Monday 30th October 2016

CBN to Sell $500m FX Forwards to Meet Manufacturers’ Pent-up Demand

Crusoe Osagie and Obinna Chima

Desirous of ensuring that manufacturers get the required foreign exchange (FX) for the importation of critical raw materials as well as meeting the pent-up demand for the

greenback, the Central Bank of Nigeria (CBN) will tomorrow sell $500 million through FX forwards to banks, for onward sales to their customers.

The move, which is also aimed at boosting economic activities in the country, would cater to some of the

FX demand of manufacturers that want to import plants and machinery, raw materials and agriculture equipment.

A top official of the CBN, who disclosed this to THISDAY yesterday, said banks were notified last week and given till noon today to

send the list of FX requests from their customers in the manufacturing sector.

“The FX forwards are specifically targeted at the manufacturing sector,” the source said in a telephone chat with THISDAY. In fulfillment of its pledge

to continue to support critical sectors of the economy, the CBN about a fortnight ago allocated $314 million to banks to sell to their customers in the manufacturing, aviation and some other critical sectors of the economy through Special Secondary Market Intervention

Retail Sales (SMIS).

The central bank also last week settled $270.6 million in notional value of the matured October 26, 2016 futures instrument.

In line with the trend since Continued on page 9

Absence of Auditor-General Threatens FG's $29bn External Borrowing Plan...

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Jonthan: We Had No Political Prisoners in My Government Buhari had nothing to do with arrested judges, says presidency Tobi Soniyi in Abuja Former President Goodluck Jonathan has stated that no Nigerian became a political prisoner or prisoner of conscience for criticising him or his administration.

Jonathan made the remark during his keynote speech, which was delivered weekend at the annual Merit Awards Dinner of the Nigerian

Lawyers Association of the United States.

The former president, who urged the U.S.-based lawyers to help preserve democratic institutions, also said diversity was an advantage only when all interest groups in the society feel safe and secure in their day-to-day activities.

At the event, which held in Continued on page 9

Ondo Poll: INEC Awaits A’Court Ruling before Further Comment on PDP Candidature Party’s lawmakers reject Jimoh Ibrahim

Onyebuchi Ezigbo in Abuja and James Sowole in Akure The Independent National Electoral Commission (INEC) yesterday shelved further comments on the de facto candidate of the Peoples Democratic Party (PDP) to contest the Ondo State governorship election slated for November 26, 2016, until the

Appeal Court ruling, among others, this week on which of the candidates should fly the party’s flag.

Mr. Eyitayo Jegede (SAN) had emerged the candidate of the party last August after it held its primary in Akure, the state capital, that was monitored by INEC. Continued on page 9

L-R: Former Minister of Finance and member of the international advisory panel of the Asian Infrastructure Investment Bank (AIIB), Dr. Ngozi Okonjo-Iweala; Chief Executive Officer, Diamond Bank Plc, Mr. Uzoma Dozie; and President, Women’s World Banking, Mary Ellen Iskenderian, at the Banking for Women event held in Lagos… recently

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MONDAY, OCTOBER 31, 2016 • T H I S D AY

PAGE NINE ONDO POLL: INEC AWAITS A’COURT RULING BEFORE FURTHER COMMENT ON PDP CANDIDATURE However, Mr. Jimoh Ibrahim emerged as the candidate of the party recognised by the Ali Modu Sheriff-led faction of the PDP, in a primary held a few days later in Ibadan, Oyo State.

Subsequently, Ibrahim challenged the emergence of Jegede as the candidate of the PDP at the court and obtained a ruling declaring him the candidate of the party.

On this basis, INEC which had earlier rejected the factional candidate of the PDP in the Edo State governorship election, last Friday, surprisingly substituted Jegede’s name for Ibrahim’s as the candidate of the PDP in the Ondo poll.

Since the decision, the state has been enveloped in tension, with protests breaking out over INEC’s decision at the weekend.

Providing further clarification on the crisis, the Chief Press Secretary of the INEC chairman, Mr. Rotimi Oyekanmi, said the commission, which was slated to speak yesterday on the controversy caused by its decision, would now wait till this week after the decisions by the courts on the rightful candidate of the PDP. He said by text message: “We are stepping down our official statement due to the several court cases on the issue

slated for hearing this week.

We don’t want to be accused of prejudice or attempting to influence the decision of the courts.”

PDP Lawmakers Reject Ibrahim Ahead of the ruling, however, the 21 state PDP lawmakers at the weekend rejected the substitution of Jegede for Ibrahim as the candidate of the party in the forthcoming governorship election in the state.

The lawmakers under the PDP caucus of the state assembly were led by the speaker, Hon. Jumoke Akindele. They rejected Ibrahim at a news conference in Akure.

Speaking on their behalf at the state assembly, the speaker said that as statutory delegates of the party involved in the election and the selection of the party’s candidate, Jegede remained the candidate of the party.

She said the lawmakers never participated in the process that produced Ibrahim as the PDP candidate.

Akindele, who specifically stated that Ibrahim was not a member of the party in the state, said he never participated in the primary of the party.

She alleged that Ibrahim had dumped the party for another political party before the conduct of the primary towards the governorship election.

She said: “On August 27, 2016, the delegates of the PDP, in a primary election properly conducted in line with the Constitution of the Federal Republic of Nigeria and the Electoral Act, gave their mandate to Mr. Eyitayo Jegede, but recent events showed that injustice is walking bare footed on our land.

“We reject injustice that can bring anarchy to the land of Ondo State. We have come collectively to state that this travesty of justice must not stand, as it borders on the democratic existence of our dear state and the peaceful co-existence of its people.

“The entire people of the state are still in shock over the ungodly court order directing INEC to substitute the PDP candidate, Eyitayo Jegede, with an individual unknown to the party, one Mr. Jimoh Ibrahim.

“As a matter of fact, Ibrahim has no moral or political strength to be the PDP governorship candidate of Ondo State, having defected from the party before now and the process that led to his emergence is antithetical

to the PDP constitution and the 1999 Constitution of the Federal Republic of Nigeria.”

Akindele said as representatives of the people of the state, “the people condemn the substitution of the name of Jegede with Ibrahim in its entirety”, describing it as an advanced political fraud and coup against the will of the people.

She added: “We are representatives of the people of the state who are known to be enlightened people and too politically conscious for their rights to be trampled upon.

“To this end, the Ondo State House of Assembly, PDP Caucus, comprising 21 members out of the 26, was totally embarrassed by the judgment delivered by the Justice Okon Abang imposing Jimoh Ibrahim on the PDP in Ondo State as the governorship candidate.”

She stressed that historically, the state was politically sensitive, noting that the citizens are always conscious of their rights and would not allow any external force to chose or impose any candidate on them.

The lawmakers appealed to President Muhammadu Buhari not to allow democracy, which is the hope of the common man, to be trampled upon, saying that the protest embarked upon by the

people of the state “was not orchestrated by any forces, but the real reaction of the people of Ondo State”.

APC Accuses Mimiko of Planning Crisis However, the All Progressives Congress (APC), Ondo State chapter has accused Governor Olusegun Mimiko of plotting to cause mayhem in the state.

The publicity secretary of APC in the state, Mr Abayomi Adesanya, made the allegation in a statement in Akure yesterday.

“We have been reliably informed of the intense mobilisation of thugs and militants, running into thousands, by the executive governor of Ondo State, Dr. Olusegun Mimiko,” Adesanya said.

He alleged that the governor intended to use the recruits to “protest and unleash terror on the good people of the state from Monday, October 31, in Akure, Ondo, Akoko areas and Owo, Ore and Okitipupa”.

He alleged that Mimiko on Saturday started disbursing money to mobilise militants and hoodlums from Delta and Edo States, as well as a faction of Oodua People’s Congress from Ekiti and Lagos States.

He appealed to Buhari to direct the security agencies

to beef up security in and around Ondo State till the governorship election was concluded.

Adesanya said that the people of the state were desirous of peace, which should not be disrupted by the few self-seeking individuals for political gains.

Reacting to the allegation, the Chief Press Secretary to the governor, Mr Eni Akinsola, described it as baseless. “This is a baseless allegation. In the last seven and a half years of Governor Olusegun Mimiko’s administration, we had no history of violence. The people of Ondo State are capable of defending themselves and protecting their territory.

“We have a history of defending our votes and we do not have a history of depending on external forces and this will not be the exception,” Akinsola said.

AD Blasts PDP Meanwhile, the Alliance for Democracy (AD) in Ondo State yesterday condemned the spate of protests in parts of the state, after the substitution of Jegede’s name with Ibrahim as the candidate of the PDP. The party also accused the state governor of sponsoring some thugs to cause mayhem Continued on page 10

CBN TO SELL $500M FX FORWARDS TO MEET MANUFACTURERS’ PENT UP DEMAND the introduction of the OTC FX futures, the central bank issued a new 12-month tenor instrument (October 25, 2017) worth $1 billion at N258.50/US$1.00 to replace the maturing instrument.

Commenting on the availability of FX to manufacturers yesterday, the Chairman of Sosaco Nigeria Limited, the makers of the popular Gino tomato paste brand, Mr. Francis Ogboro told THISDAY that there was a significant improvement in dollar supply in the country, pointing at the recent policies by the CBN. Ogboro, who noted that although the FX situation was still far from what manufacturers in the country would want, he admitted that the situation had improved

considerably from what obtained a few months ago.

“We are encouraged by the recent improvement in FX supply. It has improved from the stagnant situation that used to be the case in the past. One of my companies just succeeded in procuring FX from the 90-day auction and that took a lot of pressure off our operation and has helped us to keep our machines running and our people employed.

“The CBN policy, which mandates the allocation of 60 per cent of available FX to manufacturers, I believe, has helped to improve the situation.

“While we ask for more efforts to be made by the CBN and the federal government, we want to state that we are

happy with the improvement we have noticed so far,” he said.

Also, the Group Managing Director of Flour Mills of Nigeria Plc, Mr. Paul Gbadebo, while stating that the intervention by the CBN on its directive to banks to give 60 per cent of FX allocations to manufacturers had not really come to fruition, he added: “However, in the last one week, the CBN has been making interventions which although have been helpful, have not covered much. It has not even taken care of our backlog of Letters of Credit (LCs).

“We are however just hopeful. CBN has done two interventions in the last one week which has helped but if it can continue, then we may begin to climb out of the huge

deficit and try to make a head way.”

On its part, the Manufacturers Association of Nigeria (MAN) yesterday blamed the commercial banks for the poor allocation of FX to its members.

The President of MAN, Dr. Jacobs Udemba, said that banks were not cooperating with the CBN to ensure that it achieves its objective.

The CBN, last August, directed commercial banks and other authorised dealers in the FX market to ensure that they channelled 60 per cent of the total FX purchases from all sources (interbank inclusive) to end users strictly for the importation of raw materials, plants and machinery.

The central bank had said it took the decision following

its review of returns on the disbursement of FX and observed that a negligible proportion of FX sales were being channelled towards the importation of raw materials for the manufacturing sector.

But the MAN president said that banks had not been adhering to the directive, adding that as a result of this, some of its members have remained frustrated.

“The fact is that FX is scarce and there is not enough to go round. The central bank has shown commendable commitment to ensuring manufacturers get FX for their business activities and the recent policy of the Bank which mandates that 60 per cent of the total FX should be allocated to the manufacturers is clear evidence of the

commitment of the CBN to local manufacturers.

“But the money deposit banks don’t seem to be cooperating to make the policy achieve its goal.

“The CBN came up with this well-intentioned policy that mandates that 60 per cent of available foreign exchange be given to manufacturers but the banks are not cooperating.

They are not implementing this policy.

“The CBN also recently set aside $300 million for the agriculture, manufacturing and the aviation sectors. This also goes to show the commitment of the central bank.

“But for all these to work and lead to the attainment of intended objective, the money banks must cooperate,” Udemba maintained.

“You will recall that Justice Udo Udoma, a Nigerian, was the first African Chief Justice of Uganda. I am quite pleased to know that the Nigerian Lawyers’ Association in the United States has such a robust annual programme,” he said.

Jonathan, in his speech, also dwelt extensively on the merits of diversity and spoke on the efforts by his administration to ensure that there was equal representation in appointments and in the allocation of projects.

the course of justice.

Shehu recalled that despite his personal familiarity with some court judges, the president had never used that familiarity to seek favours from them in 2003, 2007 and 2011 when he was challenging the fairness of the presidential election results, from the lowest to the highest courts in the land during the periods in question.

Shehu also explained that as a politician, Buhari had never suggested to his lawyers to approach any judge for assistance to win his cases.

He said the president lives by this principle and has never deviated from it.

On the fate of the judges facing corruption allegations, the presidential aide said the president would not tell the courts how to do their jobs and that anybody accused of corruption remained innocent until his guilt is established.

He explained that the purpose of the law was to punish the guilty and acquit the innocent, noting that the law

projects the rights of everyone.

Shehu said the president does not have any powers to force any court to convict an innocent person, arguing that in a democratic society this would not happen without resistance by the people.

JONTHAN: WE HAD NO POLITICAL PRISONERS IN MY GOVT New York, a former Anambra State governor, Mr. Peter Obi, who introduced Jonathan, said: “Nobody in Nigeria has made more sacrifices for democracy and unity in Nigeria like former President Jonathan.”

Jonathan was also honoured for his efforts to promote democracy by the City of New York, which issued a proclamation honouring him as a democratic icon.

During his speech, Jonathan urged Nigerian politicians to build unity and harmony in the country by their language and conduct.

He said that was why he ensured there was both freedom of speech and freedom after the speech and equally ensured that under his watch “not a single Nigerian was sent to prison because of anything he or she wrote or said about me or about the administration that I headed”.

The former president used the occasion to thank Nigerians living in the U.S.

for their contributions to the development of Nigeria.

“When I met President Obama after our 2011 general election, he commended the contributions of Nigerian professionals in different sectors in the United States of America.

“Back home, I know of your contributions to the economy of our country. Diaspora remittance is a major source of foreign exchange and the United States houses the largest Nigerian Diaspora population,” Jonathan said.

He recognised Nigerian lawyers in the U.S. as one of the pillars of America’s legal system with many of them rising to the top of their chosen field and making Nigeria proud in the process.

“I salute Judge Bunmi O. Awoniyi who was appointed to the bench in California in 2012, thus becoming the first Nigerian to be so honoured in the Golden State.

“I also recognise Judge Jude Nkama, who became the first African to be appointed a judge

in the over two centuries old bar and bench of the State of New Jersey.

“As a body, you are an asset to Nigeria and I want you to walk tall knowing that your exploits add value to the motherland of which you are worthy ambassadors here in the United States.

“Through you I see a brighter future for Nigeria. No nation can achieve greatness without the inputs of her learned people and that is why if there is any crop of professionals who has made Nigeria proud over the years, both at the continental and global levels, it will be you all.

“Your steadfastness, contributions to jurisprudence and patriotism have been pivotal to our development.

I wouldn’t want to bore you with so much references, but we could recollect the glorious age of our own Teslim Elias at The Hague, Obafemi Awolowo, Nnamdi Azikiwe, Gani Fawehimi and the Williams family.

‘Buhari Has No Link to Judges’ Travails’ Meanwhile, the presidency has advised the media and other Nigerians to stop linking President Muhammadu Buhari to the legal travails of some recently arrested judges in the country.

The president’s media aide, Malam Garba Shehu said Buhari would be the last person to authorise anybody to induce a judge to pervert

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T H S D AY • MONDAY OCTOBER 31 2016

Security Forces Set to Take on Militants Returning to Lagos, Ogun Creeks

STARTERS

Two-Minute Briefing NEWS CBN Goes Tough on e-Banking Fraud, to

Blacklist Customers The Central Bank of Nigeria (CBN) has said it is working on a policy that will ensure that bank customers involved in electronic fraud are either blacklisted or placed on close surveillance.The bank’s Director, Banking and Payment System, Mr. ‘Dipo Fatokun, said this at the October edition of the Nigeria e-Fraud Fraud Forum (NeFF) held in Lagos at the weekend. Page 54

EDITORIAL The Business Climate in Nigeria

54

NEWS

MONDAY, OCTOBE R

CBN Goes Toug Blacklist Custo h on e-Banking Fraud, to mers Email davids

Militants ResponsibClaim ility for Bombing on NPDC Trun kline

Sylvester Idowu

in Warri

DINNING WITH LEGAL PRAC TITIONERS

Absence of Audi tor-General Thre Borrowing Plan atens FG’s

Suicide Atte Camp Foiledmpt at IDP as Sniper Kills Bomber Boko

THE BUSIN ESS CLIMAT E

Fo ow ng the recent resurgence of m tancy n the creeks n Lagos and Ogun States the m tary at the weekend sa d t was set to take them on hav ng taken to k dnapp ng as a means of sustenance The Operat on Awatse Task Force had n the past three months nvaded the creeks of Arepo Ishawo Awawa and severa other creeks d s odg ng p pe ne vanda s W th the r means of ve hood cut off the d s odged group b d ts t me for the heat to d e down before they went back to the same creeks but th s t me took to k dnapp ng On a v s t to the creeks over the weekend the F ag Officer Command ng Western Nava Command Rear Adm ra Ferguson Boba sa d a though the secur ty forces were aware that the m tants had returned they were set to take them on He sa d “We are aware that the m tants are return ng and we are ready to take them on Very soon petro eum products wou d be pumped from At as Cove to Mos m “That wou d pose a new cha enge for us because when we embarked on th s operat on at that t me petro eum products were not be ng pumped and some of them who were out of bus ness started k dnapp ng “We are go ng to come n mass ve y to ensure these m screants are kept at bay We are aware that some of the gas stat ons patron se these vanda s and we have recommended to the government that the appropr ate agency shou d dea w th those fi ng stat ons ”

ONDO POLL INEC AWAITS ACOURT RULING BEFORE FURTHER COMMENT ON PDP CANDIDATURE n the state n the name of protests It o ned the APC by ca ng on Buhar to ca the governor to order and d rect h m not to cause mayhem n the state The AD s pos t on was conta ned n a statement ssued by the state secretary of the party Dr So a Agboo a Agboo a sa d the governor shou d be he d respons b e for any breakdown of aw and order n the state “PDP thugs and street urch ns were h red to carry out the acts of br gandage and were b ock ng roads n Akure the

state cap ta to susta n the es ” he stated AD descr bed the deve opment as an rony say ng M m ko who got nto office v a the nstrumenta ty of the court was surrept t ous y resort ng to v o ence even before an appe ate court cou d redress the matter It pos ted that t amounted to dece t to resort to v o ence to seek ust ce React ng the pub c ty secretary of the PDP Mr Ban Okunomo sa d the AD was be ng m sch evous by mak ng the a egat on say ng t was the “peop e

that reacted to the a eged meted to Jegede” “They were nt m dated by the emergence of Jegede as the cand date of the PDP that s why they want to do a th ngs poss b e to stop h m We a know that th s s a consp racy aga nst us “We d d not sponsor anybody to protest the peop e of the state came out spontaneous y to protest aga nst the n ust ce Jegede s a threat to them and they wou d soon be put to shame ” he sa d

Letters in response to specific readers may publications TO opinions on send such letters along in THISDAY OUR READERS topical local, should 1000 words). national and with their contact details be brief (150-200 They should internatio words) and to opinion@ be sent to opinion@nal issues provided straight to thisdayliv the point. Intereste thisdaylive.com they are well-writt e.com. We also welcome en and should along with the comments d also not be longer and email address and phone numbers than (950of the writer.

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POLITICS

T H I S D AY

THE MO N D AY

DISCOU

OCTOBER 31,

2016

RSE

The decision by the Inde Mr. Jimoh pendent Nat Ibra ional Electora Party in Ond him and not Eyitayo l Com there could o State is generally beli Jegede as the Peo mission to list ples be more to it than mee eved to smack of mis Democratic ts the eye, writ chie es Shola Oyef and that yipo

T

INEC chairman,

Mahmood Yakubu,

during the

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“Government o-Kuti’s an ever green Magic” song is Ahmed, affirmed this because according the governm that exposes sometimes ent does the to her, governance illusion of democratic federal level. What a not owe salaries at the and the hypocrisy pointless self-adula Who measures budget of basis of tion! its growingan evolving modern world crisis responsib salary paymentperformance on the penchants for once governme metaphysics. with ‘technical’ allusion ? It is stemmed from le for the Ondo PDP nt is determine That present anything, to the crass just another crisis plaguingabove. The seemingly debacle d government. failure of the Altho intractable analyse theusually, it does not to achieve ugh comm its national Whilst this have come holistically consequences, leadership execute it, often intervention, is not the crux of but may on the develo entary wing, and itat a very bad time for this leaving in its goes ahead to that, it is paying dearly the Ondo of deplorabl pment is technically, is pertinent to acknowlevery expec trail, a ‘basket focus on a crucial es’ – borrowing for it, unable the crisis in dge US Democrat State ted to election, just the coinage to the APC in Ondo The release of the of the over the choice of its weeks presidential ic Candidate in the Novembe given that be measured candidate ahead election by of the list of candidate away. governorship election, Hillary r 8 Novembe INEC last week the matter s for the election billed In today’s Clinton. waves down r sent some shock Muhammadu government of not mean might have subsided to hold in is now in court and the activethe spine of both the and word “technica Buhari, the fond President the party’sthat the aftermath of thea bit. It does indeed The electoral players on the Ondoobservers use of the primary would outcome of , the Appea any other time l” appears more notorious horizon. body, at least, the still party not l take with stakes, acting as if an interested choice of Mr. its toll, is expec political history. in the artery of contempothan as its candidate Rotimi Akeredol of the Ali Modu had listed Mr. Jimoh ted to deliveCourt Why so? Its capacity rary is a is no longer ‘technical shield’ u r as the candidate Sheriff faction of Ibrahim in times of crisis!to provide withsettled matter as far as in contention – it judgment on the PDP, If the APC of the party INEC, the umpire all its confusion the election. the governm recognise PDP cases gaining victory ent is not technical d for Unfortunately, ist tendency, is concerne sometime this Before INEC over the Boko the ly the PDP economy is Haram did in Edo Stateperformed this magic – is far from ruling party in the stated. week. Howe not be out oftechnically in recession sect, the bridge. Not the way it crossing this ver, INEC election and two days to the governor . It would all importan– canno because the in the technicali place, therefore, to assume t which the ship party has necessary t continue thanks to security it feigned ty of the party reasoning require to and governmethat face of the law,and seen to have donenot done needle conspiracy ignorance – Jegede of the so but because – Mr. nt’s appears ss fire on thestoke political consciou some reawaken the Nigerian in the candidate of main faction of the PDP Eyitayo to ing polity and the A few days ago, sness of the country. in the habitually have suddenly set in, aided factor on the groun indisputablyGovernor Olusegun Mimiko inconsistent the federal governme by the ds of obeyin the 2016 budget the standard to judiciary, was having emerged bearer nt said andenjoy throwing the polity which seems court orders had “fully performe g as in terms of from an exerciseof the party, palpably . It is bad into needless enoug ideal and observed Budget andpersonnel.” Minister of d to date its incongru avoidable disorient the latter choice

by INEC adjudged h that its resolv National Planning State for ation ous injunctio was a product itself while ns, rulings with obey , Mrs. Zainab judgments as it pleases. arrangement e to and or court orders of another in Ibadan, the Even more As if consciou Oyo unfortunate is now selective becau sly playing State capital. is the fact that destabilis a script to the polity and the when it suits se it does so failings, theeINEC, further always hiding expose its court rulings it behind funny and injunction s to feign obedience

FEATURES

Anambra The biblical valley of the shadows of Theb b ca va eyoftheshadowsof used to depict a condition of death issusedtodep ctacond t onof fear and harm, but innAnambra Anambra, there fearandharm exist physical valleys of the shadows The exstphys ca va eysoftheshadows Mena e o of death scattered around the state. ofdeathscatteredaroundthestate T Page 20

BUSINESS Global Financial Losses to Cybercrime May Hit $6trn in 2021 Security experts have pre- dicted that financial losses to cybercrime may hit $6 trillion globally by 2021, if the ugly trend, which is on the rise, was not nipped in the bud.

Page 23

CITYSTRIGNS Traffic Light Vandalism in the FCT

• MONDAY,

Group Politic s Editor Olawa le Olaleye Email wale.o laleye@this daylive.com 0811675981 9 SMS ONLY

Ondo and IN EC’s Magic

Buhari with

FEATURES The Menace of Erosion in

EDITORIAL

IN NIGERIA

t is no longer sion. Oil pricesnews that we are in a receshave plunged, importantly, in the Niger agitations Commissio the Niger Delta Developm frightening Delta region have assumed n, dimensions, ent administra a vehicle created by coming out with groups the oil-rich tion the of Niger accelerate the in 2002 with a mandateObasanjo critical nationalthe woodworks to and in accordanceDelta in a sustainable destroy developme infrastruct region. Conversely manner area. with the extant nt of the Nigerto the law. , we can baskure in the provisions Delta assurance that The challenges in the warmth of However, Nigerians have of both the been a very region have been performance in view of the NDDC’s NDDC and resolute been well chronicled that have succeeded and determinedalways dismal the these include has literally over the years, Mr. Nsima breed . Some of against all got to hit the youth demograp Ekere team as well infighting among the odds, our huge with a view hics, if positively leadership to bringing ground running is a game changer; ment betweenas leaders in the region, to the impoverish succour and many of the channelled, misalignin various and the real the agenda of past leading Like Dr Martin ed citizens of the relief fields NDDC teams developme region. the opportunit globally are Nigerians lights Luther King cronyism, ntal needs at a divided ies for growth opaque procureme Jnr, bellowed and of the area, America in abundant. myriad of in Nigeria March on Washingto As his speech other problems. nt processes and seem looks bleak such, even though the a It is not in n on August at the “America could at the moment, horizon doubt that us with a golden no longer afford 28, 1963, these times Managing the newly administer Director of present appointed chance to re-invent the ing and let the luxury itself the Commissio Nsima Ekere, ‘the tranquilisin of gradualism world know a stellar technocrat n, Mr. ,’ g drug of can come out that many our nation astute politician urgency of but, rather, recognise good things of Nigeria. and an is fit for the now.” Ekere ‘the fierce Interesting backdrop of urgent and his experience job. Against the concrete stepsand his team must take foreground ly, the Niger Delta region estate surveyor as acute s binary opposition an that enterprisin also awareness demonstra and valuer, where oil accounts developme te an s. head of various g move the NDDCof the situation at ntal focused for close to As a nation and roughly and by extension,hand, and State before agencies in 90% Delta region, his well-earne Akwa-Ibom the region 75% of the budgetary of exports the Deputy abject povertyout of the doldrums the Niger that produces revenues, Governor of d elevation as of neglect, from the Promised oil is still very Muhamma the state, President has crippled and rent-seeking mentality du Buhari far Land of developme spite of huge must be commende for making that one which it and transform the sums that nt in the land into ev to the area it is often said, right call in this regard. d by way of have been committed everything Like amnesty and leadership. rises and most The the President’s choice of Ekere is falls on indicative resolve to fix the problems of of

The late Fela Anikulapo-Kuti’s “Government Magic” song is an ever green that exposes the sometimes illusion of democratic governance and the hypocrisy of an evolving modern world with its growing penchants for metaphysics.That once government is determined to achieve anything, usually...

Page 16 have done and handed over to LASEMA “Honest y LASEMA has not been as eep n the ast two months W th the swamp bugg es prov ded by the governor they have been work ng here day and n ght to mop up the erry cans and other tems the vanda s eft here We are ust support ng LASEMA to ensure that they c ean up the area ” LASEMA Genera Manager Aden y T am yu a so sa d “We wou d d spose of the erry cans for recyc ng It wou d be dangerous and uneth ca to burn them around here “So we have been g ven the mandate to take them out of here wh ch s what we wou d do We wou d se them to recyc ng compan es The erry cans are empty “We are mov ng them out Our concern s to br ng out a the remnants of the r equ pment ns de the creeks “I have gone nto the creeks for three hours and I have observed that there are qu te a ot of erry cans st scattered across the p ace a str nged together So we have an ass gnment to do and we have to do t “We do not comp ete y know the terra n so we engage the oca s Qu te a ot of them are ns de the creeks and everyday they br ng out kegs and we puncture them “As a government we wou d ensure the vanda s don t return I am sure the m tary won t eave th s p ace unt they are sure the vanda s don t return ” Meanwh e p ans are underway to erect br dges as the commun ty has requested a nk br dge to the LagosIbadan expressway and for the state to open up the waterways to mar ne act v t es

States....weekend

$29bn External

Omololu Ogunmad e in Abuja a country’s substantiv The federal e AuGF for a loan request before they SGF on May 25 to the Federal current move government’s could Civil Service entertain “That a candidate billion foreignto secure $29 Commiss Last Thursday,such request. (FCSC), loans may for at a session to immediation the post should remain a pipe between possess a Haram kills commence ely minimum dream the government swiftly unless the Finance, the Minister of five soldiers, Mrs. Kemi Adeosun, appointing Ukura’sprocess of Degree and of good Honours others in ambus ensures the three appointment and the Minister successor while substantive professiona must be a qualified of a substantiv h of Budget Auditor-General e Planning, Mrs. l Accountant holding Chiemelie Ezeobi Senator Udoma Anyanwu was askedFlorence membership Federation (AuGF), of the Udo certificate of to take over the job in Udoma; bomber and THISDAY a learnt at the acting in capacity. reputable accountan of the Senate Chairman However, killing him.

An attempt weekend. cy body recognised by He said: “At Anyanwu’s Committee The threat on Appropri law about 9a.m. bomber to by a suicide troops posed ation, Senator in acting capacity is tenure or outside Nigeria.within and/ by the Danjuma also said explosives detonate his Dole of Operation Lafiya development has Goje, had doubted to have expired while “That the candidate been at the Bakassi deployed on described as Ukura’s Internally Displaced successor has one of the many government’s preparedn possesses Bakassi IDP camp, not been named. a minimum of 15 years ess to obtain the loan.

Damboa road, lapses hampering Persons Maidugu (IDPs) camp, The SGF, in post profession “I just hope that effective the at Damboa road, management ri, on qualification federal governme Maiduguri, of the economy FCSC in May, the memo to experienc al intercepted and security duty, the administra Borno by e, acquired nt will the had directed T H I S D AY killed a male yesterday foiled State, was tion of President succeed in obtaining these in commission bomber ,who by a sniper suicide• MONDAY loans to appoint public or private sector, at the with the situation OCTOBER Muhammadu Buhari. attached to least had 31,Whereas 10 years 2016 on ground,” the most senior director Operation Lafia attempted to sneak Doyle.

AuGF in the president Goje stated. as auditing. of which must be in through had the troops’ acting capacity That the most last Responding, pending the The suicide senior towards the inner parapet National Tuesday sought the Director be appointed appointm Adeosun bomber expressed IDP Assembly ent was said to have camp. a substantive of capacity in acting confidence on ’s nod to “The Auditor-General at the possibility of the within sneak into attempted to sighted vigilant sentry pursue $29.9 billion external term of officeexpiration of the the the IDP camp borrowing programm the bomber loan and only obtaining the was this next three months. It of the current through the and laid in Auditor-General appealed to the directive e, some senators and must and would western flank close. wait until he came senators who reacted to 15 up Anyanwu which threw have have, succeeded at least a minimum request at the The sniper the before to treat the request . but for the instantly them with dispatch. weekend, The memo shot and killed of eagle stated in part: two years to retiremen Since May the terrorist no external loan couldsaid sentry on duty. eye of the as he “That all relevant t.”

However, 25 when tried to obtained unless be The sniper the request was Secretary to the Governm the (Audit) regardless Directors this directive,five months after to the westernforce his way accompani of the year of the the ent of promotion ed by flank of the have waited was said to IDP camp of the substantivappointment report from a a confirmation a memoFederation (SGF), in , be considere fence. e AuGF has to come closerfor the bomber substantive AuGF, in the d not been dated May “Unfortu which Nigeria made, 25 and new process of appointing signed by him down. before gunning Improvise nately, doesn’t a in complaint thus resulting Auditor-General the present.

There ed Bukar, d Explosive is need have at PermanentMohamm It is surprisin According Device Secretary (General to make the exercisein order Committee s by Senate (IED) g that to the acting The senators to do more on Public Accounts strapped Services) to re-posi the federal more that presentatio claim beingvest Director competitive and on thegovernm in the Office explained tion Army, Public bomber “gratified that the failed to of ent internal attract theeconom ns by the staff would to ”detonate. more the Office Doing Business Relations, by the latest competen donor agencies SGF, ordered the immediat ytand of “ Conseque capable such as Bank’s putofficers of the Auditor-Ge report the people past AuGF, ntly, a combined e the process. the World Usman, the Colonel Sani which placed World number 169 in of theto Samuel ofout Federation incident which team Internatio work are poorneral military Nigeria of 189and nalatMonetary Bank, to proceed on terminalUkura, happened at countrie doingExplosive “That the Commissio polices in(IMF) and lack businessOrdinanc effective Fund about 9a.m, the leave, place and overall the governme coordination.

African report is Neverthel saw the sniper intercept Opportunities ranking.e The ease Device Developm internal and n should of nt has failed report, narrow ess, Bank ent entitled as ititdid (ADB)“Equal to advertisem ing the external All”, based that are was had set a rule replace him. key indicator not Cont’dforon learnt measure some that alsofollowing the overall ent to expand authorisin critical to the Pg 59 Ukura’s non-repla ranking g the on investme level field of selection the of security, construction s on starting SGF’snt decision aspects attachment a business of ,confirmat to macroec cement permits, registerin to consider directive FCSC in May, dealing ion report is however, onomic credit, protectin the stability, s such as skills of the from directive in contrast to the other qualified Auditors labourcommissio g property, with n in July, shortlisted both getting within institutio by the Office across borders, g investors, paying on, underlyi corruption, andnsforwardedpopulati of the service. and outside the financial ng quality enforcing contracts taxes, trading the names civil three and infrastru vency, and cture,ofthe strength of candidate system getting , resolving ands for predictab of the the office focus of insoltothe In the current electricity.

Buhari. ility of policies. report was assessme regulation The ment in the and red-tapeprimarily on measurin area of startingnt, Nigeria made improve small to medium g relevant to construction a business, the life cycle the dealing with to credit. But permits, registering property With Kenya, -size firms. of a for the second and access among the slope in key the country also recorded consecutive top 10 global indicators like a year, downwa undertak improve getting electricit trading across rd en, details y, paying taxes, of the report rs based on reforms borders, Nigeria ranked enforcing contracts revealed that protecting and resolving investors, 174th on getting138th position on all, the country starting a business insolvency. construction improved by getting In position of , permit and electricity. just one 170 last year Others 180th registering believe that to 169 this point from its property, 44th include 182nd positionon year. We do is protecting when we are something to rejoice on getting on not minority investors credit, 32nd about, talking about 181st on trading on , 182nd an assessme especially IT IS IN OUR nt involving contracts, and across borders, 139thon paying taxes, 189 nations.

140th position INTEREST TOECONOMIC on “Simple rules on resolving enforcing FACILITATE According TRADE ACROSS that are insolvency. a governm to ent treats its easy to follow are a IMPROVE THE BORDERS, the World Bank sign yield direct citizens report, the economic benefits with respect. Theythat SYSTEM, EASETAX marship; more ginal improve market opportun – more entrepre PROCESS OF THE adherence neurities for highlighted ments to A BUSINESS, STARTING Bank chief the rule of law,” said women; more for country meant our economist Paul Romer, ACCESS TO IMPROVE and senior “But we should World CREDIT vice-pres in the last year, “that AND ENHANC also rememb with respect er that being ident.

Nigeria’s business PROCESS OF E THE treated own sake andis something that people SECURING regulatory CONSTRUCTION value for environcitizens this that a government PERMITS ment as captured that fails to its way treat its indicators improve As the largest will lose its ability to by lead.” economy d slightly in the doing business region and country is decreasin absolute terms by most ratings,in the West African g the gap with continent, subtory frontier.

- the still the biggest it the on the trade across is in our economic interest involved in This is a morale booster global regulathe efforts to facilitate for stakehol the process borders, improve the aimed bottlenecks tax system, of starting in the business at removing existingders ease a business credit, enhance While that environment.” , improve access the process tion permits the complete small step is good, it to of securing still did not regulations and registering property construcIn any case, story of an economy tell that would that is in recession as we have , initiate contract protect highlighted s, and resolve . investors, in the past, enforce is the will insolvency. the to pursue these What is required friendly reforms. smart and businessBut even at do more if that, we put our peoplemust re-position ourthere is need to economy and to work.

POLITICS Ondo and INEC’s Magic

Speak ng on the erry cans recovered from the creeks that he nspected Boba sa d as of ast week Fr day 53 000 kegs of 50 tres were recovered from creeks around Ishawo He sa d t was made poss b e by the Lagos State Government through the Lagos State Emergency Management Agency (LASEMA) because t prov ded swamp bugg es to c ear the creeks to enab e LASEMA pu out the erry cans He sa d “As you saw when we got here there were about three or four waves of erry cans com ng n under the protect on of the army navy and other secur ty forces “There are a ot of erry cans a over the p ace As de the erry cans we arrested so many of the m screants and handed them over to the DSS “You can see the ne up of erry cans here If you beg n to ta k about 53 000 kegs by 50 tres by 145 by the 20 years they have been thr v ng n the bus ness that s a ot of money “So we have done our own and wou d cont nue to do our best What we have recommended s that the appropr ate agency shou d go after these fi ng stat ons ” On the ro e of the commun ty he sa d LASEMA was a ready partner ng w th the oca s g ven that the m tants had subdued the commun ty before the m tary ntervent on He sa d “A ot of peop e ran out of here because the commun ty was harassed It was on y after our operat ons that peop e started com ng back “As a m tary officer I was nstructed by the Ch ef of Defence Staff Genera Gabr e O on sak n to remove the shant es and d s odge the m screants wh ch we

H I S D AY

Operation Hammura Urhobo/Isoko bi militant group, our Akuma Strike Team Code, Niger Delta Greenland struck and brought Justice Effurun-O down the 32-inch Mandate (NDGJM) tor delivery , yesterday claimed that line.

“This is not it bombed the ending soon; 32-inch Effurun-O tor delivery we shall fulfill our promise line operated uprooting of Petroleum by the Nigerian our land,” your entire assets in Development the group Company (NPDC).

NDGJM reiteratedthreatened. its The group said in a statement that the pan-Niger Delta belief signed by its spokesman. Aldo led by that was a job Forum Agbalaja, that and can never get protest againstits action was in support. the militant group’s Delta Forum the pan-Niger It declared: headed by “We Chief Edwin our unflinchin are reiterating g belief that the be meeting Clark that will pan-Niger Muhammadu with President coordinate Delta Forum, being Buhari tomorrow. d by THISDAY checks and therefore Clark, is a job can never get however support. revealed that our carried out the attack was “Like we said on a disused before now, the trunkline abandoned NDGJM is not

by NPDC. opposed to a The group genuine Akuma Strikeclaimed that its federal dialogue between the governme Team brought down the trunkline representatives nt and real at about of the various 11.30p.m last L-R: Former Governor Saturday in nations of our region. furtherance “We of Anambra State, of Association (NLA), Hammurabi its Operation from theare collecting names Peter Nexus Sea, at Code. nations in the the annual merit Obi; former President, “At about region, those who Dr. awards dinner of the NigerianGoodluck Jonathan; and President, October 29, in 23:30hour of equitably will sincerely and Lawyers Associatio furtherance of the peoples,”represent our various n of the United Nigerian Lawyers it added.

Letters to the Editor

Ch eme e Ezeob

31, 2016 • T

News Editor Davidson Iriekpe n thisdaylive.c om, 0811181308 1

Bank Verificatio The Central (BVN) would n Number the money Bank also be used to, we would (CBN) has said of Nigeria in identifyin also if an identify it is working g fraudsters on a policy account is watchliste in where hehim in all the banks when that will ensure the industry. d has accounts that bank customers the “We are currently and operationframework becomes worrisome was the fact when legal impedime involved in electronic that devices al, credit into nts are fraud are either on a framework using working overcome, such such malware used to spread the attract similar attention blacklisted or the BVN people could account would be withheld. to eliminate from the fraudster were operated fraudsters. One be blacklisted or watchliste This is because s. surveillance. placed on close common with default passwords “Social engineeri in the banking d to watchlist, if we are able it thing about electronic which made The bank’s Director, easy for the hackers ng has fraud become “That would system. to apprehend we will be able Banking movedis that when money to guess. attacks rife in cybercrim and Payment “This also assist and prosecute, is e in Nigeria. ” increasinggoes to show that on ‘Dipo Fatokun, System, Mr. is movedfrom an account, it a great deal in curbing us he added.

Almost ly attacks of a daily the Earlier in October edition said this at the account. into another bank menace of fraudsters. Opening nature are becoming this of messages basis, a plethora Fatokun said an address, place and are sent by these common criminals e-Fraud Fraud of the Nigeria owner So, identifying the account is a contract. the world had the tactics used, If with the express held in Lagos Forum (NeFF) account of that fraudulent bank notices that a particulara been inundated with more damaging customer is at the weekend. using the BVN, news on Distribute various institutio to individuals and intent to con the unsuspect Fatokun, fraudulent would we ing ns alike. Seeing recipient using d chairman of who is the identify not only be able to is a criminal, the bank or Service (DDoS) attacksDenial of that this technique that appeal attack came the right to has various NeFF, said targeting to vanity, greeds the bank in him or her in the out of the get him order such as internet destinations a month set aside by in or authority. It is which he has United the contract. And Twitter, therefore moved another The New York PayPal, CNN, NationaStates to focus on important that we look critically implication at measures is that others.

Times among l Awareness, weCybersecurity industry that will protect the He said particular hope that our as a whole from ly own general menace of social the meeting will engineering not attacks,” he added.

It is surprising that the federal government would claim being “gratified” by the latestWorld Bank’s Doing Business report which placed Nigeria at number 169 out of 189 countries in the overall ease of doing business ranking.

Page 15 I

Lagos State Governor Ak nwunm Ambode

on.iriekpen@

Obinna Chima

T H I S D AY

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CONT’D ON

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Quick Takes

Etisalat Launch

MAKING DOW NSTREAM SECT OR

L-R: Chairman , OTL Advisory Mr. Gbite Adeniji; Board, Mr. Reginald Group Chief Olaoye at the Operating Officer, Stanley; Senior Technical recently concluded OTL Downstre Masters Energy, Mr. Ajay Adviser to the Minister am Expo…re of Pandey and cently GM, Lube SalesState for Petroleum Resource & Marketing , Mr. Olugbeng s, a

VIABLE

Global Financ Hit $6trn in ial Losses to Cybercrime 2021 May

Emma Okonji

es Online Platform Etisalat has launched known as ‘MyEtisal a revolutionary online self-servic ment to continuou at’ in furtherance e platform of on the network. sly deliver superior its unwavering commitexperience to subscribe Speaking at rs a demo event its Chief Product to unveil and Informati the platform in Lagos “the platform recently, on Officer, experience is an industry game changerOtuyemiOtule, said: and digital platforms journey of Etisalat customer as it simplifies the full access to . Etisalat self-service platform s across its various their gives our customers He added that account information and on the web, the platform which couldand available services.” be accessed of features empowers Etisalat customer via an app and s with a vast Etisalat services functions which allow bouquet them “The platform without the need to remembeto manage all their r, text or dial from customer was developed as a result codes. a brand that feedback and surveys. of intelligence generated This cares about what its customer is proof that Etisalat and strives is to respond to their feedback s are saying and feeling He further said ”, Otule said. that ‘My Etisalat’ and ease to subscribe service of Etisalat business rs while the service provides convenience covers various offerings such data, roaming as prepaid, post-paidsegments and second to none value added services , airtime, with features in the mobile and functions “With the innovative telco space. service, Etisalat enjoy greater control over value when they use the customers can now also their preferenc platform as it platform also offers unique es on the network. The gives them to disable their security self-service devices if stolen,” features that enable customers he stated.

Banks, Fintech

Firms Are Strateg

The banks and Security experts financial technolog ic Partners ECONO MY but strategic billion to have dicted that y firms partners, as cybercrimes, financial lossesprethe developm such they should are not competitors loses as much and cybercrime to on malicious ent as N127 million 2015, and that the collaborate may hit $6 MD/CEO of of the industry and customer towards number kept apps that could yearly to cybercrim trillion direct globally by growing. He Systemspecs 2021, if the satisfacti them to unsafe therefore made this declaratio to recent statistics e, according the developers trend, which ugly of Remita, John on. sites. move by the welcomed released by the While making is on the rise, n at recent the Committe Office of US Mission Obaro, not nipped e of e-Banking meeting with the leadershi in the bud. was Symantec, Afon reference to Adviser the National Security Nigeria to create banking practition Industry Heads awarenes said cybercrim p of The experts (ONSA). among internet has who spoke users in Nigeria.s According to ers that represents interests (CeBIH), a body of The Executive 2016 Cybersecu at the drug now surpassed illegale “The dynamic him the company Vice Chairman of trafficking rity Awarenes we can do is Month, organised is a fintech banks in Nigeria. as a criminal of the Nigerian Commun terrorism threatsnature of cybers money-m to come up with firm and the work in partnersh ica- our top-class products.

Mission Nigeria by the US identities aker, and that people’s tions Commission “best capabilities demand that ip with banks (NCC), in Umar are be Prof.

Lagos He stolen continually therefore reiterated to meet desired But we need to week, raised Garba the alarm that last seconds as a result every three represent Danbatta, who was refined and adapted market needs.”

CeBIH to develop the company’ of fraudulen of cybercrime ed by the the most effective to provide s readiness While also t activities are a lot the industry Director, platforms for to quoting Forbes,. Public Affairs place online, taking Afon response. the banking sector.by deploying efficient work with at NCC, Mr. Education and general where individua explained Tony also electronic expressed and corporate Ojobo, that 89 per cent CeBIH’s Chairman, public awareness ls of breaches is a key part Dele Adeyinka, of Nigerians said the number this saying that thethe body’s wiliness to collaborat been swindledorganisations have espionag had a financial that browse of requirem e with Systemsp or internet of their financial e motive past for the banks and Systemspecs the in addition ent. This is why savings in everyday is ecs, and that good of the have collabora cybercrime seconds. to on industry. increase collabora responsib costs the ted in the and that are projected However, The President, the tions, ility to reach $2 to raise security there was need role NCC is playing a major work with you of fostering this relationsh he said, “we have the trillion globally Experts AssociatioCybersecurity 2019, in creating for awareness ip by the internet with the tendency awareness and on educating Obaro declared the advancement of the and we are ready to Mr. Remi Afon, n of Nigeria, damages to enable Nigerians for the browse the general who delivered to payment systems as interesting the rapid industry.” a paper on: acceptability globally by reach $6 trillion falling with caution and avoid issues of cyber securitypublic on ‘Recognising across the Nigeria twelve years of electronic 2021, according Combating victims to and to Cybersec through sponsorsh banking ago the Cybercrime’, 40 According to cyber abuse. various ip and support urity Ventures.

“Today, almost country was reluctance landscape, saying that for caution called of Danbatta, while browsing Narrowing awarenes ria currently of e-paymen everybody has come to to accept e-payments. internet and the threat the Nigeria, has over 152 Nige- organised by s campaigns t. agree about to avoid clicking to active million organisat Afon said cybersecurity the necessity be implemen Now, the debate is about telecoms subscriber between 2012 – 2014, ted,” he said. how e-paymen ions,” that out s and Nigeria lost t should The Assistant Danbatta said.

N64 million of the number, over Legal Attaché, 97 Agency Wins are internet users, as at Effectiveness T H I S D AY A startup creative Award• MONDAY, OCTOBER Continued agency, of Category on page 24 31, 2016 winner in the Up In The Sky Ltd , has emerged 2016 Summit Award competiti Marketing EffectivenBest on, held recently.

Acting category with The agency ess Featur its won the platinum Day’ campaign work with Royal Diamondes Editor Orphanag TheCharle s Ajunwa adjudged one received and wasEmail Stakeholders charles ‘Special of the very won .ajunw ofe.1100 industry have in the ports Reacting to the in the Integrated + Mixedbest outa@this entries daylive.com MARIT IME called for agency, OjeOjeag award, the chief executive Media category. out of court an settlement officer of and SLAC award especially a, said the company dispute between of the (SLAC) had filed was thrilled the creative because the to receive the Shippers’ Council,the Nigerian depositsand refund container before the Court an appeal Forwarde and provide campaign for children rs, NAGAFF of Appeal to upturn within NSC, and in the society. was designed to protect the Seaport , Dr. Eu“We ensured gene Nweke, the ruling Both terminal10 days.

Terminal Operators that of lower said all the communic Association mercial,Radio, court. dispute resolutio alternative ations materials of Nigeria, STOAN. and the shipping operators PressInsert, However, maritime – the TV Comtogether to The STOAN court settlemen n or out of lines questioned deliver on our Outdooranddonationswebsite industry the powers had stakeholders, tion Shipping and Associa- Ports objective. award is an the industry t was better for –worked drawn of the freight objective endorsem This marketing and the national (ASLA had Lines Agencies such Regulator to carry effectiveness he said. forwarding from the economy ent of our campaign out and maritime taken . professio action. to court following the Council . strategy”, Noting that lawyers weekendn But Justice out of court to reverse storage its decision of Ibrahim Buba said the way settlement out the Federal charges collected by the High Court the three parties in was for good as a would have been Ikoyi had terminal operators precedent, the case to embrace in Decembe and for increasing Nweke said this would an out of free storage 2014, ruled in favour r 17, settlement. court achieve take days at the of the NSC, seaports from as the court time to They argued to seven. three ment upholding its appointwould need as the the good of that this was for beforetime to study the “What keeps Similarly, case all the parties me up at night regulator for ports economic for justice can and the benefit the ports industry and during the gone to court ASLA had also and He called on be expected. of the Nigerian affirming to day stop economy is all how the the its decision Regulator from Ports the do parties, including the which is we get money on facing charges. ports economic to invest in our shipping line reducing their recession. currently regulator, infrastructure Dissatisfied STOAN and agency charges Former Presiden because once with the judgASLA, to consider ment, members we do t that, this economy of STOAN National Associati of the promise as reaching a comcan be proactive” part of the on of Government out of Approved Freight Minister of Finance, Continued Mrs kemi Adeosun on

CITYSTRING S

Port Charges : Council, Term Stakeholders Urge Ship pers inal Operato rs to Settle Out ’ of Court

It was a peak afternoon when workers were about heading homes after the official working hours. Adeyinka Ogunkola felt a deep sense of outrage with the traffic that had ensnarled him at the junction linking Micheal Okpara Road with Herbert Macaulay Traffic Ligh t Vandalism in the FCT Road inWuse Zone 6. Page 40 page 24

A vandalised

traffic light in

FCT

In the face of perennial vand a challenge for motorists alism of traffic lights in the nation’s in the city, repor capital, drivi ts Olawale t was a peak ng has becom Ajimotokan were about afternoon when workers heading homes e their key official working componen after the ts off

INTERNATIONAL Don’t WithdrawfromICC, AfricanGroupTellsLeaders The Africa Group for Justice and Accountability (AGJA) yesterday urged the leaders of African states not to withdraw from the International Criminal Court (ICC), an intergovernmental institution established to investigate genocide, war crimes and crimes against humanity. Page 48

I

and dispose hours. Adeyinka in the market.

Ogunkola felt them the a deep sense In fact, 90 Federal Secretaria with the traffic of outrage t, down to that had ensnarled installed on per cent of the traffic Similar him at Wuse 2. the junctions lamps Macaulay situation can be hours in traffic Bello Way Okpara Road the junction linking Road, Yakubu said of Herbert are not active. along the Ahmadu Micheal Tafawa long in Wuse Zonewith Herbert Macaulay The Gowon Crescent, partnered with especially at peak hours, Road in theroad is strategic as it 4.6 kilometres Obafemi Balewa Road, some the Chinese to install a scrum informed 6. There was a vehicular runs from south west government sections Awolowo Road new set of Apo area of the traffic lights lights installed by the malfunctioning to the North-weof city centre.

Abuja through of the FCT in addition in the traffic at the junction. st to several inner that serve lost several The FCT Ogunkola as arteries to the major roads Bello, said Minister, Muhammed through a productive minutes, In the day most of the stretch of road wafting Musa lights were to junctions traffic wardens are roads. kilometre for of less than assigned replaced withold model traffic without traffic an one appointm improve the night, area of Abuja. modern ones ent in the Utako lamps, but when to in Administrvehicular movement bedlam usually the wardens are His plight is after the FCT ation completed off duty, There are 168 ensues as for the job. of lack of motorists and similar to the hardship technical survey motorists, patience disregard traffic which out regular basis commuters pass through light He In reality, driving intersections decried the traffic laws. on most roads on on the major activities of peak period Capital Territory. in in the Federal but roads during who vandalise public hoodlums in the light about two-ththe FCT light undergrou facilities like reasons, requires of the Dysfunctional street nd cables, telecommu wits and guts. identified ducts traffic lights ird of impede free “The lamps the as traffic lights well as in the FCT nication are left derelic rarely ing the risk cases, result flow of traffic, and The minister’s traffic light equipmen in many crimin of fatal accidentsfunction, rais- Director t by in concern was t. particularly There are 168 accidents and loss of als, who echoed in the night, in charge of at junctions lives. traffic light Traffic Managemby the FCTA Transport by traffic wardens. that are the FCT but their key compovandalise intersections ent at about two-third Secretariat, When driversnot manned in from different are left derelict Igberaese, Vincent Igberaese. nents are who is an engineer, by criminals, of the lamps dispos give way, therejunctions and they coming the spate of e them off in and who vandalise bemoaned vandalism of refuse to can only be accident,” traffic lights the market one outcome: of concerted public lamented Ogunlola in spite enlightenm by his team But the FCT ent campaign . to rein in the Administ the vandals to tackling continued to monster. He said and reducing ration with regard of governme sabotage the loss of productiv nt to deliver efforts e obtainabl e in advanced a service that is countries through

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INTERNATIO Don’t Withdraw NAL ICC, African Group Telfrom ls Leaders

MONDAY OCTOBE

email:foreig

R 31, 2016 ˾ T

ndesk@thisd

H I S D AY

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Gboyega Akinsanm i continued reports of African The Africa Group for Justice and withdrawing from the ICC, states made important Accountability (AGJA) yesterday it argued, could worsen which the developme contributions“to urged the leaders nt of internation the cases of human rights al of African violation on the criminal justice. Fatou states not to continent. withdraw the current Prosecutor Bensouda, International Criminal from the of the ICC, It cited the cases is a Gambian Court (ICC), an intergovern of national.” mental institution South Africa and The Burundi, It pointed out established to Gambia, that one investigate genocide, which had signalled their intention members, Mr. Bubacar of its war crimes and Jallow, formerly Chief crimes against to withdraw from the ICC, humanity.

Prosecutor of thereby Internation calling on all other the The AGJA, a ing withdrawal states consider- for Rwandaal Criminal Tribunal to reconsider rights activists group of human recommit and the Residual and in the continued Africa, added that Statute. themselves to the Rome Mechanism for Internation reports of African Criminal al Tribunals, states withdrawin It said: “While from The Gambia. also hails g from the ICC could worsen sovereign rights we respect the the Quoted in the of states to join rights violation cases of human and withdraw group’s stateon ment, Jallow from the ICC, said: “Withdraw The group said the continent. urges all it als ment it issued this in a state- the Romestates to work within from the ICC constitute a serious all signatories yesterday, urging continue Statute system and obstacle to the rights of victims to to justice and their support that established the convention court. the duty of states for the to ensure accountabi within the Romethe ICC“to work lity for mass “African and continue Statute system vanguard states have been at the atrocities.

“They close the Court.” their support for justice, of international criminal and were indeed recourse to justice an important Among others, and the statement in ensuring that the ICC critical the global fight againstundermine was signed by became All a reality. Their impunity. a professor of efforts efforts Public commitme should be deployed International and their to Law, University encourage Oxford, Dapo of than ever nt are needed more Akande, a human members of states to remain today.” rights activist, Mr. the ICC and The group said resolve Femi Falana, their concerns it welcomed the mer Prosecutor for- initiative within at Criminal Tribunal the International of states of a growing number the Rome Statute system,” he Bubacar Jallow for Rwanda, Mr. Senegal, including Botswana and added.

The group Prosecutor of and former Chief regardingwhich expressed concern the United Nations cerns held by noted that conSouth Africa’s International states regarding and Criminal Tribunal, Burundi’s intention “to withdraw the ICC should be addressed Richard Goldstone from the ICC by and have encour- the Assembly of States In its statement,. aged states to remain committed (ASP), where member-sta Parties expressed concern the group to the tes could Court.” work together over the in a co-operativ It noted that The Gambia had spirit “to build a strong, effectivee and representati ve court.

T H I S D AY

•MONDAY OCTOBE R

SPORTS Belloumi: Alg eria Can Rep Belloumi: Algeria Can Repeat 35-year Feat 35 31, 2016

MONDAYSPO RTS

2018 WO RLD CUP QUALIFIE

against Nigeria Legendary Algerian ex international, Lakhdar Belloumi, has tipped his countrymen to pick all three points when the Fennecs play Super Eagles in a 2018 FIFAWorld Cup qualifier on November 12 in Uyo. Page 63

eat -year Feat ag ainst Nigeria

Duro Ikhazuag be believe it is the Algerians Legendary will that international, Algerian ex due be under pressure in Uyo to the draw Lakhdar played Belloumi, game they countrymenhas tipped his openingwith Cameroun in their points whento pick all three qualifiersMatch-day 1 of the the Fennecs , Belloumi insisting play Super that FIFA World Eagles in a 2018 onesthe Super Eagles are “the under pressure.”

November Cup qualifier on “On the contrary, 12 in Uyo. The 1981 African I believe Footballer the Nigerians will be the of the Year under ones Espana ’82 who played at home pressure as they’re World Cups and Mexico ’86 their and playing in front at of own fans,” he FIFA.com for Algeria told conviction said with . the Fennecs yesterday that Belloumi described repeating the are capable of 1-1 Algeria’s ago when they feat of 35 years in draw with Camerou Blida as “a n defeated Nigeria home and away misstep” considering that they have first Mundial to earn their found ticket. the Indomitab “Algeria le Lions difficult footballing have a great competitito play against in history. We’ve ve matches. defeated Nigeria “Our team more than once. We beat For me, the is very strong. them on own patch draw in 1981 andtheir Cameroun was just against Libya in 1982. in a misstep.

My message And we mustn’t forget to Riyad Mahrez Cameroun have that and Co, and therefore, is a great team 12 Novembethat winning on and a long World Cup history, impossible,” r is certainly not themthat we’ve never beaten Belloumi stressed in an official with confidenc put that slip-up match. Let’s e.

“We will concentrate on behind us and picking up three our style ofwin if we impose points in Nigeria,” is powerful play. Our team Algerian stressed former super the with a little and united, and star.

The heart, we can bit of desire and the Super Eagles are leading Group B of three points return home with qualifiers Russia 2018 in the bag,” the year-old former 57 a result with three points as of the 2-1 away While most star restated. recorded victory ball pundits against Zambia Ndola early this month. in Nigeria’s Olufunke Oshonaike at Championship the weekend in Morroco emerged winner of the women’s single event of the ITTF African Senior

Oshonaike African Titl Reclaims Roh e r Goes Tough on

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Group Sports Editor Duro Ikhazuagbe Email duro.ik hazuagbe@th isdaylive.com

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Olufunke Oshonaike reclaimed No-nonsense her long lost can Nigeria coach, Gernot final of the African title in the her reclaim the African title women’s singles age. “This victory at Super Rohr, hopes to check of trainings before event of the a big game.

Also, the big ITTF African lot to me that I can means a those Eagles late comers and “There are always hotel in Uyo Senior Champio who like to “misbehav made African champion still become has flight beating Egypt’s nships after age. e” playersit very difficult for the Europe and locally to from said the official. despite my by insisting the team It shows that to be fully Abuja Dina Meshref and so train in by 4-2 Rohr questione nothing Abuja before they head is impossib officials leadingmonitored hitches no one can use flight d the “lack le regardles a match venue. off to match as an excuse of focus” of The Egyptian up to a late my age. I am s of Leicester to come Ahmed day. has to camp anymore. unbeaten in so happy that That is why Musa prior City star “Rohr the last two been despite the challenge the experience ” Another top but Oshonaik years, coming d impressedhas been far from official informed in Zambia earlier to the game s I faced Franco-German coach e dug deep that the to Morocco here has fixed this month with some training camp her table tennis into still return I can next of a lot team’s hotel in Abuja is when he drove into camp in Abuja for the Super Eagles stars experienc to the to confuse the an expensive with month’s crucial have chosen who the more compact as against young Northe game in Africa. top of the Cup qualifier hotel World to African to emerge He subsequennew car. camp citingto report late big and in Uyo, which is She described against tly dropped the as the new the difficulty number one Eagles sprawling and the victory even though it will Algeria of connectin as gives room be played so bench assistant captain to the g local flights continent. female star in the whoan inspiration for girls in Uyo. for the players Uyo,” an official for the match to look in Ndola.

Players have of the team to whatever they choose An elated Oshonaik The revealed matter yourup to her. “No used before a big at the weekend even will Eagles training camp poor flight connection e said she was happy age, you game. open on Sunday AfricanFootball.com. to “The hotel in that her achieve whatever you can why they s to Uyo as reason experience came night, Uyo is just too November 6, and have reported your mind “By into in life, put in camp and training the Egyptian handy against a living late Abuja having the squad all in big for you to monitor is slated to I am away that . now, begin To the way what testimony, emerge they players Monday the new African will all morning. ” she noted. as from the limited stayed for Uyo as are However Champion, a group some leave given point in up to at any number to Oshonaike The squad will time, while that days in Abuja efforts of , Aruna Quadri’s a big game. won 7-11, 11-13, then fly out becoming 11-5, 11-9, 7-11, to Uyo on Thursday you continent champion the any misbehavican easily check the 7-11. ahead “I knew showdow of or and excesses,” as the Nigerian failed to be tough it was going defending on Saturday. n against Algeria fell 3-4 to because as champion, Egypt’s African champion Olawale Ajimotok the Dina has Omar Assar in an entertainin an in been unbeaten Abuja final. from 24 countries g year. I just toldin the last two for the fourth edition An Oche out there and myself to go said elated Omar Assar From a casual Equatorial of 3e Actuaries 54-hole Odoh, who won the after the match, have fun and Guinea Open. show my experience that he knows contest, “It was Presidential Golfview, the really Nigerian Course, it started working and when againsta crazy match because Mongomo, professionals other Nigerian will lead in Mongom what to expect Equatorial Guinea like Kingsley Oparaku, automati o and qualifiers more confidenc I gained exciting.Aruna it is always very is captivatin Eweka and Fred Olapade,, including Sundayc up his preparationsis setting g and e,” gushed I think I gave Oshonaike Kamalu Bako, the expectations. to meet my 100 but to the trained benign, discovered Austin Akpodiete Gift moments after per cent concentra eye, it the the final.

Willy, very tough tion and ‘’ Mongom listened more and unforgiviis a Mongomo at theother side of Christoph Morgan Atako, to my coach,I layout, capable She however 3rd ng of the er Francis, Michael tough course o is a very Helmy tournament edition Ubi and Mohamm when the match added that played Ashraf. I think Aruna professional of denting a when my best to but I am doing last year, ed player’s Haruna. improve very their was Uloma well because 2-2 her was coach, Segun championship score hope on my Mbuko will he card. compete Equatorial Guinea was comprom with not to give up.Toriola, told her and always changing service The over 7,000 ised in the12 players for $50,000 I wake up by 5am record. metres long after incurring extra I kept on going“That was why on he was more aggressiv course carved and hit lady event.

500 balls every strokes.

Sadly, they his forehand. e and from dense day. It will Olapade, for me at last.”and it worked retaining I am so will not be be a rare feat lush joint seventhwho finished in victory to accompli the title and happy enchantin vegetation is an among the eight Nigerian The Nigerian with on a very demandinsh g layout revered wild cards that ping pong I can play better than I hope by queen is very will jostle Puig Giner, last year, Spain’s and unforgivi golfers this in future tourname with the internatio excited that is wary is ng course. g she concluded nt,” Assar From Decembeand guests. of 48 nal field of the demands of Mongomo a course It . welcome 60 r 8-11, it will prize male players for the having also featured good shots that rewards and in another in the dimensio golfers (men professional failingmoney of $100,000 after 2014 edition. n does not to make the and ladies) The Osun automatic cut for 30 players.

State born mistakes go unpunishallow player, who is a character ed. It Golf Club, is based at Ibori tough istically long, Asaba, declared and challengi course,’’ Olapade ng

‘Misbehaving ’ Eagles

Equatorial Guin ea Open: Olap ade Wary

of ‘Tough’ Mon gomo

MONDAY OCTOBER 31, 2016 T H I S D AY

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COMMENT

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

A HOME FOR EVERY NIGERIAN Ganiyu Olowu argues the need for provision of affordable housing in the country

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ith an ever growing population and increased concentration of workers in urban areas, there is a large housing deficit in Nigeria, one that could climb to a deficit of well over 20million units by 2020. Any visitor to the state capitals nationwide would immediately notice that there is greater focus on the construction of retail and luxury property units that are unaffordable by working class people. In Lagos, top-end buyers are being catered for by developments such as the Eko Atlantic City Project, developments in Banana Island and the sand-filled environs of Osborne and Ajah. The Southeast has the planned Aba Mega Mall, which will be one of the biggest malls ever built in Africa. In Abuja, there is Centenary City, a project driven by the private sector that will include service apartments, a golf course and retail and entertainment space as well as the world trade centre in Abuja’s business district– all of which are well out of the reach of the majority of Nigeria’s population who have little disposable funds and very little access to credit in the form of mortgage financing.

A very real housing crisis looms and it is important that the government makes the provision of affordable housing a top national priority. In addition to helping to ease overcrowding and improve sanitation, the provision of affordable housing and access to mortgage financing at reasonable rates will also provide a great boost to employment and help grow the Nigerian economy, which is in the throes of a crippling recession at present.

There are signs that the federal government is prioritising the need to provide affordable housing, but it does have an uphill struggle to convince a population that has seen many government housing schemes come and go and have encountered numerous bottlenecks whilst trying to secure mortgage financing.

At the recent Affordable Housing Summit 2016, which included key figures from the Nigerian finance and housing industries, emphases was placed on creating a stronger mortgage policy in line with the campaign promise made by President

NIGERIA CURRENTLY, HAS A LOW HOMEOWNERSHIP RATE OF JUST 25 PER CENT. THIS SHOWS A MUCH SLOWER GROWTH IN THE SECTOR WHEN COMPARED WITH COUNTRIES SUCH AS SOUTH AFRICA (56 PER CENT) AND KENYA (73 PER CENT

Muhammadu Buhari’s admistration for infrastructural development. Issues addressed included the urgent need to restore investors’ confidence in the housing sector and to improve best practice to ensure transparency of processes.

The obstacles in the way of aligning affordable housing and mortgage credit are numerous: for one, there is the issue of matching income with obligation. Another is the need to regulate the rate of mortgage interest charged, something which at present seems to be unilaterally decided by banking institutions, all of which also make demands for collateral before mortgage credit facility can be considered. As at July 2016, mortgage varied in range from 18 per cent to a colossal 31 per cent with repayments ranging from just 10-20 years.

In addition, there is also the issue of how to gain the confidence of buyers that the house in which they are committing their hard-earned finances will be built to a good standard and that its value will increase over time.

With an effective policy of mortgage financing in place, the potential for economic growth in the country and the benefits to Nigerian citizens are huge. Nigeria currently, has a low homeownership rate of just 25 per cent. This shows a much slower growth in the sector when compared with countries such as South Africa (56 per cent) and Kenya (73 per cent). It is clear that the mortgage finance industry in Nigeria is still in its infancy and that there is much potential for growth.

With a stronger emphasis on housing civil servants, the military and low income workers, there should be significant growth in the housing sector, as demonstrated by policies in other emerging markets. It is proven that investment in the mid to low income sector is very profitable for government, for the construction industry and for those who invest their money in acquiring their own property.

Now is the time for the federal government to make a strong push to focus policy interventions on lower income earners who also have aspirations to own their own homes.

Olowu, Stakeholder Communication Consultant, wrote from Lagos

DANGER OF WHISTLE BLOWING IN NIGERIA

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The identity of whistle blowers should be protected, writes Bob MajiriOghene Etemiku

everal Nigerians recently expressed a good measure of outrage at what was perceived to be the laid-back disposition of the National Judicial Commission and the Nigerian Bar Association (NBA) with the arrest of judges by the Department of Security Services. The insinuation that made the round was that there were many petitions forwarded to the NJC for which it was seemingly uninterested in prosecuting. If only on October 21, 2016, the NBA made an about turn and asked the NJC to sanction judges who were arrested by the DSS, the NJC had already set out to tell its own side of this dark story via a paid advertorial on The Guardian of October 19, 2016. In that document, several issues related to the similarity of the ‘sting’ operation by a body equivalent to our DSS in Ghana came up. One of the issues was that in the NJC attempt to maintain that there was no similarity whatsoever between the Nigerian and Ghanaian scenarios, the author of the NJC advertorial inadvertently mentioned the journalists who had carried out years and years of undercover work which exposed the problems of corruption in the Ghanaian judiciary.

According to the story in article 13 of the advertorial, a Ghanaian undercover journalist gathered video and audio evidence which supported allegations of corruption and bribery against some Ghanaian magistrates. After he finished with his investigation, he anonymously turned in the product of his investigation to the Ghanaian Judicial Council which proceeded to prosecute the magistrates on the strength of the evidence by the journalist. In the said advertorial as well, the NJC cited the example of how Hon. Justice I.A. Umezuluike, Chief Judge of Enugu State was recommended by the NJC on the strength of a petition written by a lawyer whose name the advertorial went ahead to mention.

The lawyer’s name as a matter of fact, had been mentioned several times before the NJC advertorial, but that is not the way we should be running the

show.

A whistle blower should be anonymous like the Deep Throat behind the Watergate scandal of 1972.

After more than 30 years of being in the shadows, Deep Throat only surfaced a few years ago in 2005.

That was when we finally got to know that it was indeed Mark Felt, former FBI agent who blew the whistle on Richard Nixon. A whistleblower exposes what governments, corporations or very powerful individuals would otherwise want to remain under lock and key. In most cases, they put the interest of the public’s right to know and to make informed decisions far ahead of the state and what it seeks to keep away from the public. Thereby, whistle blowers are a very vulnerable and marked people whose identities should not be brazenly thrown to the people in the murkiness of the deep and dark concerns of our public space, and to people who want to take their lives.

I understand the need of the NJC to want to set the records straight and put things in proper perspective but inadvertent gaffs like that of the NJC advertorial have led to the untimely deaths of those who risk their lives for the public good. Take the reported cases published in The Guardian newspaper of Thursday, October 20, 2016. A staff member of the National Women Development Centre who exposed the brazen stealing of N300 million meant for the alleviation of women in rural areas by top officials, has been dismissed. In another case reported in the publication, another staff member of the Ministry of Aviation who revealed the high level of graft in the ministry was not only sacked but is on the run for his life after his name popped up as the man who opened up the Pandora box of the aviation ministry.

But it has not only been Nigeria where whistle blowers’ lives have been put at grave risk, and for which they have paid the supreme price. According to the International Federation of Journalists (IFJ) over 60 journalists in 2016 who have pursued one criminal case or the other have been killed because of the cases they pursue. Take the case of the Bureau Chief of an Indian Hindi newspaper who was shot dead on February 14, 2016. He was driving home one day with his uncle when two unidentified people on a motorcycle stopped the car and opened

fire. The victim was rushed to hospital but died shortly afterwards. He was said to have been targeted because he wrote about the mud mafia, a group involved in illegal black market activities.

What about the case of Elvis Ordaniza, the Filipino who was killed early this year? He was shot twice in the chest at his home as he was preparing his dinner. His colleagues believe that he was gunned down because he had been writing about illegal drugs and illegal gambling.

We may begin to assume that whistle blowers and journalist working to expose corruption in Nigeria may not get killed the way they get killed in Libya, Afghanistan, Brazil, Guinea and Guatemala.

That is not really true. The ominous signs are already showing: a blogger with the Abia Facts newspaper was picked up recently by the DSS for ‘character defamation’. Another one from Cliqq Magazine as well was arrested by the police on September 19, 2016 in Katsina State. His offence was that he was likely going to disrupt public peace by exposing something considered coarse about the governor of his state. This blogger was detained seven days before he was eventually released. Just a week another blogger was arrested in Katsina State again on the charge that his activities as a freelance journalist were a threat to the esteemed Mr. Governor. Very recently as well, I began to get a feel of what dangers there are with whistleblowing in Nigeria: one government official called me up recently over an article concerning the OnitshaEnugu Road published in Daily Independent and The Punch, to give me the hint that I should write now and hope to write again tomorrow.

Certain issues arise and come off as common denominator from these tales. Most of the arrests of these bloggers have come from government or its agencies in an administration seeking to change the old order of doing things. That said, it therefore makes me imagine then that if these arrests were not coming from government, there is the likelihood that the perceived culprits would have been targeted and snuffed out by now. It is a chilling thought.

Another thing about these arrests is that bloggers are often the targets. I agree that most are downright irresponsible. Most of them blogging on ‘social

media’ know next to nothing about the avowed tenets – objectivity, fairness and accuracy - by which the journalism profession is known by. Some are shadowy fronts for aggrieved politicians seeking a pound of flesh. Most are also used for mud-slinging of political opponents. But even as at that, do you go arresting someone who has slandered you or has the capacity to do so? No you don’t. What the system recommends is that you write this horrible individual a simple letter of your intention to initiate an action in court against them if they do not retract the publication which offends you. Chances are that that horrible individual spewing horrible things about will back off. You do not go arresting and clamping them in jail first on the perception that what they have published is injurious to you. You do not go arresting a blogger if what he or she is blogging about is false and cannot be substantiated.

What most administrations will do is stretch the limits of their systems and institutions and use every method to bring terrorists and people who threaten the state to book. Not whistle blowers. Recall the San Bernardino shooting incident early this year in the US. Just after the shooting, US government found out that the two terrorists who carried out the attack had a likely accomplice somewhere. To get at this accomplice, they asked Apple, the makers of the iPhone 5C they found in the possession of the shooters, for help to unlock the phone. But the phone company refused, insisting that just giving away passwords of their customers to third parties would undermine the security features of its products and result in a breach in the confidentiality between the company and its customers. Then the FBI asked the NSA to break into the phone but the NSA wasn’t able to do it. So what the FBI did next was apply to a Magistrate Court Judge to issue a court order, the All Writs Act of 1789, asking the makers of the phone to cooperate with the FBI. But in the end, even though the phone company agreed to cooperate with the FBI by availing the FBI four other ways of breaking the password of the phone so that it can unlock that phone to ferret information from it, the NSA still had to use other methods not provided by the phone company to unlock the phone.

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T H I S D AY • MONDAY, OCTOBER 31, 2016

EDITORIAL THE BUSINESS CLIMATE IN NIGERIA There is need to do more to re-position the economy and put the people to work

It is surprising that the federal government would claim being “gratified” by the latest World Bank’s Doing Business report which placed Nigeria at number 169 out of 189 countries in the overall ease of doing business ranking. The report, entitled “Equal Opportunities for All”, based the overall ranking on key indicators on starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, and getting electricity.

In the current assessment, Nigeria made improvement in the area of starting a business, dealing with construction permits, registering property and access to credit. But the country also recorded a downward slope in key indicators like trading across borders, getting electricity, paying taxes, protecting investors, enforcing contracts and resolving insolvency. In all, the country improved by just one point from its position of 170 last year to 169 this year. We do not believe that is something to rejoice about, especially when we are talking about an assessment involving 189 nations.

IT IS IN OUR ECONOMIC According to INTEREST TO FACILITATE the World Bank TRADE ACROSS BORDERS, report, the marIMPROVE THE TAX ginal improvements SYSTEM, EASE THE highlighted for our PROCESS OF STARTING country meant “that A BUSINESS, IMPROVE in the last year, ACCESS TO CREDIT Nigeria’s business AND ENHANCE THE regulatory environPROCESS OF SECURING ment as captured by CONSTRUCTION PERMITS the doing business indicators improved slightly in absolute terms - the country is decreasing the gap with the global regulatory frontier. This is a morale booster for stakeholders involved in the efforts aimed at removing existing bottlenecks in the business environment.”

While that small step is good, it still did not tell the complete story of an economy that is in recession.

In any case, as we have highlighted in the past, the

Letters to the Editor

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T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOlAJI ADEBIYI, JOsEph UshIGIAlE MANAGING DIRECTOR ENIOlA BEllO DEPUTY MANAGING DIRECTOR KAYODE KOMOlAfE CHAIRMAN EDITORIAL BOARD OlUsEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOsA UWUGIAREN

T H I S DAY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOlA BEllO, KAYODE KOMOlAfE, IsRAEl IWEGBU, EMMANUEl EfENI, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OlUfEMI ABOROWA DIVISIONAL DIRECTORS pETER IWEGBU, fIDElIs ElEMA, MBAYIlAN ANDOAKA, ANThONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEh ASSOCIATE DIRECTORS hENRY NWAChOKOR, sAhEED ADEYEMO CONTROLLERS ABIMBOlA TAIWO, UChENNA DIBIAGWU, NDUKA MOsERI GENERAL MANAGER pATRICK EIMIUhI GROUP HEAD fEMI TOlUfAshE ART DIRECTOR OChI OGBUAKU II DIRECTOR, PRINTING PRODUCTION ChUKs ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

report is narrow as it did not measure some aspects that are also critical to investment decisions such as level of security, macroeconomic stability, corruption, labour skills of the population, underlying quality of institutions and infrastructure, the strength of the financial system and predictability of policies. The focus of the report was primarily on measuring the regulation and red-tape relevant to the life cycle of a small to medium-size firms.

With Kenya, for the second consecutive year, among the top 10 global improvers based on reforms undertaken, details of the report revealed that Nigeria ranked 138th position on starting a business, 174th on getting construction permit and 180th on getting electricity. Others include 182nd position on registering property, 44th on getting credit, 32nd on protecting minority investors, 182nd on paying taxes, 181st on trading across borders, 139th on enforcing contracts, and 140th position on resolving insolvency.

“Simple rules that are easy to follow are a sign that a government treats its citizens with respect. They yield direct economic benefits – more entrepreneurship; more market opportunities for women; more adherence to the rule of law,” said Paul Romer, World Bank chief economist and senior vice-president.

“But we should also remember that being treated with respect is something that people value for its own sake and that a government that fails to treat its citizens this way will lose its ability to lead.”

As the largest economy in the West African subregion and by most ratings, still the biggest on the continent, it is in our economic interest to facilitate trade across borders, improve the tax system, ease the process of starting a business, improve access to credit, enhance the process of securing construction permits and registering property, initiate regulations that would protect investors, enforce contracts, and resolve insolvency. What is required is the will to pursue these smart and businessfriendly reforms. But even at that, there is need to do more if we must re-position our economy and put our people to work.

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

EKERE, NDDC AND THE CHALLENGES AHEAD

t is no longer news that we are in a recession. Oil prices have plunged, agitations in the Niger Delta region have assumed frightening dimensions, with groups coming out of the woodworks to destroy critical national infrastructure in the region. Conversely, we can bask in the warmth assurance that Nigerians have been always been a very resolute and determined breed that have succeeded against all odds, our huge youth demographics, if positively channelled, is a game changer; many of the leading lights in various fields globally are Nigerians and the opportunities for growth in Nigeria seem abundant. As such, even though the horizon looks bleak at the moment, these times present us with a golden chance to re-invent our nation and let the world know that many good things can come out of Nigeria.

Interestingly, the Niger Delta region also foregrounds binary oppositions. As a nation where oil accounts for close to 90% of exports and roughly 75% of the budgetary revenues, the region that produces oil is still very far from the Promised Land of development in spite of huge sums that have been committed to the area by way of amnesty and most

importantly, the Niger Delta Development Commission, a vehicle created by the Obasanjo administration in 2002 with a mandate to accelerate the development of the Niger Delta area.

The challenges of both the NDDC and the region have been well chronicled. Some of these include infighting among the leadership team as well as leaders in the region, misalignment between the agenda of past NDDC teams and the real developmental needs of the area, cronyism, opaque procurement processes and a myriad of other problems.

It is not in doubt that the newly appointed Managing Director of the Commission, Mr. Nsima Ekere, a stellar technocrat and an astute politician is fit for the job. Against the backdrop of his experience as an enterprising estate surveyor and valuer, head of various developmental focused agencies in Akwa-Ibom State before his well-earned elevation as the Deputy Governor of the state, President Muhammadu Buhari must be commended for making the right call in this regard. Like it is often said, everything rises and falls on leadership. The choice of Ekere is indicative of the President’s resolve to fix the problems of

the oil-rich Niger Delta in a sustainable manner and in accordance with the extant provisions of the law.

However, in view of the NDDC’s dismal performance over the years, Mr. Nsima Ekere has literally got to hit the ground running with a view to bringing succour and relief to the impoverished citizens of the region.

Like Dr Martin Luther King Jnr, bellowed at a divided America in his speech at the March on Washington on August 28, 1963, “America could no longer afford the luxury of administering itself ‘the tranquilising drug of gradualism,’ but, rather, recognise ‘the fierce urgency of now.” Ekere and his team must take urgent and concrete steps that demonstrate an acute awareness of the situation at hand, and move the NDDC and by extension, the Niger Delta region, out of the doldrums of neglect, abject poverty and rent-seeking mentality that has crippled it and transform the land into one which every citizen from Akwa Ibom, Delta, Rivers, Bayelsa, Ondo, Edo, Abia, Imo and Cross River States would be proud to call home.

It is important for the new NNDC management to pay close attention to enthroning ac-

countability in all their processes and shed the toga of being just another “contract-awarding” institution. This is more so imperative in the light of the recent allegation by the Senate Committee on Public Account that previous managers of the NDDC might have been involved in shady malpractices. This is one clear way the NDDC can endear itself to the people, in a nation where probity and accountability are mere buzzwords. Mr. Ekere has a sparkling opportunity to further cement his legacy as a man of honour by ensuring that due diligence and accountability are not sacrificed on the altar of prebendal and parochial allegiances.

In this new era of change, where state resources and revenues have dwindled, the new team must also be innovative in their approach to developmental projects. The Nsima-led team must dig their heels in and draw from their entrepreneurial backgrounds to provide a balanced scorecard for intervention programmes. The new NDDC must function like well-oiled machinery with every part working at full and optimised capacity, devoid of the frictions and schisms of the past.

John Effiong, Port Harcourt

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T H I S D AY • MONDAY, OCTOBER 31, 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

Ondo and INEC’s Magic

The decision by the Independent National Electoral Commission to list Mr. Jimoh Ibrahim and not Eyitayo Jegede as the Peoples Democratic Party in Ondo State is generally believed to smack of mischief and that there could be more to it than meets the eye, writes Shola Oyeyipo

Buhari with INEC chairman, Mahmood Yakubu, during the latter’s swearing-in

T

he late Fela Anikulapo-Kuti’s “Government Magic” song is an ever green that exposes the sometimes illusion of democratic governance and the hypocrisy of an evolving modern world with its growing penchants for metaphysics. That once government is determined to achieve anything, usually, it does not holistically analyse the consequences, but goes ahead to execute it, often leaving in its trail, a ‘basket of deplorables’ – borrowing the coinage of the US Democratic Candidate in the November 8 presidential election, Hillary Clinton.

In today’s government of President Muhammadu Buhari, the fond use of the word “technical” appears more notorious than any other time in the artery of contemporary political history. Why so? Its capacity to provide ‘technical shield’ in times of crisis!

If the APC government is not technically gaining victory over the Boko Haram sect, the economy is technically in recession. It would not be out of place, therefore, to assume that the technicality of the party and government’s reasoning require some reawakening in the political consciousness of the country.

A few days ago, the federal government said the 2016 budget had “fully performed to date in terms of personnel.” Minister of State for Budget and National Planning, Mrs. Zainab

Ahmed, affirmed this because according to her, the government does not owe salaries at the federal level. What a pointless self-adulation!

Who measures budget performance on the basis of salary payment? It is just another ‘technical’ allusion to the crass failure of the present government.

Whilst this is not the crux of this very intervention, it is pertinent to acknowledge that, technically, the crisis in the APC in Ondo State over the choice of its candidate ahead of the governorship election billed to hold in November might have subsided a bit. It does not mean that the aftermath of the outcome of the party’s primary would still not take its toll, at least, the choice of Mr. Rotimi Akeredolu as its candidate is no longer in contention – it is a settled matter as far as INEC, the umpire with its confusionist tendency, is concerned.

Unfortunately, the ruling party in the state – the PDP – is far from crossing this all important bridge. Not because the party has not done the necessary and seen to have done so in the face of the law, but because the Nigerian factor appears to have suddenly set in, aided by the habitually inconsistent judiciary, which seems to enjoy throwing the polity into needless and palpably avoidable disorientation with its incongruous injunctions, rulings and or judgments as it pleases.

Even more unfortunate is the fact that the

Although commentary on the development is expected to be measured given that the matter is now in court and indeed, the Appeal Court is expected to deliver judgment on all the PDP cases sometime this week. However, INEC cannot continue to stoke needless fire on the polity on the grounds of obeying court orders. It is bad enough that its resolve to obey court orders is now selective because it does so when it suits it

crisis responsible for the Ondo PDP debacle stemmed from above. The seemingly intractable crisis plaguing its national leadership may have come at a very bad time for the Ondo wing, and it is paying dearly for it, unable to focus on a crucial election, just weeks away.

The release of the list of candidates for the election by INEC last week sent some shock waves down the spine of both the observers and the active players on the Ondo horizon.

The electoral body, acting as if an interested party with stakes, had listed Mr. Jimoh Ibrahim of the Ali Modu Sheriff faction of the PDP, as the candidate of the party recognised for the election.

Before INEC performed this magic the way it did in Edo State two days to the governorship election and in which it feigned ignorance – thanks to security conspiracy – Mr. Eyitayo Jegede of the main faction of the PDP and the candidate of Governor Olusegun Mimiko was indisputably the standard bearer of the party, having emerged from an exercise adjudged as ideal and observed by INEC itself while the latter choice was a product of another arrangement in Ibadan, the Oyo State capital.

As if consciously playing a script to destabilise the polity and further expose its failings, the INEC, always hiding behind funny court rulings and injunctions to feign obedience CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, OCTOBER 31, 2016

POLITICS/ THE MONDAY DISCOURSE ONDO AND INEC’S MAGIC It is commonplace that the present leadership of INEC is daily turning out the biggest disappointment of this administration.

Not only is the question of capacity an unanswered puzzle, administration too is utterly poor and yet, this is the vehicle Nigeria thinks would take her to destination 2019. From Edo to Ondo, INEC’s unentertaining magic is worrisome and spells doom if not cultured. A commission that cannot defend its own standards let alone see the fault in others is better off in the dustbin of history to the rule of law, recognised Ibrahim and had since thrown the state into needless crisis, following protests that greeted the decision.

But first, an understanding of the journey to this obnoxious juncture is imperative.

The Crisis in Perspective Political parties all over the world are prone to internal wrangling and this is because interests differ. But what is important is that political leaders are able to prevent actions that are capable of instigating self-destruct by ensuring that people disagree to agree.

In the former ruling party, the Peoples Democratic Party (PDP), the leadership crisis since the days of Audu Ogbeh, Vincent Ogbulafor, Bamanga Tukur, when they were forced out of office as national chairmen is still on and it appears determined to ultimately destroy the PDP. The party has been enmeshed in crisis over her national chairmanship between Senators Ali Modu Sheriff and Ahmed Makarfi and the inability of stakeholders within the party to put the situation under check may have begun to rub off on the party in Ondo State and parts of the country.

As battle over the national chairmanship of the PDP raged, on Saturday, May 21, the party dissolved its National Executive Committee (NEC) at a national convention in Port Harcourt, the Rivers State capital and approved a sevenman national caretaker committee headed by former Kaduna State governor, Ahmed Makarfi with Senator Ben Obi as the secretary.

But the Port Harcourt convention was in progress, while another convention was going on in Abuja by the Sheriff group, and though party elders recognised the Port Harcourt convention, the unresolved fault lines are conspicuously setting the party members against themselves at the state levels, especially where there are scores to settle.

Thus, the factionalisation of the party is reflective at all levels and Ondo easily became another battlefield for the gladiators in the opposition party hence the current confusion over the governorship candidate in the Sunshine state, where the party is considered strong as a result of the leadership and successes story of the outgoing Governor Olusegun Mimiko.

While the Makarfi faction of the party led by Governor Mimiko elected a former Commissioner for Justice and Attorney-General of the state, Mr. Jegede, a Senior Advocate of Nigeria (SAN) as the PDP candidate at a primary election supervised by INEC officials in Akure, the state capital, the faction loyal to Sheriff held its governorship primary election in Ibadan, the Oyo State capital, where Mr. Ibrahim, lawyer and businessman, also emerged candidate of the party.

Factional chairman of the party, Biyi Poroye, a former state chairman of the party, Ebenezer Alabi and the Director of Media and Publicity of the faction, Mr Yemi Akintomide all attributed their decision to take the Ibrahim primary to Ibadan to the issue of the division at the

Jegede and Mimiko at a function

Ibrahim

national level of the party and the attendant legal impediment.

There was an order by an Ondo State High Court sitting in Akure restraining the Sheriff group from holding any parallel activity in the state. Alabi reportedly confirmed that the relocation to Ibadan was to prevent possible attack from the other camp, given the recent political activities in the faction and the order restraining them from holding any parallel activity in the state.

The Sheriff faction also believed that the Ondo State Chief Judge, Justice Olasehinde Kumuyi, granted the injunction on the order of Mimiko. The more reason they opted to go outside the state to pursue their agenda. At the end of the day, the PDP threw up Jegede and Ibrahim and there have been lots of issues over who is the authentic standard bearer of the party among the two.

The development however assumed a disturbing twist last Thursday when INEC listed Ibrahim, candidate of the Sheriff-led faction as the party’s standard bearer for the November 26, 2016 governorship election in the state. The electoral body said it substituted Jegede for Ibrahim in obedience to an order of the Federal High Court in Abuja.

According to a letter signed by the Secretary of the Commission, Mrs. Augusta Ogakwu, Ibrahim’s running mate is Alabi Ebenezer

Omotayo.

The letter, titled: ‘Forwarding of Final List of Candidates for 2016 Ondo State Governorship Election’ addressed to the Resident Electoral Commissioner (REC) in Ondo State, read: “Please find forwarded the final list of candidates for the Ondo State gubernatorial election for publication in accordance with the provisions of Section 34 of the Electoral Act 2010, as Amended” INEC maintained that Ibrahim was recognised as the PDP candidate because of the court order, though the commission had earlier recognised Jegede, as the candidate.

The recognition of Ibrahim has however led to serious tension and protest in the Mimiko camp and it is obvious that the last is yet to be heard of the power play as the Court of Appeal had since reserved ruling in all PDP matters for this week.

As preparation for the election enters top gear, observers are fast learning to get acquainted to reasons the Ondo PDP has continued to condemn the parallel governorship primary that produced Ibrahim. Some of the issues stated by the state PDP Publicity Secretary, Hon. Banji Okunomo included the fact that the conduct of the Ibadan primary was illegal as well as its composition.

“Everything from head to toe about the so-called primary is illegal in the sense that

you cannot manufacture the constitution of the party overnight. The 2012 constitution of the PDP as amended has established who and who are the delegates of the party and you cannot fabricate another thing.

“None of our automatic delegates in Ondo State is party to the kangaroo primary. You can see, and I was reliably informed that many of the people who participated in the kangaroo election were hand-picked thugs, hoodlums from different parks in Ibadan, not from Ondo State. No single delegate from Ondo State participated.

“According to the constitution of the PDP, the governor is a delegate, the deputy governor is a delegate, National Assembly members, Speaker, Ondo State House Assembly and all the assembly members on the platform of the PDP are delegates. But all these leaders including the State Working Committee and the state executive members of the PDP did not participate in that kangaroo primary.

“So, where did they get the delegates? Now, the three ad hoc delegates from each Ward can only emerge from the duly, legally and indisputably constituted Ward EXCO of the party. But their so-called delegates were just handpicked from nowhere. In fact, many of them were not even from Ondo State from what we could see from the picture displayed.

You cannot just go to motor parks, pick people and say you have conducted primary election of the PDP. “Other reason you will know that it is illegal is that why did they go to Ibadan? They have been restrained by the court of law here in Ondo State from conducting it. Another court on Monday morning also restrained them from conducting it outside Ondo State. This is an affair of Ondo state,” he said.

Bothered about the development and the overall implication on the state, Mimiko, last Friday called on President Muhammadu Buhari to intervene in what is happening in his state before it snowballs into a major crisis. He held a closed-door meeting with the president Buhari, and said his visit to the president was to avert possible break down of law and order in the state.

The governor said: “This sort of action potentially can cause a breach of peace. In Ondo State in the last seven and half years, we have done everything possible to put good governance on the table. We see this action of INEC as potentially dangerous. It can cause conflagration in the state and that is why as the Chief Security Officer of the state, I have come to alert the president of the potential danger of this injustice so that we can nip it CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, OCTOBER 31, 2016

PERSPECTIVE

Judges Have No Immunity from Arrest Sentiments aside, no law says judges cannot be arrested, writes James Ikechukwu

I

am not a member of the All Progressives Congress (APC).

As a matter of fact, I do not like the party. I dislike the Peoples Democratic Party (PDP) even more. But on the war against corruption, I support wholeheartedly the Buhari administration.

In early 2008, Kenya erupted into violence in which several thousands of people lost their lives. You know why?

The people vowed they would not go to the courts to seek electoral redress. They dubbed the patently corrupt courts the “Kibaki courts”. Two years after, it was the turn of the unabashedly corrupt Cote d’Ivoire court to set the nation on fire by declaring that Laurent Gbagbo had won a presidential election, which the whole world knew the opposition leader, Alassane Quattara, had clearly won.

The country’s electoral body had declared Quattara winner but the corrupt Constitutional Council, ruled otherwise.

The scale of blood-letting that follows is still very fresh on our minds. People blame Gbagbo for the crimes against humanity and civil war but the real culprits, who undermined the Cote d’Ivoire’s national security were the corrupt judges.

Even here in Nigeria, it has been acknowledged that the loss of faith in the judicial system is what led to the post-election violence of 2011 and other intermittent acts of violence or recourse to self-help across the country.

Section 15 (5) of the 1999 Constitution (as amended) declares emphatically that “The State shall abolish all corrupt practices and abuse of power.” The word “shall” is mandatory. Therefore, all lovers of the security, stability and prosperity of the Nigeria must join hands with the current government to wage war against corruption in our judicial system. This is not the time to play politics. We must not allow corrupt judicial officers to push the generality of Nigerians to regard selfhelp as the last hope of the common man or any citizen before we act.

The leadership of the Nigeria Bar Association (NBA) says the invasion and arrest of some judges in the wee hours of Saturday, 8 October, 2016 is unconstitutional. With due respect to the learned SANs, which aspects of the constitution or laws of the federation were breached by the Department of State Services (DSS)? A combined reading of the extant Criminal Code, the Administration of Criminal Justice Act (ACJA, 2015) and of course, the

The outgoing CJN, Mahmud Mohammed

Constitution of Nigeria shows the DSS has acted within the ambit of the law.

For example, Sections 12 (2) and 13 of ACJA (2015) empowers a law officer to break into any house for the purpose of effecting an arrest of a suspect, who refuses to co-operate with the officer. I should like to amplify that any private citizen of Nigeria, male or female is protected by law (s.23 ACJA) to effect the arrest of any suspected criminal and hand him/her over to a prosecuting authority. In the same vein, Section 43 (1) ACJA says: “A warrant of arrest may be executed on any day, including a Sunday or public holiday.”

And s. 148 of ACJA states that “A search warrant may be issued and executed at any time on any day, including a Sunday or public holiday.”

I have heard the argument by a couple of learned colleagues that certain provisions of the ACJA 2015 are in breach of the constitution. I do not agree. Even if that were to be correct, until the Act is set aside by a court of competent jurisdiction, it remains a law in force and valid to all intents and purposes. And so, such an argument is of no moment at this momentous turning point in our nation’s

history.

Again, the National Judicial Council (NJC) is only empowered to discipline judges but the body cannot arrest, prosecute or sentence any judge found to be involved in corruption to a term of imprisonment. Judges have no immunity from arrest or prosecution for any crime committed. Only the President, Vice President, Governors and Deputy Governors have immunity from arrest and prosecution while in office. Law enforcement officers must therefore be allowed to do their job.

In this connection, one must condemn in unmistakable terms, the attempt by Governor Wike of Rivers State to prevent men of the DSS from performing their duties in Port-Harcourt on the said early hours of Saturday. This amounts to obstruction of justice, which in itself is a crime. Indeed, Wike should be investigated and charges preferred against him after the expiration of his tenure. It is trite in law that time does not run against the state.

Judges, just like the legislators, can however not be arrested based on their pronouncements in the courts or floor of parliament as the case may be. Finally,

The National Judicial Council (NJC) is only empowered to discipline judges but the body cannot arrest, prosecute or sentence any judge found to be involved in corruption to a term of imprisonment. Judges have no immunity from arrest or prosecution for any crime committed.

Only the President,Vice President, Governors and Deputy Governors have immunity from arrest and prosecution while in office.

Law enforcement officers must therefore be allowed to do their job the arrest of judges is not and does not constitute a threat to democracy. The real threat to democracy is corruption, especially in the Bench.

In the cacophony of reactions to the arrest of some judges suspected to have committed acts of corruption by DSS, we must never be deceived into forgetting the substance by chasing shadows. Were those judges guilty of corrupt practices or not? Were the funds recovered from them a product of sleaze and corrupt acts or not? Questions like these should be our preoccupation.

It is high time we rid the Nigerian judiciary of corrupt elements and saved this country from sliding into the Hobbesian state of nature. In that state, life is “solitary, poor, nasty, brutish, and short.” We should support President Muhammadu Buhari on the course of his administration to halt the dangerous slide to the state of nature.

• Ikechukwu wrote from Lagos

ONDO AND INEC’S MAGIC in the bud,” he said.

Characteristic of his Ekiti State counterpart, Governor Ayodele Fayose, he considered the INEC decision to recognise Ibrahim as a form of “advance rigging” by the All Progressives Congress (APC)-led federal government.

“The APC has decided to rig the Ondo State election even before it is conducted and this is sad commentary for our democratic process that was near perfection before the advent of this APC government. The decision taken by the Independent National Electoral Commission (INEC), recognising someone, who did not emerge through any known electoral process as the candidate of the PDP, is APC-led federal government rigging the election in advance.

“The question to ask INEC is: having accepted the candidate presented by the Makarfi-led PDP National Caretaker Committee for the Edo State election, relying on the judgment of the Federal High Court, Port-Harcourt, despite the Abuja Federal High Court order at that time, what has changed? Obviously, it is either INEC is playing double standard or has descended into the arena.

“With the development in Ondo gubernatorial election and the decision of INEC, it is clear that INEC is a department in APCled federal government. By this development also, I am vindicated that other political parties and stakeholders are now contesting election against INEC, which has adopted new strategy to procure undue victory for the APC and it appears that the agenda to turn Nigeria

to a one-party state is daily being ruthlessly pursued by these elements, not minding if democracy and our country are destroyed.

“With the desperation of the APC cabal and its INEC collaborators, Nigeria and Nigerians face hopelessness,” Fayose stated.

At this moment in the Sunshine state, temperature is high on both sides. Those who speak for and against the INEC decision are waiting earnestly for a final word from the court on the delicate political situation.

What Does Ibrahim Want?

There are mixed feelings over Ibrahim’s perceived misadventure in Ondo. The development is believed to have exposed his true colour and also put to question, his intention about the state and its people. A number of issues, observers believed, might have exposed Ibrahim as one deliberately seeking to cause disaffection in the state, the more reason his claim to the PDP gubernatorial ticket elicits curiosity.

Sometime in June this year, Ibrahim allegedly granted an interview to an Akure based news magazine, where he was quoted as saying he had left the PDP for Accord Party. Not only that, he allegedly went further to give reasons for his action. The information was earlier received by members of the PDP with jubilation, but were taken aback when he resurfaced to exploit the disagreement at the National level of the PDP to lay claim to a ticket that was no longer in contention.

But two weeks after the publication, he raced to appropriate to himself, a Federal

High Court verdict in favour of the Ali Modu Sheriff faction of the PDP in the South-west accompanied by Poroye, an ally of his that had sued the leadership of the PDP over claims as to which faction should field candidates for the 2019 elections.

Soon, Jimoh who had spat on the PDP ran back without eve re-registering and claimed he was a governorship contestant on the platform of the party – an Accord Party member contesting on the platform of PDP. Poroye, who is now suddenly Ibrahim’s man, got yet a judgment from the court in which his prayers for the recognition of his faction to field candidates for the 2019 elections sailed through. Ibrahim, typically, latched in on the opportunity to declare himself the governorship candidate of the PDP in Ondo State. But coming with this is a plethora of mistakes.

Ibrahim had wanted to take advantage of a ruling by Justice E. O. Abang of a Federal High Court, Abuja to the effect that the feuding faction of the PDP supporting Ali Modu Sherif in South-west had the nod of the court to nominate candidates for 2019 general election.

Unaware of this part of the ruling with emphasis on 2019 elections, Ibrahim aligned with the Sherif faction in the state and went ahead to organise a primary election for himself outside the state without the presence of the agencies required by law, even when one of those who “contested” the primary with him raised the alarm over what he described as a 21st century sham.

It is therefore surprising that in spite of the allegations of bribery and alleged meeting with the Ondo REC in the United Kingdom, INEC still went ahead to list Ibrahim.

Although commentary on the development is expected to be measured given that the matter is now in court and indeed, the Appeal Court is expected to deliver judgment on all the PDP cases sometime this week. However, INEC cannot continue to stoke needless fire on the polity on the grounds of obeying court orders. It is bad enough that its resolve to obey court orders is now selective because it does so when it suits it.

It is commonplace that the present leadership of INEC is daily turning out the biggest disappointment of this administration. Not only is the question of capacity an unanswered puzzle, administration too is utterly poor and yet, this is the vehicle Nigeria thinks would take her to destination 2019. From Edo to Ondo, INEC’s unentertaining magic is worrisome and spells doom if not cultured. A commission that cannot defend its own standards let alone see the fault in others is better off in the dustbin of history.

Thus, as the nation awaits the Appeal Court ruling on the Ondo debacle, whatever it comes up with would still not holistically address the challenge of capacity which is evidently the problem with INEC. The commission as presently constituted is not only dependent – it is timid, dishonest, unpatriotic and lacks the capacity to enforce standards, regardless of whose ox is gored.

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MONDAY, october 31, 2016 • T H I S D AY

FEATURES

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

The Nanka erosion gully, showing remnants of buildings that caved in from the Oko flank

The Menace of Erosion in Anambra At a time when other states are reclaiming land from the sea, Anambra is losing its landmass to erosion, reports David-Chyddy Eleke

T

he biblical valley of the shadows of death is used to depict a condition of fear and harm, but in Anambra, there exist physical valleys of the shadows of death scattered around the state. There are huge erosion gullies that are threatening the existence of people in their communities.

In all, there are over 960 active erosion sites in Anambra State, and these have in most communities swallowed up houses, making residents lose their places of abode.

A recent visit by THISDAY to two of the communities currently being ravaged by erosion; Oko and Nanka in Orumba North Local Government of Anambra State showed that residents are still fleeing their houses for fear that they may cave in any moment. In Nanka, an indigene of the community and an elder, Mr. Okorie Nwawo told THISDAY that the gullies in Isiakpuenu Village of Ifite Nanka are older than him, even though he is over 70 years of age. He added that the gullies were not as big as they are today when he was a growing boy. He however recalled that from the time he was a boy, he and his parents had to abandon their residence for fear that it may cave into the gullies, and relocated to another land, where they built their house.

Nwawo who praised the federal government for the job it is doing at the gullies, using Rhino Maritime and Construction Company,

said better work would have been done, and timely too, if the company did not stop work on the site for some years as a result of non-mobilisation of the contractor by the

I have never seen a thing like this all my life. Daily, we live in fear of losing our residence, even though we have handed our fate in the hands of God. As you look at this my house, I have counted it out as a belonging of mine because it can go in any day. We no longer sleep here.You are lucky to meet me because I just came to pick up something. We are calling on government to come to our aid because this is beyond us

federal government.

The Nanka erosion site had been awarded in 2011 by then President Goodluck Jonathanled federal government to Rhino Maritme and Construction Company at the cost of N1.1billion, with a mandate to control the erosion. The contract was in three phases and involved the construction of drainage channel of 2.2kilometres for flood water to find a channel to go through, a 2.2 kilometre road to ease access for villagers to their residents, and also to control the erosion through laying of gabions in the gully.

Though the job was stalled for years as a result of political interests, leading to non-release of funds, but when THISDAY visited the site, it was discovered that the jobs had been completed and awaiting a fresh phase which is the filling of the valley and protection of embankments. Akin Owoyele, manager for Rhino Construction Company, in an interview with THISDAY said the job has been completed, save for a small length of roads, which the company will commence once the rains cease. He said the fresh phase of the job which involves the protection of embankments would be a fresh contract, which is not inclusive in the first three phases of the job, and which he hopes the federal government would award soon.

“Government I think is working on it, and I think it is important to say that this second phase is what will protect the work

we have already done. If the second phase is not done on time, it will affect the foundation on both sides. We are now planting grasses on the project sites to protect what we have already done, even though that is not part of the job we were given by the government,” said Owoyele.

On the Oko end of the project, residents are still lamenting about the menace of erosion in their area, and fresh houses have also been listed on the danger list of those expected to cave into the gully any moment, just as many more houses have been lost. During a visit to the area, an indigene, and a resident of the affected area, Elder Caleb Ezeokeke said, “I have never seen a thing like this all my life. Daily, we live in fear of losing our residences, even though we have left our fate in the hands of God. As you look at this my house, I have counted it out as a belonging of mine because it can go in any day. We no longer sleep here. You are lucky to meet me because I just came to pick up something. We are calling on government to come to our aid because this is beyond us.”

Another resident, Mrs. Adaeze Okeke also said that her children now sleep in friends and relatives’ houses because of fear that their family house may cave in any day.

She also implored the federal government to consider the Oko gully for award. She said she has distributed her children among friends and relatives, and she only goes out

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T H I S D AY • MONDAY, OCTOBER 31, 2016

FEATURES

One of the buildings abandoned by the owner on the Nanka flank

every morning to check on them.

The palace of the traditional ruler of Oko Community, Igwe Laz Ekwueme, younger brother of former Vice President of Nigeria, Dr. Alex Ekwueme also has his house on danger list. But another resident, Mr. Alex Aku said the job done at the Nanka end of the project is the reason for the stability currently experienced in Oko. He urged the federal government to intensify efforts to ensure that the next phase of the job was awarded, so as to put the minds of those residing in both communities at rest.

Owoyele in an interview stressed the need for the awarding of the next phase of the contract, pointing at a sour experience the company had in the early days of the execution of the Nanka contract as a result of delay in remission of funds. The job by Rhino Construction had faced crisis as a result of the breakage of a drainage known as Ronasco drainage built during the colonial days by Ronasco Company, which served as a channel for flood water, into the gully. The breaking down of the drainage had facilitated the washing away of the first job done by Rhino and also moved about 486,000 cubic of sand into the gully. This had caused the federal government additional fund, which was not less than a billion naira in itself. The timely award of the next phase of the contract THISDAY gathered will help government save the job already done, to forestall the experience of the broken down Ronasco drainage, especially now that a new lease of life is coming to the residents of the area.

As Oko and Nanka communities are preparing to heave a sigh of relief, other communities in Anambra are not as lucky. Of the 960 active erosion sites in the state, which are scattered around the 179 communities, only a few of them are currently receiving attention. Recently, as part of efforts to stop erosion encroachment in Anambra State and other erosion-prone states in the country, the World Bank Group approved eight erosion sites in Anambra State for construction and remedial measures for the Nigeria Erosion and Watershed Management Project (NEWMAP).

This was even as it also reviewed the bidding documents for four of the sites. The World Bank Environmental Specialist and its Task Team Leader in Nigeria, Dr. Amos Abu after inspecting ongoing construction work at some other erosion projects being undertaken in the state stated that “This is a joint World Bank, FAO, and Federal Government of Nigeria implementation and technical support mission; the states that are implementing the Nigeria Erosion and Watershed Management Project (NEWMAP).

This is a project that started with seven states but as of today, it has been oversubscribed such that we have 19 states and we had to dialogue with the federal government to kind of put moratorium until the next midterm review. By then we will be able to take stock and determine whether we will be able to add one additional state.

“When NEWMAP was conceived, in particular during the preparation, Anambra State was the lead state; it was setting the pace but along the line something happened.

It appeared to have lost that lead role but we are very happy to report that the momentum

Entrance into the huge gully constructed by Rhino company

Obiano...wants quick federal government’s intervention to control erosion menace in Anambra

Minister of Environment, Amina Mohammed... should come to the rescue of Anambra

is back. As at the last count, we promised the governor that the design of the priority site as identified by the state remains a priority for us in terms of our reviewing. And with this we have given it accelerated review process. And we are happy to report that as at today eight priority sites designs have been approved for Anambra State. Not just that, we are also happy to report that the

bidding document for each site has also been given review by the World Bank and as of today, four of these sites, their bidding documents are ready for implementation.

So we are very happy for the significant progress we have recorded in Anambra with the support, the zeal and the interest of the governor and the entire members of his cabinet.”

Anambra State Governor, Chief Willie Obiano has repeatedly lamented about the menace of erosion in the state, saying that Anambra has been reduced to the smallest state in the country, following the loss of a huge landmass to gullies. Dr. Nkem Okeke, the deputy governor who stood in for the governor, during the visit by World Bank team pointed out that the state government will provide every needed support to ensure that the team succeeds in their good mission in the state. “I can’t understate the effects of erosion in our state. Anambra State used to be the second smallest state in the federation but as at today, I think we are the smallest because of the effects of erosion. A state that was about 4,800 square kilometres is being ravaged by gullies and valleys. The presence of NEWMAP in Anambra has been helpful.

So many farmlands have been washed away, residential houses pulled down and so many others. We can’t sit back and watch erosion destroy our environment,” Okeke said.

In Oko, at a different erosion site, close to the Federal Polytechnic, new buildings erected by the rector of the institution, Prof.

Godwin Onu are currently threatened by gully erosion too. The gully erosion measuring about 10 metres at the extension site of the institution is threatening structures worth N8 billion. The public relations officer of the institution, Mr. Obini Onuchukwu told THISDAY that the erosion is an extension of

Anambra State used to be the second smallest state in the federation but as at today, I think we are the smallest because of the effects of erosion.

A state that was about 4,800 square kilometres is being ravaged by gullies and valleys. The presence of NEWMAP in Anambra has been helpful. So many farmlands have been washed away, residential houses pulled down and so many others. We can’t sit back and watch erosion destroy our environment

the known Agulu/Nanka erosion. He said villages around the area including Amaokpala is emptying into the gully, and has claimed over a hectare of land already.

He said it has become imperative for individuals, corporate bodies, state and the federal governments to come together to salvage the structures. “That extension site is where the institution has the concentration of its building, especially the virtual library which is the biggest in the South-east zone of the country, worth billions of Naira. Other structures located at the extension site under threat include 1,500 capacity lecture theatre, Engineering Building, Science Laboratory Technology Building, Entrepreneurship Development Centre, Skills Acquisition Centre, 1,500 capacity lecture Theatre, Dr. Alex Ekwueme Resource Centre, Chinese Language and Cultural Centre, Continuing Education Programme Building among others.

Onuchukwu told THISDAY that, “We had written to the Ministry of Environment on the matter with graphic explanations and also designed drawing of the proposed ecological control but yet to receive help. The Rector started over 23 gigantic structures since 2010 and since then had completed over 13 of them while others are in different levels of completion. It will be heart breaking, very disheartening if all these sacrifices are allowed to be swept off by erosion. There is absolute need for all and sundry to come to the aid of the institution to salvage the situation.

“So far, the institution has invested money from its Internally Generated Revenue in battling with natural disaster. The institution has also spent huge amount of money within the gully axis to check its continuous depression that had collapsed the perimetre fencing some years back. What we are appealing for is for the federal government to come to our aid. Everyone knows how capital intensive it is to control erosion, so it’s not something the polytechnic can do on its own,” he said.

The Anambra State Commissioner for Environment, Dr. Romanus Ejikeme while speaking with THISDAY in his office said ecological problems like erosion are too capital intensive for state governments to manage, and that there was need to call on the federal government and other international organisations to wade in. He thanked the World Bank for consistently coming to the aid of the state in terms of construction of erosion sites, saying that it is believed that before the end of the year, the World Bank would intervene in about 12 erosion sites in the state.

He added that the state government has perfected arrangements to turn sites like the very well known Nanka gully into tourists sites that will yield revenue to the state. He also lamented that the federal government has delayed in the reimbursement of the over N50billion the state has spent on federal roads in the state, including the taming of an erosion gully that threatened the Enugu/ Onitsha Expressway at Nkpor, which was fixed by the state government to ease passage.

These funds, if reimbursed the commissioner said would help the state to fix roads and few erosion sites that the fund can carry.

22

IMAGES

T H I S D AY • MONDAY, OctOber 31, 2016

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

L-R: General Manager, Phillips Health, West Africa, Mr. Ime Umoh; Executive Director, Technology Distribution, Adesuwa Igho-Orere; General Manager, Phillips Personal Health, West Africa, Chioma Nwrke; guest lecturer/ Consultant Dermatologist, Department of Medicine, University of Lagos, Dr. Ayesha Akinkugbe; and celebrity blogger and promoter Y.Naija, Mr. Noble Igwe, at the media lunch/unveiling of Phillips Hair Clipper in Lagos... recently DAN UKANA

L-R: Commander, Rapid Response Squad (RRS), ACP Olatunji Disu; representative of the National Security Adviser (ONSA) and Head, Counter Terrorism, Mr. Steve Agbana; representative of the Lagos State Governor and Secretary to the State Government, Mr. Tunji Bello; Director, National Sensitisation Workshop on the Implementation of the National Counter Terrorism Strategy (NACTEST), Mr. Julius Yakubu, during the opening of a two-day workshop on counter terrorism, at Ikeja Lagos…recently KOLA OLASUPO

L-R: Sales Manager Nigeria, Ethiopian Airlines, Mr. Elias Omerenna; Senior Sales Representatives, Nigeria of Ethiopian Airlines, Mrs. Adetola Alabi; and the General Manager Nigeria, Ethiopian Airlines, Mr. Begashaw Solomon, during the 70th anniversary press briefing of Ethiopian Airlines in Lagos...recently KOLAWOLE ALLI

L-R: Brand Manager, Heineken, NB Plc, Olabiyi Fagade; one of the winners of the customised design by Ejiro Amos Tafiri sponsored by Heineken, Ivie Omenai; fashion Designer, Ejiro Amos Tafiri; and Assitant Brand Manager Heineken, NB Plc, Aminah Jagun, at the Heineken Lagos Fashion and Design Week in Lagos...recently

L-R: Chief Executive Officer, Asoriba Incorporated, Mr. Nana Opokuware Ofori Agyeman-Prempeh; Divisional CEO, Industry Vertical Market, Interswitch, Chinyere Don-Okhuofu; and Chief Group Finance Officer, Interswitch, Peter Otoole, at the unveiling of Interswitch Solution to payments and management, in Lagos...recently SUNDAY AGIGUN

L-R: MD/CEO, Nigerian Electricity Management Services Agency (NEMSA), Mr. Peter Ewesor; Chairman, Senate Committee on Power, Senator Enyinaya Abaribe; and Vice-Chairman of the committee, Senator Mustapha Bukar, during the committee’s oversight function of the Nigerian Electricity Management Service Agency on the status report of the agency for the 2016 budget implementation in Abuja...recently JULIUS ATOI

The Ooni of Ife, Oba Enitan Adeyeye Ogunwusi Ojaja II, with his Chiefs in Council praying for the marketing team of Seaman’s Schnapps for the brand’s support and sponsorship of the recent Olojo Festival in Ile-Ife, Osun State... recently

Members of the Forum of Non-Governmental Organisations in Nigeria led by Chief Wole Badmus protesting against corruption in the judiciary in Abuja...recently

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T H I S D AY • MONDAY, OCTOBER 31, 2016

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 9.6667 17.874

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

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Quick Takes Etisalat Launches Online Platform

MAKING DOWNSTREAM SECTOR VIABLE

L-R: Chairman, OTL Advisory Board, Mr. Reginald Stanley; Senior Technical Adviser to the Minister of State for Petroleum Resources, Mr. Gbite Adeniji; Group Chief Operating Officer, Masters Energy, Mr. Ajay Pandey and GM, Lube Sales & Marketing, Mr. Olugbenga Olaoye at the recently concluded OTL Downstream Expo…recently

Global Financial Losses to Cybercrime May Hit $6trn in 2021 Emma Okonji Security experts have predicted that financial losses to cybercrime may hit $6 trillion globally by 2021, if the ugly trend, which is on the rise, was not nipped in the bud.

The experts who spoke at the 2016 Cybersecurity Awareness Month, organised by the US Mission Nigeria in Lagos last week, raised the alarm that a lot of fraudulent activities are taking place online, where individuals and corporate organisations have been swindled of their financial savings in seconds.

The President, Cybersecurity Experts Association of Nigeria, Mr. Remi Afon, who delivered a paper on: ‘Recognising and Combating Cybercrime’, called for caution while browsing the internet and to avoid clicking

ECONOMY on malicious apps that could direct them to unsafe sites.

While making reference to Symantec, Afon said cybercrime has now surpassed illegal drug trafficking as a criminal money-maker, and that people’s identities are stolen every three seconds as a result of cybercrime.

While also quoting Forbes, Afon explained that 89 per cent of breaches had a financial or espionage motive and that cybercrime costs are projected to reach $2 trillion globally by 2019, with the tendency for the damages to reach $6 trillion globally by 2021, according to Cybersecurity Ventures.

Narrowing the threat to Nigeria, Afon said between 2012 – 2014, Nigeria lost N64

billion to cybercrimes, and loses as much as N127 million yearly to cybercrime, according to recent statistics released by the Office of the National Security Adviser (ONSA).

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof.

Umar Garba Danbatta, who was represented by the Director, Public Affairs at NCC, Mr. Tony Ojobo, said the number of Nigerians that browse the internet everyday is on the increase and that there was need to raise security awareness on the internet to enable Nigerians browse with caution and avoid falling victims to cyber abuse.

According to Danbatta, Nigeria currently has over 152 million active telecoms subscribers and that out of the number, over 97 million are internet users, as at

2015, and that the number kept growing. He therefore welcomed the move by the US Mission Nigeria to create awareness among internet users in Nigeria.

“The dynamic nature of cyberterrorism threats demand that our capabilities be continually refined and adapted to provide the most effective response.

Education and general public awareness is a key part of this requirement. This is why in addition to collaborations, the NCC is playing a major role in creating awareness and educating the general public on issues of cyber security through sponsorship and support of various awareness campaigns organised by cybersecurity organisations,” Danbatta said.

The Assistant Legal Attaché, Continued on page 24

Port Charges: Stakeholders Urge Shippers’ Council, Terminal Operators to Settle Out of Court Stakeholders in the ports industry have called for an out of court settlement of the dispute between the Nigerian Shippers’ Council, NSC, and the Seaport Terminal Operators Association of Nigeria, STOAN. The STOAN and Association Shipping Lines Agencies (ASLA had taken the Council to court following its decision to reverse storage charges collected by the terminal operators and for increasing free storage days at the seaports from three to seven.

Similarly, ASLA had also gone to court to stop the Ports Regulator from reducing their shipping line agency charges

MARITIME (SLAC) and refund container deposits within 10 days.

Both terminal operators and the shipping lines had questioned the powers of the Ports Regulator to carry out such action.

But Justice Ibrahim Buba of the Federal High Court Ikoyi had in December 17, 2014, ruled in favour of the NSC, upholding its appointment as the ports economic regulator for the ports industry and affirming its decision on the charges.

Dissatisfied with the judgment, members of STOAN

and SLAC had filed an appeal before the Court of Appeal to upturn the ruling of the lower court.

However, maritime industry stakeholders, drawn from the freight forwarding profession and maritime lawyers weekend said the way out was for the three parties in the case to embrace an out of court settlement.

They argued that this was for the good of all the parties and for the benefit of the Nigerian economy which is currently facing recession.

Former President of the National Association of Government Approved Freight

Forwarders, NAGAFF, Dr. Eugene Nweke, said alternative dispute resolution or out of court settlement was better for the industry and the national economy.

Noting that out of court settlement would have been good as a precedent, Nweke said this would take time to achieve as the court would need time to study the case before justice can be expected.

He called on all the parties, including the ports economic regulator, STOAN and ASLA, to consider reaching a compromise as part of the out of Continued on page 24

Etisalat has launched a revolutionary online self-service platform known as ‘MyEtisalat’ in furtherance of its unwavering commitment to continuously deliver superior experience to subscribers on the network.

Speaking at a demo event to unveil the platform in Lagos recently, its Chief Product and Information Officer, OtuyemiOtule, said: “the platform is an industry game changer as it simplifies the experience and journey of Etisalat customers across its various digital platforms. Etisalat self-service platform gives our customers full access to their account information and available services.”

He added that the platform which could be accessed via an app and on the web, empowers Etisalat customers with a vast bouquet of features and functions which allow them to manage all their Etisalat services without the need to remember, text or dial codes.

“The platform was developed as a result of intelligence generated from customer feedback and surveys. This is proof that Etisalat is a brand that cares about what its customers are saying and feeling and strives to respond to their feedback”, Otule said.

He further said that ‘My Etisalat’ service provides convenience and ease to subscribers while the service covers various segments of Etisalat business offerings such as prepaid, post-paid, airtime, data, roaming and value added services with features and functions second to none in the mobile telco space.

“With the innovative service, Etisalat customers can now also enjoy greater value when they use the platform as it gives them control over their preferences on the network. The self-service platform also offers unique security features that enable customers to disable their devices if stolen,” he stated.

Banks, Fintech Firms Are Strategic Partners

The banks and financial technology firms are not competitors but strategic partners, as such they should collaborate towards the development of the industry and customer satisfaction.

MD/CEO of Systemspecs developers of Remita, John Obaro, made this declaration at recent meeting with the leadership of the Committee of e-Banking Industry Heads (CeBIH), a body of banking practitioners that represents interests of banks in Nigeria.

According to him the company is a fintech firm and the “best we can do is to come up with top-class products. But we need to work in partnership with banks to meet desired market needs.”

He therefore reiterated the company’s readiness to work with CeBIH to develop the industry by deploying efficient electronic platforms for the banking sector. CeBIH’s Chairman, Dele Adeyinka, also expressed the body’s wiliness to collaborate with Systemspecs, saying that the banks and Systemspecs have collaborated in the past for the good of the industry. However, he said, “we have the responsibility of fostering this relationship and we are ready to work with you for the advancement of the industry.”

Obaro declared as interesting the rapid acceptability of electronic payment systems across the Nigeria banking landscape, saying that twelve years ago the country was reluctance to accept e-payments.

“Today, almost everybody has come to agree about the necessity of e-payment. Now, the debate is about how e-payment should be implemented,” he said.

Agency Wins Effectiveness Award

A startup creative agency, Up In The Sky Ltd , has emerged Best of Category winner in the 2016 Summit Marketing Effectiveness Award competition, held recently. The agency won the platinum category with its work with Royal Diamond Orphanage.The ‘Special Day’ campaign was adjudged one of the very best out of 1100 entries received and won in the Integrated + Mixed Media category.

Reacting to the award, the chief executive officer of the creative agency, OjeOjeaga, said the company was thrilled to receive the award especially because the campaign was designed to protect and provide for children in the society.

“We ensured that all communications materials – the TV Commercial,Radio,PressInsert,Outdooranddonationswebsite–worked together to deliver on our objective. This marketing effectiveness award is an objective endorsement of our campaign strategy”, he said. .

“What keeps me up at night and during the day is how do we get money to invest in our infrastructure because once we do that, this economy can be proactive” Minister of Finance,

Mrs kemi Adeosun

24

T H I S D AY • MONDAY, OCTOBER 31, 2016

BUSINESSWORLD GLOBAL FINANCIAL LOSSES TO CYBERCRIME MAY HIT $6TRN IN 2021

US Consulate General, Lagos, Mr. Fritzgerald Kennely, who presented a paper on: ‘Everyday Steps Towards Online Safety,’ said there was need for Nigerians to be proactive and adopt the US security campaign slogan: Stop. Think. Connect.

According to him, it is time for everyone who goes online to always stop a minute to think, before connecting to certain websites while browsing online.

“All around the globe we have seen individuals, companies, and governments become the victims of cyberattacks. For this reason, in 2009 President Obama of America, called for an increase in education and dialogue about cybersecurity in the Cyberspace Security Review. As part of this policy review, the Department of Homeland Security created an ongoing Cybersecurity awareness campaign – Stop.

Think.Connect,” Kennely said.

He explained that Stop.

Think.Connect. is a national public awareness campaign designed to raise awareness of cybersecurity and to be more vigilant about practicing safe online habits.

PORT CHARGES: STAKEHOLDERS URGE SHIPPERS’COUNCIL, TERMINAL OPERATORS TO SETTLE OUT OF COURT

court settlement.

Nweke argued that such out of court settlement was desirable considering that the issues involved were those bordering on international trade.

A maritime lawyer, Mr. Emma Ofomata who spoke on the issue also said it was time for the parties in the case to embrace alternative dispute resolution.

“Out of court settlement is encouraged because the court is always willing to address issues between parties, not necessarily to punish a particular person but to achieve amicable resolution of issues.

That is the essence of court.

In modern day, the court always encourages alternative dispute resolution because the primary objective of the law is for all parties to have their cases resolved”, Ofomata said.

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

Diamond Bank Posts 78% Drop in Profit After Tax Goddy Egene Diamond Bank Plc last Friday reported a profit after tax of N3.511 billion for the nine months ended September 30, 2016, showing a decline of 78 per cent from N15.967 billion in the corresponding of 2015. The decline in bottom-line resulted from high impairment charges that soared by 106 per cent to N40.261 billion, from N19.5 billion in 2015.

The bank said it opted for prudent provisioning by cleansing its books of assets with poor quality, thus paving the way for operational efficiency and improved earnings for the business years ahead.

However, the bank recorded a growth of 16.9 per cent in total assets to N2.05 trillion, from N1.753 trillion in 2015.

This was driven mainly by the value of the local currency and growth in customer deposits, which surged 13.6 per cent from N1.233 billion, demonstrating the bank’s strong ability and network to generate cheap deposits from the retail and middle market segments.

Similarly, the bank grew its loan portfolio from N763.634 billion to N1.041 trillion, representing 36.4 per cent increase.

Commenting on the results, Chief Executive Officer of Dia-

mond Bank, Mr. Uzoma Dozie, said the stable performance despite the inclement operating environment, stemmed from management’s focus on key strategic projections across the three core segments of retail, business and corporate banking.

He noted that bank will continue to passionately pursue its technology-driven retail strategy to optimise cost and reap predictable bountiful

in Nigeria, namely a large population, many of which remain unbanked. This strategy stands to benefit all stakeholders, including our shareholders and customers in the long run,” he said.

Dozie explained that the economic environment has also impacted business and industry as a whole, particularly those in the oil and gas sector.

“For Diamond Bank, this has translated to elevated

impairment charges for the third quarter, as we push for a healthier loan book and to comply with regulations,” he said.

Despite the fall in profit, the bank maintained very stable and modest growth in its capital adequacy and liquidity ratios, with 15.6 per cent and 39.4 per cent, which is above the regulatory requirements of 15 per cent and 30 per cent respectively..

BUSINESS DINNER

R-L: Head Corporate Affairs and Media, First City Monument Bank (FCMB) and Co-Chair, BVN Communication/Publicity Committee, Mr. Louis Ibe; Assistsant Director, Banking and Payment System, Central Bank of Nigeria CBN, Mr. Biyi Dosunmu; Head, Process Re-Engineering GTB/ Co-Chair, BVN Communication/Publicity Committee, Mrs. Yemisi Bayagbon ; Director, Banking and Payment Systems, CBN, Mr. Dipo Fatokun and Managing Director/CEO, NIBSS, Mr. Adebisi Shonubi, at the BVN Project Team/Bank Champions Dinner organised by NIBSS in Lagos … recently

Emadeb Energy Expands Operations, Unveils Retail Outlet in Abuja As part of its growth strategy, Emadeb Energy Services Limited, a Petroleum Products Haulage and Petroleum Products Distribution Company, has ventured into ownership of retail outlets through which it plans to increase earnings.

The Chief Operating Officer of the company, Mrs. Kike Ojo-Awosika said in a statement that one of the 20 retail outlets, which the company targeted to build nationwide in the next one to one and a half years subject to the outlook in the downstream sector, would be commissioned in Abuja on November 4.

She said the decision to build the retail outlets, the significant percentage of which would be sited in Abuja, Lagos and some southern cities, stemmed from “our growth strategy and the commitment to taking our business to the next level, following the commissioning of our ultra modern Tank Farm in February 2014.”

According to her, “Prior to now, Emadeb Energy has specialised in the importation, storage and distribution of refined petroleum products, particularly Premium Motor

results in the medium to long term.

“We believe the macro conditions and other external factors will remain challenging for the rest of the year and well into 2017. However, by pursuing our technology-led retail strategy and with our focus on innovation and scalability, we believe the Bank is well-placed to benefit in the medium to long term from the favourable fundamentals

Spirit (PMS), which forms more than 60 percent of the total import in the sector.”

She explained that ownership of retail outlets would enable the company to enjoy economies of scale, which would, in the long run, increase turnover/margins.

Ojo-Awosika, who sounded confident that the market is beckoning on the company, declared that “we currently have clients across the six geo-political zones in the country and it is important we take our services to their doorstep,” adding, “we are, therefore, targeting about twenty retail outlets in the next twelve to eighteen months to increase our market share.”

She said that “the retail outlets will increase our assets base, thereby meeting regulatory requirements for bigger transactions in the oil and gas sector.”

“It will also increase our rating with local and international financial institutions, thus having access to cheaper funding,” she further stated, adding that “it will increase our market share and attract investment opportunities from international oil and gas companies who may be willing to partner indigenous entities.”

Enabling Enterprise Environment Key to Long Term Future of Nigeria Emma Okonji In order to attract the needed investment to fully develop the local economy, Actis, a leading growth markets investor, has called on the public and private sector to create an enabling enterprise environment that is transparent and accountable to the masses.

Key players of Actis who were engaged in a discussion focused on the role of private capital investors in developing the local economy and the investment opportunities available in Nigeria, made the call during the hosting of over 200 senior public and private sector decision makers in Lagos recently, organised by Actis to share its perspectives on the Africa opportunity and potential for Nigeria.

The discussants included the Minister of Industry Trade and Investment, Dr. Okechukwu Enelamah, who is a private capital investor; Global Head of Private Equity at Actis, Mr. Natalie Kolbe; Director, Real Estate, Actis West Africa, Funke Okubadejo and Investment Principal at Actis, Mr. Tony Abakisi.

Speaking on Nigeria’s economy and government’s roadmap towards diversifying the local economy, the minister said government is determined to enhance public infrastructure, whilst supporting high growth sectors in the country and boosting exports.

According to him, “I want

Nigeria to be the number one growth market. Nigeria presents diverse investment opportunities in areas that would not only support the local economy but also deliver significant yields to foreign investors like Actis.”

“Private capital has an important role to play in our medium to long term focus on re-building an enabling business environment. We as a government and I in particular accept responsibility for our policies and also for ensuring implementation. Therefore we can be held accountable,” the minister added.

Enelamah had in the past implemented various reforms to boost and restructure the economy that includes the introduction of the Nigeria Industrial Revolution Plan (NIRP).

President Muhammadu Buhari also approved the establishment of the Enabling Business Environment Council (PEBEC), aimed at making Nigeria more attractive for investments, with the VicePresident, Prof. Yemi Osinbajo as Chairman and Enelamah as Vice Chairman.

Another key player of Actis, Kolbe, said, “Actis has been investing in Nigeria for around seven decades and we are here for the long term. We have recently committed a significant amount of capital across our asset classes from malls and office space to financial services and power generation.”

“We are realistic about the current macroeconomic environment but we have invested through the cycles before. That experience makes us pragmatic in our approach.

We remain extremely optimistic and excited about the potential here in Nigeria.”

A recent report by the World Bank stated that the country would experience moderate rebound in 2017 on the back of federal government’s expansionary budget, expected to begin to yield results in the coming years.

The public/private sector forum said the federal government recently injected N600 billion into the economy for capital/infrastructure projects, with the aim to create activities in the private sector which in turn will lead to job creation in the country.

Actis’ previous and current investments in Nigeria include investment in Mouka Foam, a leading Nigerian mattress brand; Diamond Bank, one of Nigeria’s leading banks; Jabi Lake Mall, Abuja’s onestop leisure, restaurant and retail destination; The Palms, the first ever internationalstandard diversified retail mall in Nigeria; Heritage Place, a world-class office development in Lagos’s commercial and retail area; Ikeja City Mall, a world-class retail and leisure mall in Ikeja, Lagos and Vlisco Group, the market leader in designer wax fashion fabrics.

25

T H I S D AY • MONDAY, OCTOBER 31, 2016

BUSINESSWORLD

MARKET REPORT

Equities Market Sheds N103bn as Investors React to Poor Q3 Earnings Goddy Egene and Nosa Alekhuogie

million), Transcorp (17.80 million shares) and Access Bank (15.49 million shares).

Nigerian equities shed N103 billion last week following negative reactions to financial results of companies for the third quarter (Q3) ended September 30, 2016.

Investors have remained cautious in recent times as they awaited the results, which were expected to be poor due to the macro-economic headwinds.

And when the results hit the market last week, it was mixed.

While some did poorly, some braved the challenging environment and ended the period stronger. However, some did very poorly, posting losses.

Consequently, investors reacted negatively, leading to a decline of 1.1 per cent in the Nigerian Stock Exchange (NSE) All-Share ASI to close at 27,294.21, while market capitalisation closed lower at N9.375 trillion.

However, the NSE Premium, NSE 30, NSE Banking, NSE Insurance Indices depreciated by 3.53 per cent, 0.43 per cent, 0.44 per cent, 0.29 per cent respectively.

The NSE Industrial Goods index emerged the best performing sector, gaining 2.7 per cent on account of strong bargain hunting in Lafarge Africa Plc. The NSE Oil & Gas and NSE Consumer Goods indices gained 0.3 per cent apiece.

Daily Market Performance Summary The market resumed on a negative note with the NSE ASI depreciating marginally by 0.08 per cent to close at 27,574.95 on Monday.

The depreciation recorded in the share prices of Cadbury, Oando, Ecobank Transnational Incorporated ETI, United Bank for Africa (UBA) and GTBank Plc were responsible for the loss recorded.

The total value of stocks traded on the floors of the NSE was N1.06 billion, up by 61.76 per cent from N656.02 million recorded the previous day. The total volume of stocks traded was 101.18 million shares in 2,256 deals. In line with the bearish performance, sectors were broadly bearish as all indices closed lower save for the NSE Industrial Goods Index, up 0.37 per cent on the back of persistent bargain hunting in Lafarge Africa Plc (+1.1 per cent).

The NSE Oil & Gas Index (-0.6 per cent) led sector decliners as sell pressure on Oando (-3.3 per cent) and Mobil Oil (-2.4 per cent) dampened sector performance. The Insurance index closed (-0.3 per cent) lower on account of AIICO Insurance Plc (-4.9 per cent) while the impact of the gains in Zenith Bank (+1.7 per cent) on the NSE Banking Index (-0.3 per cent) was offset by losses in Union Bank (-5.3 per cent),ETI (-1.7 per cent).

The bearish trend persisted on Tuesday as the NSE ASI dipped 1.7 per cent to close at 27,098.52. Weak sentiments for bellwether – Dangote Cement pushed the market down

by N163.6 billion.

However, activity level improved as volume and value traded rose 11.1 per cent and 16.2 per cent to settle at 112.4 million units and N1.2 billion respectively.

In terms of sectoral performance, four sector indices closed lower while only one advanced. The NSE Industrial Goods index led the pack of decliners, falling 2.1 per cent on

the back of sell pressure on cement companies – Ashaka Cement (-9.7 per cent) and Dangote Cement Plc (-4.8 per cent). The NSE Banking Index trailed as it declined 0.71 per cent on account of losses in Zenith Bank (-0.7 per cent) and GTBank (-0.4 per cent). Similarly, the NSE Consumer Goods Index fell by 0.2 per cent against the backdrop of price depreciation in Flour Mills of Nigeria Plc (-3.3 per cent) and International Breweries (-2.8 per cent) while the NSE Insurance Index shed 0.1 per cent.

The market rebounded on Wednesday, reversing the negative trend of the previous days. The NSE ASI appreciated by 0.08 per cent to close at 27,120.39, while market capitalisation added N7.5 billion to be at N9.3 trillion.

The market sustained the positive trend on Thursday, rising by 0.43 per cent to close at 27,236.78, while market capitalisation rested at N9.35 trillion. Gains posted by Dangote Cement, Unilever, Lafarge Africa, Total Nigeria and Access Bank bolstered the growth.

The total value of stocks traded on Thursday was N1.76 billion, up by 1.04 per cent from N1.74 billion recorded the previous day.

The total volume of stocks traded was 155.59 million shares in 2,648 deals, while the three most actively traded stocks were: FBN Holdings (30.82 million shares), Access Bank (19.69 million shares) and Transcorp (13.97 million).

The market maintained the bull run for the third consecutive day

with the NSE ASI rising by 0.21 per cent to close at 27,294.21. The appreciation recorded in the share prices of ETI, UBA, Lafarge Africa, Total Nigeria and Forte Oil were responsible for the day’s gain.

TOP TEN BROKERS(BY VALUE)

A total of N1.08 billion was invested in 148.44 million shares, down from N1.76 billion invested the previous day.

The three most actively traded stocks were: Fidelity Bank (20.36

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

EFCP LIMITED

3,124,779,174.21

22.52

2,767,143,050.25

19.94

FBN SECURITIES LIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD

786,369,861.13 715,669,397.17

5.67 5.16

INVESTMENTONESTOCKBROKERSINTLLTD-BRD

496,375,897.01

3.58

RENCAP SECURITIES (NIG) LIMITED

441,271,639.50

3.18

CSL STOCKBROKERS LIMITED

433,245,921.35

3.12

ZENITH SECURITIES LIMITED

406,117,031.47

2.93

257,983,681.79

1.86

250,766,364.09 9,679,722,017.97

1.81 69.75

STANBIC IBTC STOCKBROKERS LIMITED

CARDINALSTONE SECURITIES LIMITED A.R.M SECURITIES LIMITED - BRD

TOP TEN BROKERS

(BY VOLUME)

BROKER STANBIC IBTC STOCKBROKERS LIMITED CARDINALSTONE SECURITIES LIMITED

AS LAST FRIDAY VOLUME

%VOLUME

209,539,886

15.32

84,873,934

6.21

EFCP LIMITED

84,429,530

6.17

TRUSTBANC CAPITAL MANAGEMENT LIMITED CSL STOCKBROKERS LIMITED

68,347,950 64,919,553

5.00 4.75

INVESTMENTONESTOCKBROKERSINTLLTD-BRD

63,260,942

4.63

FBN SECURITIES LIMITED

52,206,375

3.82

CENTRE POINT INVESTMENTS LIMITED - BRD

37,963,354

2.78

CORONATION SECURITIES LIMITED

37,370,358

2.73

REWARD INVESTMENT AND SERVICES LIMITED

28,754,641

2.10

731,666,523

53.50

Market turnover In all, investors traded 678.710 million shares worth N6.875 billion in 11,808 deals last week, in contrast to a total of 674.721 million shares valued at N7.657 billion that exchanged hands the previous week in 12,290 deals.

As usual the, Financial Services Industry led the activity chart with 529.258 million shares valued at N2.774 billion traded in 6,290 deals; thus contributing 77.98 per cent and 40.35 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 58.413 million shares worth N2.704 billion in 2,223 deals. The third place was occupied by the Conglomerates Industry with a turnover of 50.376 million shares worth N95.110 million in 537 deals.

Trading in the top three equities– FBN Holdings Plc, Access Bank Plc and FCMB Group Plc accounted for 226.665 million shares worth N757.967 million in 1,879 deals, contributing 33.39 per cent and 11.03 per cent to the total equity turnover volume and value in that order.

Also traded during the week were a total of 5.079 million units of Exchange Traded Products (ETPs) valued at N49.828 million executed in 57 deals, compared with a total of 10,779 units valued at N63,890.18 transacted the previous week in 22 deals. Similarly, 4,100 units of Federal Government Bonds valued at N4.287 million were traded in three deals compared to a total of 1,700 units of Federal Government Bonds valued at N1.518 million transacted the preceding week in one deal.

Gainers and losers Meanwhile, a total of 21 equities recorded price gains, higher than 16 equities of the previous week.

Conversely, 41 equities depreciated in price, 38 equities of the previous week, while 118 equities remained unchanged lower than 126 equities recorded in the preceding week.

For the third week running, Caverton Offshore Support Group Plc led the price gainers, rising by 27.9 per cent. Lafarge Africa Plc trailed with 16.2 per cent, while Total Nigeria Plc chalked up 13.7 per cent. E-Tranzact International Plc went up by 10.1 per cent, just as Airline Services and Logistics Plc and Presco Plc appreciated by 10 per cent and 8.9 per cent in that order.

Other top price gainers included: Unilever Nigeria Plc (8.9 per cent); Learn Africa Plc (4.9 per cent); ETI Plc(3.6 per cent); Cadbury Nigeria Plc (3.5 per cent).

On the negative side, Fidson Healthcare Plc led with 16.4 per cent, followed by Ashaka Cement Plc with 9.6 per cent, while Honeywell Flour Mills Plc shed 9.2 per cent.

May & Baker Nigeria Plc and Skye Bank Plc fell by 8.8 per cent and 7.8 per cent respectively.

Other top losers were: National Aviation Handling Company Plc (7.5 per cent); Sterling Bank Plc (7.1 per cent); Dangote Flour Mills Plc (6.4 per cent); Wema Bank Plc (6.1 per cent) and Diamond Bank Plc (6.0 per cent).

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BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

Naira Expected to Rise on Improved Dollar Supply Obinna Chima The naira is expected to strengthen this week on improved dollar supply to the market, currency dealers have predicted.

The naira fell to N470 to the dollar on the parallel market last Friday, as against the N455 to the dollar it was the preceding Friday. However, on the interbank FX market, the spot rate of the naira closed at N304.50 to the dollar in Friday.

However, the nation’s currency has been estimated to reverse its losses as traders anticipate improved dollar supply from international money transfer agencies to ease a shortage, which has pushed down the local currency this week.

“The naira should appreciate gradually in the coming days after the expected sales of about $21 million by Travelex last Thursday and subsequent extension of dollar sales to bureau de change operators in the other part of the country,” the President of the Association of Bureau De Change Operators of Nigeria (ABCON), AminuGwadabe told Reuters.

Travelex and First Bank are authorised by the central bank to sell dollar to bureaux de change to boost liquidity and narrow the gulf with the official rate.

But consistent with recent trend, the naira has remained relatively stable against the dollar on the interbank market. Also, on the Bureau De Change (BDC) segment, the naira went for N385 to the dollar.

Nonetheless, in the futures market, the Central Bank settled $270.6m in notional value of the maturing OCT 26 2016 futures instrument on last Wednesday. As with the trend since introduction of the futures market,

MARKET INDICATOR the central bank issued a new 12-month tenor instrument (OCT 25 2017) worth $1 billion at N258.50/US$1.00 to replace the maturing instrument.

“In the interim, we expect the exchange rate at the parallel market to remain pressured due to restricted access to official windows and surge in dollar demand associated with the festive season. The CBN is yet to guide to a metric that would trigger a shift from its current peg; thus, we expect FX rate at the official market to remain stable whilst the CBN continues to intervene via spot/ forward sales of the greenback,” analysts at Afrinvest West Africa stated.

Bond Market Meanwhile, sentiments in the local bonds market were mixed last week as average yield across benchmark bonds declined on two trading days and increased on three days.

Average yield settled at 15.1per cent last Friday, down two basis points week-on-week.

The week started with strong buying interest across tenors which resulted in a nine basis points (bps) decline in average yield from 15.1 per cent across benchmark bonds (last Friday) to 14.9 per cent last Monday.

Market activities however quietened towards mid-week as investors redirected attention towards the money market on the back of the CBN’s activities in the primary window.

Accordingly, a report by Afrinvest showed that Average yield across benchmark bonds rose four bps and two bps last Tuesday and Wednesday respectively as investors sold off

particularly at the shorter end of the curve.

Average yield dipped one bp at the end of trade last Thursday with longer tenured rates moderating.

Furthermore, it showed that performance in the Nigerian corporate Eurobonds market mirrored the preceding week as buying interest continued in the Access 2017 (down 20bps W-o-W), Guaranty 2018 (down 10bps W-o-W) and Zenith 2019 (down 26bps W-o-W) this week. Investors however took profit on the Fidelity 2018 Eurobond instrument as yield rose19bps. Nevertheless, the Guaranty 2018 Eurobond commands the highest year-to-date return at 8.5%.

“In the week ahead, we expect yields in the local bonds market to moderate marginally as we anticipate more buying activities from PFAs as they reposition their portfolios ahead of the new month,” Afrinvest added.

Interbank Naira Market Buoyed by improved system liquidity, money market rates moderated during the week, easing from triple/double digits recorded in recent weeks to close the week in single digit despite a series of open market operations (OMO) auctions. The open buy back (OBB) and overnight rates settled at 9.7 per cent and 10.3 per cent last Friday, down 4.3 per cent points apiece, from the preceding Friday’s 14 per cent and 14.5 per cent The week opened with aggregate financial system liquidity in a deficit of N19.4 billion.

However, OBB and overnight rates inched four per cent and 3.8 per cent points lower to close at 10 per cent and 10.8 per cent respectively on the back of the inflow from September FAAC allocation which improved system liquidity level, enough to offset the

impact of an OMO auction by the central bank, where N120.2billion was mopped up at stop rates of 18 per cent and 18.5 per cent for the 185-days and 339-days instruments, Afrinvest revealed.

“The apex bank further sold N51.5 billion and N53.8billion worth OMO bills on Tuesday and Wednesday in a bid to mop up excess liquidity, thus OBB and overnight rates rose 67bps and 83bps respectively to close at 10.7 per cent and 11.6 per cent on Tuesday, eventually settling at 10.5 per cent and 11.3 per cent by midweek.

“OBB and overnight rates moderated to single digit on Thursday to close at 8.8 per cent and 9.5 per cent respectively due to the impact of N144.9billion OMO maturity on system liquidity. Activities in the Treasury Bills market were largely bearish as average Treasury Bills rate trended upwards on most trading days during the week on the back of the Central Bank’s aggressive activities in the primary market.

“Average Treasury Bills rate rose 20 bps on Monday to close at 17.2 per cent as sell sentiment trickled into the market. Despite improved system liquidity, the sell sentiment persisted on Tuesday as average Treasury Bills rate increase 51bps to close at 17.7 per cent as the CBN mopped up liquidity via OMO auctions at higher rates,” it added.

It was estimated that the central bank would continue mopping up liquidity through OMO auctions and thus expect money market rates to inch higher from current levels. There is also a scheduled Treasury Bills maturity of N123 billion expected to hit the system but its impact on liquidity levels will be neutral due to a rollover of the same net amount.

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PERSPECTIVE

A Decade of Aviation Regulation Chris Aligbe x-rays the activities of the Nigerian Civil Aviation Authority in the last 10 years The period under focus runs from 2006 to 2016. Although the current Director-General of Nigeria Civil Aviation Authority (NCAA), Captain Usman Murhtar, who assumed duties in October 2014 is still in his first tenure, this year marks a full decade from 2006 when Dr. Segun Demuren was appointed to run NCAA. This ten-year history and analysis has become so cogent in the face of apparent amnesia that afflicts much of the comments, analyses and perspectives on civil aviation regulation and indeed on NCAA. The present, they say, usually comes out of the past, while the future is a product of the present.

So, in a country like ours where there is either no history or there is amnesia about history; trend analysis, conclusions and projections are often flawed. This is our predicament not only in the aviation sector but in virtually all aspects of our national life. This unfortunate situation has been exacerbated by the removal of History from our school curriculum. No wonder our children know nothing about the Nigerian Civil War, Lander Brothers, Mungo Park, Lord Lugard and 1914 amalgamation, let alone the great

Aligbe Empires of Benin, Oyo, Sokoto and IKanem Bornu or Nigeria’s great effort and sacrifice in the liberation of Angola, Zimbabwe, Mozambique, Namibia and Apartheid South Africa. This 10-year reflection on aviation regulation therefore, is an attempt to de-activate the present insipid analyses of various “Aviation Experts”, as well as provide historical facts and basis for genuine students of aviation studies with a

view to engendering fair-minded incisive commentaries on aviation regulation trend in our country.

When Dr. Demuren was appointed by President Obasanjo in 2006, it was in an appropriate response to the fate of a bleeding nation whose aviation environment had been turned into literally, an Akeldama; the field of blood, where the trio of Bellview, Sosoliso and ADC airlines, between 2005 and 2006, killed over

340 Nigerians in the most fatal air crashes in the annals of our aviation history.

It was on the spur of the inconsolable sorrowful outpouring of the Enemoh’s over their breadwinner, Mr. Enemoh of IPMA (Belview), the Ilabor’s who lost all their children as well as the 50 Loyola Jesuit College families, along with the Odukoya family of the scintillating preacher, Bimbo Odukoya (Sololiso) and the Maccido family of Sultan Maccido (ADC) all of whom led the pack in the three fatal air crashes.

The crashes were no doubt the immediate incentive for Demuren’s appointment. But a peep into fifteen years before Demuren (2006-1991) will reveal incredible decadence, impunity, arrogance of power, ignorance and declivity in a nation’s aviation history.

Milestones of this era, include, but not limited to the following: Between 1991 and 1993, an Aircraft Leasing Company, International Aircraft Leasing Company (IALC), spent time and resources disparaging both the Nigerian Government and the aviation Industry at over 12 International conferences for failure to cause Barnax Airline to return 3 aircraft leased from it. The leasing

company had mischievously leased 3 Boeing 737-200 aircraft that were due for heavy maintenance checks only 3 months away to a Nigerian Generator Merchant, owner of Barnax Airline, who neither had an iota of knowledge of aircraft nor sought the assistance of aircraft engineers. He thus could not operate. Angered by this, he grounded the aircraft in Port Harcourt Airport and prevented the Leasing Company from repossessing them. IACL in its three years of campaign of calumny, devastatingly damaged Nigeria’s image. Capt. Joji, then Nigeria Airways Managing Director, engaged the company in a war of words in a Cairo Conference in 1992, and in 1993 I engaged them at Nick Fadugba’s conference in Nairobi. But the damage had been done. Nigeria had become a high risk country for leasing, and repossession insurance doubled.

Domestic airlines could no longer bear the cost of leasing healthy aircraft and so resorted to junks.

It took a law suit filed by Prince Tony Momoh, journalist and lawyer, now politician of the change mantra to enforce repossession of the 3 B737s.

CONTINUED ON PAGE 34

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PERSPECTIVE

A DECADE OF AVIATION REGULATION Apart from Nigeria Airways, ADC, Belview, most other airlines – Okada, Albarka, Chanchangi, even Sosoliso and others resorted to BAC 1-11, Tupolev and Yakolev DC8, DC9, MD81 and MD82.

Nigeria became a grave yard for junk aircraft. Such was the situation that Nsikak Eduok, Aviation Minister then, described Domestic airline aircraft as “flying coffins”.

And he was correct. It was a period when airlines did not respect their internal procedures; did not respect the Minimum Equipment List (MEL), did not bother about pilots’ airworthiness and pilots meeting laid down requirements before taking command. It was a period when pilots were induced with money to make as many landings as they could without regard to crew rest time rules. It was a period that airlines cut corners, falsified records in their technical logs and told lies to NCAA about their operational and technical status. It was an era when NCAA officials closed their eyes to infractions, even deadly infractions by operators. It was a period when Ministers and politicians, personally or indirectly, certified aircraft airworthiness or directed issuance of AOC to non-existent airline.

Although Demuren did not have a direct personal experience with many of these, he however knew that so much had gone amiss with the industry. Armed with aeronautical engineering degrees from two of the world’s best Universities – Kiev in Ukraine and MIT in the US, his earlier working experience at FCAA as well as a strength of character; on assumption of duty, Demuren set about addressing the critical challenges of regulation; a regulatory framework and appropriate manpower, both of which NCAA then did not have.

He first assembled tested professionals from within and outside the industry, and, strengthened by a palpable commitment of the industry as well as the honourable KGB Oguakwa led-National Assembly Aviation Committees and the aspirations of the citizenry, working together, Demuren produced the first regulatory framework document; the NCAA Act of 2006, for the regulation of the industry.

With the Act, Demuren began to build a strong foundation for the industry regulation. Luckily for him, the government in its perverse wisdom, had liquidated Nigeria Airways in 2003 and threw into the job market, a generation of highly seasoned aircraft maintenance engineers, pilots and cabin crew. Demuren harnessed many of these, who joined NCAA as contract staff, as veritable hands-on materials for casting the foundation.

For the next four years, Demuren settled down to turnaround the sordid image and reputation of the industry.

He was able to enforce the regulatory independence of the Authority to almost 100 percent level. During the period, under him, Nigeria attained FAA Category 1 status which indicated a high safety record and procedures. Also in a bid to address the Barnax Airline albatross, Demuren made great efforts to ensure that Nigeria not only acceded to, but also domesticated in time the Cape Town Convention on Mobile equipment to meet the set deadline. Thus, he opened up access for Nigerian

airline operators to lease or acquire more modern generation aircraft.

By 2009, FAA, ICAO and UK as well as European CAA have given up their reservations about the regulatory regime in Nigeria.

By 2010, Demuren’s successes had become global and dwarfed NCAA. In fact, his name was coterminous with NCAA and even Nigerian Aviation and had become both a domestic and global brand.

Over these years, the focus of the NCAA was safety, safety, safety but nothing significant was done in the area of Economic Regulation and Consumer Protection. Over these years, the Nigerian passengers’ rights remained some of the most abused by both domestic and international airlines. Passengers had no reprieve from the negative impacts of monopolies, at the domestic level and market dominance, cooperative duopolies as well as price fixing by some legacy airlines at the international level. The only dampers to these exploitations were African and Middle East airlines, particularly in the area of fares. Not until 2010-11 when NCAA, taking a cue from the US and European regulatory authorities, discovered that the two British Carriers – BA and Virgin, for many years before 2006, fleeced their Nigerian passengers with hidden charges before NCAA came up with Civil Aviation Regulations (CAR) Parts 18 and 19.

Though the two airlines admitted the malpractice, they refused to refund their Nigerian passengers the way they did their US and European passengers, arguing that they did not infringe any Nigerian law which unfortunately was true.

Nigeria Civil Aviation Regulations Parts 18 and 19 of October, 2012 for Economic Regulations and Consumer Protection respectively, were the response to the lacuna which BA and Virgin exploited to retain the huge proceeds from illicit and unfair charges.

By 2012, the politics of Demuren’s removal had assumed unimaginable dimension. On the one hand were some political and industry stakeholders led by the former President, Olusegun Obasanjo, canvassing for another four-year term for Demuren and, on the other hand, was a band of self-motivated political actors, both in the legislative and executive arms, pushing for his removal on grounds of unpliability. At last, it was this last group that won as President Jonathan removed Demuren on grounds of their position.

However, in all the proDemuren campaign, one thing was clear; all proponents believed that the industry would collapse

if Demuren exited. The strongest among them was Obasanjo himself who said during Femi Ogunleye’s book launch: “I wonder what will happen if Demuren leaves NCAA”. Many a stakeholder had this fear, which was extrapolated to the view that only a Demuren or a Demuren-type DG can run NCAA. This view became a fixation for many analysts of today who are enveloped or enmeshed in a Demuren-nostalgia. Such was the legacy of Demuren that today, all those who are fixated are engaged in an endless search for a kind of “philosopher-king” in any DG appointed to run NCAA, be it Akinkotu or Usman. This group of analysts, who criticize DGs for either not being qualified or for being weak or for low visibility, tend to forget the process of building structures.

To build a resilient structure, you need concrete piles and slabs to ramp up the foundation.

Next, you need to understand the architecture and the building blocks required to realize the structure and ensure functionality.

Demuren had the first role while Akinkotu or Usman had the second role. No doubt unarguably, Demuren acquitted himself irrespective of the DANA crash that put a black spot on a six-year accident free regulation. The questions therefore to ask today are: Is our Aviation sector today less safe or safer than yesterday?

Is NCAA up to its regulatory responsibilities to the extent that our global safety records and reckoning are not just intact but are rising in profile? What is the profile of oversight, enforcement and compliance in the industry presently vis-à-vis the past? Shall our quest or focus be on a strong DG or a strong Institution? For the purposes of analogy and for better understanding, we can observe this about the Nigerian nation; that our predicament today is the failure of post-first republic politicians till date, to build on the firm federalist foundation built by Awo, Sarduana, Tafawa and Zik. Many world leaders of note have, in recent years, advised African countries to direct efforts and resources at building strong and resilient institutions and systems rather than strong leaders. Unfortunately, this advice is not seeping into the perceptions of some of our present analyses of NCAA. Today, Singapore and Tanzania present classic examples where politicians are successfully building on the strong foundations left by Lee Kuan Yew and Julius Kambarage Nyerere, respectively.

But our country is one of endless nostalgia of our destroyed and vanished foundation, no thanks to

the pillage of our political actors from 1966 to date.

I have gone through the above seeming digression to establish the platform and indices for the x-ray of the NCAA, from 2006 to 2016.

Dr. Harold Demuren left NCAA in the aftermath of DANA crash and after the National Assembly Public Hearing on the crash, not for any wrong doing or guilt. He left unstained.

Given where the industry was coming from, Demuren’s incredible success was such that it restored confidence to the travelling public.

Unfortunately, this positive state, unknown to Demuren, by 2011 had begun to breed complacency among some of his critical staff.

Old ways, they say, never die easily. Some of these staff had managed to slip under Demuren’s internal supervisory radar as it were. This became clear in the presentations made by both NAAPE and some other stakeholders during the NASS Public Hearing on DANA Air in June 2012. One of the most convincing evidence was that following the appointment of the Obakpolor Technical Audit Committee by then Minister, Stella Odua, to carry out a comprehensive technical audit of all operating airlines, one of the operating airlines, fearing detection of infractions, immediately grounded operations and flew all its aircraft out of the country for maintenance, thus avoiding any audit. It was this return to old ways of poor oversight, irresponsible waivers and illicit incentives which escalated between Demuren’s exit in 2012 to Usman’s assumption of duty in the last quarter of 2014 that will most likely account for the Associated Airline’s crash.

In fact, in one of the DANA Public Hearing Reports, it was stated, inter alia, that “stakeholders pointed out that the original zeal and commitment which drove the regulatory agency in the aftermath of the accidents of 2005/06 had waned drastically. Allegations of favouritism, compromises, laxity and corruptions were leveled”.

Apart from airlines, doubts about NCAA sustained regulatory ability were overwhelming among pilots, engineers and other stakeholders.

For the 2years between Demuren and Usman, the industry suffered culpable unseriousness at the hands of both the Legislature and the Executive, both of which played chess games with NCAA for interests not altruistic.

First, it was the announced replacement of Demuren with Capt. Fola Akinkotu in October, 2012. When Akinkotu was

removed unjustifiably and without any reason in March 2014, after about 7months in office, the then Commissioner and CEO, Accident Investigation Bureau – AIB, Capt Usman Murhtar was transferred and appointed DG designate for NCAA. From the exit of Demuren in 2012 to date, NCAA has been run by two substantive DGs and two Acting DGs, whose mandate are not only inferior but also unknown in law, the NCAA Act of 2006.

While Nkemakolam and Adeyileka, the two Acting DGs were not responsible for their sixteen months stay, combinedly, the periods however, experienced high political deals and battles, as well as phony promises that not only left so much bad blood whose arteries still exist in the system, but more important was the concomitant decline in regulatory effectiveness which, if had been left a little longer, would have re-awakened the inglorious vestiges of 2005/2006.

Akinkotu and Usman shared certain things in common.

They were duly appointed, screened and confirmed by the Senate. Both waited for almost seven months each before being screened. Both were victims of high wire politics and both were victims of industry spin-doctors who sought to truncate their appointments by disparaging them.

Both were presented to the public as not qualified, weak and unfit to run NCAA and could not step into Demuren’s shoes, even when Demuren took his shoes away.

Unfortunately, these views and figments stand incurably contradicted by the facts on ground about both Akinkotu and Usman.

As against the required qualification of 10years experience in aircraft piloting or Aeronautical engineering, among others as stated in the NCAA act of 2006, Capt. Fola Akinkotu qualified as an Aircraft Maintenance Engineer with A and C Licences in 1972 from NCAT, Zaria as well as two Aircraft Flight Engineers Licences, and by 1978, obtained a Commercial Pilot’s Licence. In about 23years as an active Pilot, Akinkotu had flown F28, B727, DC9, BAC 1-11 and B737-300/500; clocking 12,652.5 flight hours.

These in addition to his vast exposure to various Management positions in the industry, the last of which was his role as Managing Director of the International Aviation College, Ilorin, where he was training Pilots; before his appointment as DG, NCAA at the close of 2012. Akinkotu assumed duty after 7months, awaiting confirmation. Sadly, he became a victim of grave injustice when just 7 months into his tenure, he was plucked out with no justifiable reason. Thus, he had no chance to prove the marauding industry spin-doctors wrong.

With Fola Akinkotu out, the then President approved the appointment of Capt. Murhtar Usman, who as at then was the Commissioner and CEO, Accident Investigation Bureau (AIB) as DG Designate for NCAA. Usman came in with rich professional background of over 30 years covering portfolios which include Airline Pilot, Flight Safety Engineer, Flying Instructor, Air Safety Inspector and Aircraft Accident Investigator and Management.

With training and qualifications CONTINUED ON NEXT PAGE

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PERSPECTIVE

A DECADE OF AVIATION REGULATION from prestigious Professional institutions in Miami (CPL/IR and FE), Oxford (FI), New York (ATPL), USC (AAI) and (AHI), Singapore (SOI) and Cranfield (AAI), one would have concluded with certainty that Usman more than met the minimum 10year professional qualifications stipulated in Part iii Section 3 of NCAA Act, 2006.But that was not the case. The same industry and political spin doctors who chased Akinkotu were on the heels of Usman, who they disparaged as unqualified, weak and not knowledgeable. This is in spite of the fact that as Commissioner for AIB, Usman acquitted himself with the investigations he carried out on the Belview, ADC and Sosoliso crashes as well as DANA and Associated Airlines.

The Reports of these investigations contain over 75 infractions and causes (Belview 36, ADC 8, Sosoliso 6 and the rest shared by FAAN, NCAA, DANA and Associated) that, put together, is a compendium of classic references for students of airworthiness and safety oversight, regulations studies and research as well as historians of our regulatory imago and developments.

Beyond paper qualifications and requisite experience, when Usman assumed duty in October, 2014 after an unnecessary 7 months waiting period, he came with a knowledge and experience arising from the aforementioned culpable, albeit criminal infractions and fatal negligence; an experience which no NCAA DG before him, whether Engineers Haruna, Oyudo, Onyeyiri, Demuren or Akinkotun ever had.

Working with this experience, on assumption, Usman blocked all loopholes that allowed waivers and extensions of due maintenance, and pushed oversight, enforcement and compliance to great limits.

Since 2014, airlines, pilots, engineers and all other licenced professionals have come to realize that infractions and misdemeanors are no longer accepted as common place and the order of the industry; and as such will attract sanctions. So far, as at June 2016, NCAA has raised over N60million from sanctions on defaulting airlines and professionals while some pilots have suffered suspension for one fault or the other. Today, the safety and airworthiness levels are by far beyond the average global standards, such that air passengers in Nigeria can fly with confidence.

Further to this, in the last two years, NCAA has aligned Nigeria’s State Safety Programme with ICAO prescriptions. NCAA has now extended its safety audit to aviation fuel vendors. Since 2015, NCAA commenced the certification of airports beginning with Lagos and Abuja in

accordance with ICAO specifications.

In response to some of the complaints made during the DANA Crash Public Hearing at the National Assembly, NCAA, in 2015 began the expansion and strengthening of Regional Offices in Lagos, Abuja, Kano, Port Harcourt, Kaduna and Enugu with increased capacity in portfolios in Operation, Airworthiness and Licensing. The objective is, apart from national coverage with concomitant quick response in emergency situations, the regulatory authority is now closer to airlines and operators can now process their requirements without needing to run to the headquarters in Lagos with its associated huge cost.

Also safety audit of airlines to ensure strict compliance with safety regulations has become a desideratum, thus heightening safety – oversight and surveillance.

Those who pin their analyses of a weak NCAA on nostalgic perceptions are irredeemably contradicted by the complaints of operators that NCAA regulations, enforcement and compliance demands are too stringent and hurting the economics of operation. They are therefore asking for a relaxation in the areas of consumer rights protection, reduction of 50hours pre-certification test flight time, and Pilot simulator training from twice annually to once.

In 2015, NCAA reviewed its Civil Aviation Regulations in its entirety Parts 1 – 17 of 2009 and Parts 18 and 19 of October, 2012.

Each Part is now a separate document for easy reference and application.

The present rising Profile of NCAA has now been affirmed between March 2015 and March 2016 by four global institutions; American Transportation Safety Administration (TSA) which carried out Audit of MMIA and NAIA, Lagos and Abuja, next was the ICAO Security Audit in 2015 in which Nigeria scored 96.45%. This was followed by European Union Security Scrutiny of Nigeria’s aviation security system. Capping these international affirmations is the ICAO Universal Safety Oversight Audit Programme (USOAP) concluded by the global industry regulator – ICAO, in which along with FAAN acquitted Nigeria as ICAO put the country in the excellent score range. This success came as a disappointment to those who desired and had concluded that Nigeria would fail the Audit so as to present a “Quod Erat Demonstrandum” (QED) for their avowal of a weak DG and NCAA. This did not happen in spite of the fact that, two days to the arrival of ICAO Audit Team, some “field officers of mischief” over the night, cut into pieces the runway light

cables FAAN laid preparatory to the Audit. The idea was to procure failure.

Today, NCAA has four ICAO certified Safety Auditors which the global body uses as resource to carry out audits of other countries.

Also NCAA Head of Aeromedical – Dr. Wilfred Haggai now occupies the position of Technical Advisor/ Team Leader (TL) for ICAO/World Health Organization (WHO) Collaborative Arrangements for the Prevention and Management of Public Health Events in Civil Aviation (CAPSCA) in Africa, having been unanimously elected at the joint ICAO/WHO meeting.

If all these are not enough to convince doubt-

ing stakeholders about our high regulatory profile, what about the unanimous election of Nigeria into ICAO Council for the next 3 years in the justconcluded Annual General Assembly in Montreal in October 2016? Could this have been done if our NCAA was weak and our regulatory competence decline?

In the area of Consumer Protection, in the last two years, the Directorate has done a great job enforcing the rules even in the face of intimidation, physical and verbal assaults of its officers.

As at August, 2016 NCAA has resolved over 8000 complaints. And this is being done by many young officers at middle manage-

ment levels while the many problematic ones, like Turkish Airlines are handled at the senior management levels.

Most unfortunately, the focus on the NCAA DG has detracted from acknowledging the successes in the last two years of his administration. More importantly, it has failed to recognize the numerous staff of NCAA, from Directors to General Managers, DGMs, AGMs, Managers and various Unit Heads in all Directorates that contribute, with passion and commitment, to steady upliftment of NCAA profile, in spite of the obvious challenges of limited training opportunities and welfare arising mainly from paucity of funds and new

government policies. We should acknowledge these professionals as well as the milestones NCAA has recorded in the past two years. This will enable us address the teething challenges of NCAA in the area of constant capacity building through funding, training and exposure as well as encouraging the regulatory regime to balance safety and technical regulations with economic regulation to ensure survival of the industry.

The challenges ahead are immense and cannot be helped by motives and motivations that are directed at persons for personal desires and objectives.

- Aligbe is Aviation Consultant

36

MONDAY, OCTOBER 31, 2016 • T H I S D AY

BUSINESS/MONEYGUIDE

FG Striving for Investment Driven Economy, Says Adeosun Nume Ekeghe The Minister of Finance, Mrs. Kemi Adeosun has said the federal government is focused on making Nigeria an investment driven economy rather than on an economy driven by consumption.

She said this at the launch of Firstbank’sFirstGem product in Lagos at the weekend.

Adeosun also said that the federal government was actively pursuing how to reduce infrastructure deficit to aide production and reduce the appetite to import.

“What we are trying to do is to transform this economy from a consumption driven to an investment driven economy.

Thirty per cent for the demand for forex is actually for defined petroleum products because our refineries are not working. We import chicken eggs, potato and pretty much everything. This is not a sustainable module and now oil prices have fallen, it has exposed us in the most terrible way.

“What this government is really trying to do is to rebuild our infrastructure because Nigeria not developing is our lack of infrastructure. We can compete.

There is absolutely no product we are importing that we can’t produce locally if we have the enabling infrastructure,” Adeosun said.

She added: “What keeps me up at night and during the day is how do we get money to

invest in our infrastructure because once we do that, this economy can be proactive.

Improving Nigeria competitiveness of Nigerian economy is our mission.”

The minister further said funds to be borrowed by the government would be tied to capital projects to boost infrastructure development.

“We are trying to borrow and tie those borrowings to capital projects that would actually grow businesses. We can’t afford to wait for the oil prices to recover before we sort our economy out,” she added.

She noted that in October 2012, FAAC was N1trillion and as at this month, it was N8billion. “That just gives you the idea of the challenge we are facing.”

Adeosun said that women are very critical to the country’s development with more responsibilities.

According to her, women need to be financial independent as they represent 52 per cent of the country’s population, adding that, 70 per cent SMEs operators were women.

The minister who commended the bank for the product noted that FirstGem would help women to show track record of success that would make banks to offer them funds to grow their businesses.

She said: “This product excites me because it pushes out if their comfort zone to do something different and therefore should be

supported. The fact that product would help women access some of the funding that had been set aside for women such as the CBN N220 billion MSME fund of which 60 percent is for women. I believe that Firstbank with this product they would facilitate customers averting any barriers they face accessing these loans.”

Also speaking at the event, the Wife of the Vice President, Mrs.DolapoOsinbajo, who was the special guest of honour, commended the bank for the product aimed at empowering women.

Osinbajo urged women to take advantage of the product and empower themselves, noting that, recession had opened up a lot of opportunities that were yet to be tapped.

The Chairman, Board of Directors, FirstBank of Nigeria Limited,MrsIbukunAwosika said the product was introduced to support and make women more financially responsible to be good entrepreneurs.

She added that the country was going through tough times and women needed to wake up in order to support their families.

“We want to ensure that women stand on their own when the need arises, its time for the women to wake up and must not be a liability. We want to use the product to challenge the mind of women to save and have the capacity to stand on their own,” Awosika said.

FSDH Merchant Bank’s N14.98bn Commercial Paper Listed on FMDQ Obinna Chima Despite the challenges currently beleaguering the Nigerian business environment, FSDH Merchant Bank Limited (FSDH) has successfully raised from the Nigerian debt capital market N14.98 billion worth of commercial papers (CPs). The CPs represent series 1 and 2 under FSDH’s N30.00bn CP Issuance Programme and was recently admitted and quoted on FMDQ OTC Securities Exchange (FMDQ).

Speaking at the quotation ceremony in Lagos, the Managing Director, FSDH Merchant Bank Limited, Mr. Rilwan Belo-Osagie, stated that the CPs were being quoted on the FMDQ platform in line with the requirements of the Central Bank of Nigeria (CBN), but more importantly, to facilitate active secondary market trading of the CPs. “FSDH was very active in

the CP market prior to its suspension by the CBN in 2009 and the quotation of the N14.98 billion Series 1 and 2 CP serves as an opportunity for FSDH to restate its presence and significance in the money market, and participate in the development and deepening of the CP market under the CBN’s revised regulations.

The establishment of FMDQ has contributed significantly to the growth in liquidity and transparency of the Nigerian fixed income market and FSDH is committed to supporting the growth of this market through the FMDQ platform,” he added.

Also, the Managing Director/ CEO, FMDQ, Mr. Bola Onadele, whilst congratulating FSDH said the successful issuance of the CPs at such a time was a testament to the increasing confidence in the possibilities of the Nigerian debt capital market (DCM).

According to him, “At

FMDQ, we are positive about the potential of a fullyfunctional DCM in building a sustainable economy, and will continue to support and streamline the market processes and infrastructure, as may be necessary, to support issuers and investors, towards achieving an operationally excellent and competitive DCM.” On his part, the Executive Director and Head, Debt Capital Market, Stanbic IBTC Capital Limited, Mr. KobbyBentsiEnchill said his firm was excited about the growth in the CP market.

“Over the past two years, we have witnessed a remarkable increase in the number of issuances in the CP market and we are proud to be pivotal to the development of this market. An increase in the number of CP issuances with a quotation on the FMDQ platform is vital to creating liquidity in secondary market trading of CPs.

Union Bank Launches Banking Proposition Union Bank of Nigeria Plc has announced the launch of its Elite Banking Segment, which the bank said promises a range of personalised banking services targeted at the emerging the middle class.

A statement from the bank explained that with the launch of the segment, the emerging middle class now gets to enjoy value added banking benefits which are usually reserved for high net worth individuals. Some of these include an

Elite Associate or relationship manager dedicated to them, access to exclusive Elite lounges at select Union bank branches where they can carry out banking privately and Priority pass cards, which among other benefits grants them access to 850 airport VIP lounges around the world.

It also includes benefits such as accounts with zero maintenance fees, higher interest rates, premium discounts on loans and at select local partner stores, and

an Elite Card, which gives them automatic membership to the MasterCard Platinum program for which they enjoy exclusive lifestyle offers for travel, dining, entertainment and lots more.

Speaking during the launch event, the Head, Elite &Royalty Banking, DayoOdulate, was quoted in the statement to have expressed the bank’s intention to continuously provide its customers with access to unique banking services that fit their lifestyle needs.

Adeosun

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 27 OCTOBER 2016 The price of OPEC basket of fourteen crudes stood at $47.23 a barrel on Thursday, compared with $46.96 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

37

MONDAY, OCTOBER 31, 2016 • T H I S D AY

MARKET NEWS

Access Bank Records Modest Growth in Profits Goddy Egene and Nosa Alekhuogie Access Bank Plc has posted improved performance for the nine months ended September 30, 2016.

The unaudited results of the bank made available last Friday showed gross earnings of N274.5 billion, in 2016, up seven per cent from N257.6

billion in the corresponding period of 2015.

Operating income rose by 12 per cent to N199.3 billion from N178.1 billion in 2015, while customer deposits grew 25 per cent to N2.10 trillion from N1.68 trillion in December 2015.

The bank ended the nine months with profit before tax (PBT) showed an increase of

T H E

19 per cent from N60.4 billion to N72 billion, profit after tax (PAT) grew by similar margin from N48.1 billion in 2015 to N57.1 billion in 2016.

The bank’s Capital Adequacy Ratio (CAR) remained solid at 19 per cent as at September 2016, well above the regulatory minimum.

Similarly, its asset quality ratios also improved as the

N I G E R I A N

percentage of non-performing loans (NPL) to total gross loans stood at 2.1 per cent compared to 1.7 per cent in December 2015. The NPL Coverage Ratio remained strong at 209.5 per cent in the period, compared with 216.4 per cent as at December 2015 Commenting on the result, Group Managing Director/ CEO of Access Bank Herbert

STO C K

Wigwe said: “Access Bank’s performance in the first three quarters of this year remained strong and consistent, reflecting a stable business with the capacity to deliver sustainable returns, particularly during a period underlined by significant macro headwinds.”

“Our capital and liquidity position remained adequately above regulatory levels, as

E XC H A N G E

we continued to implement a disciplined capital plan, ensuring sufficient levels of profit retention to support our growth. In addition to capital enhancement, the recently concluded $300 million senior unsecured debt issue allows us optimise and enhance our foreign currency funding capacity whilst strengthening our balance sheet,” Wigwe added.

38

monDAY, october 31, 2016 • T H I S D AY

MARKET NEWS

Dangote Sugar Records N19bn Gross Profit in Nine Months Goddy Egene Dangote Sugar Refinery Plc has reported a gross revenue of N115.3 billion for the nine months ended September 30 2016. According to the unaudited results released at the weekend on the floor of the Nigerian Stock Exchange (NSE), the earnings for the period indicate a 58 per cent growth over N78 billion posted in the corresponding period of 2015.

An analysis of the result

showed that gross profit rose to N19 billion compared to N18.7 billion in 2015 representing a 1.2 per cent increase. Profit before tax rose from N14.2 billion to N15.3 billion while profit after tax grew from N9.3 billion to N10.1 billion.

Speaking on the performance, the Acting Group Managing Director, Dangote Sugar, Abdullahi Sule said: “Despite the continued challenges in the economic and business environment, orchestrated by

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

the continued rise in inflation, insufficient foreign exchange to finance raw materials and equipment inputs, our revenue grew by 58.0 per cent over the corresponding period in year 2015.”

“We continued with efforts at actualising our sugar Backward Integration Master Plan with focus on Savannah Sugar, Lau/Tau and other project sites in the first phase of the project.

He noted that the board and management remain resilient

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 27-Oct-2016, unless otherwise stated.

and optimistic that their set goals will be achieved with the continued implementation and review of their initiatives to grow sales volumes, increase our market share, and focus on the actualisation of our “Sugar for Nigeria” backward integration projects plan.”

Sule had early this year said 2016 commenced on a good footing as the company continued to increase its market share and implementing various initiatives and projects towards

the actualisation of its target within the next five years.

DSR has 1.44 million tonnes of refining capacity, with the ability to supply most of the country through an extensive network of distributors. The refinery at Apapa imports raw sugar from Brazil and refines it into white, Vitamin A fortified sugar suitable for household and industrial uses.

The Savannah cane sugar factory located near Numan, in Adamawa State has an

installed factory capacity of 50,000 tonnes. Covering 32,000 hectares in extent, the Savannah estate has considerable opportunity for expansion which is underway.

DSR has the strategy of becoming a global force in sugar production, working within Nigeria’s National Sugar Master Plan to end importation and sell more than 1.5 million metric tonnes of locally produced sugar in Nigeria and neighbouring countries.

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 124.89 Nigeria International Debt Fund 217.81 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 0.69 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 Income 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 125.62 11.82% 218.80 8.82% info@acapng.com Offer Price Yield / T-Rtn 0.69 11.52% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

15.91%

enquiries@arminvestmentcenter.com Bid Price 12.40 287.11 22.36

Offer Price 12.77 295.76 23.03

Yield / T-Rtn 1.73% 2.72% 1.41%

1.00

1.00

12.98%

investmentcare@axamansard.com Bid Price -

Offer Price -

Yield / T-Rtn -

investmentmanagement@chapelhilldenham.com Bid Price 2.08 9.31

Offer Price 2.13 9.55

Yield / T-Rtn 2.18% -5.51%

82.73

84.85

2.00%

invest@fbnquest.com Bid Price 1,072.04 110.65 100.00 $101.83 $101.72 112.04

Offer Price 1,073.10 111.20 100.00 $102.56 $102.45

Yield / T-Rtn 4.64% 4.91% 12.92% 5.63% 5.53%

113.56

12.80%

fcamhelpdesk@fcmb.com Bid Price 0.93 2.51

Offer Price Yield / T-Rtn 0.94 2.75% 2.51 8.05% coralfunds@fsdhgroup.com

Bid Price 2,202.31

Offer Price 2,228.46

Coral Income Fund 2,050.88 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 1.25%

2,050.88 8.42% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

11.00%

Vantage Balanced Fund

1.64

1.66

0.76%

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 0.99 1.01 11.33% Lotus Halal Fixed Income Fund 990.66 990.66 -0.93% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 9.58 9.67 -2.04% Meristem Money Market Fund 10.00 10.00 14.16% 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 1.03 1.05 4.64% PACAM Fixed Income Fund 10.29 10.33 3.07% 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 106.12 106.86 4.17% 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 1.22 1.22 8.09% 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 1,818.83 1,829.52 8.31% Stanbic IBTC Bond Fund 152.13 152.13 3.43% Stanbic IBTC Ethical Fund 0.80 0.81 7.33% Stanbic IBTC Guaranteed Investment Fund 181.05 181.05 6.69% Stanbic IBTC Iman Fund 135.80 137.49 0.36% Stanbic IBTC Money Market Fund 100.00 100.00 16.01% Stanbic IBTC Nigerian Equity Fund 7,702.72 7,805.37 7.17% 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 1.14 1.15 7.78% United Capital Bond Fund 1.26 1.26 16.14% United Capital Equity Fund 0.68 0.69 -8.03% United Capital Money Market Fund 1.00 1.00 13.00% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 9.61 9.78 0.73% Zenith Ethical Fund 11.14 11.25 -2.72% Zenith Income Fund 16.65 16.65 3.77%

REITS

NAV Per Share

Yield / T-Rtn

11.58 122.32

3.99% 5.58%

Bid Price

Offer Price

Yield / T-Rtn

8.87 77.71

8.97 79.18

-7.37% -6.62%

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

2.66 7.25 12.36 16.44 129.44

2.70 7.33 12.46 16.64 131.44

15.02% 13.37% -1.51% -14.34% -

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

T H I S D A Y MONDAY OCTOBER 31, 2016

39

40

T H I S D AY • MONDAY, OCTOBER 31, 2016

CITYSTRINGS

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

A vandalised traffic light in FCT

Traffic Light Vandalism in the FCT In the face of perennial vandalism of traffic lights in the nation’s capital, driving has become a challenge for motorists in the city, reports Olawale Ajimotokan

I

t was a peak afternoon when workers were about heading homes after the official working hours. Adeyinka Ogunkola felt a deep sense of outrage with the traffic that had ensnarled him at the junction linking Micheal Okpara Road with Herbert Macaulay Road in Wuse Zone 6. There was a vehicular scrum informed by the malfunctioning traffic lights installed at the junction. Ogunkola lost several productive minutes, wafting through a stretch of road of less than one kilometre for an appointment in the Utako area of Abuja.

His plight is similar to the hardship which motorists and commuters pass through on regular basis on most roads in the Federal Capital Territory.

Dysfunctional traffic lights in the FCT impede free flow of traffic, and in many cases, result in accidents and loss of lives.

There are 168 traffic light intersections in the FCT but about two-third of the lamps are left derelict by criminals, who vandalise

their key components and dispose them off in the market.

In fact, 90 per cent of the traffic lamps installed on the junctions along the Ahmadu Bello Way are not active. The 4.6 kilometres long road is strategic as it runs from Apo in the south west area of the Abuja through

There are 168 traffic light intersections in the FCT but about two-third of the lamps are left derelict by criminals, who vandalise their key components and dispose them off in the market

the Federal Secretariat, down to Wuse 2.

Similar situation can be said of Herbert Macaulay Road, Yakubu Gowon Crescent, Tafawa Balewa Road, some sections of Obafemi Awolowo Road to the North-west of the FCT in addition to several inner roads that serve as arteries to the major roads.

In the day traffic wardens are assigned to junctions without traffic lamps, but in the night, when the wardens are off duty, bedlam usually ensues as motorists, out of lack of patience disregard traffic laws.

In reality, driving on the major roads during peak period in the light of the identified reasons, requires wits and guts.

“The traffic lights rarely function, raising the risk of fatal accidents in the night, particularly at junctions that are not manned by traffic wardens. When drivers are coming from different junctions and they refuse to give way, there can only be one outcome: accident,” lamented Ogunlola.

But the FCT Administration with regard to tackling and reducing loss of productive

hours in traffic especially at peak hours, partnered with the Chinese government to install a new set of traffic lights in the city centre.

The FCT Minister, Muhammed Musa Bello, said most of the old model traffic lights were replaced with modern ones to improve vehicular movement after the FCT Administration completed technical survey for the job.

He decried the activities of hoodlums who vandalise public facilities like street light underground cables, telecommunication ducts as well as traffic light equipment.

The minister’s concern was echoed by the Director in charge of Traffic Management at FCTA Transport Secretariat, Vincent Igberaese.

Igberaese, who is an engineer, bemoaned the spate of vandalism of traffic lights in spite of concerted public enlightenment campaign by his team to rein in the monster. He said the vandals continued to sabotage the efforts of government to deliver a service that is obtainable in advanced countries through

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T H I S D AY • MONDAY, OCTOBER 31, 2016

CITYSTRINGS

A junction at Ahmadu Bello Way with a failed traffic light

A model of new traffic light technology with solar cubicle raised from the reach of vandals

their unpatriotic conduct.

“The act of vandalism is something we find quite disturbing. The FCTA Transport Department has been engaging the public via many platforms, appealing to the hoodlums to desist from the unholy act. We have done everything we should to control this unpatriotic act, but it appears the perpetrators are doing it to sabotage the effort of government. The traffic lights control the movement of vehicles and ensure that there is no hold-up. It is very bad for someone to destroy a utility provided by government for the benefit of the public,” Igberaese said.

According to him, the vandals incapacitate traffic lights when they remove the solar panel, recharge controller and high-capacity batteries, after breaking the locks and doors housing the components. He lamented that the act is repeated even after the cannibalised piece had been replaced by the transport department.

He said the items, particularly the battery and armoured cable, are very expensive items that vandals excavate and sell at give away prices in the open market.

He also said officials of the department have also carried out investigations but efforts to establish the market and end users of the vandalised items are futile.

The FCTA director said the fight against traffic light vandalism has not been helped by the failure of security agencies to arrest and prosecute vandals, saying that offenders continue to slip through the net.

“What is stopping many of the traffic lights

from working is vandalism. As a department we have all the technical know-how to do the job and ensure the traffic orderliness that exists in other climes, but they are frustrating our efforts. We have repaired some junctions on three –four occasions this year. We are also appealing to the law

The act of vandalism is something we find quite disturbing. The FCTA Transport Department has been engaging the public via many platforms, appealing to the hoodlums to desist from the unholy act. We have done everything we should to control this unpatriotic act, but it appears the perpetrators are doing it to sabotage the effort of government

Bello...should do more to stop traffic light vadalism in FCT

enforcement agency to unravel the people behind this so that they can be punished, but to my knowledge, no arrest has been made. I believe one day they will arrest one offender,” he said.

The new solar-powered lights installed in 75 intersections by FCT Administration from a grant provided by China are of modern

technology designed to starve off the vandals.

The batteries are positioned out of reach of unauthorised persons, unless transgressors use a ladder or willfully damage the lamp post.

The lamps are designed to last for 25 years if well maintained. They are installed to replace the old technology on 93 junctions which are prone to the activities of vandals as they are low lying in their cubicles which can be easily ripped off.

Igberaese also added that the FCTA Transport Department maintenance team as a protective measure was also considering an alarm system that will automatically trigger off and alert people nearby when the vandals tamper with the traffic light installations. In all there are 168 numbered traffic lights installed in the FCT. He similarly revealed the plan by the administration in the second phase of the traffic management process, to signalise all the junctions in Abuja by mounting CCTV cameras that will record and enable an offender to be arrested and prosecuted if someone beats traffic.

In addition, he noted that aside from the highlighted issues with traffic lights, instances where people beat traffic light is also a sore point in traffic administration in the FCT. To address this anomaly, FCT Administration has mandated the police to arrest and refer violators of traffics light to hospital for immediate psychiatric test. Those arrested are also to be fined to serve as a deterrent after bearing the cost of the psychiatric test.

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MONDAY OCTOBER 31, 2016 ˾ T H I S D AY

INTERNATIONAL Don’t Withdraw from ICC, African Group Tells Leaders Gboyega Akinsanmi The Africa Group for Justice and Accountability (AGJA) yesterday urged the leaders of African states not to withdraw from the International Criminal Court (ICC), an intergovernmental institution established to investigate genocide, war crimes and crimes against humanity.

The AGJA, a group of human rights activists in Africa, added that the continued reports of African states withdrawing from the ICC could worsen the cases of human rights violation on the continent.

The group said this in a statement it issued yesterday, urging all signatories to the convention that established the ICC“to work within the Rome Statute system and continue their support for the Court.”

Among others, the statement was signed by a professor of Public International Law, University of Oxford, Dapo Akande, a human rights activist, Mr. Femi Falana, former Prosecutor at the International Criminal Tribunal for Rwanda, Mr. Bubacar Jallow and former Chief Prosecutor of the United Nations International Criminal Tribunal, Richard Goldstone.

In its statement, the group expressed concern over the

continued reports of African states withdrawing from the ICC, which it argued, could worsen the cases of human rights violation on the continent.

It cited the cases of Burundi, South Africa and The Gambia, which had signalled their intention to withdraw from the ICC, thereby calling on all other states considering withdrawal to reconsider and recommit themselves to the Rome Statute.

It said: “While we respect the sovereign rights of states to join and withdraw from the ICC, it urges all states to work within the Rome Statute system and continue their support for the court.

“African states have been at the vanguard of international criminal justice, and were indeed critical in ensuring that the ICC became a reality. Their efforts and their commitment are needed more than ever today.”

The group said it welcomed the initiative of a growing number of states including Botswana and Senegal, which expressed concern regarding South Africa’s and Burundi’s intention“to withdraw from the ICC and have encouraged states to remain committed to the Court.”

It noted that The Gambia had

made important contributions“to the development of international criminal justice. Fatou Bensouda, the current Prosecutor of the ICC, is a Gambian national.”

It pointed out that one of its members, Mr. Bubacar Jallow, formerly Chief Prosecutor of the International Criminal Tribunal for Rwanda and the Residual Mechanism for International Criminal Tribunals, also hails from The Gambia.

Quoted in the group’s statement, Jallow said: “Withdrawals from the ICC constitute a serious obstacle to the rights of victims to justice and the duty of states to ensure accountability for mass atrocities.

“They close an important recourse to justice and undermine the global fight against impunity.

All efforts should be deployed to encourage states to remain members of the ICC and resolve their concerns within the Rome Statute system,” he added.

The group noted that concerns held by states regarding the ICC should be addressed by the Assembly of States Parties (ASP), where member-states could work together in a co-operative spirit “to build a strong, effective and representative court.

email:foreigndesk@thisdaylive.com

MONDAY OCTOBER 31, 2016 T H I S D AY

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MONDAY OCTOBER 31, 2016 T H I S D AY

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T H I S D AY • MONDAY OCTOBER 31, 2016

Nigeria’s top 50 stocks based on market fundamentals

28-Oct-16

27-Oct-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

175.00

175.00

0.00%

2,982,088,795,875.00

9.56

18.30

5.51

4.57%

4.38

02 Nigerian Breweries Plc

146.00

146.00

0.00%

1,157,648,729,648.00

4.50

32.48

3.86

2.47%

7.11

03 Guaranty Trust Bank Plc

23.85

24.00

-0.62%

701,933,624,492.40

4.90

4.87

1.75

7.42%

1.43

791.00

797.95

-0.87%

626,991,095,332.00

19.41

40.75

3.78

3.67%

17.82

05 Zenith Bank Plc

14.90

14.95

-0.33%

467,807,757,411.40

3.91

3.81

0.98

12.08%

0.67

06 Lafarge Africa Plc

50.00

48.62

2.84%

227,745,090,500.00

-6.71

-7.45

1.02

6.00%

1.63

380.00

375.00

1.33%

210,257,918,940.00 -14.43

-26.33

2.25

4.19%

0.56

08 Ecobank Transnational Incorporated

10.50

10.00

5.00%

192,670,287,757.50

0.23

45.70

0.36

5.90%

0.32

09 Unilever Nigeria Plc

50.00

50.00

0.00%

189,164,812,500.00

0.69

72.24

2.85

0.10%

20.16

10 Presco Plc

43.85

42.30

3.66%

174,105,418,423.25

0.03 1,499.67

2.44

2.96%

4.16

11 Stanbic IBTC Holdings Plc

17.00

17.00

0.00%

170,000,000,000.00

2.04

8.35

1.44

0.59%

1.51

5.70

5.68

0.35%

164,889,438,296.70

2.56

2.23

0.48

9.65%

0.38

120.02

117.45

2.19%

156,323,781,982.06

3.31

36.30

1.01

2.87%

3.62

4.26

4.20

1.43%

154,550,782,131.72

1.75

2.65

0.50

12.99%

0.39

15 Guinness Nig Plc

80.00

80.00

0.00%

120,471,055,040.00

-1.34

-59.76

1.18

4.00%

2.89

16 Total Nigeria Plc

329.99

319.72

3.21%

112,038,810,991.63

31.13

10.60

0.46

4.24%

5.31

3.03

3.00

1.00%

108,762,737,159.76

0.21

14.60

0.20

4.95%

0.17

158.80

159.90

-0.69%

101,725,749,644.40

3.75

42.36

1.14

1.39%

3.94

6.25

6.50

-3.85%

75,000,000,000.00

1.05

5.95

0.62

8.00%

1.26

190.00

190.00

0.00%

68,513,099,780.00

17.69

10.74

0.83

3.79%

3.99

19.40

19.40

0.00%

63,908,436,032.00

0.17

111.21

2.56

1.29%

5.18

5.20

5.19

0.19%

62,580,018,248.80

-3.46

-1.50

0.33

14.42%

0.45

23 Flour Mills Nig. Plc

19.52

19.31

1.09%

51,225,109,890.24

6.81

2.87

0.13

10.25%

0.51

24 Julius Berger Nig. Plc

38.00

38.00

0.00%

50,160,000,000.00

0.24

156.96

0.48

3.95%

2.24

25 Okomu Oil Palm Plc

41.00

41.00

0.00%

39,110,310,000.00

4.60

8.92

3.18

0.24%

2.51

1.00

1.00

0.00%

38,720,997,425.00

-0.37

-2.68

0.86

0.00%

0.51

18.68

18.43

1.36%

35,881,746,749.16

2.44

7.66

0.50

5.35%

0.49

28 Sterling Bank Plc

0.91

0.95

-4.21%

26,199,280,494.66

0.31

2.95

0.25

9.89%

0.31

29 Fidelity Bank Plc

0.89

0.85

4.71%

25,776,701,265.88

0.39

2.28

0.18

17.98%

0.14

30 Cadbury Nigeria Plc

13.60

13.00

4.62%

25,543,547,744.00

0.50

27.24

0.91

9.56%

2.50

31 Diamond Bank Plc

1.09

1.14

-4.39%

25,244,823,975.12

0.11

9.88

0.12

0.00%

0.11

33.75

33.75

0.00%

23,625,000,000.00

2.28

14.77

3.54

3.41%

13.80

33 Wema Bank Plc

0.61

0.59

3.39%

23,530,424,309.41

0.06

10.24

0.46

0.00%

0.50

34 Custodian And Allied Insurance Plc

3.71

3.71

0.00%

21,821,716,163.45

0.76

4.88

0.65

3.77%

0.78

35 FCMB Group Plc

1.09

1.06

2.83%

21,584,954,751.29

0.61

1.78

0.13

9.17%

0.12

36 National Salt Co. Nig. Plc

8.00

8.00

0.00%

21,195,507,024.00

0.85

9.42

1.13

6.88%

2.87

37 Mansard Insurance Plc

1.93

1.93

0.00%

20,265,000,000.00

0.27

7.11

1.05

2.59%

0.96

38 Glaxo Smithkline Consumer Nig. Plc

14.92

15.03

-0.73%

17,842,477,200.96

-2.54

-5.87

0.61

2.01%

1.95

39 PZ Cussons Nigeria Plc

16.50

16.50

0.00%

16,500,000,000.00

5.69

2.90

1.15

0.61%

0.44

40 Continental Reinsurance Plc

1.01

0.97

4.12%

10,476,471,755.12

0.33

3.07

0.51

11.88%

0.54

41 Honeywell Flour Mill Plc

1.18

1.18

0.00%

9,357,633,236.44

-0.40

-2.92

0.19

13.56%

0.57

42 Skye Bank Plc

0.59

0.60

-1.67%

8,189,377,831.90

-2.93

-0.20

0.05

50.85%

0.08

43 Unity Bank Plc

0.65

0.62

4.84%

7,598,069,662.30

-0.10

-6.34

0.12

0.00%

0.09

44 Wapic Insurance Plc

0.51

0.50

2.00%

6,825,196,508.52

0.11

4.72

0.90

5.88%

0.44

45 Cement Co. Of North.Nig. Plc

5.23

5.23

0.00%

6,572,424,716.18

0.44

11.81

0.59

1.91%

0.61

46 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

47 UACN Property Development Co. Limited

3.25

3.24

0.31%

5,585,937,483.75

-0.05

-62.33

1.66

21.54%

0.16

48 Nigerian Aviation Handling Company Plc

2.70

2.70

0.00%

4,385,390,625.00

0.15

17.51

0.55

7.41%

0.71

49 AIICO Insurance Plc

0.58

0.56

3.57%

4,019,518,598.40

0.26

2.22

0.12

8.62%

0.43

50 Fidson Healthcare Plc

1.27

1.33

-4.51%

1,905,000,000.00

0.31

4.14

0.28

3.94%

0.30

04 Nestle Nigeria Plc

07 Seplat Petroleum Dev. Co. Ltd

12 Access Bank Plc 13 Forte Oil Plc. 14 United Bank for Africa Plc

17 FBN Holdings Plc 18 7-Up Bottling Comp. Plc 19 Dangote Sugar Refinery Plc 20 Mobil Oil Nig Plc 21 International Breweries Plc 22 Oando Plc

26 Transnational Corporation Of Nigeria Plc 27 U A C N Plc

32 Cap Plc

TOTAL

8,843,984,923,799.40

TOTAL MARKET CAP

9,375,024,299,361.48

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

94.34%

Table 1 Market Statistics Mkt Indicators

Open 27-Oct-16

NSE All Share Index NSE Market Cap (N'Trillion)

27,236.78 9.36

27,294.21 9.38

0.21 0.21

113.39 8.83

113.58 8.84

0.17 0.17

Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Close 28-Oct-16

Change %

Table 3 Top 5 Gainers Stock

Open Close Change 27-Oct-16 28-Oct-16 %

Ecobank Transnational Incorporated Unity Bank Plc Fidelity Bank Plc Cadbury Nigeria Plc Continental Reinsurance Plc

10.00

10.50

5.00

0.62 0.85 13.00 0.97

0.65 0.89 13.60 1.01

4.84 4.71 4.62 4.12

Table 4 Top 5 Losers Stock

Open Close Change 27-Oct-16 28-Oct-16 %

Fidson Healthcare Plc Diamond Bank Plc Sterling Bank Plc Dangote Sugar Refinery Plc Skye Bank Plc

1.33 1.14 0.95 6.50 0.60

1.27 1.09 0.91 6.25 0.59

-4.51 -4.39 -4.21 -3.85 -1.67

Market sustains upward trend as Index gains by 0.21% Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, October 28th, 2016 ended on a positive note as the stock market closed green today. This was further highlighted by positive performances from the NSE Sub sectors: Banking, Insurance and Oil & Gas (Save Consumer Goods).

Trading activities decrease in volume as 148.45 million shares worth of N1.08 billion in 2,073 deals exchanged hands today. This is a decrease from the 155.59 million shares worth of N1.76 billion in 2,648 deals which exchanged hands on Wednesday. Topping in volume terms were Fidelity Bank Plc, Access Bank Plc and Transnational Corporation Of Nigeria Plc, while Seplat Petroleum Dev. Co. Ltd and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with 0.21% (+57.43) increase to close at 27,294.21 from 27,236.78 the previous trading day. Market Capitalization appreciated in tandem to N9.38 trillion from N9.36 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an increase of 0.17% to close at 113.58 from 113.39 recorded at the end of the previous trading day, while its market capitalization stood at 8.84 trillion from 8.83 trillion of the previous trading day.

A total number of 24 stocks gained on the bourse today while 11 stocks declined, 64 leaving stocks unchanged. Ecobank Transnational Incorporated emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 5.00% to close at N10.50 per share. It was followed by Unity Bank Plc with a gain of 4.84% to close at N0.65 per share. Others on the gainers list include: Fidelity Bank Plc, Cadbury Nigeria Plc and Continental Reinsurance Plc; while on the decliners’ list, Fidson Healthcare Plc with a loss of 4.51% to close at N1.27 per share. It was followed by Diamond Bank Plc with a loss of 4.39% to close at 1.09 per share. Others on the decliners list include: Sterling Bank Plc, Dangote Sugar Refinery Plc and Skye Bank Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

52

MONDAY OCTOBER 31, 2016 T H I S D AY

MONDAY, OCTOBER 31, 2016 • T H I S D AY

54

NEWS

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

CBN Goes Tough on e-Banking Fraud, to Blacklist Customers Obinna Chima

The Central Bank of Nigeria (CBN) has said it is working on a policy that will ensure that bank customers involved in electronic fraud are either blacklisted or placed on close surveillance.

The bank’s Director, Banking and Payment System, Mr. ‘Dipo Fatokun, said this at the October edition of the Nigeria e-Fraud Fraud Forum (NeFF) held in Lagos at the weekend.

Fatokun, who is the chairman of NeFF, said the

Bank Verification Number (BVN) would also be used in identifying fraudsters in the industry.

“We are currently working on a framework using the BVN to eliminate fraudsters. One common thing about electronic fraud is that when money is moved from an account, it is moved into another bank account. So, identifying the owner of that fraudulent account using the BVN, we would not only be able to identify him or her in the bank in which he has moved

the money to, we would also identify him in all the banks where he has accounts and when legal impediments are overcome, such people could be blacklisted or watchlisted in the banking system.

“That would also assist us a great deal in curbing the menace of fraudsters. Opening account is a contract. If a bank notices that a particular customer is fraudulent or is a criminal, the bank has the right to get him order out of the contract. And another implication is that

if an account is watchlisted when the framework becomes operational, credit into such account would be withheld.

This is because if we are able to watchlist, we will be able to apprehend and prosecute,” he added.

Earlier in an address, Fatokun said the world had been inundated with various news on Distributed Denial of Service (DDoS) attacks targeting various internet destinations such as Twitter, PayPal, CNN, The New York Times among others. He said particularly

worrisome was the fact that devices used to spread the malware were operated with default passwords which made it easy for the hackers to guess.

“This goes to show that increasingly attacks of this nature are becoming common place and the tactics used, more damaging to individuals and institutions alike. Seeing that this attack came in a month set aside by the United States to focus on National Cybersecurity Awareness, we hope that our own general meeting will not

attract similar attention from the fraudsters.

“Social engineering has become rife in cybercrime attacks in Nigeria. Almost on a daily basis, a plethora of messages are sent by these criminals with the express intent to con the unsuspecting recipient using techniques that appeal to vanity, greed or authority. It is therefore important that we look critically at measures that will protect the industry as a whole from the menace of social engineering attacks,” he added.

Militants Claim Responsibility for Bombing on NPDC Trunkline

Sylvester Idowu in Warri

Urhobo/Isoko militant group, Niger Delta Greenland Justice Mandate (NDGJM), yesterday claimed that it bombed the 32-inch Effurun-Otor delivery line operated by the Nigerian Petroleum Development Company (NPDC).

The group said in a statement signed by its spokesman. Aldo Agbalaja, that its action was in protest against the pan-Niger Delta Forum headed by Chief Edwin Clark that will be meeting with President Muhammadu Buhari tomorrow.

THISDAY checks however revealed that the attack was carried out on a disused trunkline abandoned by NPDC. The group claimed that its Akuma Strike Team brought down the trunkline at about 11.30p.m last Saturday in furtherance of its Operation Hammurabi Code.

“At about 23:30hour of October 29, in furtherance of the

Operation Hammurabi Code, our Akuma Strike Team struck and brought down the 32-inch Effurun-Otor delivery line.

“This is not ending soon; we shall fulfill our promise of uprooting your entire assets in our land,” the group threatened.

NDGJM reiterated its belief that the pan-Niger Delta Forum led by that was a job and can never get the militant group’s support.

It declared: “We are reiterating our unflinching belief that the pan-Niger Delta Forum, being coordinated by Clark, is a job and therefore can never get our support.

“Like we said before now, the NDGJM is not opposed to a genuine dialogue between the federal government and real representatives of the various nations of our region.

“We are collecting names from the nations in the region, those who will sincerely and equitably represent our various peoples,” it added.

Suicide Attempt at IDP Camp Foiled as Sniper Kills Bomber Boko Haram kills five soldiers, three others in ambush Chiemelie Ezeobi

bomber and killing him.

He said: “At about 9a.m.

An attempt by a suicide troops of Operation Lafiya bomber to detonate his Dole deployed on Bakassi explosives at the Bakassi IDP camp, Damboa road, Internally Displaced Persons Maiduguri, on security duty, (IDPs) camp, at Damboa road, intercepted and killed a male Maiduguri, Borno State, was suicide bomber who had yesterday foiled by a sniper attempted to sneak through attached to Operation Lafia the troops’ inner parapet towards the IDP camp.

Doyle.

“The vigilant sentry The suicide bomber was said to have attempted to sighted the bomber and sneak into the IDP camp laid in wait until he came through the western flank close. The sniper instantly and would have, succeeded shot and killed the terrorist but for the eagle eye of the as he tried to force his way to the western flank of the sentry on duty.

The sniper was said to IDP camp fence.

“Unfortunately, the have waited for the bomber to come closer before gunning Improvised Explosive Device (IED) vest strapped on the him down.

According to the acting bomber failed to detonate. “ Consequently, a combined Director Army, Public Relations, Colonel Sani team of military and police Usman, the incident which Explosive Ordinance Device happened at about 9a.m, saw Cont’d on Pg 59 the sniper intercepting the

DINNING WITH LEGAL PRACTITIONERS

L-R: Former Governor of Anambra State, Peter Obi; former President, Dr. Goodluck Jonathan; and President, Nigerian Lawyers Association (NLA), Nexus Sea, at the annual merit awards dinner of the Nigerian Lawyers Association of the United States....weekend

Absence of Auditor-General Threatens FG’s $29bn External Borrowing Plan Omololu Ogunmade in Abuja

The federal government’s current move to secure $29 billion foreign loans may remain a pipe dream unless the government swiftly ensures the appointment of a substantive Auditor-General of the Federation (AuGF), THISDAY learnt at the weekend.

The threat posed by the development has been described as one of the many lapses hampering effective management of the economy by the administration of President Muhammadu Buhari.

Whereas the president had last Tuesday sought the National Assembly’s nod to pursue $29.9 billion external borrowing programme, some senators who reacted to the request at the weekend, said no external loan could be obtained unless the request was accompanied by a confirmation report from a substantive AuGF, which Nigeria doesn’t have at present.

The senators explained that internal donor agencies such as the World Bank, International Monetary Fund (IMF) and African Development Bank (ADB) had set a rule authorising the attachment of confirmation report from

a country’s substantive AuGF for a loan request before they could entertain such request.

Last Thursday, at a session between the Minister of Finance, Mrs. Kemi Adeosun, and the Minister of Budget Planning, Senator Udoma Udo Udoma; Chairman of the Senate Committee on Appropriation, Senator Danjuma Goje, had doubted government’s preparedness to obtain the loan. “I just hope that the federal government will succeed in obtaining these loans with the situation on ground,” Goje stated.

Responding, Adeosun expressed confidence on the possibility of obtaining the loan and only appealed to the senators to treat the request before them with dispatch.

Since May 25 when the Secretary to the Government of the Federation (SGF), in a memo dated May 25 and signed by Mohammed Bukar, Permanent Secretary (General Services) in the Office of the SGF, ordered the immediate past AuGF, Samuel Ukura, to proceed on terminal leave, the government has failed to replace him.

Ukura’s non-replacement is however, in contrast to the directive by the Office of the

SGF on May 25 to the Federal Civil Service Commission (FCSC), to immediately commence the process of appointing Ukura’s substantive successor while Mrs. Florence Anyanwu was asked to take over the job in acting in capacity.

However, Anyanwu’s tenure in acting capacity is also said to have expired while Ukura’s successor has not been named.

The SGF, in the memo to FCSC in May, had directed the commission to appoint the most senior director as AuGF in acting capacity pending the appointment of a substantive Auditor-General within the next three months. It was this directive which threw up Anyanwu.

The memo stated in part: “That all relevant Directors (Audit) regardless of the year of promotion, be considered in the process of appointing a new Auditor-General in order to make the exercise more competitive and to attract more competent capable officers in the process.

“That the Commission should place internal and external advertisement to expand the field of selection to consider other qualified Auditors both within and outside the civil service.

“That a candidate for the post should possess a minimum of good Honours Degree and must be a qualified professional Accountant holding membership certificate of a reputable accountancy body recognised by law within and/ or outside Nigeria.

“That the candidate possesses a minimum of 15 years post professional qualification experience, acquired in the public or private sector, at least 10 years of which must be in auditing. That the most senior Director be appointed in acting capacity at the expiration of the term of office of the current Auditor-General and must have at least a minimum of two years to retirement.”

However, five months after this directive, the appointment of the substantive AuGF has not been made, thus resulting in complaints by Senate Committee on Public Accounts that presentations by the staff of the Office of the Auditor-General of the Federation are poor and lack effective coordination.

Nevertheless, it was learnt that following the SGF’s directive to FCSC in May, the commission in July, shortlisted and forwarded the names of three candidates for the office to Buhari.

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NEWSXTRA

Alleged Repatriation of $13.9bn: MTN Did Not Admit Non-compliance with Extant Law Omololu Ogunmade in Abuja Telecoms provider, MTN, has denied media reports that its Chief Executive Officer (CEO), Ferdi Moolman, admitted noncompliance with the law on alleged repatriation of $13.9 billion at the investigative hearing organised by the Senate Committee on Banking, Insurance and Other Financial Institutions in Abuja on October 20.

The organisation also denied reports that the submission of Moolman contradicted that of its Chairman, Mr. Pascal Dozie, stating that Dozie explained at the hearing that MTN did not break any law on repatriation of funds while Moolman said there were circumstances where it was difficult to complete documentation in relation to importation of equipment within 24 hours.

According to MTN lawyer, Franklin Nlerum, Dozie stated at the hearing that MTN complied with documentation

requirements, adding that the law does not state that certificate of capital importation (CCI) must be obtained within 24 hours but only states that it shall be issued within 24 hours.

He also said contrary to reports that Moolman said it was practically impossible for MTN to comply with the 24-hour provision for the issuance of CCI, what he actually said was that there were circumstances where it was difficult to complete documentation in relation to importation of equipment.

He said: “Issuance of CCI rest with authorised dealer.

MTN is not an authorised dealer. So, the obligation to issue CCI within 24 hours does not rest on it. If the obligation is not on it, the failure to issue CCI within the frame cannot be a violation by MTN.” He added: “First, the issuance of CCI within 24 hours is distinct from repatriation of funds. It’s not the duty of

MTN to issue CCI. The law did not state that CCI must be obtained within 24 hours.

Instead, it is that CCI shall be issued within 24 hours. This is aimed at protecting the investor and preventing delay by the authorised dealer - Bank through whom the capital was imported.

“Please note that the documents required for the issuance of CCI are not provided in the law but in the Foreign Exchange Instrument Manual Issued by CBN. When there are therefore issues with documentation, the authorised dealer usually secure the approval of CBN to issue

CCI outside 24-hour period.

Moolman at the hearing explained that there were circumstances especially with respect to the importation of equipment that didn’t allow for complete documentation within 24-hour period.”

Nlerum also denied the report that the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, walked out of the hearing venue despite being instructed otherwise by the committee.

“The hearing was scheduled for 12 noon. Enelamah who had rescheduled another meeting fixed before the

committee’s invitation had to attend the hearing on the understanding that the Senate is a critical institution of the Nigerian nation and will operate with respect for time. He was at the venue much earlier.

“The committee proceeding began almost two hours behind schedule. This was implicitly acknowledged by Senator Umaru Kurfi who moved the votes of thanks after the opening.

“Enelamah made efforts to reach the chairman of the committee to explain his constraints and request his kind understanding to give

his testimony which is to adopt an earlier written response and be excused to the meeting he had rescheduled. This was the background to the minister’s exit from the venue of the hearing,” he stated.

The lawyer also denied the report that Senator Dino Melaye displayed a document said to have been signed by Enelamah on repatriation of funds, claiming that the senator only “waxed some papers” which were not shown to the audience.

He also faulted the report that Dozie was the Chairman of Diamond Bank, saying: “He has not been the chairman of Diamond Bank for 10 years.”

NBS: Aviation Passenger Traffic Declined in Q1, Q2 James Emejo in Abuja The Nigerian aviation sector recorded a decline in activity between the first and second (Q1, Q2) quarters of the year, the National Bureau of Statistics (NBS) has stated.

It said in Q1, total aviation passenger traffic or number of passengers who traveled through Nigerian airports was 3,549,360, representing a decline of 261,398 passengers or 6.9 percent relative to fourth quarter (Q4) 2015, but higher than the 3,411,683 passengers recorded in Q1 2015.

According to the statistical agency, Q2, however, recorded a quarterly decrease of 0.5 percent in passenger traffic and a yearon-year increase of 0.2 percent, resulting in a total of 3,532,775 passengers.

According to the Nigerian Aviation Sector Summary Report: Q1-Q2 2016 released over the weekend by the NBS, the Murtala Muhammed Airport (MMA) in Lagos recorded the most activity in the sector, accounting for 36.6 percent and 70.3 percent of domestic and international passengers respectively while cargo and mail movement accounted for 91.8 percent and 58.8 percent respectively.

It noted that in both quarters of the year, domestic travel recorded smaller growth rates than international travel, compared to the previous quarters as well as corresponding quarters of the previous year.

It further stated that there were 2,475,448 domestic passengers in Q1 and 2,411,251 in Q2, representing quarterly declines of 9.1 percent and 2.6 percent respectively.

Year on year, this represented

an increase of 2.1 percent and decline 2.4 percent in Q1 and Q2 respectively.

By comparison, international passenger numbers declined by only 1.2 percent in Q1 to reach 1,073,912 passengers before increasing by 4.4 percent in Q2 to reach 1,121,524 passengers, the NBS further stated.

“Year on year, international passenger numbers grew in both quarters; by 8.9% in the first, and 6.4% in the second,” it added.

According to the report, at the domestic front, MMA remained the busiest airport in Q1 with 886,869 passengers travelling through and 903,605 passengers in Q2. This represented 35.8 per cent and 37.5 per cent of total domestic passenger traffic for the respective periodsand represented a slight decline in the share relative to 2015, when MMA domestic accounted for 37 percent and 37.9 percent in both quarters.

On the other hand, the Abuja Domestic airport, which is the second largest in terms of passenger traffic, increased its share of passenger travel relative to Q1 2015, although the share declined slightly relative to Q2 2015.

In Q1 2016, 821,101 passengers travelled through Abuja Domestic Airport, while 857,915 passengers travelled through Q2.

Also on the international front, MMA accounted for the largest share of international passengers, accounting for 72.1 percent and 68.6 percent of total traffic in Q1 and Q2 2016.

Abuja International Airport was the second busiest with 220,592 passengers in Q1 and 268,638 passengers in Q2, representing a share of 20.5 percent and 24 percent respectively.

GOLDEN BOY L-R: Former Vice President, Alhaji Atiku Abubakar; founder, Kpakpando Foundation/celebrant, Senator Osita Izunaso; and National Auditor, All Progressives Congress (APC), Chief George Moghalu, during the 50th birthday celebration of Izunaso with persons with disability in Abuja...yesterday ENOCK REUBEN

Ondo Guber: Falana, Keyamo Back INEC on Jimoh Ibrahim Alex Enumah in Abuja

As the argument on the rightness or wrongness of the Independent National Electoral Commission (INEC) in recognising Mr. Jimoh Ibrahim, as candidate of the Peoples Democratic Party (PDP) in the upcoming Ondo State gubernatorial election continues to linger on, two frontline Nigerian lawyers, Femi Falana (SAN) and Festus Keyamo have expressed support for the decision of the commission.

They made their positions known yesterday in two separate interviews with journalists in Abuja.

Only recently, Justice Okon Abang of the Federal High Court, sitting in Abuja, directed INEC to recognise Jimoh Ibrahim, belonging to the Ali Modu Sheriffled faction of the PDP as the party’s candidate in the upcoming Ondo State gubernatorial election.

Following the court’s

decision, INEC had to replace the name of Eyitayo Jegede of the Ahmed Markafi-led faction which he had earlier accepted as the PDP standard bearer with that of Ibrahim.

Speaking on the controversy generated by INEC’s action, Falana, speaking with journalists however stated that what INEC did was mere obedience to a court order.

“INEC has obeyed an order of a court pursuant to a valid and subsisting judgment. You want INEC to disregard the judgment?, he asked.”

While noting that it was wrong of the Markafi-led faction to seek a restraining order from another court of equal status, he said, “Once there’s an order, you can only go and set aside the existing one. You can’t go and start another one. That’s what causes conflicting court order.

“You can’t go and initiate a process that will set one court in collision with another. It’s primitive. It’s not done in

any civilised society.

“If there’s a judgment against you, you go to that same court to set it aside.

You don’t go and file a fresh action in another court, thereby setting the courts on collision course, which may result to conflicting court orders.”

According to him, since the Markafi faction had appealed the judgment, it should have waited for the outcome of the appeal.

“There’s an appeal against the judgment of Abuja court.

No other person can go to another court, a lower court, to set aside the judgment of a court of coordinate jurisdiction. It’s not done.

“And I don’t blame the judges, like the judge in Akure, because nothing happened to those who gave conflicting orders in the PDP leadership crisis the other day. That’s why this mess is continuing,” he said.

He urged Governor Olusegun Mimiko of Ondo

State to discourage his supporters from engaging in protests because he was a beneficiary of a court pronouncement.

“You can’t take any step that will subvert the rule of law. What do they expect INEC to do?

“To disregard the order of a court because of sentiment and rely on expataint order?

No responsible organisation does that,” Falana insisted.

Also speaking, Keyamo, who aligned himself with the position of Falana on INEC’s choice, insisted the election umpire followed the law.

“There are conflicting orders. There’s no amount of emotion or protests that can change that. It’s a purely legal matter.

“It doesn’t matter the presence of a political group. There are two conflicting orders. INEC is in complete order to effect any of the orders until the Supreme Court decides,” he maintained.

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Wike: INEC Can Conduct Election in Sambisa Forest, But Not in Rivers Davidson Iriekpen Rivers State Governor, Nyesom Ezenwo Wike, yesterday stated that the fact that the Independent National Electoral Commission (INEC) can successfully conduct elections in Sambisa forest, but not in Rivers State was an indication of the negative plot against the state.

He also described as unfortunate the statement credited to the immediate past governor of the state, Mr. Chibuike Amaechi, that there was no good road to the hometown of a late APC chieftain, Chief Godspower Ake, when he spent eight years with huge resources accruing to the state, but only misappropriated funds meant for development.

Speaking during a state

dinner for the delegates of the West African Architects Fair from 13 countries at the weekend, Wike said the non-conclusion of the rerun elections in the state was a fallout of the grand conspiracy to rig the polls in favour of an unpopular party .

He said: “Because people want to illegally seize power in Rivers State that is why you are hearing all this. All this plot is to take Rivers State.

Why do you want to take Rivers State when it is not your own?

“Between March 19th and now, they planned to do elections so that they can get the number of seats to impeach me and put their own man. Since March, everyday they postpone the elections. From May to June to July, August then September.

They said October ending, still no election. Now, they said December 10 and when we get to December 10, they may shift it to next year.”

The governor noted that it was ironic that INEC which conducted successful elections in the north-east and Sambisa forest cannot conduct election in Rivers State.

“Election took place in Borno, election took place in Yobe, election took place in Adamawa where you have deadly insurgency. They were able to conduct elections and votes were counted.

They were able to conduct election in Sambisa forest and

votes were counted, but they cannot conduct election here in Rivers State,” Wike said.

The governor said the action of INEC and its collaborators have denied the state representation in the Senate, the House of Representatives and the Rivers State House of Assembly.

He said: “They continue to postpone the elections in Rivers State. The Senate will be discussing the Petroleum Industry Bill, they will be having the constitutional amendment and the state that produces the oil has no senator and cannot be part of the discussion. Nobody will defend Rivers State in

the senate.

“Nigerians are not worried.

Why? Rivers is a minority state.”

The governor maintained that Rivers State is far more peaceful than other major states in the country, hence it has played host to series of international and national conferences.

He said once elections approach, desperate opposition politicians and their media collaborators induce negative propaganda on insecurity.

He added that deliberate anti-development programmes have been slated against Rivers State, pointing out that the state has successfully

overcome these plots.

“We are the only state that applied for bail out , but they did not give to us. We are the only state where they started deducting our funds, when a loan facility has not been given to us,” the governor noted.

He called on the members of the Nigeria Institute of Architects to partner the state government for development designs that will enhance the growth of the state.

In his remarks, the President of the Nigeria Institute of Architects, Tonye Braide, assured the governor that Nigerian architects would support his drive towards developing the state.

Withhold Assent to Amended CCB/CCT Act, CNPP Urges Buhari Oghenevwende Ohwovoriole in Abuja The Conference of Nigeria Political Parties (CNPP) has strongly condemned the amendment to the Code of Conduct Bureau (CCB) and the Code of Conduct Tribunal (CCT) Act by the National Assembly and urged President Muhammadu Buhari not to sign the amended Act. The CNPP also called on well meaning Nigerians and the civil society groups in the country, including the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) to mount pressure on Mr. President to withhold his assent to the said amendment.

The umbrella body of all the registered political parties and associations in the country, in a statement issued yesterday and signed by its Secretary General, Chief Willy Ezugwu, noted that the CNPP’s decision was taken after a careful study of the amendment and the circumstances surrounding the controversial move.

Parts of the statement read: “We are taken aback that just months after it initially suspended the move to amend the CCB and the CCT Act, the National Assembly subtly passed the amendment Bill into law.

“When the plan by the National Assembly to amend the Act first became known to members of the public, there was deafening outcry, which forced the lawmakers to suspend the move.

“The CNPP, just like many other Nigerians had thought that the National Assembly by the suspension of the earlier move to amend the CCT/CCB Act was a sign of good days ahead where the lawmakers respect the majority opinion of their respective constituencies.

“But the subtle passage of the amendment Bill is an

indication that the National Assembly is serving the interest of its principal officers and not that of the Nigerian people who unfortunately elected this crop of lawmakers, so insensitive to the core issues bothering the ordinary citizens”, the CNPP observed.

The conference also noted that “the speed with which the amendment was carried out at a time some principal officers were accused of false declaration of assets is an indication of the interest it intended to serve.

The CNPP added: “We therefore urge President Muhammadu Buhari to withhold his assent by not signing the amended Act into law as the circumstances surrounding the amendment shows it was done in bad fate and the action of the National Assembly amounts taking over executive powers to the detriment of the constitutional principle of separation of powers.

“It must be noted that appointment of the staff of the CCT and CCB are clear executive powers, which the National Assembly cannot be allowed usurp.

“We equally call on the civil society groups and all well meaning Nigerians to mount pressure on Mr. President not to sign the amendment as doing so would mean that the National Assembly would become a place of refuge for former governors and political officeholders who make false assets declarations.

It then means that all they need to evade prosecution would be to be elected as senators or as members of the House of Representatives.”

CNPP also condemned the amendment in the strongest terms describing it as a rape of the principle of justice and an ambush on the ongoing trail of some principal officers of the National Assembly over alleged false asset declaration fraud.

PROMOTING TOURISM L-R: Regional Director, Africa International Operations, Dubai Cooperation for Tourism and Commercial Marketing,

Stella Obinwa; Organiser, Akwaaba African Travel Market, Mr. Ikechi Uko; Dubai Immigration official, Mr. Omror Alal; and former Lagos State Commissioner for Tourism and Inter-governmental Relations, Senator Tokunbo Afikuyomi, during the official opening of 12th edition of 2016 African Tourism Market (Akwaaba) in Lagos...yesterday KOLA OLASUPO

APGA in Fresh Crisis as Okafor Asks Court to Stop Oye from Parading Himself as Chairman Tobi Soniyi In Abuja The acting National Chairman of the All Progressives Grand Alliance (APGA), Ozo Nwabueze Okafor, has asked an Abuja High Court to stop Dr. Victor Oye from parading him as the National Chairman of APGA. Oye was APGA’s National Chairman until his suspension from office by the party’s National Working Committee (NWC) on October 5, 2016, over alleged breach of APGA’s constitution.

The party’s NEC members had met in October and indicted Oye and the Deputy National Chairman, North, Alhaji Abubakar Adamu, Deputy National Chairman, South and Chief Uchenna Okogbuo who are the 1st, 2nd and 3rd defendants in this suit respectively of “gross misconduct and infractions.”

In a motion on notice brought pursuant to Section 6 (6) of the 1999 Constitution, order 7 Rules (1) and (2) of the FCT’s High Court (Civil Procedure) Rules

2004 and under the inherent jurisdiction of the court, Okafor through his lawyer, Mr. Godwin Ogboji, is praying the court for the following relief.

“An order of interlocutory injunction restraining Oye from further parading himself as the national chairman of APGA during the subsistence of his suspension from the office pending the hearing and determination of the substantive suit already pending before this court.

In the suit marked: M/10421/16 dated October 7, 2016, Okafor and APGA who are the 1st and 2nd plaintiffs in the matter, predicated their application on four grounds.

They argued that Okafor was appointed recently as the acting National Chairman of APGA, a duly registered political party in Nigeria.

“That despite the suspension from office of the defendants, they are still illegally parading themselves as officers of the party.

“That the plaintiff/Applicant’s rights as the acting National

Chairman of APGA as a duly registered political party in Nigeria is still subsisting and this right of the plaintiff is being flagrantly violated by the acts and deeds of the defendants.

“An order of this honourable court is required by the plaintiff/applicant to restrain the defendants/respondents from further parading themselves as officers of the All Progressives Grand Alliance during the subsistence of their suspension from office.”

In an 11-paragraph affidavit deposed to by one Samuel Akpenpuun, a legal practitioner, the plaintiffs stated that all the elected members and the Executives as well as the NWC of APGA swore to uphold the constitution of the party with the attendant consequences of the breach thereof.

They disclosed that despite having sworn to uphold the constitution of APGA, “the defendants soon after their election acted as if they were sent to destroy APGA, started violently violating different

provisions of APGA’S constitution to the detriment of the progress and growth of the party.

“The defendants alone with a very few members of the party against extant provisions of the constitution hijacked the making of regulations to govern the nomination and/ or election of candidates for elective positions which is the responsibility of the NWC of the party.

“That the 1st defendant and his cohorts in utter disregard for the NEC usurped the responsibility of the NEC by solely ratifying the party primaries for gubernatorial and other elective positions in Kogi, Edo, Bayelsa and Abia States.

“That apart from illegally and forcefully occupying the office of the Chairman of the party, the 1st defendant severally ordered the assault and battery of members of the Executive and National Working Committee as the National Youth Leader was recently injured by thugs.”

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I’ll Fight Those Diverting Grains for IDPs with My Last Breath, Ndume Vows Michael Olugbode in Maiduguri The Senate Majority Leader, Mohammed Ndume, at the

weekend vowed to fight those involved in the diversion and theft of federal government’s grains to victims of Boko Haram insurgency with his

Amaechi Praises Ake’s Values

Recalls ‘I was governor by divine mandate’ Former Rivers State Governor and Minister for Transportation, Chibuike Rotimi Amaechi, has hailed former Chairman of the Peoples Democratic Party in Rivers State, Chief G. U. Ake, as a peace loving man who contributed immensely to human capital development.

Ake died recently after a brief illness. He was Amaechi’s ally.

He was also a former member of the Rivers State House of Assembly .

Amaechi stated this at Erema, Ogba/Egbema/ Ndoni Local Government Area of the state, during Ake’s burial ceremony last Friday.

Amaechi who also acknowledged the role played

by Ake in his guber ambition, explained that many whom the elder statesman assisted in life turned against him before his death.

“Chief was a very peaceloving man and a peaceful man; the way he walked and the way he talked, you will know that he never liked violence. A lot of us seated here today have benefited from chief in one way or the other. Starting from Chief Rufus Ada George and Dr. Peter Odili, my former boss.

After God, chief contributed in making Dr. Peter Odili deputy governor and contributed to also making him governor. So chief helped to make governors after God. “After Odili became governor, chief helped to make me governor. I will tell you one lesson I learnt from chief. He said people will continue to betray you so let it not worry you. A lot of people that were chief’s friends betrayed him.

Chief taught me that where there is no God there will be no peace. I thought chief would die when Felix Obuah

“Go-round” betrayed him. If you all remember “Go round” was shot in his privates, the first man that rushed to me was Ake. He gave me an ultimatum that I must fly him (Go-round) out to South Africa for treatment and I brought the money, he was flown abroad and was treated, but today “Go round” has betrayed chief.”

“We must look at what has happened to our own leader, our own father. A child in Omoku (Chief’s home town) went to court and lied against Chief, and removed him because they had power of the Presidency. I know chief very well and was close to him, chief was a good adviser, he was not greedy, and he died a Rivers man. All those he helped are not here. I owe him nothing than this respect and to continue to be a member of his family,” Amaechi said.

Recalling his victory as the then Governor of Rivers State, Amaechi said his victory was through a divine mandate and not by shedding of human blood, adding that one of his greatest successes recorded as governor was that Rivers State did not experience killings and human massacre as it is currently prevalent under the present administration.

He said, “See Onelga, the beauty of the country. See how bad the road is. See Omoku, a desert. People are being killed and slaughtered everyday, and there is a government in place.”

“One thing I am proud of is that as a governor, both my enemies and opponents stayed alive. They have killed so many of Chief’s supporters and are still killing chief’s supporters. All you people owe chief is to chase out all these people in 2019,” he said.

Nine Miners Die in Niger State Laleye Dipo in Minna Nine miners have been reported dead in Kaffinkoro town in the Paikoro Local Government Area of Niger State.

It was learnt that seven of the miners were buried alive while they searched for gold while the two others were reportedly shot dead by the police during a protest by the villagers.

The miners killed were not immediately known as at the time of filing this report.

After the first seven miners died, it was gathered that villagers and other miners reportedly mobilised to attack

the security men that were posted to the area to stop what government had described as illegal mining.

In an attempt to stop the crowd, it was gathered that gunshots hit two of the miners resulting in their instant death.

An eyewitness blamed the police for the incident but an unofficial police source in the area said the police did not use live bullets to control the mob.

However, the police source claimed that the miners were armed with dangerous weapons and that they were the first to attack the security men.

last breath.

Ndume, who is a senator representing Borno south, one of the districts severely affected by the insurgency, told journalists after taking possession of grains sent by the federal government since six months ago to alleviate the suffering of victims of Boko Haram in Borno State, saying: “As long as I am still alive, I will make sure all the grains sent to our people are delivered.”

The lawmaker said he was disturbed about the very thought that some contractors hired by the Federal Ministry of Agriculture will even dream of diverting food meant for such highly traumatised people in the North-east.

Ndume revealed that he was speaking for the entire lawmakers in the state who

are represented in Abuja adding that many heads will roll by the time he gets to the bottom of this lingering diversion.

According to him, the same thieves stole over thirty trucks during the Jonathan administration and have not stopped stealing the food meant for “our already traumatised people.”

Ndume who was at the North-east zonal office of the National Emergency Management Authority’s (NEMA) store to take delivery of the grains alongside Minister of State for Power, Alhaji Mustapha Shehuri, said that the supply of grains was a response from the President Muhammadu Buhari to the food needs of the people of the North-east which is why 113 tonnes of grains were allocated to Borno out of

300 available in the reserves.

He commended the presidential commitment to the North-east for the supply of more food, adding that himself and his senators were spurred on by this gesture to do more for their people.

Ndume said he was happy the EFCC had waded into the issue of missing trucks with a view to catching the grain thieves and correcting the lapses.

He lamented that the state grains were being stolen by a cartel that had been in existence since the President Goodluck Jonathan’s era, claiming that the grains stolen now were traced to those that stole Borno grains during the past administration.

On the devastating problems facing the state, the Senate Leader noted that

the North-east commission is out to address poverty, trauma and malnutrition which has been staring the face of the people since Boko Haram paid a wicked visit in 2009.

On the mistake of smuggling Kano and Plateau inside the states to benefit from the proposed North-east development commission, he said this would be addressed and they will surely go on “legislative conference,” to sort this out.

It was gathered that 79 trucks have been received so far by NEMA officials, while they are still expecting about 35 trucks of grains for the people of Borno State, which was approved by the presidency about six months ago to act as palliative to internally displaced persons in the troubled state.

BIDDING AKE FAREWELL

Minister of Transportation, Hon. Chibuike Rotimi Amaech (left); his wife, Judith (right); with the wife of the late former Chairman of the Peoples Democratic Party (PDP) in Rivers State, Chief GU Ake (middle) at the funeral of the deceased on Friday.

Court Asks Kashamu to Explain Contempt Allegation against AGF, NDLEA He alleged that by allegedly making fresh moves to arrest him A Federal High Court in and extradite him, the Abuja has asked Senator government was in Buruji Kashamu to justify contempt of the judgment the allegation of contempt of the court. he made against the Adoke, had filed the Attorney General of the application on May 28, Federation (AGF) and 2015 upon an alleged Minister of Justice and United State government’s the National Drug Law request asking the Nigerian Enforcement Agency government to submit (NDLEA) over claim of Kashamu for extradition. renewed moves to abduct In a ruling on July 1, 2015, him and extradite him to Justice Gabriel Kolawole the United States of America held that his court was (USA) to face trial for drug without the jurisdiction to related offences. hear the suit in the face of In an application he filed the subsisting orders and recently, Kashamu accused judgments of the Federal the AGF and the NDLEA High Court, Lagos in suits of being in contempt of the Nos. FHC/L/CS/49/2010 court’s ruling of July 1, 2015 and FHC/L/CS/508/2015 dismissing an extradition restraining the NDLEA and application filed by former the AGF from entertaining AGF, Mohammed Adoke any extradition request (SAN). from the USA against

Tobi Soniyi in Abuja

Kashamu.

Kashamu had argued that two British courts had exonerated him from the same allegations.

Justice Kolawole noted that the various subsisting judgments and orders of the British and Nigerian courts had not been appealed or set aside by an appellate court.

When parties returned to court last Wednesday, Justice Kolawole asked Kashamu’s lawyer, C. I. Ndukwe, to justify his claim, in the new motion, that the NDLEA and AGF were in contempt of any order of the court.

The judge noted that his ruling of July 1, 2015 did not include any injunctive order which could be breached. He said he was not convinced that the alleged contemnors were

actually in contempt.

Justice Kolawole noted that contempt proceedings, being a quasi-criminal one, requires the presence of the alleged contemnors in court during proceedings.

He said the court needed to be convinced that the AGF and NDLEA were actually in contempt before they could be summoned to attend proceedings.

The judge said if actually the AGF and NDLEA were taking fresh steps to arrest Kashamu and extradite him, the proper option opened to him (Kashamu) was to file a fresh suit.

Justice Kolawole adjourned to December 15 for Kashamu’s lawyer to justify his allegation of contempt and for the hearing of the objection filed by the NDLEA.

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NEWSXTRA

Adeosun: 62% of N220bn MSME Funds Reserved for Women Ndubuisi Francis in Abuja The Minister of Finance, Mrs. Kemi Adeosun, has urged Nigerian women to key into

the Central Bank of Nigeria’s (CBN) N220 billion Medum Small and Mirco Entetprises (MSMEs) fund.

She regretted hat despite

TYI is an Advocacy Group to Spearhead Yoruba Progressive Agenda, Says Osibogun A newly formed group; The Yoruba Initiative (TYI, has resolved to serve as a strong advocacy group as part of efforts to change the psyche of the Yoruba and Nigerians in general towards self-development.

As a non-partisan group, TYI is to henceforth engage primarily in social mobilisation, political awareness and education of the Yoruba race in Nigeria and in diaspora, given the outcome of its inaugural meeting which held at the Premier Hotel, Ibadan, Oyo State capital, at the weekend.

The convener of the meeting, Mr. Ayodeji Osibogun, dropped the hint in the opening address he read during the meeting.

The TYI, he said, would work for attaining the Yoruba unity as a first step towards driving its agenda for repositioning the Yoruba nation on advancement in economy through agriculture, education, security, foreign relations, youths and women empowerment and mutually rewarding integration with other major ethnic groups in Nigeria.

The convener also noted that the present state of Nigeria demands the unity of the Yoruba nation spread over Lagos, Oyo, Ogun, Ondo, Ekiti, Osun and in Kwara, Kogi, Delta and Edo States.

He said: “Our mission is to serve as a strategic planning and advocacy platform for all who genuinely support the building of a socio-economic self-reliant and creatively manage Yoruba nation

comprising all local and state governments in all the south-west states as well as in Edo, Kwara, Kogi and Delta states.”

Osibogun said the emphasis of the group would be on security, economy, national conference, system of government, education and protection of the image of the Yoruba in the Diaspora.

He said while it became imperative for the South-west zone to convey a security summit to strategise on possible solution on threats constituted by raids on its territories by the Niger Delta militants and Fulani herdsmen, it would be necessary for the zone to also consider the need for a blue print to propel the south-west’s economy.

Retired Bishop Bolanle Gbonigi, Nigeria’s first woman professor in Library and Information Service, Professor Felicia Adetoun Ogunseye, feminist and activist, Professor Omolara Ogundipe, Professor Adebisi Showumi, Professor Jide Owoeye and Pa Humble Dipo Onifade gave goodwill messages during the meeting.

Members who provided technical services for the meeting were; Yomi Bolarinwa, Chief Femi Adefemiwa, Chief Folu Olamiti, Olusegun Ahmadu, Mrs Osoba Adenike, Mrs Yemi Ogedengbe and Chief Sanya Abiola .

The group which set up different committees to draw agenda for its operations has however scheduled its expanded meeting and formal launch for the second week of February at the Premier Hotel in Ibadan.

Buhari Condemns Missile Attack on Makkah President Muhammadu Buhari yesterday spoke with King Salman bin Abdulaziz Al Saud of Saudi Arabia to express Nigeria’s solidarity with the Kingdom in the aftermath of the ballistic missile launched by Houthi militias targeting the holy city of Makkah.

A statement issued yesterday by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said while condemning the heinous act which targeted innocent people, Buhari said it was reprehensible and ignoble for terrorists to target a holy land, where millions

of Muslims from around the globe gather for pilgrimage.

The president expressed delight and appreciation to Almighty Allah that the Saudi defence forces intercepted and downed the missile 65 km from the holy city of Makkah.

The statement said: “In the telephone conversation with King Salman, President Buhari reiterated the need to strengthen international support and coalition in the fight against terrorism and violent extremism, noting that when the world stands together, there is no way good would not prevail over evil.”

the fact that 62 per cent of the facility is for women, less than 20 per cent of it has been drawn down, as at the last count.

She challenged Nigerian women to avail themselves of the immense opportunities created by the current economic challenges in the country.

The minister, who was the keynote speaker at the launch of First Gem, the first female-focused product from First Bank Nigeria Limited, on Friday, in Lagos, said the sheer population of Nigerian women should be an asset to the country in getting out of its economic difficulties.

As the federal government actualises its shift of emphasis from oil to other sectors of the economy, the minister said given the potential of the MSMEs to

trigger economic rebound, Nigerian women would be expected to use their population strength to take the lead in driving the new agenda.

“Women count in this economy. Fifty per cent of our economy is MSMEs. The majority of them are being driven by women. Seventy per cent of MSMEs are women-owned.

“So, it is obvious that if you want to get the economy going, you have to target the MSMEs,” she was quoted to have said in a statement released yesterday by her Meda aide, Mr. Festus Akanbi.

According to the minister, the activities of small players, especially at the micro level appear quite sustainable.

“The majority of the people

who work in Nigeria work for companies or employers who employ eight persons or less.”

She stressed that entrepreneurs are incredibly important to Nigeria’s growth because they generate the jobs needed to stimulate the economy.

The minister expressed the happiness that women have already swung into action by producing locally made goods, which used to be imported.

Speaking on the First Bank’s product offer, the minister admonished women to see First Gem as an opportunity for wealth creation.

“There is a huge opportunity for import substitution. This product is therefore pushing women out of their comfort zone and

must be supported. Any programme that is going to assist women access all the available resource is important,” she said.

The minister pointed out that the Bank of Industry (BoI) also has some facilities to assist women entrepreneurs, saying there is no barrier stopping women from accessing such facilities.

She also challenged women to bid for contracts in order to show their skills and to contribute to nation building.

Given what she did scribed as the sincerity of the womenfolk, the minister stated that Nigeria would not be experiencing the problem of abandoned projects if women were given the chance because, “they take their businesses seriously.”

SHAREHOLDERS WAITING FOR GOOD NEWS

A cross-section of shareholders at Conoil Annual General Meeting in Uyo, Akwa Ibom State...weekend

LASG Begins Construction of $70m Oshodi Transport Interchange

Agrees with traders on redevelopment on Mosafejo market

Gboyega Akinsanmi The Lagos State Government yesterday said it had finally commenced the construction of $70 million Oshodi Transport Interchange patterned after Victoria Terminus, London.

Also, the state government said it had agreed with market leaders and traders at Mosafejo Market, Oshodi on how to regenerate the area into a standard transport interchange.

These were indicated in a statement the Commissioner for Physical Planning & Urban Development, Mr. Abiola Anifowose issued after a stakeholders’ meeting with traders, market leaders and officials of Oshodi/Isolo Local Government Area.

The state government had on May 24, formally

unveiled the Oshodi Transport Interchange, which it said, would be constructed in partnership with the Planet Project Limited.

But in a statement he signed yesterday, Anifowose said the project “will drive commerce and investment into Oshodi.

The traders should embrace the plan “just as the case with most urban regeneration in other parts of the world.”

He explained that what the state government “is doing for the traders may not be immediately appreciated, but upon completion you will realise that the value of your business and your quality of life would have improved tremendously.”

He explained the decision of the state government to redevelop and regenerate Oshodi and its environs, which

he said, arose from the need “to transform the areas into a world class Central Business District (CBD).”

Also quoted in the statement, the Sole Administrator of Oshodi/Isolo Local Government, Mr. Shamsideen Oloyede, acknowledged that Work “has already commenced on the Oshodi Transport Interchange.”

He added that when completed, the project would have facilities such as international bus terminals, shopping/business malls, local bus interchange, theme parks, car parks and other facilities that will add to a modern city lifestyle.

On Mosafejo market, Oloyede explained that the state gover n m e n t “ w i l l assist the a ff e c t e d shops owners to get

alternative shops and continue their businesses in the area.”

The sole administrator added that the list of the affected shops owners had already been collated by the local government in collaboration with the with the market association.

He added that all the documentation had been verified for authenticity of the owners and the list forwarded to the ministry, thus commending the administration of Governor Akinwunmi Ambode for his policy of inclusive governance.

He described the Ambode administration as a government committed “to ameliorating the suffering and pains of the Lagos residents irrespective of background and status.

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NEWSEXTRA

COAS Orders Investigations into Killing of Woman Sylvester Idowu in Warri The Chief of Army Staff, Lt. Gen. Tukur Buratai, has ordered an investigation, commencing today into the alleged murder of Mrs. Alice Akparobi, and the shooting of one Shedrack Saduwa in the stomach at Effurun in Uvwie Local Government Area of Delta State six months ago.

The army boss gave the directive in response to the May 16, 2016 petition by lawyer and rights activist, Oghenejabor Ikimi to the Nigerian Army through the National Human Rights Commission (NHRC) demanding that the matter be investigated to let justice prevail.

THISDAY learnt that the COAS order for inquiry was directed to the Army Special Investigation Bureau and communicated in an October

7 letter through the Nigerian Army Corps of Military Police to Ikimi on behalf of Isaac Akparobi, relative to late Mrs. Akparobi and seriously injured Saduwa.

The military police’s letter to Ikimi, signed by Col. K C Okoro, Commander of the Special Investigation Bureau, requested the lawyer to avail his clients, Isaac and Saduwa to the bureau for interview.

“The interview is necessary to have further insight into your petition. Your client are also requested to come with all relevant, and where necessary, duly certified documents in support of the petition,” the letter further stated.

Ikimi, speaking to THISDAY said, “Not only did the authority see reasons to shift the October 10 they initially fixed to meet

our clients, they also had to move the venue to Warri because I told them my clients can’t even afford the trip to Abuja.”

As the investigations begin, Ikimi, Executive Director, Center for the Vulnerable and Underprivileged, Centrep, hoped “that all the victims and their families get justice, as justice delayed is justice denied.”

Akparobi, while on her way toe her daughter’s wedding on April 30, an environmental sanitation day, was allegedly killed by a soldier, newly posted to a military checkpoint at Jakpa Junction in Uvwie Local Government area while Saduwa, an artisan, got shot in the stomach in the uprising that attended the incident.

Kogi Police Hunt for Killers of Chairman of Cattle Association Yekini Jimoh in Lokoja

adding that whoever was involved would not go free.

The Kogi State Commissioner He therefore appealed to the of Police, Abdullahi Chafe, Fulani people to remain calm yesterday said the command and not to take the law into their is hunting for the killers of the hands and remain peaceful as Chairman of the state chapter of he appealed to anybody with the Miyetti-Allah Cattle Breeder useful information to report to Association, Alhaji Ibrahim the command.

Abubakar.

Meanwhile, the state Abubakar popularly known Governor, Alhaji Yahaya Bello, as Jalido, was allegedly killed has condemned the killing of by some unidentified gunmen Abubakar. at about 2a.m. on Saturday in In a statement issued his house at Peace community yesterday through his Chief in Lokoja.

Press Secretary, Petra Akinti Speaking with journalists on Onyegbule, the governor the killing yesterday in Lokoja, promised that his government the police commissioner said was already working with they had visited the scene of security agencies to unravel the incident and that his men the incident. were working round the clock “Bello is appealing that the to arrest the killers. prevailing calm in the wake of Chafe stressed that his the unfortunate crime should command would do everything be sustained, and strongly possible to bring to book those discourages extrajudicial reaction behind the death of Abubakar, from any quarters.

“I received with sadness, the death of Abubakar today.

On behalf of the good people of Kogi State, I express my condolences to the Wuro Miyetti-Allah Association over the dastardly act which claimed the life of Abubakar.

“As painful as this must be, I enjoin all to be calm as government is already working with the security agencies to fish out the perpetrators of this heinous crime as soon as possible, and made to face the consequences of their cowardly actions.

“May Almighty Allah grant Abubakar Al-Jannah Firdaus,” he said.

The governor noted that it was important that crime does not go unpunished, in order to send a resounding message to all and sundry that such will not be tolerated in Kogi State under his watch.

SUICIDE ATTEMPT AT IDP CAMP FOILED AS SNIPER KILLS BOMBER (EOD) have been called to safely detonate the IED.” Despite this, he said the situation at the camp and the general area is calm, as the military have everything under control.

Meanwhile, troops Operation Lafiya Dole, carrying out clearance operations on suspected Boko Haram terrorists hideouts in Talala and Ajigin, southern part of Borno State, were yesterday ambushed by suspected Boko Haram terrorists at Ugundiri village, Damboa Local Government Area, Borno State, killing five soldier, three vigilantes and one Civilian JTF, while 19 soldiers and 1 Civilian JTF sustained various degrees of injuries.

A statement by Usman, said the bodies of the late soldiers and civilians have been evacuated to Maiduguri while the injured are receiving commensurate medical care

and are in stable condition.

“The troops destroyed the terrorists gun truck and recovered two anti-aircraft guns, 2 spare gun barrels, 1 General Purpose Machine Gun, one rocket propelled grenade, 1 AK-47 Rifle and 320 rounds of 7.62mm ammunition. The troops have been mobilized into blocking positions to further neutralize fleeing Boko Haram terrorists,” he said.

In another development, the troop also intercepted suspected Boko Haram terrorists drugs and other logistics suppliers from Firgi and Zawan axis, Bama Local Governmnet Area of Borno State, at suspected Boko Haram terrorists crossing point, trying to cross into Sambisa forest yesterday.

Usman said the troops pursued them but were only able to apprehend Kadiri Umate, 35 years, while others fled into the bush.

He said the patrol team recovered 35 packets of 500ml of Glocose Intravenous infusion (Drip), assorted analgenics and pain killer drugs, clothes, bathroom slippers, insecticides, salt, kolanuts and a bicycle.

The suspect is undergoing preliminary investigations.

In a related development, a suspected Boko Haram terrorists logistics and fuel supplier, Fantoma Lasani was arrested yesterday by troops in conjunction with Civilian JTF at Muna garage when he came to pick his wife to finally relocate out of Maiduguri.

The suspect who hailed from Flatari village, Bama Local Government Area, is among some unpatriotic elements in the society that had been supplying Boko Haram terrorists with Premium Motor Spirit and Automative Gas Oil in Bama, Gwoza and Sambisa general area.

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MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

2018 WORLD CUP QUALIFIER

Belloumi: Algeria Can Repeat 35-year Feat against Nigeria

Duro Ikhazuagbe Legendary Algerian ex international, Lakhdar Belloumi, has tipped his countrymen to pick all three points when the Fennecs play Super Eagles in a 2018 FIFA World Cup qualifier on November 12 in Uyo. The 1981 African Footballer of the Year who played at Espana ’82 and Mexico ’86 World Cups for Algeria told FIFA.com yesterday that the Fennecs are capable of repeating the feat of 35 years ago when they defeated Nigeria home and away to earn their first Mundial ticket.

“Algeria have a great footballing history. We’ve defeated Nigeria more than once. We beat them on their own patch in 1981 and in Libya in 1982. My message to Riyad Mahrez and Co, therefore, is that winning on 12 November is certainly not impossible,” Belloumi stressed with confidence.

“We will win if we impose our style of play. Our team is powerful and united, and with a little bit of desire and heart, we can return home with three points in the bag,” the 57 year-old former star restated.

While most ball pundits

believe it is the Algerians that will be under pressure in Uyo due to the draw game they played with Cameroun in their opening Match-day 1 of the qualifiers, Belloumi insisting that the Super Eagles are “the ones under pressure.”

“On the contrary, I believe the Nigerians will be the ones under pressure as they’re at home and playing in front of their own fans,” he said with conviction.

Belloumi described Algeria’s 1-1 draw with Cameroun in Blida as “a misstep” considering that they have found the Indomitable Lions difficult to play against in competitive matches.

“Our team is very strong.

For me, the draw against Cameroun was just a misstep.

And we mustn’t forget that Cameroun have a great team and a long World Cup history, and that we’ve never beaten them in an official match. Let’s put that slip-up behind us and concentrate on picking up three points in Nigeria,” stressed the Algerian former super star.

The Super Eagles are leading the Group B of Russia 2018 qualifiers with three points as a result of the 2-1 away victory recorded against Zambia in Ndola early this month.

Nigeria’s Olufunke Oshonaike at the weekend emerged winner of the women’s single event of the ITTF African Senior Championship in Morroco

Oshonaike Reclaims Rohr Goes Tough on ‘Misbehaving’ Eagles African Title Olufunke Oshonaike reclaimed her long lost African title in the final of the women’s singles event of the ITTF African Senior Championships after beating Egypt’s Dina Meshref 4-2 The Egyptian has been unbeaten in the last two years, but Oshonaike dug deep into her table tennis experience to confuse the young North African to emerge as the new number one female star in the continent.

An elated Oshonaike said she was happy that her experience came handy against the Egyptian. To emerge as the new African Champion, Oshonaike won 7-11, 11-13, 11-5, 11-9, 7-11, 7-11.

“I knew it was going to be tough because as the African champion Dina has been unbeaten in the last two year. I just told myself to go out there and have fun and show my experience and when it started working I gained more confidence,” gushed Oshonaike moments after the final.

She however added that when the match was 2-2 her coach, Segun Toriola, told her not to give up. “That was why I kept on going and it worked for me at last.”

The Nigerian ping pong queen is very excited that she

can reclaim the African title at her age. “This victory means a lot to me that I can still become African champion despite my age. It shows that nothing is impossible regardless of my age. I am so happy that despite the challenges I faced coming to Morocco here I can still return to the top of the game in Africa.

She described the victory as an inspiration for girls who look up to her. “No matter your age, you can achieve whatever you put your mind into in life, I am a living testimony,” she noted.

However, Aruna Quadri’s efforts of becoming the continent champion failed as the Nigerian fell 3-4 to defending champion, Egypt’s Omar Assar in an entertaining final.

An elated Omar Assar said after the match, “It was really a crazy match because against Aruna it is always very exciting. I think I gave my 100 per cent concentration and I listened more to my coach, Helmy Ashraf. I think Aruna played very well because he was always changing service and he was more aggressive on his forehand. I am so happy retaining the title and I hope I can play better than this in future tournament,” Assar concluded.

No-nonsense Nigeria coach, Gernot Rohr, hopes to check Super Eagles late comers and those who like to “misbehave” by insisting the team train in Abuja before they head off to a match venue.

That is why the experienced Franco-German coach has fixed training camp in Abuja for next month’s crucial World Cup qualifier against Algeria even though it will be played in Uyo. Players have used poor flight connections to Uyo as reason why they have reported late in camp and that way stayed away from the limited number

of trainings before a big game.

Also, the big hotel in Uyo has made it very difficult for the players to be fully monitored by officials leading up to a match day.

“Rohr has been far from impressed with some of the Super Eagles stars who have chosen to report late to camp citing the difficulty of connecting local flights to Uyo,” an official of the team revealed at the weekend to AfricanFootball.com.

“By having the squad all in Abuja now, they will all leave for Uyo as a group some days to a big game.

“There are always flight from Europe and locally to Abuja and so no one can use flight hitches as an excuse to come late to camp anymore.”

Another top official informed that the team’s hotel in Abuja is a lot more compact as against the hotel in Uyo, which is big and sprawling and so gives room for the players to whatever they choose even before a big game.

“The hotel in Uyo is just too big for you to monitor what the players are up to at any given point in time, while that in Abuja you can easily check any misbehavior and excesses,”

said the official.

Rohr questioned the “lack of focus” of Leicester City star Ahmed Musa prior to the game in Zambia earlier this month when he drove into camp with an expensive new car.

He subsequently dropped the Eagles assistant captain to the bench for the match in Ndola.

The Eagles training camp will open on Sunday night, November 6, and training is slated to begin Monday morning.

The squad will then fly out to Uyo on Thursday ahead of the showdown against Algeria on Saturday.

Equatorial Guinea Open: Olapade Wary of ‘Tough’ Mongomo Olawale Ajimotokan in Abuja From a casual view, the Presidential Golf Course, Mongomo, Equatorial Guinea is captivating and benign, but to the trained eye, it is a very tough and unforgiving layout, capable of denting a professional player’s score card.

The over 7,000 metres long course carved from dense and lush vegetation is an enchanting layout revered by golfers and guests.

From December 8-11, it will welcome 60 professional golfers (men and ladies)

from 24 countries for the fourth edition of 3e Actuaries Equatorial Guinea Open.

Nigerian professionals like Kingsley Oparaku, Fred Eweka and Austin Akpodiete discovered the other side of Mongomo at the 3rd edition of the tournament last year, when their championship hope was compromised after incurring extra strokes.

Sadly, they will not be among the eight Nigerian wild cards that will jostle with the international field of 48 male players for the prize money of $100,000 after failing to make the automatic cut for 30 players.

Oche Odoh, who won the 54-hole contest, will lead other Nigerian automatic qualifiers, including Sunday Olapade, Kamalu Bako, Gift Willy, Morgan Atako, Christopher Francis, Michael Ubi and Mohammed Haruna.

Uloma Mbuko will compete with 12 players for $50,000 in the lady event.

Olapade, who finished in joint seventh with Spain’s Puig Giner, last year, is wary of the demands of Mongomo having also featured in the 2014 edition.

The Osun State born player, who is based at Ibori Golf Club, Asaba, declared

that he knows what to expect in Mongomo and is setting up his preparations to meet the expectations. ‘’ Mongomo is a very tough course but I am doing my best to improve on my Equatorial Guinea record.

I wake up by 5am and hit 500 balls every day. It will be a rare feat to accomplish victory on a very demanding and unforgiving course. It is a course that rewards good shots and in another dimension does not allow mistakes go unpunished. It is a characteristically long, tough and challenging course,’’ Olapade said.

Monday October 31, 2016

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Price: N250

MISSILE APC to FG

“We totally disagree with the APC-led federal government on this latest move and call on President Muhammed Buhari to first and foremost explain to Nigerians what his administration has done with the so called recovered looted funds and how far the 2016 budget is fairing. Also, President Buhari must itemise what he intends to finance with this proposed borrowing of almost $30 billion instead of lumping it up in a coded term and plunge the nation’s future into debts” –The Peoples Democratic Party (PDP) expressing its opposition to the plan by the federal government to borrow N429.96 billion over the next three years.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

The Fiscal Side of Things “We are moving towards a (complex) global economy. One way of approaching that is to pull the covers over your head. Another is to say: It may be more complicated- but that’s the world I am going to live in, I might as well be good at it.” — Phil Condit

T

here can’t be a better way to describe our country’s current challenges than with the wise words of Phil Condit.

It is a very complex and challenging economy that we are grappling with.

But complex situations demand complex thinking and complex solutions. The easy way out like Condit aptly explains is to play the ostrich, hiding our heads in the sand and pretending that our entire body is covered when we all know that the rest of our body is exposed for the world to see. The rough and narrow route which is bound to produce better results is to gird our loins and take the bull by the horn, believing firmly that we can make lemonades out of the lemons that have been thrown at us. This option cannot happen by accident. It has to be a well-articulated and planned process and executed flawlessly by very brave and bold leadership. There may be some pain in the process, the pain may be severe, but must give way to sustainable gain in the final analysis.

A lot of attention has been paid on monetary policy in the recent times as we try to find our way out of the present economic challenges.

Today, we intend to discuss fiscal policy as an instrument available to economic managers to help in navigating around our challenges and place us on a path of sustainable development.

Fiscal policy has been defined as the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation’s economy. It has been described as the sister strategy to monetary policy. Monetary policy being a strategy which central banks use to control money supply, interest and exchange rates. Fiscal policy therefore refers to the use of government revenue collection, mainly taxes and expenditure (spending) to influence the economy. Using fiscal policy, regulators aim to control inflation, reduce unemployment, control interest rates and stabilise business cycles. An economy in recession would benefit from fiscal policy if the government reduces tax rates to induce consumer spending because if people and businesses are paying less in taxes, they would have more money to spend and invest.

The other alternative is for the government itself to increase its spending by investing more, say in infrastructure in the case of Nigeria. All things being equal, the additional spending by government would create jobs directly and indirectly thereby reducing the unemployment rate. Of course, economists have identified some drawbacks of the implementation of fiscal policy but both policies (fiscal and monetary) are indispensable in rescuing a struggling economy, maintaining a strong economy or cooling off an overheated economy. What separates one government from another is the extent of their understanding of the right policy mix to achieve desired macroeconomic results of price stability, credit availability, financial stability and economic growth.

There seems to be an agreement that given the economic recession that the country is experiencing the government needs to adopt a fiscal stimulus package to resolve the issue. At least, there is no better way to support this view than to point readers’ attention to the fact that the N6.08 trillion budget for 2016 provided for a deficit of over

N2 trillion. This was approved by the National Assembly earlier in the year. What is, however, an issue is the speed with which the implementation is being handled. As we approach the end of the year, activities seem to just be taking off at a very slow speed, threatening the chances that the benefits of the stimulus would be enjoyed in this financial year. Be that as it may, we want to devote the rest of the discussion to taxes. Generally, our tax administration has been very inefficient. My belief is that because government has access to cheap oil money, it has not considered it expedient to improve the administration of taxes in the country.

So, when we join others to refer to tax payer’s money, some of us cringe and ask, which tax payer’s money? The standard measure for tax collection is to compare what component of the GDP is accounted for by taxes. This is referred to as tax to GDP ratio. This measure is important not just for purposes of understanding how efficient the tax collection system is, but also to show the level of real economic activities in the country.

The assumption is that it is only that part of the population that is employed, and that part of businesses that is making profits that would pay taxes. Because one cannot give what one doesn’t have, it is not expected that the unemployed or businesses that are at the verge of extinction would pay taxes to government. Generally, it is accepted that the tax to GDP ratio for developed countries is always higher than that of developing countries. Thus, the average tax to GDP ratio for the EU countries is about 36%. One of the highest ratios is Denmark at around 51%. Nigeria’s tax to GDP ratio is presently 6%. This is abysmally low compared to some other African countries like Botswana 35%; Benin Republic 16%, Burkina Faso 12%; Burundi 17%, Cameroun 18%; Cape Verde 23%; Cote d’Ivoire 15%, DRC 13%, Egypt 16%; Ethiopia 12%; Gambia 19%; Kenya 18%, Malawi 21%; Rwanda 14%; Senegal 19%; Togo 16%; Zimbabwe 27% and Ghana 21%.

PWC in an extensive study provides answers as to why the situation is this way in Nigeria. Out of the over 180 million Nigerians, and a labour workforce of 77 million people, only about 10 million are registered for personal income tax across all the states of the federation. Out of this number, 46% are registered in Lagos. That explains why Lagos accounted for 40% (N268bn) of the total taxes (N684bn) collected by all the states in 2015. While only about 13% of the labour force pays some form of personal income tax, only about 12% pays VAT. Corporate income tax faces the same fate as only about 10% of companies file tax returns and we know that some of them are very good students of Donald Trump. According to PWC, the low level of tax compliance has to do with incoherent fiscal policies, cumbersome and inefficient tax administration system, high level of tax evasion, ambiguities in tax laws and lack of transparency regarding the utilisation of tax revenue for social services and visible development. The result of a survey they carried out is very interesting. 70% of the people surveyed claimed they do not pay tax because they do not see tax payer’s money at work, over 22% said it was because of unclear tax rules and complex compliance process while over 7% said it was due to poor enforcement by tax authorities. None of the respondents said it was due to people being poor or not being aware, the survey concluded.

Like I had indicated earlier, I believe the reason why government has not given its best to tax administration is because of the fact that it has

come to rely heavily on oil revenue as the major, if not the only source of revenue and therefore sees tax collection as a minor irritant. Like we can see today, this may have been true in the past but definitely no more. Given that government has not been collecting much from the populace, it has also denied itself the use of this very important instrument for the management of the economy.

From our analyses earlier, governments use fiscal policy of tax and spending to stabilise the economy.

But not when the taxes were not being collected in the first instance.

Another unfortunate fallout is that the social contract between the rulers and the ruled cannot be enforced. The ruled do not feel they can hold the rulers to account because it cannot in all honesty, talk about tax payer’s money. The rulers don’t also feel compelled to deliver on the contract because they are not spending tax payer’s money in the real sense of it. That is probably why our power infrastructure was left to collapse, our roads and rail networks were left to decay, and our educational and health care delivery system have become a disaster amongst several others. If truly, government was dependent on tax payer’s money, it would be more interested in the wellbeing and survival of the tax payers, knowing very well that if anything happens to any of them, government revenue would be negatively affected.

The opportunity presented by the current economic recession is useful for government to completely restructure how it does things. It is an opportunity that should not be wasted. Government should start with proper documentation of the

populace. We must digitally map the country so we know where everyone is. Everyone should have a tax payer’s identification number once they are of age. All the information should be in a central database accessible by different government agencies. Tax administration should be made very simple and straight forward and be made part of our culture.

It has also been reported that the current system is very complex and cumbersome and keeps away those that would have qualified as ‘voluntarily compliant’. In an annual report, “Paying Taxes 2016”, jointly issued by PWC and World Bank, Nigeria was rated no 181 out of the 189 countries measured along the lines of the ease of paying taxes. We were only better than eight countries in the whole world. This is a clear signal of how bad things are here with respect to paying taxes. It is sad that our system is hostile to even those who want to pay us money. We must take a serious look at the entire tax administration system to make it friendlier and more efficient.

Legislation and enforcement cannot be overemphasised in the reform journey. To encourage voluntary compliance, the law must not only make it a criminal offence to evade tax, but it must also be enforced. Awareness and education would follow to ensure that more people are brought into the tax net while government would also be required to be more transparent and responsible in the use of tax payer’s money.

NOTE: The rest of this article continues in the online edition of THISDAY: www.thisdaylive.com

THE BAIT

SHORTLY AFTER CHIEF LATHIEF CRITICISED THE GOVERNMENT, HE CAME ON THE RADAR SCREEN OF THE EFCC AND THEY PREDICTABLY CAME FOR HIM!

THESE CROOKED POLITICIANS DON’T EVER LEARN! THE FOOL INVITED HIMSELF ON THAT RADAR SCREEN, INSTEAD OF STAYING OUT OF SIGHT TO ENJOY HIS LOOT!

CHIEF LATHIEF IS NO FOOL! HE WAS TIPPED OFF ABOUT EFCC’S IMMINENT PLAN TO ARREST HIM FOR STEALING PUBLIC FUNDS! HIS CRITICISING THE GOVERNMENT WAS HIS PRE-EMPTIVE MOVE!

WRONG! ... THE EFCC WALKED RIGHT INTO THE DRAGNET OF CHIEF LATHIEF AND HIS SUPPORTERS WHO WANT THE PUBLIC TO BELIEVE HE WAS ARRESTED FOR CRITICISING THE GOVERNMENT!

PRE-EMPTIVE? THE OLD FOOL WALKED RIGHT INTO THE EFCC’S DRAGNET!

HMMM… LOOKS LIKE I AM THE ONLY FOOL AROUND HERE!

31-10-16

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