Monday 3rd October 2016

Lai Mohammed: FG Established Links with Boko Haram Thrice for Exchange of Chibok Girls Crusoe Osagie The Minister of Information and Culture, Alhaji Lai Mohammed, has reiterated the federal government’s commitment to rescuing the abducted Chibok girls from Boko Haram terrorists, revealing that the present administration on three

occasions established links with Boko Haram for the exchange of the abducted girls with the arrested members of the terrorist group.

The minister’s revelation of past attempts to negotiate

the release of the girls by the Muhammadu Buhari administration confirmed THISDAY’s exclusive report last August that the federal government had made at least two attempts to secure the release of the kidnapped

girls through a prisoner-swap deal, but both attempts failed when no member of the sect or the girls turned up at the appointed place for the exchange.

The information minister spoke Saturday night on a

live programme on Channels Television commemorating Nigeria’s Independence titled: “Nigeria at 56: Recursive, Resilient, Rising”, which coincided with 901 days since the abduction of over 200 secondary schoolgirls from

Again, NLC Warns FG, Says Nigeria is Not for Sale… Page 11

their school in Chibok, Borno State.

Mohammed stressed that no group, local or international, could claim to have more at stake or was more committed to the rescue of the girls than the federal government.

Continued on page 10

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Oil Marketers Want Preferential FX Rate for Petrol Extended to Aviation Fuel Seek dollars to stockpile petrol ahead of Christmas, decry multiple taxation NNPC: Egina to add 200,000bpd to Nigeria’s oil output by 2018 Ejiofor Alike Despite the preferential foreign exchange rate given to oil marketing firms by the international oil companies (IOCs), aimed at sustaining

the importation of petrol into the country, the Major Oil Marketers Association of Nigeria (MOMAN) has decried the non-allocation of the same Continued on page 6

Choice of Akeredolu’s Running Mate Causes Another Stir in APC Tinubu-Oyegun face-off: Again, Deputy Publicity Secretary seeks Buhari’s intervention James Sowole in Akure and Onyebuchi Ezigbo in Abuja With the dust raised over the candidacy of Mr. Rotimi Akeredolu (SAN) as the governorship candidate of the All Progressives Congress (APC)

in the November 26 Ondo State gubernatorial poll yet to settle, the choice of Hon. Agboola Ajayi as his running mate has generated a new crisis in the Ondo State chapter of the APC. Continued on page 6

FAYOSE… STRANGE BEDFELLOWS FG Calls for Lifting of Suspension on AREGBESOLA, Osun State Governor and guest speaker, Mr. Rauf Aregbesola (left), and Ekiti State Governor, Mr. Ayodele Fayose, a forum with traditional rulers, leaders, elders, youths and other stakeholders held in Ado-Ekiti, Ekiti State, at the Cocoa Exports to US Market … Page 11 during weekend to mark the 20th anniversary of the creation of the Ekiti State

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PAGE SIX OIL MARKETERS WANT PREFERENTIAL FX RATE FOR PETROL EXTENDED TO AVIATION FUEL preferential FX rate for the importation of aviation fuel.

MOMAN has equally condemned the multiple levies, taxes, fees and charges on imported products by agencies of the same or different tiers of government, and urged the federal government to summon the courage to halt the annual fuel crisis during the yuletide season by empowering marketers and importers with the required FX to stockpile products ahead of the Christmas and New Year festivities.

In a communiqué issued yesterday by the committee of chief executives of Forte Oil Plc, Mobil Oil Nigeria Plc, Total Nigeria Plc, Oando Plc, Conoil Plc and MRS, the marketers stated that the cost of petrol at the international market had soared to $548 per tonne and called on the federal government to ensure that the dollar/naira parity should stay at a level that would sustain the sale of petrol at the open market price band of N135-N145 per litre.

Owing to the scarcity of FX, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, a few months ago, negotiated a deal with the IOCs that prioritised oil marketers and allows the oil multinationals to sell FX directly to their downstream counterparts at a preferential rate in order to maintain the peg on the price of petrol at N145 per litre.

In the communiqué, the

major oil marketing companies yesterday acknowledged what they described as the serenity in the supply of petrol in the country and extended their appreciation to the Ministry of Petroleum Resources, the NNPC and all other stakeholders.

“We note that there are some few glitches here and there and we call on the regulatory agencies to face these challenges with a view to nipping all nefarious activities associated with supply and distribution in the bud.

“Unknown to the general public, the private sector has depended on foreign exchange supplied into the system by the IOCs (international oil companies) through the intervention of the Hon. Minister of State Petroleum Resources.

“In order for the private sector to continue to play its role in the importation of PMS (petrol), the dollar/ naira parity should stay at a level that will ensure that the open market price band of N135-N145 is maintained.

This is especially so because the CIF price of petrol is rising in the international market.

Today it is approximately $548 per tonne,” the CEOs explained.

They applauded the effort of the petroleum minister, but drew the attention of government to the product situation during the winter months, which coincide with reduced output of petrol in refineries abroad and increased

activities of motorists in Nigeria as a result of the dry season and festive period.

In this regard, the oil marketers urged the government to summon the required courage to halt the annual ritual of product outages during the yuletide season.

According to MOMAN, the federal government should empower marketers and importers with the required FX to stock pile products in the country well ahead of the Christmas and New Year festivities.

The association also blamed the intermittent tightness in the supply of aviation fuel to the airlines, to the non-allocation of FX for the importation of jet fuel.

This situation has defeated the government’s intention of making Nigeria the aviation hub of the sub-region, they said.

On the issue of multiple taxes, the marketers noted that the government has the right to apply legitimate taxes, levies, fees and charges on goods and services.

The companies, however, condemned a situation where two agencies of the same state government apply the same law to charge different taxes or the states and federal governments are charging the same taxes on the same goods and services, and described the multiple taxes and levies as a disincentive to business.

The communiqué, which was signed by the Executive

Secretary of MOMAN, Mr. Obafemi Olawore, also urged all tiers of government to review their tax policies and apply a single tax regime for the same service provided.

The committee of CEOs also lamented the deplorable condition of roads and charged the government to quickly fix the roads which have become traps leading to the loss of lives and property.

“We wish to draw the attention of stakeholders and regulators to safety regulations especially in the gross tonnage of tankers and the ability of the road to absorb the weight of loaded tankers.

“We also wish to appeal to the government to reduce the import duty on these haulage trucks to enable transporters meet the new replenishment policy which forbids the engagement of old or used trucks.

“The safety implications of not replenishing an aging truck fleet cannot be over-emphasised,” said the oil firms.

The oil marketing firms also called on the relevant agencies of government to review, monitor and enforce set standards in line with international best practices in the standardisation of trucks, retail outlets and products specifications.

Egina to Add 200,000bpd by 2018 In a related development, NNPC yesterday projected

that Nigeria’s crude oil production was expected to increase by 200,000 barrels per day (bpd) by the first quarter of 2018.

This, according to the state-run oil firm, would be made possible with the commissioning of the Umbilical Flow-lines and Risers (UFR) for the Egina Deep Offshore Project.

Speaking during the loadout ceremony of the UFR for the Egina project by Saipem Contracting Nigeria Limited in Port Harcourt, Rivers State, the Group Managing Director of the NNPC, Mr. Maikanti Baru, also restated the commitment of the corporation to the development of local content in the oil and gas industry.

A statement by NNPC said Baru disclosed that the module would guarantee the drilling of the first oil from the 200,000bpd Egina field by the first quarter of 2018.

He commended Saipem for the successful completion of the Egina UFR project, including the engineering, procurement, construction, installation and pre-commissioning of 52 kilometres (km) of oil production and water injection flow-lines; 12 flexible jumpers; 2km of an oil export line; 20km of gas export pipelines alongside the installation; and commissioning of 80 kilometres of steel tube umbilical and mooring of the FPSO and offshore loading terminal. (OLT).

He said: “What is being

celebrated is the efficacy of the Nigerian Content Act and the NNPC is strongly committed to the successful implementation of all provisions of the Act.” Also speaking, the Managing Director of Total, Nicholar Terahz, said the Egina project was the largest contributor to the development of the Nigerian content in the oil industry, being the largest offshore project currently going on in the country.

He noted that the employment opportunities and technology transfer the project generated contributed significantly to the nation’s economy.

In his remarks, the Managing Director of Saipem, Guido D’Aloisio, said the performance of Nigerian engineers on the project was commendable, adding that the country would be proud of it.

The Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote, who was represented by the board’s Director, Planning, Research & Statistics, Daziba Patrick Obah, said that the quality of jobs done on the project

by Nigerians and the gains thereof would further deepen Nigerian content in the oil industry.

Discovered in 2003, the Egina field is located at some 20km from the Akpo field within Oil Mining Lease (OML) 130 and is situated in a water depth of 1,750m.

this matter and I’m also elated that I’ve been vindicated by my struggle to save our party all the while, when so many thought of me as a rebel or paid apologist.

“It is therefore no secret that I was one of the very first persons in the party who took the bull by the horn and openly raised the alarm on urgent issues which had to be addressed in order to steer the APC ship on its right course.

“Suffice to say that all my efforts to plead with the party's leadership to redirect its affairs fell on deaf ears, as no one took me seriously at the time.

“You may recall Mr. President that the origin of this crisis began when the issue of the National Assembly leadership arose and the decision of the party at the time against party members, especially against the Senate President and Speaker of the House of Representative.

“I foresaw the impending cracks at the time when the party leaders ignored the injustice against these two persons and I subsequently raised viable concerns which still fell on deaf ears.

“Again, when I raised concerns against the manner in which Chief Oyegun handled the conduct of the Bayelsa State governorship primary that produced the APC candidate, no one listened to me, and alas the outcome of that election became a clear testament to my fears.

“Subsequently, when my immediate boss, Alhaji Lai Mohammed became the

Minister of Information, I was supposed to immediately fill in the gap and act in his stead as enshrined in our party's constitution as the acting National Publicity Secretary of the party, but this was not to be as I was persecuted for reasons unknown and perhaps for selfish interest. I was deprived from performing my duties and my duties were assigned to themselves.

“Mr. President, I am appealing to you that this open letter should be treated with all sincerity of purpose to enable us surmount our challenges as a party. It must be noted that with a strong, vibrant and indivisible party, we will together achieve our dream of queuing behind your able leadership in delivering the much needed change to Nigerians,” he said.

CHOICE OF AKEREDOLU’S RUNNING MATE CAUSES ANOTHER STIR IN APC Akeredolu, who allegedly had the backing of President Muhammadu Buhari, beat Dr. Segun Abraham, the preferred candidate of a National Leader of the APC, Chief Bola Ahmed Tinubu, to emerge as the candidate of the party last month in a primary that was hotly contested.

However, the outcome of the primary was rejected

by Abraham and Tinubu, prompting the establishment of an Appeal Committee by the ruling party to review the primary.

The Appeal Panel had subsequently recommended the cancellation of the primary, which Akeredolu won, citing irregularities as reason. But some members of the National Working Committee (NWC) including the National Chairman of the APC, Chief John Odigie Oyegun, ignored the recommendation and submitted Akeredolu’s name to the Independent National Electoral Commission (INEC) as the governorship candidate of the party in the Ondo election.

Their action prompted a blistering attack from Tinubu penultimate Sunday against Oyegun, accusing him of incompetence and being compromised.

Oyegun, however, chose not to join issues with Tinubu, stating that he was more focused on the Edo State governorship election which took place last Wednesday.

With Tinubu still seething with anger privately over the “unseen hand” that handed the death knell to his preferred

candidate, some leaders of the APC in Ondo, including Hon. Bola Ilori and Chief Samuel Ikujuminu yesterday said the choice of Ajayi as the deputy governorship candidate would spell doom for the party if the leadership of the party fails to substitute his name before the October 12 deadline allowed

by INEC. Ilori, who has never hidden his displeasure over the emergence of Akeredolu, said yesterday on his Facebook page: “Even when the NWC just upheld the fraudulent primary that produced Aketi (Akeredolu), the nexus of fraud in the party is trying to perpetrate another fraud to enforce the initial fraud.

“And while we are still on the fraudulent primary through fake delegates and delegates’ list padding that produced Akeredolu as the candidate, another fraud is also being foisted on the party as the deputy governor.

“Why do these people hate Ondo State APC this much?

Why would they cut their noses to spite their faces just because of hatred for TINUBU? Why must they be jumping from one fraud to another?

“From delegates’ list padding to NWC decision padding to now certificate padding, loan padding.”

Another party chieftain in the state, Chief Ikujuminu, in a statement yesterday also said Ajayi should not be allowed to remain the deputy governorship candidate of the APC, because he is from Kiribo in Eseodo Local Government, the same town and council

area of Akeredolu’s mother.

Ikujuminu said it would lead to another crisis if “two brothers” are allowed to be the governorship and deputy governorship candidates of the APC. In the statement titled: “Support Ileoluji/Okeigbo/ Odigbo for APC Deputy Governorship Position”, Ikujuminu said justice, fairness and equity demanded that the zone should be given the slot.

To enhance the chances of Akeredolu winning the November gubernatorial election, Ikujuminu insisted that Ileoluji/Okeigbo/Odigbo federal constituency in Ondo South senatorial district should produce his running mate.

Justifying his position, Ikujuminu, a septuagenarian, said Ileoluji/Okeigbo/Odigbo has the highest number of registered voters in Ondo South with 184,233, followed

by Okitipupa/Irele with 156,275 while Ilaje/Ese-odo has 171,490 voters.

Ikujuminu noted that in Ondo State as a whole, the federal constituency ranks third in the state in terms of registered voters. He said Akure South/North boasts a total 302,888 voters while Ondo West/East has 188,307.

Meanwhile, the Deputy National Publicity Secretary of the APC, Mr. Timi Frank, has again pleaded with Buhari to urgently intervene in the feud between Tinubu and Oyegun.

Frank said that at the moment, only the president's intervention could save the party from the avoidable

crisis that could undermine its existence.

In a letter addressed to the president, a copy of which was made public yesterday, the estranged deputy spokesman cautioned against committing the same mistake former President Goodluck Jonathan made by not acting in a swift manner to tackle the crisis in the Peoples Democratic Party (PDP) in 2013, which he said was still bedevilling the PDP to this day.

Frank, who traced the cracks in the APC to the crisis associated with the National Assembly leadership tussle, warned that the intra-party crisis had since spread to many states like Kaduna, Bayelsa, Kogi, Gombe, Kano, Delta and Osun.

“Mr. President, Sir, it is with great enthusiasm and patriotism that I’ve decided to write you once again through this open letter to intimate you on the impending danger lurking to befall our great party and I’m optimistic that this letter will serve its urgency and purpose of reaching you and our leaders and elders of our great party.

“The recent outburst by one of our founding fathers and a national leader, Asiwaju Bola Ahmed Tinubu against the national chairman, Chief John Odigie-Oyegun seems to be threatening the smooth sail and peaceful co-existence of our great party, the APC, and if nothing is done urgently, then I’m afraid ‘the pot left on the fire will definitely burn’.

“Mr. President, Sir, I wish to reiterate my earlier stand on

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STARTERS

U.S. Invests $50m in Niger Drone Base for Counter-terrorism

Two-Minute Briefing NEWS Again, NLC Warns FG, Says

Nigeria is Not for Sale TheNigerian Labour Congress (NLC) yesterday reiterated its position against thesaleof national assets, warningthefederal government that ‘Nigeria is not for sale.’

Page 11

EDITORIAL Halting the Scourge of Diabetes

Diabetes, oneof thecommonest non-communciablediseasesd, is increasingly becominga major public health problem in Nigeria.

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POLITICS The Edo Governorship Story An MQ-9 Reaper drone The United States is investing at least $50 million in a military air base in Nigeria’s northern neighbour, Niger Republic that will be capable of deploying drones.

The U.S. already has a presence in the capital Niamey, where it shares an airbase with France's anti-Islamist force, Operation Barkhane.

MQ-9 Reaper drones are stationed there, according to the BBC. But the new facility, in the central city of Agadez, will give Washington greater

ability to use drones against Islamist extremists in neighbouring countries like Libya, Mali and Nigeria's Boko Haram.

A spokeswoman for the Pentagon, Michelle Baldanza, confirmed recently that the U.S. had agreed to pay for a new runway and “associated pavements, facilities and infrastructure”.

She estimated the cost at $50 million but The Intercept, which first reported the story, said it is

projected to cost twice that.

The investigative news site reported that it obtained files that showed the project is considered “the most important U.S. military construction effort in Africa” and will be completed in 2017.

Drones, also known as UAVs (Unmanned Aerial Vehicles) or RPAs (Remotely Piloted Aircraft), are used by the military for surveillance and to drop bombs in places where it is too risky or difficult to send a pilot.

LAI MOHAMMED: FG ESTABLISHED LINKS WITH BOKO HARAM THRICE FOR EXCHANGE OF CHIBOK GIRLS He added that the issue of the rescue of the girls was a humanitarian one that everyone or group should be “passionate but rational about”.

The minister maintained that contrary to the position of some critics, the government has a robust counter-terrorism policy and had recorded significant successes in the fight against Boko Haram in the North-east.

He noted that the fact that the Chibok girls were yet to be rescued should not be a yardstick to write off the achievements of government at decimating Boko Haram.

Mohammed recalled that upon assumption of the present administration, many parts of the North-east were under the control of the sect and were unsafe and inaccessible.

The minister said the situation was not the same today, as no part of the North-east region was under the control of the group.

He insisted that Boko Haram had been decimated and government was working daily to ensure the release of the abducted girls.

“The North-east is free now, students are returning to schools, all the towns and communities hitherto under the control of the terrorists have been liberated and those who fled their homes are gradually returning,” he said.

The minister further recalled that when the Buhari administration assumed power, it was 410 days after the abduction of the schoolgirls, without any clue on their rescue by the previous government.

He pointed out that in all cases of abduction, especially by terrorists, the first 48 hours are critical to ensuring prompt rescue, adding that the government in power at the time did not utilise the intelligence at its disposal.

The minister said the present administration on three occasions established links with Boko Haram for the exchange of the abducted girls with the arrested members of the terrorist group, adding that on each occasion, the efforts were thwarted by either the link with the terrorists, fresh demands by the group, or divisions in its camp.

Mohammed, however, said the federal government has not foreclosed negotiating

with the group on the release of the girls but wants to be certain that the link is genuine and credible.

“There shall be no closure on the Boko Haram issue until and when the Chibok girls are released and returned to the safety of their families. I think that does not contradict what Mr. President has said that we have defeated Boko Haram.

“Of course, anybody who is familiar with the philosophy of insurgency will understand that it is not the regular kind of war where you sign an armistice and the guns become silent forever, but rather it is a kind of guerrilla war.

“But what Mr. President said, which cannot be contradicted, is that as of May 29, 2015, when he took over, we had a chunk of our territory in the hands of Boko Haram. As at 2015, a part of the North-east could not be accessed because of the activities of the terrorists, but the same cannot be said about the area today.

“I want us to put things in correct perspective.

Yes, the issue of the kidnap or abduction of the Chibok girls is one that should affect everybody, it is not out of place for anyone to be emotional about it but at the same time we must be rational in our approach to the issue.

“Yes, today might be 901 days since the girls were abducted but it must also be understood that these girls were abducted 400 days before this government came to power, this must not be forgotten and by the time we came in, the trail had gone cold. The first 48 hours after any kidnapping constitute the most critical period.

“If you listen to my press conference some weeks ago with respect to the failed negotiations, it is clear that every occasion starting from the one in August 2015, where for 10 days we were at the appointed point where Boko Haram fighters were supposed to be exchanged with the Chibok girls, the factionalisation of Boko Haram played a key role in our inability to secure the release of the girls,” he said.

Mohammed said the fact that the president approved the deal to exchange even with some Boko Haram armourers for the girls, was the clearest indication of his unflinching commitment

to securing their release.

“Like I explained at that press conference, right from the time when we were approached that the Boko Haram leadership wanted to exchange the girls for their people, Mr. President was quite worried because they (Boko Haram) insisted that some of the terrorists who were actually the masterminds behind the bombings should be included on the list of those to be released.

“Despite that, the president accepted and the entire process was activated but for 10 days we were there and there was a breakdown of communication and nothing was achieved.

“So that was what Mr. President meant when he said ‘yes we are ready to negotiate but what we need is a credible leadership to engage with’,” the minister said.

He said government appreciated the efforts of the Bring Back Our Girls (BBOG) group, adding that “the administration is as concerned as they are and ready to work with them in ensuring the release of the girls”.

Mrs. Oby Ezekwesili, one of the leaders of the BBOG group, who responded to the minister’s clarification on the efforts made by the Buhari administration to rescue the Chibok girls, agreed with his position that the first 48 hours are critical to achieving success or failure in cases of abduction by terrorists, adding that the past administration failed in that regard.

Ezekwesili, however, said the BBOG group was disappointed that more than 900 days after the girls’ abduction, there was no tangible evidence or convincing plan by government on their release.

She said the group resumed its agitation with vigour to canvass citizens’ engagement in the release of the girls and in order to ensure that government does not avoid the parents of the girls.

She underscored the need for government to carry along the BBOG group in its rescue efforts and be consistent in its messages and briefings.

She pledged the support of the group to the government in ensuring the safe rescue of the abducted girls.

No election in the history of Edo State has attracted the kind of attention, publicity and interest like the just concluded governorship election in which Obaseki of the APC was declared winner. Although there are other political parties that contested in the poll…

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FEATURES Inside Elumelu’s Journey for Africa Obama’s efforts to increase the number of people with access to power through his Power Africa initiative, has kept Elumelu on the move, criss-crossing Africa and America.

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BUSINESS NERC Moves to Finalise

Mini-Grids’ Regulation In linewith Sections 96(1) and 70(8) of theEPSR Act 2005 (Act No.6 of 2005), which empowers it to make regulations, NERC has unveiled plans to finaliseworks on theregulation on mini-grids…

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CITY STRINGS Traffic from Hell

ChiemelieEzeobi who spent over four gruelinghours on theLagos/ Ibadan Expressway, writes on the pains and sufferingof commuters who ply that axis, brought on by theongoingconstruction by Julius Berger and thevery bad roads Page 40

INTERNATIONAL Trump Ramps up Attacks on Clinton DonaldTrump closed out a rough week for his campaign on Saturday by escalatingpersonal attacks on Democrat Hillary Clinton, questioningher stamina…

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SPORTS Egwim’s Career-ending Injury Mars Rangers Celebration of NPFL Title Rangers International of Enugu defeated El KanemiWarriors of Maiduguri 4-0 yesterday to equal Enyimba’s record seven Nigerian leaguetitle.

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MONDAY, OCTOBER 3, 2016 • T H I S D AY

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NEWS

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

Again, NLC Warns FG, Says Nigeria is Not for Sale Paul Obi in Abuja and Bassey Inyang in Calabar

The Nigerian Labour Congress (NLC) yesterday reiterated its position against the sale of national assets, warning the federal government that ‘Nigeria is not for sale.’

While stating the position of organised labour on the independence anniversary, NLC President, Ayuba Wabba argued that government should rather focus on strengthening the economy and ensuring a sustainable society than making attempt to place Nigeria on sale.

He said: “I salute the extraordinary resilience and patriotism of the average Nigerian. When all seems down and out, we always find ways of overcoming our adversaries.

“As we mark this year’s anniversary in the midst of a recessionary economy, and amid massive suffering and unprecedented challenges in the polity, we must keep faith that we will overcome our difficulties and challenges, and ultimately triumph over our current socio-economic and political challenges.

“On behalf of organised labour, I want to use this occasion of our national Independence Day to call on the political leadership of our country -from national to states and local government levels, that they need to do more to show selfless commitment to building a strong and sustainable country in which our current and future generations will be proud of.”

Wabba stated that “as the largest est black nation on earth, we collectively owe it as a duty to the black race, both on the continent and in the Diaspora to build a united and prosperous nation.

“For these aspirations to be achieved, government at all levels must strive to build strong and viable public institutions.

“The history of human development in all the continents of the world have

shown that the developmental state had led the quest for the development of nations.

The NLC have maintained over the last three decades since the early 80’s that Nigeria is not for sale.”

He stressed that NLC “will continue to work with all genuine patriots to resist the policy that seeks to sell our commonwealth, our common patrimony to the politically connected and their patrons and sidekicks.”

On the unity of Nigeria, NLC president maintained that “as workers, our faith in the Nigeria nation is unshaken.

Our members in every part of the nation from the creeks in the South-south, to the plain lands of the northern most part of the country, from the South-east to the South-west, we are committed to a united Nigeria; all those seeking to dismember our country for self-serving reasons will fail.

“Accordingly, I urge Nigerians to take a positive view of our country instead of indulging in self-recrimination and bitterness that hurt majority of us Nigerians.

“The time to rebuild our nation is now, for as they say, strength comes from rubble. We must never yield to despondency.

At 56, let us rededicate ourselves to working together to overcome our nation’s challenges.”

Also, the Pentecostal Fellowship of Nigeria (PFN) in Cross River State has joined other groups and individual in Nigeria to oppose the proposed sale of national assets by the federal government as one of the measures at pulling Nigeria’s economy out of recession.

The PFN warned that the Nigeria Liquefied Natural Gas (NLNG) and the Nigerian National Petroleum Corporation (NNPC) must not be sold by the federal government.

Opposing to the proposal, the Chairman of the PFN in

FG Names Nnamani Head of Electoral Reform Committee Tobi Soniyi in Abuja The federal government has constituted what the Office of the Attorney General of the Federation called a “Constitutional and Electoral Reform Committee.”

A statement issued by Salihu Isah, the Special Adviser to the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), said the committee was set up to reform the electoral process.

The committee will be inaugurated tomorrow at the HAGF’s Conference Room, Abuja by 11a.m.

The statement said the 24-member strong committee would be chaired by the former Senate President, Ken Nnamani, while Dr. Mamman Lawal of Bayero University,

Kano, is the Committee Secretary Other members of the committee are Dr. Muiz Banire (SAN), Dr. Clement Nwankwo, Chief A.C Ude and Mr. Tahir, Director, Legal Drafting, Federal Ministry of Justice, among others.

The statement said: “The AGF and Minister of Justice, Malami, will on October 4, 2016, inaugurate a committee on Constitutional and Electoral Reform at the HAGF’s Conference Room, Abuja by 11a.m.

“The committee is expected to review electoral environment, laws and experiences from recent elections conducted in Nigeria and make recommendations to strengthen and achieve the conduct of free and fair elections in Nigeria.”

the state, Pastor Lawrence Ekwok, pointed out that the sale of any of the countries’ public property would amount to daylight robbery.

Ekwok stated this in Calabar yesterday at a solemn assembly staged by the PFN in the state to pray for Nigeria as the country marks her 56th Independence anniversary.

Addressing members of the PFN at the event, Ekwok noted that from available facts, the sale of public property has never been of benefit to the

Nigerian people.

“I would like to enjoin us to recall the past and ask questions about what happened to Nigeria’s national assets that were sold under the guise of commercialisation and privatisation in the past.

“Apart from the fact that the assets were grossly undervalued, due process was not followed in most of the sales as “powerful” government officials and business men were the ones who “bought” most of the

assets and most of the funds that were supposed to accrue to government coffers never came in.”

Continuing, the PFN chairman said: “The Ajoakuta steel company, for instance, was built then at the cost of $3.3 billion, but was sold at a paltry sum of $250 million to a Russian company known as Rusal. As if that was not enough day-light robbery of Nigerians, only $130 million of the $250 million was paid. Nothing has been

heared about the balance till date. Delta Steel company was valued by the Bureau of Public Enterprises (BPE) at N225 billion but was sold at N4.5 million only.

“Let me not bore you with stories of other national assets that were sold including Volkswagen of Nigeria (VON), Daily Times of Nigeria (DTN), Alluminium Smelter Company of Nigeria (ALSCON), Nigeria Reinsurance, NICON Insurance, etc.”

WOOING SAUDI INVESTORS

Sokoto State Governor, Aminu Waziri Tambuwal (right), presenting a gift to the Consul-General of Saudi Arabia, Majed bn. Mohammad Al-Qhatani in Sokoto… weekend

FG Calls for Lifting of Suspension on Nigeria’s Cocoa Exports to US Market Paul Obi in Abuja with agency report

The federal government at the weekend officially made a case for the lifting of the suspension placed on Nigeria’s export of cocoa to the United States’ market.

The Minister of Labour and Employment, Senator Chris Ngige, made the call during the Labour and Trade Ministerial Roundtable of the Africa Growth and Opportunity Act (AGOA) forum at the State Department, Washington D.C. Ngige called for the reconsideration of the suspension of the import of Nigeria’s cocoa into the US as a way of improving the trade imbalance between the two countries.

According to Ngige, “I was upset that through out discussions on agriculture, Ghana and Cote d’Ivoire became instant toasts in the West and pride of other West African countries delegates.

“Is it not the same cocoa that Obafemi Awolowo used to build the Western Region? The same cocoa which M.I Okpara had built massive plantations along Arochukwu axis of the Eastern region? I was peeved and

therefore made a strong case for technical assistance towards the production of cocoa that meets the standard of export into the US and European market.

“It was also an opportunity for me to also dispel a negative report making the rounds at the international forum that Nigerian laws are labour-restrictive. I gave with concrete examples, the deep constitutional provisions on fundamental freedoms and the flourishing democratic tenets that guide government relations with labour.”

He also assured foreign investors that Nigeria is good, open and secure for business, as President Muhammadu Buhari administration has taken concrete steps to diversify the economy and restore sustained growth.

He also said the administration has made significant gains in the fight against corruption and insurgency as a base for the enthronement of a secure and stable polity.

Ngige further expressed the determination of the present administration to create an enabling business environment attractive to foreign investments.

“President Buhari has taken the initiative to create enabling

environment for businesses to grow, attract investments that are essential for growth, expand our manufacturing base and diversify the economy. Perceived constraints on business and investments are being removed so that both can thrive,”Ngige stated.

He further said that to ensure that this objective was fully realised, the administration has initiated the Presidential Enabling Business Environment Council (PEBEC) whose secretariat, Enabling Business Environment Secretariat (EBES) is in the works.

The minister added that “in the current economic situation, Nigeria needs continued support from her partners and friends such as the US as we move forward as a the country.

I am confident in reassuring investors that Nigeria is good and open for business.”

Listing the gains of Nigeria’s participation at the forum while addressing journalists at the sideline of the forum, Ngige said Nigeria has secured the firm commitment of the US for the establishment of labour projects and technical aide which countries like Kenya,

Madagasca and Zambia currently enjoy.

The minister also made a strong case for the establishment of Africa Skills Development Fund with Nigeria as the headquarters, being the hub of West and Central Africa sub-region.

On trade imbalance between Nigeria and the US, the minister said he utilised the opportunity to explain to the US Labour Secretary, the adverse push, which the sudden stoppage of the importation of the Nigeria’s crude by the US gave to Nigeria’s slip into recession.

Speaking earlier on the country’s position, the US Trade Representative, Michael Froman, promised the increased cooperation and coordination between US agencies such as United States Agency for International Development (USAID) and the United States Department of Agriculture (USDA) and the reconsideration of constraints faced by African nations in trade with the US. Froman stated that efforts are in top geared to ensure that all bottlenecks surrounding US trade with Africa are reduced to its barest minimum.

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MONDAY, OCTOBER 3, 2016 • T H I S D AY

NEWS

Aregbesola, Fayose at Loggerheads over Proposed Sale of National Assets Olakiitan Victor in Ado Ekiti As controversies rage over the proposed disposal of national assets to combat the economic recession, the Governor of Osun State, Rauf Aregbesola, has told President Muhammadu Buhari to sell off idle national assets to service the functional ones to save the country from undue embarrassment.

Aregbesola said the country has only two options to wriggle out of the economic recession, which are to either sell off any idle national asset or borrow from the international capital market, stating that nothing would profit the country to hold onto assets that have no economic viability .

However, his counterpart

in Ekiti State, Mr Ayodele Fayose, has sharply opposed the proposition, saying it amount to placing Nigeria on auction if national assets that ought to be its heritage and pride are disposed off, adding that Nigeria should desist from acting like a prodigal son.

The duo expressed the divergent views during the weekend at the occasion of the 20th anniversary of Ekiti State where Aregbesola had delivered a keynote address tagged : ‘Imperative of Unity’.

Aregbesola harped on the need to gear up aggressive efforts to developing the agriculture, concerted efforts to end oil pipeline vandalism and regional integration towards

meaningful development to bail the country out of the economic doldrums.

He said: “We should revive agriculture, especially food production.

Agriculture gives us raw materials for industries and aids in no small measure economic development.

“If we can improve on our productivity in food production through agriculture, we will eliminate hunger in our land.

I want to urge all Nigerians on a concerted effort to end the on-going vandalism of oil pipelines as the militants’ activities have reduced the nation’s daily productivity level to between 700,000 to 1 million per barrel. “ The current vandalism of

Lawyer Says CCB Has Ended Controversy over Buratai’s Dubai Assets Tobi Soniyi in Abuja The issuance of the certificate of assets verification and clearance to the Chief of Army Staff (COAS), Lt. General Tukur Buratai, by the Code of Conduct Bureau (CCB) has put to rest the controversy over his alleged acquisition of property in Dubai, United Arab Emirates (UAE), a lawyer, Ugochukwu Osuagwu has said.

Addressing journalists in Abuja yesterday, the lawyer, who was the first to demand Buratai’s assets declaration form from CCB, contended that issuance of the verification certificate implied that Buratai had complied with all known laws in the country as regards assets declaration by public officers and was exempted from any liability of criminal prosecution.

The CCB had in a statement by its Chairman, Sam Saba, on September 29, 2016, named Buratai among 15 public officers whose assets had been verified and issued with the “certificate of conference verification and filed verification.”

Implying that the certificate

exempts those on which it is issued from liability of criminal prosecution, Saba was quoted to have added that “even though the tribunal (Code of Conduct Tribunal) is the institution with the power to adjudicate in asset declaration breaches, the certificate means that from our own end, we are satisfied with the verification that we have done.”

Osuagwu, who noted that Buratai had set a good example by being the first COAS to direct all officers of the Nigerian army to declare their assets, said he (Buratai) declared his assets in May 2015 while he was the Commander, Multinational Joint Task force, following which he declared again in July 25 on his appointment as the COAS. “It is interesting to note that Buratai, who was previously cleared by the CCB, has again been cleared after the CCB completed its verification of asset declaration of Buratai by its officers.

“Note that upon satisfactory completion of the exercise, public officers are issued with certificate of assets conference verification/filed verification

as the case may be. With the issuance of satisfactory verification to Buratai, it therefore closes every chapter on the vexed issue whether he declared the said Dubai flat.

“For a serving public officer to be cleared twice by law enforcement agencies, it shows that Buratai is a clean officer and has nothing to hide,” Osuagwu said.

The lawyer said he had earlier this year, acting under the Freedom of Information Act (FOI) 2011, demanded the contents of the assets declaration form completed and submitted to the CCB

by Buratai.

He added that the CCB responded in a letter dated July 11, 2016, signed by Mrs. Ijeanuli Arinze Ofor, with reference number:” CCB/ Hq/671/G/1/6” to the effect that the COAS did declare the Dubai property.

Osuagwu urged those who before now, doubted the integrity of the COAS to have a change of heart and desist from acts and utterances capable of casting Buratai and other public officers in bad light.

Editors’ House for Inauguration Thursday The Nigerian Guild of Editors (NGE) will inaugurate its first ever secretariat on October 6, 2016, in Ikeja, Lagos.

The secretariat, coming over 55 years after the birth of the Guild, will serve as the permanent office of the NGE which is the highest professional body of Nigerian editors in the print, electronic and online media.

The event holds at 24 Mojidi Street, off Toyin Street, Ikeja, which is the address of the secretariat.

The Governor of Borno State, Kashim Shettima, will be the Special Guest of Honour while the Lagos

State Governor, Akinwunmi Ambode and Minister of Information and Culture, Lai Mohammed, will play the roles of hosts governor and minister respectively.

Former Governor of Delta State, Dr. Emmanuel Uduaghan, who played a prominent role during the fund-raising for the secretariat will chair the occasion which will also have in attendance other dignitaries including captains of industry, public office holders as well as professionals and business people.

In April 2014, the Guild had organised a fundraiser for the building

of a befitting secretariat.

According to the President of the Guild, Mrs. Funke Egbemode, the acquisition of a secretariat for the Guild is a milestone in the history of the highest professional body in Nigerian journalism.

She especifically thanked the past leaders of the Guild for their vision and for working hard to realise the dream of a permanent office for the Guild.

The president enjoined all past presidents of the Guild, Fellows and members to turn out en masse to grace the epochal occasion.

oil pipeline by the Niger Delta militants is robbing the nation of oil production of 700,000 to 1 million barrel on daily basis.

This amounts to a huge loss of oil revenue to the country and has further led to the current recession in the country. An urgent concerted effort is therefore needed to stop the vandalism so that the country could get out of the recession.”

The governor of Osun State praised Ekiti people as men of integrity and courage, urging them to continue to unite in integrity and courage and support their governor for the development of the country.

“I congratulate you all Ekiti people on the 20th anniversary of the creation of your state, my state, our state. You fought the Ekiti Parapo war which is an indication of unity of purpose. There is strength in unity.

It is high time the Yoruba nation and indeed the South-West united in terms of integrating our development strategies in education, commerce, economy, agriculture, tourism among others. There is no reason we should not unite for the best.”

In vehement opposition to the proposition, Fayose

said: “I’m totally opposed to the sale of the national asset, as selling the national asset is like selling Nigeria at give -away price. Selling our national assets simply amounts to auctioning Nigeria.

“If we sell the asset because the country is in recession, what would be left of Nigeria?

What would we call our own?.

Selling of assets is like bringing the country more backward.

If we sell the assets to finance this year’s budget what would we sell next year?.

“The federal government should look beyond its party and assemble economists, financial experts that would assist the president in his drive to bring the nation out of the present economic quagmire. “ Urging the federal government to also uphold the principles of justice and equity, which he said are germane to building democracy, Fayose said: “Justice is very important and without it, democracy is already endangered. If people are now beginning to contest against INEC and security agencies for manipulations of elections, then democracy is endangered.

It is political parties that are supposed to contest elections

not people contesting against inadequacies of the electoral umpire. A virile opposition is a veritable ingredient of democracy,” he said Fayose said he decided to chose Aregbesola rather than any PDP member as speaker for the occasion, because of the dire need for the nation to remove the veil of politics and work together as a team to rescue the nation from its current economic woes.

“I want to caution that theory doesn’t amount to reality. Nigeria requires practical steps to surmount our challenges. If you examine critically the current trend in the country, Nigerians have begUn to ask why don’t we go back to the time when a dollar was N200 and not N500/. “ In all countries of the world, when a new government comes into place, they bring together all views, opinions and parties irrespective of their political party, to sit down and direct the affairs of the nation because the government is coming afresh and needs a lot of things to learn and gather before they can fully take control and build on the existing achievement,” he added.

T H I S D AY MONDAY OCTOBER 3, 2016

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T H I S D AY • MONDAY OCTOBER 3, 2016

COMMENT

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

AFRICA AND THE WORLD PENSION SUMMIT

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The summit was a platform to exchange knowhow and support professionals to gain expertise on pension matters, writes Paddy Ezeala

he radical dualism – the acute paradox of poverty in the midst of plenty – that defines Africa finds consequential expression in the most vulnerable members of society – women, children and the aged. The reasons why many African countries have become case studies in bad governance have been well documented. Not even the traditional extended family system, age-long interdependence and collectivism have been able in recent times to guarantee fall-back options for retirees and the aged in Africa. This is why it has become increasingly necessary to constantly evaluate the efforts made at providing social security and the necessary safety nets to cushion shock and other negative impacts of retirement. Ordinarily, retirement should be pleasurable when the right things are put in place.

The provision of Old Age Pension (OAP) has increasingly become a burden on governments in Africa and other parts of the world.

The defined benefits scheme is no longer sustainable with increasing population and shrinking government revenues. In Nigeria, the answer to this has been the introduction of the contributory pension scheme (CPS). The scheme has steadily been gaining acceptance with total funds under management recently hitting N5.8 trillion.

This is even with the vast majority of Nigerian workers not enlisted in the scheme. Pension distribution is still sparse and market penetration still below 10 per cent. Some measure of coercion would be required for the scheme to maximise its potential in Nigeria.

The economic down-turn should even necessitate more desperate and innovative measures. Some other countries in Africa like South Africa, Kenya, Uganda and Tanzania have good stories to share with regard to the growth of pension funds and their inherent potential to support development.

Of special interest is the World Pension Summit which took place in Nigeria on 27 and 28, September, 2016 at the Congress Hall of the Transcorp Hilton, Abuja. Of even greater interest was its special focus on Africa. This year’s edition of World Pension Summit: Africa Special was organised by the National Pension Commission (PenCom) in partnership with Pensions and Investments/World Pension Summit, Amsterdam with its theme “Pension Innovations: The African Perspective.” The summit addressed the revolutionary strides in pensions by African countries, the outlook of African pension funds with regard to investment, emerging insurer role, the dynamics of pension investments, financial inclusion, the impact of technology in expanding the pension market and actuarial issues and their impact on pension benefits, policy and governance. It brought together pension experts and leaders in the subjects of investment, actuarial science, insurance, technology and other related areas from various parts of the world.

“The World Pension Summit: Africa Special, was the platform to exchange knowhow, support professionals in social security and in all aspects of pensions to gain expertise. It was also about taking the pragmatic essential steps to professionalise pensions and make them ‘future proof,’” said the Director-General PenCom, Mrs.

INNOVATION IN THE PENSION INDUSTRY SHOULD NOT ONLY BE GEARED TOWARDS GROWING ASSETS UNDER MANAGEMENT AND GETTING AS MANY WORKERS AS POSSIBLE INTO THE SAFETY NET IT PROVIDES. INNOVATION SHOULD ALSO BE APPLIED IN THE INVESTMENT OF PENSION FUNDS FOR GROWTH AND THE USE OF THE FUNDS TO ADDRESS INFRASTRUCTURAL DEFICIENCIES IN THE COUNTRY

Chinelo Anohu-Amazu while further expatiating on the content of the summit. “This year’s summit focused on key areas and experiences on relevant topics and developments such as pension innovations, the dynamics of pension investment (ALM, new asset classes, infrastructure investments); ESG for pension funds and impact investing, financial inclusion covering financial literacy, micro-pensions and social security,” she said.

This broad range of areas covered by the summit was reflective of not only the rising profile of pension in global socio-economic development, but also the interconnectivity promoted by the industry. Also, the emphasis on innovation in the theme of the summit was not out of place considering the complexity and even peculiarity of the African situation. For example, in Nigeria, while the Pension Reform Act was initially promulgated in 2004 and reviewed 10 years later in 2014, some state governments are still undecided as to whether to domesticate the scheme or not. In other words, many state governments have not keyed into the scheme 10 years after its commencement. How can consistent remittances be expected from state governments that have not even been able to pay its workers’ salaries? State governments see pension contributions as additional financial burden while workers in the informal sector still find it difficult to believe that they would one day retire.

These challenges and more, including the very high technological exigencies of the industry, underscore the imperative of innovation in getting the industry to achieve its full potential.

Innovation in the pension industry should not only be geared towards growing assets under management and getting as many workers as possible into the safety net it provides. Innovation should also be applied in the investment of pension funds by Pension Fund Administrators (PFAs) for growth and the use of the funds as regulated by (PenCom) to address infrastructural deficiencies in the country.

The high profile experts in social security and pension who gathered in Abuja to cross-pollinate ideas on how to stimulate pension markets and innovation in Africa came up with innovative approaches to safeguard Africa’s future through the rendition of pension in a way to drive development.

Another aspect that was not left out was the need for improved public awareness programmes on the workings and benefits of various pension schemes and the products they offer. Increased mass education and understanding would facilitate things for all stakeholders and induce informed choices. We are now living in a world of plural and extended mass communication platforms; with some having in-built in-situ or instant feedback mechanisms that should be deployed to promote awareness and interaction. A good measure of innovation is also required in this regard. There is so much about the various pension schemes as they affect us individually and their potential to contribute to national development that is still unknown to many.

Ezeala is the Head, Corporate Communications at Premium Pension Limited

WAYWARD CONSEQUENCES OF GOOD INTENTIONS

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Efforts at ending the recession must go beyond make-believe policies, argues Oseloka H. Obaze

ood governance requires dexterity in political pointillism – connecting the dots between purposeful leadership and service delivery. It is axiomatic that the road to hell is paved with good intentions; so too, is the road to economic recession paved with good intentions.

Painfully, Nigerians now know that good intentions can have wayward consequences. Nigeria being an outlier means that dealing with it as a normal nation becomes consequential and a huge mistake.

Political promises induce public trust. Yet, a promise undelivered is no promise at all. And unredeemed good intentions remain a fluke. As such, any unfocused leadership will falter, regardless of its good intentions. When that happens, vexation, agitation and ennui are natural responses, as is now the case in Nigeria.

It’s gratifying that Nigerian policymakers have been tasked to think outside the box. They must formulate plausible policies that take into account competing priorities and fiscal constraints. Yet, good intention will not always amount to good policies. Oddly, thinking outside the box may have translated to recent calls to sell off some of the nation’s oil assets. With external reserves plummeting to $24.8 billion, government hopes to sell off some assets to support recurrent expenses and bridge gaps in the N6.06 trillion 2016 deficit-laden budget. But how can this benefit Nigeria?

The first good intention mistake was to adopt a deficit-based budget instead of a zero-based budget.

But then “change” had to be financed. At the current exchange rate, such oil assets will yield some $13 billion if sold, an amount less than what the same assets will yield in revenue over four years. We know

that previously privatised assets never yielded the desirable returns. As National Council on Privatisation disclosed, “only 10 out of the 400 companies privatised so far were assessed to be on relative sound footing.”

In plain language: government assets sellers, cream off the accruing dividends. It’s not farfetched, therefore, that any oil assets sold now, will likely follow that same pattern.

An overview is worthwhile. Good intentions led to the establishment of Niger Delta Development Commission (NDDC) in 2000. Since inception, the commission has gulped up N40 billion, with nothing concrete to show in return. Now, the NDDC has a contingent liability of N1.3 trillion; and owed N500 billion by its funding partners. NDDC is also indebted to some 8,000 contractors. Good intention may compel President Muhammadu Buhari to pump more funds into the commission; but the desirable policy decision rests in appointing a focused management team dedicated to turning the region around through faithful implementation of NDDC’s mandate, as he has done with Senator Victor Ndoma-Egba and Mr. Nasima Ekere. The duo must run NDDC tightly.

With good intentions, the Buhari government spent some N6 trillion between 2015 and 2016 on public interest policies and projects. It bailed out cash-strapped states - but hardly addressed risky and runaway state borrowings. The return on that huge investment is a debilitating recession. With good intention to check corruption, the FGN introduced the Single Treasury Account (TSA). The policy mopped up liquidity, reined in sharp practices, but also created a cash crunch that stymied public spending. With good intention, the government supported the deregulated aviation sector, yet fell short of creating the enabling environment

required for Aero Contractors to survive. Now government is talking, presumably with good intentions, about helping Aero Contractor refloat.

Apropos Nigeria’s recession and change mantra, the words of President Richard Nixon during his second inauguration, is worth recalling. “Today I offer no promise of a purely governmental solution for every problem. We have lived too long with that false promise. In trusting too much in government, we have asked of it more than it can deliver. This leads only to inflated expectations, to reduced individual effort, and to a disappointment and frustration that erode confidence both in what government can do and in what people can do. Government must learn to take less from people so that people can do more for themselves.” These words are instructive in the context of governance and calls to restructure Nigeria.

Politics in Nigeria remains starkly partisan and virulent. History shows that politics in Nigeria transcend the realm of competing interests; self-centeredness remains prevalent and predominant. Hyperpartisanship and ethnicity, gets thrown in for good measure.

Inevitably, it’s these values that compel politicians to express good intentions they never intend to honour.

The upshot is that government policies and projects fail when driven by transactions instead of public interest considerations. As I have noted elsewhere, “transactions becomes in the end, the ultimate factor that compels the articulation and execution of policy.”

Desirable change is presumably positive. But undefined, a promised change can be negative. As several Nigerian states queue up for gubernatorial elections, what form of change can the people envisage?

In several states, incumbent governors are pursuing succession plans or second tenure. Were elections a

strict science, the electorate in states with upcoming elections should set aside good intentions and instead, evaluate precedents, similarities and patterns of unfulfilled promises.

Bad leaders rather than good leaders are thrown up by our warped political system. Atiku Abubakar rightly characterised such as “accidental leadership”.

Such leaders govern with near impunity and lack of foresight; muzzling the opposition and alienating the electorate. Such leaders fail to consider their mandate as a sacred trust; rather they see their emergence as divine manifestation and thus seek renewed mandates even when clearly underperforming. Chastising elected Nigerian officials has become awfully tedious. Though Wayne Dyer suggests that “our intention creates our realities”, bad decisions made with good intentions, remain exactly what they are -- bad decisions. And this has been the bane of public policymaking efforts at the local, state and federal levels. What Nigeria political leaders, often overlook is that “History is a better guide than good intentions.”

We must remember that the good intention of bailing out indebted states, only spurred some states into deeper fiscal profligacy. The result: an irrefutable recession with wayward consequences. Hence efforts at ending the recession must go beyond make-believe policies. Seeking to offset federal and state debts or service the 2016 budget with the sale of long-term revenue-yielding-assets, will only result in Nigeria being trapped in a debt peonage. The exit from this recession is simply “spend and cut”; we must offer people more money to spend, while cutting the cost of running government.

Obaze is MD/CEO of Selonnes Consult Ltd.

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T H I S D AY • MONDAY OCTOBER 3, 2016

EDITORIAL HALTING THE SCOURGE OF DIABETES

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There is urgent need for enlightenment campaign on healthy living

iabetes, one of the commonest non-communicable diseases, is increasingly becoming a major public health problem in Nigeria.

According to the World Health Organisation (WHO) some 12 million Nigerians are suffering from the ailment, the highest number in sub-Saharan Africa. Last year alone, 120,000 Nigerians reportedly died from the disease. “Diabetes is not just a medical issue but one with a huge multi-sectoral and socioeconomic dimension and severe burden on the health system and national economy, through direct medical expenditures and loss of man hours and wages,” said the Nigerian Medical Association (NMA).

Indeed, at the 2016 World Health Day, the federal government decried the high prevalence of the disease in Nigeria. Even more worrying is the fact that a significant number of diabetes cases is undiagnosed, which means that many of the sufferers are not even aware they have the condition. That makes the disease to be another silent killer - like hypertension and other heart-related ailments.

THE DISEASE Diabetes, a disorder of the body’s hormonal AFFLICTS NIGERIANS system, according to OF PRODUCTIVE experts, occurs when AGE AND A LEADING blood sugar levels CAUSE OF BLINDNESS, consistently stay above AMPUTATIONS AND normal and hence KIDNEY DISEASES unable to let the body cells receive sugar (called glucose) due to lack of insulin to drive it into the body cells or lack of the cell receptors to recognise insulin and utilise its function . Glucose is an essential source of energy for the brain and the body and insulin is one of the main hormones that regulate blood sugar levels.

There are two types of diabetes: Type one, which development is often sudden and dramatic and still cannot be prevented according to experts; and Type two – the commonest and associated more with lifestyle and with symptoms often difficult to detect. However, there are several symptoms associated with the ailment. The

Letters to the Editor

commonest ones include frequent urination, excessive thirst, increased appetite and weight loss. Others are a tingling sensation or numbness in the hands or legs, blurred vision, tiredness and slow-healing of wounds.

Some of the causes of diabetes are put down to obesity, lack of physical activity and unhealthy nutrition. Some are passed down through first degree relatives with diabetes.

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FROM OIL BOOM TO ECONOMIC RECESSION

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ince the inception of Nigeria in 1914, ethnic disunity has continued to characterise the country, as people(s) of Nigeria view one another with suspicion and hatred owing to their diverse ethnic origins.

Instead of harnessing our diversities in areas like religion, language and others to build a virile and economically prosperous country, our leaders engage in divisive acts that are pulling the country apart. Religious conflicts, civil war and political upheavals are the features of our political odyssey. In 1953, the northern people threatened to secede from Nigeria in their nine-point programme owing to some knotty national issues. Isaac Adaka Boro declared the Niger-Delta Republic that was short-lived. And the political crisis in the Western region snowballed into a fratricidal civil war that raged for three years with its resultant unquantifiable losses in terms of human lives and depredation of infrastructure. Till now, religious crisis as well as intolerance is causing needless loss of lives in the northern part of Nigeria. It has become a hot bed of religious violence. Some years ago, one Gideon Akaluka was beheaded for desecrating the Koran and his head was hoisted on a pole. People are still being killed in the north for allegedly committing blasphemy against Prophet Mohammed and Islam.

But countries without unity and political cohesion cannot achieve national development. An anarchical national condition cannot conduce to national growth. The fact is Nigeria has not been led by detribalised and patriotic people with pan-Nigerian views who would place the interests of the nation above their selfish, ethnic and primordial interests. More so, Nigerian political leaders were often accused of being destitute of probity. So the military interlopers in

rofessor Chris Bode, the Chief Medical Director, Lagos University Teaching Hospital (LUTH) said one of the risk factors associated with overweight is the tendency to be diabetic, making it difficult for sufferers to enjoy life up to old age, unless managed properly. Indeed, he said one of the ways of beating diabetes is for Nigerians to check their weight and avoid factors that predispose them to increased body size.

Unfortunately, many Nigerians increasingly pattern their lifestyles after those in the developed countries where diabetes is prevalent, but where they have the wherewithal to substantially manage it.

“Today, most of us prefer to drink sugary beverages, against taking water,” said Professor Bode. “When our children are going to school, we prefer to give them sugary foods, biscuits and all sorts of drinks, and over time the kids will be used to such foods and drinks. The truth is, since these are what they are exposed to, they will continue to eat such things even when they grow up.

This is becoming a growing habit in Nigeria and other developing countries, thereby making us highly prone to diabetes mellitus”.

Indeed, over the last 30 years, there has been a steady rise in the prevalence rate of diabetes among Nigerians.

The latest estimates put it at between 8 and 10 per cent.

Also worrying is that the disease afflicts Nigerians of productive age and a leading cause of blindness, amputations and kidney diseases.

There is therefore an urgent need to reverse this dangerous trend through target prevention and appropriate care. A national enlightenment campaign for healthy living would be in order, in addition to periodic medical check-ups. Perhaps by so doing, we could cut drastically the numbers of unnecessary deaths.

power and politics adduce it as reason for seizing political power in Nigeria, intermittently in the past.

The executioners of the January 1966 coup cited corruption as reason for staging the coup that toppled the political administration of Alhaji Abubakar Tafewa Belawa. Tafawa Balawa couldn’t leap-frog or lift our economy to a great height in spite of the existence of crude oil in large deposits in Nigeria.

During the second republic, when we had the oil boom, our politicians mismanaged our economy. Instead of oil wealth becoming our blessing and a boon to us, it turned out to be our curse as our political leaders helped themselves to our collective wealth at our expense. Little wonder, Muhammadu Buhari clamped many second republic politicians into jail for looting our public treasury.

But jackboots and brass hats who ruled Nigeria in the past are not innocent of plundering our economy. It’s the gap-toothed General Ibrahim Babangida (rtd) who institutionalised corruption in Nigeria.

The money that accrued into our account from the Gulf oil wind fall hasn’t been accounted for till today. And the man with the trade-mark dark-goggle, Gen. Sanni Abacha, who combined kleptocracy with sanguinary proclivities, stole Nigeria blind. And during, the military era of Gen Gowon, he boasted that our problem was not money, but how to spend it. Indisputably, the military regimes that ruled Nigeria contributed immensely in depleting our financial resources.

Thankfully, Nigeria transited to civilian and democratic governance in 1999; and then, we heaved a sigh of relief and believed that things would turn out to be better. But 17 years down the line, the opposite is the case.

Chiedu Uche Okoye, Uruowulu-Obosi, Anambra State

GOVERNOR DANKWAMBO: PAY CONTRACTORS

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s Gombe State celebrates its 20th year anniversary, I want to call on Governor Ibrahim Hassan Dankwambo to quickly pay off contractors who have handled several jobs in the state but have not been paid. The only way through which the economy of the state could be quickly revived in the face of the crippling recession is to ensure that contractors are paid promptly. The impact of prompt payments of contractors and indeed others owed by the state will reflect on the state’s economy as it will trickle down.

Even while I laud some initiatives and programmes of the governor, it is however unfortunate that contractors who have worked diligently in the state and laboured to add to the state’s development and empowerment of youths have been abandoned. There is no doubt that contractors’ present predicament is affecting the youths of the state terribly. So many of the youths cannot make ends meet because they are now out of jobs. This is because contractors who provided jobs have not been paid and they are no more on site.

Be it roads, electricity, health and other infrastructure, a lot of contractors are being owed in the state and this is affecting the economy terribly. As we celebrate our 20 year anniversary, it is poignant that those who have laboured to build the state are not left behind as they form a major employment bracket in the state as many families are dependent on them.

Agreed that the recession in the country is affecting the economy largely, however, Governor Dankwambo must find a way of paying the contractors even if it is in batches. Their total neglect as regards financial obligations by the Gombe State Government is impacting negatively on the state. And just as the federal government has pumped some money into the system for capital projects - knowing its effect, it is our belief too that Gombe State must also pay contractors if the state’s economy is to be stimulated.

Waziri Ahmad Gubiya, Gombe Patriots for Development, Gombe

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T H I S D AY • MONDAY, OCTOBER 3, 2016

POLITICS

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

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

The Edo Governorship Story

Adibe Emenyonu tells the story of how the Edo State governorship election was won and lost

President Muhammadu Buhari (middle) in Benin, Edo State to solidarise with Governor-elect Godwin Obaseki and other members of the APC family in the lead up to last Wednesday’s governorship election in the state

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o election in the history of Edo State has attracted the kind of attention, publicity and interest like the just concluded governorship election in which Godwin Obaseki of the All Progressives Congress (APC) was declared winner. Although there are other political parties that contested in the poll, more attention was focused on two major political parties in that race – the Peoples Democratic Party (PDP) and the ruling APC. What perhaps made the election tensionsoaked was the calibre of persons within the two parties among which is the National Chairman of APC, Chief John OdigieOyegun; the outgoing Governor Adams Oshiomhole; his deputy, Dr. Pius Odubu and other new generation politicians of young and progressive minds.

On the other hand are the politicians of the old bloc like Chief Tony Anenih, twotime chairman, PDP Board of Trustees; Chief Gabriel Igbinedion and his son, Lucky, who governed the state between 1999 and 2007; Chief Tom Ikimi, former Foreign Affairs Minister and of course, their numerous followers.

Naturally, the quest for power and control in the state triggered the fight between the two major political parties, who for emphasis were one-time political allies, but are now rivals, more so as they know each other very well in terms of disposition and other antics.

This made the plot to ascend the Osadebe Avenue, seat of government in Benin, the Edo State capital, more captivating because of the scheming, wile and amour deployed by the gladiators.

As usual, the first in the arsenal was the mudslinging and character assassination

by the major rivals in the political theatre.

Incidentally, it was the PDP that first drew the first blood when in the course of their campaign, branded APC “One Chance”, an appellation for someone who is onboard a vehicle populated by criminals, who end up dispossessing him of his belongings.

The party went on to describe the APC as the “All Poverty Congress” owing to the

Naturally, the quest for power and control in the state triggered the fight between the two major political parties, who for emphasis were one-time political allies, but are now rivals, more so as they know each other very well in terms of disposition and other antics. This made the plot to ascend the Osadebe Avenue, seat of government in Benin, the Edo State capital, more captivating because of the scheming, wile and amour deployed by the gladiators

hardship being experienced by Nigerians since the party assumed power on May 29, 2015.

In retaliation, the APC informed those who cared to listen that the present poverty was a creation of the PDP, who were not mindful of development, but pocketing resources meant for development. They also described PDP as “Papa Deceiving Pikin” or “Pikin Deceiving Papa” because of the seeming lack of internal democracy presently tearing the once largest party in Africa apart.

Next in the line of plot to discredit each other before the electorate was the raising of impossible alarm, both founded and unfounded by the gladiators. While the APC accused the PDP of hiring ex-militants numbering of 8,000 through the Governors of Rivers and Delta States with a view to causing mayhem on voting day, the PDP said APC was conniving with INEC to change all the Electoral Officers already penciled down to conduct of the election.

When this appeared not to have caught the fancy of the people, who are apparently familiar with this kind of verbal warfare especially during elections, attention was shifted to the alleged inducement of voters on Election Day. This, THISDAY gathered, became the last resort to ensure victory since in the eyes of the average voter in Edo there is no difference between the two major political parties. Even attempt by both to sell their individual party manifestos did not arouse the interest of the people, hence the resolve to alleged inducement of voters as a last resort.

Incidentally, one of the political parties re-enacted the trend last year when they deployed huge cash through one of their sons, a business mogul, who then has political

sympathy for former President Goodluck Jonathan.

The idea, however, worked for the party in that election and because of that, the voters especially in Edo South mortgaged their conscience, disregarded whatever developmental strides to the credit of Oshiomhole, and voted for the PDP which went on to win win two senatorial seats and five representatives seats.

The party, nonetheless, could not repeat same feat at the state assembly as they failed woefully and won just three seats.

Unfortunately, the party’s hope to repeat the performance was met with stiff opposition.

And to achieve this, the ruling party was said to have played the card of election postponement effectively. Sources revealed that through intelligence report, huge funds came into the state three days before the election ostensibly to induce voters as usual.

But after disbursing the funds to party leaders and supporters, the killer punch came through announcement for postponement, citing security implication and invasion of the state by militants. One thing about such money is that it can never be withdrawn from the beneficiaries. And the only remedy would have been the injection of fresh funds.

THISDAY learnt that the inability of the party to muster new resources buried its ambition to upturn the apple cart.

What this suggests simply is that on Election Day, while the other party had money to throw around, the initiator of monetary inducement was caught napping.

The above became some of the reasons why Edo election was won and lost by those who participated in it.

Beyond this are the development strides CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, OCTOBER 3, 2016

POLITICS/ THE MONDAY DISCOURSE THE EDO GOVERNORSHIP STORY

Ize-Iyamu and his running mate, John Yakubu, with other party members during the electioneering

of the present administration which some refused to acknowledge depending on where their political leaning lies. But what cannot be wished away with a wave of the hand when juxtaposed with the PDP administration under Chief Lucky Igbinedion of which Pastor Osagie Ize-Iyamu was an active player, first as Chief of Staff and later as Secretary to State Government, is that there is no comparison between the two because one supports the other.

Therefore, to many, the coming of IzeIyamu into Edo’s politics and government was perceived from the angle that it is a continuation of the Igbinedion family dynasty, because the mess that the family left behind when they held sway has not been completely cleaned up.

Furthermore, the last minute declaration by Lucky Igbinedion that the next governor of the state will come from his political family removed any vestige of hope for Ize-Iyamu to win the election. The junior Igbinedion spoke during the celebration of his father’s 82nd birthday, which came a day after the postponed September 10 election.

His words: “INEC can postpone the election but they cannot cancel it. I can assure you the result will remain the same. I made it clear before that the next governor will come from our political family. That has been my prayer. Come September 28, the margin of victory will be higher than if the election had held on September 10.

“Edo people should vote wisely. Rest assured that the insults that have taken place since 2008 will stop. The brutalisation of our psyche, of our women will stop.

Unemployment of our youths will be a thing of the past. Lack of focus in the education and sports sector will be a thing of the past.

We are bringing in a PDP government that can represent the people, build human development and industries.”

Unknown to Igbinedion, the speech he made during a get-together for his father might have dug the political grave of his “godson”. To make the matter worse, IzeIyamu quoted to have said he would make the senior Igbinedion’s birthday celebration a state event and a public holiday which he never denied and the statement was not encouraging either.

On the contrary, this, many perceived as a continuation of the eight years of Lucky’s alleged misrule that the people were subjected to.

Another straw that broke the camel’s back is the mass defection of notable PDP member into the APC prior to the election in such a way that no reputable loyalist of the party was left especially in his Edo south senatorial district with about 58 per cent of the state voting strength.

Supporters of the PDP candidate protesting against the loss of their party

One of the protests that trailed the emergence of Obaseki as the winner of Edo’s election

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T H I S D AY • MONDAY, OCTOBER 3, 2016

PERSPECTIVE

NDDC Board and the Injustice in Abia The nomination of Hon. Donatus Nwankpa as Abia State’s representative on the Governing Board of NDDC, pursuant to Section 2(2)(a) is an absurdity and at variance with the rule of law, writes Okey Nwunani

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he NDDC is a creation of an Act of National Assembly in accordance with the provisions of Section 58 (5) of the constitution of Federal Republic of Nigeria. This Act is cited as Niger Delta Development Commission Act 2000. It repealed the Oil Mineral Producing Areas Development Commission, Decree 1998 and among other things, established for more effective use of the sums received from the allocation of federation account for tackling both ecological and infrastructural problems arising from oil exploration in the Niger Delta areas and for connected purposes.

Sixteen years after the enactment of the Act and the existence of the commission, neither the mandate of the commission nor compliance to the provisions of the enabling Act has been achieved. The laws and operational policies have been implemented in breach. The NDDC Act 2000 is a master piece of legislation, which if vigorously implemented, will bring smiles on the faces of the people.

The hallmark of any true democracy all over the world is the rule of law. The conscience of the rule of law is that our laws must prevail at all cost. But this is never the case especially in the NDDC, where universal principles of fairness, equity, morality and justice have been thrown to the abyss.

Executive lawlessness, impunity, and nepotism have placed one branch of government above the law and public officials act arbitrarily or unilaterally outside the law.

Abia State is a member state of the Niger Delta Development Commission by virtue of Section 2(1)(b)(i) and enjoyed the Pioneer Chairmanship of the Governing Board by the rotational clause of Section 4(a) in alphabetical order.

This feat was made possible by the enabling Act and not by might or lawlessness. It therefore, from this historic fact behooves all Abians to uphold absolute predominance or supremacy of ordinary law of the land over all citizens, no matter how highly placed. We must embrace “Truth” – knowledge of things as it was, as it is, and as it will be.

This same Act that blessed our state provides in Section 2(1)(b) that “ one person who shall be an indigene of an oil producing area to represent each of the following member states, that is – (i) Abia State; (ii) Akwa Ibom State; (iii) Bayelsa State; (iv) Cross River State; (v) Delta State; (vi) Edo State; (vii) Imo State; (viii) Ondo State; (ix) Rivers State.

What is the spirit and intent of this section of the Act? It is to define the qualification and origin of the representative, regulate activities of the commission, protect the people, enforce the rights, and resolve conflicts. It is meant to deter people from behaving in a manner that negatively affects the quality of life of other people.

The recent nomination of Hon. Donatus Nwankpa as the Abia State

Buhari

Victor Ndoma-Egba, the new chairman, NDDC board

Nsima Ekere, newly appointed MD of NDDC

Representative on the Governing Board of NDDC, pursuant to Section 2(2)(a) is an absurdity and at variance with the rule of law. “The Chairman and other members of the Board shall be appointed by the President, Commander-In-Chief of the Armed Forces, subject to the confirmation by the Senate, in consultation with the House of Representatives.”

Mr. President in fulfilling this function erroneously appointed Mr. Nwankpa, who is not an indigene of oil producing area and at the time of this write up, Hon. Nwankpa was before the Senate Committee on NDDC for screening and possible confirmation. His curriculum vitae before the Senate Committee on NDDC, shows that Nwankpa is an indigene of Osisioma LGA, in Abia Central and represented his people in the 3rd House, in Abia State House of Assembly.

To put the records straight, this is not the first time a President has erroneously nominated someone outside of the oil producing area. It is only human and as in the past, The President can still correct himself.

The present Abia State NDDC imbroglio can be resolved following the rule of law and relying on existing information from the Office of the Surveyor General of the Federation and Department of Petroleum Resources (NNPC).

The map from the OSGOF clearly shows oil wells and their location in Abia State. It reaffirms Ukwa West as the only oil producing local government area, with the following oil fields and flow stations: Imo River 1, Imo River 111, Isimiri and Ozaar.

There are two capped wells in Ukwa East. The coordinates, depth and deviations of all the wells are defined in the said map from OSGOF. There were no directional drilling technology when these wells were explored, rendering the argument of possible directional production, baseless. A producing well is completed with a Christmas tree and a flow line to the Flow Station, where

oil is separated from Gas and water.

The oil is pumped to a loading terminal and the gas flared.

These oil production activities do not take place in Osisioma LGA, where Hon. Nwankpa indigenes. He probably was deceived into believing that NNPC depot and the filling stations in his area constitute oil production.

We as a people, have found solace in the fact that though we suffer numerical inferiority when compared with the opposite host in view, an unseen power will aid us in this glorious cause of truth. We have replaced fear with the faith and have confidence reposed on our representatives in the National Assembly. The real intent of section 4(2)(a) is to serve as a check on the Executive and ensure total compliance.

We want to rely absolutely on the doggedness of our representative in the House of Representatives, Hon. Uzoma Nkem-Abonta, with a high sense of patriotism, legislative prowess and strategic wits. Our distinguished Senator, representing Abia South, Senator Enyi Abaribe, who has a mastery of the intrigues in the screening process by virtue of his experience, will not leave his good people desolate. He declared both in writing and in a gathering, that only an amendment to the Act, shall qualify an Osisioma indigene to represent Abia State on the NDDC Board.

He is not cheap and a man of his words. Distinguished Senator T.A. Orji, representing Abia Central and Osisioma LGA, is quite knowledgeable in NDDC politics, having served on the Advisory Committee of NDDC for the eight years; he served as the Governor of Abia State. His Excellency is a father of all and stands for the truth at all times, in all things and in all places.

We count very much on him.

Distinguished Senator Mao Ohuabunwa, the former Majority Leader of Federal House of

Representatives, when the NDDC Act was enacted, has cautioned former colleagues who for any reason want to pervert justice to refrain from doing so and be defenders of the Act. He is a man of integrity and we look unto him.

We call on our dear leader, distinguished Senator Ike Ekweremadu, the Deputy Senate President, to come to our aid. His Excellency, The Senate President, Distinguished Senators of Federal Republic of Nigeria and all lovers of democracy to put their shoulder to the wheel push along and do their duty with a heart full truth.

We all have work and let no one shirk. It is a worthy work against the sin of treachery, covetousness and lawlessness. Our laws must prevail even when heavens fall.

Abia State is not the only state, where an indigene of non-oil producing area was nominated to represent the state as manifested in Imo and Ondo states. The Imo nominee demonstrated a sense of leadership and honor by writing to The President, Commander-InChief of the Armed Forces of Federal Republic of Nigeria, declining his appointment as the representative of the state because he is simply not from the oil producing area.

One would ordinarily expect Hon. Donatus Nwankpa to toe this path of rectitude and save the state this embarrassment. God warned us in his Holy writ, Exodus 20:17 – “Thou shalt not covet thy neighbour ’s house nor any thing that is thy neighbour ’s”. This includes his oil wells and position in government.

The Lord of Heaven also through the mouth of His great Prophet Isaiah warned against evil works, lawlessness and lopsidedness. Isaiah 5:20: “Woe unto them that call evil good and good evil.” It is therefore my sincere prayer that superior argument would prevail and that truth shall triumph over evil.

•Nwunani is a pioneer commissioner at Abia State NDDC

T H I S D AY MONDAY OCTOBER 3, 2016

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MONDAY, october 3, 2016 • T H I S D AY

FEATURES

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

Inside Elumelu’s Journey for Africa President Barack Obama’s efforts to increase the number of people with access to power through his Power Africa initiative, has kept the Chairman of Heirs Holds, Tony Elumelu on the move, criss-crossing Africa and America. Adeola Akinremi, in New York, writes on the recent second US-Africa Business Forum, Elumelu’s role in the forum and Obama’s promise

Elumelu addresses participants at the Opportunity Africa Conference in Delaware, USA…recently

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he 59th Street was packed with crawling crowd. Vehicular traffic gave little space to pedestrians.

JW Marriot Essex House, an upscale hotel in Central Park South, somewhere in the middle of Manhattan, New York City, had its doors opened permanently.

Most of the people in the crawling traffic were heading to Essex House. It was not for leisure. It was for business, but in a convivial atmosphere.

In the crowd on the street, business executives and political leaders, mostly from the United States and Africa dared the New York City traffic to respond to an invitation by Mr. Tony Elumelu, the stylish and philanthropic entrepreneur who has his hands in everything from banking business, hospitality, healthcare, agriculture, oil and gas, power etc.

After an exhaustive talk at the second U.S.Africa Business Forum, a day that focused on increased trade and investment between the U.S. and African nations, Elumelu did not want participants to go home without the ritual of reception—a networking opportunity.

In the evening of Wednesday, September 23, Elumelu’s bank, the United Bank for Africa— reputed to be Nigeria’s tier one bank with operations in 19 African countries and the only African bank operating in the United States—teamed up with Business Council for International Understanding (BCIU) to pool the leaders together for wine and cheese.

To be sure, notable names in politics and business were in the room. For instance, former Nigeria’s president, Olusegun Obasanjo, the U.S. Secretary of Commerce, Honourable Penny Pritzker, Executive Director, Nigeria Export Promotion Council, Mr. Segun Awolowo, UBA’s Group Managing Director, Kennedy Uzoka,

The Power Africa initiative of President Barack Obama is a tremendous opportunity for our continent and for the nation of America.

Some things don’t need to change. What they need is to be expanded and scaled up. In other words, we need more U.S. engagement in Africa through mutually beneficial trade and investment

Chief Executive Officer, Oando Plc, Adewale Tinubu, CEO of Mainone, Ms Funke Okpeke, Tonye Cole of Sahara Group, Boubacar Wargo, Nigerien Investment Minister, Chairman of the U.S. Exim Bank, Fred Hochberg; President of the overseas private investment corporation, Elizabeth Littlefield; Harvard Business school teacher, Professor David Gergen; former CNN news anchor, Zain Verjee; Ambassador Dimitrius Marantis; the U.S. Executive Director of the World Bank, Mathew Mcguire and Deputy U.S. trade Representative for Africa, Florizelle Liser, were some of the over 200 notable leaders from government, private and non-profit sectors in attendance.

And with the glasses of wine in their hands, serious business and development talks were going on in the brightly-lit room from one end to the other.

The reception started with an introduction. The President of Business Council for International Understanding (BCIU), Peter Tickansy said, the reception was an opportunity to meet and greet, build strong relationships and help businesses grow.

With that ice breaker, hundreds of business and political leaders in the room began to exchange pleasantries alongside business cards.

Soon, Elumelu mounted the podium to say a few words before inviting the United States Secretary of Commerce, Honourable Penny Pritzker to join him. “Africa loves America and we know that America loves Africa too,” he said, “The Power Africa initiative

of President Barack Obama is a tremendous opportunity for our continent and for the nation of America. Some things don’t need to change. What they need is to be expanded and scaled up. In other words, we need more U.S. engagement in Africa through mutually beneficial trade and investment.”

For Pritzker, Elumelu is one leader driving change throughout Africa. “Tony is an extraordinary partner. His kind of leadership is indispensable for our partnership,” she said to a large audience with special interest in Africa.

In the morning, when the business forum, which was also attended by Nigeria’s President Muhammadu Buhari, was in full swing, President Barack Obama said trade and not aid has been the message from Africans.

He said: “And wherever I’ve gone, from Senegal to South Africa, Africans insist they do not just want aid, they want trade. They want partners, not patrons. They want to do business and grow businesses, and create value and companies that will last and that will help to build a great future for the continent. And the United States is determined to be that partner—for the long term—to accelerate the next era of African growth for all Africans.”

In a speech laced with hope for Africa and warning for its leaders, Obama asked for more support for a continent he characterised as “essential” to progress.

“I’m here because, as the world gathers in New York City, we’re reminded that on

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T H I S D AY • MONDAY, OCTOBER 3, 2016

FEATURES

Elumelu (4th right), greets the U.S. Secretary of Commerce, Penny Pritzker, at the U.S.-Africa Business Forum reception organised by the United Bank for Africa in New York, while GMD UBA Plc, Kennedy Uzoka (first left), President BCIU, Peter Tichansky(2nd left), Executive Secretary, Chairman/ CEO AAR corp, David Storch (2nd right) and Partner KPMG, Emad Bibawi (first right) joined him so many key challenges that we face -- our security, our prosperity, climate change, the struggle for human rights and human dignity, the reduction of conflict -- Africa is essential to our progress. Africa’s rise is not just important to Africa, it’s important to the entire world.

“Yes, too many people across the continent still face conflict and hunger and disease.

And, yes, recent years have brought some stiff economic headwinds. And we have to be relentless in our efforts to end conflicts, and improve security and promote justice.

At the same time, the broader trajectory of Africa is unmistakable. Thanks to many of you, Africa is on the move -- home to some of the fastest-growing economies in the world and a middle class projected to grow to more than a billion customers. An Africa of telecom companies and clean-tech startups and Silicon savannahs, all powered by the youngest population anywhere on the planet,” he said.

With praise for those who have been the drivers of change on the continent, he didn’t spare strong words for political leaders on the continent. “The broader trajectory of Africa is unmistaken. Thanks to many of you, Africa is on the move… The truth is, is that those governments that are above-board and transparent, people want to do business there. People don’t want to do business in places where the rules are constantly changing depending on who’s up, who’s down, whose cousin is who. It creates the kinds of risks that scare investors away,” he told a gathering that included Heads of States from Africa.

And in emphasising what Elumelu continues to pursue as Africapitalism, Obama challenged Africa’s entrepreneurs to “do well and also do good.”

Obama recognised Africa as home of the youngest population in the world and urged the continent’s industrious youth to “develop the motive to help society.”

“All of you should want to make money and be profitable in order to satisfy your investors,” he explained, “but the good news is that in Africa, if you are doing well, you can also be doing a lot of good in your communities to move your societies and countries forward.

We want an Africa that is booming, thriving and growing.”

President Obama’s comments mirror the Africapitalism ideology espoused by Elumelu, who’s running a large charity to incubate young entrepreneurs across Africa.

In recent years, The Tony Elumelu Foundation, through its flagship entrepreneurship programme has committed $100m to empower African budding entrepreneurs – a group Elumelu describes as “the life blood of Africa’s rise.”

Elumelu’s economic philosophy of Africapitalism calls on Africa’s private sector (including its entrepreneurs) to invest long-term in strategic sectors to achieve both economic profits for shareholders and social prosperity for all stakeholders including local communities. The outcome of such deliberate investment decisions is the creation of wealth for business and for society at large. As many African countries experience contractions and low growth, Africapitalism calls for critical

Hubert Danso (left) CEO African Investor, and Precious Nkandu (right), present Elumelu with African Investor Person of the Year Award in New York

President Bill Clinton welcomes Elumelu to New York City investments in non-extractive sectors capable of transforming the continent in a sustainable fashion.

The U.S.-Africa Business Forum, which held on the sidelines of the U.N. General Assembly session had some $9 billion in trade and investment deals and partnerships announced, but Obama said that was just scratching the surface.

And going where his heart belongs, he hit the button on Power Africa with a line everyone can relate to. “…As I indicated earlier, we’re especially focused on increasing access to electricity for the two-thirds of sub-Saharan Africans who lack it. Three years after launching Power Africa, we’re seeing real progress -- solar power and natural gas in Nigeria; off-grid energy in Tanzania; people in rural Rwanda gaining electricity. This means that students can study at night and businesses

As we know, global private capital goes to where it is most welcome. Therefore, the challenge before African governments should be how to ensure they create the environment that will attract and retain these investments in our continent

can stay open. And we are not going to let up. Partners like the World Bank and the African Development Bank are mobilising billions.”

That for Elumelu is a top priority. In Africa, darkness must give way to light. He continues to speak about it everywhere he goes. In Delaware, United States, Elumelu, who is also co-chair of the African Energy Leaders Group (AELG), a community of African energy leaders including presidents and business leaders, spoke to an audience populated by businessmen and politicians in the United States. His message was clear enough: shared purpose.

He called on the next U.S. President to work in shared purpose with Africans on implementing innovative solutions to the complex, but surmountable challenges in Africa.

“I am an unashamed optimist and I believe that working together, in Shared Purpose, which is what Africapitalism is about, we can help usher in economic transformation that will ensure Africa is a critical player in the 21st Century global economy. If we give our people the economic tools to thrive, living standards increase, the political challenges that Africa faces can be tackled and fundamental positive change can be assured,” he enthused.

For the American voters, he said: “So when you meet, write, call and email your political candidates and representatives and the elected President in November, tell them that when it comes to Africa, you want more. And by more, I mean more engagement, more positively impactful policies and more development and commercial investment in Africa.”

And during an award presented to him as the Person of the Year for his efforts in driving change in Africa at the Africa Investor (AI) Investment Summit held alongside the 71st UN General Assembly in New York,

Elumelu revealed that Transcorp Power, one of many businesses where he has interest, has supported U.S. President Obama’s Power Africa initiative with a $2.5 billion commitment.

He thanked the broader coalition of investors in the African power sector, as he urged other institutional investors to consider long-term opportunities on the continent.

“Africa has been faced with this same challenge, in my view, for far too long. I choose to look at the recent episodes of economic contraction across the continent as opportunities to diversify our economies and invest in building critical infrastructure, especially in power, to reduce our susceptibility to commodity shocks and break out of the perpetual boom-bust cycles.

“We must power Africa’s next phase of development, by targeting and prioritising growth of our manufacturing, industries and services. And power is the fulcrum that will make this happen,” he said.

Whilst receiving the award, Elumelu equally extolled the staff and management of TranscorpPower, the biggest producer of thermal energy in Nigeria and other stakeholders in the public and private sectors, committed to improving access to electricity in Africa.

And as the economies of Africa struggle due to excessive exposure to commodities’ prices caused by limited diversification, Elumelu opined that now is the time to diversify the various economies and invest in building critical infrastructure, especially in power, to reduce susceptibility to commodity shocks and break out of the perpetual boom-bust cycles.

According to him, though there is abundance of private capital available to be deployed to develop to Africa, governments must play its part in attracting these investments.

“As we know, global private capital goes to where it is most welcome. Therefore, the challenge before African governments should be how to ensure they create the environment that will attract and retain these investments in our continent,” he said.

According to reports, President Obama’s Power Africa and Trade Africa initiatives have greatly improved U.S. investment in Africa and reinforcing positive trends.

The Power Africa initiative alone, the U.S. government’s initial $7bn commitment has leveraged nearly $43bn in commitments from over 120 public and private sector partners, and the initiative is on track to add 30000 MW to Africa’s power supply by 2030.

The U.S. interest in Africa has been encouraged by the growing democratic institutions and the increasing business breakthroughs all over the continent. In recent weeks, the growing population of those using Facebook attracted its co-founder and chief executive officer, Mark Zuckerberg, to Nigeria and Kenya. The revenue potential in Africa has also been something of interest to businessmen from the West in addition to solutions that businesses bring.

All in all, the move by Obama and the response from Elumelu and others alike will change the narrative for Africa. It will change from a continent in darkness to one in light; from poverty to prosperity; and from import driven to export driven. That is already happening.

22

IMAGES

T H I S D AY • MONDAY, OctOber 3, 2016

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

L-R: Managing Director, ARM Pensions, Wale Odutola; Head, Customer Experience, Morenike Bamgbola; Regional Head, Lagos, Business Development, Gbenga Dada; and Head, Business Development, Abisola Onigbogi, at the ARM Pensions client forum in Lagos...recently ETOP UKUTT

Globacom’s Head of Operations, North Central, Mr.Akeem Yusuf (left) and Head of Glo Mobile Money, Mr. Esaie Diei(right) presenting a Samsung Galaxy S7 Edge phone to Glo subscriber, Adanze Okorocha, who won the prize in a raffle draw at the 2016 World Pension Summit sponsored by Globacom in Abuja...recently

L-R: Manager, Operations, iSON Call Centre, Olabanji Ogunsanya; Centre Head, Shobhit Saxena; and Chief Marketing Officer, Opemipo Alebiosu, during a facility tour of the company in Abeokuta, Ogun State...recently

L-R: Representative of Lagos State governor and Women Leader, South-west of All Progressives Congress (APC), Chief (Mrs.) Kemi Nelson; Osolo of Isolo, Oba Kabiru Adelja Agbabiaka; and the Sole Administrator, Isolo Local Council Development Area (LCDA), Hon. Abimbola Osikoya, during the handover of Lafenwa Panada Street, Isolo...recently PETER USINOLA ALAUSA.

Pupils of Woodland Primary School, Shasha, Lagos celebrating Nigeria’s independence with the number fiftysix effigy

L-R; Country Managing Director, Accenture Nigeria, Niyi Yusuf; MD, CMC Connect , Yomi Badejo-Okusanya; Facilitator, Francois Van Dyk and Executive Director, CMC Connect, Raheem Olabode at the PR Measurement and Evaluation workshop facilitated by CMC Connect & Ornico in Lagos,...recently

R-L: Managing Director/CEO, Sterling Bank Plc, Mr. Yemi Adeola; Chairman, Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), Mr. Opeyemi Adojutelegan; and the Chief Compliance Officer, Sterling Bank Plc, Mr. Raheem Owodeyi, at a meeting of the CCCOBIN with the theme: “Importance of Compliance and Ethics in the Stability of Organisation Introduction”, hosted by Sterling Bank in Lagos…recently SUNDAY ADIGUN

R-L: Managing Director/CEO, Tyonex Group Emmanuel Agba, Mr. Rao Guopeng, Mr. Alao Abiodun, and Mr. Joseph Agba, shortly after a qualification training for staff and installation of the newly acquired coating machine at the company’s factory at Igando, Lagos...recently

23

T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD R A T E S

NIBOR OVERNIGHT 1-MONTH

14.8750 19.7872

A S 3-MONTH 6-MONTH

A T 20.5590 21.4160

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

S E P T E M B E R

NITTY 1-MONTH 2-MONTH 3-MONTH

17.9259 18.0333 18.1358

6-MONTH 9-MONTH 12-MONTH

2 9 , 18.8515 20.5689 21.9351

2 0 1 6

EXCHANGE RATE N311.62 / 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes FG to Join International Energy Charter

A WARM RECEPTION

L-R: Managing Director and Chief Executive Officer, Airtel Nigeria, Mr. Segun Ogunsanya; President, Association of Telecommunications Companies of Nigeria (ATCON), Mr. Olusola Teniola and Executive Vice Chairman (EVC)/Chief Executive Officer, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, during the special reception organised for the NCC EVC by the ATCON in Lagos…recently

Dana to Reward Customers

NERC Moves to Finalise Mini-Grids’ Regulation Ejiofor Alike In line with Sections 96(1) and 70(8) of the Electric Power Sector Reform(EPSR) Act 2005 (Act No.6 of 2005), which empowers it to make regulations, the Nigerian Electricity Regulatory Commission (NERC) has unveiled plans to finalise works on the regulation on mini-grids as part of the efforts to encourage investors and bring electricity to more rural communities.

In order to produce the final regulations, the agency recently commenced a nationwide sensitisation of the various stakeholders on the mini-grids initiative.

Speaking to THISDAY in Lagos during a recent public sensitisation on solar power solutions organised by the

ENERGY International Finance Corporation (IFC) and the United Kingdom’s DFID, NERC’s Deputy General Manager in charge of Renewables, Research and Development, Dr. Haliru Dikko stated that the object of the regulation was to boost electricity supply in areas without existing distribution network, better described as ‘unserved areas,’ and areas with an existing but poorly electrified or non-functional distribution grid, also known as ‘underserved areas’.

Dikko said the regulation would attract participation of private sector, communities, non-governmental organisations for the electrification of Nigerian communities.

“We are going to sensitise the general public on the mini-grid regulations. So, the regulation is to encourage investment in renewables such as solar and biomass without restricting anybody. It is to encourage investors on off-grid, not only in the main grid so that they can bring power to the rural communities at affordable costs and also protect investors who are going to invest in mini-grid.

There is no such regulation in place at the moment.

According to him, the regulation provides for permit and tariff approval procedures, which will ease the administrative burden on the mini-grid operator and ensure the process of obtaining the permit in a timely manner.

“The regulation will minimise risks in tariff changes, as tariffs

would have been agreed in advance by the relevant parties, as well as other risks to protect consumers and investors,” he added.

NERC had earlier in a statement hinted that the distributed power of the mini-grid would determine the regulatory procedure to be followed.

According to the agency, for distributed power of up to 100kW, a permit is optional for the mini-grid operator; while for distributed power of over 100kW and installed generation capacity of up to 1MW a permit will be required.

However, beyond that limit, a full licence is required which is outside of the scope of this regulation and is taken care of by other already existing Continued on page 24

FG, Republic of Ireland to Partner on Agriculture, Energy Dele Ogbodo in Abuja As part of its commitment to diversify the economy using agricultural and energy sectors as drivers to industrialisation, the federal government plans to enter into partnership with the Republic of Ireland to improve the skills of Nigerians in science, research and innovation.

Minister of Science and Technology, Dr. Ogbonnaya Onu, made the disclosure, when the Ambassador of Ireland to Nigeria, Mr. Sean Hoy, paid him a visit in Abuja, with representatives of Nine Irish Education Companies.

The minister said Nigerians

ECONOMY are desirous of working with Ireland on research and innovation noting that Ireland’s model of industrialisation is attractive with clear road for implementation.

Onu, commended the Irish government for being the highest exporter of Pharmaceutical products, which has attracted international business to the country.

He said: “You have highly educated workforce who is very attractive to companies that rely on knowledge, we desire to move from resource based to knowledge based

economy.

“We need to improve drastically on energy to improve industrialisation, Food Science is of great interest because we are working very hard to feed ourselves, we were carried away by oil, we used to spend money importing rice.

“Science and Technology is important in the Agricultural chain because it has strong link with the industry, we will encourage our people to benefits from facilities available in Ireland.”

Earlier in a remark, Hoy, said that the Irish government is responding to request from colleagues in Nigeria to look at

The federal government, as part of its determination to diversify from oil and create the enabling environment for industrialisation, has concluded arrangement to sign a treaty to become a member of the International Energy Charter (IEC).

The Minister of Science and Technology, Mr. Ogbonnaya Onu, stated this when the representatives of the International Energy Charter, led by Dr. Monica Emmanuel, paid him paid a courtesy call in his office, in Abuja, weekend.

According to the minister, the signing into membership of the International Energy Charter in Brussels, will give Nigeria the opportunity to share information, build capacity, research and skills development with no obligation attached to it.

Onu, expressed optimism that though the country is currently undergoing challenges in its energy sector as a result of pipe vandalism and destruction to gas supply, it will soon overcome the challenges with the dialogue that is ongoing with some militants in the Niger Delta region.

He said President Muhammadu Buhari is more than ready to welcome genuine and willing investors into Nigeria’s economy, adding that the country in the continent still offers the highest return on investment because of its high market demand and resilience economy.

In an earlier remark, a representative of the International Energy Charter, Brussels, Emmanuel, explained that Nigeria’s membership of the global body no doubt will attract many international players in the energy industry to Nigeria.

ways to diversify the economy by bringing new skills into the economy.

According to the Ambassador, “For a long time Nigeria has relied too long on oil and now we have to look at agriculture and also about bringing high tech industry into this country because this is a big market.

“What we have in Ireland is experience where we tuned our education system to what the market needs, we need to provide students with skills which the industry needs, we have a number of thousands of big high tech companies in Ireland Continued on page 24

Dana Air has announced that it would explore Customer Service Week to reward all its passengers and members of its frequent flyer programme – Dana Miles.

According to the airline, all passengers flying Dana Air during the customer service week, would get instant miles, stand a chance of getting a spot upgrade from Economy Class to Business Class, free lounge access among other exciting initiatives to ensure that its teeming customers get extra as ‘’Service Champions.’’

Scheduled to hold from October 3 to 7, 2016, the International Customer Service week is celebrated annually in the first week in October, and it is usually a period set aside to appreciate patronage by rolling out activities to celebrate customers.

According to the Communications Manager of Dana Air, Kingsley Ezenwa, “the theme of this year’s celebration is ‘’Service Champions,’’ and we are more than ever committed to underscore our vision with these initiatives. At Dana Air, everyday is a customer service day for us, as we strive daily to always exceed the flying aspirations of our guests.’’

“We understand the role customers play in the life of any business and the week provides the ever customer –centric and professional team at Dana Air, the opportunity to further excite and reward our teeming customers.’’ He advised passengers of the airline, especially Dana Miles members; to take advantage of the ‘miles-splash’ during the week and garner massive miles to fly for free whenever they desire,” he also said.

Turkish Airlines Hosts Euroleague

Turkish Airlines will host Europe’s premier basketball competition, the Turkish Airlines Euroleague, in Istanbul from 19-21 May 2017.

This was announced at the weekend by the Chairman of the Board and Executive Committee of Turkish Airlines, Mr. Ilker Ayci and President and CEO of Euroleague Basketball, Mr. Jordi Bertomeu.

“We highly treasure our partnership with Euroleague Basketball because it has allowed us for many years to be part of a great sport. This year we are even more proud to be the title sponsor of this championship, since the Final Four will actually take place in our city of birth and global hub, Istanbul.

“We are sure that the international atmosphere and innovative traits of our city will add an extra touch of innovation and thrill to such an amazing event. Furthermore, every year we commit to ideating, together with Euroleague Basketball, new and exciting ways to deliver a sporting experience that truly goes beyond expectations to all basketball fans and travellers,” Ayci said.

“The provision of solar electricity has reduced energy costs, created more micro businesses, improved healthcare, quality of education, and provided a new lease of life for indigenes of unserved communities.”

Acting Managing Director, Bank of Industry,

Mr. Waheed Olagunju

24

T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD NERC MOVES TO FINALISE MINI-GRIDS’ REGULATION

Regulations.

A spokesman of Enugu Electricity Distribution Company (EEDC), Mr. Chukwuemeka Ezeh had confirmed the engagement in Enugu will involve NERC and other distribution companies around Enugu, including State Rural Electrification Boards, potential Mini-Grid host communities and operators within the franchise area of EEDC, Port Harcourt Electricity Distribution Company (PHED) and Benin Electricity Distribution Company (BEDC).

FG, REPUBLIC OF IRELAND TO PARTNER ON AGRICULTURE, ENERGY

and they go there because they have young students that are well qualified.”

He said Ireland is the fastest growing economy in Europe because of the quality of research and education and also pledged to collaborate with Nigerian Universities in the area of research on food Science, engineering and technology.

The federal government recently announced plans to construct about 10 new dams in the 36 states of the federation, including the Federal Capital Territory (FCT). The construction of the projects known as PROJECT 10/37, it said, will begin in 2017. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, disclosed this at the public presentation of the water sector roadmap with the theme: “Immediate and Long Term Strategies for the Water Sector 2016-2030,” organised by the Ministry of Water Resources in Abuja.

He said: “We hope to create, in the next few years, 10 dams in each States of the federation.

We have a project coming up next year called PROJECT 10/37, we are looking at a minimum of ten dams in each States including the FCT.” He noted that the Nigeria’s Agriculture sector is in dire need of water even as the Minister added that the country can no longer rely solely on rainfall to sustain its agriculture.

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

BoI, UNDP Sign $2m Agreement on Solar Energy for Offgrid Communities James Emejo in Abuja The Bank of Industry (BoI) and the United Nations Development Programme (UNDP) yesterday signed a $2 milliondeal on the implementation of solar electrification projects in some select off-grid rural communities in the country.

The agreement is part of the UNDP/BoI Access to Renewable Energy (AtRE) Scheme, aimed at implementing the second phase of the solar power electrification projects in some select communities.

Six communities, spread across the six geo-political zones where the bank has subsisting relationship for the development of MSMEs, are already benefitting from pilot phase.

The pilot project involved provision of long-term financing for the installation of micro-grid and stand-alone solar solutions in the benefitting states.

Speaking at the signing ceremony in Abuja, the acting Managing Director, BoI, Mr. Waheed Olagunju said the Cost Sharing Agreement would facilitate the replication and scaling up of the solar energy projects in more communities across the country.

He said:”The blend of BoI’s contribution in the sum of $1.4 million as debt financing for the projects, with UNDP’s grant contribution of $600,000 will provide the much needed stimulus to scale up the projects in view of the attendant reduction in

the cost of deployment and enhancement of its overall viability.

“The BOI’s contribution and the UNDP grant will be deployed to provide solar energy solution in states where both BOI and UNDP have existing collaboration.”

In scaling up the rural electrification project, Olagunju noted that the bank had been buoyed by the catalytic effects it had had in the six communities where the projects had been deployed.

He added that the target of

the bank was to have over 100,000 off-grid homes lit in the next five years, stressing that hundred of homes would be captured in the second phase of the project.

Sharing the success story of the project in the select states, he said,”These communities with an average of 200 homes each previously had no electricity and lived in darkness. But since the provision of clean, reliable and sustainable solar electricity, the lives of indigenes of these communities have changed significantly.

Stakeholders in the maritime insurance sector have expressed their dissatisfaction over the poor performance of the sector, stressing that with the huge potential of the sector, it stands a veritable position to contribute to the nation’s economy.

Speaking at an event organised by Nigeria Insurers Association (NIA) in conjunction with Olisa Agbakoba Legal (OAL) in Lagos yesterday, the Head Maritime Unit, OAL, Dr. Oluwole Akinyeye, said the sector is at a pivotal position to contribute significantly to the capital market through premiums from insurance cover, but the sector has failed to live up to its full potentials.

He explained that given the concern raised by the Minister of Finance, Mrs. Kemi Adeosun, at a recent insurance summit that the sector was denying the country of an annual 1.5 percent increment in gross domestic product (GDP),

the country had just signed the Paris agreement.

Apart from supporting the MSMEs, Mashologu said the second phase of the programme would have more communities which hitherto have no access to electricity, benefit from the project.

She said: “This partnership agreement that we are signing today will certainly ensure that we scale up our efforts at providing safe and environmentally friendly energy to the people in line with the Paris agreement.”

FOR EFFICIENT BANKING OPERATIONS

L – R: Chief Compliance Officer, Sterling Bank Plc, Mr. Raheem Owodeyi; Chairman, Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), Mr. Opeyemi Adojutelegan and Managing Director/CEO, Sterling Bank Plc, Mr. Yemi Adeola, at the monthly meeting of the Committee sponsored by Sterling Bank Plc in Lagos…recently

Stakeholders Express Dissatisfaction over Poor Performance of Marine Insurance Sector Ugo Aliogo, Elee Nkechi, Abdulkareem Azeezat and Saheed Sakariyah

“The provision of solar electricity has reduced energy costs, created more micro businesses, improved healthcare and quality of education, and generally provided a new lease of life for indigenes of these otherwise unserved communities.”

In her remarks, UNDP acting Resident Representative, Mandisa Mashologu, said the signing of the agreement on the implementation of the rural solar power project marked a significant millstone, particularly coming at a time

there is need to address the poor performance of the sector.

“It is imperative to note that the existing legislative framework either directly or indirectly impacted on the marine insurance development in Nigeria and it is therefore necessary to give consolidation to the relevant legislations wielding such influence”, he said.

Akinyeye called for the merger of insurance companies as part of efforts to address the challenges facing the sector, noting that this would allow bigger insurance companies to undertake liabilities that were previously of daunting nature.

He added that there is need to review the legislative framework governing the sector, adding the limitations identified in the existing legislation governing the sector has made it necessary to have an amendment to redress these shortcomings.

Akinyeye said: “A challenge confronting the legislative framework designed to promote the advancement of the sector is the absence of provisions

to cater for certain areas.

One of such areas is the failure of the insurance Act 2003 to make any provision concerning the insurance of goods to be exported out of Nigeria.

“Unlike the position of where section 67 (1) of the act provided that all imported goods must be insured with a Nigeria insurer, there is no such provision in respect of goods exported out of the country.

This implies that goods exported out of Nigeria can be ‘Free on Board’ with the result that foreign insurance companies will insure such goods thereby leading to capital flight. Crude oil that is exported is a good example on free on board basis which is a loss to the sector.”

In his remarks, Nimbe Oviosu, added that if there is an economic slump, insurers are invariably mostly affected, noting that the essential issue for discussion would be to continue to provide the exquisite service delivery, “including prompt payment of claims and ensuring sustainable profitability.”

FRC, Uni-Abuja to Develop Framework to Cut Cost of Governance James Emejo in Abuja The acting Chairman, Fiscal Responsibility Commission (FRC), Mr. Victor Muruako has said it planned to organise a national stakeholders forum with the University of Abuja in order to develop a strategic framework for the reduction in cost of governance at all levels of government.

He said the effort was in line with the mandate of the commission to initiate workable strategies to promote prudent management of the nation’s resources.

Speaking in Abuja at a media briefing, he said the proposed forum themed: “Building a Strategic Frame Work for the Reduction in the Cost of Governance“, would target a long-term micro-economic stability and transparency in fiscal operations of the economy.

Muruko said the forum had become inevitable given that section 3 (1b) of the FRC Act 2007 mandates the commission to disseminate standards practices for efficiency in the management of public expenditure.

The workshop, according to him, was being organised amid the dwindling revenue accrued to the federation account, reduction of allocation to all tiers of government and increasing cost of governance.

The chairman said stakeholders would interact with experts on

topical issues and come up with a working document on how to reduce cost of governance at the federal, state and local government levels.

According to him, it is envisaged that the forum will ultimately provide an action plan to bail the nation out of the current recession.

Muruako said the collaboration by both establishments was on the need to intensify the debate on the economic crisis confronting the nation and proffer a lasting solution.

He said the university had always been a breeding ground for development of ideas and knowledge that impacted the society, hence the choice as co-partner to drive the project.

The worship, which is billed to hold in Abuja from October 11-12, will feature the Vice-President, Prof.

Yemi Osinbajo as special guest of honour.

On his part, the Vice-Chancellor of the university, Prof. Michael Adikwu, said the forum on reduction in the cost of governance was being organised jointly.

He said that the university would help in the areas of providing experts to present papers on strategies to reduce cost in governance.

He said the issue of fiscal prudence was critical to the survival of the entire system in Nigeria, adding that the forum would dwell on measures to discourage unnecessary expenditure in governance.

25

T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD

MARKET REPORT

Equities Market Gains 2.7% in September on Renewed Interest in Oil Stocks Goddy Egene and Nosa Alekhuogie The Nigerian equities market closed the month of September bullish as the Nigerian Stock Exchange All-Share Index rose by 2.7 per cent to close at 28,335.40 and while market capitalisation ended at N9.733 trillion last Friday.

However, the positive performance in September was boosted by renewed interest in oil and gas stocks mainly due to impressive full year results of Conoil Plc and positive developments in the global oil market following OPEC’s decision to cut supply.

Specifically, while the ASI grew by 2.7 per cent, Conoil Plc, Total Nigeria Plc, Seplat Petroleum Development Company Plc and Mobil Oil Nigeria Plc appreciated by 83.3 per cent, 21.3 per cent, 14.3 per cent and 14.2 per cent in that order.

The market recorded its fourth consecutive growth last week with growth of 0.31 per cent as the posted marginal gains in three of the five trading sessions.

Apart from the ASI that appreciated during the review week, the NSE Consumer Goods also gained, posting the higher return of 9.1 per cent. Similarly, the Oil & Gas Index garnered 1.4 per cent the NSE Insurance Index rose by 0.9 per cent. Conversely, the NSE Banking Index went down by 2.3 per cent just as the NSE Industrial Goods shed 2.5 per cent.

Daily Market Performance Summary The equity market opened the week on Monday with a marginal gain, as the NSE ASI appreciated by 0.06 per cent to close at 28,263.16.

Similarly, the market capitalisation rose by N5.5 billion to close at N9.71trillion. The gain resulted from appreciation recorded in the share prices of FBN Holdings, Flour Mills of Nigeria, Nigerian Breweries, Dangote Cement and Total Nigeria Plc. Investors traded 249.76 million shares worth N1.96 billion in 3,170 deals. The most actively traded sectors were: Financial Services (217.06 million), Consumer Goods (11.67 million shares) and Conglomerates (7.38 million shares), while three most actively traded stocks were Fidelity Bank (52 million), Diamond Bank (28.33 million) and Access Bank (28.23 million).

In terms of sectoral performance, the NSE Consumer Goods Index rose by 0.4 per cent and NSE Insurance Index appreciated by 0.2 per cent. Conversely, the NSE Oil & Gas Index declined just as the NSE Banking Index shed 0.3 per cent.

The market was bearish on Tuesday as the NSE ASI fell marginally by 0.05 per cent to close at 28,248.86.

The depreciation recorded in the share prices of FBN Holdings, Stanbic IBTC, Access Bank, GT Bank and Oando were responsible for the loss recorded in the NSE ASI. The total value of stocks traded stood at N1.41 billion, down by 27.90 per cent from N1.96 billion recorded the previous day. The total volume of stocks traded was 294.90 million shares in 3,142 deals. Livestock Feeds, FCMB and United Bank for Africa were the most traded, accounting for 104.59 million shares, 43 million shares and 20.15 million shares in that order.

Performance across sectors was

broadly positive but for the Oil & Gas index which emerged the sole decliner of all sector indices, down 0.9 per cent as further profit-taking in Conoil (-7.7 per cent) and Oando (-4.8 per cent) continues to drag sector performance. The NSE Insurance Index rose by 0.4 per cent on the back of price appreciation in Law Union & Rock Insurance (+7.0 per cent) and Continental Insurance (+3.1 per cent). The Consumer Goods index followed with a gain of 0.3 per cent, while the NSE Banking Index appreciated by 0.1 per cent.

The equities market continued to fluctuate on Wednesday as some bellwethers dragged the overall performance with the NSE ASI falling by 0.04 per cent to close at 28,263.23. Losses in Nestle Nigeria Dangote Cement Plc and Lafarge Africa Plc contributed to the bearish performance.

In terms of sector performance, three sectors closed in the red while two closed positively. The NSE Industrial Goods Index led with 1.0 per cent, while the NSE Oil & Gas Index shed 0.4 per cent. Similarly, the NSE Banking Index shed 0.1 per cent. On the positive side, the NSE Consumer Goods and NSE Insurance indices appreciated by 0.3 per cent.

The negative trend was reversed on Thursday as the NSE ASI rose by 0.04 per cent to close at 28, 247.56, just as the market added N3.9 billion to close at N9.7 trillion.

The appreciation performance was driven by gains in Oando Plc(+6.9 per cent), Seplat (+5.0 per cent),

Unilever Nigeria (+3.3 per cent) and Nestle Nigeria (+1.2 per cent).

The equity market consolidated Thursday’s on Friday. Consequently, the market closed the week on a positive note, rising by 0.31 per cent.

TOP TEN BROKERS(BY VALUE)

Market Turnover In all, investors traded 1.287 billion shares worth N9.303 billion in 15,258 deals last week, compared with 4.331 billion shares valued at N16.803 billion that exchanged hands last week in 16,797 deals the

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

previous week.

As usual, the Financial Services Industry led the activity chart with 970.503 million shares valued at N4.540 billion traded in 8,298 deals; thus contributing 75.41 per cent and 48.80 per cent to the total equity turnover volume and value respectively. The Agriculture Industry followed with 109.788 million shares worth N155.716 million in 269 deals.

The third place was occupied by the Consumer Goods Industry with a turnover of 82.938 million shares worth N2.774 billion in 2,884 deals.

Also traded during the week were a total of 4.761 million units of Exchange Traded Products (ETPs) valued at N25.821 million executed in 45 deals, compared with a total of 615 units valued at N6,070.20 transacted a week earlier in 21 deals. Similarly, total of 2,023 units of Federal Government Bonds valued at N1.925 million were traded in four deals compared to a total of 3,994 units of Federal Government Bonds valued at N3.263 million transacted two weeks ago in five deals.

Gainers and Losers Meanwhile, 35 price gainers were recorded last week higher than the 33 equities of the previous week, while 32 equities depreciated in price, higher than 25 equities of the previous week. Law Union & Rock Insurance Plc led the price gainers with 32.7 per cent, trailed

by UACN Property Development Company Plc with 16.2 per cent, while Learn Africa Plc appreciated by 13.7 per cent. Flour Mills of Nigeria Plc, Continental Reinsurance Plc, and Pharma-Deko Plc garnered 9.3 per cent apiece. Other top price gainers included: Dangote Flour Mills Plc (9.1 per cent); Wema Bank Plc (7.4 per cent); Mobil Oil Nigeria Plc (6.7 per cent) and Seplat (6.2 per cent).

Conversely, Caverto Offshore Support Group Plc led the price losers with 27.6 per cent, followed

by Ashaka Cement Plc with 18.4 per cent. Conoil Plc shed 15 per cent, just as Beta Glass Company Plc and Presco Plc declined by 11.1 per cent.

Other top price losers were:Oando Plc (8.1 per cent); Seven-Up Bottling Company Plc (7.3 per cent); Livestock Feeds Plc (5.4 per cent); Northern Nigeria Flour Mills Plc (4.9 per cent) and Guaranty Trust Bank Plc(4.3 per cent).

26

T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

The Return of Ponzi Schemes Obinna Chima They are everywhere. The network is spreading like wild fire with the number of new ‘converts’ growing daily. A lot of Nigerians, mostly youths are excited with the huge returns from their investment, with their ears completely blocked to the dangers in staking their funds in this form of investments –Ponzi schemes. Ponzi schemes are fraudulent investment operation where the promoters usually entice new investors by offering abnormally high or unusual returns.

Indeed, promoters of wonder banks and other pyramid schemes in the country are currently taking advantage of the rising level of job losses and unemployment as well as the shrinking disposable income to attract unsuspecting prey.

The Nigerian economy is in a recession. The National Bureau of Statistics (NBS) recently revealed that the country’s gross domestic product (GDP) contracted by 2.06 per cent in the second quarter of 2016, compared to the negative growth of 0.36 per cent recorded in the first quarter of 2016. Also, national unemployment rate also rose to 13.3 per cent in the second quarter of 2016, from 12.1 in the first quarter of 2016.

Owing to this, from Lagos, Port Harcourt, Enugu and other big cities in the country, owners of these illegal businesses have been offering Nigerians mouth-watering interest rates, which cannot be found in the banking system, in a bid to attract large number of customers before they run away with huge cash.

For instance, at the Ojuelegba area of Lagos, THISDAY was recently given a small handbill advertising investment schemes that offers 30 per cent returns in 30 days.

Also, other Ponzi schemes in the country

MARKET INDICATOR that appear to be getting a lot of patronage are MMM and the Zarfun, which without any underlying fundamentals, are spreading like wildfire. A lot of young school leavers have already signed on to this scheme, which the promoters are marketing as mutual funds.

Typically, what promoters of such pyramid scheme do is that they offer rates far beyond what is obtainable in commercial banks. This would always attract a lot of people who would always rush in to stake their funds. But, those who join the scheme late would always be the ones to lose their shirts as they would have been convinced by those that joined earlier to invest huge amounts of money.

According to Wikipedia, was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s, in which between five and 40 million people lost up to $10 billion. MMM was established in 1989 by Sergei Mavrodi,[2] his brother VyacheslavMavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders’ surnames.

MMM created its successful Ponzi scheme in 1994. The company started attracting money from private investors, promising annual returns of up to one thousand per cent…

MMM grew rapidly. An important factor in the scheme’s success was word of mouth.

“The success of MMM in attracting investors led to the creation of other similar companies, including Tibet, Chara, Khoper-Invest, Selenga, Telemarket, and Germes. All of these companies were characterised by aggressive television advertising and extremely high promised rates of return.

“In 2015 MMM began operating in South

Africa with the same business model as MMM-2011, claiming a “30% per month” return through a social financial network. The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank.

“In 2016, MMM launched a website targeting the Nigerian audience. In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, and it is not registered in the country (and as a fraudulent scheme cannot be registered),” the free online encyclopaedia revealed.

Also, attempts to get details of activities of ZarFund, another scheme that is increasingly attracting the patronage of some Nigerians, only showed limited information about the company.

ZarFund website only describes the company as “where wealth is predictable,” through donation by members, as well as how participants can move from one level to another.

Investors are promised impossibly high yields, either by way of profits or by way of interest paid. Such yields cannot be derived from the proper investment of the funds so, the organisers resort to dirty tricks. The promoters use new money, invested by new investors - to pay off the old investors. Most times, investors believe that they can always outwit the organisers of the pyramid scheme, but they end up being the losers.

But experts have warned against falling for the bait of illegal deposit-taking institutions which are not licensed by the CBN, saying that their only intention is to defraud members of the public.

The Central Bank of Nigeria (CBN) has also warned Nigerians to be careful of any deposit money institution that is not insured

by the Nigeria Deposit Insurance Corporation (NDIC).

The bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, made this known against the proliferation of wonder banks in the country in recent times.

Okoroafor said such deposit money institutions are dubious Ponzi schemes “At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise,” he advised.

He warned Nigerians to beware of the so-called wonder banks, explaining that they were makeshift institutions to dupe people.

“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks,” he said.

Okoroafor said the CBN could not guarantee the unregistered institutions, insisting that when depositors lose money to them, the bank would not be able to help them.

“These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target. There is no insurance because the NDIC does not even protect them against such risks when they occur,” the CBN said.

He said the CBN was intensifying efforts and liaising with the various security agencies to identify the promoters of these schemes and have such persons arrested and prosecuted, adding that anyone caught with them would also be made to face the law.

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T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

FG Appoints Ibrahim Pantami as New DG of NITDA The federal government has appointed Mr. Ibrahim Pantami, as the new DirectorGeneral (DG) of the National Information Technology Development Agency (NITDA).

Pantami and 12 other new chief executives of other agencies and parastatals of government were appointed for a four year term at first instance.

In a statement signed by the agency’s Head of Corporate Communication, Mrs. Hadiza Umar, she said the new NITDA boss is taking over from Dr. Vincent Olatunji, who piloted the agency in acting capacity till Pantami was appointed.

The statement read: “NITDA was created in April 2001 in response to the National Information Technology Development Act (2007). The agency is expected to create a framework for planning,

research, evaluation and regulation of Information Technology practices, activities and systems in Nigeria.”

The statement referred to Pantami, as an ICT Specialist, teacher, Islamic Cleric and Development Activist, adding that the new DG’s i technology journey has been inspiring and encouraging.

The statement further added: “Pantami is currently an Associate Professor of Computer Information System at the Islamic University of Madinah, Kingdom of Saudi Arabia as the first Nigerian Citizen ever to teach in the university of more than 63 years of existence.”

Born and grew up in Gombe State, where he obtained his basic education, completed his 1st Degree in Computer Science in 2002 at Abubakar Tafawa Balewa University Bauchi, M.Sc Computer Sci-

ence 2008, Master of Business Admin. (Technology) in 2010 via the same University and he obtained his PhD in the United Kingdom.

Pantami lectured at ATBU Bauchi for more than a decade before joining Islamic University Madina as Assistant Professor in Computing Systems and Information Technology. He authored many books on ICT, STEM, Technology, Politics and Community Reconciliation and Religion.

Other books written

by Pantami, include: The Negative impact of ICT on human health. Volume 2, No 2 Jomatech, 2010; An analysis of e-learning in Nigerian and United Kingdom Universities.

Volume 2, no 1, International Journal of Computer and Information Technology, India, Information and Communication Technology, A Tool for

Fraud Prevention and Detection. Volume 1, no 2 Jomatech 2008, Data Recovery and Back up Disaster. Volume 2, no 1 Jomatech, 2008, Analysis on the failure of Desktop and Laptop Hardware Components. Volume 2, no 1 Jomatech, 2008, among others.

Pantami has successfully participated in several seminars, international and local conference and workshops as resource person, speaker, presenter, and discussant.

He participated in NMFUK Conference which held in Newcastle 2011, Leicester, 2013, IT Conference in Paris 2013, Oil and Gas Computing, 2013, National Seminar on Graphing Calculators, University of Mathematics Malaysia, 2008, International Workshop on Family Planning and Reproductive Health, the statement added.

MEDIA PARLEY

L-R: Media Relations Officer, Heritage Bank Plc, Mr. Blaise Udunze; Divisional Head, Corporate Communications, Sola LongeOkenimkpe; Team Member, Internal Control Unit, Barbara Nzekwe; Group Head, Media & External Relations, Igwe U. Igwe and Group Head, Event & Sponsorship, Heritage Bank Plc, Ekaette Sunday, during a media interactive forum in Lagos…recently

Diamond Bank Announces Name Change for Products Diamond Bank Plc has announced the change of names of six of its flagship financial products.

According to the bank, the name change was borne out of the need to align its product offerings to the changing lifestyle of its customers, and also, point the future direction of the bank to constantly refresh its products to meet the current needs and lifestyle of the customer.

The bank’s chief spokesperson, Chioma Afe explained in a statement that the change

of names of the six products was in line with the bank’s renewed business focus.

“Our aim, among others, is to rightly position our products to conform to current business realities, and most importantly, ensure that our product offerings are tailored to meet the continuously changing lifestyle of the customer,” she said.

According to Afe, the financial products include MSME Propositions, which is now changed to Emerging Businesses while MSME Domiciliary Account is

renamed Emerging Business Domiciliary Account. Also, Diamond BusinessXpress Account (DBXA) is changed to Diamond Business Advantage (DBA) while Diamond SchoolXpress Account (DSXA) is renamed Diamond School Advantage (DSA).

Others include MSME loans now changed to Emerging Businesses Loans while MSME Business Registration Service is changed to Emerging Businesses Registration Service.

“The name change does not affect the product quality, as

the service delivery remains the same. What we have done is to refresh them and ensure that the customer will derive the utmost benefit using any of these products,” Afe added.

According to the bank, the name Emerging Businesses properly captures its overall aim, which is to aid small businesses to grow and become established and big enterprises. Emerging Businesses proposition, therefore, act as a pipeline feeding the middle and lower segment of the market.

AES Appoints SIFAX Shipping as Agent in Nigeria, Ghana SIFAX Shipping Company Limited, a subsidiary of SIFAX Group, has been appointed as the new agent of Auto Export Shipping (AES) in Nigeria and Ghana.

A.E.S. is a non-vessel operating common carrier, which handles shippers’ exports of vehicles including automobiles, trucks, and mobile industrial equipment via roll on/roll off vessel services from U.S. ports to various West Africa ports.

According to President, AES, Mr. Pete Bottino, the new appointment, which takes effect from September 1, 2016, is a testament of SIFAX Shipping’s track record of excellent service and ingenious business acumen that have seen the company work for some of the biggest clients in the industry.

According to him, “AES is pleased to announce our business relationship with SIFAX Shipping Company Limited. The company will serve as our releasing agent in Nigeria and Ghana for all our RORO Shipments to Lagos and Tema, which will be operated

by Hyundai Glovis, one of the leading global shipping lines.

As a leading player in the maritime industry across West Africa, we are convinced in the ability of SIFAX Shipping to deliver quality service and meet all expectations.”

While responding to the appointment, Group Managing Director, SIFAX Group, Mr. John Jenkins, thanked AES for the opportunity to partner with the company, adding that SIFAX Shipping would exhibit the tradition of delivering best value which all SIFAX Group subsidiaries are noted for.

“I have the implicit confidence that all the stakeholders in this new business deal – Hyundai Glovis, AES, agents and consignees -- would enjoy the best of excellent service that has marked out our company as the option of first choice in all the countries that

we operate,” he said.

The SIFAX Group had recently launched its onestop-shop vehicle importation service in Lagos.

The development, the company said, is aimed at transforming the RoRO industry in Lagos into a model in Africa.

The vehicle importation service is a joint-venture partnership involving SIFAX Group, foremost international shipping agent, Auto Export Shipping (AES) and Hyundai Glovis, the logistics arm of Hyundai KIA Automotive Group.

Speaking at the formal reception of the first vessel, MV Glovis Supreme, at the Ports & Cargo Handling Services Limited terminal, Tin Can Island Port, Lagos, Group Managing Director, SIFAX Group, Mr. John Jenkins said the RORO service was part of the business expansion strategy of the company, adding that its experience in handling such service in times past coupled with its customer-focused philosophy have positioned it well to make a success of the service.

He said: “SIFAX Group has a policy of exploring various opportunities to deepen our impact in the country’s economy. This partnership is designed to bring innovation, excellent service and unparalleled customer satisfaction to the RORO business in the country.

Expansion of our service base is one of the key elements of SIFAX Group business strategy for 2016.

“The service will be a one-stop shop one which will include port terminal services, stevedoring, and ship agency and off-dock services. I am happy to say that our partners, agents and consignees are in for a swell time due to the volume of preparations that has gone into this new business.”

PwC Set to Name Media Awards Winners PwC Nigeria has said that it will announce winners of the inaugural PwC Media Excellence Awards in Lagos on Friday 7 October 2016.

The call for entries for the award which the firm said was conceived to celebrate and reward excellence in business reporting in Nigeria was made in August and was open to professional journalists working in Nigeria, who have produced a story that falls within the categories covered by the award and that is available on a platform whose primary audience is Nigeria.

In a statement by the professional services firm, preparations are in top gear for the award night during which the winning entries in the four categories covering tax, capital markets, SMEs and economy reporting will be announced.

Tax Partner at PwC Nigeria and head of the awards steering committee, Taiwo Oyedele said: “We received over fifty entries across the four categories from a wide range of channels including print, television and online publications. These entries are right now being assessed by the judges and we look forward to recognising and rewarding the very best among them during the award night.”

In addition to the cash prize of N500, 000 to be presented to the winner in each category, selected entries that meet certain criteria of quality and relevance will also be recognised and celebrated at the award night.

Oyedele added: “We hope that at the end of the day, we would have helped to kick start a conversation around better business reporting in Nigeria.”

28

T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD

INTERVIEW

Onyia: Contract Indiscipline Major Cause of Nigeria’s Power Woes Prof. Chidi Onyia currently leads the power sector team at the Nigeria Infrastructure Advisory Facility, a UK-DFID programme. He spoke with Chineme Okafor on the challenges of Nigeria’s power market, NIAF’s assistance and what the incoming NERC commissioners should do to restore the independence of the power sector regulator. Excerpts: Azura which is coming on stream.

As much as the domestic gas pricing is not as high as you will find in the $4 export price, the difference is not significant or so much, and if the obligations are kept by the partners, I am sure we will be able to find enough gas to meet our needs.

What are the tangible success stories of NIAF in Nigeria so far?

The Nigerian Infrastructure Advisory Facility (NIAF) is a UK government funded support vehicle to the Nigerian government focused on tackling bottlenecks in infrastructure development. The whole idea is that the government usually needs technical support and thinking around key policy directions, so what NIAF has done in the infrastructure space – power, capital projects, roads, effective cities and climate change – is to work in these key areas across ministries, departments and agencies to be able to provide the right technical support to the Nigerian government.

The Nigerian government is our client while NIAF does not work for private sector entities.

It is a public sector demand-driven advisory vehicle (at no cost) to the Nigerian government.

Specifically, how has NIAF intervened in Nigeria’s power sector recently?

This is the second phase of NIAF; there was a NIAF-1 which was a five-year programme while NIAF-2 ends in December of this year. What NIAF has done within the power sector is help with the contractual framework and thinking around how the reform can be implemented, help to strengthen institutions within the power sector but more importantly, create a credible path towards the realisation of the power sector reform roadmap.

This has not been easy because it is a new project and nobody has gone through this sort of reform process in Africa, so there is a learning curve. What we have being able to do is to be agile in our ability to support our client. Our responsiveness towards this whole process has been quite commendable especially thinking about what has been during the transitional electricity market phase.

We have also worked with the Regulator on the MYTO model and to strengthen the capacity of the Regulator so that they can conduct minor and major tariff reviews. NIAF has also supported the Transmission Company of Nigeria towards optimisation and to identify critical projects by bringing a team of experts to work hand-in-hand with TCN, which remains the only entity that is still in government hands, to be able to deliver on projects that will add significant wheeling capacity to Nigeria’s grid.

This was not always the case. In the past, projects were identified and developed without looking at the integrative nature of what they are supposed to achieve.

We also worked with the National Integrated Power Projects (NIPP), assisting through the transaction aspects and process bottlenecks to ensure that transaction closure occurs under more creative ways.

Another key area NIAF has worked in is in the gas-to-power space. The projections made on electricity growth were based on government’s thinking or assumptions that were not founded on real projects on the ground. You will notice that most of the developments in the petroleum space are around associated gas and that means that the IOCs will have to be able to invest more in oil so that associated gas can go to power. However, with the plan to increase generation significantly, there has to be a creative way to address the growth in the gas sector, specifically gas-to-power outside associated gas.

What we have done here is to suggest to the government alternative gas intervention strategies and that will include exploring inland basins and non-associated gas fields, as well as

How do we balance charging for gas in dollars and a fluctuating forex regime?

This is one of the radical changes in pricing from macro-economic models that were not factored into the MYTO model. There is supposed to be a room for flexibility during the review of the MYTO but the sudden changes in the forex policy puts a lot of pressure on the gas suppliers and by extension the Gencos who have to pay for gas in dollars. This also means the Bulk Trader will be under pressure to pay its obligations to the gas companies.

This is currently a big issue the government has to resolve and NIAF has made some recommendations to government around the model itself and the methodology on how to make it more flexible and responsive to very rapid changes in prices that were not initially factored in.

Bear in mind that the MYTO model factors in a six months period for minor reviews. The challenge, here, is that if there are problems that occur at the beginning of the last minor review, it affects the pricing and leads to further shortfalls. Starting every review with such drastic changes in the variables, means an increase in tariff and this is what the average citizens do not want to hear but these are the realities that the economic situation presents to the sector.

Onyia bringing the Central Bank to be able to cede some money towards focused gas investments for power. These are some areas we have worked on to ensure that the policy makers begin to think differently from the way they have done in the past.

To what extent has these suggestions been accepted by the government; have you made these proposals already?

It is actually a proposal we have made and being looked into seriously at the highest levels of government and leading to the establishing of committees to address how this current licensing regime of the Federal Ministry of Petroleum can be flexible enough to accommodate gas investments.

We have also reviewed how to ensure the IOCs meet their domestic gas obligations, which have not been the case over the years and to determine government’s obligation in the joint venture arrangements where government may not have kept its own part of the obligation and prevented these investments from taking place.

Now, serious discussion is taking place at the highest level and across the power and petroleum sectors, this was not the case before.

The two agencies had different thinking around

how to resolve the gas issue and there was no clear collaboration but collaborations based on our recommendations are taking place now from the Office of the Vice President.

The issue of gas pricing has remained quite a challenge, have you discussed this?

Yes, the issue of pricing has always been keen in the domestic gas space, and that led to the domestic gas supply obligation agreement with the IOCs, this has not been kept by the IOCs and as a result, we do not have that volume of gas coming into the domestic space and by extension the power sector.

That is changing now because there is serious mitigation around that, which by the way had expired in December 2015, and so they are now working on ways to tighten the loose ends where parties failed in their obligations.

Another thing is that government has worked diligently across the sector to come up with a new gas price that gives gas pricing a slight competitive outlook than what it was before.

Now, it is all about business and profit within a reasonable margin and the new gas investors are able to find IPPs that they can sign supply agreements with them and that means that the Regulator will have to sign tariffs for IPPs like

In 2014, NIAF warned about chronic illiquidity in the power market, we are seeing this happen now, what is the thinking around this at the moment?

We strongly believe that the market should move to a contract-based market and that it has to be more disciplined with players adopting contract transparency and credibility within the market. As long as there is no discipline within the market, where each of the market players are not involved in any obligation to pay their bills, we are going to continue to have liquidity issues in the market.

For instance, the transitional electricity market was supposed to be a phase where the market becomes a take-and-pay process, where people have to be liable to the agreements they signed.

However, the agreements are not in place and now the gas suppliers are on best endeavour basis, meaning if they have, they will give and if you can pay, you will pay.

Because most of the gas coming into the sector are associated, the IOCs need their money but the main money come from crude oil but there are certain loopholes within the market that allows for such un-business-like behaviour and we think that the current issue can only be resolved when the market becomes disciplined.

This entails BPE and other entities serving on the board of the electricity companies holding their fellow board members responsible for what they need to do, where the Regulator acts by holding the players accountable and where government is involved in the sector’s risks.

We are saying that if there is risk involved in taking gas to produce power, but because of vandalism that is not happening, the consumer should not be exposed to that risk. If there are problems based on the Discos not reducing CONTINUED ON NEXT PAGE

29

T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD

INTERVIEW

ONYIA: CONTRACT INDISCIPLINE MAJOR CAUSE OF NIGERIA’S POWER WOES strengthen the internal processes because there had been complaints that projects were not planned on an integrative basis. We are advising that the thinking should change and projects planned in line with priorities so that it will be an integrative model.

their ATC&C losses and then causing a market shortfall, the Discos should be held liable for that, same as gas suppliers for the agreements they signed.

The Regulator holds all these together and we are very confident that the new sets of NERC commissioners will review all of them and adopt a new approach to regulatory practice that is evidence-based rather than what it had been in the past. We are hoping that the government will go back and look at market processes in the sector.

The sector seems to have a lot of blame shifting, from the regulator to operators, what do these mean for the market?

For me personally, I think the market and the regulatory practice has to be evidence-based.

It cannot be based on second-guessing and secondary and third level data from the Discos to the Regulator. The Regulator has to have a robust data management process that actually gives it real information. The CBN is a regulator and does not depend on data from banks to run their checks, their data set crosschecks what is submitted to them by the banks so that they can flag anomalies.

I think the Regulator has to invest in creating a data management framework that will help them achieve clear customer enumerations so that we know who the real customers are and what they actually should be paying so that we can align the metering plan. As long as we don’t have clear data processes, we are going to have people passing the blame from end-to-end.

As long as the liquidity issue is not resolved, the market will continue to struggle and that could create investor apathy and this is not what we envisaged for the sector. We expected that the market would create opportunities for capacity investments.

The sector expects new sets of commissioners for the NERC shortly, what would NIAF expect from them?

One of the key things that the Regulator should do is to work based on evidence, be more proactive rather than reactive and take out time to work with stakeholders within the market. They are coming newly and the market operatives are more experienced because they have been here longer while the new appointees may not have so much regulatory experience in

What about the 10 NIPP plants? Has NIAF also made suggestions to the government on how to close transactions on them?

We have actually advised government to handle each NIPP transaction as an entity and there is no need to rush into closing 10 bulk NIPP transactions when the problems each of them is facing varies. We have suggested that government look at it on a plant-by-plant basis and identify their constraints and bottlenecks and solve them.

We will have multiple problems if we try to conclude all of the 10 at once. The value of the projects is not what they used to be when the process started and so government knows this.

We are advising that the transmission projects of the NIPPs be completed so that whoever buys them can start making money immediately and not waiting for long to evacuate power.

Onyia Nigeria and so, there will be a learning curve.

What we have done is to provide some technical capacity to the incoming commissioners and to share some of our experiences working with the last set of commissioners.

We will determine how we can help them to divert from issues that will be a risk to the Regulator’s reputation, while they have to work hard to restore market confidence. We think this can be done quickly by following appropriate regulatory practice in the market.

Have you proposed to the government, a workable solution to the TCN? We advise but the government decides on

what to do. Our thinking is that TCN needs to have increased investment so that it can handle its responsibility. We are spending a lot of time trying to increase generation capacity but the current grid network will not be able to handle evacuation of this capacity if it increases.

The first thing NIAF has advised the government to do is to increase the capital investment in TCN. By doing so, TCN will be able to increase its efficiency making it an investor-friendly entity because investors (whether through concession or privatisation) will see the value of what they are investing in.

We also asked that the government to

There is a new thinking on renewables, have you made proposals on this to the government?

Yes, we have a team on that and we have said that government has to diversify our energy mix. For now, the thermal approach is good because we have the fuel source readily available. However, we must also take a growth model which is what the government is saying it will adopt. The cost of renewable energy components are dropping and NBET just signed 14 PPAs but we know that as the technology improves and security variables are addressed, the cost of renewables would continue to decrease. It is now left for the Regulator to determine if the tariff is acceptable.

We strongly believe that renewables is a good way to go. If we had up to 25 per cent of our energy from renewables, we would not be plagued with system collapses due to the vandalism and resultant fuel constraints in the Niger Delta.

Our team is also working with TCN to adapt to a system that allows for the transmission of solar energy into the grid. There has to be strategic thinking down the line and we are working with government to amend the grid code and other relevant documents.

PERSPECTIVE

How Edo Can Rake in $400m Annually from Wheat Plantation Pedro Ukokobili, discusses how Edo State can generate as much as $400million annually from wheat plantation Nigeria’s rising population, presently put at 200m puts increased pressure on its demand for staples like maize, rice, wheat, millet and cowpea. Of the various grain types consumed in the country, the consumption pattern in 2012 showed that about 9 million metric tonnes (MMT) of maize, 6MMT sorghum, 8MMT millet and 4MMT wheat found their place for either domestic or industrial use.

There are two varieties of rain fed wheat for planting discovered by the Lake Chad Chief researcher namely Atilla Gan Atilla and Norman Borlaug (India Wheat), reputed to give a yield of an average of 4-5tons per hectare have already been distributed to the farmers as the target of halving import by 2017 remains in the front burner. This is a result of the intervention of the Federal Government in the Agricultural Transformation Agenda (ATA).”

Edo is an inland state in southern Nigeria. Its capital is Benin City. It is bound in the north and east by Kogi State, in the south

by Delta State and in the west by Ondo State. Edo State consists of eighteen (18) Local Government Areas. They are: Akoko-Edo, Egor, Esan Central, Esan North-East, Esan South-East, Esan West, Etsako Central, Etsako East, Etsako West, Igueben, Ikpoba-Okha, Oredo,

Orhionmwon, Ovia North-East, Ovia South-West, Owan East, Owan West and Uhunmwonde.

Edo state needs 200,000 hectares of arable land to be able to produce a Million metric tonnes of wheat flour. Edo state can partner 10 local governments to provide 20,000 hectares of land each in order to meet 200,000 hectares of arable land that can produce a Million Metric Tonnes of wheat

flour. Among the local government suitable for wheat flour plantation are Akoko-Edo, Egor, IkpobaOkha, Oredo, Orhionmwon, Ovia North-East, Ovia South-West, Owan East, Owan West and Uhunmwonde. The said agro based economy programme will be able to generate $400 Million Dollar annually for Edo state government if 200,000 hectares of arable land is provided in partnership with the ten Local Government Areas.

Recognizing the rapidly growing demand of wheat in Nigeria, linked to population increase and income growth as a result of rapid urbanization trend which has led to a huge gap between the national demand (estimated at 4 million metric tones annually) and its percent self sufficiency (currently estimated at a meager 2%) and the huge drain on Nigeria’s

foreign exchange resulting from expenditure on importation of wheat flour, estimated at about USD $ 4.0 billion/annually. Edo state can pursue an agro based economy programme that would enable her to be self independent of federal allocation, reduce the country’s dependence on imported wheat flour and increase internal generated revenue of the state.

There is an urgent need for Edo State to transit from dependence on federal allocation to self independent state through an agro based economy programme. This noble prograamme is achievable through collaboration with FIIRO, LCRI and AFDB. This is the time to move from a single source of revenue generation to multi source of revenue generation.

-Ukokobili is a research analyst.

Email: pedro@randervansolutions. com, 08067621115

30

T H I S D AY • MONDAY, OCTOBER 3, 2016

BUSINESSWORLD

NEWS

Glo Offers Tailor-made Solutions for Pension Industry Globacom, data grandmasters and diamond partner of the 2016 World Pension Summit ‘Africa Special’, on Wednesday unveiled products and services which it said would help propel Nigeria’s fledgling pension industry to monumental growth.

Speaking at the just concluded summit at the Transcorp Hilton Hotel in Abuja, Globacom’s Head of Operations, North Central, Mr. Akeem Yusuf, said the company had developed an architecture comprising three main components that provide best customer experience in pension administration. These he said were Customer-on-Board, Payment Collection Process and Automation.

Yusuf said the Customer– on-Boarding component was

a simplified registration process which makes it easy for pension administrators to register, administer and manage their customers. In addition to this, he explained, “a mobile money agent will be created, and all payments will be updated using Glo Mobile-to-Pension Administrator’s database on Real Time basis, Real Time update of payment along with Customer Alert.”

On the third component, Automation, he stated that the present touch points between consumers and banks are either time consuming, tedious for consumer or a costly affair, but that the Pension administrator’s application provided by Globacom will be on Cloud Telephony platform. “The

Cloud Telephony platform will automate various processes of Pension consumers so that there will be no need for Manual Interventions, especially in terms of personal premiums collection”, he said.

Being the country’s integrated telecoms operator offering Glo Mobile, Glo Broadaccess, Glo Business Solutions, Glo 1 and Glo Gateway services, Mr. Yusuf said Glo empowers its customers with tools and automation to make business and life easy.

Earlier, former President, Chief Olusegun Obasanjo, who delivered the keynote address at the summit urged the National Pension Commission (PenCom) to cautiously embrace innovation to avoid

endangering the security of funds being managed by it.

“Innovation and sustainability must be with security. We cannot be too adventurous so that people who have worked and saved all their lives should have their money when they need it after retirement,” Chief Obasanjo advised.

PenCom Director General, Mrs. Chinelo Anohu-Amazu, in her remarks commended Globacom for partnering with her commission to ensure a successful summit. She added that with the support of companies like Globacom, the commission is promoting a sustainable pension industry that positively impacts on the economic development of Nigeria.

PROMOTING EXPORTS

L-R: Executive Vice-President, African – Export Import Bank, Dr. George Elombi; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo; President, African Export – Import Bank, Dr. Okey Oramah; and Chief Operating Officer, Dangote Group, Olakunle Alake, during the 110th Board Meeting of the African Export- Import Bank in Lagos … recently

Aigbokhan Opposes Sell of National Assets The President, Nigerian Economic Society (NES), Prof. Ben Aigbokhan has opposed ongoing campaign for the sale of some national assets by government to help the country get out of the current recession, adding that it’s “generationally irresponsible” to tow the path.

He said it’s even not economical and advisable to sell the assets at this point in time whereby the public has not been sufficiently carried along in order to secure their consent.

Aigbokhan to him, putting the assets on the sale block would be a contradiction of the principle of sustainable development, arguing that it would be wrong to sacrifice the welfare of future generation for the present generation.

He further contended that there was currently no clear-cut direction as to how government intended to spend the proceeds from the planned assets sale as the money could end up being wasted.

Aigbokhan said given that some of these assets are jointly owned by foreign companies, expected proceeds may not even be enough to meet the current fiscal requirement.

Worse still, he said given the current situation, the assets may be disposed of at lower economic rent simply because the country is in dire need of money.

He, therefore, concluded that it’s irresponsible for government to proceed to sell off the assets as this will only help widen the existing gap in income inequality given that only the rich will be able to acquire the assets to the detriment of the common Nigerian.

Speaking at a press briefing in Abuja, as part of the programmes lined up for the 57th annual conference of the NES, themed: “Developmental State and Economic Diversification of the Nigerian Economy”,

he said: “The economics of selling assets at this time is very poor. When you are selling national assets at a time of recession, it’s not going to attract the highest economic rent. We will be short-changing ourselves.”

He argued that if former president Shehu Shagari had sold off national assets at the time of the fiscal crisis in 1982, the present government would not have had any assets to privatise in 1999.

Moreover, he queried: “If we sell assets now because we want to boost our welfare, what will be left for further generations?”

However, he called for a two-pronged approach to the current diversification programme of the federal government to achieve positive results.

He said this year’s focus would be on diversification which is anchored on broad based or developmental state to achieve balanced development and not neglecting any sector.

He also said the current economic diversification effort of government could be limited by the absence of continuity in leadership at the national level given that diversification is a long term development strategy which is unlikely to be fully achieved within four years.

He, therefore, called for a review of the constitutional to provide a framework to make it mandatory for successive governments to adhere to existing policy directions.

The NES boss said it was important to pay attention particularly to labour requirements in the area of agricultural diversification because the present crop of youths may no longer be interested in the sector in the long run.

He added that a strong leadership was required to effect a broad-based economic diversification to help all sectors of the economy.

Geepee Introduces Products for Maritime, Dredging Industries Eromosele Abiodun In a bid to conserve the much needed foreign exchange and create jobs, Geepee Industries Limited has embarked on the development HDPE pipes, floaters for the maritime and dredging industry.

The Group Executive Director of the company, Narendra Kumar, who disclosed this at a seminar to introduce the products to stakeholders in the industry, told THISDAY that the effort will also be an import substitution venture.

Speaking on how Geepee Industries manages the timing and introduction of the multiple products into the Nigerian market over the years, he said the company as the market leader do a lot of market surveys.

According to him, “We travel to many places. We see the trends and products newly introduced in these places which could be useful in Nigeria. After careful consideration and development these products are introduced. Also many Nigerians travel abroad, see things and sometimes they bring samples and discuss with us for development. Secondly, there are two things in the marketing. One is what the market currently needs, which we fulfil. Two, we have to really assess what are the future perceived needs of the people, which they may not need it today they may not even know it.

“But if you can identify those perceived needs of the people, either today or for the future then start working on

those products to develop. We have to keep innovating and developing to keep ahead of competition. However users’ inputs are vital in this and have to be taken and require working in collaboration. It’s like what we are embarking on now with developing HDPE pipes, Floaters, etc. for the Dredging industry. This will help Dredging industry as it will be an Import Substitution venture.

“They can avoid import of bulky products, import procedures, foreign exchange, large and long inventory holding, procurement time running into months etc. Then it provides flexibility of tailor – made specifications as well as to emergency requirements.

Customers can overcome and avoid their problems and handicaps associated

with imports by associating with us. We offer these kinds of advantages and benefits to our customers and potential customers.”

On why the company decided to go into manufacturing of HDPE pipes, Floaters and other accessories, he said, “We do market research and talk to the users. We did this for Dredging industry. We found your details on internet. We already have expertise in large diameter pipes, materials being used and have technologies & machines. It is a natural extension for us. We have technically-skilled people for the development. Our sister concerns have capacities at Ota, Asaba, Aba, and can utilize wherever it is closer to the customer to their advantage.”

He added: “We have had

surveys, preliminary discussions with some dredgers and have visited the sites. We have also gone through international specifications and practices.

However more information will be taken with extensive contact with the customers and organisations like yours to finalise. In an interactive forum we can appraise them about our capabilities and will invite to visit our factories.

Once the requirements are finalised then it’s a matter of three to six months’ time and we shall be ready to manufacture and supply products of their choice.”

Manufacturing pipes and floaters in-country, he stated, would add extra potential capacity to the local dredging industry especially because of the current economic

constraints.

“Surely it will. It’s a time to think differently and out of the box and realign Nation’s strategies, priorities, especially in conservation of foreign currencies. What can be produced with in the country should be encouraged to be produced in the country. All those developing countries which have come to certain stage now in last 30/40 years have done similar things. Such Policies will encourage investments in infrastructure industries and skill development. When infrastructure industries get set up, small and medium industries proliferate. Such endeavours will improve GNP, conserve foreign exchange and will generate much needed employment in the country, ‘he added.

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PenCom Introduces Scheme for Artisans, Farmers Eromosele Abiodun In a bid to enable informal sector employees participate in the contributory pension scheme (CPS), the National Pension Commission (PenCom) has introduced the Micro Pension Scheme for artisans, traders, tailors, farmers and other categories of self-employed persons.

The Director-General of PenCom, Chinelo Anohu- Amazu, who stated this during the Commission’s special day at the 11th Abuja International Trade Fair in Abuja, informed that the scheme will allow such category of persons open retirement savings accounts with any pension administrator of their choice to contribute towards the provision of pension in their old age adding that the scheme would be launched soon.

The director-general, who was represented by the Commission’s Company Secretary/

Legal Adviser, Mr. Mohammed Sani Mohammed, listed the benefits of the scheme to include flexible contributions and easy withdrawals and investment income on contributions among others. The contributors are assured of the safety of the funds because the Commission will not relent in its efforts to protect the rights of contributors and retirees.

THISDAY gathered that PenCom’s decision was in order to increase the pensionable population in the country.

Also, there are indications that the commission is planning to introduce incentives such as access to loans for artisans and others in the informal sector so that they can voluntarily buy into the scheme, the operators have said.

Since the inception of the CPS in 2004, only the formal sector has been allowed to have Retirement Savings Account, but they are not allowed to access

the funds at will.

The commission, THISDAY learnt is planning to introduce some incentives to woo the informal sector into the scheme through a guideline that it is presently working on.

The guideline will give the informal sector access to their funds because the CPS is not going to be made mandatory for them, according to PenCom. Operators said the guideline would consider the fact that a lot of them were poor and not under any employer and might need access to their money at any time.

PenCom stated that the Pension Reform Act 2014 expanded coverage of the CPS to the selfemployed and persons working in organisations with less than three employees.

“As this category of workers constitutes the larger percentage of the working population in the country, there is no doubt

that to achieve the pension industry’s strategic objective of covering 30 per cent of the working population in Nigeria under the CPS by the end of 2024, all hands should be on deck to extend coverage to this important segment of the Nigerian economy,” PenCom stated.

The commission said that due to their widely dispersed nature and generally low and irregular incomes, there was a need to provide a pension plan that would meet their needs.

PenCom said the Micro Pension Plan initiative had been conceived within the context of the industry to bring this class of workers on board.

In implementing this initiative, it stated that the informal sector had been segmented into three broad categories – the low income earners, the high income earners and the Small and Medium Enterprises.

CAPACITY BUILDING

L-R: CEO, Belujane Konzult Ltd, Mr. Chris Aligbe; Chairman, Aviation Round Table, Elder Gabriel Olowo; Chairman of the occasion and former Director General, Nigeria Civil Aviation Authority (NCAA), Dr. Harold Demuren; Director, Consumer Protection Directorate, NCAA, Adamu Abdullahi and publisher, Aviation Monitor, Mr. Albinus Chiedu at the Aviation Transaction Integrity Summit organised by Aviation Monitor Limited in Lagos …recently

ATCON Tasks Danbatta on Counterfeit Mobile Phones Emma Okonji The President of the Association of Telecoms Companies of Nigeria (ATCON), Mr. Olusola Teniola has urged the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umaru Garba Danbatta, to quickly put measures in place that would stem the influx of unathorised mobile phones into the Nigerian telecoms market, in order to save the telecoms sector from undue competition.

Teniola, who made the call in Lagos during a special reception for Danbatta, organised by ATCON, said the call became necessary, following an increase in the influx of unauthorised mobile phones, otherwise known as counterfeit phones into the Nigerian telecoms market..

According to him, over 20 mobile phone brands with over 150 models of mobile phones, are currently in circulation without

authorisation from the NCC, which constitutes about 10 per cent of the mobile phones in the country. He said stringent measures must be put in place to save the mobile phone market in Nigeria and as well address the issue of poor quality service, which he attributed to the effect of some substandard mobile phones that were smuggled into the country.

He however commended Danbatta for his commitment and exemplary leadership style in moving the telecoms industry several steps forward, since he assumed full responsibility as the EVC of NCC over a year ago.

He commended Danbatta for the Commission’s Eight-Point Agenda, under his leadership, which is built on broadband development and penetration.

He said in just one year in office, Danbatta was able to push broadband penetration from 10 per cent in 2015 to 14 per cent in 2016, as well as a tremendous

push in mobile broadband penetration, which is currently put at 20.95 per cent, according to the recent statistics released by the International Telecoms Union (ITU) and the United Nation Educational, Scientific and Cultural Organisation (UNESCO).

Others who eulogised Danbatta at the special reception, include the Chief Executive Officer of Airtel Nigeria, Mr. Segun Ogunsanya; the Vice President, Regulatory, Etisalat Nigeria, Mr. Ibrahim Dikko; Chief Executive Officer, 21st Century Technologies, Mr. Wale Ajisebutu; the Managing Director, VDT Communications, Mr. Biodun Omoniyi; as well as the Nigeria Information Technology and Communications Reporters’ Association (NITRA), the umbrella body for ICT writers in Nigeria. While NITRA promised to continue to put its eagle eyes on the activities of Danbatta at NCC, in order to inform the public on the regulatory

activities of NCC, being the telecoms industry regulator, others presented papers on the ‘Outlook of the Telecoms Industry in the next five years’.

Responding, Danbatta thanked ATCON for the reception accorded him, which he said, was a formal invitation to the telecoms industry, where he has featured prominently, when he was at the Digital Bridge Institute, and arm of NCC, that drives training and acquisition of telecoms skills.

He promised ATCON that he would look into the issue raised on influx of counterfeit mobile phones. According to him, NCC has a list of typeapproved mobile phones that have been tested by the commission and approved for sale in the Nigerian telecoms market, insisting that every other brand of mobile phones that have not passed through NCC’s test, would be traced and mopped out of circulation.

CWG Urges NOTAP to Enforce Technology Transfer Guidelines CWG Plc, an information technology integration company, has called on the National Office for Technology Acquisition and Promotion (NOTAP) to enforce the technology transfer guideline, which states that multinational companies operating in Nigeria should empower their local support partners by giving them 40 per cent of the annual technical support (ATS) fee.

The Chief Executive Officer of CWG Plc, Mr. James Agada made the call when the management of NOTAP, led by its Director General, Dr. DanAzumi Ibrahim paid a courtesy visit to the corporate headquarters in Lagos recently.

According to Agada, the non- enforcement and compliance with the guideline, which stipulates that the original equipment manufacturer (OEM) take 60 per cent of any technical support contract, while the local value added reseller (VAR) takes 40 per cent of the support revenue has led to the loss of over $70 million in 10 years for Nigerian companies.

He told the NOTAP boss that there is a need to enforce the guidelines across board and protect the ICT industry from unnecessary foreign competition, adding that doing so will promote the adoption of Nigerian and indeed CWG’s local content solutions and turn the tide around for the ICT industry.

Responding , Ibrahim, welcomed the call, expressed worries with the state of the economy, noting that it’s important for IT organisations to think ahead and strategise right as oil which was hitherto the mainstay of the nation’s economy is gradually going extinct.

“The state of the economy is worrisome as crude oil is going constantly dwindling and any organization that desires to stay relevant needs to forecast right, develop more competences, information and structure to reach certain levels of sustainability,” he said.

The DG, who also expressed happiness at the CWG’s revelation that NOTAP has impacted its growth, built capacity and allowed savings on remittance to the tune of over $20 million in approximately 10 years for CWG businesses alone, assured that NOTAP would continue to support and enable growth in the ICT sector by making sure the 40/60 percent rule is strictly adhered to.

He added that the revelation gives him added courage to forge on, promising to support CWG and other indigenous ICT companies to work strategically in ensuring that the goals and prayers of the company as met. He said that this support will ensure increased awareness for CWG technology solutions.

Visa Joins US Advisory Council on Doing Business in Africa Visa Incorporated has disclosed that it has been invited to join the United States President’s Advisory Council on Doing Business in Africa (PAC-DBIA).

President for Visa in SubSaharan Africa, Andrew Torre, will take the seat on the council, which was established

by President Obama in 2014.

PAC-DBIA seeks to strengthen commercial engagement between the United States and Africa, encouraging U.S. companies to trade with, and invest in, Africa.

The Group Executive for Visa Central and Eastern Europe, Middle East and Africa (CEMEA), Kamran Siddiqi, was quoted in a statement to have said: “Visa’s appointment to this prestigious council gives us the opportunity to represent our African clients and partners’ interests at the highest level of the U.S. government, acting as an intermediary between the U.S. and African business interests.

“Africa is incredibly important to us and we look forward to working with other members to support real and sustainable economic growth there. Visa has a long history in enabling and growing electronic commerce in Africa

together with its government, merchant and financial institution partners.

“Between 2011 and 2016, 25 million African consumers received first-time access to a digital payment product via Visa. The company is also working closely with partners in both the financial services and mobile industries to increase access to financial services for consumers in Africa.”

The PAC-DBIA recently expanded from 15 to 23 members, comprising small, medium and large enterprises.

Focus areas include investment and access to capital, trade and supply chain development, infrastructure, and marketing and outreach.

The council promotes efforts to enhance the ability of U.S. companies to compete for major projects with a dedicated U.S.-Africa Infrastructure Center, support for capacity building activities for African financial regulators, and exchanges through training programs, partnerships, and knowledge sharing. It seeks to improve the perception of doing business in Africa, highlighting trade opportunities through an online Doing Business in Africa toolkit and targeted outreach events.

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W’Bank: Tackling Inequality Vital to Ending Extreme Poverty Obinna Chima A new World Bank study on poverty and shared prosperity has revealed that extreme poverty worldwide continues to fall despite the lethargic state of the global economy.

But it warned that given projected growth trends, reducing high inequality may be a necessary component to reaching the world’s goal of ending extreme poverty by 2030.

According to the inaugural edition of Poverty and Shared Prosperity - a new series that will report on the latest and most accurate estimates and trends in global poverty and shared prosperity annually nearly 800 million people lived

on less than US$ 1.90 a day in 2013.

That is around 100 million fewer extremely poor people than in 2012. Progress on extreme poverty was driven mainly by East Asia and Pacific, especially China and Indonesia, and by India. Half of the world’s extreme poor now live in SubSaharan Africa, and another third live in South Asia.

In 60 out of the 83 countries covered by the new report to track shared prosperity, average income went up for people living in the bottom 40 per cent of their countries between 2008 and 2013, despite the financial crisis. Importantly, these countries represent 67 per cent of the world’s population.

“It’s remarkable that countries have continued to reduce poverty and boost shared prosperity at a time when the global economy is underperforming - but still far too many people live with far too little,” the World Bank Group President, Jim Yong Kim said.

He added: “Unless we can resume faster global growth and reduce inequality, we risk missing our World Bank target of ending extreme poverty by 2030. The message is clear: to end poverty, we must make growth work for the poorest, and one of the surest ways to do that is to reduce high inequality, especially in those countries where many poor people live.”

Sterling Bank Launches Initiative for Women Entrepreneurs Sterling Bank Plc through its ‘One Woman’ proposition has launched a new initiative called the “Market Women Quick Cash.”

This was done in partnership with Afrigrant, a non- governmental organisation (NGO).

The new proposition was expected to promote women empowerment and capacity building. The scheme, according to a statement, was designed to bridge the gap between women entrepreneurs and access to funds, thus aiding the process of bringing them into the formal sector, where they can benefit from financial advisory services, capacity building and mentorship.

Disclosing this at the launch of the initiative held recently in Kaduna, the bank’s Managing Director, Mr. YemiAdeola said the proposition was specifically

designed to provide access to convenient savings, transaction and quick loan services for women using both self-service methods and agent banking.

Adeola who was represented by the bank’s Company Secretary/Legal Adviser, Justina Lewa explained that the bank adopted both methods because it believes the future of banking was in the hands of the customer, adding that “we must begin to drive that paradigm shift by empowering them from now.”

He said the partnership with Afrigrants allows the bank to bridge such gap by providing a familiar interface for the customers”.

The bank boss explained that the significant number of women in Nigeria’s population makes it imperative to deliberately focus on their

needs to ensure sustainable economic development and growth.

“Adult women constitute over 50 million of Nigeria’s population and only about 31 per cent of this population is banked according to EFInA Access to Financial Services in Nigeria Survey 2014. The business case for targeting women is simple, they are the more excluded gender.

“More so, 21.4 million females (42.7% of the total female population) are financially excluded; 15 million of these women are earning income frequently. This provides a huge opportunity for structural changes within the economic and financial system if we pay attention. To enable us to make an impact for inclusion, we must reach as many women as possible,” he added.

FCMB to Reward Customers First City Monument Bank (FCMB) Limited said it has rolled-out a series of initiatives to reward and further enhance customer experience during the celebration of this year’s international Customer Service Week which holds this week.

The theme of this year’s celebration is, “Service Champions.”

The theme recognises that delivering excellent service is only possible with a team of dedicated professionals working together.

In a statement, FCMB said that the celebration of this year’s customer service week promises to be a memorable one going

by the number of activities it had lined up. Among this, includes visit to customers by the management of the bank, the provision of gifts and edibles for walk-in customers during the period, a treasure hunt contest, special birthday celebration for kids account holders, free tickets to watch movies at the new FilmhouseiMax in Lekki, Lagos.

Commenting on the customer service week, the Group Head, Continuous Improvement and Service Management of FCMB, Mr. MoronfoluFasinro said: “Our involvement in this annual event is another way to re-emphasise the importance of our customers across all segments of our

business. We always recognise their contributions to the success story of FCMB over the years.

“The event also provides us another good opportunity to engage and delight our customers. We are determined to be the bank that everyone wants to bank with, do business with, where opportunities are turned into realities.”

He added that exceptional service delivery at all times remained a core aspect of FCMB, saying that the bank was committed to attaining the highest levels of customer advocacy to further consolidate its position as a foremost brand and an inclusive lender.

Heritage Bank Organises Business Fair In a bid to impact positively on the activities of small and medium scale enterprises (SMEs) in the country, to support the recovery of the Nigerian economy, Heritage Bank has revealed plan to host its second business fair.

The two-day event christened: “2016 Heritage Bank Business Fair,” according to the bank, is one of the key activities marking the bank’s 2016 Customer Service Week scheduled for this week.

The fair, which is to in Lagos avails an opportunity for local

businesses across the state to showcase their goods and services while enjoying a wider reach and fantastic networking opportunities.

Speaking on the forthcoming event, the Group Head, Customer Experience and Analytics of the bank, Kikanwa Akpenyi explained that the Lagos edition would feature over 50 vendors with discounted prices on various items, a raffle draw, music, kiddies’ corner and a special guest. According to her, participants will also enjoy a wide-range of products and

services such as food, drinks, fashion, baby and kids’ items, health care, education, electronic and home ware and lifestyle and loads of entertainment.

To be part of the event, members of the public are expected to send their emails to a designated e-mail address and phone of the bank.

Akpenyi further stated that transactions would be seamless, as adequate point of sale (POS) and automated transaction machine (ATM) will be available for customer use at the fair.

Broad street

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 29 SEPTEMBER 2016 The price of OPEC basket of fourteen crudes stood at $44.34 a barrel on Thursday, compared with $42.21 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

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MONDAY, OCTOBER 3, 2016 • T H I S D AY

MARKET NEWS

Alpha African Advisory Boss Confident of Nigeria’s Capital Market, Economy Goddy Egene and Nosa Alekhuogie The Chief Executive Officer of Alpha African Advisor(formerly Travant Capital), SanyadeOkoli has expressed confidence in the Nigerian capital market, saying it has the potential to provide capital for corporates and deliver good returns to investors.

Speaking at a press briefing in Lagos to unveil the rebranded firm, Okoli said strong long-term economic fundamentals continue to support the position of several local companies’ ability to attract foreign capital over the long-term.

“Nigeria has one of the largest economies in Africa, buoyed largely by the emergent opportunities in infrastructure

T H E

development and consumer spending driven mostly by a population of over 180 million people which is expected to expand to 200 million by 2019,” she said.

According to her, the confidence in the economic future of the Nigeria has informed the strengthening of Alpha Africa Advisory’s market presence and refreshing the brand to roll out its

N I G E R I A N

bespoke service offering in order to maximise value for its clients.

The firm, which she said provides financial advisory, capital raising, and gateway services, would build on its existing strong presence in Sub-Saharan Africa and further extends the firm’s ability to serve its rapidly expanding client interests across West Africa in a fully integrated way.

STO C K

Okoli disclosed that the transition (from Travant Capital) to Alpha African Advisory has been effected in a seamless manner and the core of the Travant leadership team and staff remain as employees of Alpha African Advisory.

She said: “The existence of Alpha African and other financial advisory firms in Nigeria is indicative of the vast economic

E XC H A N G E

and commercial potential of Nigeria as one of the top five investment destinations in Africa, which has recorded a significant amount of capital inflows over the last five years. We have a very proactive approach to doing business and are constantly thinking of ways to improve the services we provide to our customers while ensuring that the firm stays dynamic. “

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T H I S D AY • MONDAY, OCTOBER 3, 2016

MARKET NEWS

Operators to Uplift Capital Market for Optimum Benefits Goddy Egene Operators in the Nigerian capital market are to work more closely together in order to uplift the market in particular and the financial system in general.

The President of the Chartered Institute of Stockbrokers (CIS), Mr. Oluwaseyi Abe, disclosed the resolve of more cooperation among market operators while speaking during his investiture ceremony in Lagos last week.

According to him, notwithstanding the challenges

of the capital market and economy at large, they at CIS are poised to deploy creative solutions and work in concerted efforts with other stakeholders including the federal government, Central Bank of Nigeria, Securities and Exchange Commission (SEC), Nigerian Stock Exchange, NASD OTC Securities Exchange, FMDQ OTC Securities Exchange and others toward uplifting the capital market in particular and the financial system in general.

He said the importance of the financial system cannot be

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

overemphasized, noting that it is the axle on which the wheel of the economy revolves.

“A robust financial system engenders a stable macro-economy all things being equal and the capital market is one of the most important drivers of economic growth and development. It is a major source of funding for infrastructure with strong socio-economic impact and there is a correlation between a robust capital market and accelerated growth,” Abe said.

The CIS boss stated that the

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 29-Sep-2016, unless otherwise stated.

mechanism of the capital market, among other benefits, helps to catalyse industrial growth faster.

“It also helps economies to achieve inclusive growth through greater employment opportunities and attracts foreign portfolio investments, which in turn, could trigger inflows of foreign direct investments, the much needed patient and capital which is critical for growth and development,” he added.

Abe noted that the capital market is having its share of the economic blues and also

going through challenging times, citing three major factors as being responsible.

According to him, the factors are: the adverse macro-economic scenario, negative public sentiments which is compounded by a low-level of capital market literacy, and retreat of foreign portfolio investors due to the hitherto adverse fixed foreign exchange regime.

He said the new leadership of CIS has developed some strategic initiatives to place the capital market on a stronger

stead, of which education and communication will play a major role.

“Among others, we shall be rebranding our profession to regain the real status in the business community; pursue aggressive membership drive through collaboration and partnership with major educational institutions and professional bodies of which some have already signed memorandum of understanding with us and adopted securities studies in their curriculum,” he said.

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 125.43 Nigeria International Debt Fund 215.85 ALTERNATIVE CAPITAL PARTNERS LTD Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price ACAP Canary Growth Fund 0.68 AIICO CAPITAL LTD Web: www.aiicocapital.com, Tel: +234-1-2792974 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 MANAGEMENT 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 125.98 12.23% 216.59 7.82% info@acapng.com Offer Price Yield / T-Rtn 0.69 10.18% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

14.42%

enquiries@arminvestmentcenter.com Bid Price 12.97 295.76 22.90

Offer Price 13.37 304.68 23.60

Yield / T-Rtn 6.47% 5.82% 3.89%

1.00

1.00

11.52%

investmentcare@axamansard.com Bid Price 100.99

Offer Price 101.63

Yield / T-Rtn 1.31%

1.00 1.00 11.60% investmentmanagement@chapelhilldenham.com Bid Price 2.09 9.49

Offer Price 2.14 9.73

Yield / T-Rtn 2.67% -3.71%

82.49

84.60

1.70%

invest@fbnquest.com Bid Price 1,102.79 115.10 100.00 $104.96 $104.89 112.87

Offer Price 1,103.87 115.62 100.00 $105.67 $105.61

Yield / T-Rtn 1.91% 5.84% 10.03% 5.32% 5.25%

114.40

13.64%

fcamhelpdesk@fcmb.com Bid Price 0.94 2.49

Offer Price Yield / T-Rtn 0.96 4.40% 2.49 7.24% coralfunds@fsdhgroup.com

Bid Price 2,245.03

Offer Price 2,273.47

Coral Income Fund 2,028.52 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 3.24%

2,028.52 7.25% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

11.11%

Vantage Balanced Fund

1.64

1.66

0.72%

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 1.02 12.63% Lotus Halal Fixed Income Fund 980.90 980.90 -1.91% 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 10.09 10.18 3.13% Meristem Money Market Fund 10.00 10.00 12.97% 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 -2.88% 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 SCM Capital Frontier Fund 107.56 108.57 5.71% 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 7.41% 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 1,817.56 1,828.54 8.24% Stanbic IBTC Bond Fund 150.27 150.27 2.17% Stanbic IBTC Ethical Fund 0.81 0.82 8.67% Stanbic IBTC Guaranteed Investment Fund 178.65 178.65 5.28% Stanbic IBTC Iman Fund 137.88 139.58 1.89% Stanbic IBTC Money Market Fund 100.00 100.00 14.21% Stanbic IBTC Nigerian Equity Fund 7,878.81 7,984.00 9.62% 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 1.17 1.18 9.95% United Capital Bond Fund 1.26 1.26 17.04% United Capital Equity Fund 0.77 0.79 3.48% 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 10.04 10.22 5.09% Zenith Ethical Fund 11.57 11.69 0.93% Zenith Income Fund 16.42 16.42 2.40%

REITS

NAV Per Share

Yield / T-Rtn

11.43 121.92

2.69% 5.24%

Bid Price

Offer Price

Yield / T-Rtn

9.16 80.47

9.26 81.99

-4.36% -3.31%

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

2.78 7.43 12.82 18.20 -

2.82 7.51 12.96 18.40 -

20.17% 16.17% 2.30% -5.23% -

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.

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T H I S D AY MONDAY OCTOBER 3, 2016

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T H I S D AY • MONDAY, OCTOBER 3, 2016

CITYSTRINGS

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

Traffic from Hell Chiemelie Ezeobi who spent over four grueling hours on the Lagos/Ibadan Expressway, writes on the pains and suffering of commuters who ply that axis, brought on by the ongoing construction by Julius Berger and the very bad roads

I

magine having a stressful day and at the end of which you intend to go home and soak in a warm bath to relax your muscles. Hold that thought.

Again, imagine a smooth road, devoid of traffic and potholes as you drive home.

Well that imagination might work for another person but not for persons plying the Lagos/ Ibadan Expressway. Rather, the reverse is the case for them.

For motorists and road users plying that axis, there is nothing like a smooth sail, as they constantly battle with the bad roads and the perennial traffic, so much so that it has been dubbed the traffic from hell. Welcome to Lagos/Ibadan Expressway, where traffic reigns supreme and bad roads cause untold pains and hardship to road users.

Safely cocooned in Lagos, this reporter had absolutely zero idea of the pains and sufferings of motorists and residents of the border towns between Lagos and Ogun States face on a daily basis, especially those who have no choice but to ply the Lagos/ Ibadan Expressway.

That was all to change recently following a chat with Mr. Peter Iwegbu, one of THISDAY’s Divisional Directors and this reporter. It had all began with Iwegbu lamenting the pains they have to go through when plying the said road. According to him, they sometimes spend more than six hours on that stretch of road due to the ongoing construction and the bad portions of the roads.

The story was supposed to have been done from the safety of our office in Lagos after interviewing him and other persons of interest whom this reporter contacted, but with the picture painted by all of them, it necessitated a visit to the said road to understand what they were all lamenting about.

So, penultimate Friday, this reporter had waited till about 5pm, which was rush hour to bravely head for the said road. Upon leaving Lagos, there were the usual pockets of traffic, but nothing out of the ordinary, thus lulling this reporter into a false sense of security. That was so until the commercial vehicle started approaching Redeemed Camp.

It had begun with a moving traffic until the bus got to a spot, as from the Redeemed Camp to Mowe it became blocked. Due to the road repairs, the construction caused serious traffic from Redeemed Christian Church of God towards the interchange and from the testimonies of fellow passengers, it was discovered that sometimes, the traffic starts from Shagamu interchange and spills to the expressway.

From THISDAY’s observations, three factors were responsible for the traffic from hell- the terrible state of the roads, the ongoing reconstruction and the impatience of the motorists.

The reconstruction of the Lagos/Ibadan Expressway was flagged off on July 2013 by the former President Goodluck Jonathan, to help reduce the travel time of the thousands of commuters that ply that axis, an aim which has been seemingly defeated now, going by the stress people pass through to access those routes.

From Mowe through to Ibafo and Kara, Wawa, Arepo, Asese, Magboro and Opic Plaza, the stories are all the same. It is a story of sheer pain and grueling traffic that renders one particularly speechless and weak. So, you can imagine the state of those who ply that route to and fro from work on a daily basis.

Already, the bad roads and the dredging by the construction company have reduced the road from four lanes to two lanes, thus making it difficult for motorists to drive seamlessly. Again, welcome to the Lagos/Ibadan Expressway, where it all began with a few

A typical Lagos-Ibadan Expressway

potholes, which when it was left unattended to at the developing stage, metamorphosed into the craters that now impede the smooth flow of traffic.

The Ikorodu Alternative THISDAY checks reveal that on occasions when there is every likelihood that the route will be on a lockdown, especially when the churches along that axis are holding their programmes, the reaffirm agencies usually

But the cause of the traffic is after MFM inward Mowe. There is a pothole or crater on the main road.

The pothole is littered along the road from Warewa to Redemption camp. Whenever it rains, water accumulates in the potholes and slows down vehicular movements.

It’s has now become a nightmare for all road travelers

direct road users to ply other alternative routes in and out of Lagos.

Although some of these alternative routes are not in their best shape either, they are far better than what is obtainable at the Lagos/Ibadan Expressway. The routes includes the Ikorodu to Odogunyan to Sagamu then Ibadan route, the Lagos to Abeokuta Expressway through Sango Otta to Owode and then Sagamu Interchange and also the Lekki to Epe to Ijebu Ode to link up to Sagamu or Ibadan.

For some private vehicles, these alternative routes might have been viable but for the fact that they don’t know the routes. Again, for those that live far away from those alternative routes, it might take a journey of two or three hours to get there before they even proceed on their journey.

For instance, someone who wants to take the Lekki-Epe route and lives on the Mainland, would have to drive all the way to Lekki, face the island traffic before even heading to Epe, a distance of about an hour from Lekki. Those factors have been a source of discouragement for those who would have resorted to taking the alternative routes.

A Prime Spot for Robbers Expectedly, the traffic proved a fodder for robberies. Taking advantage of the traffic situation, the traffic robbers are said to have taken over the expressway especially early in the morning and late in the evening.

Often acting under the guise of controlling traffic, these traffic robbers usually end up robbing motorists of their money, phones and other valuables. A clearer picture has begun

to emerge on the recent influx of such traffic robbers to that axis, who hold the motorists hostage and then rob them blind.

The most common these days especially with the terrible traffic snarl, are those miscreants who take advantage of such traffic snarls and attack motorists by breaking their car windows glasses . There are yet other criminals who perpetuate their acts of criminality by disguising themselves as beggars to rob their victims.

Expectedly, this challenge is a bitter pill to swallow for road users who also have the traffic situation to contend with. However to curb that trend, the motorbikes of the Rapid Response Squad (RRS) are often deployed there by the commander, ACP Olatunji Disu.

The Road Users Lament When it became obvious that the vehicles weren’t going anywhere soon because of the traffic snarl, this reporter had gotten down to interview some of the motorists stuck there.

Speaking with THISDAY, Mr. Iwegbu said, “Areas like Wawa Area have potholes and craters. Once it rains, splash floods settle in the potholes and craters. With that, vehicles have no choice but to slow down to navigate the potholes and causes traffic gridlock.

“Last two weeks Tuesday and Wednesday was hell from inward Lagos, from 6am to midnight to inwards MFM from 12pm to 12 midnight. The cause is that Julius Berger mounted a median dividing the bridge inwards Lagos from MFM as they resurface the bridge.

“This has been on for over two months and reduced vehicular movements. Inwards

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T H I S D AY • MONDAY, OCTOBER 3, 2016

CITYSTRINGS

Some of the bad portions of the expressway

MFM there are potholes and craters on the main road. When it rains water accumulates on the potholes at Warewa and MFM and Ibafor areas which slow vehicular movements from long bridge to MFM and at Arepo on the express bridge, especially after the long bridge.

“But the cause of the traffic is after MFM inward Mowe. There is a pothole or crater on the main road. The pothole is littered along the road from Warewa to Redemption camp.

Whenever it rains, water accumulates in the potholes and slows down vehicular movements.

It’s has now become a nightmare for all road travelers.

“Last year in July, the Ogun State Governor, Ibikunle Amosun, specially supervised the road repairs at Warewa following which relief came to road users. But the road is now bad again.

Julius Berger has commenced work on the long bridge which further worsened the traffic situation because half the road is now blocked inward Lagos for the reconstruction works.

Virtually all the time, the road construction and bad roads create terrible traffic for us. On Friday, I left office by 5pm and I got home by 2am on Saturday. Some other residents got home by 4am and 6am. We need help on that axis.”

One Mr. Kunle Oyebade, a civil servant with one of the ministries in Lagos, who resides at the Awawa area told THISDAY bitterly, “There are days I spend more than three hours from Redemption camp to Ibafo. To say vehicles move at a snail speed is putting it mildly.”

When asked about the repairs on the road, which some blamed for the hellish traffic snarl he said, “It’s not about repairing the roads.

It’s ironic that they are trying to repair the roads to make movement easier but at the same time, they are contributing hugely to the demonic traffic snarl, thus making life hellish for road users.

“Only God knows what Julius Berger is doing to reduce this hardship on the expressway.

This is what we face everyday to and fro from work. Nobody cares about the stress we are passing through. No palliative measures to ease movement for us.

“I have gotten older than my age and I am sure this road contributed to it. We are all being stressed out. There was this Friday that we spent about six hours. I got home about 1am. Imagine if the next day was a work day, I will sleep for only three hours before setting out again by 5am.”

Mr. Ifeanyi Ikechukwu, a commuter who plies that axis has this to say, “The traffic from Mowe to the long bridge stretch at Wawa is usually on lockdown and motorists are stuck on that axis. There was a time the traffic got us on one Friday evening like that. We had just left Berger when the traffic began.

“After sitting inside the bus for hours, I, alongside several others were forced to trek to Arepo, some even farther than that, when it became obvious that the cars won’t move that night. It was an experience that needs no repeating. The traffic stretched to the next morning. Even the motorcycles that were brave enough to meander the traffic had difficulties navigating.

“The slow pace of the construction work coupled with bad roads has stretched a journey of 20 minutes to hours. Some of the blame should be passed on to the contractors. They

The flooded part of the road

is disciplined and takes care to drive safely within the construction area.”

THISDAY had also reported that on their part, the state Commissioner for Works and Infrastructure, Mr. Lekan Adegbite, had said that the state government would open up a parallel earth road to serve as an alternative route to ease traffic at the long bridge section of the expressway.

He explained that government has resolved to increase law and traffic enforcement personnel, including the police, officials of the Federal Road Safety Commission (FRSC) and TRACE officers to the area, while the contractor is also expected to speed up work to meet the targeted completion period.

The perennial traffic

are so slow. They only use a handful of men for such a huge project. The Federal Government should call them to order. We are not just talking about the approach to work but their insensitivity in demarcating the road, thus reducing it from four to two lanes for all vehicles. Sometimes, vehicles break down and this exacerbates the already horrible situation.”

Another road user who did not want his name on print said, “With the pains we go through everyday, one would have expected the contractor to work day and night to fast track the process, but in this case, they only work during the day. One would have expected

There are days I spend more than three hours from Redemption camp to Ibafo. To say vehicles move at a snail speed is putting it mildly. It’s ironic that they are trying to repair the roads to make movement easier but at the same time, they are contributing hugely to the demonic traffic snarl, thus making life hellish for road users

them to have a human face and carry out palliative work on the bad sections. When you get to that flooded path, all cars struggle to squeeze through one lane in order to avoid the deep end.”

However, for those blaming the churches on that axis of contributing to the traffic, they were yet others who think there should be a partnership between the churches, where they can get people to leave their cars at an agreed and secured spot and then arrange for bus shuttles that will then take them to their respective churches, to ease traffic.

Julius Berger, Ogun Government React As earlier reported by THISDAY in August this year, Julius Berger, the construction company handling the rehabilitation of the Lagos-Ibadan Expressway, had stated that the traffic gridlock on the expressway will not ease up till November.

The construction firm’s manager, West Division, Mr. Wolfgang Loesser, spoke to the press when he led his team on a courtesy visit to the Ogun State Governor, Senator Ibikunle Amosun. The manager had said the rehabilitation of the highway, particularly the 5km long bridge where major work was being executed, would not be completed at least until November ending. He also said work on the bridge was complex due to the several stages of construction and the required diligence.

According to him, “But I also want to point out that there are many bottlenecks on the road; for example, the Ogun River base. So we are likely to experience the same problem there, where we will have several stages of traffic management. We can only do it if everybody

About the Lagos/Ibadan Road Project After a long hiatus, the two construction giants responsible for fixing the expressway, Julius Berger, Nigeria PLC and Reynolds Construction Company (RCC), had resumed work on Lagos-Ibadan Expressway project in June 2016.

Recall that the reconstruction and rehabilitation works on the highway were suspended due to some issues with the Federal Government which include funding.

Although that stretch of road is undergoing construction, the section one, which is from Lagos to Sagamu interchange, being handled

by Julius Berger, is exactly the part where commuters suffer the most.

The rehabilitation of the Lagos-Ibadan Expressway was awarded in 2013 at a total cost of N167 billion by the administration of former President Goodluck Jonathan.

According to Wikipedia, the Lagos–Ibadan Expressway is a 127.6-kilometre-long (79.3 mi) expressway connecting Ibadan, the capital of Oyo State and Lagos State, the commercial centre of Nigeria. It is also the major route to the northern, southern and eastern parts of Nigeria.

The expressway is the oldest in Nigeria, inaugurated in August 1978 during the Military era, under the administration of Major-General Olusegun Obasanjo. Also, the expressway is the busiest inter-state route in Nigeria and handles more than 250,000 PCUs daily and constitutes one of the largest road networks in Africa.

The contract was awarded to Julius Berger Nigeria and Reynolds Construction Company Limited at a sum of 167 billion Naira, equivalent to $838.986290. Two sections of the expressway will be reconstructed and this includes Section I (Lagos to Sagamu Interchange) and section II (Sagamu Interchange to Ibadan).

However no matter how one looks at it, the government either at the federal or state level (in this case, Lagos and Ogun States) needs to step into this issue and look for ways to ameliorate the situation. The construction companies on the other hand, must as a matter of urgency carry out palliative works on those bad portions of the road, to ease the perennial traffic snarl.

But the cause of the traffic is after MFM inward Mowe. There is a pothole or crater on the main road. The pothole is littered along the road from Warewa to Redemption camp. Whenever it rains, water accumulates in the potholes and slows down vehicular movements. It’s has now become a nightmare for all road travelers.

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MONDAY OCTOBER 3, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Ramps up Attacks on Clinton Republican presidential nominee, Donald Trump, closed out a rough week for his campaign on Saturday by escalating personal attacks on Democrat Hillary Clinton, questioning her stamina and saying she should be in prison for her handling of classified emails.

After a week in which he drew

wide criticism for a public feud with a former beauty queen, Trump sought to rebound with a highly negative attack on his opponent in the Nov. 8 election, with a second presidential debate against her looming in a week.

At the same time, the New York Times reported it had obtained records showing Trump

declared a $916 million loss on his 1995 income tax returns, a deduction so large that it may have allowed him to avoid paying any federal income taxes for years.

Trump has refused to release his tax records, saying he is under a federal audit. At a rally in Manheim, Pennsylvania, Trump said he did not believe Clinton, who

Colombians Vote in Referendum on Peace Deal Colombians look set to back a peace accord with Marxist rebels in a referendum yesterday, the final hurdle to a deal ending 52 years of war that calls for FARC fighters to re-enter society and form a political party. The plebiscite asks for a simple “yes” or “no” on whether Colombians support the accord signed last week by President Juan Manuel Santos, who has staked his legacy on peace, and the rebel commander known as Timochenko.

The Revolutionary Armed Forces of Colombia (FARC), whose numbers dwindled to about 7,000 in recent years due to a U.S.-backed military offensive, have agreed to turn in weapons and fight for power at the ballot box instead of with bullets.

After four years of negotiations

in Havana, the final agreement was applauded round the world.

Recent polls show about twothirds of voters are likely to ratify it.

Influential former President Alvaro Uribe has led the “no” camp, arguing that rebels should pay for crimes in jail and never be given congressional seats. But most Colombians, including even some who see the accord as too soft on the FARC, seem convinced that an imperfect peace is better than more war.

“Even one less death is enough of an argument,” said Sandra Guevara, a 42-year-old secretary.“I’m voting yes because I’m betting on hope, to guarantee my son can see a better country.”

Under the accord the FARC, which began as a peasant revolt in 1964, can compete in the

2018 presidential and legislative elections and has 10 unelected congressional seats guaranteed through 2026.

While the number of seats is not be enough to sway legislation, some are still outraged.

“The president has given the guerrillas the ability to be in government. He’s sold out the country,” said 66-year-old Bogota housewife Fanny Castro, whose son-in-law is in the army. “We have to vote no or we’ll have the guerrillas on top of us.”

For decades, the FARC bankrolled the longest-running conflict in the Americas through kidnapping and extortion, spreading a sense of terror that left few Colombians unaffected.

suffered a bout of pneumonia last month, was up to the task of being president. He tried to resurrect a tactic he employed against former Republican rival Jeb Bush, who Trump had derided as “low energy.”

Clinton kept her pneumonia diagnosis private until she was seen nearly collapsing while getting into her vehicle at a ceremony marking the Sept.

11, 2001, attacks in New York.

Ticking off a list of world problems, Trump said, “She’s supposed to fight all of these things and she can’t make it 15 feet to her car. Give me a break.”

“Folks, we need stamina, we need energy, we need people who are going to turn deals around,” Trump said.

Trump has often told crowds who chant “lock her up” over her use of a private email server as U.S. secretary of state from 2009 to 2013 to instead help him defeat her.

But on Saturday, Trump told thousands of supporters that Clinton’s handling of classified emails and destroying of 33,000 emails that she had deemed of a personal nature meant that “she should be in prison, let me tell you.”

Trump did not stop there. He said he did not believe Clinton would be loyal to her supporters and chuckled,“I don’t even think she’s loyal to Bill, to tell you the truth. And why should she be, right? Why should she be?”

In 1998, Clinton’s husband, former President Bill Clinton, was caught up in a sex scandal involving former White House intern Monica Lewinsky.

Trump was widely seen as having lost his first presidential debate with Clinton last Monday although he cites online polls showing he won.

Russian, Syrian Missiles Pound Aleppo, Destroy Hospital Russian warplanes and their Syrian government allies battered rebel-held areas in and around Aleppo on Saturday, and rebels and aid workers accused them of destroying one of the city’s main hospitals and killing at least two patients.

M10, the city’s main trauma hospital, in eastern Aleppo, was struck as the United States and its allies urged Russia, which is trying to crush resistance to Syrian President Bashar al-Assad, to halt the bombing and reach

a diplomatic resolution.

Saturday’s air strikes focused on major supply lines into rebel-held areas of Aleppo - the Castello Road and Malah district and around the Handarat camp.

Fighting also raged in the city in the Suleiman al Halabi neighborhood, the front line to the north of Aleppo’s Old City and in the residential Bustan al Basha quarter.

Rebels and rescuers said at least seven missiles were dropped on the hospital, more

commonly known as Sakhour, by both Russian jets and Syrian helicopters.

An American relief organization said two patients were killed and 13 injured in the attack, which was the second on the hospital in less than a week.

“The hospital is now out of service completely.There’s destruction to walls, infrastructure, equipment and generators.There are no more guards or staff left. It’s complete darkness,” said Mohammad Abu Rajab, a radiologist in the hospital.

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T H I S D AY • MONDAY, OCTOBER 3, 2016

Nigeria’s top 50 stocks based on market fundamentals

30-Sep-16

29-Sep-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

183.00

182.00

0.55%

3,118,412,855,115.00

9.56

19.03

5.73

4.40%

4.56

02 Nigerian Breweries Plc

150.00

145.43

3.14%

1,189,365,133,200.00

4.50

32.70

3.89

2.45%

7.16

03 Guaranty Trust Bank Plc

24.00

24.34

-1.40%

706,348,301,376.00

4.20

5.93

2.04

7.11%

1.62

825.00

825.00

0.00%

653,941,407,900.00

19.41

42.00

3.90

3.56%

18.37

05 Zenith Bank Plc

15.21

15.70

-3.12%

477,540,670,485.06

3.10

5.09

1.18

11.41%

0.80

06 Lafarge Africa Plc

54.80

54.87

-0.13%

249,608,619,188.00

-6.71

-8.18

1.12

5.47%

1.79

165.90

161.99

2.41%

216,081,614,987.70

4.22

37.91

1.41

2.16%

4.86

11.50

11.50

0.00%

211,019,838,972.50

0.23

50.05

0.39

5.39%

0.35

346.50

346.50

0.00%

191,722,023,454.50 -14.43

-22.87

1.95

4.82%

0.48

10 Unilever Nigeria Plc

47.00

47.00

0.00%

177,814,923,750.00

0.46

98.44

2.83

0.11%

19.33

11 Stanbic IBTC Holdings Plc

17.00

17.28

-1.62%

170,000,000,000.00

2.04

8.48

1.46

0.58%

1.54

5.55

5.53

0.36%

160,550,242,552.05

2.56

2.13

0.46

10.07%

0.37

40.00

40.00

0.00%

158,819,081,800.00

0.54

74.57

2.28

3.25%

3.88

Table 4 Top 5 Losers Stock

04 Nestle Nigeria Plc

07 Forte Oil Plc. 08 Ecobank Transnational Incorporated 09 Seplat Petroleum Dev. Co. Ltd

12 Access Bank Plc 13 Presco Plc 14 United Bank for Africa Plc

4.20

4.20

0.00%

152,374,010,552.40

1.66

2.53

0.48

14.29%

0.37

15 Guinness Nig Plc

97.99

97.00

1.02%

147,561,983,542.12

-1.34

-72.46

1.43

3.30%

3.51

16 FBN Holdings Plc

3.16

3.15

0.32%

113,429,125,222.72

0.30

10.43

0.23

4.72%

0.19

17 Total Nigeria Plc

295.00

291.10

1.34%

100,158,941,915.00

31.13

9.35

0.41

4.81%

4.68

18 7-Up Bottling Comp. Plc

139.00

139.00

0.00%

89,042,060,457.00

3.75

38.02

1.02

1.54%

3.54

6.50

6.50

0.00%

78,000,000,000.00

1.05

6.19

0.65

7.69%

1.31

191.72

195.00

-1.68%

69,133,323,630.64

17.69

10.66

0.82

3.82%

3.96

19.95

20.00

-0.25%

65,720,273,136.00

0.17

114.65

2.64

1.25%

5.34

5.40

5.25

2.86%

64,986,942,027.60

-3.46

-1.42

0.32

15.27%

0.43

23 Flour Mills Nig. Plc

21.92

21.98

-0.27%

57,523,279,139.04

6.81

3.23

0.15

9.09%

0.58

24 Julius Berger Nig. Plc

40.00

40.00

0.00%

52,800,000,000.00

0.24

161.09

0.50

3.85%

2.29

25 U A C N Plc

20.80

21.50

-3.26%

39,953,979,249.60

2.44

8.81

0.57

4.65%

0.56

1.03

1.04

-0.96%

39,882,627,347.75

-0.37

-2.90

0.92

0.00%

0.55

27 Okomu Oil Palm Plc

38.00

38.00

0.00%

36,248,580,000.00

4.60

8.27

2.95

0.26%

2.33

28 Cadbury Nigeria Plc

16.49

16.49

0.00%

30,971,551,639.60

0.83

19.97

1.12

7.88%

2.49

29 Sterling Bank Plc

1.03

1.05

-1.90%

29,654,130,669.78

0.31

3.34

0.28

8.74%

0.35

30 Diamond Bank Plc

1.20

1.20

0.00%

27,792,466,761.60

0.11

11.06

0.13

0.00%

0.12

31 Wema Bank Plc

0.72

0.72

0.00%

27,773,615,578.32

0.06

10.46

0.52

0.00%

0.54

32 Fidelity Bank Plc

0.88

0.87

1.15%

25,487,075,408.96

0.39

2.31

0.18

17.78%

0.14

33 Custodian And Allied Insurance Plc

4.00

4.04

-0.99%

23,527,456,780.00

0.76

5.32

0.71

3.47%

0.85

34 Glaxo Smithkline Consumer Nig. Plc

19.60

19.60

0.00%

23,439,179,164.80

-2.54

-8.07

0.84

1.46%

2.69

35 Cap Plc

33.25

33.25

0.00%

23,275,000,000.00

2.36

14.10

3.35

3.46%

15.94

36 National Salt Co. Nig. Plc

8.05

8.05

0.00%

21,327,978,942.90

0.89

9.03

1.17

6.88%

3.07

37 FCMB Group Plc

1.07

1.07

0.00%

21,188,900,535.67

0.61

1.75

0.13

9.35%

0.12

38 Mansard Insurance Plc

2.00

2.05

-2.44%

21,000,000,000.00

0.27

7.55

1.12

2.44%

1.02

39 PZ Cussons Nigeria Plc

20.70

20.70

0.00%

20,700,000,000.00

4.14

5.00

1.56

0.48%

0.62

40 Honeywell Flour Mill Plc

1.39

1.33

4.51%

11,022,974,744.62

-0.40

-3.29

0.22

12.03%

0.64

41 Continental Reinsurance Plc

1.05

1.05

0.00%

10,891,381,527.60

0.33

3.04

0.50

12.00%

0.54

42 Skye Bank Plc

0.65

0.65

0.00%

9,022,195,916.50

-2.93

-0.22

0.06

46.15%

0.09

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 UACN Property Development Co. Limited

3.95

3.88

1.80%

6,789,062,480.25

-0.05

-71.73

1.91

18.72%

0.18

46 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.11

4.72

0.90

5.88%

0.44

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

3.46

3.30

4.85%

5,619,796,875.00

0.15

22.05

0.69

5.88%

0.89

49 AIICO Insurance Plc

0.61

0.63

-3.17%

4,227,424,732.80

0.26

2.42

0.14

7.94%

0.46

50 Fidson Healthcare Plc

1.66

1.60

3.75%

2,490,000,000.00

0.31

5.45

0.37

2.99%

0.39

19 Dangote Sugar Refinery Plc 20 Mobil Oil Nig Plc 21 International Breweries Plc 22 Oando Plc

26 Transnational Corporation Of Nigeria Plc

TOTAL

9,162,669,549,380.74

TOTAL MARKET CAP

9,703,198,574,483.06

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

94.43%

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

Open 29-Sep-16

Close 30-Sep-16

Change %

28,247.56 9.70

28,335.40 9.73

0.31% 0.31%

117.27 9.13

117.68 9.16

0.35% 0.35%

Table 3 Top 5 Gainers Stock

Open Close Change % 29-Sep-16 30-Sep-16

Nigerian Aviation Handling Company Plc Honeywell Flour Mill Plc Fidson Healthcare Plc Nigerian Breweries Plc Oando Plc

3.30

3.46

4.85%

1.33 1.60 145.43 5.25

1.39 1.66 150.00 5.40

4.51% 3.75% 3.14% 2.86%

Open Close Change % 29-Sep-16 30-Sep-16

Unity Bank Plc U A C N Plc AIICO Insurance Plc Zenith Bank Plc Mansard Insurance Plc

0.76 21.50 0.63 15.70 2.05

0.73 20.80 0.61 15.21 2.00

-3.95% -3.26% -3.17% -3.12% -2.44%

Market closes positive following a tumultuous week as ASI appreciates 0.31% Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, September 30th, 2016 ended on a bullish note as the stock market closed green today. This was further highlighted by positive performances from the NSE Sub sectors: Consumer Goods and Oil & Gas (Save Banking and Insurance).

Trading activities decreased in volume as 217.81 million shares worth of N2.39 billion in 2,804 deals exchanged hands today. This is a decrease from the 365.37 million shares worth of N2.09 billion in 2,905 deals which exchanged on Wednesday. Topping in volume terms was ETI Plc, FCMB Group Plc and Zenith Bank Plc, while ETI Plc and Nigeria Breweries Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with a shy 0.31% (+87.84) increase to close at 28,335.40 from 28,247.56 the previous trading day. Market Capitalization appreciated in tandem to N9.73 trillion from N9.70 trillion of prior trading day.

Similarly, the Thisday BGL 50 Index followed suit with an increase of 0.35% to close at 117.68 from 117.27 recorded at the end of the previous trading day, while its market capitalization stood at N9.16 trillion from N9.13 trillion of the previous trading day.

A total number of 16 stocks gained on the bourse today while 22 stocks declined, 57 leaving stocks unchanged. Nigerian Aviation Handling Company Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 4.85% to close at N3.46 per share. It was followed by Honeywell Flour Mill Plc with a gain of 4.51% to close at N1.39 per share. Others on the gainers list include: Fidson Healthcare Plc, Nigerian Breweries Plc and Oando 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 U A C N Plc with a loss of 3.26% to close at N20.80 per share.

Others on the decliners list include: AIICO Insurance Plc, Zenith Bank Plc and Mansard Insurance 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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55

NEWSXTRA

Recession: Advocate Change of Anti-savings Constitution, Instead of Blaming Past Leaders, Akinyemi Tells Buhari Vincent Obia in Lagos As Nigerians struggle in the current recession, with the federal government blaming past administrations for the hard times, a former Minister of External Affairs, Professor Bolaji Akinyemi, has said the blame for the plights lies in an anti-savings culture promoted by the country’s constitution.

Akinyemi said President Muhammadu Buhari should push for constitution amendment to redress the lack of provision for savings, rather than blaming past leaders.

The former minister called the absence of such provision in the constitution “an unforgivable

oversight” on the part of those who produced the constitution.

Akinyemi’s intervention, which was contained in a statement he released at the weekend in Lagos, came against the backdrop of a recent tendency by the current and past leaders of the country to trade blames for the recession that the federal government officially acknowledged in July.

Speaking at an event last week tagged: ‘The Conversation: An Evening with Creative Youths,’ at the Banquet Hall of the Presidential Villa in Abuja, Buhari had said he would continue to blame past administrations for the current economic challenges facing the

country.

He said this was to let Nigerians know the truth about the current woes, which he blamed on frivolous spending and corruption by past administrations, before the present record drop in the prices of crude oil.

But Akinyemi, who was Deputy Chairman of the 2014 National Conference, said: “It is thoroughly misleading to isolate and demonise past regimes for the situation where Nigeria has no savings. The fault is in the 1999 Constitution (Section 162), which makes it mandatory for all monies collected by the federal government, with a few exceptions, to be deposited into

a central account and distributed among the federal, state and local governments.”

He lamented the situation where, “No provision was made for savings. This, with considerable charity, can only be called an unforgivable oversight.”

The ex-minister stated: “If we have to lay blame, it should be at the door of those responsible for the 1999 Constitution.

This does not mean General Abdulsalaami Abubakar alone, or the military regime alone, but includes elements of the judiciary and civilians who were all instrumental in midwifing that constitution.”

Akinyemi noted the attempts

by former President Olusegun Obasajo, who led the country between 1999 and 2007, and ex-President Goodluck Jonathan, who led from 2010 to 2015, “to put in place savings through the backdoor, such as Excess Crude Account and Commonwealth Savings Funds.” But he regretted that the efforts were frustrated by the states and the judiciary because of the lack of constitutional backing.

According to Akinyemi, “What previous administrations failed to do and which the present Buhari administration should do is to single-mindedly drive a constitutional amendment that would follow the Norwegian

model. The Norwegian experience involves setting up a Government Pension Fund Global into which 100 per cent of the government’s revenue from royalties and dividends are paid. In any one year, no more than four per cent is allowed to be drawn from the account.

“The Nigerian model, given our peculiar federalism, can include a provision that any withdrawal from the fund must be with a unanimous decision of the members of the National Economic Council.

“This is the way forward and it goes beyond name calling and the blame game.”

Amnesty Office Not Owing Nwuche, Says Kuku Bolaji Adebiyiin Abuja Former Special Adviser to the President on Niger Delta and Chairman of Presidential Amnesty Programme, Mr. Kingsley Kuku, has denied a claim by an All Progressives Congress (APC) chieftain, Chief Chibudom Nwuche, that the Amnesty Office owed him about N2.9 billion.

Nwuche, who is subject of investigation by the Economic and Financial Crimes Commission (EFCC) over an alleged N2.86billion fraud, had in his defence claimed that the Presidential Amnesty Office under the watch of Kuku owed him the said money being a loan he granted the intervention agency.

He subsequently filed a suit, FCT/HC/CV/2609/16 on Tuesday, September 27th in the High Court of the Federal Capital Territory, Abuja, claiming that he (Nwuche) is being owed the said sum.

But Kuku, in a statement by his lawyer, Mr. G Ezeuko (SAN), said Nwuche’s claim was false. “Neither me nor the Amnesty Office owes Nwuche the aforementioned money,” he said, alleging that the APC chieftain attempted a smart move to avoid a proper trial of the matter by not notifying him (Kuku) of the suit to enable him defend himself.

Kuku said the Amnesty Office had no reason to borrow money from anybody, including Nwuche since while he served under President Goodluck Jonathan, the office was properly funded.

Besides, he said, there were clear guidelines for any agency of the federal government that wanted to borrow money had to follow, explaining that as the head of the intervention agency, the office had no cause to resort to those guidelines since the issue of obtaining a loan never arose.

“Let me emphasis that Kuku did not, and could not have

obtained a loan on behalf of the Federal Government of Nigeria from Nwuche.

There are clearly laid down procedure or processes that departments and agencies of the federal government of Nigeria usually follow while seeking to obtain loan on behalf of the federal government from either institutions or individuals,” he said, challenging Nwuche “to produce any iota of proof to back his rather comical claim that he gave a loan to the Presidential Amnesty Office.”

The former presidential adviser said it was the APC chieftain that owed the office and the office the N2.86 billion at issue, contending that it was a contract sum that Nwuche failed to execute.

According to Kuku: “Rather it is Nwuche that is owing the Presidential Amnesty Office and the Federal Government of Nigeria, the said sum of N2,864,584,979, being part payment to him to fund the contract awarded to his firm, Foundation for Youth Development (FYD) by the Amnesty Office between 2012 and 2013, to provide offshore training for Niger Delta youths in construction, Information Technology and Welding in Vietnam, Malaysia and at the World Maritime University in Sweden, under the Presidential Amnesty Programme.”

He said after the payment, Nwuche and his firm, Foundation for Youth Development, failed to execute the contract as stipulated in the letter of award, explaining that concerted efforts were made to get the APC chieftain to timeously execute the contract but to no avail.

Saying Nwuche’s claim and suit were in bad taste, Kuku told him to go and clear himself at the EFCC and desist from dragging the Presidential Amnesty Office into he called a clear case of failure to execute a lawful contract.

GOMBE AT 20

L-R: Adamawa State Governor, Senator Mohammed Bindow; Emir of Gombe, Alhaji Abubakar Shehu Abubakar; Speaker, House of Representatives, Hon. Yakubu Dogara; Gombe State Governor, Alhaji Ibrahim Dankwambo; and former Vice President, Atiku Abubakar, during the 20th anniversary celebration of Gombe State...weekend

Nigeria Remains Investment Hub in Africa, Says British Envoy Peace Obi

According to him, “I have a lot hope for Nigeria. What I The acting Deputy British High keep telling people is that I see Commissioner to Nigeria, Mr. a lot of energy here. Though Ahmed Bashir, has described we are in a difficult time here Nigeria as a good base for in Nigeria right now, but the businesses, saying that in spite determination for a long term of the economic downturn the victory is a very strong one. country is presently fiting, it Nigeria may be at it right now, remains a hub for intending but if you look at it from a long-term basis, the future investors in the continent.

Speaking during the 17th looks brighter.

“There are many companies United Kingdom Trade mission to Nigeria which took place that have been operating here at his residence in Lagos for many years now. They have recently, the acting Deputy seen ups and downs, got into High Commissioner expressed the long haul and they are optimism that the Nigerian making it. For such companies economy would soon recover. when you think of investing According to him, a review in Nigeria, you should think of different economies in the about the long term and not world showed that most of the short term benefits.

“This time around, yes, them experienced recession there are issues and there are at one time or the other.

Stressing that the future biases of getting into Nigeria, holds bright prospects for both but companies that are keen local and foreign investors, he should look out for what urged the prospective investors opportunities that are available to focus on the long-term and what value it could add opportunities rather than the to their businesses.

“Nigeria has got so much short term so as to tap from the huge business opportunities opportunities. It may be lacking in many, but there are a lot of the country offers.

opportunities and there will be a time when things will start to balance out. And that may be the point companies would want to take advantage to really benefit but you have got to be in it early to move with it. And this is the good time to start,” Bashir declared.

In his remarks, the Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo also assured participants that the economy would rebound.

“We know that with some of the actions the government is taking now, we will soon begin to see some turn around,” he added.

Welcoming the companies on the mission to Nigeria, Okonkwo said for him and the rest of the business communities around the world, Nigeria remains the next frontiers as long as investment and good business climate are concerned.

“I witnessed the rapid growth in the banking industry, the stock market and the subsequent inflow of brains and experts who lived abroad who used the opportunity to come home and

set up businesses in consulting, manufacturing, financial services, among others.”

Okonkwo who noted that there is a bad perception of the country by the outside world, said despite the challenges, Nigerians remain resilient and businesses have continued to thrive. According to the bank MD, Nigeria has a lot of positive factors that investors and businesses can leverage on to thrive.

“Looking at the positives, we have huge population. If you look at the average age of the population, you will know they the future will continue to be bright. If you look at the kind of emergence of middle class we saw in the past 10-15 years now, you will realise that Nigeria has a lot of potential.”

On her part, the Director General, Nigerian-British Chambers of Commerce (NBCC), Joyce Akpata, said that the Chamber remains committed to its role of facilitating and improving business relationships between Nigeria and the United Kingdom.

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Fashola: Consensus Building, Dedication is the Way Forward Says the labour of heroes past must not be in vain

Olawale Olaleye The Minister of Power, Works and Housing, Mr. Babatunde Fashola SAN, at the weekend, said the only way forward in achieving a better Nigeria is through consensus building, dedication and commitment among the nation’s leaders.

Fashola, who spoke at the Independence Anniversary Public Lecture organised in Abuja by the Supreme Council of Islamic Affairs, as part of the Independence Anniversary event, said the biggest ingredient to nation building and governance today was how to build consensus.

While calling for commitment and dedication among the nation’s leaders as the means to give their best in the service of the country, Fashola pointed out that the easiest way to achieve this was to put the membership of the Nigerian family first before the religious and other affiliations.

Addressing the gathering of eminent Islamic Scholars

and Clerics as well as traditional rulers including the Sultan of Sokoto and the Etsu Nupe, and members of the Diplomatic Corps, he said “The biggest ingredients in nation building and governance today is how to build consensus and I think it will be easier to build consensus if we put our membership of the Nigerian family first before our religious and other affiliations”.

Fashola said if those privileged to serve would commit and dedicate themselves to making life better for Nigerians by addressing the challenges that face them, among other services, the country would witness a glorious dawn.

“Let those of us who are privileged to serve remain committed and dedicated to do our best to make life better, to address the challenges that face Nigerians, to seek opportunities, where there are challenges and to keep our eyes focused on the promise of a better tomorrow”.

Assuring that in spite of the challenges that Nigeria faces, there are enormous opportunities in the country, Fashola asserted, adding: “I think, as a nation, if we build consensus on the future, if we approach the future with courage and with dedication; with the belief that it will be better, we will witness that glorious dawn”.

He however congratulated all Nigerians, including the

president, the governors and all the others in the position of leadership at all levels in the country, on the occasion of the 56th Independence, saying as the country celebrates the anniversary each year, in her progressive journey of existence, the landmark occasion should also come with the level of maturity befitting the age of the country.

He also paid glowing

tributes to all the nation’s Founding Fathers, and declared: “Let me also ask us, as we mature, to recognise and to acknowledge the service of all of those have come before us, those who fought for the independence of this country, those who shed their blood, those who paid the supreme sacrifice to keep us together.”

In the same breath, the minister also paid tribute

to service chiefs, military and paramilitary personnel, noting that their uniform signified their commitment that they would always be ready at all times to pay the supreme sacrifice to defend their country.

“I thank you on behalf of Nigerians”, he said, adding, “I acknowledge all of our police officers, service personnel, men who stay awake so that we can sleep.”

Ndume: Senate Rejects Sale of Assets but Believes in Concession Omololu Ogunmade in Abuja Senate Leader, Ali Ndume, at the weekend said the Senate only opposed the sale of national assets but is strongly in support of concession of such assets to cushion the biting effects of recession.

Ndume who made this disclosure in Abuja, further explained that the Senate opposed the sale of national

assets because it had observed lack of federal government’s preparedness to adhere to constitutional provisions on sale of public assets.

However, he said concessioning the assets was in order since the country would still retain their ownership which he said could be taken over again after being managed for some time by individuals or groups in accordance with

the concessioning agreement.

He said: “The Senate of the federal republic of Nigeria in its recommendations rejected the sales of national assets as way out of the country’s economic problems. Let me however make it clear that what prompted it’s decision was because the process was without recourse to the laid constitutional provisions of doing so. However, it is safe to say much as the senate rejects

the sales of our nation assets, there is the other option of concessioning which we are open to. As such, it cannot be said the matter is foreclosed.

“Under concessioning agreement, the nation will over time take back these assets after being run and managed by those with whom a Memorandum of Understanding was entered into”, Senator Ndume added.

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NEWSXTRA

FG, Political Class Urged to Adhere to Equity, Justice Emmanuel Ugwu in Umuahia With Nigeria currently being buffeted by separatist agitations, the federal government and the political class have been urged to adhere to the principle of justice, equity and fair play in the allocation of resources and political positions at all levels of governance.

This call was the central thread that ran through the various speeches made at the weekend at the grand

finale of the 2016 Media Week of the Correspondents Chapel of the Nigeria Union of Journalists (NUJ) Abia State Council, which also featured award presentations.

Speaker after speaker underlined the need for governments and political leaders at all levels of governance to apply the principle of justice and equity irrespective of their personal interests in order to give every component of the polity a sense of belonging.

Lalong to Start Probing Jang on Thursday Seriki Adinoyi in Jos The Judicial Commission of Inquiry recently set up by the Governor of Plateau State, Simon Lalong, to probe the eight years of the former Governor of the state, Senator Jonah Jang, has said it has concluded plans to begin the probe on Thursday.

The Secretary of the commission Alhaji Sani Yahaya, in an interview with journalists in Jos yesterday, revealed that the commission would begin its public hearing on Thursday.

He promised that all parties will be giving fair hearing, maintaining that the six member commission was made up of people of proven characters.

He however stated that submission of memoranda

was still ongoing. “We are still receiving memoranda; we want to ensure that everyone who has interest to submit memoranda to the commission is given the chance to do so, we have no preference to anyone, or group of persons.”

He added that, “I can’t tell you the number of memoranda we have collected, because we are still in the process, but I can assure you it will be made known to the public by the chairman of the commission during our inaugural sitting on Thursday.”

The six man judicial commission headed by Justice Stephen Adah, is expected to investigate the entire financial dealings, including salaries paid to civil servants in the state during the eight years of Jang’s reigns.

In a keynote address, the Speaker of the Abia State House of Assembly, Hon. Martins Azubuike, said Abia is a classical example of where the application of justice and equity has yielded positive political dividends following the implementation of Abia Charter of Equity by the former Governor, Senator Theodore Orji.

He noted that in the battle for power shift to Abia South zone, Senator Orji had “stood on the solid ground of conscience and truth” and with the backing of the PDP both at the state and national level as well as the majority of Abia people the hitherto marginalised people of Ukwa/Ngwa bloc are today singing a new song.

“The imperatives of implementing equity cannot be overemphasized. Today Abia is in peace,” the Speaker stated, adding that the vision of the founding fathers of the state was that

Abia “would be run on best global standard application of equity, fairness and justice.”

The state Commissioner for Works, Mr. Eziuche Ubani, who chaired the event, said that the successful implementation of power shift has engendered a new spirit of inclusiveness and positive approach to do things better.

“There is a new determination to succeed even with the distractions of the post-election litigations,” he said, adding, “our commitment is that no matter what happens Abia must go forward.”

The Vice-President of NUJ, Zone C, Chris Isiguzo, called for an urgent action by both the federal and state governments in the South-east zone to tackle the parlous state of insecurity and dilapidated infrastructure in the zone.

Specifically, he urged the federal government

to rein the marauding herdsmen and declare a state of emergency on federal roads in the Southeast, especially Enugu-Port Harcourt, Enugu-Onitsha, Onitsha-Owerri, UmuahiaIkot Ekpene and Aba-Ikot Ekpene highways.

“We have been asked o embrace farming, yet people cannot have access to their farms due to the murderous activities of herdsmen,” he lamented, adding the governors of the South-east zone are not helping matters as they are working at cross purposes due to their political differences.

The Chairman of Abia Council of NUJ, John Emejo, said journalists in the state have remained steadfast in discharging their duties and urged the political class to place the interest of the state above their personal interests.

Earlier in his welcome address, the Chairman of Correspondents Chapel,

Comrade Emmanuel Ugwu, warned the political class against taking the nation’s record of uninterrupted democratic rule for granted because “without equity and justice our democracy is doomed to asphyxiate.”

He explained that the awards given to three distinguished persons, namely Senator Theodore Orji, Hon. Uko Nkole and Prince Chris Odinaka Igwe were aimed at underlining salient ingredients of successful democratic governance equity, quality representation and citizen participation in development.

Orji, who represents Abia Central in the National Assembly, was honoured with hero of equity award, Nkole, who represents Arochukwu/Ohafia federal constituency received quality representation award while Igwe, a businessman and philanthropist was honoured with development catalyst award.

AMCON Celebrates Cultural Diversity Day, Prays for Nigeria at 56 The Asset Management Corporation of Nigeria (AMCON) at the weekend called on well-meaning Nigerians to pray for our leaders to find lasting solution that would help steer the country out of the current economic recession.

The Executive Director, Credit Directorate, Asset Management Corporation of Nigeria (AMCON), Mr. Kola Ayeye, who spoke at the annual AMCON Cultural Diversity Day, which is a day set aside by the corporation to promote the rich cultural heritage in the country, called on Nigerians to be grateful to God for the gift of life and seek his face at this critical period in the country’s economic history.

This year ’s edition of the Cultural Diversity Day at the corporation coincided with Nigeria’s 56th Independence day

celebration; a development Ayeye said calls for individual and collective prayers for Nigeria.

“We are grateful for our nation, Nigeria; we are grateful for our leaders and it is our collective prayer that you grant the present administration the grace, wisdom and the courage to steer this country out of the current economic hardship,” he noted in his remarks when he flagged off the event in Lagos in company of his counterpart and Executive Director, Operation, Mr. Aminu Ismail.

The Executive Director also said he was impressed with the idea behind the Cultural Diversity Day, which is celebrated by AMCON annually and called for its sustenance as a platform for highlighting the rich cultural heritage of Nigeria and the strength the different ethnic groups share in diversity.

PRAYER FOR PEACE IN THE STATE

L-R: Wife of the Rivers State Governor, Justice Eberechi Suzzette Nyesom-Wike; Governor Nyesom Ezenwo Wike; and General Superintendent of the Deeper Life Christian Ministry, Pastor William Kumuyi, during October crusade of the church tagged: ‘Connected In Rivers’ at the Adokiye Amiesimaka Stadium in Port Harcourt...yesterday

NAHCON Honours National Media Team in Mecca Jameelah Sanda The National Hajj Commission of Nigeria (NAHCON) yesterday honoured members of the 2016 National Media Team covering this year’s Hajj in Mecca.

The event was attended by the staff of the Nigerian Consulate in Jeddah including the Consul-General, members of the Nigerian community in Saudi Arabia, as well as chief executives and staffs of state pilgrims welfare boards and agencies.

In his welcome remarks, the Chairman / CEO of NAHCON, Abdullahi Mukhtar Muhammed, expressed appreciation to members

of the media team for their commitment and dedication to duty which he said had helped to inform both the pilgrims and the people in Nigeria.

“You have done everything to cover this Hajj objectively, fairly and transparently. We really appreciate your contributions towards making this year’s Hajj a success.

“Our doors are open for advice and constructive criticism, so that we can improve on our performance, “ he said. Abdullahi however enjoined the gathering to use their presence in the Holy Land to pray for the peace, unity and economic progress of the country while calling on Nigerian to also support the

administration and the leaders for divine guardance in their quest to make the country better.

“It is time for all of us to make sacrifice and be vibrant in order to take Nigeria to greater height,” he added.

Responding on behalf of the team, the Head of the Plateau State media team, Wada Haruna, expressed appreciation to the commission for recognising their contributions and finding them worthy of honour.

He promised that the media would continue to play its role as an information dissemination organ and also a watchdog and thanked the commission for the gestured which he said was the first time such feast

was organised for journalists covering Hajj.

In a goodwill message, the Consul-General, Alhaji Muhammed Yunusa, praised the commission for organising the event which he said would spur and encourage other stakeholders to also contribute more to the hajj activities in the future.

Similarly, acting head of Nigerian Community in Saudi Arabia, Alhaji Umar Abubakar Hadejia, while acknowledging the great strides made by the commission since its inception, implored all to work hard to bring back the glory days of Nigeria when its citizens and currency were highly rated all over the world.

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Buhari Can’t Win Corruption War without Moral Rejuvenation, Says Ex-JNI Secretary General Hammed Shittu in Ilorin Former Secretary General of Jamal Nusrillahi Society of Nigeria (JNI) Justice Abdulkadir Orire (rtd), yesterday declared that the fight against corruption

embarked upon by the President Muhammadu Buhari administration would not be successful until the administration develops a mechanism for moral rejuvenation and ethical rebirth among the teeming populace.

Speed Limiting Device: FRSC Says 2,800 Commercial Vehicles Issued Tickets Dele Ogbodo in Abuja The Corps Marshall of the Federal Road Safety Corps (FRSC), Mr. Boboye Oyeyemi, has said 2,800 commercial vehicles were issued tickets for the speed limiting device at the commencement of the speed limiting device across the country.

A statement by the agency, which was made available to the media yesterday in Abuja, said the FRSC boss expressed satisfaction with the advisory enforcement of the device aimed at reducing road accident.

The statement read: “2,800 commercial vehicles were issued tickets for speed limiting device on take off.

“The Corps Marshal, today expresses satisfaction with the advisory enforcement of speed limiting device nationwide, as 2,800 commercial vehicles were issued tickets on take off.”

Oyeyemi, according to the statement, said the

enforcement was not to inflict pain on motorists and road users rather than for commercial vehicle owners to voluntarily imbibe the culture of its usage and key into it.

The statement added: “The advisory enforcement is a sort of subtle force that entails stopping commercial vehicles, verifying electronically whether the devise is fixed and giving citation to offenders for corrective purposes. The exercise is also known as free safety checks.

“In the coming days, the leadership of the organised transport unions such as NURTW, NUPENG PTD, NARTO, RTEAN LUBOAN shall be involved in the advisory enforcement by joining FRSC top officers on patrol.”

Oyeyemi, advised commercial vehicle operators to continually patronise the device as full and real enforcement will commence in January 2017.

Justice Orire who was also former Kwara State Grand Khadi made this declaration in Ilorin during the 2016 Hijrah celebration held in Ilorin, the state capital.

According to him, “for Buhari’s anti graft war to be successful, religious studies should be made compulsory in all our educational institutions in Nigeria.”

He said: “In doing this, it will make it possible for youths to have correct understanding of their religions and avoid wrong interpretations which more often than not bring instability.”

Orire also called on the federal and state governments to declare every first of Muharam ,the (First Day of New Islamic year) as work-free day.

“We are calling upon the government at the state and federal levels to declare first Muharram every year as work free day to enable the

Nigerian Muslims celebrate the joyous occasion and mark the beginning of Allah’s Hijrah Year. It will amount to trampling on the Muslims fundamental human rights should government at all levels turn deaf ears to this demand by Muslims of this country,” he said.

In his lecture,the Mudirul Markaz, Sheik Abeebullahi Al-Ilory, challenged muslim ummah to reflect on the lessons of Hijrah to tackle the current economic crisis taking its toll on Nigerians.

He said Muslims should see Hijrah beyond mere migration from Mekkah to Medina as performed by Prophet Muhammed but as moment to reflect on the challenges facing them and how to solve them.

He particularly challenged Muslim Ummah in Ilorin Emirate, Kwara State and Nigeria as a whole to look inwards and explore untapped

opportunities on how to develop the economy of the state rather than depending on revenue from federation account which according to him, was no longer forthcoming.

The Islamic scholar who called on Muslims to explore their economic prowess for the upliftment of their status,urged them to go into agriculture, vocation and trade” in the face of effects of recession biting hard on the nation.

He said “no government job can make you rich unless you explore other legitimate areas like Agriculture,Vocation and Trade because what government is paying you as salaries is just for transport and feeding”.

He blamed the current hardship Nigerians were going through on many sins committed by the led and leadership for which he said they must pray for repentance and turn a new leaf.

Emir of Ilorin,Alhaji Ibrahim Sulu Gambari, also in speech

called on federal and state governments to consider making first Muharram every year as public holidays.

Governor Abdulfatah Ahmed who was represented by state commissioner for Education and Human capital development, Alhaji Musa Yeketi said that, the issue of declaring first muharram as public holidays require legislation which he said require due process.

He said his administration had earmarked 30 Secondary Schools that will be upgraded to international standard.

Kwara State acting Grand Khadi, Justice Shehu Abdulbaki said Muslims”must migrate from disobedience of Allah;We must migrate from religious matters and migrate to adherence;we migrate from sins to absolute submission to Allah (S.W.T); and we migrate our hearts from affinity to this mundane life to love of the hereafter.”

Tafawa Balewa’s Family Decries Neglect by Bauchi Govt The family of the first Nigerian Prime Minister, Sir Abubakar Tafawa Balewa, has complained that the Bauchi State Government has totally neglected them.

The members of the former first family added that the present state government does not accord them the privileges they used to enjoy in the past.

The eldest son of the late Nigerian leader, Yakubu Balewa, made this complaint yesterday when a Community Based Organisation (CBO) in the state, ‘Save Bauchi State Organisation (SABSO), paid a visit to the family at their residence in Bauchi as part of their activities to mark this year ’s independence day celebration.

According to him, Balewa’s children and those of other founding fathers of the country deserve recognition, support and assistance not only from their state governments but the federal government as well, considering the sacrifices made by their parents in

building the nation during their lifetimes.

He however expressed gratitude to the organisation for the visit, disclosing that they were the first people who came to show them solidarity and celebrate the Independence Day anniversary with them this year.

Earlier in his speech, the Chairman of the SBSO, Zaharaddeen Baban Takko, said the history of Nigeria’s independence or democracy would be incomplete without mentioning the late Prime Minister, his contemporaries as well as acknowledging their selfless services to the nation.

He however explained that the organisation was established in 2011 with the objective to render charity and humanitarian services to the less privileged people in the state, adding that they had assisted many patients in hospitals and inmates in state prisons during the last Salah festival with cows, food and other items.

REWARD FOR HARD WORK

L-R: Trinity House Professionalism Award 2016 Winner, Mr. Bismarck Rewane; Senior Pastor, Trinity House, Pastor Ituah Ighodalo; Hon. Jumoke Okoya Thomas; and Founder/CEO, Ibidunni Ighodalo Foundation, Mrs. Ibidunni Ighodalo, at the Trinity House 2016 honour Nigeria service and award, at the church auditorium in Lagos...yesterday SUNDAY ADIGUN

Saudi Investments in Nigeria Too Low, Tambuwal Laments Governor Aminu Waziri Tambuwal of Sokoto has decried the low level of investments of Saudi Arabian businessmen in the state and Nigeria in general.

Tambuwal said this at the weekend in Sokoto when the Consul-General of the Royal Consulate-General of Saudi Arabia, Majed bn. Mohammad Al-Qhatani, paid him a courtesy visit.

Tambuwal said: ‘’The Saudi Arabian businessmen were rather going to countries like Ghana, Burkina Faso and other African nations. ‘’Sokoto state and Nigeria

badly need such investments from the Saudi business moguls. ‘’They should come to Nigeria and the state in particular and establish full value chain agro-allied firms.

“These companies can process food products and export same to their nation and other parts of the world.’’

Tambuwal further called for the purchase of sacrificial animals by the Saudi government during the annual hajj exercise.

The governor commended the Saudi government for annually awarding scholarship grants to

indigenes of the state to study in its Universities.

He further lauded the Consul-General for the provision of speedy consular services for main hajj and the lesser hajj exercises. ‘’A high -powered delegation from the state will soon visit Saudi Arabia. ‘’Part of the discussions will be the increment of the scholarship slots to the indigenes of the state. ‘’They will also centre on increasing the slots of the participants of the annual Long Vocation Islamic Education Course organized by Saudi Arabia,’’ he averred.

Tambuwal promised to work tirelessly to boost the existing cordial relations between Saudi Arabia, Sokoto state and Nigeria.

Mohammed had earlier congratulated Nigerians on the occasion of the country’s 56th Independence anniversary.

The envoy noted that,Saudi Arabia had last week also successfully celebrated its 85th national day.

The Consul-General promised to continue to work to sustain the existing cordial relations between Sokoto State, Nigeria and Saudi Arabia.

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‘Cross River Not About to Lose $30m World Bank Grant ‘ Bassey Inyang in Calabar The Cross River State Government has stated that the speculation making the rounds that it was about losing about $30 million of the World Bank Commercial Agriculture Development Project (CADP) grant is not true.

The state government said this in reaction to insinuations that had gained grounds on social media that the state was about to lose $30million World Bank CADP investment because the state Governor, Professor Ben Ayade, refused to sign the CADP list of successful candidates for training as beneficiaries of the programme because all “his candidates” alleged to be mostly his family,

members failed to make it at the interview stage.

State Project Coordinator of the CADP, Mr. Ducham Amah, said the allegation was not true as CADP got $26.5 million World Bank agriculture grant and much of the money has been spent on the project for which it was meant.

“His Excellency, Ayade has approved $1.7 million which is the embodiment of all outstanding that we have,” Amah said.

Amah advised the media and members of the public to always cross check facts before going public.

He explained that five states were chosen by the World Bank for the programme.

“The whole five states have the sum of $150 million and

HarvestPlus, Seed Firms to Produce 1,000mt of Seeds for Local Farmers Ugo Aliogo As part of measures to tackle the malnutrition challenge in Nigeria, Harvestplus International has stated its resolve to work with five Seed Production Companies in Kaduna State to produce 1,000 metric tonnes of seeds for distribution to farmers in the next planting season.

Speaking at a media briefing at Ibadan weekend, the Country Manager, HarvestPlus International, Dr. Paul Ilona, said there was need to develop a strong seed distribution network to ensure that every Nigerian desirous of planting nutritious varieties have access to good seedlings.

He expressed confidence that the new varieties of Vitamin-A Maize are competitive, often producing higher yields than the white variety, adding that in 2016 they have been working with 16 partners, including the Ministries of Agriculture, Health, Trade and Commerce and Education in the campaign to address the malnutrition crisis.

The briefing which was also aimed at reviewing the activities of various HarvestPlus officers in different states revealed that in December 2015, one million farmers in Nigeria grew Vitamin-A cassava, while in 2016 Vitamin-A maize was added to the food basket of nutritious food in Nigeria.

He said: “We have increased awareness on the need for Nigerians to consume nutritious foods. We have also developed a commercial foundation which has made it possible for thousands of Nigerians to gain employment and become commercial drivers in the production, processing and marketing of nutritious food including Vitamin-A cassava and Maize in Nigeria.

“If we make available staple foods that farmers produce, we would have played our role in addressing the malnutrition challenges we face as a nation.

The challenge herein is to ensure that these varieties get to the hands of those who need them most. According to United Nations Children Education Fund (UNICEF) and the federal Ministry of Health in Nigeria, 2,300 children die daily and 145 of child-bearing age women also die daily.

The Ministry of Health has proved that 53 per cent of these reasons are attributed to malnutrition. Most foods today are not fortified, a large proportion of people in Nigeria, especially in the rural areas don’t have access to fortified foods due to lack of information and poverty.

Therefore, we need more strategic approach to address malnutrition in rural areas.”

An officer of HarvestPlus working in Benue State, Martha Akoje, said they have carried out a lot of awareness creation in the state including schools; where they supported young farmers with cassava stems to grow in their farms and have good nutrition within their schools, “we have also worked with schools through setting of quiz competitions about bio fortified Vitamin A.” She stressed that they have also engaged youths and adults in the communities, adding that in communities they sensitise people and give them stems to plant, while encouraging them to begin viable businesses.

“In Benue State, through the Direct Multiplication (Household Packaged Cassava) we were able to give out cassava stems to 36,601 households. For those who did hectares of lands, they covered 391 hectares, therefore in every local government, we are there.”

each state has $26.34 million while the national office has the balance. So it is not correct to say the amount is $30 million per state. Recall that we have done seven years after the first five years, two years extension was given and we have utilised much of the funds and if we implement what His Excellency has approved, we would have exhausted the funds so there is no story of saying some money will be left for the World Bank to take back.

“As I speak, the last approval or chain of approval the governor gave to us will absorb the whole money. If we have to continue with this programme, we have to ask for more funds and may be the state will also give funds from its counterpart fund.

The reports in the social media are malicious, false allegation and not what is happening in CADP. We have been commending the

governor for releasing all the money through approvals and he understands what we are doing. The entire publication is false and fabricated. The state is not losing any money to World Bank because the total portfolio of the state is $26.34 million, so we don’t have anything to worry about.

The beneficiaries are happy and the state is happy,” he said.

Giving a breakdown of the fund, he said, “At the initial stage, 100 youths and women across the state as a pilot programme were recruited after due interview. The numbers were selected and sent for training and after the training, they were asked to prepare the investment plan and send to the World Bank office in Abuja which in turn sent to the World Bank. His Excellency has approved and released the sum of N247 million to pay for that first set of youths and women…

Each beneficiary gets between N2.4million and N2.5 million and as I speak, all of them have received alert of this money as paid into their account as they get their service providers the money will be released in tranches to the service providers when it is approved by the beneficiaries. The youth jubilated when the money was paid.”

He said late last year the projects started the recruitment of another batch.

“What is happening here is happening in the other four states. Each state was to add additional youths and women so we advertised in two national newspapers and in the state Tender Journal in December. So the youths and women came for interview (written and oral). A total of 2800 of them came for the interview at the interview centres of Calabar, Ikom and Ogoja. Even after that those

who could not attend were given the opportunity to attend in Calabar. At the end of the exercise, 1,570 were successful in the interview out of which the World Bank said we should select 600 from there to be trained and if funds are left we can take care of the other 970.

“The process that we used in selecting the 600 from the 1570 is what we call the random sampling method and was supervised by the Commissioner for Agriculture and some legislators. We forwarded the list of 600 to the World Bank and to His Excellency and two months ago he (Ayade) approved that list. He not only approved the list but has approved the sum of N85 million being the budget for the training of this 600 in Songhai farm and they are to commence their training this month,” he said.

COURTESY VISIT

L-R: Deputy General Manager, Special Duties, Lagos State Signage and Advertisement Agency (LASAA), Mr. Mutiu Bello; Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Abiodun Dabiri; Managing Director, Lagos State Signage and Advertisement Agency (LASAA), Mr. Mobolaji Sanusi and Head, External Relations, LAMATA, Mr. Kolwawole Ojelabi, during LAMATA visit to LASAA in Lagos...recently

PDP Crisis Almost Over, Says BoT Member Laleye Dipo in Minna Former Niger State Governor and member Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Abdulkadir Abdullahi Kure, has given the assurance that the current leadership crisis rocking the party will soon be over because the reconciliation moves by the elders of the party “is beginning to yield result.”

Kure made this known in Minna yesterday when PDP elders and stakeholders from Niger North senatorial zone of the state led by the former Minister of State for Foreign Affairs, Alhaji Abubakar Achituwo, and the party governorship aspirant in the 2015 election in the state, Alhaji Hannafi Sudan, paid him a courtesy visit.

He said his optimism arose from the fact that already, members of the Senator Ali Modu Sheriff-led faction have agreed to embrace peace in the overall interest of the party.

Kure also believed that at the end of the day, the “party will come out of the current crisis stronger and better,” saying all the elders of the party have agreed to “avoid the type of crisis that led to it loss in the 2015 general election.

“PDP will soon take its rightful place in the politics of the country,” he said.

He told the PDP members from the zone that the party had a lot of lesson to learn from the experience of 2015 election where “PDP defeated PDP” and gave birth to the current change which has put Nigeria in what

he described as “its worst economic situation in the 56 years of the country’s existence.”

According to him, “All the PDP members who left the party and ensured the party lost the 2015 general election are not comfortable where they are today. They are not finding things easy at the moment.”

The former governor argued that everything the PDP was accused of doing in the past “is exactly what is happening today and even worse,” adding that “they said PDP postponed election to rig, today we saw election being postponed and rigged.”

The PDP BoT member said the current crisis in the ruling All Progressives Congress (APC) is worse

than that of PDP, saying the APC now has five factions and groups.

“If they said PDP is a dying party, I think APC is already dead before 2019.

“Today, we have in the APC, Tinubu faction, Amaechi faction, Atiku faction, Bukola Saraki faction and the rest of them. But we in PDP have just one faction and we have already overcome it. We will now wait and see how they will overcome their factional problems.”

Kure pointed out that what the party needed as 2019 approaches, “is unity and understanding among all the party members.”

The delegation urged the PDP BoT member to support the zoning of the governorship of the state to the zone come 2019.

T H I S D AY MONDAY OCTOBER 3, 2016

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Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

N F P L F I N A L D AY

Egwim’s Career-ending Injury Mars Rangers Celebration of NPFL Title Ekweremadu salutes Club

Duro Ikhazuagbe and Christopher Isiguzo in Enugu Rangers International of Enugu defeated El Kanemi Warriors of Maiduguri 4-0 yesterday to equal Enyimba’s record seven Nigerian league title. The feat is the first in 32 years since the Flying Antelopes did in 1984 with Christian Chukwu as head coach.

However, the massive celebration of the vociferous Enugu fans was marred by the career-ending injury sustained

by Ifeanyi Egwim whose leg got broken within four minutes he was introduced for Ocheme Edoh.

Rangers opening goal in the 3rd minute by Chisom egbuchulam.

It came through a penalty after Orji’s kick was handled in the box

by ELkanemi defender Abraham Audu.

The over 50,000 Enugu fans inside the Nnamdi Azikiwe Stadium aptly tagged The Cathedral erupted in celebration of Egbuchulam’s 14th goal of the season.

Obinna Nwobodo’s long range in the 26th minute almost caught ELkanemi’ keeper, Yekin unaware.

Manage to parry into far right for a corner kick.

With ex Rangers like Chairman Christian Chukwu, Ben Ugwu, Kenneth Boardman, Davidson Owumi, Ndubusi Ajomiwe, Chinedu Ogbodo, Louis Igwilo and a host of others joining Enugu State Governor, Ifeanyi Ugwuanyi drumming support for the Flying Antelopes, it was one afternoon of celebration at the Cathedral of footballing e Coal City.

In the 42nd minute Obinna Nwobodo set up Osas Okoro for Rangers second goal. With that assurance goal by Okoro, Rangers fans doubled the celebration of their first trophy in 32 years. Fireworks from the sky light the arena with others in Mexican wave that last several minutes.

Rangers returned to the final stanza with the same tempo they kicked off the final Match-day 38 of the 2015/2016 NPFL season.

In the 63rd minute, Egbuchulam added another to Rangers goals feast to make it 3-0 advantage for the Flying Antelopes. it was a one-on-one with Etim Matthew.

It was also Egbuchulam’s 15th of the season. Nothing can now take away the cup from the grip of Rangers.

Rangers celebration of the league title was dampened by injury new Ifeanyi Egwim in the 89th minute. Though El Kanemi goalkeeper, was red carded television replay showed that the keeper was not responsible rather it was Egwim that twisted the leg when his boot stuck on the artificial turf.

The resultant penalty was scored by Egbuchulam complete his hat-trick and his 16th goal of the season and 56 points to the champions.

At the deep end of the league table, Warri Wolves join Ikorodu United as those relegated this season while the game between

Plateau United and Heartland did not finish as the score stood at 1-1 as at the 75th minute.

MFM FC pulled off a 1-0 win over FC Ifeanyiubah to ease their relegation worries. Stanley Okorom fired in the winner 23 minutes into the game but both teams had players sent off. MFM’s Ifeanyi Ifeanyi was given the marching order on 33 minutes while FC Ifeanyiubah’s Kojo Baah saw red on 74 minutes.

Meanwhile, The Deputy President of the Senate, Senator Ike Ekweremadu, has showered praises on the team for their gallantry and clinching of the title.

Ekweremadu was at the Nnamdi Azikiwe Stadium to cheer the Flying Antelopes where he noted that Rangers had won something more than a league title for their teeming supporters across the world.

A highly elated Ekweremadu, who was in the company of the Governor of Enugu State, Rt. Hon. Ifeanyi Ugwuanyi, said: “I want to congratulate the players, the management of Rangers, and indeed the Government and good people of Enugu State on this emphatic victory and the reclaim of the league title after a 32-year wait full of disappointments.

“Those who know the history of Rangers understand why this

great achievement will resonate across the length and breadth of the South East and South South especially, and indeed every part of the nation and the world where you find rangers fans.

“For us, this is more than just a league title. This is a huge revival, morale booster, and comfort. It is

one great achievement that refreshes memories and our survival instincts as a people. It is a reminder to all our people that though sorrow may endure for a night, joy surely comes in the morning”.

Senator Ekweremadu who described the Governor of Enugu State, Rt. Hon. Ifeanyi Ugwuanyi,

as a jinx breaker, commended him for his fatherly support and encouragement, which spurred the team to victory.

He assured that Rangers’ successful defence of the league title and their continental campaign in the coming season would be the collective task of all.

While commending the improvements in the NPFL, the Deputy President of the Senate, however, called for more private sector support and greater commitment by the nation’s football managers to lift the round leather game higher in Nigeria.

Enugu State Governor, Ifeanyi Ugwuanyi (2nd left) lifts the Nigeria Professional Football League (NPFL) trophy with the captain of Enugu Rangers FC, Okey Odita (1st left) won by the club, yesterday, while the President of Nigeria Football Federation (NFF) Mr. Amaju Pinnick applauds

NFL Legend, Okoye, Mike Powell, Others for NIAA Convention The 2016 Nigerian International Athletes Association (NIAA) convention will be a gathering of sports stars from across the globe according to the official programme of the event released by association’s President, Professor Grace Apiafi.

Former NFL star Christian Okoye, world record holder in long jump Mike Powell,

Seoul ’88 Olympics gold medalist in 400m hurdles Andre Phillips, 400m winner at the same games Steve Lewis, Canadian sprinter Ben Johnson and Barcelona 92 bronze medalist Beatrice UtoduOkoye are a few of the former sports stars that will attend the event.

The convention is slated for

October 8, 2016 at Doubletree Hotel, North Vineyard, Ontario, California.

According to Professor Apiafi, Okoye who is founder and president California Sports Hall of Fame will be a special guest. Okoye started his sports career in track and field before switching to American Football in 1987; he played for Kansas

City Chiefs between 1987 and 1992.

Okoye was known for his powerful running style and ability to break tackles had six seasons in the NFL saw a league rushing title in 1989, two Pro B He was selected by UPI as the American Football Conference’s Offensive Player of the Year and earned a trip to Hawaii for the

Pro Bowl. Canadian sprinter Johnson will be signing books at the banquet and gala in the evening.

Powell, the world record holder in long jump, two- time world champion and two-time Olympic silver medalist will grace the occasion to lend his support to track and field in Nigeria and Africa.

are aspiring to attain the greatest heights in their careers.

The Arsenal lady won the Women Federation Cup twice in 2013 and 2014 with Rivers Angels FC of Port Harcourt and

has expressed her pleasure at being picked the ‘Face of 2016 Women Federation Cup.’ She promised to work towards bringing back the glory days to the tournament.

Oshoala, Face of 2016 Women Fed Cup Nigeria Football Federation (NFF) in conjunction with HS Media Group – a leader in Sports Marketing conglomerate in Nigeria, will on Tuesday October 4th, 2016 unveil African Female Player of the Year (2014), Asisat Lamina Oshoala (MON) as the ‘Face of 2016 Women Federation Cup’.

The event holds at the Teslim Balogun Stadium, Surulere – Lagos and will herald the chain of activities lined up for this year’s Women Federation Cup final, which comes up later this month in Lagos.

Oshoala who will grace the final in Lagos, will also hand-out signed jerseys and other football

items to fans and participating teams in the final at the stadium to ginger up younger ones.

This benevolent gesture is in tune with her heart desire to promote the game at the grassroots and help the future generation of young Nigerian players, particularly, ladies who

Rainoil Sponsors Tennis Prodigy Integrated downstream oil and gas company, Rainoil Limited, has pledged a $90,000 sponsorship to Sylvester Emmanuel, as part of its CSR efforts and in a bid to further support the sport in Nigeria.

The deal which is in tripartite of$30,000 is renewable for three consecutive years under the management of Political Adviser, Embassy of Switzerland in Abuja to Nigeria, Chad and Niger, Pasacal Holliger.

The sponsorship will ensure Sylvester move to a Tennis Academy in Barcelona, Spain where he would be integrated in extensive

coaching for his development in the sport and compete in different tournaments.

In his remarks, Pascal appreciated the contribution of the company to the growth of Sylvester, noting that the sponsorship provided an opportunity for the prodigy’s full potential to blossom, and will make a difference in his life and dream of becoming one of the top 200 players in tennis ranking within the next three years.

In a statement by Group Managing Director, Rainoil Limited, Gabriel Ogbechie “I have watched him play and

I am amazed at his talent at such a young age. It is our desire that Sylvester gets the right opportunity to achieve his potential.

NFPL FINAL DAY RESULTS Plateau Utd 1 - 1 Heartland Rangers 4 - 0 El-Kanemi Wolves 1 - 0 Ikorodu Utd Wikki 2 - 0 Sunshine Abia Warriors 2 - 1 3SC Akwa Utd 1 - 2 Rivers Utd Lobi Stars 2 - 0 Nasarawa Utd MFM FC 1 - 0 Ifeanyiubah Kano Pillars 1 - 1 Tornadoes

F I N A L L E AG U E TA B L E

Team Rangers Rivers Utd Wikki Ifeanyiubah Lobi Stars Sunshine Kano Pillars El-Kanemi Enyimba Nasarawa Utd Tornadoes Plateau Utd Abia Warriors Akwa Utd 3SC MFM FC Heartland Wolves Ikorodu Utd Giwa FC

P 36 36 36 36 36 36 36 36 36 36 36 36 36 36 36 36 36 36 36 0

W 18 19 16 16 16 14 15 16 14 16 15 13 12 13 14 12 11 12 7 0

D 9 3 9 8 7 11 7 3 8 2 4 10 12 8 5 9 11 9 11 0

L 9 14 11 12 13 11 14 17 14 18 17 13 12 15 17 15 14 15 18 0

GF 53 38 45 37 41 44 47 37 34 41 40 33 35 45 41 36 25 28 32 0

GA 37 29 28 33 35 37 40 42 35 43 42 36 39 46 48 40 30 37 55 0

GD 16 9 17 4 6 7 7 -5 -1 -2 -2 -3 -4 -1 -7 -4 -5 -9 -23 0

Pts 63 60 57 56 55 53 52 51 50 50 49 49 48 47 47 45 45 45 32 0

T H I S D AY MONDAY OCTOBER 3, 2016

63

Monday October 3, 2016

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Price: N250

MISSILE Adebanjo to APC

“People are expecting me to mock Tinubu and say God has dealt with him over the manner he treated me and other Yoruba leaders but I won’t do that because what is after six is more than seven. Attack on Tinubu is not directly at him but on Yorubaland. I am not shortsighted. Tinubu may have his fault but he has not been treated well by his party” —Afenifere chieftain, Chief Ayo Adebanjo, alleging a gang-up against Asiwaju Bola Tinubu in the ruling APC

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

In The Long Run, We Are All Dead

E

conomics has been described as a dismal science by those who don’t understand that the exactitude of the natural sciences does not apply in most cases in this social science subject. The reason is the behavioural dimension to the science of economics.

President Harry S Truman had exclaimed a long time ago “please give me a one handed economist, all my economists say on the one hand…..and on the other”. I guess Truman must have been frustrated with the response of economists which tended to give alternative outcomes with alternative causes of action. Thus, you hear that “on the one hand, if you choose a particular course of action, you would get one set of results, while on the hand, if you choose a different course of action, you would get a different set of results. The reason is simply because we are dealing with human behaviour. The way one man behaves would be different from the way another man would behave. In the same vein, the way a man behaves in the morning may be different from how he would behave at noon which may also be different from how he would behave at night. This is correct even if you hold every condition constant.

Discussing macroeconomics becomes very interesting because this is an area that affects every nation. As a matter of fact, it is a major issue in most countries and determines whether leaders win or lose elections. As we approach November, those who have been following the US Presidential election campaigns will agree that the major debate between Hillary Clinton and Donald Trump have centered on the economy. All economies need some form of price and exchange rate stability, they want growth in output levels, they don’t want to see that the degree of change in price level is high, they want decrease in unemployment level, they want to see that production capacity is heading north, they want to see that the country is exporting more and importing less for balance of payment purposes.

They also want to see that they don’t export anything to which they can add value locally, which means exporting jobs. They don’t want to import what they have capacity to produce locally, subject to efficiency considerations. They would only borrow if it is absolutely necessary. All these and more put together would underscore what some people will refer to as economic policies of a government. The economic policies of a party, define the ideology of that party and that makes the difference between one party and another, save for Nigeria where the jury is still out as to the extent to which economic policies define political party ideology.

One interesting fact about economics is that most of the variables are interconnected. To achieve one result, you may need to tweak or adjust one or two variables. That is the fundamental principle of the subject matter. If you want prices to come down, you must increase supply subject to demand not increasing. If you want prices to go up, then supply must go down in so far as demand remains constant. You may also achieve the same purposes if you tweak demand and hold supply constant. If wages are high, you need to increase labour supply to force down wages and vice versa. The problem with some of the theories is that in reality they may not work because of a lot of intervening variables.

The most important is time. Given a long period of time, everything is possible. That is why we speak about the short run and the long run. Most of the theories should work in the long run and not in

Minister of Finance, Kemi Adeosun the short run. But like John Maynard Keynes said, “in the long run, we are all dead”.

It is important to understand what works and what doesn’t in an economy like ours more so, in an era of economic downturn. Exchange rate is the biggest issue for us for obvious reasons. We are an import-dependent country and given that oil prices had taken a nosedive, our foreign exchange earnings have also significantly dropped. Unless we are able to reduce our imports in the same proportion, we are bound to have difficulties meeting foreign exchange demand. Reduction of imports is a very viable option, given that import substitution is a policy that had worked elsewhere, but the question is, under what time frame? It is impossible in the short run, but in the long run, we are all dead.

The first thing to do with exchange rate is to let the theory of demand and supply handle it. If we do not let the market determine the rate, what we will be creating will be a black market funded by round tripping. This was the situation until recently when an attempt was made to liberalise the foreign exchange market. Unfortunately, because we did not completely deregulate the market, a wide gap between the official rate and the market rate has appeared again. The gap is over N100 per dollar at the moment and arbitrage has become attractive once again. We had argued in the past that deregulation where the CBN participates in the market at a rate determined by the market is the only way to go.

The policy of intervening at rates determined by CBN may appear popular initially but is fraught with danger. Once there is an incentive to take advantage of a system, people will take the risk and reap the returns if they succeed. The truth is that CBN does not have enough dollars to go round

If in the minds of speculators, the degree of depreciation of the currency will more than compensate for the high interest rates, they will continue to borrow to stockpile dollar no matter where you take interest rates to

those who want to buy and therefore is not in a position to fix price. We may choose to postpone the doomsday, but it comes with a price.

Closely related to exchange rate is interest rate.

Interest rate works in such a way that when it is high, people will theoretically want to save and when it is low, people would rather spend.

Businesses on the other hand will borrow when interest rates are low, subject to availability of demand for their goods and services. They will not borrow in a high interest rate regime.

So, what should we be doing with interest rate in an era of recession? The answer to that question is dependent on what we are targeting.

If we determine that we want to manage exchange rates with interest rates, when interest rates go up and people save more, businesses would be discouraged from borrowing and therefore reduce the attack on the dollar, particularly those attacks that are speculative. But keep in mind that this kind of result can only be achieved in the long run.

The other condition is that it depends on what the prognosis is for exchange rates going forward. If in the minds of speculators, the degree of depreciation of the currency will more than compensate for the high interest rates, they will continue to borrow to stockpile dollar no matter where you take interest rates to. We may also determine to target inflation, which means increase in general price level in the economy. Recall that inflation has been on the increase in the recent months. According to figures released by the National Bureau of Statistics (NBS), inflation increased from 16.5% in June to 17.1% in July and to 17.6% in August 2016. Acceptable inflation figures under normal circumstances are between 2 and 3% per annum. To tame inflation therefore, we need to manipulate interest rates to cut down expenditure and increase savings. This is true if the inflationary situation is a standalone occurrence. Theoretically, when inflation is controlled, the economy will rebound.

But on the other hand, when you tame inflation you may end up with unemployment because as savings increase with higher interest rates, businesses will reduce borrowing and reduce output given that demand would go down and businesses will cut down output and lay off workers. Layoffs will reduce the disposable income available to the hitherto employed workers who have now lost their jobs.

The net effect is that aggregate demand would go down which will lead to further reduction in capacity and further shutdowns. We are, therefore, dealing with a very delicate balance.

There is another situation where inflation occurs simultaneously with increase in unemployment level, reduction in output, and stagnant or negative economic growth. Seems familiar, right? Economists refer to this situation as Stagflation. Prior to the 1970s the term Stagflation did not exist because economists never believed that it was possible for inflation and stagnation to occur together. Inflation was understood to be a fallout of economic growth.

From the foregoing, it is clear that what we face in Nigeria today is Stagflation. When you find yourself in this kind of hole, you just have to stop digging.

How do you do that? One, you must realise that your lifestyle has to change. Leadership doesn’t seem to get it. It still behaves as if oil is still selling for $100 per barrel. The National Assembly still enjoys huge allowances, the number of aircrafts in the Presidential fleet has not reduced. Governors are still drawing the same amount and in some

cases, more in security votes even when their states are technically insolvent.

In terms of solutions, there are two that readily come to mind: the austerity measure and the fiscal stimulus packages and both of them work. But they work differently. Austerity measure is normally very painful and can take a lot of time for recovery to happen. By the way, it is instructive to state that stagflation does not just go away overnight. While we may choose to exercise our “bragging rights” by making optimistic comments about our imminent recovery, this kind of downturn takes between 3 to 4 years to contain, if proper discipline and the right policies are implemented. It can last much longer if the right things are not done.

Our recommended approach to recovery will be the implementation of a stimulus package. What we expect is that the government will pump money into job-creating sections of the economy. By so doing, the government will also be rolling out the much desired infrastructure for the country.

Monies should be spent to build roads, bridges, rails, airports, seaports, power, water, parks, and modern educational and health facilities. These would create jobs and push up demand in the economy. I had extensively dealt with this in my column of May 23, 2016 which I would recommend to interested readers. While pumping money into critical sectors of the economy, we must simultaneously cut down non job-creating expenditures. Cost of governance must go down. Allowances and perks must be cut to the barest minimum and financial discipline must be implemented across board.

The next thing that we should be doing is not to increase interest rates. MPC in its July meeting increased monetary policy rate from 12% to 14% and maintained that in the September meeting. That policy pushed treasury bills rates to about 19% p.a.

If risk free rate is 19% p.a., it means borrowing rates will be no less than 25%. That is too high for most businesses and from the earlier argument, they would be forced to scale down and lay off workers. When this happens, demand will go further down and force more closures. This is like digging when one is already in a hole. Another danger of maintaining very high risk free rate is that it is a disincentive for lending. Look at it this way, if a bank can earn almost 20% p.a. by investing in government securities which carries zero risk, why would the bank lend to business at 25% with so many risks, including the risk of 100% loss of the money? If we were targeting inflation only or exchange rate only, increase in rates would have worked. But we have a bigger elephant in the room to deal with. Our approach should rather be to reduce rates, discourage banks from keeping their money in high yielding government instruments and get them to lend to businesses at reasonable rates and stimulate production which would increase employment and also stimulate aggregate demand. What we are doing will not scratch inflation, will not create jobs, will also not reduce demand for dollar as speculators still see huge incentives to demand more dollars and certainly will not help us get out of the economic crisis. We need not reinvent the wheel. It was Ronald Reagan who summarised what he has learnt about the economy thus “Government’s view of the economy could be summed up in a few short phrases: if it moves, tax it, if it continues moving, regulate it and if it stops moving, subsidise it”. It couldn’t have been said more succinctly.

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