delta Group in spite of the presence of some vultures whose names have sprung up from nowhere to our surprise.

“We use this opportunity to notify the public that the former secretary of the disbanded MEND AARON TEAM 2, Mr. Timipa Jenkins Okponipere, who was named alongside Messrs. Ledum Mitee and Ibanga Isine to represent the group in the Chief Clark-led Pan-Niger Delta Group has been dropped due to differences that are in complete variance with the MEND principles which frowns on corruption by public officials and their spouses and places premium on integrity.”

On his part, Clark berated members of the NDA, maintaining that there was no justification for last Friday’s attack on Bonny trunklines.

He therefore condemned the

bombing when the 60 days ceasefire ultimatum had not expired.

Clark, who is the leader of the Pan-Niger Delta Coastal States Stakeholders’ Consultative Forum, noted that there was no justification for the renewed bombing against the backdrop that the 60-day cessation of hostilities as put together by the forum had not elapsed.

The elder statesman, in a statement issued in Abuja, condemned in totality the bombing

of Bonny trunkline which he described as ill-motivated and advised the militant group to put a stop to such attack.

“It has come to the attention of the Niger Delta Royal fathers, elders and leaders of thought that the NDA have claimed responsibility for the bombing of the Bonny Export (48) inch pipeline on Friday, September 23, 2016. ”We condemn in totality this ill- motivated and ill- advised

rampaging in the bombing by the NDA. Even though the federal government has not constituted its negotiating team as articulated by the Pan-Niger Delta Coastal States Stakeholders’ Consultative Forum, the 60-day cessation of hostilities has not elapsed.

Therefore, there was no justification for further bombing, such as the one that took place last Friday.

“We repeat our appeal which

was contained in our collective response to the summit on the Niger Delta convened by the office of the vice president published at page eight of Leadership Newspaper of Saturday, September 24, 2016, and at page 9 of Saturday Vanguard of September 24, 2016 that “all the armed agitators to continue with the cessation of hostilities and remain calm and peaceful, even in the face of obvious provocation. We shall maintain this position,” he added.

WELCOME BACK MR PRESIDENT

L-R: Lagos State Governor, Akinwunmi Ambode, Minister, Federal Capital Territory (FCT), Muhammed Musa Bello; and Chief of Staff Abba Kyari, when the president arrived Abuja from the 71st Session of the United Nations General Assembly in New York....yesterday

Edo PDP Alleges Conspiracy by INEC, APC, Police to Rig Election Resist rigging by all means, protect your votes, Ize-Iyamu tells Edo people Adibe Emenyonu in Benin City The Peoples Democratic Party (PDP) has raised the alarm over alleged plans by the All Progressives Congress (APC) and the Edo State government in league with the police and the Independent National Electoral Commission (INEC) to rig the Wednesday’ governorship election in the state.

The party at a press conference in Benin City yesterday by its state Publicity Secretary, Chris Nehikhare, said with just three days to the elections, more disturbing facts and information were continually brought forward to the party that the state government and the APC want to deny the people the right to vote for the candidate of their choice According to Nehikhare, “Very credible information reaching us says that Governor Adams Oshiomhole and his APC have concluded arrangements to thumb print fake ballot papers on Monday 26/9/2016 at Ibillo, Akoko Edo local government area, Edo North, and then transport the thumb printed fake ballot papers to their areas of weakness. Thereafter they will pretend to expose the perpetrators as PDP supporters. This “show”

becomes the excuse to crackdown on PDP foot soldiers and undertake massive arrest of PDP staunch supporters. To give credence to the “show” they will plant fake PVC in the homes of our people.

At this juncture, we advice that everyone must be vigilant and on alert till elections are over.

“They are planning to destabilise the election in Uromi, Ovia and parts of Oredo in order to provoke inconclusive elections in their areas of weakness. To achieve this, they have recruited a General Collins who APC paraded in a press conference on Friday and he boastfully announced the presence of his co-generals who, including himself, have no business in Edo but to forment trouble.

“Collation Center Danger...we formally requested for a meeting with staff (Local Government Collation Officers, Returning Officer for the State, Staff in charge of card readers, e-Collation Officers and members of the ICT team) of INEC assigned to the state to conduct the elections in Edo State. But that meeting never took place.

“We requested the names and identities of these staff to be made public but again we were denied. However, information available to us is that INEC has

granted requests made by the APC for a similar meeting with the above mentioned staff.

“We are also reliably informed that members of APC have been granted remote access to INEC servers and INEC e-collation platforms. We are informed that this was done in furtherance of a plan by certain officials of INEC to grant APC real time access to INEC’s e-collation platforms in a bid to enable them manipulate results on the field at polling stations where they are losing elections or disrupt the electoral process at such locations.

“We also requested for a meeting with senior officers of the Nigerian Police Force assigned to provide security for the state during the elections, again, we were denied.

Instead, our members are harassed, intimidated and arrested on trumped up charges “ But we are reliably informed that members of the All Progressives Congress (APC) were granted a similar meeting with these officers and members of APC led by Governor Adams Oshiomhole met with these officers in a bid to influence postings of officers to areas of the state in a manner that will favour their party,” he said.

Nehikhare also alleged that on Owan West local government

area, one Reginald Okun has been boasting that the he has been directed by his party to compile names of PDP leaders to be given to DCP Ahmed Bello for harassment, intimidation and arrest.

The PDP scribe also alleged that the said Okun claimed to deploy cultists to the local government who are harassing their supporters and in some cases maiming them, citing the case of one of its agents who had three of his fingers cut off and is presently in an intensive care unit in hospital.

He also alleged that on Saturday night, on the alleged instruction of the governor, Police entered Okpella with four trucks to arrest some PDP members, adding, “this type of impunity must stop and be condemned by all as this behavior negates the tenets of free, fair and transparent elections.”

However, in their separate reactions, both the Edo state, Police Command and INEC denied the PDP’s allegations against them APC State Publicity Secretary, Comrade Godwin Erhahon in his reaction to the allegations simply said, “the APC as a party is not privy to the planed electoral malpractice. If they have any special person working towards that, they should report to the appropriate

security agencies.”

On her part, INEC Assistant Director in charge of Public Relations, Mrs. Priscilla Sule-Imuodu denied that INEC has granted access of its sensitive materials and e-collations to any political party.

She said: “I advised them to leave INEC alone and use the remaining 24 hours to campaign and shore up their voters.”

To the Edo state Police Public Relations Officer, Mr. Theodore Okafor, “If they believe that what they are saying is true and can substantiate it, they know what to do. They should report to the police who knows what to do. I do not know of any meeting the police held with APC leaders, I am not aware of it.”

The governorship candidate of the Peoples Democratic Party (PDP) in Edo State, Pastor Osagie Ize-Iyamu, has advised the people of the state and other eligible voters to protect their votes and resist by all means possible any attempt by the All Progressives Congress (APC), security agencies and other institutions to manipulate the governorship election scheduled for Wednesday.

Advising officials of the Independent National Electoral Commission (INEC) and security

agencies to do the right things by conducting a free, fair and acceptable election, the PDP candidate however stated that those who have planned to manipulate the election would be disgraced.

He also advised the electorate not to allow themselves to be insulted by GovernorAdams Oshiomhole and his puppet candidate, Godwin Obaseki, through any inducement, saying the APC-ledgovernmentthathadsubjected them to unbearable hardship in nearly eight years cannot come on Election Day to offer them money or rice just to purchase their conscience.

In a statement issued by the Media Unit of his campaign organisation yesterday, Ize-Iyamu said he is aware of the inhuman treatment many of his supporters and PDP leaders had been subjected to by the Nigeria Police Force and Oshiomhole’s hired thugs in the past few days, saying with the Almighty God using the electorate, Edo people would sing victory songs on Wednesday.

According to the statement, “The September 28 gubernatorial election in Edo State is, in one respect, a contest between one man (IzeIyamu), who has always been in the tick of the politics of the state and Godwin Obaseki, a neophyte who found favour with a very discredited out-going governor.

T H I S D AY MONDAY SEPTEMBER 26, 2016

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T H I S D AY • MONDAY, SEPTEMBER 26, 2016

COMMENT

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

THE MPC AND CALLS FOR POLICY DIALOGUE

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Boniface Chizea contends the central bank is right by not reducing the benchmark interest rate

ollowing the meeting of the Monetary Policy Committee (MPC) held on September 19-20, 2016 when a hold decision was taken regarding the key monetary instruments, the MPC in its communique called for a policy retreat. This monetary-fiscal policy retreat as proposed was recommended to include trade and budget to design a comprehensive intervention mechanism that would enable the country to exit the recession and a robust management of the economy for sustainable growth and development. It remains a matter for the records that prior to this meeting that there were widespread calls and recommendations including from no less personages as the Minister of Finance and the President of Manufacturers’ Association, Mr. Frank Jacobs that the MPC should drop the Monetary Policy Rate as it’s veritable contribution to the amelioration of the prevalent ravaging recession. For the minister she pointedly alluded to the fact that such a move would positively impact the cost of borrowing.

It is my considered view that this proposed retreat is needful and urgent and should be put on the front burner to facilitate the attainment of clarity of positions, to reach an agreement on the best policy mix going forward which is badly needed as the country continues to groan under the throes of product market challenge as well as failure of policy which has resulted in the current recession.

But before we get into the nitty-gritty, it is first in order to admire the professionalism which has been demonstrated by the Central Bank in this regard by not pandering to popular sentiments by reducing the benchmark interest rate. It speaks further for the need to continue to protect the instrument autonomy which the act confers on the central bank. Too often in Nigeria we allow arm-chair experts to dictate to those who occupy important positions whose workings are not usually intelligible to the man on the street but who proceeds from his narrow perspectives to pontificate, dictate and even intimidate those who have been carefully selected and found worthy to occupy such positions and it is about time we collectively resolve to continue to give these high calibre appointees the benefit of doubt.

In my considered opinion the decision just returned by the MPC is the logical one that really should be expected. It is important also to recall while we are at this that the decision this time around was unanimous contrary to the situation when the monetary policy rate was hiked during the July meeting which was carried based on a split decision. For goodness sake the rate was only increased during the July meeting. Is it not early to nurse the expectation of a reversal? Who thinks that this length of time is long enough for the transition effect to work through the system for its impact to manifest? Would taking such a decision not give further ammunition to those who in the recent past had accused the CBN of adopting a reactionary stance with its policy articulation which had resulted to frequent and unpredictable changes to policy?

What is also an important consideration is that as reported by the central bank some of these changes are beginning to return some positive

FOR GOODNESS SAKE THE RATE WAS ONLY INCREASED DURING THE JULY MEETING. IS IT NOT EARLY TO NURSE THE EXPECTATION OF A REVERSAL? WHO THINKS THAT THIS LENGTH OF TIME IS LONG ENOUGH FOR THE TRANSITION EFFECT TO WORK THROUGH THE SYSTEM FOR ITS IMPACT TO MANIFEST?

results; there is already some perceived stability returning to the foreign exchange market and since the July meeting an estimated inflow of about one billion dollars has been recorded even though as I listened to my friend Bismarck Rewane being interviewed, it appeared he did not make much of such level inflow as he commented that remittances from the diaspora amounted to about $23 billion a year which averages to about $2 billion a month and therefore he thought that we should not make much of that level of inflow. But the authorities that are the gatekeepers are in celebratory mode based on the fact which they have and which is not really available to any other authority in the country. This development presents a glimmer of hope of better things in the offing. It will therefore be ill- advised to upturn so suddenly this trend due to intemperate reversals in answer to calls from individuals who cannot be better informed and who would tend to see things from their narrow perspectives. Recall as we observed above that the Minister of Finance justified her call with the argument that it would reduce the cost of borrowing!

Now the received wisdom in this discussion is that once the borrowing cost is made cheaper this would automatically translate to increased creation of credit which would contribute to the boosting of economic activities. But the central bank has put a lie to all that by explaining that in the particularly Nigerian situation that the experience in the past is that when, in order to achieve this objective by adopting an accommodative stance to policy that the banks refused to extend credit to the real sectors of agriculture, manufacturing, mining, industry, but instead credit was extended to trade and commerce which ultimately resulted in the piling up of demand pressure on the naira exchange rate. The authority that should have the facts has presented them and therefore there should be no further arguments in this regard.

I have argued in the past that the best way to proceed for now in making affordable credit available to the preferred real sector would be to persist with the current trend whereby the central bank provides badly needed credit to specific sectors of the economy through the establishment of targeted funds for the benefit of borrower at friendly single digit interest rates. In this connection we recall the Small and Medium Scale Enterprises N220 billion fund which has been languishing without many takers because of the alleged difficulties with meeting the terms and conditions surrounding such lending. There were also similar funds for the power sector, the aviation industry, the anchor borrowers’ scheme for the production of rice which kicked off in Kebbi State and has since been extended to other states in the federation. In fact the central bank indicated through this communique that it is prepared to provide bridge finance for the fiscal authorities to access to be repaid pending the attraction of credit from programmed sources. This is one more reason for the need for the policy dialogue for a consensus on the way forward.

Dr. Chizea is a management consultant

DRUG RESEARCH AND ECONOMIC DEVELOPMENT

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There is a strong need to accord research more attention than we currently do, argues Cecilia I. Igwilo

he occasion of the 2016 commemoration of the World Pharmacists’ Day (September 25) provided Nigeria yet another opportunity to ponder the progress so far made in the pharmaceutical sector and in the spirit of the injunction of President Muhammadu Buhari to “think outside the box,” examine the opportunities that the pharmaceutical sector can possibly avail an ailing economy like ours.

We will attempt to do so in this article by beaming our searchlight at that long-abandoned aspect of our lives: research and development, specifically pharmaceutical research and development.

Pharmaceutical research and development involves identifying substances that can be valuable at providing relief from diseases (medicinal substances) or in the development of the formulation in which the drug can be conveniently administered (drug excipients such as pharmaceutical grade starch and lots of others). These substances may be either of natural or synthetic origin.

The origins of pharmaceutical research in Nigeria date back to the late 1950s and early 1960s. This era also coincided with the establishment of Nigeria’s first pharmacy Schools. This era, incidentally also witnessed the debut of pharmaceutical manufacturing plants in Nigeria, as several multinational drug corporations began to set up manufacturing operations in the country. Many of the early researchers, therefore, must have hoped that some of the outputs of their research, products that showed remarkable promise whether as new drugs for combating diseases or as components to be used in the drug manufacture process (excipients) would eventually be “adopted” by the pharmaceutical manufacturing companies and perhaps commercialised and manufactured on a large scale to help bring relief to mankind.

Several decades later, this is yet to happen. Consequently, Nigeria is yet to benefit from the enormous human resources brimming with immense innate energy and drive as well as the natural and material

resources that abound in the country. We can only imagine the massive economic multiplier effect that can possibly accompany a vibrant research-driven pharmaceutical industry in Nigeria. Such an industry will drive the creation of tens of thousands of jobs in the core pharmaceutical area but also in sundry affiliated industries from agriculture to logistics to packaging, printing, real estate and even advertising and marketing. Can we imagine for instance how much Nigeria could stand to gain from encouraging the growth of say cassava and its local processing to obtain pharmaceutical grade starch, which is used in drug manufacture? Cultivation of this singular item to generate just one item in the pharmaceutical value chain could help to churn out thousands of jobs in the agricultural sector. Apart from creating these jobs, the savings of millions of dollars hitherto expended on the importation of pharmaceutical grade starch could be instead channelled towards more useful areas, such as research and development.

The foregoing clearly shows that Nigeria certainly possesses the wherewithal to overcome its economic challenges. What is key is that in doing so, we must accord certain aspects of our lives priority. No society ever truly progresses if it does not accord learning and development a priority of sorts. This way, learning and development of which research is a key part, becomes meaningful and ultimately increasingly aligned with the needs and aspirations of society. There is therefore, a strong imperative to accord research considerably more attention than we currently do, because of among others, its potential to stimulate genuine progress in society. Doing this would require that we are increasingly systematic with regard to our overall outlook to research.

At the moment, despite the often harrowing difficulties in the environment, there is still a huge effort especially in our universities and research institutes to carry out pharmaceutical research. Often, however, these disparate researches are carried out in silos (or in virtual isolation), with individual

researchers often unaware of similar researches ongoing elsewhere. There should therefore be a systematic collation of all scientific research efforts that are ongoing in the various tertiary institutions and research institutes with the aim of not only establishing collaboration but also guiding prospective researchers on the learnings of such researches to enable them build seamlessly on such researches. In this day of increasing pervasiveness of the Internet, this is a task that a central government co-ordination agency such as the Federal Ministry of Science and Technology can help to achieve with the collaboration of the Nigeria Academy of Pharmacy and possibly the Nigeria Academy of Science. Drug manufacturing companies – be they multinational or indigenous – as well as research institutes and tertiary institutions can also be challenged with specific national priority projects to be completed within a specific time frame.

Such a drive will stimulate these institutions to battle for the fame and recognition that come with being acknowledged as a leader in research. Incentivising such a scheme with a tangible reward which could range from monetary awards to the provision of additional research equipment for these institutions would also be pivotal at helping to drive the success of such a scheme.

Legislation should also be employed as a tool to steer the country on the path of research and development. For instance, legislation could be such that compels drug manufacturing outfits to support industrially-relevant research to pilot-scale level.

Such legislation would need to be very tactical and such that it doesn’t contradict the basic commercial essence of a corporation but is instead, positioned as a component of the corporate social responsibility of such corporations. Again, the government at different levels could partner such organisations as the Pharmaceutical Society of Nigeria and the Nigeria Academy of Pharmacy in driving this process which could become invaluable at helping to align the entire pharmaceutical industry along a pathway of focused

and socially-meaningful research.

It is very heart-warming that the private petroleum refinery development project in Lagos, the Dangote Refinery, has already affirmed that it will take the petrochemical component of its project very seriously.

This will be a very big plus not only for pharmaceutical research but also for local pharmaceutical production and who knows, may be a strong developmental tonic for the entire pharmaceutical industry itself. I trust that when the government-owned refineries are privatised as well as when more privately-owned refineries are set up, there will be similar focus on the petrochemical segment, as petrochemicals provide the majority of the raw materials used in the pharmaceutical industry.

Perhaps most importantly, government must live up to its obligations to build up Nigeria’s infrastructure. It must pay quality attention to the ongoing transformation of the power sector and strive to drive development and progress in the power sector in a speedy manner and one in which investors can derive comfort and confidence. This way, manufacturers can make reliable projections and budgets regarding the power demands versus availability, especially as power is so pivotal to industrial needs. Government also needs to live up to its obligations to enhance the transportation networks in the country including provision and regular maintenance of roads, rail and other transportation infrastructure. Critically, it must strive to guarantee security of lives and property across the length and breadth of the federation. A well functional and research-driven pharmaceutical industry will stimulate economic growth and development, by among others, providing meaningful jobs to millions of Nigerians and positively impacting the economic fortunes of dozens of affiliate industries. It will also enable Nigerians contribute more productively to the age-old global quest to eradicate disease.

Prof. Igwilo is Chair of the Education Committee of the Nigeria Academy of Pharmacy

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T H I S D AY • MONDAY, SEPTEMBER 26, 2016

EDITORIAL VANDALISM OF PUBLIC ASSETS Vandals of public equipment must be prosecuted

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n his Sallah message two weeks ago, former Head of State, General Abdulsalami Abubakar warned that the growing acts of sabotage and vandalism of government facilities and assets would have long term consequences. That message was reechoed last week by the Federal Capital Territory Minister, Mr. Mohammed Musa Bello who lamented the rate at which traffic lights, street lights and electric cables were being vandalised in Abuja. “The rate of vandalism of public assets and property in this city is amazing and certain criminal activities, quite frankly, are just unique to us Nigerians,” he said.

We agree with the summation of both the former head of state and the FCT minister. From oil and gas installations to power equipment and even railway assets, no sector seems safe from the antics of vandals. At critical period for our nation, some unpatriotic elements seemed hell-bent on destroying or looting the little infrastructure we still have in place.

However, with THE MENACE OF the arrest of a ELECTRICITY EQUIPMENT former territorial VANDALS PERSISTS manager of NITEL BECAUSE OF THE and 11 other acEXISTENCE OF SOME complices over ‘MARKETS’ FOR THE allegation of vandalising and selling STOLEN ITEMS equipment of the now-moribund government telecommunications company with vast assets across the country, the authorities should get a clue about this growing crime. Some of the equipment reportedly sold to two buyers in the Ilorin metropolis included high tension cables, electricity transformer and transmitter. The arrested suspects included three security men on guard at the premises while in one of the buyers’ house, two industrial electricity generating plants belonging to government were also discovered.

While these criminal activities have become all pervasive, no area of our national life is more challenged than the power sector. So endemic is

Letters to the Editor

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the incidence of vandalism of electricity equipment that except drastic action is taken to contain the menace, the much-touted reform of the power sector may be no more than a mirage. However, as can be seen from the Ilorin NITEL case, the menace of electricity equipment vandals persists because of the existence of some “market” for the stolen items. Obviously no criminal could be foolish enough to take the risk of stealing whole transformers and power cables without having an assured market somewhere. The immediate consequence of these acts of vandalism is that life is made more difficult for law abiding citizens who are thrown into darkness due to erratic and unreliable power supply.

I T H I S DAY

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n the oil and gas sector, the damage to the economy is more in the capacity of the vandals to cripple effective distribution of petroleum products across the country and foist on the nation increased trucking option which comes with enormous risks and cost. “Between Atlas Cove and Mosimi Depot, we recorded 181 break points; from Mosimi to Ibadan, we had 421 ruptured points and from Mosimi to Ore, we recorded 50 vandalised points. Also between Ibadan and Ilorin, we had a total of 122 break points,” a senior official of the Nigeria National Petroleum Corporation (NNPC), Mr. Fidel Pepple once lamented.

The implication is that more than a thousand trucks load out from the depots every day to meet the daily national consumption. Therefore, on the average, a minimum of 10,000 trucks ply the roads daily, given that it takes one about a week to journey across the country. Certainly, this is not only dangerous but wasteful and unsustainable.

It is therefore incumbent on all the critical stakeholders to come up with a solution that will work.

We also urge the communities to be vigilant and keep a close eye on government facilities within their neighbourhood, even for the sake of their own enlightened self-interest. It is the responsibility of all citizens to help protect these vital assets of the nation from the grip of criminals.

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.

PRESIDENT BUHARI AND SOCIAL JUSTICE

ecently President Muhammadu Buhari said that those who looted the treasury were the ones who hired Niger Delta militants to “destroy our economy”. In other words, the oil and oil pipelines in the Niger Delta, which have been attacked by the said militants is in fact “Our Economy” i.e: the national economy.

The president’s declaration is apt vis-a vis the assertion that the Niger Delta oil is “our economy”. Everyone knows that the income generated from the sale of oil located in the Niger Delta is what fuels our consumption-based growth and is of course the primary base for taxation vis a vis VAT and of course PAYE, amongst others.

The Niger Delta, aside being the golden goose that lays our golden eggs, also hosts some of our most critical power assets,.

Practically all of Nigeria’s gas-powered electricity assets are domiciled in that critical region and of course it also plays host to our oil refineries.

In appreciation of the importance of this region to the economy of Nigeria, one is left at a loss as to why any administration, more so one that promised Change would choose to be driven by a “95% Vs 5%” principle, essentially a policy of discrimination and alienation, one that seeks to administer a country on the basis of the “voting patterns” of a people in an election year with its obvious

consequences for social cohesion.

It is humbly submitted that such discriminatory and divisive policies do not serve Nigeria’s interest. It causes disaffection and hampers critical social cohesion; and as we have all seen it also retains the potential to adversely hamper our march to economic development.

It is written that “wisdom is profitable to direct”. The operators in the Buhari-led administration are humbly enjoined to remember this as they set about their noble work of administering the affairs of our dear multi-ethnic, multi-religious country, with its tragic history of ethno-religious crisis.

To move Nigeria forward, all hands must be on deck in unity of purpose. Every geo-political zone must chip in, and only the government at the centre i.e: the federal government can create the enabling environment for that to happen by ensuring that it does justice to all Nigerians irrespective of their VOTING PATTERNS, ethnicity or religion.

To that extent, the change we seek actually begins with the federal government. It must be inclusive, and it must do justice and be manifestly seen to do justice. Only then can there be social cohesion, peace and sustainable economic development.

Ugochukwu Amasike, Lagos

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BUHARI AND SAUDI ARABIA CONNECTION

nadvertently or so, President Muhammadu Buhari has crashed the robust economy he inherited from President Goodluck Jonathan. In the inner recess of Mr. Buhari’s mind, President Jonathan economy was too privatesector driven and thus given to empowering the “Biafrans” and the “Niger Deltans”. Mr. Buhari favours a commandand-control economy modelled after his idol country, Saudi Arabia. Saudi Arabia? Really, Saudi Arabia’s tight grip on countries with significant Muslim population is shocking and Nigeria is not exempt.

Mr. Buhari appears to show

disdain for free-market entrepreneurial endeavours.

But, is there anything like a Saudi Arabia economic model? Hasn’t Saudi Arabia invested something like ¾ trillion dollars in the US bond market, a free-market and private sector economy? Does Saudi Arabia con gullible and adoring Muslim countries and Muslim presidents into believing there is an “Islamic Utopian Economic Model” whilst this country surreptitiously pours its capital holdings into Western and “decadent” economies? Mr. Buhari cannot revamp Nigeria’s economy if he is fixated on Saudi Arabia. Come on, Mr. President, Saudi Arabia is one hell-hole of a place to inspire anyone!

Sunday Adole Jonah, Abuja

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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

The National Bazaar

The call for the sales of national assets appears to have gained considerable popularity amongst the ruling elite, but not amongst the voting population, write Shola Oyeyipo and Segun James

Buhari...to sell or not to sell

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very fierce debate is currently going on among the Nigerian political elite. It is a discussion that borders on whether or not the President Muhammadu Buhari-led government should sell off some of Nigeria’s assets to reduce the effects of the economic hardship at the moment and also to bring the country out of recession.

Though some persons, including the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, had mooted the idea long before now, the issue took the front burner following the position taken by a Nigerian business mogul and Africa’s supposed richest man, Alhaji Aliko Dangote, who noted that Nigeria needs $15 billion from asset sales and borrowing to revive its collapsing economy and to enhance foreign reserves as a way to revamp the economy.

“Through sales of assets, through loans from Bank of China or wherever, we need something like $15 billion,” Dangote had noted during an interview with Bloomberg TV at the US-Africa Business Forum in New York, stressing further that “We are having a problem as the reserves are low. The banks, entrepreneurs, everybody is speculating on the currency.”

In what became a subject of frontal attack by those opposed to the suggestion, Dangote maintained that if it were in his business environment and he was faced with similar situation, he would “not hesitate to sell assets to remain afloat, and to get to the better times”, stressing that “It doesn’t make any sense for me to keep any assets and then suffocate the whole organisation”.

According to him, “We have a lot of assets to sell. We can sell part of the joint ventures,

or part of the shares. My suggestion before was that they should even sell 100 per cent of NLNG. I don’t think government should be in any business of investing in sectors like LNG”, noting also that “The only way for us to get out of this recession is to make sure we move into action quickly by diversifying the

Some of the repercussions being feared by those oppose to the idea of assets sales are that the sale of refineries, for instance, might lead to an increase in fuel price.

It could also bring about the loss of thousands of jobs. The possibilities are also that selling the assets may continue the trend of inequality and joblessness because the NLNG is one of Nigeria’s biggest oil companies, employing a large workforce of Nigerians and most buyers engage in asset-stripping

economy”.

Some of the assets recommended for sale by Mr. Reno Omokri, amongst others, are government’s shares in Joint Venture Companies (JVCs), government shares in Nigeria Liquefied Natural Gas (NLNG), some aircrafts in the presidential fleet, Kaduna refinery, Warri refinery and Port Harcourt refinery among others.

Obviously, the Nigerian economy has been badly hit by low oil price; fast reducing foreign investment and unfortunately, Nigeria’s foreign reserves have fallen by more than a third since the end of September 2014 to $24.8 billion (more than 10-year low). Worst still, the naira has fallen by almost 40 per cent against the dollar in 2016. Dangote is rated

by Bloomberg Billionaires Index to be worth about $10.9 billion and it is estimated that he has lost money in the range of $4.4 billion since the end of 2015, due to naira depreciation.

The Buhari administration is expecting to spend its N6.1 trillion ($19.4 billion) budget to engineer the processes that would facilitate growth as it plans to raise about $4.5 billion of concessional loans and Eurobonds to aid payments for its expenditure plans.

While Dangote himself would have seen that his suggestion was not well-taken by many Nigerians, who considered it as an assetstripping strategy by some few mega-rich Nigerians, the fact that the Senate President, Dr. Bukola Saraki and some state governors supported the suggestion, which also had the backing of the federal government and the National Economic Council (NEC), had generated various reactions from opinionated Nigerians, who are strikingly divided over the matter.

Just to mention a few, there have been a

lot of voices contributing to the discussion from opponents and proponents of the idea.

The likes of Lagos lawyer and human right activist, Mr. Femi Falana (SAN), both the Joe Ajaero-led and the Ayuba Wabba-led factions of the Nigerian Labour Congress (NLC), the Trade Union Congress (TUC), the Lagos Chamber of Commerce and Industry (LCCI), the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Catholic Church and several Civil Society Organisations (CSOs) have all condemned the suggestion.

Others like the former Minister of Petroleum and Energy, Prof. Tam David-West; revered economist and Managing Director, Financial Derivative, Mr. Rewane Bismarck, the Deputy Senate President, Senator Ike Ekweremadu; Senator George Akume, the Executive Director, African Centre for Leadership, Strategy and Development, Dr. Otive Igbuzor; Senator Andy Ubah, the Majority Whip, Olusola Adeyeye, Senator Shehu Sani and so many more, have urged President Buhari to do away with the idea.

On the other hand, the Emir of Kano and former governor of the CBN, Alhaji Sanusi Lamido Sanusi (II), Emefiele himself, the Abuja Chamber of Commerce and Industry (ACCI), the Manufacturers Association of Nigeria (MAN) and the state governors are for it.

Arguing in favour of the sales, Emefiele said: “In the short run, we can sell assets.

You will recall that as at April 2015, I had an interview with Financial Times of London during which even before the government came on board, I had opined that there was need for the government to scale down or sell off some of its investments in oil and gas, particularly in the NNPC and NLNG as at that CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, SEPTEMBER 26, 2016

POLITICS/ THE MONDAY DISCOURSE T H E N AT I O N A L B A Z A A R

A cross-section of cabinet members at a Federal Executive Council meeting

time, when the price of oil was around $50-$55 per barrel. We actually commissioned some consultants that conducted the study and at the end of that study, we were told if we sell 10 per cent to 15 per cent of our holding in the oil and gas sector that we could realise up to $40bn”.

MAN president, Dr. Frank Udemba Jacobs, however did not leave Dangote alone to defend his suggestion because according to him, “Dangote spoke our minds. We are not saying government should sell its shares completely in NLNG. NLNG is worth $15 billion, so they can sell part of it and still maintain some level of ownership. That is what we are saying and by so doing, we’ll generate money to beef up our foreign reserve and engender confidence of the investing community both domestic and international in the economy.”

Sanusi, on his part, said: “The immediate oxygen that this economy needs is foreign exchange and portfolio investors. Now, do we really have a flexible exchange rate? That is what we need to look at. These things require courage because some of the decisions you would take would seem to fly in your face in the first week or two.

“It is the inflow of dollars into the economy that would move the naira towards its fair value and for it to get to where you want it to be.

We need to sell down some oil assets and sell down some refineries in a transparent manner that gives you value. You can even have the option of buying back later. But basically it helps you raise revenue.”

But on the contrary, while noting that the United Arab Emirate (UAE) does not allow anyone close to its oil wells let alone sell them,” Ewerenmadu said “For a country like Saudi Arabia, its budget each year is run by investments from oil revenue. Other countries are investing. I am sure we will not be fair to the next generation if we sell off our assets. If we must sell, we have to sell the non-performing assets so that people can turn them around and create employment.”

For West, “It’s madness to say you want to sell NLNG and the refineries. Why not say Nigeria, too, should be sold? Yes, recession is biting, and it is a desperate situation. But, anyone who acts desperately in a desperate situation will be in more trouble. If you have a desperate situation, don’t act desperately.

When you act desperately, you are going to make more mistakes.

“In any case, oil and gas are strategic national assets, so, anyone who talks about selling them is unpatriotic. Oil makes up 90 per cent of Nigerian foreign earnings. About 80 per cent of our annual budget in this country is from oil. Oil is the life blood of Nigeria. Anyone that says, ‘go and sell oil asset’, which is a strategic asset is not patriotic or does not understand what he’s talking about. If you want to destroy

Nigeria, go and tamper with oil industry. We are finished.”

Rather than tinker with assets sales, West suggested that Nigeria could get out of the recession by leasing oil blocs that have not been developed to the maximum and those that have not been touched. He added that Nigeria could get loans that should be repaid with crude oil over a period of time. He recalled that it was done when Buhari was Head of State in 1984, “and it can also be done now”.

For Bismarck, who also described the NLNG as a “cash cow that should not be sold”, he said he would only support the idea of sales of national assets in a strategic manner. “That is, you sell and go into a simultaneous repurchase agreement so when the prices go up, you can buy it back and pay a carrying cost. But I am against selling the NLNG because it is a cash cow. You sell a non-strategic asset at this time but even if you sell the strategic assets, which are the Joint Ventures, you cannot even lock down. So, we must have a simultaneous option to repurchase when the prices improve”.

Omokri would rather President Buhari do away with five things first before he sells the country’s assets and those are: 10 presidential jets, tens of his luxurious cars and presidential guest houses in various states, the 50 per cent of his annual basic salary earned as ‘hardship allowance’, and sponsorship of pilgrimage either directly or indirectly.

Mr. Falana said, instead of selling the nation’s remaining assets, the federal government could liquidate “over N5 trillion” of toxic debts and also recover huge funds that were given as bailouts to banks and other private companies during the eras of Sanusi Lamido and Chukwuma Soludo as CBN governors.

Legally, he said the move is not in consonance with the letters of Section 16 of the (Nigerian) Constitution which prohibits the concentration of the nation’s wealth in the hands of a few people or a group and Section 44 that provides that the nation’s natural resources shall be held in trust for the Nigerian people by the federal government.

“But for selfish considerations, a few legislators, who may be queuing up to participate in the purchase of the nation’s assets are not prepared to defend the Constitution. If the Senate is genuinely desirous to contribute meaningfully to the debate on the economy, it should, as a matter of urgency, propose a substantial reduction in the jumbo emoluments of federal legislators, which are said to be the highest in the world.”

The Fear Factor and Yar’Adua’s Example Some of the repercussions being feared by those oppose to the idea of assets sales are that the sale of refineries, for instance, might lead to an increase in fuel price. It could also bring about the loss of thousands of jobs. The possibilities are also that selling the assets may

continue the trend of inequality and joblessness because the NLNG is one of Nigeria’s biggest oil companies, employing a large workforce of Nigerians and most buyers engage in assetstripping.

So many other previous assets in Lagos and other cities were basically undersold to many public officers and their cronies. A case in point was the eventual recovery of the NET building in Lagos, which was sold to the father of a legislator for N4 billon instead of the market value of N75bn.

The sale of the other 531 Nitel properties and other agencies of the federal government located in the various parts of the country have not been accounted for and till date, the Daily Times, which was sold to Fidelis Anosike’s Folio Investment Company has remained moribund, with the new owner still struggling to find his feet.

What further heightens the fear among Nigerians is simply because after former president Olusegun Obasanjo sold some refineries, when the late Umaru Musa Yar’Adua came into office, he reversed the sales and became obvious that most of the sales were fraught in irregularities.

Yar’Adua overturned the sales of the refineries to Dangote and others which included the former Vice-president Atiku Abubakar’s official guest house, which he declined in a memorandum and asked Obasanjo to leave it for the use of the incoming vice-president.

But as the chairman of the committee on the disposal/sales of government houses in the FCT, Governor Nasir el-Rufai, under its monetisation programme, sold it to himself.

That and houses sold to former president Obasanjo’s aides were cancelled.

Recall that the labour strike in the country back then was as a result of the call for the Yar’Adua government to reverse the sale of the refineries among others as they saw it as the biggest rip-off of Nigerians ever in the history of privatisation.

The Debate Proper A Logos-based businessman and Chief Executive Officer, Asa-Mike Company Nigeria Limited, Mr. Mikee Alia is of the opinion that government should enunciate what the benefits of the previous assets sold are to Nigeria.

“We sold some of our national assets during the Obasanjo regime and what did we get from there? And now, you want to sell another one.

They should give account and tell Nigerians the benefits of the ones we sold earlier. We should look back before we leap forward because for instance, as a father, if my child needs money and I say take the television and sell it. He goes and later comes back to say give me the fan, I will insist he tells me how he managed the money he got from selling the television. We must endeavour to leave something for our children to see.

“President Buhari must be wary of past hurdles, where others fell. The president is not interested in selling the assets. It is the people around him that are propping up the idea because some people just want to get richer,” he argued.

A retired Navy officer, Mr. Olomi Fadile is of the opinion that selling the asset can also help the country bounce back economically if resources accruable to the nation are wellmanaged.

“You must use what you have to get what you want. The government is in dire need of foreign exchange to reflate the economy and a very simple way to do that is to sell some national assets. I don’t see any problem with that. The only problem with Nigeria is corruption and since the current administration has shown a sign of readiness to fight corruption, my take is that we should all follow-up and supervise how the money is spent,” he said.

Alhaji Samaila Sifawa, a political economist based in Abuja, said “That call is certainly selfish,” insisting that what the nation needed was backward integration.

“Let’s go back to the land and invest the entire 2017 budget to agriculture, education, health and infrastructural development. That way, we would be out of the woods in no time.

Selling our national assets is not the answer.”

Chief Layiwola Ishola and Alhaji Bashir Alimi, thought the call by Dangote for the nation to sell its assets in the oil sector is the most selfish call.

Ishola said, “Because of his political connections, Dangote has bought the entire country. He has pushed out his rivals in the cement industry. Where is Ibeto cement? The man was ruined because of Dangote. Now, he wants to buy other sectors. Very soon, Nigeria would simply change its name to Dangote and all of us his subjects. He is selfish.”

Alimi, on his part warned Dangote not to believe that he would always have his way with the nation. “Any political misstep may ruin him. He is certainly threading towards that area.

Mr. Akpor Mukoro begged Dangote to go ahead and buy into the oil industry. He was of the opinion that the business mogul needed not buy federal government property in view of the politics and sentiments involved.

He thought it was such sentiment that persuaded Dangote to site his multi-billion dollar refinery in Lagos, instead of the Niger Delta area.

But an ex-militant warlord, Commander John Johnson said they would be waiting in the creeks for anybody, who buys the assets.

He stressed that even now, they were targeting assets of the multinational oil companies because they have never benefited, warning that anybody who buys the assets would have them to contend with.

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MONDAY SEPTEMBER 26, 2016 T H I S D AY

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T H I S D AY MONDAY SEPTEMBER 26, 2016

His Excellency

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MONDAY, SEPTEMBER 26, 2016 • T H I S D AY

FEATURES Maiduguri Gets Its Mojo Back

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

For Maiduguri, the capital of Borno State, its history cannot be written without a mention of the Boko Haram insurgency, but the good news from the city is that it has rediscovered its mojo. Michael Olugbode reports

Reconstructed town in Borno

M

aiduguri also called Yerwa, or Yerwa-Maiduguri, is the capital of Borno State, northeastern Nigeria. It is located on the north bank of the seasonal Ngadda (Alo) River, the waters of which disappear in the firki (“black cotton”) swamps just southwest of Lake Chad, about 70 miles/113 km northeast.

It is difficult to draw a demarcation line between Maiduguri and Yerwa, in fact modern Maiduguri comprises the twin towns of Yerwa and Maiduguri. In 1907, Yerwa (whose name is derived from an Arabic expression meaning “quenching the thirst,” referring to the waters of the nearby river) was founded on the site of the hamlet of Kalwa and was named by Shehu Bukar Garbai as the new traditional capital of the Kanuri people (replacing Kukawa, 130 km northeast, the former capital of the Borno kingdom. The market village of Maiduguri, just to the south, was selected by the British to replace nearby Mafoni as their military headquarters; and, in 1908, the colonialists built a residency in what then became the capital of British Borno. The combined city—locally called Yerwa—was divided into the urban district of Yerwa and the rural district of Maiduguri in 1957; but outside Borno both political units are now known simply as Maiduguri.

Maiduguri, at its peak was both the administrative and commercial capital of North-east Nigeria, through the railway, it became the major supplier of livestock (mainly cattle but also goats and sheep), cattle hides, goatskins and sheepskins, finished leather products, dried fish, crocodile skins (the last two brought from Lake Chad), peanuts (groundnuts), and gum arabic to other parts

But with the monster of Boko Haram tamed and Shettima getting back his mojo, the vision of Great Maiduguri has been revived. The work of building of road and infrastructure in the town, which was stopped for over three years, have resumed even with the resources now really scarce

of the country. The town became one of the most important towns in the country.

Though it has had to face travails in the past, but the recent Boko Haram insurgency got the town crippled and its commerce dried out and many had to flee from the town, which was once known for peace. On the town was slammed curfew, which killed its night life and during the daytime, the people of the town were living in fear of attack; many lives were in fact cut short and many had to take cover and with them the mojo of the town departs.

Those that cannot flee took their destinies in their hands and decided to confront the monster, Boko Haram. They formed vigilante groups and in conjunction with the military confronted the insurgents whom they chased from the streets of Maiduguri into the bushes.

One would have thought the insurgents have been dealt a mortal blow, but alas all was wrong as they regrouped in enclaves including Sambisa Forest and Alagarno from where they launched deadly attacks resulting” in their hoisting their flags in 22 of 27 local government areas of Borno and parts of Adamawa and Yobe states. At the peak of the insurgency, the Boko Haram, were controlling territory bigger than some countries of the world and they became perhaps the most notorious terrorist sect.

The expansion of the Boko Haram empire,

made Maiduguri to be overpopulated and a town that had a population of little above a million grew to be populated with over three million people, mostly people fleeing from the attacks of the insurgency.

One would have thought that Maiduguri would now be a safe haven, but the insurgents never gave up hope of making the town the capital of their empire and continually invaded and sent panic to the people of the town, who were left in total fear day and night. Recent happenings have weakened the insurgents and made them to lose all their territories and their story is that of the hunter becoming the hunted and Maiduguri has been a major beneficiary of this.

The governor of Borno State, on assumption of office in 2011, had a vision to build Maiduguri to become a modern city where things work. Even with the insurgency in its incubatory stage, Shettima settled down to awarding contract on projects to achieving his vision. Some of the projects were focused on decongesting traffic and beautifying the city. But as soon as he was settling down to the work, the Boko Haram insurgency grew from incubatory stage to puberty (maturity) stage and were monstrous taking everyone as its victims, many people were murdered on the streets of Maiduguri including those working on the projects and made the governor to lose his mojo.

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T H I S D AY • MONDAY, SEPTEMBER 26, 2016

FEATURES

Maiduguri at night with streetlights

Lagos Street Bridge

Ongoing reconstruction in Borno

Interlocking of Kano-Jos Road

But with the monster of Boko Haram tamed and Shettima getting back his mojo, the vision of Great Maiduguri has been revived. The work of building of road and infrastructure in the town, which was stopped for over three years, have resumed even with the resources now really scarce.

One important factor responsible for this, is the empowerment of the Borno State Road Management Agency (BORMA), an agency within the State Ministry of Works of Transport, with the necessary tools to undertake projects of all magnitude. The state government acquired complete construction equipment making it possible for these roads and bridges to be fully constructed by the State Ministry of Works.

This has made it cheaper for many of the construction works in Maiduguri and other parts of the state to continue, many of the new acquired equipment were rolled onto the streets and corners of Maiduguri in the last one year and the outcome is a new Maiduguri, a place that can stand side by side any modern town, which was not the case in the time past even before the emergence of the insurgency.

Speaking on what was responsible for the new look town, Borno State Commissioner for Works and Transport, Alhaji Adamu Lawani, said: “In the last one year, government has spent a lot on rehabilitation and resurfacing of roads, construction of new drainages, covering

of existing drainages and their de-slitting; that is removal of debris inside the existing drainages which have been blocked over a long period of time, we have been able to de-slit all drainages that have been blocked over a long period of time, we have been able to provide cover slabs so that the incidents of malaria, cholera can be checked.

“In the last five years, we have projects we have been able to start but because of insecurity most of these projects we have

Many of the newly acquired equipment were rolled onto the streets and corners of Maiduguri in the last one year and the outcome is a new Maiduguri, a place that can stand side by side any modern town, which was not the case in the time past even before the emergence of the insurgency

been unable to finish but some of the projects were completed in the last one year with the return of security to large part of the state. Such projects are Bulumkutu-Tsalleke, a multi-billion project given to EEC, a Chinese company, they were able to finish about 18 kilometres road and drainage in the area.

Most of the activities outside Maiduguri have been grounded because of insecurity, but the ones within the state capital and its environs we have been working on them.

The Abbaganaram- Gongulong dualisation road and drainages, has been finished, we are now electrifying, we are putting the streetlights by the ministry through direct labour. The celebrated Lagos Street which was awarded in March 2012 to an indigenous company which is the dualisation of the road, building of the bridge and streetlights but because of insecurity, two of their Chinese expatriates were killed by the members of Boko Haram and they have to stop the work but in the last few months, 8-9 months or so, they have been able to reach 95 per cent level of work on the road, the bridge has been completed, the beautification of the bridge is still ongoing, the streetlight is done through the direct labour unit of the ministry, because of the economic situation of the country some of these projects we have to intervene, like the street-lighting we have to remove it from the contract because we realise it was on

the high side, the ministry decided to do it to save a lot of cost, we have a new culvert bridge constructed around Galtimari-Fori that links the people in Old GRA behind Giwa barrack to Bama Road, costing about N105 million through direct labour (Borno State Road Maintenance Agency, BORMA), the bridge has be completed and the road corridor is being built, we need to compensate those that the building of the road would affect.

This will serve as alternative to Lagos street, it will reduce the pressure on Lagos street, the people from that axis can easily access the university, Station Bama and Custom area.”

According to Lawani, the construction works in Maiduguri though at high price are not without their gains as they have aided in the reduction of incidence of flooding, traffic, malaria and cholera infestation.

The modernisation of Maiduguri, Lawani said are not without challenges though as the state government has to face the challenges paucity of fund. He said “government is really trying to see that these projects are completed and some of the projects that are dear to the state government are being carried out, the situation is so bad now that sometimes we have to look for money elsewhere outside the federal allocation to pay salaries. But the state government is trying to see that some of these projects are being executed.”

22

IMAGES

L-R; Chief Executive Officer Boff & Company Insurance Brokers Limited, Chief Babajide Olatunde-Agbeja; Director of the company, Mr. Kalada Apiafi; Assistant General Manager, Mrs. Nike Akintunde Lawal and the General Manager, Mr. Kunle Omokemi, during a media parley in Lagos...recently SUNDAY ADIGUN

L-R: Comrade Femi Aborisade; Chairman, ASUU, University of Ibadan, Dr. Deji Omole; former Attorney General, Edo State, Dr. Osagie Obayuwana and Chairman of the occasion, Dr. Adelaja Odukoya, during the 2016 Gani Fawehinmi Memorial Concert at Ikeja... recently.

KOLAWOLE ALLI

T H I S D AY • MONDAY, SEPTEMBER 26, 2016

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

Deputy Senate President Ike Ekweremadu (right) presenting a souvenir to the President, Chinese-Africa People’s Friendship Association (CAPFA) Abulaiti Abudurexiti during a courtesy call by the president of CAPFA to the deputy Senate president in Abuja...recently JULIUS ATOI

L-R: Head, Environmental Compliance & Public Relations, Etisalat Nigeria, Oluseyi Osunsedo; Founder, Instrat Global Health Solutions, Okey Okuzu; and Manager, Corporate Social Responsibility, Etisalat Nigeria, Oyetola Oduyemi, at the 2016 NigerianCom Conference in Lagos...recently

L-R: General Manager, natnudO foods, Mr. Toromade Francis; Abattoir Manager, natnudO foods, Mr. Ramchanndra Kale; Oyo State Coordinator, Standard Organization of Nigeria (SON), Mr. Dele Ayeni; Group Managing Director, Amo Farms Sieberer Hatchery Ltd., Dr. Ayoola Oduntan,and General Manager, Amo Farms Sieberer Hatchery Ltd. Dr. Anand Burra, during the presentation of SON Certificate for Consistent Compliance to natnudO Frozen Chicken in Akinyele Oyo State...recently

L-R: Mrs. Osanoye Mary, Mrs. Ogunnowo Adebisi, Mrs. Sabaina Ojo and Princess Yvonne Ebhotemene during PECADOMO neighbourhood activation at Ogba, Ikeja, Lagos...recently

L-R: Dean, Lagos State University School of Communication, Prof. Rotimi Olatunji; Managing Director, CMC Connect , Mr. Yomi Badejo-Okusanya; and Executive Director, CMC Connect, Mr. Raheem Olabode, during a presentation at the CMC Connect Office in Ikeja...recentlyThursday, 22 September 2016.

L-R: Former deputy speaker, Imo State House of Assemly, Hon. Danatus Ozoemena; the senator representing Imo North Senatorial District, Senator Benjamin Uwajimuogu; and Senator Ifeanyi Ararume, during a reception in honour of Senator Benjamin in Abuja...recently ENOCK REUBEN

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BUSINESSWORLD R A T E S

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Quick Takes StarTimes Hosts Chinese Festival

As parts of its commitments to stakeholders, a leading digital television company, StarTimes, has hosted this year’s edition of Chinese Cultural Festival in Abuja, tagged the 2016 BeijingTVDramas and Movies Broadcasting Season exhibition. The event was meant to further deepen the historical deep relationship between China and African countries, using cultural exchange using culture as a vehicle of communication between the two sides.

According to the Global Vice President of StarTimes, Ms. Guo Ziqi, ‘Nigeria is home to the largest subscribers of StarTimes and I believe that this cooperation will further promote the friendship between Nigeria and China.This event will screen 5 mega hot series and 5 star studded big budget movies such as Chasing After The Love, Woman From The Family of Swordsman, Mazu, Go Away Mr. Tumour, Finding Mr. Right, Beijing Love Story, Back In Time, etc on StarTimes’ platform.Beijing leads China in producing TV dramas and movies. It now has more than 3,400 institutions specializing in Movie and TV production and operation, producing over 3,000 TV episodes and nearly 300 movies per year.’

The Beijing Municipal Bureau of Press, Publication, Radio, Film and Television holds the much anticipated Beijing TV Dramas and Movies Broadcasting Season in Nigeria, Rwanda and Tanzania this September initially for 3 months and lasting till September 2017 to further promote and consolidate inter cultural relations and promotion particularly on movies and drama series.

COURTESY VISIT

L-R: Ernst and Yong (EY) Global Banking & Capital Markets Sector Resident, Christine Gagnon; Group Managing Director, Skye Bank, Adetokunbo Abiru; EY Financial Services Africa Leader, Andy Bates; and Executive Director, Technology & Services, Skye Bank , Innocent Ike , during a courtesy visit to Skye Bank Plc in Lagos… recently SUNDAY ADIGUN

Regulators, Banks, Telcos Mull Insurance Cover for USSD Transactions Obinna Chima Following an upsurge in the number of bank customers that perform transactions through the Unstructured Supplementary Service Data (USSD) technology, the Nigeria Interbank Settlement System Plc (NIBSS) has said that it is working with the Central Bank of Nigeria, the telecommunication companies as well as some banks to provide insurance for transactions done via this solution.

The Managing Director, NIBSS, Mr. Adebisi Shonubi disclosed this in an interview.

The USSD is a technology unique to GSM (Global System for Mobile Communication). It is a capability built into the GSM standard phones to support fund transfer among customers. A lot of banks in Nigeria have keyed

ECONOMY into this innovation as means to decongest their banking halls and also give convenience to their customers.

Barring any unforeseen circumstance, the insurance policy on USSD transactions would be finalised next month.

Presently, four banks have expressed their willingness to sign onto the policy, while just one among the three telcos in the country indicated its readiness to embrace it.

Shonubi, however declined to disclose the identities of the four banks and the telco.

“We are hoping that by next month it would come on stream.

We are waiting for the CBN to give its final consent. We have four banks that have been tested

and are willing to go. We have three telcos and one is ready to go. By next month, we would start the pilot phase.

“So, it is one of the things that we expect over the next few weeks. It is an initiative between all the telecommunication companies, all the banks and NIBSS, to standardise and have a common USSD messaging platform. So, it doesn’t matter the bank customer you are, you can use a standard code or your bank code.

“At the same time, if we have it working and have the modality right, it is something that can be extended to other financial institutions, so that mobile services to microfinance banks that do not have the means, can be available to their customers,” he said.

The NIBSS boss said the move

would make the use of USSD as simple as possible and help minimise risks.

“We have gone to the insurance industry and they are willing to underwrite the risks. Hopefully, we would soon start the idea of insurance cover for financial transactions. Why are they willing to underwrite the risks? Everybody who uses it has a bank account and every bank account, has a Bank Verification Number (BVN).

“From a platform point of view, the USSD is not as secured as some of the other channels. However, you must always balance your utility risk with what you are trying to achieve. And sometimes, you do not eliminate all the risks.

You identify the risks and you Continued on page 24

Financial Experts Allay Fears over Nigeria’s Rising Debt Stock Goddy Egene Some financial experts have said Nigeria is in a very comfortable zone to borrow more despite the jump in the country’s debt stock to N16.3trillion as at June 30, 2016.

The Debt Management Office (DMO) data, which showed an increase of N4trillion in the debt stocks within one year, has expressed doubts over the ability of the federal government to raise more debt to finance the 2016 budget.

However, financial analysts at FBN Quest said in spite of the rise in the debt stock, the country’s debt to the gross

ECONOMY domestic product (GDP) is still favourable for Nigeria, compared to other of its peers.

According to the analysts, the latest report from the DMO shows FGN debt at end-June at N13.79 trillion (then $55.6 billion), equivalent to 14.6 per cent of 2015 GDP. “This compares with N10.95 trillion ($48.7 billion) at endDecember, representing 11.6 per cent. The sizeable increase of N2.84 trillion in just six months is divided between N1.76 trillion domestic, reflecting the acceleration in debt issuance, and N1.08 trillion external, driven largely

by the devaluation,” they said.

They explained that the devaluation has had the result of pushing the domestic/external mix of the FGN’s debt a little towards the target of 60/40 in the DMO’s medium-term strategy. The ratio stood at 77/23 in June, adding the intended route to the target, of course, was via higher issuance in foreign currency (than local) with stable exchange rates.

“The debt stock ratios quoted cover federal government, rather than total public debt. The latter measure would have to include the naira borrowings of state governments (N2.50 trillion according to the DMO as at end-

December), the obligations of Asset Management Corporation of Nigeria (AMCON), the Nigerian National Petroleum Corporation (NNPC) and other agencies, and arrears due to contractors. The ratio under this fullest definition could approach 25 per cent of GDP, which would still compare favourably with most emerging markets,” they declared.

FBN Quest added that this (debt ratio) is one of the positives underpinning Nigeria’s sovereign credit ratings (B+ from Fitch and the equivalent from Moody’s, and B from S&P).

The rise in debt is not necesContinued on page 24

Mediview Airlifts 3,000 Pilgrims

No fewer than 3,000 pilgrims, who performed the 2016 Hajj in Saudi Arabia have arrived on Medview flights to Lagos, Kaduna and Kano.

The airline announced at the weekend that the latest flight arrived on Friday morning at the Murtala Muhammed International Airport, with 323 pilgrims.

The pilgrims comprised those who travelled through Med-View Travels Konsult and some other tour agents as well as pilgrims from Oyo State.They were conveyed in a Boeing 777-200 deployed for Hajj operations by Med-View Airline.

The airline airlifted pilgrims from the South-West states of Lagos, Oyo, Ogun, Osun and South-South, Armed Forces, as well as Kaduna.

The airline commenced the return journey on Monday, September 19 2016with the airlift of pilgrims from Osun and Lagos states.

The aircraft carrying the pilgrims touched the terminal of the Airport at exactly 7:30 am amidst cheers and praises by the elated pilgrims.

They described the trip as smooth and stress-free despite going through rigorous screening at the Saudi Airport.

Meanwhile, pilgrims who travelled through Med-View Konsult have hailed the services provided by the agency which is an arm of Med-View Airline, saying the agency, through its various initiatives ensured they had a remarkable Hajj experience.

One novel initiative of Med-View Airline, according to the pilgrims, was the provision of free feeding for them in the morning and evening both in Makkah and Madinah.

Pharmatex Donates to WAI Brigade

The Executive Director of Pharmatex Industries, Chief Joseph Uzoma Ebowusim recently donated a Hilux van to War Against Indiscipline (WAI) Brigade, as an operational vehicle to fight crime in the society.

Ebowusim who doubles as the State patron of the Lagos command, made this donation on same day his company marked 25th anniversary. According to him, “I started my business 25years ago, and I thank God for today. I also thank my Business partner Mr Christopher Nebe who is currently the MD of the company. He’s been helpful and instrumental to the successful of this company and this donation I’ m making today. It’s an international company.

“We produce drugs and distribute not just within Nigeria but to other African countries. Thank God today we are moving on. I joined WAI Brigade in Owerri my state capital where I was later made a patron. As a philanthropist, I did a lot for my people.”

He said he was made a patron in Lagos and being a patron of this Brigade, “I felt it would be necessary to present a gift of an Hilux van as an operational vehicle to the Brigade because what moves me so much in life is Discipline. With this, easy movements to areas where crimes will be fought won’t be a problem. I’ve always loved discipline; it’s in my blood, because my parents were popularly known for that. For me, a vehicle with good tyres such as Hilux is what I desire as a reward for the Brigade’s efforts and as a way to encourage them in the fight against discipline.”

“I have no doubt that if we have the same quality of people and the same capabilities that reside in the people in the private sector in the public sector, Nigeria, and indeed Africa will have a totally different story” President ofThe Nigerian Stock Exchange,

Aigboje Aig-Imoukhuede

24

T H I S D AY • MONDAY, SEPTEMBER 26, 2016

BUSINESSWORLD REGULATORS, BANKS, TELCOS MULL INSURANCE COVER FOR USSD TRANSACTIONS

underwrite the risks. I don’t think we have done enough at looking at insurance in transactions. You cannot eliminate the risks totally,” he explained.

According to him, the USSD was set up for convenience. He stressed, for bank customers to adopt digital banking and in order to attract more people into the banking system, it has to be USSD. “The way banks started doing it was with their customers because they know them and they have their phone numbers.

They started by selling airtime, until they were comfortable and started allowing fund transfer, but with set limits. So, they have been moving the boundaries slowing.

“In truth, a customer can do sim swap. Banks tried to make online transfers safer by giving their customer token, whose values changes.

“For all the concerns, all the fears and all the risks, it has to be USSD. So, the question you should be asking is how do we minimise the risks and underwrite the risks that crystallises. And that is what we are trying to do,” he said.

FINANCIAL EXPERTS ALLAY FEARS OVER NIGERIA’S RISING DEBT STOCK

sarily due to more borrowings, but due to the weakness of the naira against the dollar. In fact, the debt, in dollar terms, has declined from $65.43billion in 2015 to $61.45 billion in 2016, The Cable reported.

As at the end of 2015, Nigeria’s debt, in dollar terms, stood at 13.02 percent of the country’s gross domestic product (GDP). In 2016, however, the debt-to-GDP ratio has risen to 16.83 percent, based on 2015 GDP figures.

A rising debt profile may not be a problem if the economy produces enough to service existing loans as seen in the United States and Japan, where debt often equals GDP. A development economist, Mr. Odlim Enwegbara has said before now that Nigeria’s debt to GDP ratio is very comfortable, saying, “with Nigeria at 17 per cent, the country has the opportunity to raise funds that are projects specific to fast-track the infrastructural development of the nation.”

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

Don’t Sell NLNG, Other Nation’s Assets, LCCI Warns FG Ugo Aliogo The Lagos State Chamber of Commerce and Industry (LCCI) has called on the federal government to resist the pressure to sell the Nigeria Liquefied Natural Gas Limited (NLNG) and other national assets, describing the action as a defeatist response to the current economic crisis facing the country.

Speaking during a courtesy visit by the LCCI to THISDAY corporate office in Lagos, as part of efforts to create awareness for the forthcoming Lagos International Trade Fair, LCCI Vice-President and Chairman, Trade and Promotion Board, Sola Oyetayo, said government has sold some assets in the past and the economy has not improved. while appealing for critical thought about the decision, he explained that NLNG, for the records, has been a success story, noting that most of the investments controlled by the private sector are not totally successful.

Oyetayo said: “There is need for proper thinking; evaluation of the various industries and find out the one that needs to be sold. We should not rush to sell.”

He stated that the growth attained in many sectors of the economy has not been sustained in the past, adding that there is the need to sustain economic growth through diversification of the economy.

Speaking on the trade fair,

with the theme: ‘Positioning the Economy for Diversification and Sustainable Growth’, Oyetayo stated that the event would hold from November 4 to 13 at Tafawa Balewa Square, Onikan, and Eko Hotels, Victoria Island all in Lagos State. He said the fair will provide the opportunity for exhibitors, various trade groups and professionals to advertise their products and ideas.

According to him, a targeted 500,000 visitors are expected from within and outside the country, adding that there

The International Air Transport Association (IATA) has announced that the airline industry is expected to earn about $39.4billion profit this year.

The IATA Director-General and CEO, Alexandre de Juniac has therefore called for speed and innovation to enable aviation to continue to deliver its vast social and economic benefits.

De Juniac said aviation engages about 63 million people globally and airlifts 3.8 billion travellers annually and creates vast business opportunities all over the world.

“Aviation is the business of freedom. We make global mobility ubiquitous. For 63 million people, aviation provides the freedom to earn their livelihood.

For 3.8 billion travelers aviation includes the freedom to explore the world, build understanding, develop business, make friendships, visit relatives or make their lives better. Speed and innovation will secure our future so that we can continue to deliver these benefits,” he said.

De Juniac’s comments were made in a keynote speech at the opening of the IATA World Financial Symposium in Singapore in which he noted that

we feel is right. The present government is not decisive.

If we continue with the level of corruption, it is going to be disastrous. We need to go back to the development plan and start all over again. If we take the next four years to plan, there is every indication that the chances of being re-elected will be high.

“We should build a political will and start a re-planning process. We need to be careful on importation of food items so that it would not be injurious to the health of Nigerians.”

He further urged government to build the enabling environment to boost export, stating that there is need to create a strong comparative advantage before exporting, develop fiscal policies which would discourage imports and build effective policing across the borders.

Oyetayo also remarked that if government needs to borrow, it should be done to improve infrastructure, stressing that government needs to encourage the food chain business to make money for the economy.

EMPOWERING THE MSMES

L – R: Head, MSME Banking, Sterling Bank Plc, Omolara Akinfolarin Mrs; Chief Executive Officer, FAREZ Limited, Mr. Victor Korede and Business Executive, South West, Sterling Bank Plc, Mrs. Temiwunmi Banjoko at the MSME workshop organised by the Bank in Ibadan last… recently

Airline Industry to Earn $39.4bn Profit in 2016 Chinedu Eze

will also be exhibitions for the creative industry and essay competitions for 75 selected schools in the state.

The LCCI VP appealed to THISDAY for media coverage of the event, while commending it for support in the past.

He said: “You can have a stand there, which will provide an opportunity to meet with exhibitors. We are not making it a win-win situation, but there is an opportunity for you to benefit.

“There is need for a clear policy direction. We don’t have the political will to do what

the airline industry is forecast to deliver a collective net profit of US $39.4 billion this year, which would be a record.

“We are having a very good year. I am not predicting an end to the good times, but it would be unrealistic to expect them to last forever,” he noted.

He pointed out that profitability is not evenly spread, with significant variations among regions.

Among potential risks de Juniac identified are: a sudden rise in oil prices; an increase in terrorism aimed at aviation and air travel; a sharp economic downturn and a retreat from the principles of free trade by one or more major economies.

“Uncertainty is ahead of us. I am a big believer in speed and innovation. We cannot know the future. But we need to be prepared to react quickly when the environment changes.

That’s not easy for any business—and it is a real struggle for process-driven industries like air transport.”

Building on the conference theme of the importance of high performing financial departments to support the airline CEO, de Juniac said that the “dream team” for any CEO has high performance across all of its functions, so that effective decisions can be made swiftly.”

Abia Partners Private Sector to Boost Revenue from Solid Minerals Emmanuel Ugwu The Abia state government has engaged private investors in Public, Private Partnership (PPP) to maximise revenues from the state’s huge solid mineral deposits.

It has therefore invited core investors in a concession arrangement, whereby they will invest in the exploration and extraction of minerals in the state as enabled by the new federal government solid mineral policy.

The State Commissioner for Environment and Solid Mineral Development, Gabe Igboko, told reporters at the weekend that the shift to solid mineral resources and forestry among others was to end years of low optimisation, especially at a time of economic diversification.

Igboko explained that the plan to raise revenue had begun with the addition of Solid Minerals to Ministry of Environment, new road map on solid minerals recently approved by the federal government and passage of the solid mineral bill by the Abia State House of Assembly.

He added that the Ministry’s partnership and with concession agreement with Messrs.

Redsticks Integrated Services Limited, as the sole agent for revenue collection, is the innovation introduced to drive the initiative.

Igboko said: “We didn’t really change what we met on ground, but fine-tuning what we met that is not the optimal.

One of the things we did is to identify a team of consultant led

by Dr. Abel Ekpunobi, because we know what he has done at the federal level. We are putting in knowledge of experts like Dr. Chuma Igbokwe as well.

“The government’s policies are always there and they are same across the country. The problem has never been having lofty policies but implementation of such policies in a transparent manner.

“In the area of solid minerals, our idea has been that the government cannot keep piloting its affairs the way it has been doing it over the years. Our chief consultant came up with a template. For most of these things to achieve maximum result, we have to concession, to identify competent organisations and we have the Mummy-Mummy Farms Limited and Redsticks Integrated Services Limited to handle the revenue generation aspect of the solid minerals. The innovative we have imbibed in the solid mineral aspect is already making waves.”

The commissioner said though the effort is not without resistance, both administrative and operational from beneficiaries of the hitherto skewed system.

He, however, assured that efforts were on to redress the resistance in the interest of the state.

By the Abia State Sand Excavation and Quarry Sites Inspection, Registration, Loading and Maintenance Law, 2016, every quarry site, mining site or other solid minerals excavation

site other than sand excavation site shall pay a registration fee of not less than N1million and not more than N5 million, which shall be renewable every year.

Every sand-dredging site shall pay a registration fee of not less than N500,000 and not more than N1 million, which shall also be renewable every year.

The law added that every sand excavation site shall pay a registration fee of not less than N50,000 and not more than N200,000. Every solid mineral site/ company, be it mining, quarry and/ or sand excavation or the like shall pay a maintenance fee of N50 per ton or others as may be prescribed by the ministry.

Every person loading any solid mineral in the state shall pay the requisite loading fee per ton to the ministry: chipping; gypsum; limestone and so on, N100 per ton. Kaolin, laterite/ sand N50 per ton.

Concessionaire to the Solid Mineral revenue project, Dr. Chuma Igbokwe, said the state is emulating Lagos to raise its IGR through partnership agreements.

“Among the five Igbo-speaking States, Abia has the most mineral resources, followed by Ebonyi State, then Imo, Enugu and Anambra. But in terms of development, the reverse is the case.

Anambra is the first, followed by Enugu, Imo, Ebonyi and lastly, Abia. It is just a complete flip on its own. But the current governor has set up a good team that is set to revert that,” Igbokwe said.

25

T H I S D AY • MONDAY, SEPTEMBER 26, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Maintains Positive Momentum, Closes Firmer Goddy Egene and Nosa Alekhuogie The stock market maintained a positive momentum to close firmer last week despite apprehensions that the retention of the high monetary indicators by the Central Bank of Nigeria (CBN) may impact negatively on the market. The NSE ASI appreciated by 1.39 per cent to 28,247.07, thereby closing in the green for the second consecutive week. The market capitalisation closed higher at N9.703 trillion.

Similarly, all other Indices finished higher during the week, with the exception of the NSE-Main Board Index, NSE Banking Index and the NSE Consumer Goods Index that depreciated by 0.14 per cent, 0.73 per cent and 0.53 per cent respectively, while the NSE ASeM and NSE Insurance Indices closed flat.

Analysts at Afrinvest said: “Whilst a tight monetary policy environment prevails (post-MPC decision), we perceive frail sentiment towards equities may persist as investors continue to take advantage of higher yields in the fixed income market. Nonetheless, we expect the broader index to close the week within the positive territory.”

The NSE Oil & Gas Index advanced the most (+6.4 per cent) on account of strong buy sentiment in Conoil Plc (+33.5 per cent), and Total Nigeria Plc (+18.0 per cent) while the NSE Industrial Goods Index gained 1.6 per cent on the back of gains Dangote Cement PlcM (+3.4 per cent).

Conversely, the NSE Banking Index lost the most, declining by 0.7 per cent on account of price depreciation in Guaranty Trust Bank Plc(-7.2 per cent) and ETI (-1.2 per cent). The NSE Consumer Goods Index fell 0.5 per cent on weaker sentiments in Nigerian Breweries Plc (-1.0 per cent) and Unilever Nigeria (-1.0 per cent) which appreciated in the previous week.

Daily Performance summary The market had opened on Monday on a negative note as the Nigerian Stock Exchange All Share Index (NSE ASI) declined by 0.07 per cent to close at 27,839.93 points. The negative performance was on the back of losses recorded by depreciation recorded in the share prices of PZ Cussons, Nigerian Breweries, Forte Oil, Nascon Allied Industries Plc and Nestle Nigeria Plc and Nigerian Breweries Plc. Similarly, the market capitalisation depreciated by 0.07 per cent to close at N9.56 trillion.

In terms of volume of trading a total of total volume of stocks traded was 328.20 million valued at N2.89 billion in 3,215 deals. The most actively traded sectors were: Financial Services (302.77 million), Consumer Goods (8.30 million shares) and, Conglomerates (6.46 million shares), while the three most actively traded stocks were: Access Bank (84.09 million), FBN Holdings Plc (54.14 million shares) and United Bank for Africa (38.85 million).

All sector indices closed in green save for the NSE Consumer Goods index which fell 1.0 per cent on account of sell pressure in PZ (-4.9 per cent), Nigerian Breweries (-1.1 per cent) and Nestle Nigeria(-0.1 per cent). The NSE Banking index advanced the most, up 0.3 per cent on the back of improved buy interest in GTBank Plc (+0.2 per cent) and Zenith Bank (+0.2 per cent).

The NSE Industrial Goods and NSE Oil & Gas indices rose 0.2 per cent apiece, driven by gains in Lafarge Africa Plc (+0.5 per cent), Conoil Plc (+10.2 per cent) and Total Nigeria (+5.0 per cent). In the same vein, the Insurance index appreciated 0.2 per cent.

cent to close at 28,247.07 on gains recorded by FBN Holdings, Flour Mills, PZ Cussons, Dangote Cement and Guinness Nigeria.

The total value of stocks traded on the floors of the exchange on Friday was N1.56 billion, down by 56.91 per cent from N3.62bn recorded the previous day while volume was 265.07 million shares exchanged in 3,136 deals.

The market rebounded on Tuesday, shaking off the bearish start to the week as the NSE ASI jumped by 1.3 per cent to close at 28,209.93. Market capitalisation shed N127.1 billion to be at N9.69 trillion. The market was lifted by gains in Dangote Cement Plc (+3.9 per cent), Zenith Bank (+0.5 per cent) and Access Bank Plc (+0.4 per cent).

Just like the previous day’s performance, all indices closed in green save for the Consumer Goods index which fell 0.7 per cent on account of losses in Unilever Nigeria Plc (-1.1 %) and Nigerian Breweries (-0.1 per cent). The NSE Industrial Goods led the gainers with 2.0 per cent driven by gains in Dangote Cement (3.9 per cent).

Likewise, sustained buying interest in Conoil Plc (+10.2 per cent) and uptrend in Total Nigeria Plc (+2.5 per cent) drove the NSE Oil & Gas indices 1.3 per cent.

The uptrend continued at the equities market though marginally. The NSE ASI went up 0.02 per cent to close at 28,214.57. Gains in FBN Holdings, UBA, Zenith Bank, Oando and Stanbic IBTC contributed to the positive close.

Investors traded 3.09 billion in 2,815 deals worth N6.24 billion in 2,815 deals.

The three most actively traded stocks were: GNI (2.87 billion shares), Zenith Bank (51.22 million shares) and UBA (23.56 million shares).

Profit taking in some highly capitalised stocks halted the two-day rally with the NSE ASI falling by 0.17 per cent to close at 28,166.42. The stocks included FBN Holdings, UBA, GTBank, Dangote Cement Plc and Guinness Nigeria Plc. Although the general market mood remained negative, 1.6 per cent price decline recorded

by Dangote Cement Plc the market

southwards. Ex-Dangote Cement Plc, the market would have closed 0.6 per cent higher.

Performance across sectors was mixed as the NSE Banking and NSE Industrial Goods Index shed 0.2 per cent and 0.9 per cent. On the positive side, the NSE Oil & Gas Index advanced the most, rising to 3.4 per cent on the back of appreciation in Oando Plc

TOP TEN BROKERS(BY VALUE)

(+7.1 per cent) and Mobil Oil Plc (+5.0 per cent) while the NSE Consumer Goods Index followed, increasing by 0.6 per cent as a result of gains in PZ Cussons (+4.9 per cent) and Nigerian Breweries Plc (+1.0 per cent).

On the last day of the week, the equity market rebounded today to close the week positively. Specifically, the NSE ASI appreciated by 0.29 per

AS AT LAST FRIDAY

BROKER

VALUE

GREENWICH TRUST LIMITED -BRD STANBIC IBTC STOCKBROKERS LIMITED RENCAP SECURITIES (NIG) LIMITED EFCP LIMITED

% VALUE

6,532,203,073.78

19.06

5,376,119,479.17

15.69

4,527,534,072.21 2,385,401,736.17

13.21 6.96

SECURITIES AFRICA FINANCIAL LIMITED -BRD

1,718,318,936.66

5.01

CSL STOCKBROKERS LIMITED

1,632,191,937.53

4.76

CHAPEL HILL DENHAM SECURITIES LTD - BRD

1,629,750,582.52

4.76

CORDROS CAPITAL LIMITED - BRD

1,600,662,693.83

4.67

A.R.M SECURITIES LIMITED - BRD

1,405,793,673.50

4.10

1,005,410,482.33 27,813,386,667.70

2.93 81.17

FBN SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER GREENWICH TRUST LIMITED -BRD FBN SECURITIES LIMITED

AS LAST FRIDAY VOLUME %VOLUME 5,748,515,456

63.04

422,888,966

4.64

RENCAP SECURITIES (NIG) LIMITED

290,085,324

3.18

STANBIC IBTC STOCKBROKERS LIMITED AFRICAN ALLIANCE STOCKBROKERS LTD

255,347,119 199,359,060

2.80 2.19

REWARD INVESTMENT AND SERVICES LIMITED

177,766,296

1.95

130,212,154

1.43

CSL STOCKBROKERS LIMITED CARDINALSTONE SECURITIES LIMITED

126,654,483

1.39

EFCP LIMITED

111,824,682

1.23

SECURITIES AFRICA FINANCIAL LIMITED -BRD

97,536,076

1.07

7,560,189,616

82.91

Market turnover In all, the market recorded a turnover of 4.331 billion shares worth N16.803 billion in 16,797 deals in contrast to a total of 611.527 million shares valued at N5.495 billion that exchanged hands the previous week in 9,650 deals.

The Financial Services Industry remained the most active, leading with 4.177 billion shares valued at N9.788 billion traded in 9,805 deals, thus contributing 96.45 per cent and 58.25 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 65.533 million shares worth N5.017 billion in 2,855 deals. The third place was occupied by the Conglomerates Industry with a turnover of 31.751 million shares worth N125.102 million in 594 deals.

Trading in the top three equities namely – Great Nigerian Insurance Plc, FCMB Group Plc and Diamond Bank Plc accounted for 3.299 billion shares worth N3.704 billion in 1,308 deals, contributing 76.18 per cent and 22.04 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 615 units of Exchange Traded Products (ETPs) valued at N6,070.20 executed in 21 deals, compared with a total of 945 units valued at N9,541.90 transacted two weeks in 18 deals.

A total of 3,394 units of Federal Government Bonds valued at N3.263 million were traded in 5 deals compared to a total of 1,700 units of Federal Government Bonds valued at N1.591 million transacted the previous week in six deals.

Gainers and losers Meanwhile, 33 equities appreciated in price during the week, lower than 34 equities in the previous week, while 25 equities depreciated in price, lower than 26 equities in the preceding week. A total of 122 equities remained unchanged higher than 120 equities recorded in the preceding week.

Conoil Plc led the price gainers for the week with 33.4 per cent, followed

by Cutix Plc with 19.4 per cent, just as Total Nigeria Plc and Oando Plc appreciated by 18 per cent and 15.2 per cent respectively. Cadbury Nigeria Plc and Stanbic IBTC Holdings Plc went up by 14.1 per cent and 9.3 per cent in that order.

Other top price gainers include: MRS Oil Nigeria Plc (8.8 per cent); Eterna Plc (8.2 per cent); Zenith Bank Plc (7.5 per cent) and PZ Cussons Nigeria Plc (6.4 per cent).

Conversely, Caverton led the price losers, shedding 13.2 per cent, trailed by Neimeth International Pharmaceuticals Plc with 12.9 per cent, while Beta Glass Company Nigeria Plc (9.7 per cent).

Guaranty Trust Bank Plc shed 7.2 per cent, just as Guinness Nigeria Plc and E-Tranzact International Plc fell by 7.0 per cent and 5.0 per cent respectively.

Other top price losers included: African Prudential Registrars Plc (4.9 per cent); Northern Nigeria Flour Mills (4.9 per cent), Airline Services & Logistics Plc (4.7 per cent) and Avon Crowncaps 7 Containers Plc (4.3 per cent).

26

T H I S D AY • MONDAY, SEPTEMBER 26, 2016

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

MPC’s Delicate Balancing Act Obinna Chima Faced with the dilemma of an economic recession and rising inflation, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) at the end of its fifth meeting for the year held last week, resolved to leave interest rate as well as other key monetary policy tools unchanged.

Specifically, the committee decided to retain the Monetary Policy Rate (MPR) at 14 per cent, left the cash reserve requirement (CRR) at 22.5 per cent as well as the liquidity ratio at 30 per cent.

The CBN Governor, Mr. Godwin Emefiele explained at the end of the meeting that easing the MPR at this point would only worsen inflationary conditions, which the central bank described as still benign in its outlook.

The Minister of Finance, Mrs. Kemi Adeosun had called for a reduction in the CBN rate to aid growth and lower the cost of government borrowing from the financial sector.

But most financial market analysts have supported the MPC decision, saying increasing or lowering interest rate may be counterproductive.

To analysts at Afrinvest West Africa Limited, hiking rates further would have done little to thwart inflationary pressures, which remain largely structurally driven, while easing rates in response to political pressures would have communicated policy inconsistency and worsen capital account position.

“The CBN has further demonstrated its commitment to the policy tightening stance by aggressively mopping up liquidity in the financial system this week via open market operation (OMO) auctions at rates similar to previous auctions.

“We believe that the decision of the MPC to maintain policy consistency and resist political pressures to cut rates will reinforce the independence of the CBN which has come under scrutiny over the last few months, whilst also emphasising priority policy objectives necessary for businesses and markets to reasonable form expectations.

“In the medium term, we think it is also positive for financial assets as capital inflows are returning, albeit tepidly, to the market,” they added.

To a senior lecturer at the Department of Economics, Pan-Atlantic University (PAU), Dr. Bongo Adi, the MPC members decided to leave interest unchanged because they were “caught in a dilemma”.

Adi explained: “We are battling inflation and at the same time we are in an economic recession. Reducing the interest rate might lead to a spike in inflation and we are already battling spiralling inflation.

“I think they are adopting a wait and see

MARKET INDICATOR attitude. This is a situation whereby doing nothing is even something. This means they have reached the limit of monetary policy tightening.”

The Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, however, argued that the MPC members ought to have adopted an accommodative monetary policy stance.

“For me, at this point in time, I think the emphasis should be how we should restore growth and ensure that credit gets back to the hands of those in the productive sector.

There are a lot of small and medium sized businesses in the country today that cannot access credit and partly because of lack of foreign exchange liquidity.

“But at this point in time, maintaining a restrictive monetary policy will not necessarily lead to an improvement in FX supply. So, I was thinking that the MPC would consider the overriding need to restore growth in the economy instead of targeting price stability,” Chukwu added.

Chukwu, however reiterated the need for the federal government to consider the sale and concession of some critical assets in the country so as to raise funds that can be channelled to productive sectors.

Time Economics Limited, in its assessment, aligned with the MPC, stating that given the reality of Nigeria’s situation, past efforts to cut rates in other to stimulate spending were misapplied by commercial banks who rather than lend to the real sector, diverted loans to traders, importers of manufactured goods, and government.

“Furthermore, cutting the MPR could do more to erode the credibility of the CBN with regards to the conduct of monetary policy.

Such action, in our opinion, will help worsen the already growing negative real interest rate and could further discourage the return of foreign investors – something the CBN has worked so hard to avoid.

“Moreover, the pursuit of an expansionary monetary policy in order to support growth, in the face of rising inflation and currency depreciations could prove to be counterproductive, particularly in the absence of complementary fiscal policy reforms,” the economic research firm said.

But the Emir of Kano and former CBN Governor, Alhaji Muhammadu Sanusi II backed the resolve of the MPC to retain the benchmark monetary policy rate (MPR), as well as other monetary policy tools. Sanusi also expressed optimism that the Nigerian economy was on the right path and would

rebound.

Sanusi said: “To be honest, when the fiscal authorities and many people in the private sector said they wanted a lower interest rate, I was concerned that the central bank would succumb to pressure. The fact that the central bank did not, shows that the central bank is beginning to reclaim its independence, which to me is a very good thing.

“I was very pleased with the MPC. In fact, I was waiting for the outcome of the meeting. When the central bank said they are not bringing the interest rate down, then I said ‘yes’ that is what I like to see. These are economic issues and you make choices.

“As an interested party and a former central banker, I can see why the central bank was not willing to reduce the interest rate at this point in time. If you lower the MPR by 100 or 200 basis points (bps), it is not going to lead to a rapid increase in credit growth.

You will not see an increase in credit growth that would reverse the downward trend in output by lowering MPR by 100 or 200 bps.

“You would however further fuel inflation and you would reduce the yields on fixed income securities at a time when you are trying to attract foreign exchange.

“The immediate oxygen that this economy needs is foreign exchange and portfolio investors are important.”

He urged Nigerians to be patient and expressed optimism that the Nigerian economy would rebound.

According to him, “The last two or three MPCs ago, as far as I was concerned, the central bank got the decisions right by going to a flexible exchange rate and by tightening monetary policy.”

He pointed out that the naira is currently undervalued just like most stocks on the Nigerian Stock Exchange (NSE), but fixed income securities were offering high yields.

“Now, do we really have a flexible exchange rate? That is what we need to look at. These things require courage because some of the decisions you would take would seem to fly in your face in the first week or two.

“So, what does that tell you? If you allow people to actually come in with their dollars and sell at whatever rate, people want to buy and people see that they are going to make money on fixed income, or on equities and on currency appreciation, you will have liquidity in the market.

“Now, so long as you don’t allow that, you are not going to have the flows that you want. It is the inflow of dollars into the economy that would move the naira towards its fair value and for it to get to where you want it to be.

“It is not by fiat. The market does not accept orders. You don’t sit down and say

where you want the naira to be. It would never happen because it has never happened.

“They tried that in Ghana, we have seen it in Venezuela, we also saw it in Zimbabwe. If you don’t have dollars in the system, your naira is weak, simple!

“So, the question is, how do you attract dollars? Now, are portfolio investors the final solution? No, they are not.

“But anyone who thinks that a long-term investor is going to take a 10-15-year risk in an economy where we don’t get short-term macroeconomic decisions right is wasting his time.

“You have to have the macro right. You are not going to have the IMF or World Bank or even banks invest in your bonds, because they are looking at the huge gap in macroeconomic decisions,” he added.

On his part, an economist at Exotix Partners, a leading investment firm based in the United Kingdom, Alan Cameron, supported the CBN’s decision, describing it as one of the regulator’s “most sensible statement in months (and) one clear about the mandate and policy limitations.”

He believed that the naira was no longer over-valued, but rather at fair value on a real effective exchange rate basis – or perhaps significantly below (N325-N350).

He said it would take another three to six months of high nominal yields before some cuts in 2017, if external dynamics continue to improve, noting that the MPC statement “should be confidence-building, albeit from a rather low level.”

Similarly, Senior Macroeconomic Specialist at Ecobank International, London, Gaime Nonyame, supported the rate retention by the banking system regulator. She said the CBN could not reduce the policy rate because of inflation and could not afford to increase it because the country was already in recession.

This, she insisted, would not be desirable and encouraging to investors, who are expected to bring in the much-needed foreign currency, which Nigeria needs to get out of recession.

Also, analysts at the foreign currency trading and investment arm of Diamond Bank Plc, Uyi Ohenhen, lauded the CBN’s action.

A Senior Analyst at Delta Investments, Mr. Ken Halim, said: “The CBN’s decision was generally in line with analysts’ expectations.

I would have been surprised if the CBN had cut interest rates given that the most serious challenge facing the country at the moment is the forex issue.

“Dollars are still very scarce and companies are shutting down because they can’t access FX. Cutting interest rates would have been counter-productive and discouraged foreign investors from investing in treasury bills and bonds.”

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Heyden Petroleum Expands Downstream Operations Invests N10bn on new retail outlets, Unveils Lagos retail outlet Chika Amanze-Nwachuku and Ugo Aliogo In line with its commitment to drive excellence in the downstream sector of the Nigerian oil and gas industry, Heyden Petroleum Limited has acquired 40 new petrol stations, thus bringing the number of its retail outlets to 50.

The upgrade of the newly acquired petrol stations is currently ongoing and is billed for completion in months.

Speaking weekend at the unveiling of one of the rebranded retail outlets, located in Alapere axis on the ever-busy Third Mainland Bridge, Lagos, the Managing Director, Dapo Abiodun, said the company invested has over N10billion in the acquisition of the new petrol stations.

Abiodun, who is also the Chairman of Depot and Petroleum Marketers Association of Nigeria (DAPMAN), said the filling stations are being upgraded to ensure consumers get value for their money at every visit to the firm’s retail outlets.

The firm’s retail outlets are strategically located in major cities such as Lagos and Ogun.

However, the company plans

to expand its retail outlets operations to Oyo, Osun, Ekiti, Edo, Kwara, FCT Abuja and other parts of the country.

According to Abiodun, “We have acquired over 40 petrol stations presently, which brought our total to 50 fuel stations.

Our stations are located in Lagos and Ogun states respectively. Ogun is a new market for us. We will begin our expansion to Oyo, Osun, Ekiti, Edo, Kwara, FCT Abuja (which we are currently working on) and other parts of the country.”

The Heyden Petroleum boss stated that the Victoria Garden City (VGC) petrol station is being rebranded and would be inaugurated soon. The VGC retail outlet, perhaps the biggest filling station in Lagos currently, has 26 pumps to dispense petrol to 26 vehicles simultaneously.

“We are one of the biggest importers of petroleum products in the country; we have our tank farms, ships and good distribution networks. Therefore, our filling stations will always have fuel. We have built a good brand in terms of doing wholesale and coming down the retail line to add to the value chain”, he said.

The DAPMAN chair emphatically stated: “The

VGC station will be unveiled in the next one month. We have other stations in Lagos.

We are going to be inaugurating them monthly or every three months; we are working on them in batches of five so that

by December, we would have inaugurated all of them.”

He added: “What we witnessed from the first two we launched has been very successful. We are very much encouraged that Nigerians appreciate stations that were well built and managed.

“That for us is what we have done and we are justified with the result we have seen and we will continue to do this.

We are here to redefine how petrol is sold to the public and we are confident that we will be seen as one of the leaders in the petroleum retail sector.’’

The newly launched retail outlet in Lagos has nine pumps; seven of the nine are dual dispensers, which imply that 14 vehicles can buy petrol at the same time. It also has one pump for kerosene and diesel. In all, it has 16 dispensing units and about 15 attendants employed by the company.

Abiodun commended President Muhammadu Buhari and the Minister of State for

Petroleum, Dr. Ibe Kachikwu for the deregulation of the downstream sector, noting that “this is a feat which previous administrations had tried, but failed.” The deregulation brought the incentive to establish the retail business.’’

The Group Executive Director and Chief Operating Officer, Downstream, at the Nigeria National Petroleum Corporation (NNPC) Mr. Henry Ikem-Obih said at the unveiling of the new filling station that globally, the downstream sector impacts more in peoples’ lives. He commended Heyden Petroleum for its long term vision, pointing out that with the current wind of change in the industry, only firms that have the capacity and long term vision can play in the sector.

“Dapo is one of those individuals with a long term vision. He invested in a terminal for distribution among others.

He has arrangements around trucking, which ensures that he also moves his products by road at the right competitive prices.

Obih said Heyden has massive investment in every aspect of the retail chain, which ensures that every component of the supply chain can provide money, adding that this helps the NNPC

downstream sector to achieve its plan of N145 naira per litre cealing. “Therefore based on the fully deregulated model which is constrained by forex challenges today, it underlines the need for people to be more integrated in the sector to be able to make money.”

“The only way to make money is to play in every component of the supply chain, so that you profit from all the capital invested. I want to commend the President Buhari for transiting to today’s environment, it was very difficult. But we went back to complain to him.

“But his biggest concern was that economically the times are not encouraging for the average Nigerian. The paramount concern of Buhari was how this will impact on our income as we move from 87 to 145, how do we cushion the sufferings of the people, and where are the palliatives.

“Things are tough, but we continue to work on the vision.

Abiodun was one of those who encouraged us during the journey. You stay with us during the course of the journey. At NNPC, we have a responsibility to ensure that people such as Abiodun who have invested

long term capital in this time of uncertainty receives all the support and encouragements they need”, he stressed.

The NNPC Downstream Sector Chief stressed that the market is getting tougher for the operators, stating that deregulation brings intense competition to the market, and there would be massive level of consolidation in the business environment which would imply that a number of investors would fall out of the environment.

In his remarks, the Lagos State Commissioner for Finance, Abdul-Hakeem Abdul-Lateef, commended the Managing Director of Heyden Petrol station for the huge investment, noting that despite the numerous challenges facing the economy at present, he was able to bring on stream such massive project, He said: “For us in Lagos State everything is about growth, therefore having this, Dapo has created more jobs for us in Lagos. This investment will help boost the PAYE taxation drive of the administration. We are impressed and we need more of this in the state. We also need one in Ogun State.”

Glo Partners Pencom on World Pension Summit ‘Africa Special’

ICT LEADERS FORUM

L-R: Executive Head of Department, Internet of Things (IoT), Vodacom Business Africa, Tony Smallwood; Executive Head of Department, Commercial, Vodacom Business Nigeria, Solomon Ogufere and Managing Director, World Telecoms Lab, Mr. Leigh Smith, at the NigeriaCom ICT Leaders Forum held in Lagos...recently

Stanbic IBTC Introduces School Fees Payment Solutions Nume Ekeghe Stanbic IBTC Bank has called on parents and guardians to take advantage of its bouquet of educational products and payment solutions that will help them offset the financial burden of school fees, as schools reopen for a new academic session.

The bank said parents can readily meet their short-term financial obligations to educate their children without stretching their finances.

According to the bank, its school fees facility includes the Salary Advance (SALAD) for salaried workers, which offers very friendly interest rate and

its payment cards that parents can easily access and use to pay school fees. The prepaid cards are available to load pocket money for children/wards while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees. The school fees payment solutions underline the importance the financial institution attaches to education, it added.

Executive Director, Personal and Business Banking, Stanbic IBTC, Babatunde Macaulay, said the development of the educational products was the bank’s way of showing that it cares about its customers as well as the educational development

of their wards.

According to him, the bank understands that education is the foundation of individual and societal growth and development.

“Stanbic IBTC constantly strives to understand the needs of its customers which it then uses to provide innovative financial and payment solutions tailored to those needs,” Macaulay said.

“Stanbic IBTC Bank will continue to develop products and services to support the realisation of quality education in Nigeria. The school fees loan is a fast, simple and convenient way by which customers can meet their short-term financial

obligations to educate their children,” he added.

Other benefits of the school fees loans, according to Macaulay, include low interest rates, access to a revolving line of credit, flexible repayment terms, and the opportunity to access credit up to 100 per cent of the customer’s income.

On how to access the products, Macaulay said the beneficiary must be an account holder with Stanbic IBTC Bank, who can then walk into any branch of the bank and apply for any of the loans in a few easy steps. The application is then processed within one week and the customer is contacted with the feedback

Telecommunications operator, Globacom, is the Diamond Partner of the 2016 World Pension Summit ‘Africa Special’, which takes place in Abuja this week.

The company said the event is an international platform for knowledge sharing on pension matters and would be held at the Transcorp Hilton Hotel on Tuesday, September 27 and Wednesday September 28, 2016.

The World Pension Summit ‘Africa Special’ is an annual specialised Summit for Africa, which is held in conjunction with the National Pension Commission of Nigeria. The first edition was held in Nigeria in 2014 to celebrate the tenth anniversary of the Nigerian Pension Reform Act of 2004.

The theme of this year’s summit is “Pension Innovations: The African Perspective.”

According to the organisers, the Summit will be attended by finance experts, African social security and pension professionals as well as major stakeholders from around the globe. Discussions will centre on “specific African pension innovations, key scenarios, and scheme developments.

There will be presentations on global insights and best practices and these will be shared and discussed by renowned international experts,” the organisers added.

Former President, Chief Olusegun Obasanjo, is expected to be a guest speaker at the forum, while experts from the African continent and beyond

will also present papers.

They include Richard Dowden, Director of the Royal African Society, London, Alejandro Maldonado, MD of Mexican National Savings Commission, Mrs. Chinelo Anohu-Amazu, Director General of National Pension Commission; Dr. Ese Stephen Owie, Director & CEO of Centre for International Trade & Policy, Geneva; Solomon AdegbieQuaynor of Client Leadership Group, International Finance Corporation; Sev Vettivetpillai, Partner and Global Head of Thematic Fund Businesses at the Abraaj Group, Walé Adeosun, Founder and CEO of Kuramo Capital Management, New York, and Wole Famurewa, Markets Editor, West Africa at CNBC Africa.

Globacom said it decided to partner with the Pension Commission to host the 2016 event because it shared the vision of promoting a sustainable pension industry that positively impacts on the economic development of Nigeria. Globacom said the vision will also guarantee better life for Nigerians and indeed Africans after retirement.

“It is our belief that the summit will help address challenges in the pension industry to ensure better retirement life for millions of Nigerians. In addition to this, global attention will be on our country during the summit. We want to ensure a successful event by throwing our weight behind it,” Globacom stated.

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Aig Imokhuede: I Am Driven by National Interest Unless you are able to unravel the key driving force behind a man’s actions, trying to understand who that individual truly is may turn out a fruitless exercise . Two Saturdays ago, for almost three hours, Ayo Arowolo engaged Aigboje Aig-Imoukhuede, a former Group Managing Director of Access Bank Plc and gained insight into his world views: he shared his perspectives on success; on wealth creation; on entrepreneurship; on governance; and many others. Of course, Aig, who is also the President of The Nigerian Stock Exchange, also spoke at length on his new pet project-African Initiative for Governance (AIG), a concept he says could revolutionise the civil service in Africa and put the continent on the path of sustainable progress. Excerpts:

So who is Aigboje-Aig Imokhuede? A banker?

A business man? An entrepreneur? A career professional? An investor? You probably won’t be wrong if you pin him down to any of those nomenclatures. He fits perfectly into any of them! Within a period of about three decades, Aig, as he is fondly called, has stamped his feet firmly on the Nigerian landscape creating a string of successful interventions. Aig himself admits: “People say that things I identify with closely tend to succeed, I’ve heard people say that and I am grateful to them for saying that and I am more importantly grateful to God for giving me whatever endowment that have made that possible. But perhaps I can think through two reasons for this. First, I don’t embark on something that I don’t believe in.

When I start something I am totally committed until I finish it. That’s number one. Number two is that everything I am involved in there are certain principles that are fundamental and cannot change. One is excellence and embedded in that is best practice, another is sustainability.

So I don’t like to be viewed as a shooting star, the one who shoots into the sky and then evaporates, no. so excellence, sustainability and partnership.

What does success then mean to Aig? “First of all I have told you that success that does not endure is not success. Ok, I measure the success of an individual particularly when it comes to institutions by what happens to that institution after the person had gone. So I can acknowledge the progress that an institution made under you, but I rarely admire you for

that. I admire you for the progress that the institution that you founded makes after you have gone, perhaps even when you are dead.

For me if you are using my standards, as to whether I have succeeded or not I won’t be around to know. For me, success should be measured in longevity, the sustainability and so on. The other thing about success is I don’t do incremental interventions, you know what I mean by incremental, I like to build things, I like to create, I don’t like to manage.

So I would like to create an i-pad, or create a business that makes i-pad, I am not interested in taking i-pad sales from one billion to two billion...I intend to move more towards creation of platforms; there are others who thrive in building it up to scale.

Those who are close to Aig would say that for

I have no doubt that if we have the same quality of people and the same capabilities that reside in the people in the private sector in the public sector, Nigeria, and indeed Africa will have a totally different story

the past three years or so, he has been hinting at a pet project he and a couple of like- minded individuals have been planning to push out, a concept he says could revolutionise the civil service in Africa and put the continent on the path of sustainable progress. In just a couple of days, African Initiative for Government-AIG, will be unveiled to the public.

Just what is AIG all about? Is not just another foundation?

“I will redirect the question to, why is Aig involved in this initiative? My professional background is in the private sector, I’ve been in the private sector all my life. I have been in banking and finance since 1988. But I am the son of civil servants; I grew up as a civil servant’s child. I was born in 1966, my formative years as a student were Nigeria’s and possibly Africa’s golden period of intellectual development. I have seen the best of what Africa can offer itself intellectually... Where am I going to with all these? Perhaps as a result of my growing up, I have always had national interest particularly from the point of development upper most in my mind. I am a private sector person, I am a very entrepreneurial person but I have always questioned why is our state of development where it is? And you find me even though I don’t work for government, involved in many initiatives that have led to a better Nigeria one way or the other; I am very passionate about that. Even in working with several governments particularly since we returned to democracy in 1999, I have had a great frustration and that is that we have been unable to create sustainability and gain

traction in terms of the public service and the public sector’s ability to improve the lots of Nigerians.

Now my experience is not just in Nigeria, I’ve had this same experience in Ghana and in other African countries. I am fortunate to be widely travelled so I have seen what countries can do to develop themselves whether advanced or developing countries. I have seen what is needed to get a country to move forward, from third world to first world. I have read about it and I am very frustrated for the fact that Africa seems to be unable to get their acts together. Why is it that we can fix our board rooms but we can’t fix the city halls.

Why is it that today you see across Africa companies emerging that are challenging big companies that came from advanced countries, why do we have banks in Nigeria for example that are lauded for the great feats they have achieved, they have managements and technologies that can march any other in the world, why can’t we describe the Nigerian public sector in this same terms after all it is the same Nigeria and Nigerian people that are making it happen in the private sector, why are Nigerians not making it in the public sector?.

I have no doubt that if we have the same quality of people and the same capabilities that reside in the people in the private sector in the public sector, Nigeria, and indeed Africa will have a totally different story.

For me it is not about if AIG is going to work in a certain government institution or run for electoral office. I can choose to do that,

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INTERVIEW Essentially my goal is that in the next 10 to 15 years, through the intervention that I will describe shortly, that we will bring as many as 200 individuals into the public service, men and women, people of strongest intellect who have had great exposure intellectually in a formal academic setting as scholars

them. As you know time has shown there are some of us who have gone from the private sector into the public sector, who went to good schools, and yet they disgraced us. It is not like everybody who moves from the private sector to the public sector will deliver.

We need to ensure that people stick to the straight and narrow.

“I have no doubt that if we have the same quality of people and the same capabilities that reside in the people in the private sector in the public sector, Nigeria, and indeed Africa will have a totally different story.”

Using the example of Rwanda where there are more excellent people in the public service than in the private sector, Aig said that is actually what it should be. “But I don’t get that across Africa and that explains our low level of development.”

Promising to do all he can to address other developmental challenges facing Africa such as infrastructural deficiency which he acknowledge are actually symptoms, he says: “I will continue to try to attack the symptoms. What are the symptoms? We have a power problem, we need to find the power solution, we have the corruption problem; we need to deal with that, we have economic policies that frankly speaking, some times you know that it won’t work. So we try and fix those things. But I don’t think that is sustainable. I think the issue is we need to get our public policy right; we need to get our public administration right.

Aig-Imoukhuede

but I have seen people like me or who are even more gifted go into government make their mark, but Nigeria remains the same. So it can’t be about one person. We need to create a generation of several people in the public sector working at the same time, having a common understanding of what best practice is, of what excellence is and committed to deliver for this nation. It is not going to happen overnight. Unfortunately, our government has a resource challenge right now in terms of capacity building. I actually started thinking about this initiative when I was in Access Bank as CEO, I spoke to the board and the board was kind enough to provide us with development lead, some support financially to develop this concept, we brought in consultants, we worked with Nigerian consultants, and they did a first class job. But the thinking was that an initiative like this would be constrained if we locate it within a private sector institution, it is this same issue of ..they can fund it, there is no doubt about that, but for sustenance you have to decouple it from the concept of vested interest. So I said I believe in it, I convinced the board to support it, therefore I think I can convince others outside of Access Bank. Most importantly, I will dedicate my own resources and my time amongst other things to support this. So that is it!

Aig says that is the driving force behind African Initiative on Governance (AIG) Scholarships and AIG Fellowships as well as the AIG Index, he is about to launch, a project that

focuses on strengthening the public sector by building the capacity of the people as a guarantee for real development for Africa.

The initiative which has been in the works since 2012, is modeled after the Lee Kuan Yew’s initiative that transformed Singapore from a third world country to a first world country within a short time because of its focus on building the people.

It is essentially a scholarship programme that will see young and brilliant Africans sponsored to one of the world’s best universities for their masters programme, thereafter they will return to their home countries and work in the public sector for at least five years bringing into the system the skills and knowledge they acquired in the course of their training.

For Aig, there is nothing more important than building the human resource of the country.

According to him, if the public sector has the same quality of persons that are available to the private sector, Nigeria’s, and indeed Africa’s

I remember I have read every book by Lee Kuan Yew and about Lee Kuan Yew, he is probably the greatest inspiration for that which we’ve embarked on

story would have been different.

He finds it difficult to comprehend that in the 60s and 70s, the public sector in Nigeria and most African countries had the best brains the continent could offer and the effect was tremendous, but today, the reverse has become the case, brilliant professionals would rather work for the private sector or move to Europe or America with heavy costs to the development of the continent.

“Essentially my goal is that in the next 10 to 15 years,” Aig says, “through the intervention... we will bring as many as 200 individuals into the public service, men and women, people of strongest intellect who have had great exposure intellectually in a formal academic setting as scholars.”

“So with this initiative, I am not looking at creating academicians, we are looking at creating public servants who are intellectually sound and understand what development means. We will create the scholars, you can call them the core of those who will work in the public sector in 15 to 20 years time.

We will not stop there, at some point in time we will have a stock, maybe the core will grow to a thousand. Also within the public sector, it will not just be the scholarship, for those who go in and begin to stand out from amongst a very strong group, we also create fellowships for them, the AIG Fellowships, to go back and refresh. Then we have a mentorship arrangement where we link this group of hopefully super achievers with wise old men and women who had been there before to tell them the realities of life and support

Explaining how the initiative would be modeled after the Lee Kuan Yew initiative, Aig said: “One thousand people will make a great impact, but we want to scale this initiative up even further. I spoke about Lee Kuan Yew, I spoke about the impact not just in Singapore, but in South East Asia. Lee Kuan Yew created Lee Kuan Yew Institute and the whole idea was that the learning and experiences of Singapore in building a world class public sector should be made available to other countries in the region because the other South East Asian countries failed to develop at the same pace as this their neighbour that was just near them, so people from Malaysia, Korea and so on particularly those from the public service could go there to develop themselves.

The wonderful thing about it was that that school is now the gold standard on how to develop those who will serve their nation in the public sector capacity. We want to do that here to serve not just Nigeria, but Africa, but Nigeria being the principal point of focus.”

And which institution is he modeling AIG after?

“Deciding which university to partner for the initiative was not an easy one as there are several world class universities and business schools especially in the UK and US. Of course it is not just a good university; it must have some special features that set it apart”. Aig continued: “I can readily think of domestic institutions we can partner with, but you know when it comes to intellect, and scholarship, I know as well as you know that there is no shame in admitting that Oxford University has over the past several hundreds of years been producing first class outputs, you know, and if you look at how many heads of state, people who have made impact globally that have come from this university, they are many.

If you go to North America, you can speak CONTINUED ON NEXT PAGE

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AIG IMOKHUEDE: I AM DRIVEN BY NATIONAL INTEREST the same of Harvard University or Stanford and so on.

“So in the same way as you want to nurture a great footballer, you want to give them the opportunity to join Barcelona Academy or Chelsea Academy and so on, the same way I believe that we want best Nigerians, best Ivoirians and so on to benefit from these world class institutions as scholars. Also you want to look at how they have built post graduate institutions that provide skills to equip leaders in the public sector so that we can create the same here.

“We went around and looked at world class universities and the one that kept standing out for me is Blavatnik School of Government (BSG) in Oxford. The Dean is a fascinating woman, what I love most about her is her ability to work with talented people and make them realize their full potential and go back to their countries and do great things. You have people who go back to Asia, go back to Africa and they are doing great things. We spoke, exchanged views and so on and we agree to go into a partnership whereby if we identify great raw materials that is people between 25 and 35, Africans who have the characteristics and talents to gain admission into the school which only admits 120 of the best of the best, we will then give them scholarships. “During that year that they are in BSG, beyond the BSG typical curriculum which builds great leaders, we will also infuse them with visits from notable Africans and so on. We will try and even get them to do there dissertation on things that could impact the whole country and Africa in general. This scholarship is on the condition that you come back and work for your country for five years.

“We also have the idea of through e-learning platforms to begin to deliver training for public servants that have shown significant talent and high potential. There is a limited number that can go into BSG for Masters but certainly we can have online programme so to speak and also visitations by professors to supplement the online experience.

“So in 10 to 15 years, we will have 200, 300 core scholars and then maybe we have another 2000 people in the public service who have benefited from this process through the online programme, you begin to see the possibilities, that is what excites me.”

Beyond the scholarships, the initiative also has a measurement mechanism to ascertain the effectiveness or otherwise of the intervention.

The AIG Index, a key component of the initiative, will measure public sector performance.

According to the visionary banker, the index is very imperative as it would be difficult to know if the intervention is working or not.

He said: “We thought about it and say fine, how are we going to even determine that this initiative is working, how do we know that okay, you brought these great people into the public service, right, we know that change is happening but how do we prove it on scientific or empirical terms? So we thought of bringing the idea of AIG Index, AIG Index will be an index of public sector performance, it is not going to be every ministry or every state, we will pick key ministries, key states and measure them from an output standpoint, administered like the most respected index whether it is financial index or qualitative index, such as social governmental performance. In all of these, BSG has agreed to partner with us.”

Brilliant idea one would say, but there is a challenge, the challenge of keeping the brilliant chaps in public service considering the frustrations arising from poor working conditions, nepotism, corruption and inadequate work tools. Aig is very much aware of this challenge as he admits: “One of our greatest challenges is going to be, how do we keep these outstanding individuals in the public service in Nigeria for example? The reason why people say to Aig- Imoukhuede, come and serve in the public sector, they say is because of your track record in the private sector. I am not the only person who has that track record in the private sector and I didn’t work alone.

“Perhaps my track record comes as a result of my ability to identify very strong talents to work together as a team and achieve great things, okay. Then I get to the public sector and I must work with a team and I can’t bring the type of people that I have worked with in the private sector, I then begin to see

why these things are not sustained. Fine I can kill myself for five years, tremendous things happen, then afterwards, all their virtues are lost, that is not what is going to sustain this nation. Where is the pool of talents I am going to work with or that any other person is going to work with? That is what we should be talking about.

“The key challenge is that when we get these great talents, how do you get them to stay?

What are the things that are unattractive about working in the public service? Remuneration, the greater political context, which is a political system that is not merit driven, and therefore will naturally frustrate a talented individual.

You also have the issue of corruption. For an enlightened individual, one of your greatest concerns will be, okay I am not corrupt but I am going into a very corrupt system and I am alone, what happens to me, am I going to be a fighter and I go in there and I lose the battle or worse still will these people actually corrupt me?

“If you look at all of these things, and then you look at also policy inconsistency which is very unfortunate. Ordinarily, if you see a great initiative in the public sector you ensure that irrespective of where it came from, it is sustained, but our political process seems to suggest and this is not changing from one party to the other, even within the same party, once there is change of leadership, everything that the predecessor did are abandoned. In view of all these, the young man simply tells himself, let me just go to Access Bank and revolutionalise banking, let me go to Wapic Insurance and revolutionalise insurance or any other private sector institution for that matter, but that has to stop.

“There is need to create the enabling environment for talents to stay in the public sector. That is what we are going to base our first round table brainstorming session on. We have done a lot of work on this initiative, in fact the process started late in 2012, so we have been working on it for four years before we are launching, because the challenges are immense.

We went around and looked at world class universities and one kept standing out for me is Blavatnik School of Government (BSG) in Oxford.

“I remember when I spoke on it for the first time at Lagos Business School, people said great, great idea, but how will you keep them in government? I say to people if we are going to die trying, we’ve got to because I think this is our last hope. I mean we have to move from fighting the symptoms which are too many, to face the root causes. One way or the other, we will find a solution to keeping people in the public sector.

“I told you we are adopting the Singaporean model. There is a lot of literature on this and if you read Lee Kuan Yew book ‘From third world to first world’, Lee Kuan Yew says he is embarking on the process of building a nation that had so many challenges that actually dwarf the type of challenges that we some times allude to in Nigeria, and he wants to do it very fast, he doesn’t want the world to change and leave them behind and he knows that, right apart from ports, they don’t have any natural resources, they don’t have large population, their environment is only good for growing flowers, they don’t have the type of land mass to say they want to do agriculture.

“He said okay, the only thing I have is my people, the human talent, if I am going to be able to create a private sector, I have to ensure that the private sector has a business environment that endures, I have to ensure that I have the best people in public service.

Public policy in Singapore must operate at the highest standards you can imagine anywhere in the world, I want to move from the third world to the first world. The way the public sector work in Singapore must be better than the way the public sector works in the best performing country.

“He said you know what, we will attract the crème de la crème of Singaporean students and so on. It is not really an elitist thing, it is not about where did your father go to or come from, it is not just to staff positions in what they call the civil service, the Army, the judiciary, across every segment of the public sector.

“When I went to Harvard for my first long programme, in my class, in fact in my study group was a colonel in Singaporean Air Force, a colonel, I didn’t say a general and this is not the first. Imagine that part of the process in developing officers in the Singaporean Army is that they go to Harvard Business School?

Why won’t their Armed Forces operate the way their Armed Forces operate?

“First thing is to identify the best, pay them competitively. In Singapore, public servants are paid, it may not be the same but almost as those in the private sector. When I say pay, I am not just talking about salary, but the overall condition of service. So the cash may not be private sector cash remuneration, but they will

The key challenge is that when we get these great talents, how do you get them to stay? What are the things that are unattractive about working in the public service?

live in the same places, their children will be able to go to good schools, I am not saying private schools. You will make sure that the public schools are up to the right standards.

One of the great things about government is that government has the best land in the best location so it can give and make sure that its public servants live in the best places. Probably for sustenance, in the Singaporean political economy, public servants are given a pride of place. Not in the context of oh ok you are looking after your village based on the things you obtained illicitly from government, no. by virtue of your, first of all your intellect, by virtue of your contributions, by virtue of your loyalty to your country and so on.

“The message therefore is that, that which happened in Singapore can happen in Nigeria, we just have to have the will and the ability to come up with the structures to put that in place. That is what we want to do through this initiative.”

He said the AIG Scholarship will be positioned to compare favourably with the best in the world especially Rhodes which he very much admires. According to him, people say that things that he identifies with closely tend to succeed, “I’ve heard people say that and I am grateful to them for saying that and I am more importantly grateful to God for giving me whatever endowment that have made that possible. But perhaps I can think through two reasons for this. First, I don’t embark on something that I don’t believe in.

When I start something I am totally committed until I finish it. That’s number one. Number two is that everything I am involved in there are certain principles that are fundamental and cannot change. One is excellence and embedded in that is best practice, another is sustainability. So I don’t like to be viewed as a shooting star, I will shoot into the sky then you evaporate, no. So excellence, sustainability and partnership, I don’t really care about being seen as the person, I am ready to partner, let’s CONTINUED ON PAGE 33

33 31

AY •• MONDAY, MONDAY,SEPTEMBER SEPTEMBER26, 26,2016 2016 TTHHI ISSDDAY

BUSINESSWORLD

INTERVIEW

AIG IMOKHUEDE: I AM DRIVEN BY NATIONAL INTEREST work together to achieve our objectives. We started this process in 2014, if we think about the budgets given that it is an international initiative, there is a lot of international exposure, going to school abroad, think about how our budget has changed given the exchange rates alone. Many people I know would have made adjustments here and there or maybe even run away, for us, whether the rates goes to 3000 or whatever it is, God forbid, we will see this through.

“In terms of the scholarships, I am not a Rhodes Scholar, but I have always admired Rhodes scholars, whether those who graduated from Africa and even those who graduated from anywhere else. Bill Clinton is a Rhodes Scholar, just to give you an example and Rhodes Scholarship has been in operation for over a hundred years and it is probably the most prestigious scholarship you can think of. If I give you a picture of Cecil Rhodes you won’t even know who he is and yet when it comes to a process that has led to the production of statesmen across the world, people in the private sector who have changed the world, that is my type of benchmark, the structure, not the individual. We want to infuse sustainability into this so I am endowing beyond the ongoing funding. I am endowing aspects of my resources or assets to ensure that this will survive long after I might have gone and I am ensuring that the governance structure is such that whether my family likes it or not they must continue to support this initiative.”

To show how serious he is with the initiative and how urgently he would want it to be up and running, the first set of AIG Scholars will be unveiled early next year. As he said Oxford University starts to decide on students for 2017 about December this year or January next year. “So if we are going to take students for 2017 class, that means we are going to open for scholarship applications from end of September 2016 and we are going to hopefully finalise the first set of AIG Scholars by

So I don’t like to be viewed as a shooting star, I will shoot into the sky then you evaporate, no. so excellence, sustainability and partnership, I don’t really care about being seen as the person, I am ready to, insofar as let’s partner, let’s work together to achieve our objectives.

October/November this year. I hope that they would have successfully got the admission and they go in.

“The panel of advisers is going to have a first brainstorming session on the 29th of this month. The month of September really is more about educating the world about what we are doing, inviting applicants and by early 2017 we should be advertising who and who our first scholars are.

“Again before the end of this year we are going to launch the criteria for our public sector awards. Our public sector awards are going to be similar to the Mo Ibrahim awards which are afforded at Africa level. Our award would be at a country level. We launch them in Nigeria, we launch them in Ghana and we launch them in other countries as we understand them more and more and it is just one award for one individual every year. The reason why we want it like that

is that we want it to be dignified, we don’t want to dilute the attention with many winners. We may expand it with time, but for now it is just one award for one person, one person chosen by Nigerians through a very transparent process.

“With respect to the index, typically it takes about a year to put together a financial index and then you know you have to subject it to third parties to validate and you also need to put the governance of it and the administration into consideration. In other words, how are you going to get the data and verify that it is about public sector performance? We hope to have the index in place in a year’s time and we also hope to be able to administer the index for 2017. Towards the tail end of 2017, maybe about December, the institutions that we covered, we give them their report card.

That’s a lot. When I look at the volume of work to be done, I thank God that I am retired because it is almost a full time job, but I think that our team that we are assembling to run the African Initiative on Governance (AIG) will be able to do what it takes.”

32

MONDAY SEPTEMBER 26, 2016 T H I S D AY

T H I S D AY MONDAY SEPTEMBER 26, 2016

33

34

MONDAY, SEPTEMBER 26, 2016 • T H I S D AY

BUSINESS/MONEYGUIDE

FG Urged to Ensure Effective Monetary, Fiscal Policy Coordination Obinna Chima The federal government’s economic managers have been advised to re-organise its policy actions to ensure both fiscal and monetary policies are in harmony.

Analysts at Afrinvest West Africa Limited stated this in their 2016 Nigerian Banking Sector report titled: “Search for Investor Confidence.”

More importantly, the report stressed that efforts must be put in place to ensure policy actions are prudent, predictable and consistent going forward.

In addition, it recommended a complete liberalisation of the foreign exchange market, devoid of any suspected invisible control of the Central Bank of Nigeria (CBN).

“Having delayed adjustment to a flexible FX framework, the CBN needs to consciously ensure regulatory consistency and stay the course of its new FX framework to regain lost credibility and boost confidence among investors.

“The huge spread between the official and parallel market FX rates is a source of concern and continues to form the basis upon which most foreign investors perceive the true value of the naira. “We think that after over one year of excluding 41 items from accessing forex from the interbank window, the fiscal authorities should have either banned or increased duties on

these items by now. “This would remove one of the major factors driving the parallel exchange rate lower and leading expectations of lower exchange rate at the official market. Resolving the FX dilemma and giving up restrictions would enable the CBN regain control of monetary policy and focus on reducing interest rates from the current high levels stifling credit access,” it added.

It pointed out that beyond embracing reforms to reduce recurrent expenditure and engender probity in public sector finances at all levels, the fiscal authorities can still do more in building fiscal resilience through diversifying revenue base.

Furthermore, it stated that although higher taxes could be a drag on growth in a period of recession, it could also reduce the credit risk of the sovereign and unlock borrowing potential required to invest in infrastructure and buoy growth.

Hence, underexplored tax potentials, especially relating to consumption may need to be reviewed. Nonetheless, tax breaks and holidays should be given to high employment sectors such as agriculture, tourism and real estate to spur private sector investment, the report added.

Nevertheless, it lauded the courage of the CBN in reversing its initial stance of supporting a rigid FX framework and

replacing this with a flexible FX arrangement particularly the creation of derivative products that provide avenues to hedge investment positions.

“For Nigeria, the fall in global oil prices as well as militancy induced output disruptions have fundamentally crippled the fiscal earning capacity of government and also undermined external sector and financial system stability.

“Depressed government revenues have significantly weighed on the viability of sub-nationals in particular, with some 26 Sates unable to meet their employee wage obligations, prompting the federal government to provide bail out packages in order to preserve social security.

“In addition, lower foreign exchange receipts have weakened the country’s external reserves and ultimately deflated the CBN’s politically inspired defence of the local currency. Consequently, most macroeconomic indicators have deteriorated as the economy grapples with a recession amid galloping inflation and rising unemployment,” it stated.

Accordingly, Afrinvest research expressed belief that restoring confidence in regulation, policies, markets and governance appears to be the single most important factor required to rekindle investors’ interest in the Nigerian economy and financial markets.

UBA Foundation Opens Entries for Essay Competition The UBA Foundation, the corporate social responsibility arm of United Bank for Africa (UBA) Plc, has announced the opening of entries for the 2016 edition of its annual national essay competition.

The CEO, UBA Foundation, Ijeoma Aso announced that the Foundation has started receiving entries from eligible participants in senior secondary schools in Nigeria.

Entries for the essay competition, which has opened, is expected to close on November 4, 2016. The essay topic for this year’s competition is “If you were in a position to held the Internally Displaced Persons (IDPs), what would you?”

Speaking during a media briefing, Aso, said the essay

competition provides an opportunity for students in senior secondary schools in Nigeria to win prizes in the form of educational grants.

The first prize for the UBA National Essay Competition is a N1 million educational grant for the winner to study in any African university of his or her choice. The second and third prizes are N750,000 and N500,000 educational grants respectively.

The UBA Foundation boss said the competition is part of the Foundation’s initiative to promote creative and analytical thinking in senior secondary students in Nigeria and is a follow up on the Foundation’s Read Africa initiative, which promotes reading culture

among students through the reading and free distribution of Africa literary classics in secondary schools. The national essay competition is also held in Ghana and Senegal.

Entries received for the competition will be reviewed by a distinguished panel of judges made up of professors from reputable Nigerian Universities, who will then shortlist 12 best essays for further assessment.

On his part, the Group Head, Corporate Communications, UBA, Mr. Charles Aigbe, urged students to take the national essay competition seriously as it provides a massive opportunity for them to change their lives for the better.

Nigeria Interbank Settlement System Promotes Art As part of efforts to promote financial inclusion, the Nigeria Interbank Settlement System Plc (NIBSS) has unveiled an art competition for youths in the country.

Explaining the structure of the competition at a media briefing in Lagos at the weekend, the Managing Director, NIBSS, Mr. Adebisi Shonubi said his organisation is currently carrying out a retrofit of its head office complex situated at Victoria Island in Lagos.

Owing to this, the company is looking to compliment the new look with a collection of diverse art works.

Shonubi, said the intention is to provide young artists the opportunity of having their works adorn the wall of the NIBSS, saying that the company would commission the artists’ briefs that best reflect the themes being promoted.

He said a grant would be given to commission the best artwork. According to him, submission of entries commenced on September 21 and ends on September 30th, 2016.

The timeline is for prospective artists to express interest in the competition.

“NIBSS expects interplay of relief features with water

movement using sustainable materials, lightening, and nature, inorganic forms, among others in expressing the concept and a bit of magic. The wall art can be any of the following, but not limited to these: paintings, sculpting, banner/posters, photography, wall relief, digital graphics and wall murals.

“The objective of the competition is to encourage youth participation as it is definitely the only means to reduce unemployment rate in Nigeria. It is an effort to bring financial services to the unbanked and to encourage financial inclusion,” the NIBSS boss explained.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JUNE 2016 Broad Money (M2)

21,684,965.22

-- Narrow Money (M1)

9,125,933.16

---- Currency Outside Banks

1,379,187.93

---- Demand Deposits

7,746,745.22

-- Quasi Money

12,559,032.07

Net Foreign Assets (NFA)

7,105,663.47

Net Domestic Assets(NDA)

14,579,301.76

-- Net Domestic Credit (NDC)

24,318,143.03

---- Credit to Government (Net)

2,893,190.01

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

5,004,677.26

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

-2,111,487.25

---- Credit to Private Sector (CPS)

21,424,953.01

--Other Assets Net

-9,738,841.27

Reserve Money (Base Money)

5,370,199.87

--Currency in Circulation

1,684,725.89

--Banks Reserves

3,685,473.98 • Source - CBN

MANAGED FUNDS Initial Price (N)

Buying Price(N) 1,660.29

1,685.29

1,000.00

11,002.32

11,326.67.11

Stanbic Balanced Fund Stanbic IBTC NEF

Selling Price

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 22 SEPTEMBER 2016 The price of OPEC basket of fourteen crudes stood at $43.27 a barrel on Thursday, compared with $42.54 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), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

35

MONDAY, SEPTEMBER 26, 2016 • T H I S D AY

MARKET NEWS

Guinness’ Market Capitalisation Declines by N11bn on Weak Demand Goddy Egene and Nosa Alekhuogie Weak demand for the shares of Guinness Nigeria Plc following the loss for the year ended June 30, 2016, depressed the market capitalisation of the company by N10.5billion at the stock market last week.

The market capitalisation fell from N150.5 billion to N150

billion as a result of a price decline from N100 to N93.00 per share.

Market analysts said the decline in stock resulted from negative reactions from investors due to the loss recorded by the brewing firm.

For the first time in 30 years, Guinness Nigeria Plc reported a loss before tax of N2.347 billion and loss after tax of N2.0 billion, compared with

T H E

profit before tax of N10.795 billion and profit after tax of N7.79 billion in respectively in 2015.

Speaking on the results, Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Mr. Peter Ndegwa had said the combination of a tough economic environment and challenges with naira devaluation had a significant impact on Guinness Nigeria’s overall

N I G E R I A N

performance. “Our performance this year was impacted by two major factors, one being the very tough economic challenges around consumer spending, driving consumer preferences towards value brands across the sector, the other, and more significant factor being the effect of foreign exchange policy and the devaluation of the Naira.

When you take out the impact of the latter, our underlying

STO C K

performance for the year was broadly in line with the prior year in spite of the pressure on the top line.”

Also commenting Chairman, Guinness Nigeria Plc, Mr. Babatunde Savage, said: “Despite the continuing deterioration in the operating environment, the Board is pleased to note that our core brands of Guinness FES and Malta Guinness are in

E XC H A N G E

growth and we now have a strong participation in the growing value segment of the market through Satzenbrau and Dubic. We have also started to see early signs that our decisions to acquire the distribution rights in Nigeria to the International Premium Spirits brands of Diageo and to invest in local capacity for spirits manufacturing are the right ones for the business.”

36

MonDAY, septeMber 26, 2016 • T H I S D AY

MARKET NEWS

Taking Advantage of Managed Funds in Nigeria (1) Goddy Egene Following the current high volatility in the nation’s capital market, many investors are holding back their investments in the market for fear of losing their money. Although stock markets in their nature are cyclical and volatile in nature, the challenging economic environment has raised volatility in the Nigerian market.

However, as some investors continue to wait on the

sidelines, there is a safer route other investors are using to still invest and enjoy returns the headwinds notwithstanding. That route is investment through managed funds, which are also known as mutual funds.

Managed funds pool money from individual investors and the funds are invested by a fund manager in asset classes such as shares, bonds, property and infrastructure among others. When investors stake their funds on mutual funds,

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

they are issued a number of shares or units in the fund according to the amount they invested. Each share or unit represents an equal portion of the fund’s value. The investors enjoy many benefits and regular payments, known as dividends or distributions, from the fund, based on the profit or income it receives from the underlying investments.

Direct investing in stocks by individuals carries high risks than when an investor plays in the market through

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 22-Sep-2016, unless otherwise stated.

mutual funds.

Investing through mutual funds exposes investors to the expertise of fund managers. Since fund managers, who are experts in this area, invest large amounts received from individual investors in listed companies and other investments, they can afford to employ specialists to analyse, select, monitor and sell investments for the benefit of the investors.

Investment in mutual funds provides opportunity for investors to diversify and

spread risks. An investment in one fund transaction can provide access to a range of underlying investments and diversify your investment across different asset classes and market sectors. It provides access to investments that may otherwise be out of reach of ordinary investors.

As an investor, spreading your money across a range of asset classes can decrease your overall risk, as it reduces the impact on your portfolio if one or two of your investments perform poorly.

However, there are a number of questions that investors need to ask before investing in a mutual fund. Such questions bother on how much risk the investor is willing to take on, the overall return the investor is looking for. Is the investor looking for long term growth of generate regular income. Is the investor looking to invest in a specific asset class or market sector?

There are many funds currently in the market that provide answers to all the above questions among others.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Afrinvest Equity Fund 125.36 Nigeria International Debt Fund 215.36 ALTERNATIVE CAPITAL PARTNERS LTD Web: www.altcappartners.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price ACAP Canary Growth Fund 0.67 AIICO CAPITAL LTD Web: www.aiicocapital.com, Tel: +234-1-279 2930 Ext-2205 Fund Name Bid Price AIICO Money Market Fund ARM INVESTMENT MANAGERS LTD Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name ARM Aggressive Growth Fund ARM Discovery Fund ARM Ethical Fund ARM Money Market Fund AXA MANSARD INVESTMENTS LIMITED Web: www.axamansard.com; Tel: +2341-4488482 Fund Name AXA Mansard Equity Market Fund AXA Mansard Money Market Fund CHAPELHILL DENHAM LTD Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Nigeria Global Investment Fund Paramount Equity Fund Women's Investment Fund FBN CAPITAL ASSET MANAGEMENT LTD Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name FBN Fixed Income Fund FBN Heritage Fund FBN Money Market Fund FBN Nigeria Eurobond (USD) Fund - Institutional FBN Nigeria Eurobond (USD) Fund - Retail FBN Nigeria Smart Beta Equity Fund FIRST CITY ASSET MANAGEMENT LTD Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Legacy Equity Fund Legacy Short Maturity (NGN) Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Growth Fund

100.00

aaml@afrinvest.com Offer Price Yield / T-Rtn 125.86 12.14% 216.04 7.57% info@acapng.com Offer Price Yield / T-Rtn 0.68 9.38% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

11.34%

enquiries@arminvestmentcenter.com Bid Price 12.80 294.30 22.64 1.00

Offer Price 13.18 303.17 23.32

Yield / T-Rtn 5.00% 5.30% 2.67%

1.00

11.53%

info@axamansard.com Bid Price 101.29

Offer Price 101.92

Yield / T-Rtn 1.61%

1.00 1.00 9.71% investmentmanagement@chapelhilldenham.com Bid Price 2.08 9.41

Offer Price 2.13 9.65

Yield / T-Rtn 2.18% -4.51%

82.20

84.31

1.35%

invest@fbnquest.com Bid Price 1,104.48 115.15 100.00 $104.96 $104.90 112.80

Offer Price 1,105.55 115.67 100.00 $105.93 $105.88

Yield / T-Rtn 2.07% 5.89% 10.14% 5.44% 5.39%

114.36

13.58%

fcamhelpdesk@fcmb.com Bid Price 0.95 2.49

Offer Price Yield / T-Rtn 0.97 5.49% 2.49 7.03% coralfunds@fsdhgroup.com

Bid Price 2,240.70

Offer Price 2,269.06

Coral Income Fund 2,023.18 INVESTMENT ONE FUNDS MANAGEMENT LTD Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price

Yield / T-Rtn 3.04%

2,023.18 6.97% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

11.08%

Vantage Balanced Fund

1.64

1.66

0.60%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.00 1.01 12.19% Lotus Halal Fixed Income Fund 978.48 978.48 -2.15% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 9.95 10.04 1.71% Meristem Money Market Fund 10.00 10.00 12.56% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.02 1.04 -2.69% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn Sterling Capital Frontier Fund 107.19 108.16 5.33% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.21 1.21 7.19% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 1,810.49 1,821.81 7.83% Stanbic IBTC Bond Fund 151.00 151.00 2.67% Stanbic IBTC Ethical Fund 0.81 0.82 8.67% Stanbic IBTC Guaranteed Investment Fund 178.06 178.06 4.93% Stanbic IBTC Iman Fund 138.15 139.81 2.07% Stanbic IBTC Money Market Fund 100.00 100.00 13.94% Stanbic IBTC Nigerian Equity Fund 7,864.09 7,968.87 9.42% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.15 1.17 8.75% United Capital Bond Fund 1.25 1.25 16.12% United Capital Equity Fund 0.75 0.76 0.25% United Capital Money Market Fund 1.00 1.00 13.00% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 9.94 10.12 4.06% Zenith Ethical Fund 11.45 11.56 -0.13% Zenith Income Fund 16.37 16.37 2.06%

REITS

NAV Per Share

Yield / T-Rtn

11.43 121.85

2.69% 5.18%

Bid Price

Offer Price

Yield / T-Rtn

9.09 80.27

9.19 81.79

-5.09% -3.55%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS

Fund Name Lotus Halal Equity Exchange Traded Fund Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697

Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

2.83 7.26 12.09 18.49 -

2.87 7.34 12.23 18.69 -

21.89% 14.31% 1.98% -4.56% -

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

T H I S D AY MONDAY SEPTEMBER 26, 2016

17

38

T H I S D AY • MONDAY, SEPTEMBER 26, 2016

CITYSTRINGS

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

End of the Road for Eight-man Robbery Gang Recently, nemesis caught up with eight members of an armed robbery gang who specialised in hijacking, diversion of trucks and breaking into warehouses in Lagos. They are currently in the protective custody of the operatives attached to the Anti-kidnapping Unit of Zone 2 Police Command Headquarters, Onikan, Lagos. Femi Ogbonnikan, during the parade of the suspects, interviewed the suspects

R-L Arrested robbery suspects, Obi Ebong, Promise Friday and Silas Effiong

T

he common saying, ‘everyday is for the thief, one day is for the owner’, aptly captures the recent arrest in Lagos of eight members of an armed robbery gang who specialised in hijacking, diversion of trucks and breaking into warehouses.

The arrest of the eight suspects- Aniete Akonnah, Promise Friday, Happiness Promise, Obi Ebong, Silas Effiong, Monday Udoh, Ifedinachukwu Iwuola and Sumaila Umar

by the operatives of the Anti - kidnapping Unit of Zone 2 Command Headquarters, Onikan, Lagos, it was learnt, was based on a tip-off.

THISDAY gathered that, following the tip-off at about 12:00 a.m. on Tuesday, August 23, 2016, that the gang members had converged at a location and were planning to embark on a fresh operation within Ikotun axis, an outskirt of Lagos, the Assistant Inspector General (AIG) of Police, in-charge of Zone 2 Command, Onikan, Lagos, Alhaji

Abdulmajid Ali, quickly alerted the Head, Anti - kidnapping Unit, who in turn swiftly led the officers and men to the scene and four of the suspects were apprehended, while others escaped.

Following police investigations, four others, including two of them who are receivers of stolen items, were picked up at their various hideouts.

House breaking implements such as a chisel, a cutlass, a sledge hammer and a giant scissor were recovered from the gang.

While parading the eight suspects before pressmen in his Onikan, Lagos office on Thursday, September 8, 2016, AIG Ali said the arrested men had, during interrogation, confessed to various armed robbery operations, including the attack carried out on a warehouse in Ajao Estate, opposite Eleganza Plaza, where they killed one of the security guards on duty on Saturday, May 28, 2016, and carted away aluminium sheets, cartons of tin tomatoes and reams of paper valued at the sum of N22 million.

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T H I S D AY • MONDAY, SEPTEMBER 26, 2016

CITYSTRINGS Nemesis, it was said, caught up with one of the suspects simply identified as Ayuba, with one of the trailer trucks loaded with the consumable items in Onitsha, Anambra State where the items were being expected to be disposed of, to a would-be receiver.

Ayuba, it was said, was arrested, while the trailer truck, with its contents were recovered and returned to Lagos

In the same vein, the Police boss stressed that a victim of another attack reported that her warehouse, Tomez International Limited, at Alakoso, located Plot C40, Amuwo-Odofin Industrial Estate, Lagos, was burgled on Friday, August 5, 2016 and cartons of tin tomatoes were made away with.

Ali added that many of the stolen items (edible items such as cartons of Geisha, tin tomatoes and Maggi and other items like motorcycle and bicycle parts and sockets and chains) had been recovered from the arrested suspects.

Forty per cent of the stolen edible items recovered from Onitsha, Anambra State, it was further gathered, had been returned to the owner.

An informed police source hinted that, upon the arrival of the suspects at the warehouse in Ajao Estate, one of the security guards on duty and who put up stiff resistance was hacked to death with house breaking implements. Also, an empty trailer truck found within the warehouse company, it was learnt, was loaded with the consumable items and made away with, thus, making two the number of trailer trucks used for the operation.

Nemesis, it was said, caught up with one of the suspects simply identified as Ayuba, with one of the trailer trucks loaded with the consumable items in Onitsha, Anambra State where the items were being expected to be disposed of, to a would-be receiver.

Ayuba, it was said, was arrested, while the trailer truck, with its contents were recovered and returned to Lagos.

It was gathered, that two other suspects, one Sam Owens and another one simply identified as Sam, who were earlier arrested, arraigned in court and are currently serving different jail terms at Ikoyi Prison, Lagos.

Besides, One Efa and Sunny, believed to be the ring leaders of the gang, it was further learnt, are still at large.

During an encounter with the suspects, a member of the gang, Obi Ebong, confessed it was fund for the burial of his sister in the village that prodded him to take active part in the attack on the Ajao Estate warehouse where consumable items such as cartons of tin tomatoes, Geisha and Maggi were carted away.

He said he was promised a sum of N100, 000 if he could assist them in loading the consumable items into a trailer truck.

Ebong, 46-year-old, who hails from Akan, Akwa Ibom State, said his friend, Monday Udoh, who is among those arrested, invited him to partake in the operation.

“I am a refrigerator technician. I stay at No. 91, Ikotun Road, Ikotun, Lagos. I am married and blessed with two children. I partook in the raids on the two warehouses located within Ajao Estate and Amuwo Odofin Industrial Estate and I was offered N100, 000 per each trailer truck. And it was in a bid to raise fund for the burial of my sister, that I was prodded to take part in the operations when Monday approached me to join them.

Sam Owens and another one, Sam are the leaders of the gang that I worked with, in both raids on the two warehouses. They

Alhaji Abdulmajid Ali, AIG, Zone 2 Police Command Headquarters, Onikan, Lagos

Four members (Efa, Sunny, Sam Owens and Sam) are the kingpins of the gang. Before going for the Ajao Estate warehouse operation, I was promised a sum of N50, 000 to load a trailer truck. We went for the operation and it was successful. It was later I learnt Sam Owens and Sam had been nabbed

L-R Arrested robbery suspects, Aniete Akonnah, Ifedinachukwu Iwuola, Happiness Promise, Sumaila Umar and Monday Udoh

duo were earlier arrested and they are now at Ikoyi Prison,” said Ebong.

Happiness Promise, who hails from IkotEkpene, Akwa Ibom State, and according to informed police source, is reputed to be a notorious suspect.

The mobile handset said to belong to

the slain security guard at the Ajao Estate warehouse on Saturday, May 28, 2016, was allegedly found and recovered from him.

But in the confession of the 34-year-old suspect, he flayed the police statement, saying he bought the handset, an ITEL, at a sum of N5, 000 for his wife from a roadside market

in Ikotun, an outskirt of Lagos.

“It was Sam Owens, who is currently serving a jail term at Ikoyi Prison. Four members (Efa, Sunny, Sam Owens and Sam) are the kingpins of the gang. Before going for the Ajao Estate warehouse operation, I was promised a sum of N50, 000 to load a trailer truck. We went for the operation and it was successful. It was later I learnt Sam Owens and Sam had been nabbed,” said the bricklayer and a father of two children.

Also, Silas Effiong (34), an aluminum fabricator, who hails from Ini, Akwa-Ibom State and Aniete Akonnah (31), an Okada operator, from Ufot, Akwa-Ibom State too, said Monday Udoh recruited them into the gang and they were promised the sum of N50, 000 each for loading a trailer truck.

Monday Udoh, 53 years old, who hails from Ikot-Ekpene, Akwa-Ibom State, admitted he recruited other members of the gang, while Efa and Sunny, who are currently at large, are the kingpins of the gang.

“I stay at No. 5, Shaki Street, Agbado, Lagos. I am married and blessed with three children. I am a chemical dealer. It was the duo, Efa and Sunny who asked me to recruit others, in order to assist us. The arrangement was to sell all the items, after which they would settle me, in order to pay off the other members I recruited. I brought one of the trucks which was used to load the tin of tomatoes, and Ayuba drove it to Onitsha for onward sales to a would-buyer in Onitsha, Anambra State”, confessed Udoh.

Ifedinachukwu Iwuola, who is the receiver of the stolen consumable items based in Onitsha, Anambra State, admitted he was at the point of receiving the items from the driver of the trailer truck, Ayuba, until the detectives from Lagos pounced on, and got him arrested.

However, the AIG vowed, that the suspects would be charged to court as soon as investigation is concluded into the matter.

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MONDAY SEPTEMBER 26, 2016 T H I S D AY

Advertorial

Edo Governorship Election:

An Appeal for Peace o My dear good people of Edo State, You would all recall how well prepared we were to vote in the governorship election earlier scheduled to hold on September 10, 2016, before it was shifted to September 28, 2016 by the Independent National Electoral Commission (INEC) based on the security advice given by the Nigeria Police Force and the Department of State Services (DSS).

The security agencies said that our dear State was under real and imminent threat of attacks by extremist militant groups and, as a result, it was advisable that the INEC should consider a shift in the date of the election. The message that the security agencies passed across to all of us was that they would not be able to guarantee the security of lives and property during the election.

The election was, thereafter, shifted by eighteen days. I believe that the security agencies must have prudently used the period of the postponement to perfect their security architecture and arrangements for peace to reign supreme in the State before, during and after the crucial governorship election.

This is commendable, although our State and people are peace-loving.

We must prove wrong those who think that our State is prone to violence and militancy. Let us, irrespective of our political affiliations or leanings, support the security agencies in their onerous task of maintaining law and order, and keeping the peace across the length and breadth of our dear State. We must be vigilant and be ready to provide security agencies with the necessary information that will be salutary to the orderly conduct of the election by the INEC.

Edo State is at the threshold of a new dawn of sociopolitical and economic prosperity. It will take the wise decision of the electorate for us to realise this. I consider it a personal duty to draw our attention to the need for a careful assessment of all the candidates competing for our votes. I, therefore, urge all of us to consider where we are today before casting our votes.

Our votes are the weapons we have to dethrone a bad government and enthrone a new one, with the promise and prospects to transform our State.

At this point, I must state that the task before us is a simple one: to choose between good and evil. And, since nobody can afford to be neutral on this, I will pitch my tent with the good of Edo State. As we prepare for the election, I wish you to use your votes as a force for good. I urge you to help to usher in a new era of unity, progress, justice and transformation in our dear State by voting massively for your son, brother and friend, Pastor Osagie Ize-Iyamu, whose SIMPLE Agenda will greatly transform the entire State rather than a small section of it.

I have observed, with pleasure, Pastor Ize-Iyamu’s mature and sharply-focused campaigns, coupled with the strong wave of support for and endorsement of his candidature by various influential groups across the three Senatorial Zones of the State.

I am confident that with Pastor Ize-Iyamu as Governor, Edo State will certainly be in better hands.

Please vote for Pastor Ize-Iyamu and the Peoples Democratic Party (PDP) to guarantee that a greater Edo State will be our democracy dividend.

Long live the PDP! Long live Edo State!

Long live the Federal Republic of Nigeria!

Signed:

Chief (Dr) Tony Anenih, CFR Iyasele of Esanland

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T H I S D AY • MONDAY, SEPTEMBER 26, 2016

Nigeria’s top 50 stocks based on market fundamentals

23-Sep-16

22-Sep-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

182.03

180.00

1.13%

3,101,883,562,932.15

9.56

19.04

5.73

4.39%

4.56

02 Nigerian Breweries Plc

143.52

143.50

0.01%

1,137,984,559,445.76

4.50

31.93

3.80

2.51%

6.99

03 Guaranty Trust Bank Plc

25.09

25.83

-2.86%

738,428,286,730.16

4.20

5.98

2.06

7.05%

1.63

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

15.60

15.79

-1.20%

489,785,303,061.60

3.10

5.03

1.17

11.54%

0.79

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

163.11

163.11

0.00%

212,447,692,710.33

4.22

38.65

1.44

2.12%

4.95

11.36

11.38

-0.18%

208,450,901,802.40

0.23

49.45

0.38

5.46%

0.35

326.00

326.00

0.00%

180,379,162,038.00 -14.43

-22.59

1.93

4.88%

0.48

10 Presco Plc

45.00

45.00

0.00%

178,671,467,025.00

0.54

83.90

2.57

2.89%

4.37

11 Unilever Nigeria Plc

45.52

45.52

0.00%

172,215,645,300.00

0.46

98.44

2.83

0.11%

19.33

12 Stanbic IBTC Holdings Plc

16.95

16.95

0.00%

169,500,000,000.00

2.04

8.32

1.43

0.59%

1.51

13 Access Bank Plc

5.58

5.58

0.00%

161,418,081,700.98

2.56

2.18

0.47

9.86%

0.38

14 United Bank for Africa Plc

4.30

4.30

0.00%

156,001,963,184.60

1.66

2.59

0.50

13.95%

0.38

15 Guinness Nig Plc

93.00

92.77

0.25%

140,047,601,484.00

-1.34

-69.47

1.37

3.44%

3.36

16 FBN Holdings Plc

3.10

3.05

1.64%

111,275,407,655.20

0.30

10.17

0.22

4.84%

0.18

17 Total Nigeria Plc

295.00

283.50

4.06%

100,158,941,915.00

31.13

9.48

0.41

4.75%

4.75

18 7-Up Bottling Comp. Plc

150.00

139.15

7.80%

96,088,554,450.00

3.75

40.02

1.08

1.47%

3.73

19 Dangote Sugar Refinery Plc

6.58

6.58

0.00%

78,960,000,000.00

1.05

6.26

0.66

7.60%

1.33

20 Oando Plc

5.88

6.00

-2.00%

70,763,559,096.72

-3.46

-1.70

0.38

12.76%

0.51

19.85

19.85

0.00%

65,390,848,208.00

0.17

113.79

2.62

1.26%

5.30

179.55

179.55

0.00%

64,744,879,292.10

17.69

10.15

0.78

4.01%

3.77

23 Flour Mills Nig. Plc

20.04

19.09

4.98%

52,589,713,227.48

6.81

2.94

0.14

9.98%

0.52

24 Julius Berger Nig. Plc

39.00

39.00

0.00%

51,480,000,000.00

0.24

161.09

0.50

3.85%

2.29

1.07

1.06

0.94%

41,431,467,244.75

-0.37

-2.87

0.92

0.00%

0.55

26 U A C N Plc

21.00

21.00

0.00%

40,338,152,127.00

2.44

8.61

0.56

4.76%

0.55

27 Okomu Oil Palm Plc

38.00

36.00

5.56%

36,248,580,000.00

4.60

8.27

2.95

0.26%

2.33

1.03

1.01

1.98%

29,654,130,669.78

0.31

3.34

0.28

8.74%

0.35

29 Cadbury Nigeria Plc

15.75

15.00

5.00%

29,581,682,130.00

0.83

19.07

1.07

8.25%

2.38

30 Diamond Bank Plc

1.19

1.20

-0.83%

27,560,862,871.92

0.11

10.78

0.13

0.00%

0.12

31 Wema Bank Plc

0.67

0.64

4.69%

25,844,892,274.27

0.06

10.62

0.52

0.00%

0.55

32 Fidelity Bank Plc

0.89

0.89

0.00%

25,776,701,265.88

0.39

2.28

0.18

17.98%

0.14

33 Glaxo Smithkline Consumer Nig. Plc

19.70

19.60

0.51%

23,558,766,813.60

-2.54

-7.76

0.81

1.52%

2.58

34 Custodian And Allied Insurance Plc

4.00

4.00

0.00%

23,527,456,780.00

0.76

5.26

0.70

3.50%

0.84

33.00

33.00

0.00%

23,100,000,000.00

2.36

13.99

3.33

3.48%

15.82

36 Mansard Insurance Plc

2.05

2.10

-2.38%

21,525,000,000.00

0.27

7.55

1.12

2.44%

1.02

37 National Salt Co. Nig. Plc

8.00

8.00

0.00%

21,195,507,024.00

0.89

9.03

1.17

6.88%

3.07

38 FCMB Group Plc

1.05

1.00

5.00%

20,792,846,320.05

0.61

1.71

0.13

9.52%

0.12

39 PZ Cussons Nigeria Plc

20.75

19.91

4.22%

20,750,000,000.00

4.14

5.01

1.56

0.48%

0.62

40 Honeywell Flour Mill Plc

1.35

1.35

0.00%

10,705,766,838.30

-0.40

-3.34

0.22

11.85%

0.65

41 Continental Reinsurance Plc

0.96

0.96

0.00%

9,957,834,539.52

0.33

2.92

0.48

12.50%

0.51

42 Skye Bank Plc

0.63

0.63

0.00%

8,744,589,888.30

-2.93

-0.21

0.05

47.62%

0.08

43 Unity Bank Plc

0.73

0.76

-3.95%

8,533,216,697.66

0.54

1.35

0.13

0.00%

0.10

44 Cement Co. Of North.Nig. Plc

6.00

6.00

0.00%

7,540,066,596.00

0.44

13.54

0.68

1.67%

0.70

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

3.40

3.40

0.00%

5,843,749,983.00

-0.05

-65.21

1.73

20.59%

0.16

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

3.32

3.32

0.00%

5,392,406,250.00

0.15

21.53

0.67

6.02%

0.87

49 AIICO Insurance Plc

0.62

0.61

1.64%

4,296,726,777.60

0.26

2.38

0.13

8.06%

0.45

50 Fidson Healthcare Plc

1.66

1.59

4.40%

2,490,000,000.00

0.31

5.42

0.37

3.01%

0.39

04 Nestle Nigeria Plc

07 Forte Oil Plc. 08 Ecobank Transnational Incorporated 09 Seplat Petroleum Dev. Co. Ltd

21 International Breweries Plc 22 Mobil Oil Nig Plc

25 Transnational Corporation Of Nigeria Plc

28 Sterling Bank Plc

35 Cap Plc

TOTAL

9,134,436,605,501.63

TOTAL MARKET CAP

9,703,028,097,139.01

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

94.14%

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

Open 22-Sep-16

Close 23-Sep-16

Change %

28,166.42 9.68

28,247.07 9.70

0.29% 0.29%

116.97 9.11

117.32 9.13

0.30% 0.30%

Open Close Change % 22-Sep-16 23-Sep-16

7-Up Bottling Comp. Plc Okomu Oil Palm Plc Cadbury Nigeria Plc FCMB Group Plc Flour Mills Nig. Plc

139.15 36.00 15.00 1.00 19.09

150.00 38.00 15.75 1.05 20.04

7.80% 5.56% 5.00% 5.00% 4.98%

Table 4 Top 5 Losers Stock

Open Close Change % 22-Sep-16 23-Sep-16

Unity Bank Plc Guaranty Trust Bank Plc Mansard Insurance Plc Oando Plc Zenith Bank Plc

0.76 25.83 2.10 6.00 15.79

0.73 25.09 2.05 5.88 15.60

-3.95% -2.86% -2.38% -2.00% -1.20%

Market ends week positively, rebounds with 0.29% gain Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, September 23rd, 2016 ended bullish as the stock market closed green the last trading day of the week. This was further highlighted by positive performances from the NSE Sub sectors: Consumer Goods and Oil & Gas (Save Banking and Insurance). However, trading activities decreased in volume as 265 million shares worth N1.56 billion in 3,136 deals exchanged hands today. This is a decrease from the 410.10 million shares worth N3.62 billion in 4,179 deals which exchanged on Thursday. Topping in volume terms was FCMB Group Plc, Fidelity Bank Plc and Zenith Bank Plc while Nigerian Breweries Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with a 0.29% (+80.65) increase to close at 28,247.07 from 28,166.42 the previous trading day. Market Capitalization appreciated in tandem to N9.70 trillion from N9.68 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an increased of 0.30% to close at 117.32 from 116.97 recorded at the end of the previous trading day, while its market capitalization stood at N9.13 trillion from N9.11 trillion of the previous trading day.

A total number of 22 stocks gained on the bourse today while 14 stocks declined, 63 leaving stocks unchanged. 7-Up Bottling Comp.

Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 7.80% to close at N150.00 per share. It was followed by Okomu Oil Palm Plc with a gain of 5.56% to close at N38.00 per share. Others on the gainers list include: Cadbury Nigeria Plc, FCMB Group Plc and Flour Mills Nig. Plc; while on the decliners’ list, Unity Bank Plc led with a loss of 3.95% to close at N0.73 per share. It was followed

by Guaranty Trust Bank Plc with a loss of 2.86% to close at N25.09 per share. Others on the decliners list include: Mansard Insurance Plc, Oando Plc and Zenith Bank Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

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MONDAY SEPTEMBER 26, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

US: Charlotte Protests Continue as Police Release ShootingVideo Nearly a week of protests over the police killing of a black man in Charlotte, North Carolina showed no signs of abating yesterday, after police released videos showing the victim being shot but did not answer the question of whether he had a gun.

Hundreds marched through the center of Charlotte on a fifth night of demonstrations that stretched into Sunday morning, including white and black families protesting police violence.

One sign read “Stop police brutality” and another showed a picture of a bloody handprint with the phrase #AMINEXT, a social media tag about the fear of becoming a victim of police.

For the first time in three nights, police enforced a curfew, saying they would arrest violators. A crowd gathered outside police headquarters dispersed without any violence shortly after midnight.

Charlotte police released two videos on Saturday showing the fatal shooting on Tuesday of Keith Scott, 43.

The controversial death has made Charlotte, North Carolina’s largest city and a financial center, the latest flashpoint in two years of tense protests over U.S. police killings of black men, most of them unarmed.

Charlotte-Mecklenburg Police

Chief Kerr Putney acknowledged that the videos themselves were “insufficient” to prove that Scott held a gun but said other evidence completed the picture.

“There is no definitive visual evidence that he had a gun in his hand,” Putney said. “But what we do see is compelling evidence that, when you put all the pieces together, supports that.”

Police said officers trying to serve an arrest warrant for a different person caught site of Scott with marijuana and a gun, sitting in a car in a parking lot.

They look in the car and they see the marijuana, they don’t act.

They see the gun and they think they need to,” Putney said. Both Scott’s family and protesters have disputed the police statements that Scott was carrying a gun.

Police released photos of a marijuana cigarette, an ankle holster they said Scott was wearing, and a handgun, which they said was loaded and had Scott’s fingerprints and DNA. But Scott’s family, which released its own video of the encounter on Friday, said the police footage showed the father of seven was not acting aggressively and that the police shooting made no sense, with no attempt to de-escalate the situation. The family video, shot by

Scott’s wife, was also inconclusive on the question of a gun.

In one of the police videos, a dashboard-mounted camera from a squad car showed Scott exiting his vehicle and then backing away from it. Police shout to him to drop a gun, but it is not clear that Scott is holding anything. Four shots then ring out and Scott drops to the ground.

A second video, taken with an officer’s body camera, fails to capture the shooting. It briefly shows Scott standing outside his vehicle before he is shot, but it is not

clear whether he has something in his hand. The officer then moves and Scott is out of view until he is seen lying on the ground.

At least five people who appear to be police officers are seen in the bodycam video. Both videos show Scott moving at a measured pace with his hands at his sides.

“He doesn’t appear to be acting aggressively to the officers on the scene,” Justin Bamberg, a lawyer for the Scott family, told a news conference.

Scott’s brother-in-law, Ray Dotch, said: “He was an American citizen

who deserved better.” Another lawyer for the Scott family, Charles Monnett, said, the family did not know enough of the facts to know whether the officer who killed Scott should face charges.

The two-minute video recorded by Scott’s wife on a cell phone showed the scene of the shooting, but not the shooting itself. In the video, Mrs. Scott can be heard telling officers that her husband has TBI, a traumatic brain injury.

“Don’t shoot him! He has no weapon” she cries as police

yell at Scott, “Drop the gun!”

Then shots sound. Marchers on Saturday evening focused their demands squarely on stopping police violence, after on previous evenings protesters’ priority was release of police tapes.

“No justice, no peace, no racist police,” demonstrators chanted. Charlotte loan officer Jordan Gomillion, 27, was one of the demonstrators in the Saturday march. “It’s for justice and transparency from the police,” said Gomillion, who is black.

Two Injured as Blast Rocks Hungary’s Capital An explosion rocked central Budapest late on Saturday, injuring two police officers, Hungarian police said yesterday. Police have yet to identify the cause of the blast, they said in a statement. “The local and expert examination of the origins of the explosion and the review of the damage is under way,” the statement said.

The blast was next to an unused store front on a one of the busiest thoroughfares in central Budapest.

Images on local news media showed a ruined doorway. Nearby windows and cars were damaged

in the blast, witnesses said.

Police said there were no further injuries caused by the explosion, which occurred at 10:36 p.m. local time (2036 GMT). A government spokesman declined to comment on whether the blast may have been a deliberate attack.

Hungarian Prime Minister Viktor Orban has been a vocal opponent of immigration into Europe and is urging voters to reject EU quotas for resettling migrants in Hungary in a referendum next Sunday, arguing immigration increases security risks.

Hungary has seen only a

trickle of migrants since it sealed its southern border with Serbia with a razor wire fence last year.

Police cordoned off a wide area around the Oktogon square in central Budapest and told residents to leave buildings nearest the blast, local media reported. The normally busy intersection was packed with witnesses, including tourists.

News web site index.hu quoted an email from an eyewitness, who said he saw a nail lodged in a taxi nearby. Photos also showed a few nails on the ground with police chalk marks around them.

“Windows on two cars passing by on the opposite side (about 20 meters) were broken,” the witness wrote. “There were several small dents in both cars. A taxi cab had a 50 millimeter nail lodged in its light.”

Hungarian Kadosa Bencsy said his first thought was that Budapest was suffering an attack along the lines of those that have hit Brussels, Paris and Nice in recent months. “I have to say frankly that I have been fearing such a thing for a while,” he told Reuters at the scene.

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Ondo APC Crisis: Tinubu Demands Oyegun’s Dismissal Says ruling party is under critical threat Party will substitute Akeredolu’s name, says Abraham Gboyega Akinsanmi in Lagos and James Sowole in Akure The National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, yesterday asked Chief John Odigie-Oyegun to quit as the National Chairman of the ruling party.

Tinubu, a former governor of Lagos State, said Oyegun could no longer hold forth as the party’s national chairman, citing how he conspired with some members of the party “to sabotage justice and democracy in Ondo State.”

He demanded Oyegun’s removal in a statement his media office issued yesterday, noting that the APC national chairman “has dealt a heavy blow to the very party he professes to lead.”

In a five-page statement, Tinubu said the APC, a party born as a result of the quest for democratic good governance, “is under critical threat by those who managed to be in the party, but never of it.”

To rescue the party, the statement said Oyegun “must go. He has shown that he and democratic fair play cannot exist in the same party at the same time. If Tinubu is to choose between Oyegun and progress towards a better Nigeria, the choice has already been made.

“For those who care about the party, who care about Nigeria and its chance for a better tomorrow, now is the time to stand against this brewing evil before it grows to encompass all we have built and all we hold dear,” the statement said.

It added that Oyegun “has done the irredeemable. His coup is an insult to the party and to patriot, to reason and to the reform agenda of this government. To remain silent would be to admit the defeat of the reform and progressive change many have laboured to bring forth.

“While the forces resistant to change and reform are strong, Tinubu dare not submit to them.

Tinubu encourages all party members not to submit to them.

If we acquiesce in this wrong, the one greater than this shall cascade upon us.

“Oyegun’s transgressions are a warning. He is but the mercenary of forces that seek to return the nation to the old ways. If they get away with this infraction, no telling what or whom they will undermine tomorrow. Much is at stake. On the chopping block, lies the future of the political party in which the majority of voters had placed their confidence.”

The statement identified Jigawa State Governor, Alhaji Mohammed Badaru Abubakar, as one of the few bright spots during the conduct of the Ondo APC governorship primaries.

It noted that the Jigawa governor “chaired the primary convention with decorum and impartiality. He was unaware that a tampered list had been slipped into the process. Indeed within hours of the announcement, news began to filter in that gravely disturbed me. Credible allegations of fraud troubled the waters.

“The delegates’ list had been materially altered by someone in a strategic position to so do. The names of over 150 valid delegates were excised to make room for an equal number of impostors. This was not a clerical error.

“The alteration was wilfully executed that the primary would be directed toward a chosen end that bore nothing in common with the will of most state party members.

A cunning few had tried to deceive the many into believing they were outnumbered.

“A conspiracy to steal the Ondo primary had been uncovered.

Former TUC President Predicts Rancour-free Poll,Victory for APC Adibe Emenyonu in Benin City Former National President, Trade Union Congress (TUC), Comrade Peter Esele, has expressed confidence that the September 28, 2016 governorship poll in Edo State will be rancour-free just as he predicted victory for the All Progressives Congress (APC).

Esele, who was among the aspirants that lost the primaries to the APC governorship candidate, Godwin Obaseki, added that the developmental strides of the outgoing Adams Oshiomholeled administration has set the foundation for such success.

Speaking with journalists in Benin City yesterday, Esele said: “My expectations is that the election will be free and fair and at the end of the day the APC will be victorious after the counting.

“I think the governor has done its best in the near past eight years and this is more of a referendum of what APC and the governor has done in the state. My appeal to everybody is that we accept the outcome

and ensue violence and I don’t think that anybody should die for Obaseki or Ize-Iyamu.

“The party has done enough to win the election in Edo State.

Firstly, in terms of Infrastructural development, Oshiomhole have done well, in terms of where the state was before he came on board and where the state is now speaks volume and there is virtually no local government in the state that has not felt the purse of Oshiomhole” “I don’t expect the election to be a walk over, I am somebody that believes that opposition must also be allowed to thrive, I don’t also believe in the concept that one man knows it all or line party can do it all. I believe in competition, let’s put our ideas on the table and whoever has the superior argument, let the people go with it.

“The governor has done what he is capable of doing but that does not mean that the governor is perfect because nobody is perfect, everybody has its positive and negative sides but our attention should be on the positive in the last Seven and half years.”

Fortunately, the grand deception afoot had been unable to cover its tracks fast enough. Truth began to cry for justice. Several candidates filed petitions contesting the result.”

The statement explained how the party established an investigative board “to review the evidence. In a two to one decision, the panel found the delegate roster had suffered tampering. The panel recommended that a new primary should be held using the valid delegate list.

“This recommendation was tabled before the National Working Committee (NWC). After many hours of deliberations spanning several days, a final vote was held

by the NWC. Beforehand, NWC members agreed that the decision of the majority would become the stance of the party. Such is the way of democracy.

“The NWC voted six against five to cancel the fraudulent results and hold an honest primary. For a moment, it seemed the party would restore its integrity by giving democracy a chance. However, those who sought to scam an entire state would not let the vote of 11 people spoil their enterprise.

“After the NWC’s vote, a noticeably agitated Oyegun proposed the NWC engage in prayer before concluding the meeting. Adhering to this

chairman’s request, NWC members began to pray. Seeing that the others had taken his bait, Oyegun used the prayerful interlude to secretly excuse himself from the meeting.

“Contravening the NWC decision and in violation of all rules of fundamental decency, Oyegun decided to safeguard the fraud done in Ondo by perpetrating a greater fraud. Oyegun arrogated to himself the right to submit the name of Rotimi Akeredolu to INEC as the candidate of the party,” the statement said.

It said there “exists a regressive element in the party that cares nothing for the progressive ideas upon which this party was founded.

They joined the APC because it was the best ride available at the time. Now they want to guide the party into the ditch.

“They want to turn the party into a soulless entity incapable of doing good, just like they are.

When such a person tastes power, they shed all good restraint. They come to abuse the trust given them as if they are the owners of that trust and not its mere custodians.

These people did little to build the party, but now will do much to wreck it.”

Meanwhile, One of aggrieved aspirants of the APC primary

Cont’don page 58

CELEBRATING WITH SUNNY ADE AT 70

L-R:ChairmanoftheoccasionandSpeaker,LagosStateHouseofAssembly,Hon.MudashiruObasa;ChiefEbenezerObey;celebrant,KingSunnyAde;and former,Speaker,stateHouseofAssembly,Hon.AdeyemiIkuforiji,atthe70thbirthdaycelebrationofKingSunnyAdeinLagos...weekend

Recession: Govt will TakeYou and Cross the Red Sea, Says Osinbajo CAN: Solutions should not be limited to Buhari, FEC, APC Paul Obi in Abuja The Vice President, Prof. Yemi Osinbajo, yesterday charged Nigerians to remain resolute and committed to Nigeria notwithstanding the biting economic recession in the country.

The vice-president stated this at the inter-denominational service which took place at the National Christian Centre, Abuja to mark this year Independence Day slated for October 1, 2016.

He said: “The promise of God to our nation is that He is building a new Nigeria, a Nigeria where there will be peace from the North-east to the Niger Delta, a Nigeria where there will be our economy will experience abundance and prosperity, where there will be job for the jobless, a Nigeria led by honest and committed leadership, where Christian, Muslims, men of different faith and ethnic groups will live and work together in peace and harmony. We are on our way out of the wilderness to the land flowing with milk and honey The vice-president further stated

that “Our massage to Nigerians is to be strong and of good courage, do not be dismayed. God is faithful, He has promised and will not fail.

Every Nigeria will benefit from the new Nigeria.

You will also experience a great miracle. Be strong and of good courage, do not be dismayed.

“God Almighty saw our nation before he decided that he will put in place the present leadership, this leadership will take us across the Red Sea and take us to the new Nigeria,” Osinbajo maintained “As Christians we have a duty to bring to pass the will of God for our nation.

“In understanding our role, we must remember how Israelites, after God has taken them out of Egypt and was taking them to the promised land and as soon as they experienced the first few problem, they began to grumble and complain and the wilderness journey that would have taken a few days went on for forty years.

“As children of God we must declare that nation will prosper and the it will be well with our

nation. When the children of God were in a situation similar to ours, God asked them to be courageous and fear not and they later experienced the miraculous parting of the River Jordan for them to pass,” Osinbajo said.

Speaking on the topic, ‘Wisdom that Prevails over Economic Recession,’ the President of the Christian Association of Nigeria (CAN), Rev. Samson Supo Ayokunle, said economically, Nigeria’s story is that of an under-utilised God’s given potential and resources. A nation that is so endowed is gradually becoming one of the poorest nations of the world, God forbid, the tide will change for better.

He tasked the government to go beyond officials and party officials in seeking the answers to economic crisis.

“The solution is not in one man and not limited to the Federal Executive Council advised President Buhari to look beyond his political party and look for experts beyond Nigeria for brainstorming and be ready to receive advise.

“The counsel that will bring solution is not limited to a group of people, have listening earn even if the advise is coming from your enemy. You can learn,” he said.

“Nigeria not only have oil and gas, it has bitumen and over one thousand five hundred mineral resources and several thousand hectares of arable land, yet nigeria is like a hungry man who has yam in the barn but does not know how to eat tough and critical time.

“We have found ourselves in a state of economic recession, in a state where our currency has seen the worst depreciation in history and where price of crude oil has dropped by hundred percent and we do not have enough money to finance our budget in terms of payment of workers salaries and execution of developmental projects.

“At the same time, we are facing the of insurgency and the ferocious attacks by the Fulani herdsmen, kidnapping ritual killings, armed robbery and militancy in the Niger Delta region which has led to the drop in daily output in oil production.”

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MONDAY SEPTEMBER 26, 2016 • T H I S D AY

NEWSEXTRA

Army: Insane Shekau Must Release Chibok Girls Unconditionally Says latest video mere propaganda, sign of desperation Troops repel Boko Haram attack in Borno, kill 22 terrorists Four soldiers killed, 2 others wounded Senator Iroegbu in Abuja The Nigerian Army has described the controversial factional leader of Boko Haram terrorists, as mentally ill and unstable person whose end is near, despite issuing threats in the latest video.

The Director of Army Public Relations (DAPR), Col. Sani Usman, in a statement yesterday, said the video clip is a mere propaganda and sign of desperation for a man who was reported to have been “Fatally wounded” in military air strike.

“The attention of the Nigerian Army has been drawn to a video clip released by the so-called Abubakar Shekau faction of the remnants of the Boko Haram terrorists group this morning.

“In it, the purported leader of the group in his usual insane manner made all sorts of assertions to the

point of threatening various towns, groups and individuals.

“He also tried albeit failingly to deny the air raid by the Nigerian Air Force in which he was wounded,” Usman stated.

He said: “The video has shown beyond all reasonable doubt the earlier suspicion that the purported factional terrorists group leader is mentally sick and unstable.”

According to him, “The ranting is also another sign that the end is near for him which is part of the signs of all wicked people.”

Usman urged members of the public not to be bothered by the contents of the video clip, saying “the facts on the ground speak for themselves.”

The army spokesman said the video had further shown that Shekau has derailed and no longer believes and practices the Islam he professes

Budget Scandal: Abdulmumin Wants Senate to Take over N’Assembly

Rejects ethics c’ttee’s invitation Damilola Oyedele inAbuja

The former Chairman of the House of Representatives Committee on Appropriation, Hon. Jibrin Abdulmumin, has called on the Senate to invoke the doctrine of necessity and take over the functions of the National Assembly until the House concludes the process of internal cleansing.

This he said this was necessary, as the House with the Speaker, Yakubu Dogara on seat, has lost moral standing to discharge its functions, since it has failed to deal with the grievous allegations decisively and in a transparent manner.

Briefing journalists yesterday, Abdulmumin called on the Senate to pass the resolution if the Speaker refuses to step down to allow for independent investigations by a Speaker pro tempore.

“The Senate should choose between Dogara and Nigerians,” he said.

The embattled lawmaker also disclosed that he would not appear before the Committee on Ethics and Privileges mandated to investigate him on allegations of breaches of privileges and sundry acts of misconduct.

He is scheduled to appear before the Hon. Ossai Nicholas Ossai-led committee today by 12 noon.

Abdulmumin has however said he does not believe in the ability of the committee to be impartial particularly as he has not been able to secure a written assurance that the hearing would be open to the public.

“I spoke with him (Ossai) on phone, and we agreed that he would put it in writing (the electronic and print media would be allowed to cover), in the invitation to me, as I cannot take his verbal assurance alone. To my surprise, in the invitation, I was just told to

appear. Because what happens when I come in and the Speaker directs a sergeant-at-arms to shut out the media or the public? Then they will say I have appeared…,” he said.

At the press conference, Abdulmumin displayed documents which he said are evidences of several of his allegations against Speaker Yakubu Dogara, Deputy Speaker Yussuff Sulaimon Lasun, Chief Whip Alhassan Ado Doguwa, Minority Leader Leo Ogor, and chairmen of nine standing committees.

He accused Lasun of inserting about 100 projects into the budget.

“Look at item 7, rehabilitation of a borehole, an existing borehole in his constituency (Irepodun/ Olorunda/Orolu/Osogbo Federal Constituency) for N50 million…its sabotage of the budget by starving the budget of resources, and there is no money to fund capital budget.

This is fraud, sabotage against the country, this is abuse of trust of your colleagues,” he added.

“At this juncture, I must confess that I am not an angel. I am imperfect and fallible, which are peculiar human traits. I therefore wish to apologise to Nigerians where I have erred in the past. I have fully repented and I will make it up for the country by staying on course, taking the personal risk at ensuring that I continue to expose corruption and corrupt persons in the House and beyond. This does not mean in anyway that I am asking for immunity against investigation and prosecution if allegations are brought against me. I am ready to go to jail if found guilty of any offense. I have stated repeatedly that in the five years that I have been in the House, I have never abused my office nor corruptly enriched myself,” he added.

He also pointed out other insertions which he alleged were made by Chairmen of the Standing Committees.

to follow; as he was absent at the last Eid prayers video.

“It is equally reported that he could not even lead prayers. The public should not be fooled by this individual,” he advised.

Usman said no nation or society would believe him or any Boko Haram terrorist based on antecedents and as he has shown over times to be irrational and therefore unreliable especially when it comes to negotiations on the release of the abducted girls.

To this end, he said Shekau must release the Chibok girls unconditionally.

“We want to assure Nigerians especially the residents of Maiduguri, Kano, Kaduna and Zaria not to panic as we have more than what it takes to defend them and deal decisively with the remnants of the terrorists group,” he declared.

Usman further stated that Boko Haram terrorism as it was known, is gone for good.

According to him, the military is just counting down to the day when all the few remnants would be totally wiped out or brought to justice.

However, he said a window still

existed for the repentant ones among them to lay down their arms and surrender to justice.

Also, the Defence Headquarters (DHQ) has said it is not interested in whether Shekau is alive or dead but to continue with elimination of all forms of terrorism in the country.

The Director of Defence Information (DDI), Brig-Gen. Rabe Abubakar, stated this in response to THISDAY inquiries about the latest Shekau video clip.

Abubakar said the military has made tremendous gains in the counter-terrorism and counter-insurgency operations in the North-east, and would not be distracted by the antics of the terrorists.

He said: “The DHQ’s position has always been clear that whether Shekau is alive or not doesn’t in anyway matter to us. What is important and pre-occupies mind is to consolidate on the unprecedented gains and successes recorded to terminate the remnants of the sect in order to free completely the North-east.

“Indeed, we are set to free our dear nation from their unholy activities and mindless propaganda

and show of shame. They are very much aware that their end is near as our coordinated operations are continuing.”

The Defence spokesman said the Boko Haram terrorists have been defeated except the few remnants who are in disarray and using social media to stay afloat.

According to him, Boko Haram members are surrendering in droves to the military and warned those that have failed to do so to either surrender or be exterminated.

“We have been heating them hard and so the only soft ground for them is the non traditional media where all cock and bull stories can be fashioned to serve their evil and inglorious acts.

“They know what we have done to them and what we are up to.

They are losing by the day and their members are surrendering on daily basis,” Abubakar said.

He urged: “The remnant terrorist groups and their followers to turn up yourself for your own good before it is late.”

In a related development, the Nigerian troops have repelled the renewed Boko Haram attacks in Logomani, Borno State, killing 22

terrorists and lost four soldiers in the gun battle.

Usman, in a statement said some suspected remnants of Boko Haram fighters at 10a.m. yesterday, attacked the troops location of at Logomani along Dikwa-Gambarou road.

Usman said the terrorists came in a three waves attack using 36 hand grenades and rocket propelled launchers.

“Our troops fought gallantly and repelled the attack which lasted for about one hour. At the end of the fierce encounter, the troops counted 22 dead bodies of Boko Haram fighter. They also recovered two AK-47 rifles, FN rifle, G3 rifle and some 36 Hand grenades,” he stated.

Unfortunately, he said, the troops lost four soldiers and their rifles as a result of the effect of Boko Haram use of Rocket Propelled Grenades, while two others were wounded in action.

The DAPR said the wounded in action have been evacuated for further medical management.

He also disclosed that the location has been reinforced and replenished, while the troops have continued their clearance operations.

LAGOS IS WORKING

L-R:SoleAdministrator,LagosMainlandLocalGovernmentArea,AdedoyinRolayie;SecretarytotheStateGovernmentandrepresentativeoftheGovernor, Mr.TunjiBello;OpeluwaofLagos,Chief.FataiAjose;andtheDirector,CommunityAgric,LagosStateMinistryofChietaicyAffairsandLocalGovernment,Mr. OlakulehinOladapo,duringtheformalinaugurationofrehabilitatedBornoWay,inEbute-Metta,Lagos.....weekend KolaOlasupo

FG Lauds Global Endorsement of Buhari, Calls for Support from Nigerians Olawale Ajimotokan in Abuja The Minister of Information and Culture, Lai Mohammed, has applauded the endorsement which President Muhammadu Buhari received from world leaders at the recent 71st session of the UN General Assembly in New York.

He similarly called on Nigerians to continue to support the president.

In a statement issued yesterday, Mohammed described as delightful the acknowledgement made by world leaders concerning Buhari’s determined and committed leadership as well as his integrity

that have given Nigeria a positive image in the comity of nations.

The minister said the global community was informed of the strides made by the administration in the fight against terrorism, corruption and in the management of the economy at a time of recession, saying it was an indication that government was on the right track in its quest to ensure a better life for the people.

Mohammed said: ‘’These three areas (economy, security and the fight against corruption) are the priorities of the Buhari’s administration, and its efforts have

not gone unnoticed globally, despite the attempts by naysayers to pull the wool over the eyes of Nigerians.

World leaders including US President Barrack Obama, UN Secretary-General Ban Ki-moon, French President Francois Hollande and Switzerland’s President Johann SchneiderAmmann all took turns to extol President Buhari’s leadership. ‘’This should be a source of hope and pride to Nigerians, who have borne the brunt of the difficulties associated with the current economic downturn as well as the country’s negative global image in the past. While thanking

Nigerians for their perseverance, there is no doubt that by continuing to give their unalloyed support to the President, they will be ensuring that these tough times will not last.’’

He also expressed optimism that the country will soon begin to reap the benefits of the US-Africa Business Forum and the meeting with top Nigerians professionals, which took place on the sidelines of the UN General Assembly.

According to him, fact that the president was able to highlight and seek a global rallying point on critical issues during his trip will have a positive effect on the country.

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Finally, LASG Begins Enforcing Original Masterplan of Ikoyi, Lekki, VI Demolishes illegal structures, abandoned buildings Lagos to award 500 new roads contracts in two months

Gboyega Akinsanmi After the two-week ultimatum elapsed last week, the Lagos State Government finally rolled out bulldozers yesterday, pulling down illegal structures, which demonstrated its strong will to enforce the original masterplan of Ikoyi, Lekki and Victoria Island.

Consequently, the operation, which was led by the Chairman of the Task Force on Environmental and Special Offences (Enforcement Unit), Mr. Yinka Egbeyemi, led to the removal of roadside kiosks and pulling down of shanties on setbacks, medians and walkways.

The operation started four weeks after the state governor, Mr. Akinwunmi Ambode, set up a Special Task Force on the Clean-Up of Ikoyi, Lekki and Victoria Island to enforce masterplan of the area.

The clean-up team comprised operatives of the Task Force on Environmental and Special

Offences, Kick Against Indiscipline (KAI), Lagos Waste Management Authority (LAWMA), Lagos State Parks and Garden Agency (LASPARK), Ikoyi- Obalende LCDA, Iru-Victoria Island LCDA and Victoria Island Ikoyi Residents Association (VIIRA).

Speaking on the importance of the exercise, the Secretary to the State Government, Mr. Tunji Bello, said the Ambode administration was determined to make all parts of the state safer and more secure for all residents irrespective of their status and background.

Bello, who is the Chairman of Special Taskforce on Ikoyi, Lekki and Victoria Island, disclosed that the clean-up exercise “is a continuous one aimed at restoring the original masterplan of the urban centres.”

After inspecting the level of clean-up at Ahmadu Bello Way, Ozumba Mbadiwe Waterfront and Ligali Ayorinde, Bello urged the

owners of illegal structures that had not been demolished to pull them down before the task force got to their locations.

At Ikoyi, Bello explained that the clean-up exercise specifically started from Awolowo Road to Falomo roundabout through Bourdillon Road before terminating at the frontage of Lekki-Ikoyi Link Bridge.

According to him, the exercise led to the demolition of illegal structures, shanties and unauthorised buildings by the roadside. Likewise, some commercial motorcyclists who rode against traffic were apprehended.

On Victoria Island, Bello explained that the exercise started at the Ozumba Mbadiwe Waterfront, which he said, had not only become a massive refuse dump, but also an automobile workshop and food court.

At the waterfront, Bello added

that the heaps of garbage was carted away by trucks of LAWMA and the site secured by the State Parks and Garden “to prevent the owners of the illegal structures and shanties from returning to the waterfront.

“Likewise, the taskforce cleared Water Corporation Drive in Victoria Island which is a location to several infractions like building on the median and setbacks.

All the illegal structures on the road setback at the beginning of Water Corporation Drive which included bars, canteens, block moulding industry and a car wash were all pulled down.

The stretch of Ahmadu Bello Way was touched by the clean-up team which removed garbage on the roadside whilst affixing 12 hours removal notices on indiscriminately parked vehicles and equipments.

The team also touched many

of the abandoned state liaison offices on Ahmadu Bello Way which were being inhabited by squatters including the former Kogi Liaison Office which had been converted to a canteen and gave directives to occupiers to do the needful or risk a sealing off.

A large expanse of land on Ligali Ayorinde which had been taken over by squatters who erected alcohol joints, canteens and a home for undesirable elements was cleared by the task force after the evacuation of the squatters, their goods and properties.

Meanwhile, Governor Ambode at the weekend disclosed that his administration would award 500 new inner-city road contracts, which it said, should be fully executed before 2019.

Ambode noted that his

administration would continue to engage indigenous contractors as a way to create more opportunities and cushion the impact of economic recession on the residents.

He disclosed the plan while unveiling Borno Way, Ebute-Meta where he said the state “will soon embark on the second phase of the project in which about 500 roads will be considered.”

Ambode, who was represented by the SSG, Bello, linked the hallmark of his administration to creating more opportunities for indigenous contractors and making life more meaningful for Lagos residents across all councils.

He, however, explained that the contractors, who did shoddy jobs, would be sidelined in the subsequent road projects, noting that poor quality road construction “is unacceptable in Lagos.”

BBOG Set to Mark 900th Days of Chibok Girls Captivity Kasim Sumaina in Abuja The #BringBackOurGirls Group (BBOG) has made public its intention to mark the 900th day of the Chibok girls in Boko Haram’s captivity with a press conference.

The group in a statement made available to the media weekend, hinted that a press conference scheduled for Friday, September 30, would be held to mark the 900th day of the Chibok girls’ abduction.

One of the leaders of the

group, Aisha Yesufu, according to the statement, disclosed that the press conference is to cut across their demands as well as a formal response to the federal government’s press briefing held on September 16, 2016.

The statement read in part: “We hereby announce our decision to hold a world press conference on Friday, September 30, 2016 to mark the 900th day of the abduction of our #ChibokGirls.”

UI Ranks 601 in Latest Global Varsity Ranking Ademola Babalola in Ibadan Despite the underfunding by the federal government, the University of Ibadan has finally been ranked among 1,000 best universities in the world.

The latest ranking which was carried out by the top rated organisation Times Higher Education (THE), showed that it is the only Nigerian university that made it to the top 1,000 globally ranked universities.

The latest ranking was based on teaching, research, citations of scholarly publications, industry income and international outlook.

Despite being the only university which entered the list of top universities in the world, the University of Ibadan came behind South African universities with University of Cape Town ranking 148 followed by Stellenbosch University (401), University of KwaZulu Natal (501).

University of Ghana, Legon (600) is the only university from Ghana in the latest ranking and it is ranked ahead of Nigeria’s premier university.

Only 22 universities across Africa made it to the world class universities with South Africa and Egyptian universities dominating.

Reacting to the latest ranking,

Vice Chancellor University of Ibadan, Professor Idowu Olayinka, said the university is blessed with world class scholars who are dedicated to their calling and must be engaged by Nigeria to solve her problems.

While saying the latest ranking is a welcome development, Professor Olayinka urged the federal government to allocate special privilege funding to the University of Ibadan to improve research infrastructure to rise further in future ranking.

“The truth of the matter is that the Times Higher Education Rankings is one of the elite global ranking bodies. It is a thing of joy that we have a respectable position in comparison to peer universities in Africa. This is message to the Federal Government of Nigeria that we need funding to improve our research infrastructure and funding support in order to enhance productivity. We congratulate all faculty, staff and students who have made this feat possible. The federal government should learn to use research output from university of Ibadan to solve problems facing the country. We cannot have world class scholars in Nigeria and rely on those who have never conducted researches on our problems to come and solve our problems”

LIFE CHANGING VICTORY

L-R: General Manager, Consumer Marketing, MTN Nigeria, Richard Iweanogie; Winner MTN Project Fame 9, Okiemute Ighorudje; and MTN Executive, AminaOyagbola,attheclosinggalaofMTNProjectFameinLagos...Wednesday

Ambode Receives Best Performing Nigerian Governor Award in New York Vows to retain Lagos as investors haven Lagos State Governor, Mr. Akinwunmi Ambode, at the weekend said the state was gradually emerging as the choice destination for investors, assuring that his administration would continue to work round the clock not only to become a shining example for Africans in Diaspora but retain the state as investors haven.

The governor, who spoke at the 2016 International Forum on African Leadership, where he received an award for Best Performing Governor in Nigeria, organised by the African Leadership Magazine and held at the Regis Hotel, New York, USA, said since he assumed office on May 29, 2015, efforts have been geared towards creating a conducive and friendly environment for investors and

for businesses to thrive.

Ambode, who was represented by the Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosinmi-Etti, apologised for his absence to receive the award, but said that he acknowledged the importance of the event hence his decision to send a powerful delegation including Durosinmi-Etti; the Commissioner for Information and Strategy, Mr. Steve Ayorinde; his Special Adviser on Overseas Affairs and Investment, Professor Ademola Abass; and his Chief Press Secretary, Mr. Habib Aruna, to represent him.

The governor, in his remarks shortly after receiving the award, said the security and judicial reforms which he

initiated at the commencement of his administration and the creation of the Office of Overseas Affairs and Investment were part of efforts to reduce the burden of bureaucracy and security concerns for would-be investors.

While stating that the state is open for business, Ambode assured would-be investors that government would continue to invest in security, job opportunity and infrastructure which are the tripod upon which his administration was built.

He said Lagos is also playing a leading role in the Nigeria economy, and as such must not shy away in ensuring that it takes the lead as Nigeria restrategises to restructure its economy for greater prosperity.

“Lagos as the fifth largest economy in Africa is like a country and with the momentum with which the state is moving, it might soon emerge as the biggest economy in Africa. It is home to almost every religion, tribe and colour and accommodates the largest pool of black people all over the world, including Africa’s richest man, Alhaji Aliko Dangote, who is from Nigeria and has a home in Lagos,” the governor said.

Earlier, in his opening remarks, Publisher and Chief Executive Officer of African Leadership Magazine, Mr. Ken Giami while thanking participants for finding time to honour the occasion, said the focus of the forum was for good governance and how it could impact on the African continent.

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NEWSEXTRA

PTAD Refers 800 ‘Fraudulent’ Pension Accounts to ICPC for Probe Monthly pension liabilities under defined benefit scheme hits N16bn Recovers N2.4bn from MDAs James Emejo inAbuja The acting Director General/ Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Mr. Murtala Musa Oluwatoyin, has said the

agency has now created a credible data base with proper records that have allowed for genuine and regular payment of pensions to beneficiaries without hitches.

He said he had inherited inaccurate date a base of pensioners,

Fashola: FG Spending on Infrastructure to Get Nigeria out of Recession Chineme Okafor in Abuja The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the federal government’s expenditure on the country’s infrastructure sectors in the 2016 budget is meant to reenergise the economy and take it out of recession.

Fashola in a statement from his senior communications aide, Mr. Hakeem Bello, yesterday in Abuja stated that these were parts of the steps the government was taking to move the country from economic stagnation.

The statement noted that he said these at the Wilson Centre in Washington DC, USA, while presenting a paper on “Leadership and Politics of Reform In Africa: Lessons from Nigeria.”

According to him, the immediate

and long term solution to the country’s problem of economic recession lay in massive investment in infrastructure which he added has already commenced.

He explained that the reported huge investment in infrastructure does not mean that Nigeria lacked infrastructure but that what was available was insufficient for the population and that although the past administrations failed to utilise resources of the oil boom period to make the needed investment, the present administration was determined to turn the situation around even with the lean resources available to it.

He spoke specifically on the sectors under his ministry, that most of the problems, especially in the power sector, were not technical but man-made.

despite the several verification exercises which took place in the past, a situation which had led to the closure of about 800 accounts which had also been forwarded to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for proper investigation.

He added that the lack of proper records had given room to some irregularities whereby contracts that were hitherto awarded were never executed.

Speaking to THISDAY in Abuja at the weekend, he said duplicate payments and ghost pensioners had been eliminated while anomalies of over payments had been regularised with updated records of Next Of Kin (NOK).

He said a fresh verification of the police, customs, immigration and prison pensioners revealed 3,000 ‘bogus’ names which had since

been removed from the payroll, saving the federal government about N100 million in fraudulent monthly pension.

He said the agency had also created channels to seamlessly address pensioners’ complaints through text message with almost an immediate response to issues.

The federal government had in March suspended the former PTAD boss, Nellie Mayshak, over allegations of unwholesome financial under-dealings.

A prima-facie case was established against her and forwarded to the Economic and Financial Crimes Commission (EFCC) for prosecution. The report on her investigation is however, still being awaited.

Nevertheless, Oluwatoyin, who is a director in the Office of the Accountant General of the Federation was consequently

seconded to oversee the affairs of PTAD until a substantive DG is appointed.

He, further disclosed that monthly pension liability under the Defined Benefit Scheme (DBS) or those who are not covered under the contributory pension scheme (CPS) stood at about N16 billion.

He said inadequate funding remained a major challenge to the DBS. The acting PTAD boss identified some of his achievements to include regular and prompt monthly pension payments and payment of 12 months of the outstanding 42 months of the 33 per cent pension arrears to all categories of pensioners except for the paramilitary pensioner who have received their full payment of 42months of the 33 per cent arrears.

He said the sum of N2.4 billion

had since been recovered from 18 sister agencies and transferred to PTAD’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN).

He added that the age y had successfully verified and paid N1.58 billion in death benefits to 891 NOKs under the phase one of the parastatals verification exercise as well as completed the quality assurance exercise on 17,974 verified police pensioners’ files among other achievements since he assumed office.

He said: “We pay pension now at the same time we pay salaries; here they receive their pensions same time as salary earners receive- and that’s an improvement I have made so far as regards those who are regular on our pay role. For those who are not, we’ve been addressing issues and bringing them on board.”

ONDO APC CRISIS: TINUBU DEMANDS OYEGUN’S DISMISSAL election, Dr Olusegun Abraham, yesterday said the party would substitute the name of Rotimi Akeredolu SAN for his own name.

Abraham at a news conference in Akure yesterday said he had not relented in his decision to recover his mandate.

He said everybody was very much aware that the position of the party NWC was illegal because the decision of five persons was allowed to overide that of six.

“The decision of the NWC is undemocratic. It is illegal and I will continue to challenge to the last. I will not give up.

“This mandate belongs to me and I will get it despite the fact that the name of Akeredolu has been submitted to the INEC, we still have up till October 19 when his (Akeredolu) name can be substituted,” he said.

He vowed that he would use all avenues to get justice and if all the avenues fail, he would approach the court to get his mandate of being the party’s flagbearer at the forthcoming governorship election in the state.

The leading aspirant said of the three options available for him to explore in recovering his mandate, he had used only one promising to utilise the other two if necessary.

“You can see that it is only 34 votes between me and Akeredolu and I want to tell you that I got the authentic votes because no one contested my own votes.

“If you removed 34 from the number of authentic delegates

that were disenfranchised, then it means the return of Akeredolu was wrong.

However, the aspirant vowed not to leave the party despite the challenges and the action of the NWC. “We are the landlord of the APC and it is not possible for landlord to leave the house for the tenant “ “ I will not leave the APC, I am not going to any other party, I will be here to correct all the wrongs. “ Abraham, who was the preferred candidate of the National Leader of the APC, Senator Bola Tinubu, noted that the popularity of the party dwindled after Akeredolu was announced as the winner of the primary “The only way to revive the reputation of the party is to trek the path of justice. We discovered that the electoral process was fraudulent but we will not relent until we get justice.” the APC chieftain maintained.

The aspirant said he, Olusola Oke and Senator Ajayi Boroffice are central to the success of APC in the forthcoming election.

He said there was no way Akeredolu can win the governorship election with less than 25 per cent of the votes cast during the primary.

Abraham urged his supporters across the 18 Local Government areas of the state to remain calm, assuring them that he would eventually get the ticket of the party in the long run to contest the November 26 2016 governorship election.

VICTORS

Renowned broadcaster and Public Relations Consultant, Mr. Soni Irabor (second left), with the winner of the Union Bank prize for the Most Innovative Business Plan, Mr. Ayo Obadina (first left); Ruyi Com prize winner,Opeoluwa Mesonrale; and Medview Airline prize winner, Victor Chukwu, after the presentation of prizes to winners in Lagos....recently

APC Leader Behind Attacks on Kyari, Daura, Group Alleges John Shiklam in Kaduna The Arewa Youth Leaders for Development and Change (AYLDC) has alleged that a national leader of the All Progressives Congress (APC) from the South-west is behind “the nefarious activities to bring down both men and all those close to President Muhammadu Buhari.

In a statement in Kaduna at the weekend, the group maintained that the current campaigns of calumny against the Chief of Staff to the President , Alhaji Abba Kyari and the president’s nephew, Alhaji Mamman Daura, in some online news platforms were being sponsored by the APC leader.

The statement signed by the National President of AYLDC, Abubakar A. Karga, said the group had observed with disappointment, the unwarranted and malicious attacks on Kyari and

Daura in some online publications re-publishing the malicious contents, stressing that a US-based online medium had been at the forefront of the attacks.

The grouse of the APC leader, according to the statement, is that “he is still smarting for not being the one to make every single appointment made by Mr. President.”

The group said it has reasons to believe that the chairman of the anti-graft agency, the Economic and Financial Crimes Commission (EFCC) and a top government official are complicit in the show of shame.

“They are the ones who use their offices to lend legitimacy to questionable information to make it appear as if the lies being reported are true.

“The impression sought to be created is that Abba Kyari is corrupt. Our position is that these

are unjustified attacks on an achiever out of spite and should at best be ignored.

“Daura has been falsely accused of corruption and meddlesomeness in state affairs repeatedly and without basis.

“After painstaking efforts to understand the nature and intent of these attacks, we came to realise that Kyari and Daura are pawns on the board for people who want to get at President Muhammadu Buhari for selfish reasons,” the statement said.

According to the AYLDC, those behind the attacks on Kyari and Daura, ”are trying to link both men to corruption in order to rubbish Mr. President’s anti-corruption efforts by making it appear as if he condones wrongdoing from his trusted aides and family members as well as blackmail him to firing those that genuinely have his

interest at heart while clearing the way for those sponsoring these attacks.

“We want to categorically state that we now know those paying this medium to lie against good men. We found out that a national leader of the APC, from the South-west is at the centre of the nefarious activities to bring down both men and all those close to President Buhari. ”This is a totally unacceptable behaviour that should not be tolerated in Nigeria or any other country for that matter.

Anyone that has issues with President Buhar is advised to be bold enough to man up and approach him to table such demands instead of using fronts.

“We use this opportunity to warn these men to desist from these attacks or accept any legitimate actions we decide to take as a consequence of their lies.”

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CRIME&PUNISHMENT

SERAP Begs Court to Order FG to Prosecute Patience Jonathan She should face EFCC probe, says Frank Group: Politically-motivated trial of will escalates N’Delta crisis

Onyebuchi Ezigbo and Paul Obi in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has dragged the federal government before the Federal High Court in Lagos asking the court for an order of mandamus compelling the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), to institute and undertake criminal proceedings against former First Lady Mrs. Patience Jonathan, over the $15million unexplained wealth frozen in four companies’ accounts.

The suit with number FHC/L/ CS/1318/2016 dated September 23, 2016 was filed on behalf of SERAP by its Executive Director, Adetokunbo Mumuni.

The suit is coming against the background of the request last week

by Mrs. Jonathan for the Economic and Financial Crimes Commission (EFCC) to defreeze her accounts and offer her a public apology within 14-days.

The group alleged that Mrs. Jonathan had admitted that the four accounts belong to her and that she is the sole signatory to these accounts, adding that the four companies and their directors had also since pleaded guilty to the commission of the offence.

It noted that the fact that the $15million found in the four accounts belong to Mrs. Jonathan raises a prima-facie case of unexplained wealth and illicit enrichment, and imposes a duty on her to explain and

justify the source(s) of the $15million.

The suit which was brought under Order 34, Rules 1 (1) (a); 2, Rule 3 (1) and (2) (a), (b) and (c) of the Federal High Court Rules, 2009 read in part: “The AGF has a duty to prosecute intentional illicit enrichment, that is, a significant increase in the assets of a public official that he or she cannot reasonably explain in relation to his or her lawful income.

“By virtue of Section 174 of the 1999 Constitution (as amended) the AGF is constitutionally empowered to institute and undertake criminal proceedings against any person in Nigeria in respect of any offence created by or under any Act of the National Assembly in superior courts in Nigeria.”

“AGF has failed, neglected and or refused to institute and undertake criminal proceedings against Mrs. Jonathan over $15million unexplained wealth frozen in her accounts.

No date has been fixed for the hearing of the suit.

Meawnhile, the Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, has described as shameful the threats coming from a Niger Delta group and the protest at Port Harcourt zonal office of the EFCC in support of the former First Lady, Mrs. Patience Jonathan, over the freezing of her dollar account containing about $31.4 million.

He said EFCC should not feel threatened in carrying out its official duty and ensure that whoever is caught in the web is properly brought to book.”

A statement signed yesterday Frank, described the threat as baseless and empty threat against the federal government, saying it was high time people realised that the era of campaign is gone for now.

“My candid advise to Mrs. Patience Jonathan is to apologise to Nigerians for the current economic hardship which Jonathan’s regime could have easily averted instead of sponsoring shameless protest. against the government, anyway, Nigerians are still waiting for the apology.”

Frank warned the youths to desist from such shameless act of defending politicians for a pot of sup, adding that the present APC administration is fighting corruption so as to secure future for them.

He said it was surprising that Mrs. Jonathan had such big amount of money in her custody and people from her region were dying of common water, saying, it took President Buhari’s government for example, to recently commission a water project even in Otuoke, Bayelsa State where Goodluck Jonathan was born.

“The show of shame call protest at the Port Harcourt office of the EFCC to demand the unfreezing of Mrs. Jonathan’s dollar accounts was uncalled for and there is nothing wrong if the former first lady explain the source of $31.4 million to anti-corruption agency.

“The country is presently going through recession as a result of mismanagement of economy left behind by Patience Jonathan’s husband led administration which

Cultists Attack Lagos House Member in Lagos Police, OPMESAintervene, kill one, arrest one Chiemelie Ezeobi Some cultists numbering 50 yesterday intercepted and attacked the car of a member of the Lagos House of Assembly, Hon. Kazeem Aliyu, at Coker Junction, along the Orile and Aguda axis.

The cultists had not only attacked him with guns, cutlasses and knives, but had also attempted to rob him before the deployment of security personnel came to his rescue.

Confirming the incident, the state Police Public Relations Officer, Dolapo Badmos, said the police had an exchange of gunfire with the cultists and succeeded in killing one and arresting the other.

She said: “The command received a distress call that Kazeem Aliyu, a member of the House of Representatives was being attached at Coker Junction, a boundary between Orile and Aguda by come suspected cultists.

“The cultists, numbering about 50, were robbing him with guns, cutlasses and knives when a convoy of policemen fromAguda, Bode Thomas and Surulere responded.

“Backed up with operatives of Rapid Response Squad (RRS) and Operation Mesa (OPMESA) and during the exchange of fire, one of the cultists was brought down and another arrested.

“The corpse has been deposited in

the mortuary and the command is still on the trail of the fleeing suspects while investigation is ongoing.”

In another development, three suspected robbers, who have been terrorisingbrokendownvehicleowners and other road users around Otedola Bridge in Lagos have been arrested by the operatives of the RRS. This is just as the police recovered two master keys from them.

The suspects, Chima Joseph (24), Hassan Adamu (34) and Ibietan Oluwaseyi (41) were arrested after dragging their victim from the Expressway into the bush and dispossessed him of all his belongings.

The victim, Idi Musa, who was in Lagos for the first time, said he was on his way to Apapa from Borno State to meet his brother.

It was gathered that RRS’s surveillance team have been on the

lookout for the robber’s terrorising people during traffic congestion in that area.

It was further learnt that more than four people havebeenarrestedfor robbingroaduserswhiletwoadditional cases of robbery linked to the suspects have been reported to RRS’s operatives.

One of the suspects, Chima Joseph, from whom the master keys were recovered, said he found the keys on the ground, adding that he was looking for a place to put it for people to see.

It was revealed that the key, when testedopenthedoorsof2ToyotaCamry, Toyota Corolla and one Honda (End of Discussion).

As at the time of filling this report, RRS’s investigators were still questioning the suspected robbers to establish if they have a link to the car-stealing gang around popular Fela’s Shrine.

APC is working hard to correct as soon as possible.

“It should be made clear that there is nothing wrong for EFCC to invite Mrs. Patience Jonathan for questioning if the organisation suspect a vow play in accumulation of such big amount of money.

“Again, the era of above the law is over. This is a change government of accountability where rule of law is paramount.

“The number four citizen of this country today, Senate President Bukola Saraki, whose office is prominently recognise by the constitution is facing trial not to talk of one former first lady whose Nigeria constitution does not recognise.

“Again, we should also remind those who have forgotten that a national leader of APC, who was once the Vice President of this nation, Alhaji Atiku Abubakar, was once investigated. So, why must Mrs. Jonathan’s case be different?

“We called on the leadership of the EFCC not to feel threatened in carrying out its official duty and ensure that whoever is caught in the web is properly brought to book.”

But a group, the Human Rights

and Anti-corruption Activists Movement, said politically-motivated trial of Mrs. Jonathan by the EFCC could lead to escalation of Niger Delta crisis. The body lawyers stated this in a statement jointly issued

by Ugochukwu Osuagwu, Elvis Offor, Miss Vina Amaka, Benard Nwauduna, Divine Sunday Ofuma at a press conference in Abuja.

According to the leader of the group, Osuagwu, the EFCC is indirectly probing ex- President Goodluck Jonathan which has obviously exposed the fact that the trial is politically motivated.

He said: “The former president is a crowd puller. One must exercise when you begin to probe his wife.

The South-south people could see this as probing of former president Goodluck Jonathan.

“The country is a bit weak now in terms of ethnic bonding. The ethnic bond is weak so caution should be exercised by the anti-corruption agency.

“Nigeria’s ethnic bond is still shaking. We should exercise caution so as to avoid the foot soldiers on the streets who see the former president as their idol.

“The EFCC and the wife of the former president can resolve this issue quietly without involving the media.

Nobody says the EFCC should not do its work. In fact they should be allowed to do their work but caution should be exercised.

“Our position is that the office of the president must be respected by citizens as that position is the highest position in the land. We advice that the president caution and call Magu and EFCC to order.

“We are not against the fight against corruption by the EFCC but let it be done with decency and must not be done or seen as unleashing so much vendetta, vindictiveness and carefully planned and rehearsed acts of witch hunt against Mrs. patience Jonathan.

“This is a woman who has undergone 15 major operations and every Nigerian was praying for her at that period and do not deserve this treatment. The immediate past president and the wife deserve respect. “There is no need saying you are probing the wife of immediate past president.

You are probing the husband as they are one,” he added.

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MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

NPFL: Rangers’ 32-year Trophy Drought Ends Needs a draw to be crowned champions after 2-1 defeat of Ikorodu Utd Duro Ikhazuagbe with agency reports Rangers International is on the verge of ending its 32 years trophy drought following the Flying Antelopes’ 2-1 defeat of already relegated Ikorodu United at the MKO Abiola Stadium in Abeokuta yesterday.

Standing at 60 points from 35 matches, the Flying Antelopes are three points ahead of second placed Rivers United who yesterday drew goalless with Abia Warriors at the Yakubu Gowon Stadium in Port Harcourt.

Just a point from Rangers last game against El Kanemi Warriors next Sunday at the Cathedral in Enugu is separating the Pride of Old Eastern Region from being crowned Champions of the 2015/2016 NPFL season.

Although the Port Harcourt team is still hoping for a miracle, the Rivers State governmentowned United will need atleast 6-0 defeat of relegation threatened Akwa United at the Nest of Champion in Uyo to upstage Rangers.

That again is based on the premise that the Flying Antelopes who already have their hands on the trophy are defeated right in front of their fans on a day they must have iced champagnes to celebrate this first title in 32 years.

FC Ifeanyiubah climbed into the third spot with continental ticket in sight. They defeated former champions Enyimba 1-0 in the last Oriental Derby of the season in Nnewi. Defender Isaac Loute scored the winner early in the game that meant nothing to Enyimba after they dropped out of the title race with the defeat to Abia Warriors penultimate weekend.

The man who last lifted the league trophy as captain of Rangers in 1984, Christian Chukwu, was among the thousands of football enthusiasts that thronged the Abiola Stadium in the Rocky City to witness the dress rehearsal of the crowning of his team again.

Former Flying Eagles star Obinna Nwobodo gave Rangers the lead with a speculative effort that flew over Ikorodu United goalkeeper Adamu Azeez on 25 minutes before Chisom Egbuchulam netted his 13th goal of the season seven minutes before the break, rendering Paul Duke’s late strike as a mere consolation for the Oga Boys.

Nwobodo did most of the work for that goal running from the midfield into the right flank and squaring across the front of the goal line for Egbuchulam to help in.

Imama Amapakabo’s wards did what they had done for the most parts of the season, leaving them three points clear of second placed Rivers United ahead of their last game.

In Ibadan, Shooting Stars Sports Club (3SC) secured top flight status for a third successive

year after Samuel Olabisi’s 51st minute header gave them a 1-0 win over Wikki Tourists of Bauchi.

The result also effectively ended Tourists’ slight hopes of snatching the league crown from within the grasps of the front runners.

Another team that guaranteed themselves of a further stay in the NPFL was Niger Tornadoes who dispatched MFM FC 3-1 at the Confluence Stadium in Lokoja.

In-form attacker Solomon Owello scored twice from the penalty spot in the first half before left back Gabriel Wassa took the game beyond the visitors five minutes after the interval. Youngster Stephen Odey scored a consolation goal for the Lagosians who drop to the relegation zone and now have it all to do on the final day against Ifeanyiubah in Lagos.

While Tornadoes steered clear of the drop, 10-man Warri Wolves dropped deeper into the mess after a narrow loss at Sunshine Stars of Akure.

Pint-sized midfielder Dayo Ojo headed home the only goal of the contest just after the hour mark before Wolves skipper Goodluck Onamado was sent off later on for a second bookable offense in a game played behind closed doors.

In Owerri, former Heartland goalkeeper David Obiazo produced a man-of-the-match performance, but was not enough to deny the Naze Millionaires maximum points against former champions Kano Pillars. Emeka Ogbugh scored the only goal of the game shortly after Obiazo had saved MacMarcel Obioha’s spot kick. The win takes Heartland just outside the relegation zone needing a win at Plateau United on the final day to be sure of safety.

In Maiduguri, El-Kanemi Warriors made it twelve straight home wins since returning home after a hard earned 1-0 win over Plateau United. Hussain Mohammed Bata scored the only goal of the game from the penalty spot just before the hour mark.

In the day’s final game, Nasarawa United needed a stoppage time equaliser to deny visiting Akwa United the maximum points at the Aper Aku Stadium in Makurdi.

Esosa Igbinoba put the hosts in front from the penalty spot early in the game but Akwa responded with quick fire goals from Hassan Babangida and Cyril Olisema.

Akwa United then had midfielder Yusuf Adio sent off six minutes from time before their hosts pulled level with virtually the last kick of the game.

MATCH DAY 37

(Results) Ikorodu Utd 1-2 Rangers Tornadoes 3-1 MFM Shooting 1-0 Wikki Heartland 1-0 K’Pillars IfeanyiUbah 1-0 Enyimba El-Kanemi 1-0 Plateau Utd Sunshine 1-0 W’Wolves Nasarawa 2-2 Akwa Utd Rivers Utd 0-0 Abia Warriors

Rangers celebrating the 2–1 defeat of Ikorodu Utd in Abeokuta… yesterday

Remo Stars Seal NPFL Promotion Remo Stars have gained promotion to the Nigeria Professional Football League (NPFL). This was after they recorded an impressive 2-0 win over COD United in their penultimate Nigeria National League (NNL) match on Saturday.

The win means Remo Stars have now amassed an unassailable 28 points from 13 matches in division B1 of the NNL and will play in Nigeria’s top flight next season even if

they lose their final match of the season at home.

Remo Stars have been the clear pacesetters in their section of the division all season as exemplified by their eight wins (the most by any side in all four divisions of the NNL), four draws and one defeat (the fewest in all sections) in their 13 games this term.

Based in Remo in the Nigerian State of Ogun, Remo Stars play their home games at the Dipo Dina Stadium, Ijebu-Ode.

STANDINGS

Team Rangers Rivers Utd Ifeanyiubah Wikki Sunshine Lobi Stars Pillars El-Kanemi Nasarawa Enyimba Tornadoes Plateau Akwa Utd 3SC Abia Warriors Heartland MFM FC Wolves Ikorodu Utd Giwa FC

P 35 35 35 35 35 35 35 35 35 36 35 35 35 35 35 35 35 35 35 0

W 17 18 16 15 14 15 15 16 16 14 15 13 13 14 11 11 11 11 7 0

D 9 3 8 9 11 7 6 3 2 8 3 9 8 5 12 10 9 9 11 0

L 9 14 11 11 10 13 14 16 17 14 17 13 14 16 12 14 15 15 17 0

GF 49 36 37 43 44 39 46 37 41 34 39 32 44 40 33 24 35 27 32 0

GA 37 28 32 28 35 35 39 38 41 35 41 35 44 46 38 29 40 37 54 0

GD 12 8 5 15 9 4 7 -1 0 -1 -2 -3 0 -6 -5 -5 -5 -10 -22 0

Pts 60 57 56 54 53 52 51 51 50 50 48 48 47 47 45 43 42 42 32 0

F I FA U 2 0 F E M A L E W O R L D C U P

NFF Suspends Invitation of Foreign-based Players Olawale Ajimotokan in Abuja The Nigeria Football Federation (NFF) has blocked the coaches of the national U20 female team, the Falconets from inviting professional players to camp in preparation for the FIFA U20 Female World Cup that holds in November in Papua New Guinea.

The order, THISDAY gathered from reliable in-house sources, was made by the NFF board in the light of the excruciating effect of lack of funds that has

almost paralysed the running of the secretariat.

The federation kicked against the move by coach Peter Dedevbo for early camping of foreign based players, because it was wary of the huge cost to be incurred on flight tickets, camp allowances and accommodation of foreign based players.

Dedevbo submitted his programme to the technical committee in August and proposed that 36 home based players be invited to camp.

However, the coach has been

under pressure from the foreign based players to be invited to camp.

Since last year, NFF has been groaning to the severe effect of cash crunch arising from its inability to access its funds trapped in the Treasury Savings Account (TSA) with the Central Bank of Nigeria (CBN).

Officials have determined that it would amount to wastage by inviting the foreign based players to camp along the home based at this stage when the World Cup is just two months

away.

The Falconets defeated South Africa to seal their place to the World Cup. The team which won silver at the 2014 event in Canada will be aiming to improve on that feat by becoming the first African team to win the competition.

Nigeria is drawn in Group B against Spain, Canada and Japan. They play their first game against Japan on November 13, before meeting Canada three days later also in Port Moresby.

63

T H I S D AY • MONDAY, SEPTEMBER 26, 2016

MONDAYSPORTS

Lalong Makes Golf Mandatory for Plateau Cabinet Olawale Ajimotokan in Abuja

Plateau State Governor, Simon Lalong, has made it mandatory for members of the state’s executive committee to play golf by registering with golf clubs in Jos, the state capital.

Lalong disclosed this to reporters at the recent LGAN Northern Zone Championship that held in Abuja.

He described golf as a lifestyle that when inculcated will make his commissioners remain healthy and avoid untimely death usually associated with politicians.

The governor also said the policy is to enable the executive tap into his philosophy of using golf to drive Plateau State as a major tourism destination in Nigeria.

“Golf is a game for gentlemen.

In my state, I have made it compulsory for all members of the executive to register with all the three clubs. As it is, few of my commissioners have become good golfers. I want to encourage people, particularly politicians, who run away from exercise at a time we see politicians dying.

One thing that will take them away from sudden death is to start playing golf,’’ Lalong said.

Jos is renowned for its temperate weather and boasts of three golf courses-Rayfield, Lamengo and Army owned Rhino Golf Club inside Rukuba Barracks.

Aside the aforementioned

courses, Lalong also revealed of the existence of a nine-hole, all green course in the Government House.

The course that was built by a former military governor was abandoned and was only rehabilitated by the state government which upgraded it to green.

Lalong similarly revealed of plan to transform Rayfield and Lamengo into green courses, while the state also plans to set up a golf academy that will nurture children and ladies and make them good golfers.

And in line with effort to develop professional golf, there will be a second Plateau State Governor’s Cup in December to coincide with Christmas.

Lalong, who plays golf off handicap 13, said that people are indifferent to golf because they see it as a sport only for the rich and a form of exercise for retired army officers. ‘’Golf is a sport you can do even at the age of 100. I used to assume it was an exercise for retired military men and for lazy people- those who don’t want to do anything. I saw them as people walking in the bush with a golf stick. I said I would rather go hunting than to play golf.

But the people were shocked the first month I started playing golf. People were very surprised when I changed tune that it is not an exercise for lazy men and retired military officers,’’ concludes the governor.

UPDC Hotels/Golden Tulip Squash Goes Int’l

Chairman, UPDC Nigeria Plc, Larry E. Ettah, speaking at the closing ceremony of the Squash Series Due to the phenomenal success achieved in the maiden edition of UPDC Hotels/Golden Tulip Squash Series, which rounded off last weekend, the tournament will go international and will become a world ranking event next year, organisers have hinted.

Chairman, UPDC Nigeria Plc, Larry E. Ettah, who disclosed this exclusively to HotSports at the tournament, said they were satisfied with what they saw and hope to make it an annual affair with next edition going to be an international event.

The UPDC Nigeria plc boss, who also represented O’Trafford Club as a player at the Series, said the facility in use at the competition is one of the few Professional Squash Association (PSA) certified facilities in Nigeria, which is why they want to raise the standard to international.

“Our intention is to expose this world class facility to the cross-section of Squash fraternity and community because most

of the facilities we have in this country don’t meet this standard,” he told HotSports.

“If we don’t have our young men and women playing on this kind of world standard facility, they will go out there complaining like our footballers, who find playing turfs strange outside Nigeria because they are not used to them.

“From what we have seen so far, we are pleasantly encouraged to continue what we have started.

It is already a national affair, but by next year we should make it an international event in which case, it will be a PSA certified and ranking event. This means that players from all over the world could come here to play and increase their rankings.”

In the two main events in the first edition, Goke Adediran won the ‘Club Invitational tournament’, while Abdulrahaman Olanrewaju and Yemisi Olatunji emerged best in the Professional Men and Women categories respectively.

Governor Lalong showing his golfing skills at one of the tournaments in Jos

ITF WEST/CENTRAL AFRICA CIRCUITS

Team Nigeria Emerges Overall Winner Team Nigeria emerged overall winners of the 2016 ITF West/ Central Africa 18 and Under Circuits which ended in Lome, Togo at the weekend. Nigeria topped with four gold and one silver medals to edge Korea to second spot with four gold medals.

Egypt and France placed joint third with one gold and one silver each while USA and Cote d’Ivoire bagged a gold each to finish joint fourth in the 19-day circuit.

Oyinlomo Barakat Quadri was the standout player in the three-leg circuit which served off on September 6 in Cotonou; the 13-year-old debutante won a total of four gold and a silver medals which notably include an unprecedented three straight girls’ singles titles.

At the final of the third leg of the world-ranking tournament which attracted over 80 players from Africa, Europe, Asia and

North America, the player from the Aces Tennis Academy in Lagos defeated Marion Karine Job of France 6-3, 6-3 at the Stade Omnisports for her record feat.

“We are very happy with the achievement of Barakat who the ITF identified as one of the best junior players in Africa going by the scholarship given to her last year. The Nigeria Tennis Federation has focused more on junior tennis in recent years and that is why we are now among the top teams in Africa,” NTF President, Sani Ndanusa said.

She had twice defeated Carmine Becoude of Benin Republic 6-0, 6-2 and 6-2, 6-2 in the final, to win the singles in the first two legs which took place in Cotonou and Lome.

She paired her Aces Tennis Academy teammate Toyin Asogba to win one doubles title while she also partnered Angel McLeod to win silver in the doubles.

Oyinlomo Barakat Quadri was the star-performer of the circuit

Oyebode: Genuine School Sports Vital to Devt Against the backdrop of dwindling fortune of Nigerian sports, Oluseyi Oyebode a foremost grassroots sports developer believes those in charge of Nigerian sports must pay more attention to school sports development.

Oyebode, whose efforts made Lagos-based Greensprings School a household name in school sports believes that a revival of national sports will have to start with a strong school sports programmes.

“The only way forward is to have good structure for school sports development.

We need to realize that the days of cutting corners are

over. School sports needs to be managed by professionals who are grounded in school sports development not opportunists that see it as an avenue to bolt away with sponsors’ money.

Sports promotion should not be confused with sports development. More support should be provided to public schools and the education ministry to develop school sports by assigning consultants to assist them with their annual programmes and plans. Some private schools have identified school sports development as an important part of the curriculum and they take care to marry sports and education together.

Parents are also encouraged and supported to nurture a budding talent,” he said.

The former head of sports at Greensprings School added: “Government still has a major role to play by revisiting the national grassroots sports policy.

School sport is the bedrock of any sports development programme in any nation.

Many children are introduced to sports at school age. As they get older, specialised coaches can take over the training of talented youngsters in specific sports.

Stars are developed through such programmes.

“The role of school sports in the nation building

cannot be over emphasised as school sports increases youth empowerment, skills development, self-actualisation and self-esteem as well as reduces crime.”

Recalling the efforts made by National Academicals Sports Committee (NASCOM) led

by Yemi Idowu, Oyebode said: “NASCOM under the leadership of Yemi Idowu really did her best most especially supporting schools programmes and initiatives but unfortunately this has not being sustained. It is now critical for Nigeria to revisit school sports if we desire genuine sports success,” he added.

Monday September 26, 2016

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Price: N250

MISSILE FG to Past Govts

“Yes, the global economy is not in the best place across Africa, Europe, Asia and the Middle East. The impacts are local and diverse, and those who invested well yesterday are better able to cope with a harsh winter while they expect a glorious spring. In Nigeria, the choices of yesterday make this winter a very harsh one for our people, because we did not invest in the right things.”

– The federal government blaming past administrations for the economic turmoil in the country.

AHMEDYERIMA GUEST COLUMNIST

Nigeria’s Maritime Industry on the Brink of a New Dawn

W

hen a nation, or one of its institutions, bursts into a new era, questions arise.

Are the people going to expect more of the same?

Are the leaders overwhelmed by the deluge of expectations? Is there a redemptive suite of programmes afoot? Is the nation or its institutions on the cusp of new way of doing things? Or are we about to be conned again with grandiose ideas in a daze of musical chairs?

That is the case in the Nigerian Maritime Administration and Safety Agency (NIMASA). Prior to the announcement of a new director general and a new governing board, NIMASA has served as a metaphor of what might go wrong with Nigeria, and that is why many an eye, whether optimistic or critical, are set on the agency. Over the past few years, scandals have erupted, court cases have simmered, accusations have answered accusations, big names and small names have added a sour grist to the drama. But at the bottom and at stake, is not only a question of integrity, but also two critical elements: competence and prosperity.

These three qualities have, arguably, been victims in what has been the rugged and barefaced politicisation of an important agency in Nigeria. Few Nigerians have heard of the word cabotage. Fewer even know about the role of NIMASA in an economy that has a buzz of activities on water and high seas. Few more know that the nexus of safety on sea, security and prosperity lies at the heart of the NIMASA dynamics.

The Dakuku Perside-led NIMASA understood this imperative and organised a retreat early. The result was a roadmap intended to reflect not only a change of attitude but a focus on results based not only on the higher matters of integrity, but also competence aimed at giving prosperity to Nigeria in a challenged economy. The team went to work and together with the technical experts in the agency set out the roadmap for the agency on the premise that once the agency is on the right track, the maritime industry as a whole will not derail. A navigational change is a profound transformation and that seems to be what Peterside and his team set out for. It can begin gradually and gather momentum.

A series of brainstorming sessions gave birth to the agency’s Medium Term Strategic Plan with five key pillars that include: • Survey, Inspection and Certification Transformation programme which seeks to expand the agency’s port state and flag administration duties towards eradicating substandard vessels in Nigerian waters and improving safety standards.

• Environment, Security and Search and Rescue Transformation programme is aimed at preventing environmental pollution, improving security on the

Dakuku

water ways through inter agency collaboration as well as enhance the agency’s search and rescue capacity.

• Capacity Building and Promotional Initiatives will see to the development of local capacity in terms of vessel tonnage, human capacity as well as create opportunities for indigenous participation in the sector.

• Digital Transformation Strategy talks to the automation of all payment and collection processes in order to block leakages and improve efficiency.

• Structural and Cultural reforms will address the change in the work ethics of staff of the agency towards efficiency, professionalism and increased productivity A Nigerian waterways that lacks the world standard of safety, or environmental sanity, or lags in ethical expectations or is Neanderthal in technology, cannot be in the 21st century. NIMASA has not only the challenge to be efficient, its managers must also be honed for contemporary challenges. With this document, the executive management team has its work cut out for it and has embarked on a three ‘R’ mission; Restructuring, Reorganising and Repositioning NIMASA for greater efficiency.

It is in this context that its team must be seen. The problem in NIMASA has never really been a lack of technical capacity to run the agency. What has been lacking, albeit in large measure, is the managerial capacity to lead the technocrats towards

achieving the goals of the agency as defined in its enabling instrument, the NIMASA Act, 2007. And this is where I think the federal government has got it right with the appointment of members of the executive management team of the agency. My few months of over sighting the maritime industry from the Senate has been most enlightening and rewarding. From that vantage position, I have reasons for my optimism about the new team in NIMASA. The immediate past executive management derailed the agency considerably. The scorecard of that team is in the public domain and in various law courts. The core function of safety, environmental stewardship and security was jettisoned for parochial interests.

There was also grave discontent and low morale amongst staff of the agency owing to some kind of arbitrariness in personnel recruitment, placement and promotion. It is perhaps as a direct consequence of some of these reasons that the federal government appointed what I will term a corrective team to lead the agency, which has had more than its fair share of reputational damage. I took time to scrutinise these appointees and their pedigree to arrive at my conclusion.

This team is led by Dr. Dakuku Peterside, a Management Expert, who has studiously earned a Ph.D in Management with a specialisation for Organisational Behaviour.

His resume shows the following: a Masters degree in Management Science and another Masters in Business Administration (MBA), Management courses at the Harvard Kennedy School, Harvard University, Kellog School of Management Chicago, the J. Mark Robinson College of Business Atlanta-Georgia and the Stanford Business School all in the United States amongst others. In addition to a solid academic background, he has varied experience as Commissioner for Works in Rivers State where he superintended over the multi billion naira infrastructural renewal of the state.

As Chairman of the House of Representatives Committee on Petroleum Resources (Downstream), he had oversight responsibility over multinational companies and Nigeria’s lucrative oil industry. Executive Director, Finance and Administration, Mr.

The problem in NIMASA has never really been a lack of technical capacity to run the agency. What has been lacking, albeit in large measure, is the managerial capacity to lead the technocrats towards achieving the goals of the agency as defined in its enabling instrument, the NIMASA Act, 2007

Bashir Yusuf Jamoh, will bring 15 years at management level in the agency to bear.

Currently studying for the award of a Ph.D at the University of Port Harcourt with specialisation in Logistics and Transport Management, Jamoh also holds a Masters degree in Management from the Korea Maritime and Ocean University in South Korea amongst other academic qualifications.

Working with his colleagues, stakeholders expect that he will be instrumental to engineering a new structure for the agency.

With his experience in the banking sector and qualification, some people think that the appointment of Mr. Ahmed Gambo as the Executive Director, Maritime Labour and Cabotage Services, is a wrong move.

What they do not know however is that this vast knowledge for detail honed by his Actuarial Science degree, will be better suited for the Cabotage operations that have suffered epileptic implementation over the 13 years since the law was passed.

We expect Gambo to therefore bring his wealth of investment experience to bear on growing local capacity by investing and properly applying the idle funds of the Cabotage Vessel Financing Funds (CVFF) yet to be disbursed since the enactment of the Cabotage law. Nigeria loses a lot of revenue to foreign operators because of the lack of capacity of local operators and this has got to stop.

Besides, the banking knowledge of Gambo will be very useful in ascertaining the fees payable to the government and will assist in blocking all revenue leakages in Cabotage operations. For the records, Gambo has excelled in his banking career rising to the enviable position of an executive director in the defunct NAL Bank Plc before retiring in 2006 following the banking consolidation which saw the merger of NAL Bank with four other banks to form Sterling Bank Plc. He was later appointed by AMCON to the board of Mainstreet Bank and later its chairman, a position he held until December 2014 after the successful sale of the bank to Skye Bank Plc. Mr. Rotimi Fashakin, who was appointed the Executive Director, Maritime Safety and Shipping Development, is a brilliant engineer with a proven track record in project management and implementation, having varied experiences in Nigeria and abroad. Fashakin from my interactions with him has so far clearly identified areas of intervention to bring about an immediate improvement in the agency’s maritime safety protocol and enhancement of the Port State Control and Flag Administration responsibilities. It is one thing to have a great team, it is quite another for it to achieve great things. The ball, as they say, is in their court to make NIMASA a 21st century success.

• Senator Yerima, a former governor of Zamfara State, is the Chairman, Senate Committee on Marine Transport

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