Wednesday 2nd November 2016

Fidelity Bank Appoints Ernest Ebi Chairman, Two Other Directors Obinna Chima Fidelity Bank Plc has announced the appointment of Mr. Ernest Ebi as a NonExecutive Director and Chairman-designate of the Board of Directors of the bank.

His appointment follows

T H I S D AY S P E C I A L R E L E A S E the retirement of the erstwhile chairman of the bank, Chief Christopher Ezeh, who after over 11 years of meritorious service has retired, having attained the retirement age for non-executive directors in

line with the bank’s policy.

A statement, yesterday, by Fidelity Bank explained that the board also approved the appointment of Mr. Charles Chidebe Umolu and Mr. Kings C. Akuma as Non- Executive

Directors of the bank. These appointments are subject to the approval of the Central Bank of Nigeria (CBN).

Ebi, a former Deputy Governor, Policy and Corporate Services at Central Bank of Nigeria (CBN) for 10 years, brings to the Fidelity

Bank board a solid wealth of corporate experience.

Prior to his stint at the CBN, Ebi’s sterling career saw him rising to the top position as Deputy Managing Director/Chief Operating Officer of Diamond Bank Plc in 1998, having also served

as Managing Director/Chief Executive Officer of New Nigeria Bank plc. He was also a former Executive Director, African Continental Bank.

A Fellow of the Chartered Institute of Bankers of Nigeria, Continued on page 8

TWO DAYS TO GO... THISDAY HOME+DESIGN, ESSENTIAL INTERIORS HOLD LUXURY HOME & HOSPITALITY EXHIBITION NOV 4-6 Wednesday 2 November, 2016 Vol 21. No 7867. Price: N250

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Hopes of Early Resolution of PDP Crisis in Ondo Fade as A'Court Justices Step Down... Page 9

Niger Delta Gives Buhari 16 Conditions for Peace

Kachikwu: Oil production has risen to 2.1mbpd due to dialogue We have the mandate of militants, says Clark President welcomes demands from the region Tobi Soniyi in Abuja The people of the Niger Delta, under the aegis of Pan-Niger

Delta Forum, have submitted 16 conditions to President Muhammadu Buhari, which the federal government must

meet for lasting peace in the oil-rich region.

But the Minister of State for Petroleum Resources, Dr.

Ibe Kachikwu, has stated that the president has asked for time to enable him come up with permanent and lasting

solutions to the demands of critical stakeholders of the region.

King Alfred Diete-Spiff,

the Amanayabo of Brass and Chairman of the Traditional Continued on page 6

Senate Rejects FG’s $30bn Borrowing Plan, Presidency, DMO Defend Loans

Speaker, Gbajabiamila lobby lawmakers on foreign borrowing Ndubuisi Francis, Omololu Ogunmade and Damilola Oyedele in Abuja The Senate yesterday threw out President Muhammadu Buhari’s request to raise $29.9 billion in foreign loans over a three-year period.

The request was thrown out without being subjected to debate through a voice vote, after the motion for its consideration was moved by the Senate Leader, Senator Ali Ndume.

But the belief is that the Senate might have thrown

out the request because the executive arm of government has refused to make any commitment on when funds will be disbursed for the constituency projects that are critical to all members of the National Assembly.

The presidency and Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, however, promptly defended the external borrowing programme, stating that most of the funds would be used to address critical infrastructure Continued on page 6

House May Rescind Passage of Amendment of CCT/CCB Act.. Page 9

NIGER DELTA LEADERS PRESENT THEIR DEMANDS...

R-L: Elder statesman and a former Federal Commissioner for Information, Chief Edwin Clark; Air Commodore Idongesit Nkanga (rtd); former Akwa Ibom State Governor, Chief Victor Atta; and the Amanayabo of Brass Kingdom, King Alfred Diete-Spiff, at the Niger Delta stakeholders' meeting with President Muhammadu Buhari, at the Presidential Villa, Abuja… yesterday godwin omoigui

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WEDNESDAY, NOVEMBER 2, 2016 • T H I S D AY

PAGE SIX NIGER DELTA GIVES BUHARI 16 CONDITIONS FOR PEACE Rulers Council in Bayelsa State, who presented the 16-point request at the Niger Delta stakeholders’ meeting with Buhari held at the State House yesterday, later told correspondents that although the people of Niger Delta were going about their businesses with smiles, there was deep seated anger behind the smiles.

Also at the briefing, elder statesman, Chief Edwin Clark, said the elders had the mandate of the whole Niger Delta people, including the militants and other agitators to discuss with the president.

They stated that all the bodies created by the federal government to ensure that the Niger Delta benefits from its huge resources had failed to deliver.

Fielding questions from journalists after the meeting with the president, Kachikwu said the dialogue with the militants was already yielding positive results.

“The reality is that as of today and this morning, we are producing at 2.1 million barrels per day. That is substantial. That would not have happened without efforts that went behind through the royal fathers and leaders, through to the militant leaders. A lot of behind-thescenes engagements have taken place and will continue to take place,” he revealed.

He said part of the expectations by 2017 was to target zero attacks from militants, adding: “What that means is that it is going to be ongoing engagement. It will never finish.”

According to him, on a rolling basis, the Ministry of Petroleum would start quarterly meetings involving the oil companies.

The first meeting, he said, would take place in Uyo in December, adding that the venue of the meetings would move around from one state to another.

He said: “This afternoon, we had the privilege of having a meeting chaired by President Muhammadu Buhari. A meeting with Niger Delta stakeholders led by Chief Edwin Clark and Chief Alfred Diette Spiff.

“Five governors were in attendance – four in attendance, one represented. Some ministers were also in attendance. It was largely a courtesy call to bring to the front burner the issues of the Niger Delta and their concerns.

“And we spent time hearing from the Niger Delta leaders, in terms of their areas of concern and what they believe the federal government should do to bring down pressure and stress in the area and to reduce militancy to the barest minimum, if not completely eliminated.”

He described the meeting as a frank conversation. “It is the beginning of a process. We had over a hundred representatives.

So it was a very well attended function.

“Opinions given were very

honest, very frank and to the point. But I think at the end of the day, we exchanged enough thought processes to go back to the drawing board to begin a process of work,” he explained.

Chief Clark said the meeting was arranged by Kachikwu and was accepted by the elders.

He said that although there are many factions of militants, all of them agreed to meet and discuss the way forward.

“There are many factions.

Some have their own built-up bases, hotels, and so on. But it was agreed that we should meet to galvanise, collapse all the agitations, all the interest groups into one and this is what we did.

“So we formed a central body known as Pan-Niger Delta Forum, with me as the leader and HRM Diette Spiff, a former governor of old Rivers State, and a former governor of Akwa Ibom, Arc. Obong Victor Attah, as the chairmen of the Central Working Committee that we will organise the visit and we invited all the interest groups and they came and what we saw today is a combination of all interest groups.

“Mr. President received us very well. Today is November 1, a remarkable day. There were many of you, particularly the press, who tried to give the wrong impression that all was not well between the federal government and the Niger Delta people.

“So I am not surprised that you are now asking how the meeting fared. It went very well and all groups were represented.

We discussed and presented a paper, which was presented by HRM Alfred Diette Spiff and Mr. President said he has noted everything that was there and that he would see that it is studied and that is what we have been looking forward to.

“That it was the disconnect that made the government unaware of what we were doing. It was clear that dialogue was key.

“The president will now set the ball rolling, with the minister assisting him. We presented 16 points, which we mentioned in our address, following which we will appoint a very capable team of experts to negotiate on our behalf.

“But let me say this: You mentioned the Niger Delta Avengers. They were not supposed to be here. They gave us the authority as their fathers to negotiate on their behalf on the 19th of August when we met at the PTI (Petroleum Training Institute), Warri.

“There is no doubt that many groups will spring up after this.

Perhaps, one man will be in his house and say we are 20 and you will publish it. But we will continue to appeal to them. We have no other country but Nigeria.

“We cannot continue to destroy the assets of this country and at the same time destroy the

ecosystem of our own region. So we are appealing to the youths and they are listening.

“One thing that gladdened our hearts today was when the minister was addressing the audience, he mentioned that the issue of the Maritime University had been settled. We now have it as the first goodwill from the government and we have a duty to react,” Clark stated.

Delta State Governor Ifeanyi Okowa also called on the media to report the crisis in the Niger Delta correctly.

He said: ‘In the last two and a half months, I don’t think we have had any issues with the Niger Delta Avengers because I know that after the meeting in August, that was a stakeholders meeting led by Chief Clark and some of them, we have not had any real issues with them.

“It is important that we put this on paper and it is our hope that we will continue with the consultations and they have given the elders the mandate to speak on their behalf in the meeting that will follow through.”

He confirmed, however, that many copy-cat groups had sprung up in the region because they thought their interests were not being protected in the negotiations.

According to him, these groups were of the view that those in the creeks were getting some prominence.

He said: “Nobody has been given any prominence. The negotiation going on is not about money sharing. It is about talking about the future of the Niger Delta people and what we need to do in terms of development and empowerment, in terms of partnership, and in terms of the presence of the oil companies.

“So largely, the Niger Delta Avengers have sheathed their swords and things are moving on well. I can truly tell you that the security agencies are working very well with us to provide the best security, but this is going to take sometime.

“But the few incidents you have had and reading in the papers about the Green Landers, they are not the same with the Niger Delta Avengers. I think it’s a misconception that some ethnic groups have dominance, but from the representation, it is obvious that all the ethnic groups are involved.

“Even the Urhobo ethnics were largely represented with his HRM, the Oroje of Okpe, and some top persons from Urhobo nation. We will continue to deal with the issues as they arise.”

The 16 points presented, according to the Niger Delta representatives at the meeting, are quick wins that could be achieved and would restore hope and confidence in a region that has grown sceptical of dialogue and engagements that have hardly produced tangible results.

They are: •The Presidential Amnesty

Programme: The Niger Delta decried that of the five components of the disarmament and retrieval of weapons from the ex-militants, only the disarmament and demobilisation component was being implemented. Tension over the fate of the Niger Delta Amnesty Programme is as a result of the absence of a genuine exit strategy.

The region wants the programme reviewed to reappraise its core mandate to provide a robust exit strategy, in order to transit recipients into jobs, effectively integrate them and wean them off dependency on stipends, so that their new-found skills would be of benefit to themselves and the larger community.

•Law and Justice: In view of the insecurity in the Niger Delta, a number of pending law and justice issues regarding some aggrieved groups and individuals are yet to be resolved.

It is important to address these issues urgently as a step towards lasting peace.

•The effect of increased military presence in the Niger Delta: The increase in military presence has resulted in invasion of communities, displacement of persons, harassment and other forms of human rights abuses.

The region wants government to halt the escalation of tension in the region.

•Plight of internally displaced persons: They want the relevant government agencies to take urgent measures to meet the immediate needs of those displaced by the upsurge of insecurity in the region.

•The Ogoni clean-up and environmental remediation: They want government to speed up the exercise. They want government to enforce the zero gas flare deadline. They want the devastating effects of coastal erosion and lack of an effective shoreline protection for the coastal communities tackled urgently. They ask the federal government to commission a region-wide credible assessment of the impact of crude oil pollution on the environment in the region and undertake to enforce environmental laws.

•The Maritime University: The region wants the prompt take-off of the Niger Delta University.

•Key regional critical infrastructure: They want the completion of the East-West Road and full implementation of the rail project that is designated to run through the Niger Delta region to Lagos.

•Security surveillance and protection of oil and gas infrastructure: They want pipeline surveillance contracts given to the communities rather than to individuals in a manner that is of some benefits to their responsibility.

Communities would then see their responsibility over the pipelines as protection of what belongs to them.

•Relocation of the administrative and operational headquarters of the IOCs:

The headquarters of most oil companies are not located in the Niger Delta region. As a result the region is denied of all the developmental and associated benefits that would have accrued to the region from their presence. It has therefore become imperative for the IOCs to relocate to their areas of operation. This move would create a mutually beneficial relationship with the host communities.

•Power Supply: The region advocated a power plan that strongly ties power supply in the region to gas supply, thereby giving all sides a stake in proved stability.

•Economic development and empowerment: The Niger Delta wants Brass LNG and a fertiliser plant, including the Train 7 of Nigeria LNG implemented; a review and update of the national gas master plan to integrate the economic interests and industrialisation of the region; the creation of a Niger Delta industrial corridor that would process some portions of the hydrocarbon natural resources; expedited work on the export processing zones; and the harnessing of the huge rainfed agricultural potential of the area through the development of farm estates, fishery development projects and agro-allied industrial clusters, etc.

•Inclusive participation in oil industry and ownership of oil blocs: The region wants the federal government to enunciate policies and actions that will address the lack of participation, as well as the imbalance in the ownership of oil and gas assets.

•Restructuring and funding of the NDDC: The restructuring will ensure it is refocused as a true interventionist agency to respond swiftly to the yearnings of the grassroots of the Niger Delta. Communities must be able to have a say in what projects come to them and also want full implementation of the funding provisions of the NDDC Act. •Strengthening the Niger Delta Ministry: It said the era of abysmal funding should end. The ministry should be adequately funded and strengthened to fulfill the purpose for which it was created.

•The Bakassi Question: The Niger Delta recommend a comprehensive resettlement plan, including development for the host communities and displaced population to reduce the risk of making them into stateless persons.

•Fiscal Federalism: The region supports the call for true federalism and urged that federal government treats the matter expeditiously.

The meeting had in attendance Vice-President Yemi Osinbajo, Akwa Ibom State Governor Udom Emmanuel and his Bayelsa State counterpart, Seriake Dickson.

Also present were all the Niger Delta ministers in the federal cabinet, the service chiefs, the

Inspector General of Police (IG), several traditional rulers and members of the civil society groups from the region.

However, militant groups from the region or their representatives were conspicuously absent.

Responding, the president said that he welcomed the 16-point request presented to him by the Niger Delta leaders.

A statement by his media aide, Mr Garba Shehu, said Buhari told the elders he was still expecting reports from government officials he had instructed to review the implementation of the Amnesty Programme to determine where government had fallen short so that amends could be made.

“The president, who did not read from a prepared speech, pitched a vision of unity and progress for the country in which peace reigns. He said peace, security, investment and prosperity are linked together, adding that ‘if we give peace a chance, investors will come here to invest. Nobody will invest in an insecure environment’.

“In a speech dripping with nationalist fervor, President Buhari said the problems his administration found on the ground were many, as illustrated in the collapse of oil prices, inability of 27 of the 36 states of the federation to pay salaries, absence of savings to fall back on, and having to deal with an elite that didn’t seem to care.

“All these, he said, made his government to conclude that ‘life as usual is no longer affordable’,” it said.

The statement said the president told the Niger Delta leaders that the service chiefs were putting together their own assessment of the militancy situation, saying: “When I have these reports, including this one (just presented), we will revisit the situation (in the region) to ensure that we succeed this time.”

Buhari however cautioned the leaders of the Niger Delta that they had more to do than anyone else to bring peace to the region, given the influence they have on the militant groups.

He expressed the determination of his administration to stay focused on its key campaign promises of securing the country, fighting corruption and creating jobs through the improvement of the economy.

“We are determined to make life comfortable and affordable for all Nigerians. If anybody has a country to go to, let him go, we will stay here and salvage our country,” he said to his guests.

The president, who delivered his report card on the war against corruption and the efforts to secure the country, repeated his call to the Niger Delta leaders to join the administration in bringing peace to the troubled region.

The Niger Delta leaders reaffirmed their support for the federal government under the president and expressed total commitment to the unity, peace and stability of the country.

SENATE REJECTS FG’S $30BN BORROWING PLAN, PRESIDENCY, DMO DEFEND LOANS gaps in the country and fast-track its march towards economic diversification.

The Senate, which appeared to have an axe to grind with the president, also rejected the list of ambassadorial nominees he sent to the upper chamber a fortnight ago.

After rejecting the list twice through a voice vote, Senate President Bukola Saraki seemed to feel that rejecting both requests from the president in one day would be viewed as an act of bad faith. Hence, he overruled his colleagues using his gavel, and consequently referred the list of the nominees to the Senate Committee on Foreign Affairs for screening.

Whereas the president’s request for external borrowing had been slated for consideration yesterday, it was a shocked audience that watched the Senate reject the motion by Ndume for its consideration.

The rejection prompted Saraki to subject the request to a voice vote for a second time and again it was rejected, following which it was thrown out.

No reason was given for the rejection at the plenary, but Ndume, while briefing newsmen thereafter, said the request was rejected on three technical grounds.

According to him, the rejection was caused by the sloppiness on the part of the executive,

explaining that whereas the president had said in his letter that details of the borrowing plan were attached to his letter, it was not attached after all.

The president had in the introductory paragraph of his letter said: “I wish to refer to the above subject and to submit the attached draft of the federal government 2016-2018 External Borrowing (Rolling) Plan for the consideration and early approval by the National Assembly to ensure prompt implementation of the projects.”

However, Ndume said the “attached draft” of the borrowing plan, which the president said he was submitting along with the letter, was not

submitted as stated.

The second reason given by Ndume for the rejection was the absence of details on the borrowing plan, which he said ought to have included “when” and “how” the loans would be obtained.

Ndume also said the Senate rejected the request because the president wanted an anticipatory approval for the loans, which he said the Senate lacked the power to do.

The president’s request for anticipatory approval by the Senate was contained in the last paragraph of his letter.

The president stated: “Given the emergency nature of these facilities and the need

to consolidate the peace and return the region to normalcy and considering the time it will take to get National Assembly’s approvals, it has become inevitable to request for the NASS’ leadership approval, pending the consideration and approval of the 2016-2018 borrowing plan by the National Assembly to enable us disburse these funds immediately.”

However, Ndume who said he was shocked by the rejection, said despite the observations, the issues would be looked into and the borrowing plan would be re-presented to avoid Continued on page 8

TOP GAINERS NGN NGN ETERNA 0.28 3.09 OKOMUOIL 3.95 47.00 REDSTAR 0.20 4.20 UNITYBANK 0.03 0.66 LEARNAFRICA 0.03 0.73 TOP LOSERS NGN NGN UPDC 0.16 3.09 UNIONBANK 0.22 4.30 OANDO 0.24 4.70 INTERBREW 0.92 19.00 STERLBANK 0.04 0.86 HPE Nestle Nig Plc N795.00 Volume: 186.862 million shares Value: N1.313 billion Deals: 3,065 As at yesterday 1/11/16 See details on Page 50

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WEDNEESDAY NOVEMBER 2, 2016 T H I S D AY

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NEWS

Eight Suicide Bombers Killed by their Bombs in Gubio PDP condemns Maiduguri’s multiple blasts

Onyebuchi Ezigbo in Abuja Troops of Operation Lafiya Dole deployed at a checkpoint in Gubio, Gubio Local Government Area of Borno State yesterday morning, foiled a suicide attack on Gubio town by eight suspected Boko Haram terrorists.

According to a statement from the Nigerian Army spokesman, Colonel Sani Kukasheka Usman, the suicide bombers arrived in a Bedford pick-up vehicle primed with improvised explosive devices (IEDs), including suicide vests.

He said they attempted to force their way through the checkpoint but met stiff resistance from the troops who insisted that the vehicle be thoroughly checked.

“The suicide bombers refused and blew themselves up by detonating one of the suicide vests killing all the eight Boko Haram terrorists on board,” Usman said.

In a related development, the Peoples Democratic Party (PDP) has condemned last Saturday’s multiple bomb attacks on Damboa, a town in Borno State.

The party described the attacks

by Boko Haram insurgents which led to the deaths of nine persons, as well as the ambush of the military the following day in Damboa, as unfortunate and barbaric.

A statement by the party’s spokesman, Prince Dayo Adeyeye, commended the dogged spirit of the Nigerian soldiers engaged in the battle against the criminal elements.

“We commend the special operation unit of our military, Operation Lafia Dole, for their

courage and commitment to security of lives and property in the North-east, irrespective of the threat to lives of their officers and men in their line of duty.

We again commend the military for averting another attack late Sunday.

“While we applaud the dexterity of our officers and men in the field, we wish to further advise the All Progressives Congress (APC)-led federal government to stop the needless and diversionary propaganda on issues of the insurgency in the

North-east and rather concentrate more on providing all the moral and technical support needed by the military to end this campaign of terror.

“Finally, we call on all Nigerians to continue supporting government at all levels in the fight against the Boko Haram insurgency. The battle indeed is not only for security agencies but for all citizens to provide information available to them that will aid government in the fight against terrorism,” the party added.

Chief of Army Staff, Gen. Tukur Buratai

SENATE REJECTS FG’S $30BN BORROWING PLAN, PRESIDENCY, DMO DEFEND LOANS throwing “the baby away with bath water”.

He said perhaps the story would have been different if he had a premonition ahead of the presentation, adding that it would have prompted him to lobby his colleagues.

Buhari on Tuesday, October 25, sought the approval of the National Assembly on the $29.9 billion external loan, which translates to over N9 trillion.

The president in the letter had indicated that the $29.96 billion would be for proposed project and programme loans of $11.274 billion, $10.686 billion for special national infrastructure projects, Eurobonds of $4.5 billion, and federal government budget support of $3.5 billion.

Some of the funds from the external borrowing plan would be deployed to emergency projects in the North-east, particularly following the recent outbreak of polio after the de-listing of Nigeria from polio endemic countries.

Enang: Executive to Provide Details But in his reaction to the rejection of the president’s request, the Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang, said yesterday that the presidency had received the news of the “suspension” of the borrowing plan and consequently, the Debt Management Office (DMO), Minister of Budget and Planning, Udoma Udo Udoma, and his Finance counterpart, Kemi Adeosun, had begun to gather the information needed by the Senate for the approval process.

He stressed that the executive arm of government was not at war with the upper chamber, and that the presidency would engage the Senate by providing all the needed documents and materials for the approval of the loans.

Senator Enang said: “We are not in dispute with the Distinguished Senate. There is

certain information which will enable them to consider in detail and appropriately approve the request of Mr. President.

“So we are collating that information, the Budget Office of the Federation, the Debt Management Office, the Minister of Budget and National Planning, Minister of Finance and the economic team; they are collating the information so that it can be submitted to the Senate to enable them take appropriate decision.”

DMO Defends Foreign Loans However, just before the Senate threw out the three-year external borrowing plan, the Director General of the DMO yesterday provided further insight into the proposed foreign loans.

Speaking on Channels Television’s current affairs programme, Sunrise Daily, Nwankwo explained that the loans would help in addressing the biting infrastructure deficit in the country.

“When you are in this kind of economic situation, you have to decide where you want to start addressing the problem. You then come to the conclusion that the most critical point to start is to deal with the infrastructure problem.

“If you deal with infrastructure problem, the cost of power will be lower, the cost of transportation will be lower, and the cost of most other services will be lower,” he said.

According to him, one of the features of the proposed borrowing plan is the low concessionary nature of most of the loans, with an average interest rate of 1.5 per cent.

This arrangement, he explained, differs from previous loan arrangements with the Paris Club of creditors, which came with floating interest rates as high as 18 per cent.

He also explained that the facilities would help to revive

infrastructure like the railways which would ease the movement of heavy goods across the country.

Tackling infrastructure deficit, he argued, would force down the cost of goods and services in the long run, explaining that the development would have a significant impact on price levels in the economy.

“That impacts the economy by bringing down the general price level, (they call it the consumer price index, which is a classical measure of the price level and the rate of inflation.)

“When you do this, the Central Bank of Nigeria will set the monetary policy rate low, because all over the world, the central bank knows it has to keep the monetary policy rate high enough to catch up with the inflation rate, otherwise we will be talking of negative real rate of interest which destroys the economy.

“So the way to go about it is that you have adequate infrastructure — power, road, transportation, ICT. All these make the cost of production in the economy much lower and when this happens, the cost of goods and services will be lower and then inflation will start coming down.

“And if inflation comes down, the monetary policy rate will be lower and this will translate to a lower lending rate. That is the sequence,” Nwankwo explained.

He also dismissed the misconception that the debt sustainability report released by his agency last week had advised the federal government not to borrow in excess of $22 billion over the three-year period, stating that this was misrepresented by a newspaper report (not THISDAY).

He said what the debt sustainability report published by the DMO said was that the government should not borrow more than $22 billion per annum, thus giving it sufficient headroom for the

medium-term $29.96 billion external borrowing plan.

Speaker, Gbajabiamila Lobby Lawmakers However, it is not just the Senate where the president’s external borrowing plan was expected to hit a brick wall, as the Speaker of the House of Representatives, Hon. Yakubu Dogara, and Majority Leader, Hon. Femi Gbajabiamila, THISDAY learnt, had commenced lobbying other members of the House on the borrowing plan.

Accordingly, the two principal officers are scheduled to hold a meeting with the lawmakers of the Peoples Democratic Party (PDP) and the All Progressives Congress (APC) Caucuses today, to appeal for the approval of the request.

THISDAY exclusively reported last week that there would be stiff resistance to Buhari’s request, as lawmakers had insisted they would only entertain it if a commitment is made by the presidency to fund their zonal intervention projects, better known as constituency projects.

The opposition has stalled the debate on the external borrowing plan on the floor of the House of Representatives.

It was reliably gathered that Dogara and Gbajabiamila were yet to secure a commitment from the presidency for funding of the lawmakers constituency projects.

The duo met with Adeosun, Udoma and the Director General of the Budget Office, Mr. Ben Akabueze, last Thursday to intimate them of the building resistance to the executive’s request on the borrowing plan.

Adeosun and Udoma were expected to revert to Dogara and Gbajabiamila after relaying the development to the presidency.

But at the time of filing this report, no commitment had been obtained from the presidency, THISDAY gathered.

Credible sources said that

the presidency stubbornly remains indisposed to funding the constituency projects, which lawmakers consider crucial to the fulfillment of their campaign promises to their constituencies.

“The truth is that the president considers the constituency projects to be fraudulent.

His SGF (Secretary to the Government of the Federation) and ministers like Fashola are not helping matters. It seems he has been given the impression that he can do without the National Assembly,” a source said.

Another source said it was unlikely that the pleas of Dogara and Gbajabiamila would be listened to, particularly as the Senate has blatantly refused to even debate the request.

“Now that the president has boxed himself into a corner, the Senate Leader and his counterpart in the House would be put on the spot, and be embarrassed.

“Politics is about give and take everywhere in the world. He needs this loan for infrastructure development, yes, but can he get it without legislative approval?

No. So how will he now go about it?” another House member asked.

A lawmaker of the APC also told THISDAY that the conditions attached to the loans and other technicalities were yet to be revealed to the lawmakers.

“How can we approve a request that we do not know all the details?” the lawmaker asked.

“I am sure their next action would be propaganda against the National Assembly, but it’s like they are plotting to sell the country. What is the interest rate, what economic policies are we being asked to implement? These are crucial questions that must first be answered,” the lawmaker added.

Senate Picks Holes Meanwhile, the Senate yesterday

also picked holes in the federal government’s N500 billion Social Intervention Programme and warned against mismanagement of the funds allocated to the programme.

Following a motion moved

by Ndume, the Senate advised the federal government to re-examine the N500 billion intervention programme and avoid the failure of similar schemes in the past by incorporating manual registration of beneficiaries from all wards and local governments in the country.

It also tasked the government to present a clear framework that is devoid of the marginalisation of any segment of Nigeria and equally present a framework for the project to the National Assembly for passage.

The Senate also asked the federal government to ensure that the implementation of the programme is robust enough to serve the interests of the poor for whom it said the programme was conceived, and ensure a channel of accountability and auditing is created in the course of implementing the programme.

Ndume, in his motion, expressed concern that the programme “is being carried out in the same manner” as the other failed social intervention funds like the Subsidy Reinvestment and Empowerment Programme (SURE-P), without a proper framework which led to their failure.

He also said that given the recent petitions and complaints emanating from various constituencies over the programme, “this money will not be well spent, nor will it achieve any major benefits for the economy despite the good intentions of government because of the way its being structured”.

Also yesterday, the president sought Senate’s confirmation of the re-appointment of the Managing Director of National Deposit Insurance Corporation (NDIC), Umaru Ibrahim, for another term of five years.

FIDELITY BANK APPOINTS ERNEST EBI CHAIRMAN, TWO OTHER DIRECTORS Ebi has participated in several management development courses locally and overseas in the areas of strategic planning, and financial and risk management, among others.

Ebi attended Holy Ghost College, Owerri from 1970 and Howard University, Washington DC, where he graduated with a Bachelor of Business Degree in Marketing in 1978 and a Master’s Degree in Business Administration in 1979. He holds the national award, MFR and is married with kids.

Mr. Akuma is currently the Managing Director of Hammakopp Consortium Limited (an affiliate of Nestoil Group Plc). He holds a Bachelor’s

Degree in Accounting (1984) from the University of Nigeria, Nsukka (UNN) and an MBA from the University of Lagos (UNILAG).

Akuma, who is a fellow of the Chartered Institute of Taxation of Nigeria, has hands-on extensive managerial experience in oil and gas services operations, relationship, security and community management spanning over 10 years.

Regarded by his peers and contemporaries as a thorough-bred strategic change management specialist with core competence in organisational structure and financial due diligence review, Akuma grew Hammakopp’s turnover from N800 million to close to N1.8 billion within one year.

Boasting over three decades of in-depth experience in banking and finance operations, consulting, manufacturing, due diligence and forensic accounting, Akuma has acquired further skills in project management, development and implementation of accounting and internal control systems from scanning the wider horizon of the corporate environment.

Mr. Umolu, currently a managing consultant with Corimol Nigeria Limited and the chief executive of Corimol Consulting Limited, has over 18 years cognate experience in banking.

He was trained as a banker

by Morgan Guaranty Trust Company of New York (USA),

prior to which he obtained a Bachelor’s Degree in Economics in 1977 from the University of Ife, Ile Ife. Umolu also bagged an MBA in 1979 from the same institution.

He has attended extensive management and executive training programmes at the Havard Business School, University of Chicago, and Columbia Business School, New York, among others.

Umolu has also served on the board of various organisations as an executive director and nonexecutive director. He currently serves on the board of Profound Securities Limited, a subsidiary of the Nigerian Social Insurance Trust Fund (NSITF).

He was the Managing

Director/CEO of Comet Merchant Bank Limited, a position he held until he resigned to join Corimol Nigeria Limited.

While welcoming the new directors, Managing Director/ Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, said that their appointments were expected to contribute significantly to the new phase of the bank’s growth trajectory.

He also paid glowing tribute to the former chairman and noted the passion, commitment and experience Ezeh brought to the board, and expressed his gratitude for his immense contributions to the overall growth and development of the bank.

He described him as an

honourable member of the Fidelity Bank family and praised him for working hard to fulfill the aspirations of the founding fathers of the bank.

He wished him well in all his future endeavours.

Ebi

WEDNESDAY, NOVEMBER 2, 2016 • T H I S D AY

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NEWS

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

Hopes of Early Resolution of PDP Crisis in Ondo Fade as A’Court Justices Step Down Jimoh Ibrahim faction alleges justices collected N350m bribe

Tobi Soniyi in Abuja The three-member panel of justices of the Court of Appeal handling the appeal cases of the Peoples Democratic Party (PDP) in respect of the Ondo State governorship candidacy for the November 26 governorship election have stepped down from the cases following allegations that the justices have been compromised with N350million.

The three recused themselves following a petition written by a factional chairman of the party in the state, Prince Biyi Poroye, who alleged that the justices have been compromised.

In the petition dated October 31, 2016, and addressed to the President of the Court of Appeal, Justice Zainab Bulkachuwa, the petitioner alleged that Governor Olusegun Mimiko of Ondo State had boasted in the public that he and Governor Nyesom Wike of Rivers State had settled the Justices with N350million.

The petition was copied President Muhammadu Buhari, the Chief Justice of Nigeria (CJN) and the panel itself.

Poroye, who swore an affidavit evidence to buttress his allegations said that he believed that the Justices had been compromised because the presiding Justice, Jumai Hannatu Sankey was proned to corruption.

The petitioner further alleged that Justice Sankey had been ill for the past five years and as such, “became very poor and proned to corruption”.

Poroye further alleged in the petition that Justice Sankey was transferred from Yola where Eyitayo Jegede SAN, the appellant, practised law for the past 15 years and that

when the Justice arrived in Akure, Mimiko boasted that he catered for her to the tune of N100million.

In the circumstances, the petitioner demanded the disbandment of the panel on the ground that his side would not get justice from the panel.

The PDP factional chairman also faulted the composition of a special panel to hear a pre-election matter, adding that there was no reason for the President of the Court of Appeal to have done so since the appeal was not time bound.

At the resumption of hearing of the matter, Justice Sankey drew the attention of lawyers in the case to the petition and demanded to know whether the panel could still go ahead with hearing of the case in spite of the strongly worded petition and supported with an affidavit of evidence.

Chief Wole Olanipekun (SAN), who stood for Jegede said he was taken aback by the development and that he was not copied.

The senior counsel described the petition as most embarrassing, unfair, unfortunate and un-godly because the justices had not taken any step to suggest any likelihood of bias.

He said if any party should complain, it was his client, whose right had been aborted because of the removal of his name as a candidate of the PDP on the list by the Independent National Electoral Commission (INEC).

Olanipekun warned politicians not to destroy the judiciary for their parochial interest, because the judiciary remains the only institution that was the cornerstone and foundation of Nigeria’s

House May Rescind Passage of Amendment of CCT/CCB Act

Damilola Oyedele in Abuja

Following the uproar generated by the transfer of the powers to appoint the Chairman of the Code of Conduct Bureau and Tribunal from the President to the National Assembly, the House of Representatives may reverse its passage of amendment to the CCT Act. The Majority Leader, Hon. Femi Gbajabiamila raising a point of order at plenary yesterday, said there is a constitutional provision on the same amendment.

The National Assembly, in amending the CCT Act on the procedure of appointing the Chairman of the Tribunal and tenure, did not take into consideration the existing provision of 1999 constitution (fifth schedule, section 15, subsection 2) which empowers the President to appoint the Chairman of the CCT.

The amendment to the Act is therefore in conflict with the constitution.

Gbajabiamila noted that some months ago (May 2016) when 40 bills were passed in one day, the contents and clauses were not thoroughly examined.

Hon. Kingsley Chinda (Rivers PDP) however raised a point of order to the effect that since the amendment has already been passed, to reverse it, has to be by way of a substantive motion.

Ruling, Speaker of the House, Hon. Yakubu Dogara said reopening the discussion has to be through a substantive motion.

“No one is saying we cannot reverse ourselves, but it has to be by a substantive motion, so that everyone would be ready and no one would be ambushed. We would debate it again and take a decision on whether to rescind it,” Dogara said.

democracy.

He appealed to the justices to refer the petition to the appropriate security agents for investigation and punitive action.

Counsel to the petitioner, Dr. Alex Izinyon (SAN), in his own reaction said he was speechless because he had no inkling of the petition and was not consulted by his client before writing the petition.

Izinyon asked the court to invite the petitioner to the court

room to explain the rationale behind his petition and to make clarifications on how he came about petition.

However, attempt to produce the petitioner in court was abortive as he was said to have fled the court immediately the issue of the petition was raised.

Justice Sankey said, “Conscience is an open wound, only truth can heal it. Why did he run out of court when he has the audacity to append his signature on the shameless

petition and the affidavit?

“Let me say here that 99 days are for the thief, only one day is for the owner. It is painful that the petitioner used my ailment to insult me, to allege that I am a poor Judge, sick for five years and prone to corruption.

“I am ready to carry my illness on my shoulder, but it is unfair for the petitioner to make my sickness an issue in his petition.”

In her ruling, Justice Sankey

said, ordinarily, since no fact had been put forward before the court to establish a case of likelihood of bias and since lawyers in this matter have all denied knowledge of the petition, ‘we would have minded to ignore the petition!

But it is a settled law that when a case of likelihood of bias has been raised in a petition, it has to be looked into, even if the petition is frivolous.

Cont’d on Pg 52

WELCOME TO MY OFFICE

Vice President, Professor Yemi Osinbajo (right), in a handshake with the Chairman of Julius Berger Nigeria Plc., Mutiu Sunmonu, during a courtesy visit by the management team ofthe company to State House in Abuja...yesterday. With them is the Managing Director Julius Berger Nigeria Plc, Mr. Wolfgang Goetsch

Senators Visit Obanikoro, Fani-Kayode, Abati at EFCC Fani-Kayode says suspects not cheerful

Olawale Olaleye and Gboyega Akinsanmi Some senators last night paid a visit to four of their friends who are presently being held by the Economic and Financial Crimes Commission (EFCC) for various allegations of corruption and urged them to continue to remain steadfast, saying: “It is a phase that will definitely pass”.

Led by the Senate Leader, Senator Ali Ndume, other senators on the team included the Deputy Minority Leader, Senators Philip Aduda, Ali Wakil, Isa Gamman, as well as Teslim Folarin, a former Senate Leader.

The senators had visited the EFCC to identify with former Minister of State for Defence, Senator Musiliu Obanikoro; former Minister of the Federal Capital Territory (FCT), Bala Mohammed; Former Minister of Aviation, Femi Fani-Kayode and former presidential spokesperson, Reuben Abati, all of whom are still being held by the commission.

THISDAY learnt that the Deputy Senate President, Ike Ekweremadu was also there at the weekend in the same spirit of showing solidarity with

some of his former colleagues, who are answering to different charges of financial crimes before the agency.

Sources said the Ndume-led senators implored them to remain calm even in the face of provocation and continue to pray for the country because the challenges that are currently plaguing the country require that everyone must collaborate, regardless of leanings to achieve result.

“They urged them to remain calm because they also knew what it means to be away from the comfort of their homes for many days. But one thing said that was cheering to them was that it is a phase and that no matter how long it takes or how desperately the process is manipulated, it would certainly pass. And I think that is one incontrovertible fact about the whole investigation and trial,” said the THISDAY source.

Although the EFCC is said to have approved the bail of some of them, sources said the agency had deliberately provided stringent bail conditions, which have made it impossible for their lawyers to secure their bail.

There are speculations also that the agency is determined to make them spend a minimum

of 14 days in its custody, hence its refusal to soften the bail conditions even when there were said to have been interventions from different quarters.

Meanwhile, Fani-Kayode yesterday debunked the claim by the EFCC that he was cheerful when the Catholic Bishop of Sokoto Diocese, Bishop Hassan Kukah visited him in EFCC custody.

Likewise, he said Obanikoro and Abati were neither cheerful as the EFCC claimed.

He faulted the anti-graft commission’s claim in a statement by his Special Assistant on the Media, Mr. Jude Ndukwe, noting that the EFCC was detaining him illegally contrary to the order of a Federal High Court sitting in Ikoyi, Lagos.

In the statement, FaniKayode acknowledged that Kukah paid him a visit in EFCC custody, disclosing that the priest also met Obanikoro and Abati at the anti-graft commission’s net in Abuja.

When he arrived at the EFCC, however, Fani-Kayode disclosed that the cleric met them at the clinic and afterwards had some private moments with them away from

the prying eyes of journalists.

He said Bishop Kukah spoke words of encouragement “to the trio wherein he encouraged them to be strong and see this as a trying period for them.

He prayed for them before departing.”

But the former minster said it was very shocking “to us to read that the anti-graft commission released a press statement wherein he alluded a lot of things supposedly said by the Catholic cleric and wove disheartening lies around them.

“Even if we decide to agree that Kukah said the clinic and detention area of the commission was ‘clean and orderly’, we reject the notion that Kukah said the trio was ‘cheerful.’

“This was obviously added to make a caricature of the seriousness of the condition of the detainees. What is there in EFCC for anyone to be cheerful about especially when someone is being illegally detained?

“It is all part of EFCC’s deliberate and wicked manipulation of the media against the trio who were met at the EFCC clinic by the bishop while undergoing some medical attention to say that they were cheerful.

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NEWS

CJN Blames FG, Govs for Inaction on Indicted Judges Insists they are entitled to fair hearing

Tobi Soniyi in Abuja The Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, has attributed corruption in the judiciary to the failure of the executive arm of government to act on the recommendations by the National Judicial Council (NJC).

He said the council could not be blamed for not sanctioning judges because it promptly acts on any petition sent to the body.

Justice Mohammed made the statement in a letter dated October 26, 2016 and sent to Socio-Economic Rights and Accountability Project (SERAP).

The letter, which was signed by his Senior Special Assistant, H. S. Sa’eed, was in response to SERAP’s request to Justice Mohammed asking him as the chairman of the NJC to “take over from the Department of State Services’ (DSS) cases of all the seven judges released by the DSS and refer the cases of those judges to the anti-corruption agencies for conclusion of investigation and prompt prosecution”.

But the CJN, in his reaction, said where there are clear constitutional provisions relating to the power of any individual, institution or arm of government, then it cannot deviate nor exceed such powers as this will be unlawful.

The CJN while restating the willingness of the NJC to act upon any petition as well as the commitment of the Nigerian judiciary to the fight against

corruption, argued that any significant involvement in the fight against corruption would be upon a similar commitment of the prosecutorial agencies to actively prosecute their cases expeditiously when information about same is received.

“It is necessary to restate that the NJC is a creation of the 1999 Constitution of Nigeria (as amended) being established under Section 153 with its mandate clearly set out in Para 21, Part One of the Third Schedule to the Constitution.

“This provision clearly stipulates in Para 21(b) and (d) that the council may only ‘recommend’ to the president and the governors, the removal from office of judicial officers and to exercise disciplinary control over such judicial officers, which in effect is the extent of its power to discipline.

Hence, the council cannot, suo moto (on its own) dismiss any judicial officer.

“The NJC can also neither ‘hand over’ corrupt judges to law enforcement agencies for prosecution nor recover proceeds of corruption, as you have suggested. It can merely recommend to act upon its findings, as it has always done.

“However, in exercise of its constitutional mandate, the NJC has enacted the Judicial Discipline Regulations, 2014, in order to ensure that petitions are received, investigated and addressed as appropriate.

“As SERAP’s own report

EFCC Quizzes Oil Firm CEO Who Paid N18m into Justice Ajumogobia’s Account Iyobosa UwugiareninAbuja There was indication last night that the Economic and Financial Crimes Commission (EFCC) might have received a credible clue on how the embattled judge of the Federal High Court in Lagos, Justice Rita Ofili-Ajumogobia, got N18 million from the Chief Executive Officer (CEO) of a leading oil and gas company to acquire a house in UK. The judge is one of the judges being investigated by the anti-graft agency.

This came as EFCC source told THISDAY last night that the commission had started interrogating the CEO of the oil firm at the commission’s headquarters in Abuja, as part of its effort to unravel the alleged dirty deal.

THISDAY gathered that EFCC received the fresh clue while interrogating Justice OfiliAjumogobia, who turned in herself to the commission for questioning last week.

The judge was said to have admitted receiving a huge cash of N18 million as a soft loan from a ‘family friend’ who is a major player in the downstream sector of the Nigerian oil industry with a view to buying a house in the UK during the interrogation by

EFCC. The amount was said to have been transferred to a foreign account from the judge’s domiciliary account for the purchase of the property.

It was gathered the CEO transferred the money to Justice Ajumogobia’s account in 2012, and that there was no credible evidence that it was a loan, as stated by the judge.

Justice Ofili-Ajumogobia had initially failed to honour an invitation of the EFCC. But Musa Haruna Kurya, another judge of the court had reported at the commission’s Lagos office in order to react to some findings in an ongoing investigation.

Kurya,accompaniedbyhislawyer, was attended to by the operatives of the commission on arrival.

However, Ofilli-Ajumogobia, who was also supposed to be at the commission’s office on a similar invitation, had dishonoured the call and refused to honour the invitation.

The National Judicial Commission (NJC) had placed Ofili-Ajumogbobia on its “watchlist,” and had barred her from being elevated from her present position, owing to alleged gross misconduct.

attests, 64 judicial officers have been disciplined within five years even preceding the institution of the new guidelines.

“Any failure on the part of the executive arm of government to act upon such recommendations cannot therefore be blamed upon the NJC. “With due consideration to the content of your letter, I am directed to acknowledge and address the concerns which SERAP have raised, which may reflect the wider opinion held by some Nigerians.

“While his Lordship doubtless appreciate SERAP’s concern for

the incidence of corruption in the judiciary, it is indeed erroneous to conclude that the NJC has ‘felt satisfied with applying only civil sanctions and has not deemed it fit to hand over corrupt judges to law enforcement agencies for prosecution nor recover proceeds of corruption’, as insinuated in your letter under reference,” the CJN’s aide said.

He reminded SERAP that every citizen of Nigeria, inclusive of judicial officers, are entitled to the protection of the law, noting that a key provision of the constitution is the presumption of innocence, as

enshrined in Section 36(5) of the constitution.

“I must also remind us that the seven judges, like all other persons, are entitled to a fair hearing as stipulated in Section 36 of the constitution. As such, it would be presumptive and indeed preemptive to sanction the said judges without exhausting the proper procedure for their removal.

“As a valuable member of the society, the CJN is certainly delighted with SERAP’s dedication to justice, fairness and justness. His Lordship also wishes to emphasise

that it is indeed our collective responsibility to tackle any perceived challenges facing the Nigerian judiciary,” he said.

SERAP had in a recent letter expressed serious concern over the NJC’s inability over the years to deal with several cases of corrupt judges by failing to refer those cases to the EFCC and ICPC for prosecution.

It pointed out that any of these suspected corrupt judges were still alive and that their cases should be promptly referred to the anticorruption agencies.

THIS IS FOR YOU TO ACT ON SIR Senate President, Dr. Abubakar Bukola Saraki (left), receiving a policy document on refugees from the United Nations High Commissioner for Refugees (UNHCR) Representative in Nigeria and ECOWAS and leader of delegation, Angele Dikongue-Atangana, when the authorities of the UN refugee agency visited the Senate President in Abuja...yesterday

Finally, Senate Pledges to Reconsider Lagos Special Status Bill We’re only seeking 1% economic assistance, says Ambode

Gboyega Akinsanmi One month after it suspended deliberation on a bill seeking to adduce special status to Lagos State, the Senate yesterday promised to reconsider the proposal in the interest of Nigeria.

The Chairman of Senate Committee on Marine Transport, Senator Yerima Sani, made the pledge at a strategic session with Lagos State Governor, Mr. Akinwunmi Ambode, at the State House, Alausa.

Also at the session were other members of the committee comprising Senator Ahmed Ogembe, Senator Ben Uwajumogu, Senator Isiaka Adeleke, Senator Abdullahi Gumal, Senator Obinna Ogbu and Senator Sam Anyanwu.

The special status bill, which was turned down at the National Assembly three times on October 5, was sponsored by a lawmaker representing Lagos Central senatorial district,

Senator Oluremi Tinubu.

The bill, which seeks to eke provisions for federal grants to Lagos State in recognition of its socio-economic significance and other connected purposes, was presented at the 7th Senate, but the lawmakers rejected it at the committee stage.

Also, the Senate Ad-hoc Committee on Constitutional Review under the chairmanship of the Deputy Senate President, Ike Ekweremadu, turned down the state’s quest for special status on June 3, 2013.

At a meeting with the governor at the State House yesterday, however, Sani assured him that the people of Lagos “should count on the support of the Senate for anything,” which he said would be required “to further uplift its status as an economic capital of Nigeria.”

He acknowledged that the Senate “knows Lagos is a special state. Quite obviously, anything that affects Lagos will have its effect on the whole country. We

shall revisit the issue of special status for the state.

“Formerly, the state served as former seat of power to the federal government, hence the need to do the needful and avail it the special status it deserves.

But we are here now for our oversight function and to ensure that all government agencies do their job.”

In the same light, Ambode provided rare insight into the state’s quest for special status, noting that it was only meant to retain one percent special economic assistance from revenues the federal government “is generating in the state.

Precisely, on December 12, Ambode pointed out that it would be 25 years that the capital of Nigeria “was moved from Lagos to Abuja. 25 years after, this is where we are. I was glad when Senator Sani said that anything that Lagos needs, the Senate will support us.”

He said what the state was actually asking for “is one per

cent special economic assistance from the revenue accruable to the federal government. If we are able to get it, you can imagine what we will have done 25 years ago based on an understanding that Lagos will not be left behind or forgotten.

“Lagos is thoroughly cosmopolitan. It is a miniNigeria and then the wellbeing of Lagos is the total wellbeing of Nigeria. Everybody has a stake in Lagos. We have continually addressed the cosmopolitan nature of Lagos in a way that is suitable and comfortable for all Nigerians irrespective of tribe, creed or religion,” the governor explained.

Ambode, therefore, pleaded with the Senate leadership ”to have a re-look, a re-think and then think more of Nigeria in the bill rather than of Lagos and what one percent special economic assistance will address and create the image of the kind of economic capital we want Lagos to be.”

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COMMENT

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

CORRUPT JUDGES, BUHARI AND JUNGLE JUSTICE (3) The rule of law must be allowed to prevail, argues Sonnie Ekwowusi

B

y virtue of the combined effects of sections 153, 158(1), 160, 161 and 292(1) of the 1999 Constitution, the National Judicial Commission (NJC) is constitutionally empowered to discipline and to remove corrupt judges in Nigeria. Similar bodies in the United Kingdom, Canada and other countries do carry out similar functions. The Administration of Criminal Justice Act 2015 (ACJA) cited by some public commentators is a procedural law that guides the activities of Economic and Financial Crimes Commission, Department of State Services, etc., in the investigation and prosecution of crimes. While the EFCC and DSS may investigate and prosecute crimes, the NJC is constitutionally empowered to discipline judicial officers alleged to have received bribes or breached judicial ethics. It is only after the NJC had sanctioned the erring judicial officers for misconduct by way of suspension or dismissal that the state reserves the right to prosecute them.

For example, in 1985 Justice Donald Ikomi, Chairman of the then Bendel State Robbery and Firearms Tribunal was accused of murdering his police orderly. The Criminal Investigation Department (CID) Benin City did not storm his house at night; rather they invited him for interrogation. The then Chief Judge, Bendel State Judiciary, Justice J.A. P Oki later granted a consent order to prefer information against the acused judge. The judge was docked. He was tried for murder.

In May 2004, an allegation of bribery was levelled against Justice David Idiong of Akwa Ibom State. Before the NJC waded into the matter, the then ICPC did not visit Justice Idiong with a “sting operation”. It waited for the NJC to complete its preliminary assignment before it brought the criminal charges against the judge. Following the recommendation of the NJC in 2005, two Court of Appeal Justices O. Opene and Adeniji were dismissed on allegation of bribery. In 2013, the NJC removed Justice Charles E Archibong and Justice T.D Naron of the Federal High Court on ground of unethical misconduct and corruption. The NJC at the same time ordered that Justice Abubakar Talba be investigated for misconduct and corruption. In 2014, the NJC removed Justices Gladys Olotu of the Federal High Court, Abuja and Ufot Inyang of an Abuja High Court over acts bothering on gross professional misconduct. The NJC also issued respective letters of warning to the Presiding Justice of the Court of Appeal, Kaduna Division, Justice Dalhatu Adamu, Justice A. A Adeleye of High Court of Ekiti State and Justice D.O. Amaechina of High Court of Justice, Anambra State over various misconducts. Recently, pursuant to the petition written by an Enugu lawyer, Peter Eze, the NJC recommended former Enugu State Chief Justice I.A. Umezulike for retirement on ground of misconduct. The NJC is similarly wielding the sledgehammer against Hon. Justice A.F. A. Ademola, Federal High Court; Justice Kabiru Auta, Kano State; and Justice Muazu Pindiga of Gombe State on ground of corruption and professional misconduct. As high-handed and dictatorial as Sani Abacha was, he did not send any Mustapha or any SSS to ambush and arrest any corrupt judge. Instead when there was widespread corruption at the bench in 1993, Abacha set up the Eso Committee to probe the conduct of judges all over the country.

Having said this, there is no doubt that the NJC is inefficient. The NJC is slow. For example, Enugu lawyer Peter Eze almost sacrificed his entire

THE NJC MAY BE SLOW, LAWYERS MAY BE ABETING CORRUPTION, BUT NOTHING CAN BE AS LOATHSOME AS THE ENTHRONEMENT OF JUNGLE JUSTICE

professional career in order to prevail on the NJC to take disciplinary action against the said former Enugu State Chief Justice. The judiciary, from the gateman manning the court gate to the Court Registrar and to the judge, oozes suffocating odour. A lawyer friend and a member of our WhatsApp Group has just posted a WhatsApp message narrating how his client confessed to him that he had bribed the Court of Appeal judges with $100, 000 and N700,000 in order to secure a favourable court judgment. So, some judges are corrupt from head to toe. Other judges showcase their weaknesses in open court. They talk anyhow.

They can sit at any time without apology. They may sit at 12 pm or 1 pm or even decide not to sit at all without giving the lawyers and litigants waiting in court a prior notice. But unknown to many, judges alone do not constitute the judiciary. Judges alone are not the only ones oiling the wheel of administration of justice. There is a more powerful group called the judicial personnel- court registrars, court clerks, court bailiffs, court messengers, etc. The court personnel can ruin a litigant’s case before it even gets to the judge. These court personnel freely extort money from litigants and lawyers before offering them the services which they rightly deserve. There are various extortion fees.

For example, the minimum extortion fee payable to the court bailiff to get him to serve your court process is now N5, 000, failure which your process may not be served. If you file your case in court in Nigeria and naively go home without dropping some money for “opening of file” your case might remain in court unheard forever. To get a certified true copy of a court ruling, you have to pay a minimum extortion fee of N5, 000. The minimum extortion fee for getting an earlier date for your case at the Court of Appeal or at the Supreme Court is N20, 000 or N30, 000 otherwise you will be told that there is no earlier date. To get the court bailiffs to levy an execution on a court judgment you may now cough out as much as N1.5 million. Recently, a court clerk of a Lagos High Court unilaterally locked up the court room in the pretext that she was attending a personal job interview. Also recently, a staff of a Federal High Court was arrested by security operatives. Why? Because she was conspiring with the chief judge and sending court cases to certain judges to deliver judgments in favour of some lawyers and litigants. I can go on and on. It is an endless catalogue of corruption.

It is regretful that lawyers do little or nothing to combat the thriving corruption. I agree with Femi Falana,SAN, that lawyers are partly to blame for the present state of the judiciary. How can you be appearing before a judge whom you know is corrupt and decide to keep silent about it? How can you be practising law in an environment full of extortion of judicial officers and judicial personnel? How can you be subtly co-operating in corruption by acceding to the extortionist demands of judicial officers and judicial personnel?

But no matter the situation, the use of DSS or EFCC brute force in fighting corruption can never be justified. The NJC may be slow, lawyers may be abeting corruption, but nothing can be as loathsome as the enthronement of jungle justice. In our presidential democracy, the rule of law occupies a unique place to safeguard the rights of the citizenry. Such respect for the rule of law is the bedrock upon which our society lays its claim to civilisation.

BATTLE FOR ALAGBAKA GOVERNMENT HOUSE

F

Olamilekan Akindoju argues it is important the candidates in the election are treated fairly

or the past few months, my dear state, Ondo has been in the news. This is understandable given the fact that the governorship election is around the corner. Governor Olusegun Mimiko is rounding off his second term and it is time for another occupant at the Government House, Alagbaka.

The race for who takes over from Mimiko and personal grudge dressed as common interest have all combined to threaten the peace of our state known for its political combustible nature.

Events of the last weeks point in one direction: there is a grand conspiracy behind the Ondo palaver and the conspiracy is spearheaded by a South-west governor and two former South-west governors currently serving in the Presidency. They are working with another minister from the North.

Also, one thing is clear and that is the fact that their treacherous moves will not augur well for the state.

These former governors and ministers reportedly facing serious allegations are the arrowheads of this move. As ungrateful elements, their motive is to work against Yoruba interest in Ondo by making sure that the entire South-west is taken away from the real progressives led by Asiwaju Bola Tinubu and to deliver it to the Hausa/Fulani expansionist agenda being promoted in Abuja.

The two ex-governors and the serving governor of a state of a former president recruited the minister into giving the Presidency jaundiced legal opinion, which in their warped view will erroneously cut Asiwaju Tinubu to size. But, I believe it will soon be clear to them that they have got their calculations wrong.

The Presidency is also better advised to tread carefully and read between the lines in its handling of the Ondo debacle. Any shoddy handling of the matter will not augur well for the people and the

state.

The trouble all started with the All Progressives Congress (APC) primaries, which saw Mr Rotimi Akeredolu being declared winner to the consternation of some other aspirants who genuinely believed till that the delegates’ list was padded to achieve a pre-determined outcome. One of them, Mr Segun Abraham, who came second, is still in court trying to get justice. Abraham, through an ex-parte motion, is urging the court to declare the process that produced Akeredolu as governorship candidate of APC illegal. This, he said, was on the grounds that it did not conform to the constitution of the party and guidelines set by the party for the primaries.

Abraham’s lawyer, Dr. Yemi Akinseye-George, SAN, said the defence team is employing delay tactics in the matter because apparently its case has no substance. He urged the court to dispense with the matter before the election so that Abraham would not be permanently shut out of the race.

But the most disturbing development in the state centres on who should truly be the candidate of the Peoples Democratic Party (PDP). Two party primaries were held for this purpose. One in Ibadan, the Oyo State capital and the other in Akure, the Ondo State capital. The Ibadan primaries produced controversial businessman Mr Jimoh Ibrahim. This primary was not monitored by the Independent National Electoral Commission (INEC) as provided for by the law. Senator Ali Modu- Sheriff chairs the national leadership of the faction of the party which held the primaries in Ibadan. The primaries, as we found out, were not without rancour.

In Akure, the Ahmed Makarfi faction of the PDP, which Mimiko also belongs, held the primaries in which Mr Eyitayo Jegede, SAN, defeated Mr Saka Lawal, who was the running mate of the party in the previous governorship election. This election

was monitored by INEC as provided for by the law and till date, no delegate or aspirant has come out to complain about the process.

Ordinarily, it should be an easy matter. But for reasons INEC has not fully explained, it has turned the law on its head by replacing Jegede’s name with Ibrahim as the party’s candidate for the November 26 poll. This was a few days after Ibrahim accused the commission of demanding a $1million bribe. The commission defended itself against the allegation and no one saw it coming that it was going to dance to Ibrahaim’s tune.

I am baffled that the commission has gone this way and I am beginning to wonder if this is the hand of Jacob and the voice of Esau. Or how else does one explain this madness? What further shows to me that something is fishy is the fact that the Edo PDP had the same issue as Ondo PDP. But INEC never announced the other claimant to the ticket as the authentic candidate. It stuck by Mr. Ize-Iyamu whose name was submitted by the Makarfi faction.

So, why is Ondo’s case different? It could only be that we are not being told the whole truth. I have been told that this may not be unconnected with the erroneous belief that Tinubu has entered into an alliance with Mimiko for Jegede to be governor since his preferred candidate, Abraham could not make it. There have been allegations here and there that the governing APC at the centre is intent on winning the race. I have also heard that ministers in the current government are the foot soldiers of this scheme to destabilise the South-west and they are all out to see it through, not minding whose ox is gored. I believe there is a link between this quest to get the state in its kitty and the confusion being experienced in the PDP because of the erroneous belief that Tinubu is working underground for this party.

But those clipping the wings of democracy in

their blind fight against Tinubu need be reminded that Ondo is not like any other state in the country.

There is something different about it. If the election holds and it does not reflect the wish of the people, anything can happen.

The federal government, INEC and the judiciary should not allow the unrest experienced in the state, especially in Akure, the state capital, in 1983, to repeat itself. Democracy was raped at the time and the people reacted violently. The current President Mohammadu Buhari was the beneficiary of the political skirmishes. This is why one is calling that amendments must be done on time to avert a repeat of history. Many people are certainly not happy about the substitution of Jegede with Ibrahim as the PDP governorship candidate for the November 26, poll. It is a rape of democracy.

The government and the judiciary must not disrupt the peace in Ondo that we have been enjoying in the last seven and a half years. A society without justice can never have peace. Justice and peace go hand in hand. Once injustice is banished, there will be no crisis in the land. And peace will take its due position.

I am glad that the Court of Appeal is hearing the matter. Given the fact that many people have lost confidence in the judiciary, this is a time for the justices of this court to prove that the judiciary can still be seen as the last hope of the common man.

The matter is simple enough. This is no time to deploy archaic legal technicalities to make a simple matter confusing.

The APC promised us change; it promised us fairness; it promised us the rule of law; it promised us justice. This is the time to demonstrate that.

We have no problem with the party winning the election. What we abhor is winning through any form of underhand dealings.

Akindoju wrote from Akure

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T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

EDITORIAL NIGERIA AND CLIMATE CHANGE It is time to give the environment the needed attention

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gainst the background that climate change and environmental degradation are having a significant impact on food and human security in our country, the Shehu Musa Yar’Adua Foundation last week hosted a public policy forum on desertification and deforestation in Nigeria. Attended by the Environment Minister, Mrs Amina Mohammed, the Senate environment committee chairman, Senator Oluremi Tinubu and several other stakeholders, the aim of the session was to raise awareness about the impact of climate change on our country.

But it was clear from what transpired that many Nigerians still do not understand how such issues impact their lives.

A quick take-away from the engagement is that accelerated desertification is threatening food supply in the Northern part of the country while rapid deforestation is shrinking agricultural productivity in the South.

Unfortunately, many key stakeholders are either unaware of the scale of the problem or have failed to make the connections between the growing human and food security issues and the creeping DESERTIFICATION effects of climate IS THREATENING change. This lack of FOOD SUPPLY IN THE awareness is hamperNORTHERN PART OF ing effective policy and process response to the THE COUNTRY WHILE issues of environment RAPID DEFORESTATION on which the Yar’Adua IS SHRINKING Foundation has held AGRICULTURAL advocacy events in PRODUCTIVITY IN THE over 25 cities across SOUTH Nigeria, featuring film screenings and panel discussions involving stakeholders from government, civil society and local groups in their respective communities.

The EU Ambassador to Nigeria and ECOWAS described climate change as “uniquely global, uniquely long-term, uniquely irreversible and uniquely uncertain”.

While observing that there was tremendous room for improvement for Nigeria with respect to energy efficiency, he also challenged concerns that combating climate

Letters to the Editor

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change would hamper economic and infrastructure growth in developing countries like Nigeria. He said that combating climate change was actually compatible with economic growth. Mrs Mohammed argued that tackling desertification and deforestation required ownership and collaboration right from the grassroots communities even as she assured that the Great Green Wall project would create new economic corridors. Senator Tinubu said as at 2009, almost half of Yobe State had been overtaken by desert. “We must discourage tree logging, bush burning and monoculture farming (planting of only one type of crops on a piece of land and we must emphasise education and awareness”, she said.

S 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

aleh Momale said that resource use conflicts needed to be managed by key institutions and well-trained people while arguing that Increase in land conflict could be traced to the collapse of the traditional conflict resolution system in the North.

“The clearing of forest areas in the south encouraged the growth of grass which created attractive pasture land for livestock grazing. This has contributed to escalated farmer/herder clashes”, Momale said.

Henry Nwawuba, a member of the House Committee on Environment said Nigeria could not afford to continue with a “business as usual approach to deforestation”.

Most of the critical stakeholders at the session agreed with him on the need for the relevant authorities to be more proactive in tackling the problems associated with climate change in Nigeria.

While advocating that a national programme was needed to promote transition of rural and urban homes in Nigeria from dependence on fuel wood to use of LPG gas for cooking, participants argued that replacing forests with plantations is just as bad as deforestation. The general conclusion was that since plantations are not forests, they do not provide similar ecosystems and certainly will not provide the same level of biodiversity.

As we have repeatedly reiterated on this page, it is time Nigeria became part of the global trend of putting issues of the environment on the front burner. That is the only way we can secure not only today but also the coming generations.

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.

THE OTHER SIDE OF MILITANCY AND AMNESTY

he federal government amnesty programme initiated by the late Umaru Yar’Adua’s administration undeniably chronicled colossal feats and ultimately brought succour to the beneficiaries as projected. Admitted, the programme as a palliative mechanism demonstrated thoughtfulness to an extent in addressing the protracted imbalance in the polity which resulted to militancy in the Niger Delta environs especially kidnapping and indiscriminate destruction of oil pipelines, among other vices. The initiative was appropriate by prevaling circumstances then, but it subsequently necessitated paradigm shift. The successive administrations ought to substitute the amnesty programme with broader interventionist packages capable of providing hope to aggregate Niger Delta people, and at the same time promote societal norms. The reason is simple. The existing programme is indirectly a crime bolster since only identifiable criminal-minded persons benefit from the packages.

Hence, to be enlisted, proofs of criminalities are requisite. Eligibility in the scheme ought to not be perpetually anchored on idiosyncrasies but indigenity. At this point, disbursements should be on gyratory slots across the communities and clearly reflect all-inclusiveness.

Ggovernment is a continuum, thus, to retain such ingenious initiatives by successive administrations is a desideratum. Nonetheless, scheduling is pivotal to its effective sustainability. Goals are usually absolute but modes vastly flexible. The preliminary technique as strategically designed

towards arresting the ugly situation by providing amnesty packages; thereby impounding lethal weapons in their possessions and getting them engaged with vocational skills for livelihood is fantastic; however, to keep to the frequency would defeat the objectives and continuously do more harm to the society, particularly on the crumbling economy.

On account of that, in most cases, criminalities are usually deliberate and committed as prerequisites by aspiring beneficiaries to sign up with the scheme. In situations where crimes are committed without detection, the culprits persistently repeat actions to get noticed; to secure endorsements, disappointedly as felons, militants, kidnappers, name it.

Until such identification is actualised and they are convincingly certified, the society continues to face their wrath.

Thus, by its continuance, the government is unconsciously endorsing lawlessness in the society since identifying with a militant group opens doors for government’s recognition for stipends, scholarships and other incentives. Be that as it may, cessation or militarisation is completely out of it except balanced modifications. To use extreme military actions against a group that roars over prolonged injustice may take the crisis beyond imagination.

Niger Delta Development Commission (NDDC) should preemptively step-up with more attractive and resultoriented packages for all-inclusive people of the geopolitical zone instead of constricting it to militants. It’s irrational for cool-headed persons with standard societal norms to be isolated while the lawless-class is treated positively by the

government. Candidly, archetypal of enigma cum aberration!

The contemporary incentives should be aimed at impacting positively on the lives of the people without discrimination.

If not, more militants groups will show up in different identities and with intense havocs looming even if dialogues with the existing groups succeed. How could there be absolute ceasefire where gentlemen are mocked, abandoned and tagged sluggish for not carrying guns in the region wittingly for induction into the amnesty programme while those that abysmally dared are enlisted, empowered and celebrated; thus posting opportunities inside calamities at the detriment of the society. The excesses of the militants should be pigheadedly, but subtly confronted.

The Avengers and other groups that had threatened everything except to pull down the heaven; throwing bombs sporadically as Yuletide knock-outs, are merely targeting at one direction: enrolment into the federal government amnesty payroll like their allies, and more will continue to queue up. After all, what is good for the goose is equally good for the gander. Thus, the government needs to get back to the drawing table for a review towards restoring the polity to normalcy. Suffice to say, NDDC should expeditiously rebrand the packages after the Niger Deltans instead of militants, albeit, that’s if allotments will get to the average people and not hijacked by influential politicians who are insatiable with wealth, perhaps with ‘Buharism’ entrenched as a rheostat.

Carl Umegboro, www.pinnacleinfogallery.com

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WEDNESDAY NOVEMBER 2, 2016 T H I S D AY

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T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

MIDWEEKPOLITICS

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

THE NEWSMAKER

Walking a Tight Rope If no steps are urgently taken to address some of the factors responsible for the bickering and outbursts within its rank, the ruling All Progressives Congress may not survive the next election cycle, writes Shola Oyeyipo

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s each day passes, the politically savvy are already drawing their conclusions – the probability that the ruling All Progressives Congress (APC), could go to the 2019 general election as one united party is very unlikely. The predictions by some leaders of the opposition Peoples Democratic Party (PDP) that the APC, which was put together by the merger of four political parties, would not be around for a long time could materialise faster than expected.

Aside the recent position taken by the Deputy National Publicity Secretary of the APC, Mr. Timi Frank that the party might not survive beyond 2019 unless urgent steps are taken to rebuild public confidence, THISDAY can reliably confirm that the option of forming a new party is already one of the considerations of the aggrieved APC members.

Last Tuesday, when Frank spoke with journalists in Abuja, he specifically noted that the ”revolt” by state governors over recent ambassadorial appointments made by President Muhammadu Buhari, and the open protest by one of the party leaders, Bola Tinubu over happenings within the party are clear signs that all is not well with the APC. Like Tinubu, he also insisted that OdigieOyegun’s resignation and the overhauling of the party are the steps that could help save it at this point. This is similar to the agitation that eventually brought the Peoples Democratic Party to its knees when the party refused to heed calls for the removal of its former National Chairman, Alhaji Bamanga Tukur by party leaders. When Tukur was later removed, it was too late.

Frank said: “The truth is I’m speaking the position and minds of a majority of our party leaders, who believe that the national chairman has to resign and he must resign, whether he likes it or not. I’m not alone in this. At the appropriate time, more leaders will speak out.

We have between now and February, 2017. If we don’t harmonise our differences, some of us will have no choice but to take the next step to pursue our political future. If the crisis within the party is not resolved, there will be no APC in 2019.”

Though a section of Nigeria criticised the First Lady, Mrs. Aisha Buhari, when she weighed in on the ongoing crisis in the APC, berating President Buhari’s actions on the grounds that they are leading to disappointment and frustration among party members, her main concern was that some people in the party are aggrieved and genuinely so, because they prominently laboured for, and helped the APC to power in 2015 and they are now being relegated to obscurity.

Before the main rebellion that might involve millions of Nigerians, the APC government is already contending with gross animosity among some of its formidable members, who are feeling cheated by the flagrant neglect of party supremacy by the “cabal” believed to be manipulating the president.

While the misgivings that attended the recent Ondo State governorship primary of the APC, leading to open castigation of Oyegun by Tinubu was yet to abate, in addition to other underlying grievances which remain unresolved, President Buhari, as if committed to dismantling the fledging party, further incurred the wrath of leaders of the APC over the choice of nominees for non-career ambassadors.

In utter disregard for the place of the party

R-L National Chairman of APC, Chief John Odigie-Oyegun, President Muhammadu Buhari and a national leader of the APC, Bola Tinubu at a meeting...are they thinking the future

in the government, a larger number among the 23 APC governors are angry because their candidates for the ambassadorial posts were rejected by the presidency as governors, APC leaders and ministers, who are party leaders in many states, especially where the governing party is not in control, were sidelined in the appointments. The issue formed part of the reasons for the recent visit of the APC governors

Another non-career nominee, Usman Bugaje from the President’s home state of Kastina, also turned down his nomination. Though Bugaje was yet to release a statement on why acted so, the public is fast connecting his action to politics. Some have even reckoned he did because he is unable to defend some of Buhari’s actions, both locally and internationally.

And since the job of the ambassador is to clean up the mess of the country and by extension, its leader, he did not find himself doing such “filthy” job for Buhari

to President Buhari.

In what showed the lack of proper consultation in arriving at the nominees, Pauline Tallen, a former deputy governor from Plateau State, rejected her nomination as ambassador. Though she stated that she would not be able to pick up the appointment because she needed to take care of her ailing husband, truth also is that she rejected the nomination because her choice would disrupt the power sharing formula on the ground in the state. More importantly, she did because her governor was not consulted and pronto, the governor came out to hail her position.

Another non-career nominee, Usman Bugaje from the President’s home state of Kastina, also turned down his nomination. Though Bugaje was yet to release a statement on why acted so, the public is fast connecting his action to politics.

Some have even reckoned he did because he is unable to defend some of Buhari’s actions, both locally and internationally. And since the job of the ambassador is to clean up the mess of the country and by extension, its leader, he did not find himself doing such “filthy” job for Buhari.

Sadly, there is no indication that the animosity gradually brewing in the ruling party is about to go away. The president is not prepared to heed the calls of his party men and some of the affected persons. Already there are insinuations that the former vice president, Abubakar Atiku and Tinubu are considering quitting the APC and join forces ahead of 2019.

Tinubu and Atiku were displeased by the activities of some forces within the party, which led to the emergence of Yahaya Bello as governor of Kogi State as well as the recent Ondo governorship primary, where the delegate list was purportedly manipulated to ensure that Tinubu’s preferred aspirant lost out.

Even where an appeal committee nullified the primary result, Oyegun sent Rotimi Akeredolu’s name to the Independent National Electoral Commission (INEC) as the party’s candidate and this further widened the gulf between Oyegun and Tinubu, with Atiku supporting Tinubu.

Though it not clear whether or not President Buhari is backing the “cabal” allegedly manipulating things within the party and government, the main concern of the aggrieved party members is that he has continued to look the other way while the APC forces rely heavily on federal might to perpetrate their acts within the party.

It is no longer secret that a Plan B - an ongoing underground political re-alignment between some prominent figures across the six geopolitical regions, who are working to create a new political party to undo those manipulating the Buhari government, is already on. This plan will soon become public knowledge except steps are taken to stem the tide.

That a former governor of Ebonyi State, Senator Sam Ominyi Egwu, recently attested to it that some aggrieved APC leaders are closing ranks with some aggrieved key figures in the PDP to form another strong opposition party to contend with the ruling APC in the 2019 general election is a further confirmation that the plan might come to light soon.

“Let me tell you, this agitation for formation of new party is not only in the PDP, it is also in the APC where some leaders are not happy the way they are treated,” Egwu reportedly noted.

The tendency that the APC may not survive the impending implosion is heightened by the fact that those behind the disaffection in the APC are hell-bent on continuing with what caused Mrs. Buhari to openly express her reservation; trying to dominate the party machinery ahead of 2019 and working tirelessly to cut some persons to size too.

The danger for the APC is that as a collective, it is yet to stabilise and consolidate the interests of everyone, who participated in the emergence of President Buhari as Nigeria’s president.

Thus, where Atiku and Tinubu pull out of the arrangement, the handlers of the APC must be making contingency plans.

Such plans must also include spending a lot of money just like the previous administration of President Goodluck Jonathan did, because if the party would ever record victory in another general election without reversing the current trend, it would be in their dreams.

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T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

TRIBUTE

MIDWEEKPOLITICS

An Unforgettable Past A year after his passing, the life and times of the late Senator Gyang Nyam Shom Pwajok will not be forgotten so soon, writes Seriki Adinoyi

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t’s been some time now. Three hundred and sixty-five days have gone-by, but there’s something on the minds of good friends, which must just be ventilated. Life hasn’t been the same since that cold October 28, when a dearly beloved son of the Plateau and a friend of all, Mr. Gyang Nyam Shom Pwajok, fondly called GNS, left for the great beyond.

It is generally believed that time could heal the wounds and fill the space, but it appears time could not. The only thing found in the past one year is that time was a mere empty space. No matter how hard anyone tries, GNS was always reappearing on the minds of friends and family.

Where do broken hearts go? Can they find comfort anywhere? Our only comfort in this case is in the tangible legacy our friend and brother left behind as a memorial. When we are about to miss his smiles and his love, then we hear his tangible words of wisdom and see the works of his love that he left behind, and we are consoled.

Indeed, life is truly all about memories.

It is the only thing we are left with when flesh and spirit depart the earth, and we can do no more than remember the life of the departed, through memories of times and moments shared, and their deeds in their lifetime.

GNS, even in death, remains one of the most influential and re-occurring political

Pwajok

figures in Plateau – an amiable governor we never had. His ideals were exceptional.

Yet, what will be more deserving to a man like him at this moment will be not to play politics with this tribute; his life outside politics, and indeed his personal relationship with others are more rewarding than the tedious life in politics on which he died.

He will be embarrassed, even in death, to see us stand in clusters discussing rivalry and divisions among Plateau people in the

name of politics; he will be heartbroken to see that Plateau still struggles and fights over political space when the people should forge a common front against the challenges of underdevelopment that confront us as a people. Those were the wishes that prompted him to want to govern his people; his wishes were to unite them and give them a better living together.

Unfortunately, his travails with complications arising from liver disease that dominated his last days didn’t give him the fortitude to do what he really wished for Plateau.

Those at his bedside when he passed on said a wish for a united Plateau remained on his lips until he breathed his last. No wonder his campaign slogan was ‘Greater Together’. He lived above everything else except death; he shunned tribal sentiments and was intellectually gifted.

The records are there. As a Director of Research and Documentation and as Chief of Staff to former Governor Jonah Jang, and also his brief presence at the Senate as the Senator representing Plateau North were clear testimonies.

His fame was up in the air as an amiable young man that had touched lives and reformed the youths of the state. He was also known to have used his wealth of intelligence to contribute immensely to the success of the Jang administration, which is still adjudged the best in terms of performance

PERSPECTIVE

after the era of J D Gomwalk.

At the National Assembly, Pwajok demonstrated class in his representation of the people. Paying tribute to him at his burial at Church of Christ in Nations (COCIN), DuJos, the Senate President, Dr. Bukola Saraki described him as a great Nigerian youth of the Middle Belt extract, who demonstrated astute intelligence and committed to sacrifice.

Saraki, who was represented by deputy Minority Leader of the Senate, Senator Emmanuel Bwacha further described Pwajok as a forthright colleague with a great sense of patriotism.

As a former university lecturer, the senate floor was reminiscence of a lecture theatre; a large audience of people listening to a proponent. As such, he was not daunted engaging his colleagues.

In a very short time, Pwajok had achieved a lot of milestones for his constituency. In less than one year, he gave the people of Plateau North a good idea of what effective legislative representation meant, by maintaining regular contact with the constituents and taking into consideration, their views and opinions on key issues such as the constitutional review processes.

NOTE: Interested readers should continue in the online edition on www.thisday.com

MIDWEEKPOLITICS

In Ikpeazu’s Abia, It’s Business Unusual

Attempts to discredit the work of Governor Okezie Ikpeazu in Abia State is dead on arrival, writes Onyebuchi Ememanka

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he write up by Mr. Anayo Okolie with the above heading, which appeared on Page 73 of THISDAY on Sunday, October 30, 2016 is yet another in the series of half-hearted attempts to discredit the efforts of the government of Governor Okezie Ikpeazu to reposition the commercial town of Aba and indeed the entire State.

Without any shadow of doubt and fear of contradiction, the article is a compendium of hogwash. In its totality, it is an unfortunate tissue of lies and a deliberate distortion of hard facts that are verifiable even with a simple and cursory inquiry.

While the article is most undeserving of any response on account of its emptiness on specifics and a resort to ad hominem arguments, this response has become necessary in order not to allow people who do not know the truth to be deceived by a desperate and half-baked mercenary masquerading as a writer. Of a truth, the biting economic recession in the country is dealing heavy blows on lots of people, who have now turned into emergency writers – making themselves ready and available tools for use by frustrated politicians.

The ignorance of the writer becomes self-evident even from the start, where in the second paragraph he attempts what is clearly a confused and false definition of Aba and its constituting villages. He speaks of some merger of communities, which exist only in his imaginations. The writer is clearly unaware of the fact that what is referred to as Aba is an amalgam of towns and communities that cut across five local governments of Aba North, Aba South, Osisioma, Obingwa and Ugwunagbo.

Geographically, Aba refers to the areas covered from the Osisioma junction in Osisioma Ngwa Local Government Area all the way through the Central Business Areas within Aba North and South Local

Ikpeazu

Government Areas and stretches down to the Spare Parts Market at Alaoji in Ugwunagbo Local Government. It also covers the area all the way down to the Ogbor Hill areas in Obingwa Local Government. Funny enough, the writer does not even know the areas that make up Aba, in the first place.

The writer makes a very convoluted and baseless claim that “The city of Aba is also the artery that connects neighboring states like Rivers and Akwa Ibom states (sic).

But the deplorable state of this connecting road has brought reproach to the Abia State Government led by Okezie Ikpeazu”.

This statement is as false as it can get. First, there is no single connecting road that links Aba with Rivers and Akwa Ibom States simultaneously. Aba is linked to Rivers State through the Enugu Port Harcourt Highway while it is linked to Akwa Ibom via two roads – the Aba-Ikot Ekpene Highway and the Umuahia-Ikot Ekpene Highway.

All these are federal roads under the jurisdiction of the federal government, and

so while the governor is deeply concerned about the state of these roads and has been engaging the federal authorities on the way forward, the claim that the roads have brought reproach to the Abia State Government is nonsensical and portrays the writer as extremely ignorant.

Anayo Okolie’s distortion of facts becomes even clearer with his blindfolded analysis of developments in Aba ever since Governor Okezie Ikpeazu came into office.

For the avoidance of doubt, it is important to restate that Dr. Okezie Ikpeazu was inaugurated as Governor of Abia State on May 29, 2015. Therefore, any objective assessment of his government must start from that day.

The constant references in the article to some “nine years” are clearly a product of mischief designed to obfuscate issues.

For purposes of public record, let it be known that two days after his inauguration, Governor Ikpeazu was on the streets of Aba kicking off the construction of seven roads.

All of those roads had long been completed and commissioned. These roads are Oomne, Kamalu, Umule, Umuocham, ENUC, Umuola and Ukaegbu roads, all in Aba. Former President Olusegun Obasanjo was in Aba in December 2015 to commission Oomne, Kamalu and Umuola roads. This present writer witnessed the commissioning personally.

Earlier this year, Sokoto State Governor and former Speaker of the House of Representatives, Rt. Hon. Aminu Tambuwal was in Aba to commission Umule, MCC and Ehere roads. He also commissioned and inaugurated the new Chima Nwafor road, formerly known as Umuojima Road.

Any Aba resident will confirm that these roads were completely abandoned and in an unbelievable state of disrepair prior to the coming of Ikpeazu. The Presbyterian Church of Nigeria honored Governor Ikpeazu for turning around Ehere road, where one of their church headquarters is located. The

road had long been forgotten and their worshippers and indeed, residents of that area were cut off from the rest of the town.

Unlike the hogwash by Anayo Okolie, this response makes specific mention of roads reworked by the Ikpeazu administration. The only specific reference to any road by Okolie is a non-existent Aba road.

That is not all.

For the very first time in Abia State, Governor Okezie Ikpeazu introduced the Rigid Cement Pavement Technology in road construction. This technology involves the use of an underlay of corrugated steel fortified with concrete mixture with an overlay of ashphalt.

It is naturally a very expensive method of road construction but Governor Ikpeazu will spare no costs in giving Aba roads that touch of longevity that it requires. This technology was used in the construction of Owerri road, Ochefu road and Weeks Road which had long been commissioned by the governor personally.

Roads in the main Central Business Districts of Aba have not been left out in the Ikpeazu “Caterpillar Revolution”. Roads like St. Micheal’s, Hospital, Park, George’s, Pound, etc have all been re-ashphalted to provide road users a smooth experience on the roads. Apart from all these completed and commissioned roads, work has been commenced on several other roads in the Aba metropolis.

It is therefore mischievous outright that with all of these road projects completed within the first 18 months of a government and many more still on going, Anayo Okolie still has the effrontery to insinuate that nothing is happening in Aba in terms of road construction.

NOTE: Interested readers should continue in the online edition on www.thisday.com

20

WEDNESDAY, NOVEMBER 2, 2016, • T H I S D AY

FEATURES

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

A Future Unassured

For years, the despoliation of the Niger Delta region, has remained one of the most topical issues, not just in the circles of environmentalists, it also remains a major unresolved issue for the international community and most importantly, residents of the affected areas. Emmanuel Addeh writes

T

he Delta, reputed to be the largest wetland in Africa, for decades has witnessed some of the most massive oil spills engendered mostly by oil companies operating in the area.

Spurred on by Nigeria's weak regulatory institutions, many of the multinationals have ridden roughshod on the communities they operate, sometimes, it is believed, even with the connivance of local elites, who get tipped for their active silence.

Aside the activities of the oil giants, the monumental damage done to nature's priceless gift to the region by illegal oil bunkering syndicates mainly induced, to a large extent, by poverty, unemployment, dwindling opportunities, greed and ignorance have continued to unsettle mother earth's delicate balance in the region.

The effects of the activities of these spills on the environment which have been the subject of various researches by academics are common knowledge.

From health issues ranging from cancer, breathing problems, including asthma and bronchitis, skin lesions and diarrhoea, to even more existential challenges like the loss of sources of livelihood like fishing and farming, the effects have been devastating.

Reports by the Department of Petroleum Resources (DPR), estimated that 1.89 million barrels of petroleum were spilled into the Niger Delta between 1976 and 1996 out of a total of 2.4 million barrels spilled in 4,835 incidents.

In the same vein, a United Nations Development Programme (UNDP) report states that there were a total of 6,817 oil spills between 1976 and 2001, which accounted for a loss of three million barrels of oil.

The report held that more than 70 per cent of the spills were not recovered, adding that 69 per cent of them occurred offshore, a quarter in swamps and six per cent spilt on land.

Put side by side with what currently obtains, the figures would show that what is obtainable now is mere child’s play compared to the damage done by the combined activities of oil companies and oil thieves in the past.

Indeed the figure of 4,835 incidents of oil leakages in 20 years and 6,817 in another 25 years, according to the DPR and the UNDP above, would shockingly dwarf the ones released by the National Oil Spill Detection and Response Agency (NOSDRA) recently.

A report published by the agency in 2015, noted that over 9, 343 spills were recorded in just less than 10 years, covering 2006 to 2015, a huge increase which NOSDRA said was the worst in the world.

But the destruction of the Niger Delta environment and its flora and fauna by oil companies

JTF destroys illegal crude oil refineries in the Niger Delta

We believe that things should be done in a more organised way. On a field trip recently we saw a thick smoke in our front from a distance.

When we got close, we saw that it was fire burning across the river.

They said the military set the river on fire and some soldiers we met there said that was the last order

and crude oil thieves apart, a new phenomenal danger has crawled in in the last couple of years.

It is the open destruction and burning of illegal refineries, crude oil vessels and containers used by suspected criminals by security forces fighting vandalism and militancy in the Niger Delta.

This exercise has become standard practice in all operations carried out by the military-led Joint Task Force in the Niger Delta, and it is further adding to the pollution of the already despoiled environment, respondents say.

The routine is simple. It is usually observed during tens of operations in the Niger Delta witnessed by THISDAY that either fire is set directly to the illegal refineries, drums and cans, a bullet is shot into the combustible substances, they are simply bombed aerially by military warplanes or holes are dug on the vessels, allowing the oil to distill to the earth.

This practice has resulted in the spill of hundreds of thousands, if not millions of barrels of crude oil into the earth and the rivers which millions of children, generations unborn, would depend on for survival.

If “continuous improvement “ remains the

JTF destroys illegal crude oil refineries in the Niger Delta

bedrock of all military organisations, close observers of the goings-on in the region believe that there should be a new way of doing things, rather than the crude way crude oil is emptied into the Niger Delta environment by the security forces.

It might be ‘understandable’ when oil companies advertently or inadvertently degrade the environment for the profit motive or when youths vandalise pipelines because they want to make a living or when militants burst a pipeline to drive home a point.

But what many reason as incomprehensible is why security operatives in what appears to be a case of cutting the nose to spite the face, would continuously degrade the area in the exercise of their legitimate duty of stopping economic sabotage in the Niger Delta region.

The federal government-sanctioned destruction of the Niger Delta environment has far-reaching implications, both immediate and remote for the present and future generations.

For one, petroleum hydrocarbons, reputed to be one of the world’s worst contaminants, when allowed to spill into the earth's surface

could be very ‘stubborn’ and would usually take multiple decades to remedy, especially if done in large quantities.

The effects of the damage done to the environment in the Niger Delta have been the subject of hundreds of researches.

Indeed, Kadafa Ayuba, a researcher at the University of Malaysia, in a research work published in the journal of global frontier research, environment and earth sciences describes the Delta region as an ‘ecological wasteland'.

Quoting Ukoli M.K and Briggs K.T, Ayuba says “Birds and mammals are especially vulnerable to oil spills when their habitats are contaminated.

And this may reduce reproductive rates, survival and (increase in) physiological impairments.”

The report adds that “In water, oil film floating on the water surface prevents natural aeration and leads to death of fresh water or marine life and on land, leads to the retardation of vegetation growth and cause soil infertility for a very long time.”

So what is the way forward? Can the Nigerian military devise new methods of getting rid of illegally refined oil in the Niger Delta without necessarily causing an even more long-lasting

21

WEDNESDAY, NOVEMBER 2, 2016, • T H I S D AY

FEATURES

Destruction of illegal bunkering sites by the JTF

JTF, OPDS and unit commanders in the Niger Delta

effect of damaging the environment in the region?

Mr. Morrison Alagoa is of the Environmental Rights Action/Friends of the Earth International, ERA/FoeN, dedicated to the defence of ecosystems, and promotion of environmentally responsible governments, businesses and individuals.

The environmentalist tells THISDAY that despite several public presentations, pleas and pressure mounted by the organisation on the Nigerian authorities, nothing seems to have changed.

“About three years ago, we did a report on this issue. What we recommended was that instead of setting the bush refineries on fire and polluting the environment, the vessels can be guarded to a special location where the oil can be recovered and the materials used in preparing them can be destroyed.

“We believe that things should be done in a more organised way. On a field trip recently we saw a thick smoke in our front from a distance.

“When we got close, we saw that it was fire burning across the river. They said the military set the river on fire and some soldiers we met there said that was the last order,” Alagoa said.

He added that the soldiers told him that if the oil and facilities were not immediately destroyed and spilt immediately, they (officers) would be seen as complicit in the oil bunkering business by their superiors.

Alagoa further argued, “Why not take them to a special depot, offload them in an official site where the oil can be taken by the government.”

Part of the damage done by the open destruction, Alagoa, himself from the riverine area, maintained, has been the complete extinction of a staple in the coastal areas of Bayelsa, called ‘Cocoa Massi'.

“It is one of our special foods called Cocoa Massi. It has disappeared completely because

They are destroying the environment and people are losing their sources of livelihood.

The military is causing more havoc instead of protecting the environment

Minister of Environment, Amina Mohammed...should move very fast to clean up oil spills in the Niger Delta

of the massive carbon coming down as acid rain. Today, we hardly see this plant.“ According to him, the spill caused by the military has the same effect as the one done by militants who sabotage oil facilities and vandals who burst oil pipelines.

Another top environmental activist in the Niger Delta and National Coordinator, Centre for Peace and Environmental Justice (CEPEJ), Mr. Sheriff Mulade, spoke in the same vein, expressing frustration that all the efforts of his

organisation have been fruitless.

“That is an issue we have raised several times.

I am from those communities, so I talk about it with a lot of pains. We have told them several times that they are destroying the ecosystem.

“We know that these products (crude oil) are already government products. All they need to do is to take the products to the refinery and make sure they destroy the facilities, including Cotonou boats.

“They are destroying the environment and

people are losing their sources of livelihood.

The military is causing more havoc instead of protecting the environment,” he opined.

THISDAY made several efforts to reach the Joint Task Force (JTF), Operation Delta Safe (OPDS), waiting many days for their response.

The Acting Spokesman, Joint Media Campaign Centre, in the Niger Delta, Lt. Commodore, Thomas Otuji, said since the substantive Director of Information, JMCC had just arrived from a course, he (Otuji) was no longer qualified to speak on the matter.

When contacted, Lt. Col, Olaolu Daudu, the substantive coordinator of the centre was not forthcoming.

Also, calls and a text message put through to the Director, Defence Information, Abuja, Gen. Abubakar Rabe, were not replied.

But as what appears to be an official policy of government continues to endanger the lives of millions of residents of coastline communities in the Niger Delta, not a few believe that the future of locals in those areas remains uncertain and largely unassured.

22

IMAGES

THISDAY • WEDNESDAY NovEmbEr 2, 2016

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

L-R: Permanent Secretary, Lagos State Ministry of Tourism, Art and Culture, Mr. Jamiu Adewale Ashimi; acting Commissioner for Tourism Art and Culture, Mrs. Adebimpe Akinsola; and the representative of the Ayangburen of Ikorodu, Chief Niyi Banjoko, during a community sensitisation with managers of historical and cultural heritage sites and monuments, in Lagos State…recently kola olasupo

L-R: Managing Director/CEO, Pizano Engineering and Construction Ltd., Mr. Patrick Agbaza; Director of Operations, Mr. Soji Ogunbanwo; winner of landed property, Mr. David Momodu; and Director, Business Development and Marketing, Pizano Engineering, Mr. Elvis Ileogu, at the company’s BBN first year anniversary and award for consultants in Lagos...recently sunday adigun

R-L; Leader of the House of Representatives, Hon Femi Gbajabiamila presenting key of tricycle to Mrs Tawakalitu Gbadegesin of Ward F2, Surulere Local government during the 2016 Grassroot Empowerment ceremony by Hon Gbajabiamila in lagos...recently Abiodun Ajala

L-R: Chief Legal Officer, Lekki Gardens Estate Limited, Steve Agbiboa; Managing Director/CEO, Lekki Gardens Estate Limited, Mr. Richard Nyong; the Olumegbon of Lagos, Chief Fatai Lawal Olumegbon; and Sales Director, Lekki Gardens Estate Limited, Mrs. Chinonso Nwabueze, during a courtesy visit by the company to the Olumegbon’s palace in Ajah, Lagos...recently sunday adigun

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

L-R: Permanent Secretary, Lagos State Ministry of Home Affairs, Mr. Adeola Senayon Hundeyi; South-west Commissioner, Nigeria Christian Pilgrims Commission (NCPC), Mrs. Adefemi Taire; and Board Secretary, Lagos State Christian Pilgrims Welfare Board, Mrs. Olayinka Oye-Bamgbose, during a seminar for intending 2016 pilgrims to Jerusalem and Rome, at Alausa, Ikeja Lagos...recently

L R: Aviagen Head of Veterinary Services, Dr. Pavel Shkarlat; Marking Sales Manager, Agrited Ltd, Sean Movsowivz; Technical Manager Ariagen [MED], Ibrahim Ibrahim; and General Manager, Agrited Ltd, Alon Blum, at a seminar on ‘How to Efficiently Grow Ross 308 Broilers in Open Sided Houses and Maximise Profit’ organised by Agrited Nig Ltd in conjunction with Aveagen, Scotland, owners of Ross Broiler Breed in Ibadan...recently felix ademola

L - R; Joe Mbulu, Transformation Director; Carlos Wanderley, Head, Retail Banking; Dayo Odulate, Head, Elite & Royalty Banking; Paul Aseme, Head, Segment, Retail Banking, all of Union Bank at the bank’s official launch of the Elite Banking Segment in Lagos...recently

23

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

A S

NIBOR

9.6667% 17.874%

A T

3-MONTH 6-MONTH

O C T O B E R

19.539% 20.8243%

NITTY 1-MONTH 2-MONTH

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

2 7 ,

18.0333% 18.6745%

3-MONTH 6-MONTH

2 0 1 6 18.7836% 119.3948%

EXCHANGE RATE N304.50//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Standard Chartered Bank Wins Award

Standard Chartered Bank said it recently won the “Best Global Consumer Digital Bank” award from Global Finance for the sixth year in a row, by edging out 261 other banks. At Global Finance’s annual World’s Best Digital Bank Awards held in London, the bank said it also picked up other awards which included - Best Global Consumer Mobile Banking, Best Global Consumer Mobile Banking App, Best Global Information Security Initiatives, Best Consumer Digital Bank Middle East & Africa The Group CEO, Retail Banking, Standard Chartered Bank, Karen Fawcett, said in a statement that the awards was in recognition of the bank’s position in the industry and the progress it had made with its digital agenda. Earlier this year, Global Finance recognised Standard Chartered Bank as “Best Consumer Digital Bank” in 15 countries across our footprint.

Ecobank Organises Staff Walk

REBRANDING

L-R, Chairman/Chief Executive Officer, Boff & Company Insurance Brokers Limited, Babajide Olatunde-Agbeja; his wife, Mrs. Fehintola Olatunde-Agbeja; Special Guest, Oba Otudeko, CFR; and the Deputy Commissioner (Finance & Administration), National Insurance Commission (NAICOM), George Onekhena,during the 25th Anniversary celebration and unveiling of the new company identity held in Lagos ... recently

Report: Cost of Fuelling Generators Estimated to Hit N5tn by 2017 Obinna Chima Given the increase in the pump price of petrol and diesel this year, the total amount spent by households and businesses to power their generators may rise to N5trillion by 2017, higher than the N3.5 trillion it was before the price hike, a report has projected.

The Financial Derivatives Company Limited stated this in its latest Business and Economic Bulletin for October obtained recently. The report pointed out that the shortage and unreliability of power and the need for Nigerians to generate their own electricity adds unnecessary cost inefficiencies to households and businesses.

ECONOMY It noted that with companies such as MTN reportedly spending about N8 billion on power generation annually, that shows that the present power situation has negative connotations for business operations and profitability.

In its Ease of Doing Business Report, the World Bank drew a parallel between Nigeria’s frail power sector and its business environment. Accordingly, the procedures, time and costs involved in getting connected electricity, combined with the unreliability of the power supply and the per unit electricity bills are factors that contribute to

making Nigeria a tough place to do business.

Using Lagos State as a proxy, the FDC report revealed that it takes 184 days (6 months) on average from the moment you submit an application for electricity connection to initial electricity flow.

In the 2016 World Bank rankings, Nigeria came 182 out of 189 countries in the ‘Ease of getting electricity’ sub- index.

Furthermore, Nigeria scores zero out of eight on the reliability of supply and transparency of tariff index.

“The importance of electricity lies in its status as a necessary intermediary in the economy.

It does not represent an end in itself but it is required for the

success of other initiatives or activities. These activities can generate welfare or leisure, increase efficiency or productivity, and generate income.

“It means that if Nigeria is to realise the dream of becoming the number one Foreign Direct Investment (FDI) destination in the world, with a booming economy and tourism, then something needs to be done about power- and fast! Constant and reliable electricity will cut business costs; this will translate into increased efficiency, productivity, output, job creation and economic activity,” it stressed.

Furthermore, the report stated Continued on page24

Enelamah Identifies Strategies to Revive the Economy Goddy Egene The Minister of Industry, Trade and Investment (MITI), Mr. Okechukwu Enelamah, has reiterated government’s commitment to ending the current economic recession through strategic policies such as robust partnership between government and the private sector, support to Micro, Small and Medium Enterprises (MSMEs), as well as intervening in high potential sectors including manufacturing and agriculture.

Enelamah stated this at the 2016 Annual Investor Conference organised by FBN Capital Limited, the Investment

ECONOMY Banking and Asset Management subsidiary of FBN Holdings Plc in Lagos.

In his presentation titled: “Matching Opportunities with Patient Capital,” the minister, emphasised the importance of government partnership with the private sector in order to move the nation’s economy forward.

He said despite the recession, Nigerians should see the economy from a positive perspective instead of being pessimistic. He noted that the oil price crash exposed the

structural deficiency in Nigeria’s large and thriving economy.

“Countries in difficulty have used different strategies to strengthen and diversify their economies. That is why Nigeria needs to move away from over dependence on oil.

Diversification and growth is the key to economic recovery and ensuring a more stable future.

Nigeria should have a strong local base of investors because foreigners will always leave leading to dry up of capital,” he said.

Enelamah recommended applying practical solutions such as creating the right environment and polices to harness

the productivity of Nigerians in order to overcome the current inflation in Nigeria, as the economy remains large and full of potentials. He added that it is very easy to have a disconnect between the government and the people when there is no trust in government policies.

The minister identified the five execution principles of the MITI which include creating a favourable economic framework, support to Micro, Small Scale and Medium Enterprise (MSME), sector prioritisation, partnership and joint ventures and immediate implementation Continued on page 24

Ecobank said its management and staffs recently engaged in a walk and work for sustainable environment in Nigeria. The sustainable environment campaign of the bank operates as an employee volunteer initiative during which staffs carry out environmental sanitation in the key communities where the nank operates.

A statement from the bank explained that the event ran simultaneously in nine locations including Lagos (Victoria Island and Ikeja), Ibadan, Abuja, Kano, Sokoto, Port Harcourt, Onitsha and Calabar.Addressing the staffs, Managing Director, Ecobank Nigeria,Charles Kie said the financial institution’s commitment to the protection of the environment was non-negotiable.

According toKie, the Corporate Social Responsibility (CSR) initiative was an integral part of the bank’s business. He added that, this year’s focus is on removing non bio-degradable elements from the environment, which includes plastics, polythene and others.

“Sustainability in banking has never been more important than it is today.

Firm Moves against Fake Products

A-Z Petroleum, a key player in the downstream oil and gas industry and one of the 13 subsidiaries of Chicason Group has reiterated its commitment to the Nigerian downstream oil industry.The company which made its presence known at the just concluded Oil Trading and Logistics Expo where a wide range of their products were showcased promised its support for the sector to grow awareness and project the image of the industry.According to a statement, the company also shared some of its experiences in the downstream sector, such as counterfeiting of petroleum products and fake lubricants being brought into the market.They however assured Nigerians that the view for the Nigerian downstream sector is looking very positive and hope that these issues will be addressed to create room for more manufacturing in the country.

Executive Director, Corporate Services, Chicason Group, Dikanna Okafor said: “We constantly seek opportunities to reiterate our commitment in the industry and this is one event we are excited to have being part of. Every developed country is driven by industrialisation and one thing common in industrialisation is machineries that need lubricants to function effectively.”

Kari, Osagie Others for Business Summit

The Commissioner for insurance, Alhaji Mohammed Kari, will be the Special Guest of Honour at the 2nd Business Journal Insurance Summit 2016 scheduled for Thursday, November 17, 2016 at Protea Hotel, GRA Ikeja.The Director General, Nigeria Insurers Association,( NIS) Mr. Sunday Thomas, has been selected to be the chairman.

Guest Speaker at the summit is Dr. Phil Osagie, of Global Lead Strategist, JSP Communications Limited. A statement by Prince Cookey, Publisher/Editor-in-Chief of Business Journal, said the theme of this year’s edition of the summit is ‘Managing Risks in a Depressed Economy: The Case of Nigeria.

He said the summit would be a gathering of insurance regulators, operators, professionals, media and allied professions to examine critical issues affecting sustainable growth of the insurance sector in Nigeria.

“ I always say it proudly that my aim when I was in government was to create 50 billionaires from Nigeria.

Unfortunately I failed, because I created only 25 billionaires”

Former President

Olusegun Obasanjo

24

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

BUSINESSWORLD REPORT: COST OF FUELLING GENERATORS ESTIMATED TO HIT N5TN BY 2017 that the challenges the power sector faces are deep-rooted and multi-faceted.

It explained that at the generation level, the GENCOs continue to produce at suboptimal levels; saying even if they did not, their total installed capacity would still be unable to meet electricity demands. Outdated technology, poor maintenance, low investments etc. are some reasons for this.

Also, the GENCOs that use natural gas are affected by pipeline vandalism and exchange rate illiquidity, both of which lead to gas shortages and shortfall in generation.

At the transmission level, the national grid’s carrying power is too modest, such that even if GENCOS were to generate more, the grid would not be able to handle it, it further explained. In addition to this, great amounts of electricity are lost in transmission.

ENELAMAH IDENTIFIES STRATEGIES TO REVIVE THE ECONOMY of policies.

“In order to realise Nigeria’s diversification and growth plan, it is essential to concentrate on an area where Nigerians are advantaged and give them necessary support,” he said.

Meanwhile, Head, Equity Research, FBN Capital, Mr. Bunmi Asaolu, gave a joint presentation with Head of Macro-Economic Research FBN Capital, Gregory Kronsten titled: “The Economy and Markets.”

Mr. Kronsten opened the presentation by linking the recession to the fall in supply of foreign exchange and the lack of a buffer of reserves. He noted that non-oil inflows are now higher than oil inflows and that they could and should grow substantially.

On his part, Asaolu said there was a strong double digit growth in revenue and Profit Before Tax (PBT), and triple digit growth for Profit After Tax (PAT), saying that close to half of the PBT derived were from foreign exchange related gains.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Dangote Cement Posts N442bn Revenue, N133bn Profit Goddy Egene

Dangote Cement Plc last week recorded a revenue of N442 billion for the nine months ended September 30, 2016, showing an increase of 21 per cent above the N365 billion in the corresponding period of 2015. However, Profit after tax fell to N133 billion, from N157.9 billion in 2015.

According to the company, the crises of foreign exchange gulped a huge amount of its revenue, as it spent N231.684 billion on cost of sales during the review period as against N138.694 billion spent on the same purpose in nine months 2015.

The enormous money spent on cost of sales affected the profit after tax of Dangote Cement from N157.993 billion it made in nine months 2015 to end the current period with N133.521 billion.

Commenting on the results, the Managing Director of Dangote Cement, Mr. Onne Van der Weijde said the management is confident of delivering strong growth this year despite the challenging economic conditions facing Nigeria and the rest of Africa.

He said the company achieved particularly strong sales growth in Nigeria but expect the final quarter to be

Emma Okonji The National Judicial Institute (NJI) has restated its resolve to speedy adjudication of legal issues relating to telecoms disputes in order to boost growth and sustainability in the telecoms sector.

The institute however said the judges need better understanding of the technicalities associated with telecommunications to be able to handle such telecoms disputes efficiently.

It commended the Nigerian Communications Commission (NCC) for collaborating with the institute in organising a national workshop for Judges on legal issues in telecommunications.

Speaking at the workshop, which held in Lagos on Monday, the Chief Justice of Nigeria and Chairman, Board of Governors

Senior Correspondent

The federal government seems to have backtracked from sanctioning erring superstores in the country for selling genetically modified foods without authorisation following public outcry, and the subsequent threat by the government to shut down any superstore that contravenes such directive.

However, speaking with THISDAY in Abuja, the Director

Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

higher gas levels return. We do not expect to use LPFO again this year. From January 2017, our use of own-mined coal, sourced in Nigeria and paid for in Naira, will further improve margins and significantly reduce our need for foreign currency.

“As we have previously

made clear, our focus will be to improve margins through cost controls and the adjustment of prices. We have new capacity coming on stream in Congo and Sierra Leone and expect Tanzania to increase its market share in the coming months.”

Weijde disclosed that foreign exchange constraints

in Nigeria have made them to reconsider the pace of our expansion and they now believe that a longer-term building programme will enable a more measured approach that balances their ambition for growth with the realities of obtaining foreign currency in this difficult environment.

WE ARE ALL EARS

L-R Head, office of the creativity and innovation, Lagos State Government (LASG), Kunmi Adio-Moses; Interim Consulting Leader, Deloitte West Africa, Andrew Lane; and Deloitte associate , Manie Roodt, during the performance management breakfast forum with the theme: Rethinking and Optimising Organisational Performance in Lagos ... recently

of NJI, Mahmud Mohammed, who was represented by the Chairman, Education Committee at NJI, Justice Walter Onoughen, said the Judiciary remained steadfast as a great partner in the development of the telecommunications sector and the Nigerian economy through accurate interpretation and enforcement of the laws.

According to Mohammed, the workshop became important to address the challenges faced by the judiciary with new technologies and services, including traditional business models and concept of regulation.

He said the workshop would reposition the judiciary for better justice delivery.In her welcome address, the Administrator, National Judicial Institute, Justice Roseline Bozimo, commended the judges for attending the

workshop, while highlighting the importance of the workshop to the judiciary. According to her “The fundamentals of effective regulation in every sector is not only limited to enactment of legislations alone, but also depends on the enforcement of the laws and regulations as well as a timely adjudication of disputes brought before the courts. The telecommunications industry, being a technical and complex sector, requires judges who have special skills and knowledge to handle the industry related disputes for effective adjudication. This will go a long way in strengthening the telecoms regulation in Nigeria and sustain public confidence in the industry.”

The Executive Vice Chairman of NCC, Prof. Umar Danbatta, who commended the judiciary

for its roles in nation building, called on the judges to ensure implementation of the nation’s Cybercrime Act 2015.

Danbatta said the implementation of the Act would ensure the reduction, if not eradication of cybercrime in the country.

According to him, implementation of the Cybercrime Act entails that the judiciary understands the law, so as to keep abreast of developments in the cyberspace, hence the annual workshop, which is in its 12 series, was organised.

“The knowledge of the law will ensure that grey areas in the Cybercrime Act are adequately addressed.

The implementation of the Cybercrime law is domiciled in the Office of the National Security Adviser (ONSA), but the NCC played an important

role in the articulation of the law. We have an important department of the commission: the New Media Information Security department, that played an active role by engaging the judicial arm of government to ensure implementation of the act,” Danbatta said.

The EVC said that the proliferation of e-payment systems following the federal government’s adoption of the cashless policy had led to a massive increase in mobile and online transactions in the last few years, which he said needed the attention of the judiciary.

He also said that the proliferation of e-payment systems also came with a resultant increase in financially related cybercrime, which he said, would be addressed at the workshop.

FG Confirms Sale of GM Foods, Backtracks from Sanctioning Erring Superstores Adedayo Akinwale in Abuja

Raheem Akingbolu (Advertising)

lower because of the high Q4 base in 2015 and also because of the price increase that became effective on 1st September 2016.

He said: “This price increase will have an immediate and positive impact on margins in Q4, as will the elimination of LPFO from our fuel mix, as we increase our use of coal and as

Judiciary Restates Commitment to Speedy Adjudication of Telecoms Disputes

Capital Market Editor

Goddy Egene

NEWS

General, National Biosafety Management Agency (NBMA), Dr. Rufus Ebegba confirmed that some superstores were actually selling GM foods without authorisation, but stated that the country would not be used as dumping ground.

According to him, “so far the stores are complying to the directive, they are trying to formalise their products, they have obtain forms, we are still working closely with them, in

fact they are complying.”

Ebegba explained: “We actually did see some that are even labelled GMOs , so what we are doing is to restore confident in the Nigerian people, it does not mean those GMOs are poisonous or they are bad. We want to ascertain their status in the country so that Nigeria will not serve as a dumping ground, the public need not to panic.”

The DG stated categorically that, “we don’t need to reel

out sanction that would affect the operations of the companies because they are co-operating, they are employing people and their products are not only GMOs, we only told them to remove the GMOs because we don’t want to disturb their business, we will continue to ensure that everybody complied to ensure that the process goes on smoothly.”

He said that with the survey carried out so far by the agency

and the superstores visited, affirmed that GM products have been withdrawn, stressing that the companies even made more specimen available to the agency for analysis.

The DG promised that the agency would continue to monitor the superstores for compliance, while urging journalists not to make publications that would make “Nigerians feel as if they are eating poison, or they are in danger.”

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

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BUSINESSWORLD

NEWS

Guinness Bullish on Future Performance Despite N2.2bn Loss Goddy Egene Guinness Nigeria Plc has announced a revenue increase of six per cent for the first quarter of its financial year ended 30 September 2016. The brewing firm posted a revue of N23.018 billion in 2016, up from N21.742 billion in the corresponding period of 2015, gross profit stood at N6.572 billion, compared with N9.305 billion in 2015. However, net finance cost surged from N929 million to N2.898 billion. Consequently, the company ended the Q3 with a loss of N2.2 billion, as against a profit of N362 million in 2015.

Explaining the performance of the company, Managing Director/CEO, Guinness Nigeria, Peter Ndegwa, said the revenue growth was in spite of continuing challenges in the operating environment.

“The environment remains

tough but we have seen contributions from our mainstream and international premium spirits brands as well as continuing growth of our value brands. These were the key drivers of the 6% revenue growth recorded for the quarter. Our cost of sales was impacted by the high inflationary environment and continuing currency devaluation leading to a reduction in operating profit. The higher finance cost in the quarter is due to the impact of unrealised foreign exchange losses as a result of the currency devaluation.”

He said going forward, innovation will continue to be a big part of our strategy us as we look to deepen our participation in the mainstream and value segments. “We will also continue to invest behind our brands with a key focus on building the right portfolio for future growth and re-shaping our organisation to

take advantage of what is likely to continue to be a challenging market in the short to medium term,” he added.

Citing long term commitment to the Nigerian market as a key driver, Guinness Nigeria recently announced a further 12 million pound sterling of investments into Nigeria as it plans to commission a new spirits manufacturing line in its Benin plant in the coming weeks. This investment, the company said would give a big boost to its ambition to source 75 per cent of its production raw materials locally in the next two years. Additionally, at the beginning of October, Guinness Nigeria inaugurated a new water project in a community in Benue State as part of its Water of Life programme, which in turn is one pillar within the company’s broader community investment agenda.

CBN, UBA Train Students on Nationwide Financial Literacy Ademola Babalola in Ibadan The Central Bank of Nigeria (CBN) and the United Bank for Africa (UBA) have stepped up the campaign for financial literacy across the six geopolitical zones of the federation in an effort at ensuring that over 80% of Nigerians are depositing their monies in Nigerian banks by year 2020.

The CBN and UBA management staff at a separate interface with rural students of Leo Community Grammar School, Apata, Ibadan and Olivet Baptist High School, Oyo, Oyo state said the renewed efforts was to encourage savings among people living outside the state capitals.

While the CBN management was led by its Principal Manager of the Consumer Protection Department, Mr. Damola Atanda, the UBA was led to Oyo Alaafin by its Executive Director, Ayoku Adeoye Liadi, who is the ED in charge of Lagos and West banks.

Atanda told reporters that the CBN was marking the October 31st world saving day and has accordingly directed the banks nationwide to go into the hinterlands to strengthen the implementation of National Financial Literacy Framework (NFLF) by highlighting the importance of

savings to the rural students so as to safeguard their future and the nation’s economy.

The CBN officer said the primary objective of the programme is to increase awareness on importance of savings, earning a livelihood, inculcate savings habit, employment and entrepreneurship for personal and national development.

While stressing that the CBN was covering over 200 secondary schools in remote areas of the country for this year’s world savings day, Atanda also warned people to beware of wonder banks, just as he re-echoed the need for over 400 selected students of Leo Community to always remember the saying which goes thus: “Don’t save what is left after spending, but spend what is left after saving.”

Ayoku Adeoye Liadi, while speaking with newsmen in Oyo said the aim of the campaign is to encourage savings among upcoming generation in the country.

Over 400 students and teachers from the school were taken through over 30 minutes educative talk on advantage of saving in baking sector, especially at younger age.

According to Liadi, “Banking

is what people think is a high activity but it is not, everybody should have an account in a bank. The students here do not even think that they should have an account in a bank, but with this, I think they will tell their friends and others about having an account in a bank. It’s what if we do it a lot in rural areas make things better.

“It is important we inculcate the savings culture when people are young. When you start at a relatively young age, you will grow with it, we are also talking to them but they are been neglected in the past. We don’t want a situation when you get to university or working that you start saving. When we catch them young like this, and I think the right thought and message is for many people to be bankable.

“This is going to help the system. There are a lot of money outside the banking system. The number of students we talk to here are about 400 today. This programme is expected to create awareness among the people outside the state capital for savings and financial literacy, most importantly. It is just to encourage people that they need to keep their money in banks for safety purposes to avoid theft.

Enugu Disco Restructures, Appoints Jayaraman as New MD Ejiofor Alike The Board of Directors of Enugu Electricity Distribution Company (EEDC) has announced the completion of a comprehensive organisational restructuring and named Mr. Srinivas Jayaraman as the new acting Managing Director of the company.

Jayaraman, who until his new appointment, was the Deputy Managing Director/Chief Operating Officer of the company, replaces Mr. Robert Dickerman, who has stepped down as the managing director/ chief executive officer.

The company’s Head of Communications, Mr. Emeka Ezeh said

in a statement yesterday that the restructuring was aimed at realigning the company’s strategies, direction and priorities to more readily achieve its target ATC&C loss reduction, improve network reliability and customer service.

According to him, this restructure exercise includes changes in the company’s executive management as well as reevaluation of its staffing policy with a view to ensuring efficiency in its processes and operations.

Ezeh described Jayaraman as a power sector professional with over 38 years experience.

Jayaraman holds a Bachelor of Engineering Degree from National

Institute of Technology, Nagpur, India; a Masters Degree in Business Administration from Nagpur University, India and a Diploma in Export Import Management from Bombay Chamber of Commerce and Industries India.

He played a key role in making the New Delhi Model which Nigerian electricity power sector reform program was modelled after, the most successful Power privatisation Model in India. During his tenure with Tata Power New Delhi as Head Projects he led its strategic Loss Reduction Projects resulting in drastic reduction in AT& C Losses.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

The CEO’s Personal Brand Most of us are avid followers of the American Presidential election and many of us are passionate about how the elections will play out.

One aspect of the race I have been pondering on is how the elections and its intrigues will affect the lives of the contestants should they lose.

I imagine, should Hilary Clinton lose, she will retire and become a dotting grandmother to Chelsea’s two children. Should Donald Trump lose, riding on his brand equity, he goes back to running Trump Enterprises bearing his name.

Some will say really!

Reports coming in suggest his divisive and questionable tactics in his run for president is harming his businesses. Records show patronage has reduced remarkably at Trump branded resorts and golf courses. Surveys show his name now adds less value to products.

According to CBS News “He’s become radioactive as mass entertainers and Charities are weary about holding fundraising events at his swanky Mar-a-Lago Resort”.

The Trump brand was associated with success and luxury. His real estate establishments were jostled for by the wealthy and were aspirational for those who craved wealth. This has now changed as a new online poll by Morning Consult found that nearly 40 percent of voters said Trump’s campaign made them “less likely” to buy Trump-related products and about half, 46% said they would not stay at a Trump branded hotel. Before Trump’s bid, there was a constant flow of buyers who demanded to live in his establishments. It has gone from being a brand that was

Should a CEO have a strong personal brand, a good example in Nigeria is Dangote who also uses his name to brand his businesses.

He has a strong brand equity in Nigeria, Africa and globally. We are all witnesses to the continued growth of his business empire. He is trusted, has strong ethics, values and principles making him attractive to investors, his employees and the government

sought after to a brand that people are turning away from. Trump recently opened a new hotel and for the first time did not personalise the branding. He knows his name is now a liability.The CEO’s personal brand is very important and is the brand ambassador of the organisation. Many CEOs feel, when it comes to branding, the organisation is separate from theirs. This is far from the reality as the CEO’s brand equity is closely tied to the corporate brand because it has the power to make or destroy an organisation’s brand as can be gleaned from the brand damage to Trump Enterprises. The organisations are being measured and evaluated based on the perception of Donald Trump’s, whose has lost equity.

However, should a CEO have a strong personal brand, a good example in Nigeria is Dangote who also uses his name to brand his businesses. He has a strong brand equity in Nigeria, Africa and globally. We are all witnesses to the continued growth of his business empire. He is trusted, has strong ethics, values and principles making him attractive to investors, his employees and the government. He is known to deliver on his promises and is important to the Nigerian economy. These positive attributes tremendously drive up his personal brand equity.

All CEOs must make it mandatory to protect and upgrade their personal brands because they are the face of the organisation, usually are the first point of contact and the giver of the organisations message to the outside world. Karen Tiber Leland, a branding expert says “All CEOs have the daily opportunity and obligation to build their personal brand in service of their own and their corporation’s reputation”. Their brands need to be impeccable and highly rated, otherwise, they can destroy the organisation’s brand, which translates to reduced patronage and growth. People trust the person first before the organisation - individuality and authenticity are key.

Steve Jobs, Mark Zuckerberg, Bill Gates, Jeff Bezos, Richard Branson, Aliko Dangote, are such well-known brands that I do not have to tell you the name of the organisations they represent. They also: •Demonstrate the values and principles of their organisations internally and externally •Attract clients, customers and employees.

Number 1 PR machine •Have industry leadership or are experts which rubs off positively on their organisations •Have the ability to negate reputational issues because they are trusted - trust is intrinsic to personal branding •Have appropriate pedigree for their industry – technical knowledge, ability to relate, charismatic and polished The above are key personal brand attributes of a CEO. My advice to CEOs is that they must protect and promote their brands to showcase their authenticity and individuality which drives up their brand equity. Doing so, should it be positive, will help their organisations grow exponentially.

Dear CEOs, do not be casual about your personal brand, it is extremely important!

- Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: marie.phido@yahoo.com tweeter handle @osat2012

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BUSINESSWORLD

EQUITIES WATCH

FBN Holdings Maintains Stability Riding on strength of its huge assets base and franchise, FBN Holdings Plc remained on the stable path for the nine months ending September 30, 2016, despite the macroeconomic headwinds, writes Goddy Egene The stock market was last week awash with financial results for the nine months ended September 30, 2016. FBN Holdings Plc was among the companies that submitted their results. In line with expectations of that the challenging operating environment would impact negatively on most companies, some recorded outright losses, while others ended the period with improved bottom-lines. Although FBN Holdings recorded a marginal decline in profit before tax (PBT), it recorded growth in revenue, indicating stability in its performance.

Financial performance FBN Holdings posted gross earnings of N417.3 billion, up by 7.0 per cent from N390 billion in 2015. Net-interest income improved by 5.2percent to N202.9 billion, from N192.9 billion in 2015, driven by a 38.4 per cent reduction in interest expense on customers’ deposits to N56.7 billion.

Non-interest income increased by 56.5 per cent to N131.0 billion, up from N83.7 billion.

The increase in non-interest income was driven largely by the foreign exchange translation gain as well as fees and commission income. Foreign exchange income in the period increased to N68.4 billion, from N22.5 billion.

However, net impairment charge on credit losses came up to N114.7 billion, up from N46.6 billion, resulting from incremental provisions from oil and gas sector. Other sectors include construction, transport, general commerce and information services sectors. Consequently, cost of risk increased to 6.9 per cent as against 3.0 per cent), while Non-performing loan (NPL) ratio increased to 24.9 per cent, largely driven by the translation effect of the Naira devaluation.

As a result, the company ended the period with a profit after tax of N42.5 billion, showing a decrease of 15 per cent from N50.2 billion in 2015. Commenting on the results, the Group Managing Director of FBN Holdings Plc, UK Eke said: “FBN Holdings’ performance has again demonstrated its underlying resilience despite the ongoing macroeconomic and business challenges with gross earnings and profit before tax closing at N417.3 billion and N57.5 billion respectively. This has been achieved through sustained revenue generation as well as increased cost efficiencies. Although the current currency weakness is a challenge for our remedial process, we are steadfastly progressing on improving the overall risk management culture, governance and technology as well as the degree of compliance across the group. The Group remains committed to ensuring sustained improvement in our performance with a view to restoring shareholder value.”

Declined Opex A further analysis of the results showed that operating expenses declined by 5.1 per cent to N161.8 billion, from N170.4 billion following broad range declines in: advert and corporate promotions, operational and other losses, maintenance, and regulatory cost.

The decline in operating expenses was, however, largely offset by staff costs (+4.6%, N2.9 billion) to N65.4 billion and to a lesser extent a 46.9 per cent increase in net insurance claims to N2.9 billion following the crystalisation of some operational risks in the ordinary course of business.

“Taking into consideration the current high inflation environment, a 5.1 per cent overall reduction in operating expenses is a testament to our commitment to drive cost efficiencies and instill operational excellence across our businesses,” the bank said.

Improved Cost-to-income ratio Following strong operating income growth and a sustained decline in operating expenses, FBN Holdings cost-to-income ratio improved to 48.4 per cent, from 61.6 per cent.

“We remain steadfast in achieving further efficiency gains as we consolidate our two-pronged objectives of efficiency and revenue optimisation.

We have realised the current improvement largely by entrenching budget discipline, deployment of shared services framework, staff rationalisation and other cost containment measures of the Group. There is scope for further progress as we continue to push ahead with a clear operational efficiency program including implementation of the enterprise resource planning/risk management project,” the bank explained.

Oil/ Gas Provisions Drive Impairment The major jump in then net impairment charge on credit losses from N46.6 billion to N114.7 billion resulted from incremental provisions from oil and gas sector. Other sectors include construction, transport, general commerce and information services sectors. Consequently, Cost of risk increased to 6.9 per cent from 3.0 per

cent), while NPL ratio increased to 24.9 per cent, largely driven by the translation effect of the Naira devaluation. According to the bank, it remains focused on remediation and recovery activities towards declassifying non-performing accounts and driving asset quality improvements.

Growth in Deposits, Loans FBN Holdings total customer deposits rose by 10.9 per cent to N3.3 trillion, up from N2.97 trillion). The bank said it is focusing on ensuring an appropriate deposit mix at the optimum price.

“Low-cost deposits now represent 69.1 per cent of the group’s total deposits, up from 67.3 per cent as at December 2015. Deposit growth was essentially driven by a 41.8 per cent and a 9.4 per cent increase in domiciliary and savings deposits respectively,” it said.

FBN HOLDINGS NINE MONTHS FINANCIAL SUMMARY 450 400

SEPT. 2016 N417bn

SEPT. 2015 N390bn

350 300

SEPT. 2016 N334bn SEPT. 2015 N277bn

250 200

SEPT. 2016 N115bn

150 100

SEPT. 2015 N46bn

50

SEPT. 2016 SEPT. 2016 N60bn N58bn

SEPT. 2015 N50.2bn

SEPT. 2015 N43bn

45 40 35 30 25 20 15 10 05

GROSS EARNINGS

OPERATING INCOME

IMPAIRMENT CHARGES

PROFIT BEFORE TAX

PROFIT AFTER TAX

Demonstrating the strength of its franchise and ability to continually attract a well-diversified and sustainable funding base, retail banking deposits within FirstBank (Nigeria) remain strong at 69.5 per cent of total deposits, up from 67.7 per cent as at December 31, 2015 as deposits in other business lines grew stronger.

Similarly, the bank’s total and advances to customers (net) increased by 21.6 per cent to N2.2 trillion, from N1.82 trillion as at December 2015. However, the loan growth was driven largely by the translation effect of the Naira devaluation.

“Due to the impact of the currency devaluation, foreign currency (FCY) loans, as at nine months 2016 now constitute 51.8 per cent of the loan portfolio as against 44.7 per cent as at December 2015. The oil and gas sector accounts for 43.1 per cent of the loan portfolio with oil upstream accounting for 21.9 per cent, while downstream and services are 13.9 per cent and 7.3 per cent respectively,” the bank said.

FBN Holdings said concerted efforts are being made on reducing the FCY net portfolio in dollar terms.“The matured foreign currency forwards reduced some of the FCY exposure.

In dollar terms, the foreign currency net loans portfolio in First Bank (Nigeria) declined by about $319 million. We are also focusing on converting some of the FCY exposures, to curtail the technical growth and its attendant impact of the loan portfolio. A total of $85 million have been converted to Naira. Our priorities remain non-oil trades, short-cycle and self-liquidating transactions with preference in the retail and consumer lending sector in order to optimise portfolio mix, enhance portfolio yield, improve asset quality and enhance capital,” the bank said.

Jump in total assets FBN Holdings total assets increased by 21.6 per cent to N5.1 trillion, up from N4.2 trillion driven by: increase in loans to banks and customers as well as growth in investment securities. Loans to banks and customers grew by 69.0 per cent and 21.6 per cent to N652.0 billion and N2.2 trillion respectively, while investment securities were up by 25.9 per cent to N1.2 trillion, up from N970.2 billion as at December 31, 2015. Total interest earning assets grew by 28.6 per cent to N4.1 trillion from N3.2 trillion, representing 80.6 per cent of total assets, compared with 76.2 per cent as at December 31, 2015.

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T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

BUSINESSWORLD

ANALYSIS

Preventing Social Engineering Attacks Bank customers must be conscious of the risks that social engineering pose to their accounts, operations and reputation, writes Obinna Chima

With the level of sophistication of cyberthreats increasing by the day, the need for organisations and individuals to ensure that they defend against these types of attacks has once more been stressed.

Across the world, cybercriminals have long been using phishing and other social engineering methods to trick their victims into providing access to confidential data, such as passwords, social security numbers or account numbers.

In addition to the tried-and-true method of sending legitimate-looking e-mails to unsuspecting victims, cybercriminals are now using social media and other popular platforms to launch their attacks, Alejandro Mijares disclosed in a report published in Computerworld.

Social engineering is the art of manipulating people so they give up confidential information.

The types of information these criminals are seeking can vary, but when individuals are targeted the criminals are usually trying to trick you into giving them your passwords or bank information, or access your computer to secretly install malicious software–that will give them access to your passwords and bank information as well as giving them control over your computer. Criminals use social engineering tactics because it is usually easier to exploit bank customers’ natural inclination to trust than it is to discover ways to hack your software.

In Nigeria, the Central Bank of Nigeria (CBN) recently disclosed that social engineering has become rife in cybercrime attacks in Nigeria.

According to the central bank, 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.

Therefore, the banking sector regulator stressed the need to look critically at measures that will protect the industry as a whole from the menace of social engineering attacks.

Regulation against Fraudsters To this end, the CBN said it is working on a policy that would ensure that bank customers involved in electronic fraud are either blacklisted or placed on close surveillance.

The Director, Banking and Payment System, CBN, Mr. ‘Dipo Fatokun, 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 watch listed 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 out it 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.

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, he said goes to show, that, increasingly attacks of this nature are becoming common-place and tactics used, more damaging to individuals and institutions alike.

“That is why the Nigeria electronic Fraud Forum will not relent in achieving major activities that we have set out to do which include: The operationalisation of a Dedicated e-Payment and Card Crime Unit in the Nigeria Police, which will enable a greater effort in our quest to successfully investigate and bring to book through effective and efficient prosecution of cyber-criminals.

“A workshop on the Cybercrime Prohibition and Prevention Act, which will expand understanding of the impact, implications and

If a bank notices that a particular customer is fraudulent or is a criminal, the bank has the right to get out it 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 prosecut

responsibilities of all stakeholders, particularly those operating within the financial services sector and; “Expanding of our member schedule to always accommodate new and systemically important stakeholders into membership of the NeFF,” the Director said.

Caution from Banks The Chief Executive Officer of Zenith Bank Plc, Mr. Peter Amango, warned bank customers to desist from responding to suspicious e-mails so that they don’t fall victim of social engineering attacks.

According to Amangbo, social engineering refers to the use of tricks and psychological manipulation by fraudsters to collect secured information from unsuspecting users, adding that the criminals rely heavily on human interactions and often involves making people breach normal security procedures.

He said in social engineering, the information that are often targeted are password, bank accounts, details of bank account, debit and credit card details, ATM pins, among others.

According to Amango, the advent of social engineering was an indication that technology is not enough to keep the system secured.

“It is the easiest and cheapest way of gaining access to confidential information. Social engineering has been with us for a very long term. It is very clear to us that what we are talking about is not cheap at all because for you to restore customer confidence you will spend a lot of money. And to remedy such situation you have to spend a lot of money.

So, the best way is prevention. We need to continue to put our strategies in place to ensure that they don’t succeed.

“And we are beginning to see social engineering attacks via the social media, Facebook, Twitter, etc. Attackers would impersonate the profile of a close friend with the intention of tricking you to click on malicious links or malware infected documents. And once you click on that, they are able to have access into your documents and be able to steal very sensitive information for their operation.

“These mails are usually from companies that send you e-mails regularly and once you respond, certain things would be lost. We have seen so many instances of e-mails of big companies confirming transfers, payments and unless you look at it critically, you will not be able to see any difference between the original or the fake e-mail,” he added.

On his part, the Chief Executive Officer of Sterling Bank Plc, Mr. Yemi Adeola, said fraud remains a major concern to banks and financial institutions worldwide, adding that Nigeria is not an exception. According to him, the introduction and advancement in electronic payment system in the Nigerian financial system came along with significant challenges associated with this kind of innovation.

“Thousands of Nigerians have fallen victims

and several billions of naira lost to the activities of these fraudsters since the introduction of e-payment system. Statistics available to banks and law enforcement agencies shows that this challenge is still on the increase. Most of the information used by these fraudsters are gotten from social engineering attacks.

“As we all know, social engineering requires a conversation between two parties - the fraudster and the unsuspecting victim. This conversation can be a direct engagement between the two parties or exchange of information over electronic means such as e-mails, telephone, social media, etc,’ he explained.

According to the Sterling Bank boss, the main motive behind social engineering is financial gain through fraud. He noted that fraudsters are very comfortable using social engineering because it provides to them the quickest way of obtaining a valid identity, just as he also warned customers to be careful with divulging their personal account information or PIN numbers.

Preventing Attacks The United States Computer Emergency Readiness Team has stated that in other to avoiding social engineering and phishing attacks, bank customers must be suspicious of unsolicited phone calls, visits, or email messages from individuals asking about employees or other internal information.

According to the agency, if an unknown individual claims to be from a legitimate organisation, individuals and organisations must try to verify his or her identity directly with the company.

Other steps to guard against this according to the U.S. agency include: * Do not provide personal information or information about your organisation, including its structure or networks, unless you are certain of a person’s authority to have the information.

•Do not reveal personal or financial information in email, and do not respond to email solicitations for this information. This includes following links sent in email.

•Don’t send sensitive information over the Internet before checking a website’s security ( * Pay attention to the URL of a website. Malicious websites may look identical to a legitimate site, but the URL may use a variation in spelling or a different domain (e.g., .com vs. .net).

•If you are unsure whether an email request is legitimate, try to verify it by contacting the company directly. Do not use contact information provided on a website connected to the request; instead, check previous statements for contact information. Information about known phishing attacks is also available online from groups such as the Anti-Phishing Working Group (http:// www.antiphishing.org).

• Install and maintain anti-virus software, firewalls, and email filters to reduce some of this traffic (see Understanding Firewalls, Understanding Anti-Virus Software, and Reducing Spam for more information).

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WEDNESDAY NOVEMBER 2, 2016 T H I S D AY

T H I S D AY WEDNESDAY NOVEMBER 2, 2016

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T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

BUSINESSWORLD

INSURANCE

Royal Exchange Boss Highlights Insurance Sector Challenges Stories by Ebere Nwoji The insurance industry, in the face of the economic recession plaguing businesses in Nigeria, is faced with two critical challenges.

These are challenges of huge claims coming the way of the industry operators in 2016 in particular as a result of negative impact of climatic change and the challenge of improving their capacity building to insure huge businesses locally in place of current trend of ceding such risks abroad.

The Group Managing Director, Royal Exchange Plc, Alhaji Au-

walu Muktari, who disclosed this in an interview with THISDAY in his office in Lagos, said against the backdrop of the economic recession , premium generation has not really been a serious problem to insurers but huge claims experience coming their way particularly this year as a result of negative effects of climatic change.

The Royal Exchange boss, said: “In the year 2016, we envisaged a lot of claims coming our way due to climatic change. There has been heavy rain in the northern part of the country, before now, it has not been like that. With the

climate change, there is heavy rain in the north this year. We have not seen that before in the north we have only seen it in the south so they are not prepared for it. So many houses have been affected; also the terrorists activities have caused a lot of pipeline vandalism, the terrorists activities in the north, in form of Boko Haram, many police, soldiers were killed, and these have group life cover. Houses were damaged; all these brought a lot of claims to the industry in the current year. There are a lot of factors that have affected claims rate in this 2016.”

On the way forward for the industry, Muktari, said the most important thing is how to increase operators’ capacity of doing businesses so that the industry will have larger capacity to accommodate more risks instead of ceding huge risks outside the local market.

He said with improved capacity, operators can focus and reposition the industry so that they can retain more risk in the local market and with retention of more businesses locally, there will be creation of more jobs for the teeming population of Nigerian youths.

He said with improved capacity, there will also be rapid growth of the insurance industry, and there will be a lot of funds for shareholders to enjoy and the industry will become one of the greatest industry in Africa and part of the world in general.

Speaking on the impact of the recession on premium generated by the industry, Muktari said insurance is not isolated from the real effects of the recession.

According to him, the industry has been part of the economy and what affects the Economy affects the industry.

He however said despite this, his company did excellently well this year in terms of premium generation.

“If I am to talk particularly for my company Royal Exchange, I will say that we are doing very well business wise. In fact, I can even tell you I am doing better than I did in 2015 despite the challenges and economic crisis in the country. But still we can do better if situations were normal and things were in the right position. We can do better if everything is going well with other sectors of the economy”, he stated.

CIIN Visits Emir of Kano, Donates Books to Schools Insurance industry chieftains, under the umbrella of the Chartered Insurance Institute of Nigeria (CIIN), recently visited the Palace of Emir of Kano Alhaji Muhammadu Sanusi II. During the visit, the association donated 100 copies of insurance text books to secondary schools around the Emir’s palace and 400 copies to the Kano State Ministry of Education.

CIIN President, Lady Isioma Chukwuma, said the visit was part of the institute’s campaign to promote insurance education and awareness in Nigeria.

According to the CIIN President, the campaign, forms part of the institute’s statutory functions as enshrined in Act No 22 of the Federal Republic of Nigeria in February 1993.

In his response, the Emir, commended the institute for the gesture and encouraged it to upscale its drive in the area of insurance awareness creation observing that insurance penetration in Nigeria is very low compared to what obtains in other countries.

He however called on the business community especially in the northern region, to embrace insurance as a matter of necessity

in order to avoid total losses in the event of unforeseen occurrences.

The 400 copies of insurance textbook were received by the Permanent Secretary in the Kano State Ministry of Education, Alhaji Danlami Garba.

The CIIN President, in making the presentation, said the donation was borne out of the desire of the institute to further strengthen the teaching and study of Insurance in Nigeria.

She further expressed the institute’s desire to partner the Kano State Ministry of Education to train prospective insurance teachers in Kano state on how to effectively teach insurance at the secondary school level.

In his response, Alhaji Garba expressed the appreciation of the Kano state government and assured the institute that the state would embrace the study of insurance as a subject in its schools and also encourage students to take up the subject.

He pledged the state’s commitment to partnering the institute in training of prospective insurance teachers stating that the objective is to have at least one insurance teacher in each of the schools in the state.

FBNInsurance, FBN Insurance General Storm Market With Pocket- friendly Products FBNInsurance limited and FBNInsurance General Limited, said in their bid to change the landscape of insurance underwriting business in Nigeria, they have spread into the market some research based products that are tailored to meet public insurance needs.

The companies at their 2016 Media Product Fair organised in Lagos, highlighted these array of products saying they have been evolved to carter for risks faced by the public.

According to the Managing Director, FBN Insurance General, Bode Opadokun,some life transforming products presently in the kitty of the General business include: Fire and special peril, motor insurance, plant and all risk policy, personal accident, marine cargo and more.

FBNInsurance, has in its kitty flexible education plan, easy save plan, flexible saving plan, flexible cash flow plan, family income protection plan, extended family support plan, guarantee lifetime retirement income plan, annuity and more.

He said the company within its very short time of operations has transformed general insurance business through these products.

The Managing Director, FBNInsurance, Val Ojumah, said FBNInsurance has in its kitty flexible education plan, easy save plan, flexible saving plan, flexible cash flow plan, family income protection plan, extended family support plan, guarantee lifetime retirement income plan, annuity and more.

SUSTAINABILITY WEEK EXERCISE

Mr. Olusegun Toriola; Miss Tosin Salami; Mr. Godwin Onoro; Mrs. Ophelia Alex-Iwuanyanwu and Miss Fiyinfoluwa Adedoyin, all of PAL Pensions, during the sustainability week exercise in Lagos … recently

‘No Premium No Cover’ Has Increased International Attractiveness of Insurance Industry’ The National Insurance Commission ( NAICOM), barely four years after the implementation of the ‘no premium no cover’ policy in Nigerian insurance industry, said it has in its overall effect increased international attractiveness of the industry.

The Deputy Commissioner for insurance, Finance and Administration, George Onekhena, who stated this at the 25th anniversary celebration of Boff & Company Insurance Brokers Limited in Lagos, said the commission, is interested in seeing the ‘no premium no cover’ policy work better in the industry.

He said the effectiveness and beauty of the policy has attracted the attention of Nigerian neighbours most of whom now copy the policy and other policies

enforced by the commission to improve the performance of their own insurance industry.

The policy, he said, among other things, has solved the problem of knowing premium income in cash of insurance firms in Nigeria by the commission.

According to him, it has also standardised the operations of insurance firms in the country and has built public confidence in the industry.

NAICOM had in January, 2013 announced its intention to implement the ‘no premium no cover’ policy as enshrined in 2003 insurance act.

With the policy in place, insurance underwriters only grant cover to insurance buyers who paid for their policy contract while denying cover to

any insured who fails to back up his policy contract with payment of premium.

What this means is that if anybody buys insurance from any insurance firm, signed all the necessary documents for insurance cover of the business but fails to pay the premium before the occurrence of risk, the person is not entitled to any claim or compensation by the insurance firm.

This is a major shift from what obtained in the industry before 2013 in which most insurance contracts were done on credit but as soon as claim comes, the insured will run and pay his premium so as to receive claims.

In some cases, the insured, will sign the contract and wait until

risk occurs, he will then approach the insurance company and ask for deduction of the amount of money he supposed to pay as premium and be given the balance as claims.

This almost stifled the insurance industry to death and had made it difficult for the regulator to check the account books of the operating firms as well as to determine their financial strength, until January 2013, when NAICOM insisted that it was tired of seeing bad debts in the books of insurance firms adding that effect from January 1, 2913 every insurance business transaction in Nigeria should be strictly on cash and carry bases .This enthroned the regime of the no premium no cover in the industry.

NAICOM Releases RBS Blue Print Document The National Insurance Commission (NAICOM), has finally released a blue print guideline for the implementation of the Risk Base Supervision(RBS) model for the insurance industry.

The commission, released the long expected document to the industry operators at the recent insurers committee meeting held in Lagos recently.

It gave the operators four weeks to peruse through the

document, give their recommendations and return it to the commission for final approval.

RBS, an European Insurance market supervisory initiative, according to the World Bank, is a supervisory approach that considers each of the risks that companies face and through a structured process, identifies the risks that are most critical to the financial viability of the institution.

Under the model, the supervisory

on-site review process looks at the management of the key risk areas of a company and focuses attention on the critical net risk exposures.

NAICOM, said in introducing the model, which is expected to place Nigerian insurance industry on global best practices pedestal, it will ride on the van of Solvency 2 supervisory principle in regulating the activities of Nigerian insurance industry operators.

The Commission has been

postponing the release of the blue print copy of the guideline but did that at the last insurers’ committee meeting in Lagos, the last held for the year.

Briefing the media on the outcome of the meeting, the vice Chairman, Sub-committee on Publicity and Communication of the Insurers Committee, Mrs. Ebelechukwu Nwachukwu said the RBS will properly kick off next year.

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

31

BUSINESSWORLD

PERSPECTIVE

DMO and Mass Reporting

Ifeanyi Omokwe provides insight into the federal government’s plan to borrow $29.96 billion over a three-year period and DMO’s position on the borrowing plan

Adeosun

Last week, precisely on October 27, some of the country’s print and online media went hysterical that the Debt Management Office, DMO, has ‘kicked against the planned borrowing’ by the federal government. In what has become a common practice of mass reporting – a situation where one story line is regurgitated as if the different media houses are one franchise – the story trended with just little variations.

Journalism is a profession that demands diligence, balance and thoroughness. These can happen only with research and cross checking of ‘facts.’

The Vanguard Newspapers ran with the caption: “FG needs new plan on economy,” while The Guardian reported: “Nigeria can borrow a maximum of $22.8bn in 2017.”

It is trite to state that the Vanguard Newspapers should know that there is already a new economic plan which was elaborated on by the Minister of Finance, Mrs. Kemi Adeosun after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari in September.

Also, if The Guardian had paid close attention to the document which is an annual report usually published in September – 2016 Report of the Annual National Debt Sustainability Analysis – as well as the Federal Government’s three year borrowing plan, it would have spared itself some blushes.

The crux of the matter remains that the federal government’s plan to borrow $29.96 billion over a three year period and what the Debt Management Office report highlighted is the threshold for a single year, 2017.

In the report, the DMO stated that the end-period on Net Present Value (NPV) of the Total Public Debt-to-GDP ratio for 2016 for the Federal Government was projected at 13.5 per cent. ”The maximum amount that can be borrowed (domestic and external) by the Federal Government of Nigeria in 2017, without violating the country-specific threshold, will be $22.08 billion (i.e. 5.89 per cent of 374.95 billion dollars).

Nwankwo

”The Debt Management Strategy, 2016-2019 provides for the rebalancing of the debt portfolio from its composition of 84:16 as at the end of December, 2015 to an optimal composition of 60:40 by the end of December, 2019 for domestic to external debts, respectively.

“This policy stance has been reinforced by the recent deterioration in macroeconomic variables, particularly with respect to the rising cost of domestic borrowing.

“Hence, the shift of emphasis to external borrowing would help to reduce debt service burden in the short to medium-term and further create more borrowing space for the private sector in the domestic market.

“Accordingly, for the fiscal year 2017, the maximum amount that can be borrowed is 22.08 billion U.S. dollars and it is proposed to be obtained from both the domestic and external sources as follows: “New Domestic Borrowing 5.52 billion U.S. dollars (equivalent of about N1.6 triilion) and New External Borrowing: 16.56 billion U.S dollars (equivalent of about N4.8 trillion).”

In making the recommendation, the DMO did not only take into cognizance the absorptive capacity of the domestic debt market but also the options available in the external market.

Before the Paris Debt write-off, debt management in the country was inefficient, complicated and lacked consistency apart from rife corruption. However, with the establishment of the DMO with the requisite personnel and commitment especially over the past few years, it is a plus that the office is reputed for good debt management practices that make positive impact on economic growth and national development, particularly in reducing debt stock and cost of public debt servicing in a manner that saves resources for investment in poverty reduction programs.

The DMO is also saddled with prudent raising of finance to fund government deficits at affordable costs and manageable risks in the medium- and long-term, which in turn is aimed at achieving positive impact

on overall macroeconomic management, including monetary and fiscal policies.

It is noteworthy to state that it consciously works to avoid debt crisis and achieving an orderly growth and development of the national economy; and improving the nation’s borrowing capacity and its ability to manage debt efficiently in promoting economic growth and national development.

Therefore, with these enormous responsibility and taking the overall objective of the administration of President Muhammadu Buhari to mobilise funds for massive infrastructural development as never before seen, the media owes Nigerians the duty to put issues in perspective in their reportage and not to cast any agency of government, especially one which over the years has amply demonstrated its commitment to the nation’s growth, for some cherry picking reportage.

Only recently, the Director General of the DMO, Abraham Nwankwo PhD, in a cerebral article; Debt Financing for Economic Recovery: How It Will Work, detailed why, how and what the borrowing of the Federal Government would impact on economic recovery and national growth.

In the article, Nwankwo posited: “Long before the structural collapse of oil export prices in mid-2014, it had been established that Nigeria needed investments of about USD 25 billion per annum for 7 to 10 years to cover its huge infrastructure deficit. An additional structural financing gap has arisen from the drastic drop of oil revenue; the estimate is that oil-related public revenue has dropped by about USD 20 billion per annum compared to the average in the pre-2014 years. This means that Nigeria’s total investment deficit is not USD25 billion per annum but USD 45 billion per annum.

“What does this simple arithmetic tell us? First, it tells us that given the enormous size of the structural financing gap (SFG), we need to tap capital from all available sources. Therefore, ongoing debates canvassing in favour of one or a limited number of sources and against other

sources, are a disservice; they are not helpful. Activities for exploring and exploiting all sources should commence pari passu, even though their realizations and impacts will follow some natural sequence – shortterm, medium-term and long-term.”

It is therefore a surprise that with the avalanche of information available, some newspapers will rather settle for sensationalism rather than aim to give a more elaborate explanation of what the kernel of the DMO posited.

Lest we forget, it should be noted that our country’s total debt portfolio rose 30 per cent to $62 billion in 2014, up from $47.6 billion as at September 2013. The country’s external debt stood at $9.52 billion, 15 per cent of the entire debt stock with domestic borrowing accounting for bulk of the total money owed by Africa’s largest economy.

Prior to the 2005 debt relief, bad debt management practices led to the payment of $4.9 billion yearly on debt servicing.

Nwankwo further argued that “The essence of the massive investment plan is that within 5 to 7 years, the country should be moving on a trajectory of sustainable and continuously strengthening economic recovery. And, from about the Year 8 to Year 10, the economy will start generating adequate public revenue, including forex revenue from the export-oriented diversification programme. That is why the tenor of the new debts should preferably be 15 years and above so that there will be enough time for a “break-even”. Local substitution of food and other eligible items over the next 3 to 4 years will save the country about USD 6-10 billion in foreign exchange.”

The media should engage more and this the DMO has done with several workshops and engagements so that the needed information can easily be made available to guide journalists in informing Nigerians properly and concretely.

•Omokwe wrote in from Newsfront Newspapers, Abuja

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

32

EDUCATION Bridging Quality Gap in Basic Education With a mission to provide every child the chance to acquire quality primary education regardless of family income, Bridge International Academies, an education innovation company plans to reach over 400,000 children from low income Nigerian families in the next 10 years; and 10 million children across a dozen countries by 2025. Uchechukwu Nnaike reports Over the years, there have been concerns among stakeholders in the country’s education sector over the quality of education pupils at the basic education level are receiving, especially in public and low income private schools, which are on the increase. At the centre of these concerns are the issues of inadequate infrastructure and poorly trained/motivated teachers.

With the current recession in the country, more parents are likely to patronize these schools hence the need for an urgent attention to the issue of quality.

There seems to be a ray of hope, as an education service provider, Bridge International Academies is set to close the quality gap between high and low income schools by combining a revolutionary technology platform, customdeveloped world-class instructional materials and teacher lesson guides, a purpose-built teacher training and support programme, and fully data-driven back office support function.

Bridge International Academies, which serves the 700 million families who live on less than $2 per day, strive to provide the highest quality education product to the more than 100,000 students who attend its more than 400 nursery and primary schools across emerging markets in Africa.

With over 50 per cent of families in SubSaharan Africa living below the poverty line and with over 50 per cent of the world’s 3 billion people living on less than $2 a day, the organisation regretted that 55 per cent of the poorest families in urban and sub-urban communities across the world are spending up to 20 per cent of their income to send their children to private schools.

“These families will be served by low fee private schools and will have to work with the teachers who are less equipped to efficiently on their own deliver quality education. The trend has resulted in poor children consistently underperform their richer peers not because they are less intelligent or have less potential, but because technically no one is teaching them.”

Bridge International Academies are said to be unique because they are the only provider globally with research-proven learning outcomes for children in Sub-Saharan Africa; deliver significant learning gains in the same communities that the traditional public sector works in; Bridge also delivers significant learning gains on a budget similar to or less than government is already spending on education per child, at scale.

Also apart from improving access to quality pre-primary and primary education and innovation spillover, Bridge Academies hope to level the playing field for children from low income families. “At N24,000 per year, 80 per cent of all low income and poor families will be able to afford our schools.”

Taking into cognizance the importance of teachers to quality education delivery, Bridge academies use smartphones and tablets to monitor teacher and student performance in real time, “constantly reviewing and revising to ensure that we are offering a world class education that will prepare our students for the 21st century.“Outside of the classroom, we work with governments and civil society organisations to create customised teacher training modules, English Language Learning curricula, and “pop up” schools for refugees and other vulnerable populations.”

Highlighting some of the key issues in today’s classrooms, the academies Expansion Director, Ms. Olu Babalola, stated that teachers are required to develop and deliver their own lessons, which can be time consuming and is often foregone when working long hours in difficult conditions. She said some teachers lack an underlying background in what they are teaching.

“Most of their pre-training focused more on teaching methodology and less on classroom management and best practices. By focusing

Pupils of Bridge International Academies

on developing the lessons, teachers have less time to help struggling pupils, to communicate with parents, to grade papers, or to improve their own subject knowledge.

“There is no means to measure and evaluate the pedagogy. If lessons change on a daily/ monthly/yearly basis according to individual teacher preferences, there is no way to measure how a certain type of teaching affects a student’s learning, making it more difficult to improve the teaching methods.”

However, she said the Bridge Academies use scripted instruction, which is essentially teacher-centred instruction and for each lesson in the day, the teacher is provided with background on the topic and purpose of the lesson; instructions for how to teach the lesson; a guideline as to timing for each aspect of the lesson; how to use “guided practice” to actively seek student participation; and guidance as to feedback.

“Scripted learning also ensures that every teacher every day in every class is reflecting and demonstrating the core values of Bridge International, which is making the child the centre of the learning process by freeing the teacher to focus on how much learning is actually

going on in the classroom.”

To teach at Bridge, Babalola said every candidate regardless of prior training must undergo and pass a rigorous 200 hour residential induction training course run by Bridge International Academies; training focusses on teaching delivery skills with competitive assessments every six days for every candidate in both written and performance/practical examination; and at the end of the training only the top candidates based on their performance in training are offered the jobs.

According to her, ongoing training, professional development and support are enabled and supported by providing every teacher with a tablet running custom applications to deliver teacher guides directly in the hands of each teacher for every subject and class. “No teacher is ever left without guidance for the class.”

She added that teachers are also supported through individualised follow up by academy manager, independent quality assurance team and regional supervisors; regular classroom observations, feedback, summit and more; advice and messaging on propriety teacher messaging platform through the teacher computer; as well as supporting and monitoring teacher

performance every hour, day, week and term through the teacher computer.

On accountable delivery in the classroom, she said through the use of Bridge’s proprietary teacher computer tablet, the academy manager smartphone application, and its cloud-based back-office platform, Bridge ensures accountability for daily teacher attendance, lesson delivery, pupil attendance, as well as pupil performance.

“Using more than 1,000,000,000 data points to drive accountability across its network of more than 5,000 teachers, Bridge has an unexcused absenteeism of less than one per cent. Bridge uses qualitative and quantitative data from each school to drive continuous improvement at that school with specific teachers and across the entire network.”

She said the academies have recorded high learning outcomes as Bridge pupils learn to read almost 10 more words per minutes than their neighbouring school peers.

“In English Language, over 32 per cent more schooling in one academic year; in maths, the Bridge effect is 14 per cent additional schooling.

This is a 0.3 Standard Deviation in English Language and 0.1 Standard Deviation in maths.”

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

33

EDUCATION

World Bank Supports 120 Ekiti Schools with Teaching Aids

Olakiitan Victor in Ado Ekiti i

The World Bank has supported 120 public primary and secondary schools in Ekiti State with teaching materials worth millions of naira.

Speaking while distributing the items to representatives of the schools in Ado-Ekiti, Governor Ayodele Fayose said his administration would complement the effort by sup-

plying the remaining schools with the items, saying that no school would be left out in the exercise.

In a statement by his Chief Press Secretary, Mr. Idowu Adelusi, the governor was quoted as saying that governmentapproved private schools would also be considered.

Fayose added that open day would now be observed in public schools for parents to go and assess the performance

of their children in schools and not having to wait until the term runs out when the children would then bring their academic results home.

“The level we have attained in the education sector must be improved upon. We can’t afford to drop our guards. If we came first in NECO examinations this year, it must not be once in a while achievement. We must maintain our enviable position. I am not in support

of ‘fire brigade approach’ to policies, as that won’t help us as a state . We must plan ahead and take necessary steps.

“For teachers, we can’t jettison them, as doing so is ignoring the futureof our children. We will continue to encourage them and I appeal to ourparents to show understanding too. Teachers are humans and they have personal challenges and must be encouraged to pay attention

to our children.

“The instructional materials won’t go on their own and stick themselves to students’ brains, it is the teachers that will use them to teach our wards and children,” he stressed.

Fayose also harped on good hygiene among students, teachers and parents, emphasising the need to adequately wash hands as many times as possible in a day to prevent contracting diseases. He dem-

onstrated proper washing of hands and charged the students and teachers present to take the message home to others.

Two students, Miss Tinuola Adamolekun and Miss Mariam Adebayodemonstrated how to properly wash hands to their colleagues.

The instructional materials include chalk, mathematical sets, books,compendium of past questions on subjects, among others.

Don Seeks Improved Investment in Education for Global Relevance Uchechukwu Nnaike A former Vice-Chancellor of the University of Lagos, Prof.

Oye Ibidapo-Obe has called for massive investment in the education sector if the country is to achieve global relevance and became one of the top 20 economies by 2020.

He made this known while delivering a lecture titled ‘Attaining Global Relevance and National Socio-economic Advancement through University Education’ at the 15th matriculation ceremony of Covenant University, Ota, Ogun State for the 2016/2017 academic session.The don also appealed to the federal government to upgrade the country’s polytechnics and colleges of education so as to provide access to quality education at all levels, adding that access and quality of education have been the major challenges in the nation’s institutions.

According to him, upgrading these institutions would offer the country more degrees that would improve technical manpower that will build the economy of the country. ‘’Parents want their wards to go to universities to have a career, but there are not enough spaces to accommodate all the admission seekers.’’

Ibidapo-Obe blamed the underfunding of universities by the federal government for the

myriad of challenges hindering infrastructure development in the institutions, and argued that the standard of education in the country in improving because most Nigerian graduates that go abroad for further studies excel in their various fields.

He also advised the federal government to be disciplined in tackling corruption in the country, saying, “corruption has been the bane of infrastructure development in the nation’s universities because the money that is supposed to be used in building infrastructure are embezzled by the leaders.’’

In his remarks, the Chancellor of the institution, Dr. David Oyedepo, said everybody believes that the greatest problem in African was leadership.

Oyedepo said the university came into existence as result of passion for change which involves revolution in education, as well as the commitment to sustainable relevance.

He described sound education as a sure foundation of every great nation and stressed the importance of hard work among both staff and students, saying that nothing enhances worth like work.The Vice-Chancellor, Prof. Aaron Atayero, who congratulated the new students for being found worth of enlistment into “this royal academy out of the numerous thousands that applied for admissions.”

CONGRATULATIONS

From left:The Director, Institute of Maritime Studies of the University of Lagos, Prof Olusoji Ilori, conferring the fellowship of the Society for EnvironmentalToxicology and Pollution Mitigation (SETPOM) to the Managing Director, Allott (Nigeria) Ltd, Attahiru Bala Usman, at the SETPOM international conference held at the university… recently

Imoukhuede Now Heads Elizade Varsity’s Governing Council James Sowole in Akure The former Managing Director of Access Bank Plc and the President of the Nigeria Stock Exchange, Mr. Aigboje Imoukhuede, has been appointed as the Pro-Chancellor and Chairman, Governing Council of Elizade University, Ilara Mokin, Ondo State.

The new council also comprises the wife of the former

UK-trained Technologist Launches Free School Search Portal Peace Obi In response to the increasing demand on ICT to meet the varying needs of man, a UKtrained Nigerian technologist, Mr. Yomi Ojo, has launched a free school search portal, ‘Schools Compass’ in Lagos recently.

According to Ojo, the portal is designed to be a pool where students and parents can find useful information to aid their need to either transfer from one school to another within the country or relocate from any part of the world to Nigeria to continue their education at any level.

He said the free search portal was part of his contribution towards the global dependence

on technology, adding that it is designed to provide its users with useful information on different schools, their locations and fees of schools of interest in Nigeria.

Apart from making a tedious process of searching for schools a lot easier, the inventor said the website also provides parents with wider range of options to aid quality decision process.

Recalling his experience and the hurdles of locating and deciding on a suitable school for his children in Nigeria after relocating from UK, Ojo said he met parents with similar challenges, who would leave their offices, spend time, money and other resources moving from one school to another in search for the ideal school.

“My personal experience and circumstances led to the emergence of Schools Compass.”

Explaining some of the benefits, he said, “it saves time and money and will give them more confidence in their choice of schools because it is chosen from different options.”

He said parents could search and find schools based on their budgets, their preferred locations across Nigerian states and the FCT, adding that it enables parents to compare up to four schools in a tabular form at the same time to clearly understand their value propositions, download schools’ admission forms and contact schools directly on the same platform.

Governor of Ekiti State, Mrs. Bisi Fayemi, Mr. Adekunle Ade Ojo, Dr. Bola Adediji, Dr. Ayo Ojo, Prof. Theopilus Olawoye, Mr. Begunde Oladipo, Prof.

Biyi Akinaso and Mr. Olusola Adekanola.

Speaking during the inauguration, the founder of the university, Chief Michael Ade-Ojo reiterated that the university was established to impart knowledge and power

in the students who will later use the knowledge to develop Nigeria in future.

He said the institution was not meant to become a big university only, but also one with distinction and achievement that will help the economy of the country.

“I see this university as a catalyst that can propel Nigeria to a better country. This university is meant to transform

our society, to deliver us from poverty through the application of knowledge acquired.”

Ade-Ojo described the newly inaugurated council members as people of high experience and integrity who have excelled in their various fields and urged them to use their experience to take the university to a greater height and also “transform the university to engine room of knowledge and power.”

Etisalat Enhances Students’ Career Choices As part of efforts to enhance the quality of career choices among secondary school students in the country, Etisalat Nigeria recently organised a career counselling session for some students in Port Harcourt, Rivers State.

The career-focused event, which held at the Conference Hall of Community Comprehensive Secondary School, Rumuokwurushi is a CSR initiative of the company aimed at enlightening students on existing career opportunities across various fields and guiding them with adequate information thereby helping them to secure their future.

It featured career-enlightenment talks from resource persons drawn from the Etisalat Employee Volunteering Scheme, a platform through which

Etisalat staff impact students within its host communities by delivering career enhancing sessions and mentorship to students in secondary schools.

Speaking at the one-day event, the Manager, CSR, Etisalat Nigeria, Oyetola Oduyemi, said the career counselling initiative speaks to the commitment of the company to partner relevant authorities and organisations in driving sustainable national development through education, health and environment while singling out education as a core pillar due to its pivotal role in bringing about development.

“Etisalat Nigeria is passionate about driving sustainable national development and does this by building on the platforms of education, health and the environment. Etisalat Nigeria

has faith in the youth of Rivers State; they represent the hope of a brighter tomorrow. And that is why we are making this investment of time and resources. We want them to believe in themselves and accept that the world is at their feet.”

Oduyemi, who revealed that over 7,500 students have benefitted from the programme since inception seven years ago, also identified choice of career as a key determinant of success in a child’s life after school.

Also speaking, the Principal of the host school, Mrs. Justina Dappa, thanked the company “for towing the honourable path of helping students resolve the confusion that usually surrounds the choice of careers,” just as she admitted that the students face enormous challenges.

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T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

EDUCATION

Celebrating M.D Schools at 30

Minister Tasks Unity Schools on ICT Skills

Funmi Ogundare and Peace Obi

The Minister of State for Education, Prof. Anthony Anwukah, has called on the 104 unity colleges across the country to stand out as flagship institutions by thinking outside the box.

Anwukah made the call at the presentation of the 2016 outstanding performance awards of students of the Federal Science and Technical College (FSTC) Yaba to the Federal Ministry of Education in Abuja recently. The event was in collaboration with FSTC, CISCO academy and TAFMUN, an affiliate of the United Nations.

According to the minister, unity school must take a step further by tilting more towards ICT by participating in international competitions, adding that ICT is the only way out going by the current economic challenges facing the country.

He added that investing in ICT would create various avenues to build the country’s economy as it would also provide opportunity for employment and hands-on experience for the youths.

“I will like to say that FSTC Yaba has distinguished itself in this regard as the flagship and only unity college that is coming out with a lot of awards from participating in many ICT competitions within the country.

“This is why I am saying that we can be where the Asian Tigers are if we do the right thing. We are largely consumers of other people’s technology and the time to overturn the trend is now.

“Rather than patronising other people’s technology, we can invite the technology manufacturing companies to come with just their softwares to Nigeria and assemble and manufacture here.

“I want to commend FSTC for their landmark achievements in the field of ICT and I want to also say, with all I have seen today, the future

It was celebration all the way as M.D School, Lagos recently commemorated its 30th anniversary with a thanksgiving service, awards to those that have supported it over the years, as well as a symposium and hosting of special needs children.

In her remarks, the Executive Director of the school, Mrs. Omolara Adejugbe, who received an award in recognition of her role as a leader and motivator, expressed delight about it, while dedicating it to the memory of her late husband who died 20 years ago.

“Today is a memorable day for me and the school; in this journey of 30 years, it has been a solo one for 20 years with God ahead.

The Commissioner for the Environment, Dr. Babatunde Adejare, who commended Adejugbe for the success recorded over the years, promised his ministry’s readiness to plant trees in the school to commemorate the anniversary.

Adejare, whose children also attended the school said, “your report card is what your children become today because the foundation of the child matters. The main thing my children took away from the school is the reverence to God.” He expressed concern that people take delight in destroying the trees that are

meant to protect the environment, saying, “the sustainability of the human race depends on our environment, we have not taken charge of it.”

The Chief Executive Officer of Animal Care Services Consult Nigeria Limited, Dr. Olatunde Agbato, who recalled how the proprietress’ late husband inspired the establishment of the school, commended her for doggedness, devotion, tenacity of purpose, as well as disciplined lifestyle, which he noted has impacted the children.

At the symposium/hosting of special needs children in partnership with Inner Wheel Club of Gbagada, District 911 Nigeria, which was attended by Patrick Speech and Language Centre, Ikeja; Down Syndrome Foundation, Nigeria; New OkeOba Primary (inclusive) School; Pacelli School for the Blind and Partially Sighted, among others, parents were urged to give opportunity and assistance to such children to discover and subsequently harness the potential in them.

An educator, Mrs. Dolapo Ogunbanwo said just like regular children, special needs children also have a destiny to fulfill and should be given an enabling environment and support to overcome their challenges and succeed in life.

While assuring parents that the children can still be who God has destined them to be, she said, “regardless of the challenges

they are facing, you must not lose hope.

There is always hope, there is no human being who hasn’t got one challenge or another to deal with.”

She emphasised on love as a way of overcoming disabilities in children, saying, “if you want to know how to deal with the situation and make your hope and dreams for them become fruitful, the answer is love. Whether you are a parent or a teacher, your supposed task it to help these children to achieve their dreams and aspirations in life.”

Ogunbanwo urged the children to cooperate with their teachers to realise their hope. “Please work with them because they are your friends. Let them know that you are willing to listen to them and you will see that God will continue to bless you. As you continue to listen and follow their instructions, you will continue to prosper such that your hope will be realised.”

Also, Adejugbe, who is a member of the Inner Wheel Club, stressed the need for people to reach out to children with special needs. “We have to live by example. If I am preaching to people to love these children, I must be seen as genuinely loving them not because of what I want to gain out of them but then somebody must brace the trail to make people know that we need to reach out to these children.”

A cross-section of participants at the opening of a one-day training of field officers for the pilot survey on schools’ needs assessment under the State of Emergency in Education in Sokoto... recently

Sokoto Approves Construction of 160 New Schools Mohammed Aminu in Sokoto The Sokoto State Government said it has commenced the construction of 160 new primary and secondary schools across the state.

The Special Adviser to Governor Aminu Waziri Tambuwal on Media and Public Affairs, Malam Imam Imam, disclosed this at a oneday training of Field Officers for Pilot Survey on Schools’ Needs Assessment, organised by the Technical Committee on the State of Emergency in Education in the state.

He stated that the schools consist of 100 primary schools, 45 junior secondary schools and 15 senior secondary schools, adding “if there is any sector that should be turned around, it should be the education sector and this does not only lie with the teachers, but with us as citizens.

“So, the need to change the fortune of education cannot be over emphasised in order to reverse the educational backwardness of the north.”

Imam also emphasised the role of the media in ensuring the success of the declaration of emergency in the state education sector, adding that all stakeholders implementing the policy should involve the media to achieve success.

In his remarks, the Commissioner for Basic and Secondary Education, Dr. Jabbi Kilgori, said the state government is in a hurry to achieve the desired targets in the education sector.

He said the job of the technical committee was to conduct a thorough assignment by looking at the structure of the schools, including facilities, staff, pupils, enrolment, among others so as to obtain accurate and credible data.

“This is a pilot study which entails random sampling of

schools and their facilities. So this job requires sacrifice and commitment on the part of the committee for the state education to move forward.”

The Chairman of the Technical Committee on the State of Emergency in Education, Prof.

Riskuwa Shehu, commended the state government for the gesture.

Shehu, the immediate past Vice-Chancellor of Usmanu Danfodiyo University, Sokoto, also regretted that over 60 per cent of teachers in the basic and secondary schools are unqualified, while more than half of the structures in those schools across the state are dilapidated.

“The declaration of the emergency will therefore help drastically in redressing the ugly trend. The survey is targeted at collating a comprehensive needs assessment report on each of the 2,264 primary, junior and

senior secondary schools in the state.”

The Chairman of the Schools Specific Needs and Assessment, Dr. Shadi Sabeh, said the pilot survey would be conducted by 75 enumerators and supervisors in 40 model schools within the next four days.

He explained that the social media platform would be used to track supervisors and enumerators to ensure the collection of accurate data of the schools’ needs.

The Executive Secretary of the State Universal Education Board (SUBEB), Alhaji Faruku Shehu, expressed delight that the declaration of the state of emergency in education is already making huge positive impact, saying, ‘’the emergency has started addressing some of the most formidable problems hitherto plaguing the education sector.”

of these students is assured.”

The Principal of the college, Rev. Chris Ugorji, said the school is aware of the importance of ICT in national development and global competitiveness, thus, it registered for the Cisco Netriders ICT Africa Competition that was organised for all schools, including public and private tertiary institutions in Africa. He said the college emerged the overall best and got the second position consecutively in the country.

He said the college has also participated in programmes and competitions organised for institutions under the Federal Ministry of Education as part of the mandate to train the Nigerian child to acquire relevant knowledge and skills necessary for national development in the modern world.

“Also as part of the college’s resolve to continuously transform to an enviable height, it registered in the 2016 Africa Future Trust Model United Nations (TAFMUN) programme.

TAFMUN is an affiliate of United Nations designed to replicate a model of the United Nations General Assembly.”

Ugorji added that out of the nine awards for the participating institutions, the college received seven, while emerging the overall best, with cash awards and other gifts.

In his remarks, the Area Academy Manager, CISCO English Sub-Saharan Africa, Mr. Imoh Akpan, said so far, over five million had registered in its networking academy programme across the world.

He said the programme had been translated into 19 languages, adding that in Nigeria alone, a total of 172 academies with over 71,000 students have been trained in the academy.

He noted that of the total figure of the trained students in Nigeria, 16,000 were from unity colleges.

Group: Betting Culture Aiding Indolence among Youths David-Chyddy Eleke in Awka A non-governmental organisation, Centre for Strategic Leadership and Youth Orientation (CENSTLEYO) has identified sports betting as one area that is encouraging indolence among youths.

The group said the culture of hard work and perseverance for which Africans are known are gradually being eroded as more youths take up the habit with the hope of hitting big, even without working hard.

It said sports betting is not different from gambling, which was abhorred by Nigerians in the past, except that the practice has been fine-tuned and more people lured into it.

The Coordinator of CENSTLEYO, Mr. Felix Imah, made this known during a one-day sensitisation workshop organised for youths and journalists in Nnewi, to form a working

partnership that would help rid the society of vices associated with young people.

He also identified beauty pageant as one of the means through which young people hope to attain fame and wealth without working hard and called for its abolition. The group observed that gambling and beauty pageants are discouraging youths from skills acquisition and self-reliance.

Delivering a paper titled ‘CENSTLEYO and the Media in the Transformation of our Society’, Imah argued that such organised get-rich-quick ventures have destroyed most youths.

“They no longer find acquisition of leadership skills and other moral values important or even necessary.”

He called for focus among youths and a culture of hard work to ensure that they realise their full potential.

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

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EDUCATION

Algorithm Makes Sense Out of Nonsense (I) Text of the inaugural lecture delivered by Professor Sunday Eric Adewumi, Head, Department of Computer Science and Director, ICT, Federal University Lokoja Kogi State 1 INTRODUCTION 1.1 Lecture Title Computer Science is concerned with the study of algorithm. It is founded on the concept of binary numbers represented by 0s and 1s. Zero (0) is used to represent off, while one (1) represents on. The main circuit of a computer leverages on binary numbers for the building of its basic blocks made of flip-flops. The workings of a computer are made possible by algorithms that ensure its efficiency. Algorithms are nonsensical in their natural sense and look. For example, these three statements are all performing the same function: Statement Meaning ++i;

plus, plus i

i+=1;

i plus equals to one

i=i+1;

i equals to i plus 1

To a non-computer literate, the statements are nothing but nonsense. The two statements ++i and i++ are syntactically the same but semantically different. Computer goes through loops of complex nonsense to make sense out of it. Algorithmic statements such as the ones written above are usually turned into sense when translated to a program through one of its languages. Tasks that will take several man-hours will take a computer system some flip-flop steps in just few seconds, depending on the depth of complexity of what is to be accomplished.

The computer is designed to handle routine tasks using the shortest possible paths and means.

Algorithm is about the order for accomplishing a given task in the best possible way. The computer is a binary machine. While man uses base 10, possibly because of the number of 10 fingers on our hands and legs in which the highest number that could be written is 9, the computer uses a simpler number system of base 2, in which 1 is the highest in the number system.

Algorithm therefore, can be seen as an actionable plan, a code, a method, a process, a routine, a program, an approach, a goal, a vison, a scheme, a system, a prototype, a design, a loop, a model, an abstraction, a technique or a function.

1.2 Definition Algorithm refers to the steps we take in order to accomplish a given task within a given time frame. It is the step-by-step method for solving a problem in finite time. Life is a loop, so is algorithm. Algorithmic problems are solved in polynomial time as most of its operations deal with subtraction, addition, division and multiplication.

Algorithm can be represented with a pseudo code or a flowchart which can be developed into a program using one of the computer languages.

The program is the instruction that drives the hardware. A program is also an algorithm.

It was Muhammad ibn Musa al-Khwarizmi who first pioneered this method in solving problems in arithmetic around 780 AD, thus bequeathing these beautiful steps to the world. When man first walked on the moon, it was algorithmic steps.

Neil Armstrong on July 20, 1969 described this first step with this statement “That’s one small step for a man, one giant leap for mankind”.

What Al-kwarizmi started some 1,200 years as small steps for solving problems has produced giant leaps for mankind. His method for solving problems in arithmetic has been perfected to build even super computers that have taken man to the moon and his method has been so named after him as algorithm.

This method proposed by Al-kwarizmi has become, in today’s language, algorithm. His method took on the four cardinal issues of life.

Life can lead to an increase or a decrease. It can even lead to division and multiplication.

A decrease or an increase can be likened to subtraction and addition. Subtraction and addition also lead to division and multiplication (fig. 1.1).

Algorithm has made its mark in all the four cardinal issues, to the point that even if engineers are today able to fabricate engines that run on

water instead of petrol, that ingenuity would not have matched the remarkable achievements made by algorithm represented by ICT, as the news of that feat would have been carried on the wings of technology powered by algorithm.

ICT is the application of computer science to solve challenges related to abstraction, data structures, modeling, programming, communication, and issues that are related to computational thinking/complexities and their likes.

We can therefore say ICT is the application of algorithm to the issues of life. It is possible for machine not to reach its threshold, algorithm will, as it can negotiate loops to move pass the threshold. The science of mathematics is concerned with these four – subtraction, addition, division and multiplication. We are familiar with these basic operations. + ÷ x Fig. 1.1 Blaise Pascal, at a young age of 18 years invented and built the first mechanical calculator as a means of helping his father perform tedious tax accounting. This was in the year 1642. As innovative as the machine was, it could only add and subtract. In 1672, Gottfried Leibnitz made a machine that could divide and multiply.

It took man 29 years, that is, 1642 through to 1672 to know that multiplication is subsequent addition and division is subsequent subtraction.

Let us recall how multiplication and division algorithm works. In multiplication, 3x2 is the same as 3+3 or 2+2+2 which is 6. Similarly 9÷3 = 3, because we can subtract 3 from 9, 3 times before the remainder becomes less than or equal to zero (0). In the same vein, 14÷4 = 3 remainder 2 or 3½, because we can subtract 4 from 14 three (3) times before the remainder becomes 2.

Again, because 2 is less than 4, we put a period after 3 and then multiply the remainder 2 by 10 or simply add a zero (0) after 2 to obtain 20.

The method (algorithm) is then applied as we did earlier to determine the number of times 4 can be subtracted from 20 before the result becomes less than or equal to zero (0). In this case, the result is 5. This 5 is then inserted after the period; making the answer to be 3.5 or 3½.

It then means that 14÷4 = 3.5 or 3½. In this division, the value 14 is called the dividend, and the value 4 is called the divisor while the result, which is 3½ is known as the quotient.

We restate the above division of how 14÷4 become 3.5 with a simple algorithm that a computer can be made to follow to solve this division and indeed all other divisions that we might encounter in life.

The ability of algorithm to solve life’s challenges once and for all and in finite time is what makes it stand out amongst the means of resolving many of life’s challenges.

To express this power of algorithm, division can first be depicted as in equation (1) and the process which represents its algorithm for accomplishing this task then follows: dividend/divisor=quotient …

(1) A simple algorithm for division will be: Initialize a counter q=0 Check if the dividend is greater or equal to divisor If No, goto step 3 If yes, subtract divisor from dividend

zero

q=q+1 goto step 2 Check if the dividend is greater than If No, goto step 4 If yes, multiply dividend by 10 Goto step 2 Display the value of q Stop

Similarly, algorithm for multiplication can be obtained and implemented.

To implement an algorithm on a computer, we need a medium to be able to tell the computer that which we want to achieve with the algorithm that has been designed. The means by which we achieve this is through a programming language. However, the computer in its natural state does not understand anything other than 0s and 1s or off and on as has been mentioned earlier. Everything we see on the screen of our handheld devices is represented by strings of zeros and ones. It was on the account of the binary number system that Charles Babbage’s Analytical Engine was programmed by Lady Ada Lovelace in 1843 using machine language that was basically made of 0s and 1s. Ada Lovelace became the first human and the first woman programmer to do what might be called low level programming on Charles Babbage’s machine.

The instructions she created that drove Charles Babbage’s analytical engine were programed on a punched card. Humans advanced from using machine code to symbolic codes known as assembly language. It can then be inferred that machine language is native to the machine while assembly and most especially high level languages are native to man. High level languages are written in English-like texts.

Assembly language was developed after years of using machine language with its many implementation challenges. In 1949, man settled for what he could relate with using mnemonics or symbols.

That innovation is called assembly language.

The development of assembly language is a kind of get-away from the notorious machine language with its codes written with strings of zeros and ones. With assembly language, man was able to relate with symbols instead of the strings of zeros and ones that characterized machine language. Instructions written in machine language are susceptible to errors because many strings of zeros and ones are required in representing even simple characters.

Despite that instructions written in whatever language still get converted to machine language, it was easier for humans to manipulate symbols instead of zeros and ones.

After many years of using machine and assembly languages, the world discovered that low level programming using strings of zeros and ones and even symbols was tedious even though it was native to the machine. Man then thought of a language that is closer to his natural language, which we call high level language. It was as a result of this that in 1957, John Backus developed the first high level language called ForTran (FORmula TRANslator) in which pseudo codes and flowcharts became the means by which algorithms were described and developed.

As a result of the successes recorded in the use of ForTran, other computer languages with application in business such as COBOL (Common Business Oriented Language) and latter PL/1 (Programming Language 1) were developed.

In a high level language such as ForTran, it makes sense to write i=i+1, however it does not make mathematical sense to write i=i+1.

Mathematically, i =i+1 would mean 0 =1 which has never been accepted as true. In computing, however, it means the memory location represented by variable i has increased by 1 or better still, 1 has been added to the content of i. The computer is always in the business of adding or subtracting into and from a location.

It is only in such areas as the determination of Eigen values in mathematics that i=i+1 might make sense. The process of determining an Eigen value is itself an algorithm. In switching algebra, A+A=A and not 2A. It does not then naturally make sense to write i=i+1. Mathematically, this will only lead to nonsense.

Algorithm can be applied in virtually all human endeavors, be it in business, sport, science, arts, the military, communication, etc. It has a role to play in all human endeavours. For example, great football legends like Lionel Messi and Christiano Ronaldo display calculative steps in the field of play by their algorithmic steps. No wonder, when asked to compare the exploits of these two great men, Gerard Pique said “Lionel Messi isn’t human, Cristiano Ronaldo is best of the human.” Today, the computer, through research in Human Computer Interaction and AI (Artificial Intelligent) is making the statements of the likes of Shakespeare of no effect.

Shakespeare once said “there’s no art to find mind’s construction in the face.”

Developments in Human Computer Interaction HCI), powered by algorithm, are making it possible to find mind’s construction in the face. How? Algorithms are used to deconstruct minds, even the best of minds. Take for example, when you type on the computer, your mind constructions are translated to your fingers.

Before you realize the mistakes caused by your fingers, the system would provide likely answers by making suggestions so as to help you realize the construction on your mind. This is accomplished with a suggestion of likely words you are thinking about. It is instructive to note that there is a connection between your face and what you type using your keyboard. Sometimes, algorithm can go ahead to even suggest something better that is not even on your mind. Recall that we said earlier, algorithm is computer and computer is algorithm. Typos are rightly corrected by the algorithms on your computer system. In the future, the right word for the computer might be algorithm, because, the computer is a piece of device while algorithm gives life to the device. We daily use algorithm to solve our daily routines. Our daily routine in life can be summarized thus: Wake-up and say your prayer Do household chores Take your bath Dress up Take breakfast if one is available Go for your daily business or businesses Return from your daily business Rest, eat, talk, argue, exercise Go to sleep Return to the loop in step 1.

These are some of the routines we undergo daily to show that life comprises complex loops of algorithm.

Algorithm is the life wire of communication devices. Robots function largely by the algorithm embedded in them.

Algorithm designers have used life processes to design complex systems. For example, ants produce pheromone to be able to find their path and also communicate with one another. Dogs’ urine mark spots to find their path in a new and complex environment. These methods used by animals to either communicate or find their paths are in a sense algorithms that have been studied to come up with other useful processes for tackling real life challenges. Such body of knowledge has been leveraged upon to design complex transport systems or network routing algorithms. ...TO BE CONTINUED

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

Istanbul, Where Cultures Meld Every year, the Turkish Airline organises media trip for journalists across Africa as part of its corporate social responsibilities. Joseph Ushigiale who is just back from Istanbul and was part of this year’s event that drew media people from across 22 African countries and others from Nepal and Pakistan reports on his experiences

The beauty of Istanbul at night

"L

adies and gentlemen, children; from the cockpit this is your captain speaking. I welcome you on board flight TK 0626 taking us direct to Istanbul. Our flight time is approximately six hours thirty minutes and we will be cruising at an altitude of 41,000 feet.

Weather condition enroute Istanbul is fine but will experience turbulence as we climb out of Lagos. Please seat back and enjoy your flight.”

With this announcement from the captain, our journey to Istanbul commenced. This reporter including his colleagues from the Guardian and Vanguard and another media consultant, Mr. (Pastor) Kunle Hamilton (formerly Editor, Glitterati, a sister publication of THISDAY Newspapers) were part of the 102 journalists drawn from across 23 African countries and few other journalists from Pakistan and Nepal by the Turkish Airlines to come and have a feel of Istanbul.

The consultant to Turkish Airline, Mr. Sam Adeoye whose organisation put this trip together told THISDAY that it is part of the Turkish Airlines’ “corporate social responsibility initiative aimed at partnering with media practitioners wherever it does business to showcase not only the airline’s niche services but also market Turkey as a destination.”

Beyond that, it is also worth noting that our trip was coming in the immediate aftermath of two major events that shook Turkey to its very foundation, threatened it democracy and unity: the June 28, 2016 terrorists attack at the Ataturk Airport and the subsequent July 15, 2016 coup to topple President Recep Erdogan.

As soon as the captain obtained final clearance from the air traffic controller to roll, we were airborne shortly after. Once we maintained considerable altitude and the fasten seat belt sign was off, dinner was served by the ever smiling flight attendants. This reporter’s seat number was 5D which is in the business class cabin. After dinner, I reclined my seat and decided to sleep for some few hours. I must confess that for the very first time in my entire

flying experience either local or international, I had never as much as winked while airborne out of fear that the plane would tumble down and crash.

But Turkish Airlines’ flight TK 0626 banished that phobia as it flew us assuredly on its Boeing 777-300 ER series, an aircraft where you will experience absolute comfort and luxury while in the air. We landed Istanbul in the early hours of the next morning and were lodged at Radisson Blu. Later that day, we had a press conference with the Chief Executive Officer of the airline Dr. Temel Kotil who condemned the twin incidents and warned the visiting journalists to beware of the machinations of the coupists whom he said are believed to have presence in many countries and the capability of infiltrating several organisations including the media.

Kotil also used the opportunity to lay out a broad outline of the future projections for the airline. He said although passenger traffic has peaked at about 50m a year, its projection is to increase traffic to 90m in the next few years.

It is also a great marvel how a country, divided by two continents, Europe and Asia Turkey has succeeded in blending these two separate entities to create a formidable and united country. Indeed it could be what makes Turkey an interesting country with its rich multicultural and linguistic heritages

He explained that to support these projections, the airline is to construct a bigger airport in addition to the present Ataturk Airport and expand its fleet which is about the youngest in the world from 336 to 500 aircrafts.

The next morning, we were driven to the airline’s flight training centre overlooking Ataturk International Airport from where you can watch as planes land and take-off every minute. This centre was opened in 1994 and has 21 high tech simulators built and installed

by Thale of France. It boosts of 60 classrooms capable of training 1500 persons simultaneously and has a massive conference centre. It carries out various theories and practical trainings for flight crew, cockpit ground crew, cabin crew training on different aircraft types.

We also visited Do & Co which describes itself as the gourmet company that caters not only to Turkish Airlines alone but services over 23 other airlines globally. At the airline’s catering wing, we were shown through the entire catering value chain and were informed that the subsidiary produces 200,000 plates of fresh foods daily to service its flights worldwide. It also carries out events hosting and management, private and corporate catering etc.

On the last day of our visit, we departed quite early and while we drove along the coastline, our guide gave us a brief history of Turkey and especially Istanbul. As we drove in a snail speed, bumper to bumper along the road, to our left, were multiple mosques but the most prominent according to our guide was the blue mosque.

The Blue Mosque (Called Sultanahmet Camii in Turkish) is an historical mosque in Istanbul. The mosque is known as the Blue Mosque because of blue tiles surrounding the walls of interior design. Mosque was built between 1609 and 1616 years, during the rule of Ahmed I. Just like many other mosques, it also comprises a tomb of the founder, a madrasa and a hospice.

Besides still used as a mosque, the Sultan Ahmed Mosque has also become a popular tourist attraction in Istanbul.

According to our guide “Turkey occupies

Asia Minor which covers about 97 per cent while a small portion of Europe occupies three per cent. It is bounded on the west by the Aegean Sea; on the northwest by the Sea of Marmara, Greece, and Bulgaria; on the north by the Black Sea; on the east by Georgia, Armenia, Azerbaijan, and Iran; and on the south by Iraq, Syria, and the Mediterranean.

“Although Istanbul (formerly Constantinople) is the major city with 5 provinces out of the entire 81 provinces in Turkey and was the capital of the Ottoman Empire, the first president—Mustafa Kemal Atatürk—chose Ankara, an interior Anatolian city, as the capital in 1923 when it gained independence,” he explained.

Our bus meandered its way right up to the quayside where we alighted to take a boat cruise on the Bosphorus. A recent visitor described the Bosphorus as “the most scenic and the most romantic part of Istanbul. It is a strait that connects the Black Sea on north with the Marmara Sea on south. It is a natural border between Europe and Asia and it is the only outlet of the Black Sea, which is connected to the Aegean through the Bosphorus and the Dardanelles. The most beautiful mansions and palaces of Istanbul, mosques restaurants and beaches along its shores are located on two sides of this natural waterway.”

After about an hour’s boat cruise within which we enjoyed Istanbul’s aquatic splendor, the beautiful tour boats, cruise liners and elegant yachts littered on the waterfronts, two suspended bridges linking Asian continent, we finally arrived at the other end behind the famous museum which houses Topkapı Palace and was constructed between 1460 and 1478 by Sultan Mehmed the Conqueror Palace served as the home of the Ottoman sultans and their court until the middle of the 19th century. To access the palace, you have to buy a pass and cameras, pictures and video making equipment are prohibited and the entire palace is heavily guarded.

After lunch at a very famous restaurant believed to have hosted two American Presidents: Bill Clinton and Barack Obama, we were

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unleashed on the grand bazaar. According to its website, The Grand Bazaar (Kapalıçar ı) in Istanbul is one of the largest covered markets in the world with 60 streets and 5,000 shops, and attracts between 250,000 and 400,000 visitors daily.

It is well known for its jewellery, handpainted ceramics, carpets, embroideries, spices and antique shops. Many of the stalls in the bazaar are grouped by type of goods, with special areas for leather, gold jewellery and the like. The bazaar has been an important trading centre since 1461 and its labyrinthine vaults feature two bedestens (domed buildings), the first of which was constructed between 1455 and 1461 by the order of Sultan Mehmed the Conqueror. The bazaar was vastly enlarged in the 16th century, during the reign of Sultan Suleiman the Magnificent, and in 1894 underwent a major restoration following an earthquake.

The dinner that night signaled the end of our tour and itinerary for our return trip was handed to each group from their respective countries. There is however an aspect of Turkish life that you cannot overlook; that aspect is its security consciousness. It would be an almost impossible for you to get away even with car snatching in Istanbul. The security apparatus is razor and they have effective deployment of CCTV all over the place which makes it almost impossible for criminals to get away with any crime they commit.

Another noticeable thing about Istanbul is that it is landlocked because you either see water or rocky and difficult terrain as dry land. The traffic jams make Lagos’ traffic a child’s play.

Therefore to accomplish anything meaningful, you must be ready to trek the distance to your destination because there are some areas vehicles are restricted and not accessible.

It is also a great marvel how a country, divided by two continents, Europe and Asia Turkey has succeeded in blending these two separate entities to create a formidable and united country. Indeed it could be what makes Turkey an interesting country with its rich multicultural and linguistic heritages. .According to www.everyculture.com presentday Turkey was founded in 1923 as an offspring of the multiethnic and multilingual Ottoman Empire, which existed between the fourteenth and early twentieth centuries and embraced much of the Middle East along with parts of Southeastern Europe and North Africa in the sixteenth century. In the nineteenth century, when the Balkans and the Trans-Caspian regions were separated from the empire, many non-Turkish Ottoman citizens fled or migrated to Anatolia and Turkish Thrace to resettle.

With the Ottoman Empire's demise in World War I, the heartland of the old empire—Istanbul and Asia Minor—was reconstituted as the

The big lesson from Istanbul is that tourism is big business in Turkey and contributes substantially to its gross domestic product. The sector is well organised with registered tour companies parading well trained courteous staff branded with tour buses etc. The major thing going for the country is that it has been able to deliberately identify with it cultural heritage and traditions and took time to preserve and in some cases, recreated its various historical sites to make the country a compelling destination

Istanbul view from golden horn

Hanging Bridge

Aerial view of Istanbul

Republic of Turkey under the leadership of Mustafa Kemal (later called Mustafa Kemal Atatürk). To make Turkey a modern, Westernstyle, secular nation-state, Atatürk disestablished Islam as the state religion, adopted Western legal codes, and established a compulsory secular educational system in which all young Muslim citizens, regardless of ethnicity, were taught that they were ethnically Turkish and citizens of a Turkish nation-state.

After centuries of intermarriage with Mediterranean and Balkan peoples and the assimilation of those peoples into the Ottoman Empire and the Turkish state, the vast majority of today's Turks physically resemble southern Europeans rather than central Asiatics.

The big lesson from Istanbul is that tourism is big business in Turkey and contributes substantially to its gross domestic product. The sector is well organised with registered tour companies parading well trained courteous staff branded with tour buses etc. The major thing

going for the country is that it has been able to deliberately identify with it cultural heritage and traditions and took time to preserve and in some cases, recreated its various historical sites to make the country a compelling destination.

It has also succeeded in designing and deploying remarkable and effective brands and marketing strategies alongside creating synergy between the Tourism ministry and Turkish airlines to drive traffic. Istanbul is a must-see city both as a tourism centre and a commercial hub.

The trip by Turkish Airline was indeed an eye opener and reinforces the need for the floating of a national carrier in Nigeria. The opening of an office by Airbus of France in Nigeria and the resolve of the present administration to float a national airline could not have come at a better time. Apart from national pride, a national carrier has a multiplier effect on the economy.

Turkish Airline has been flying since 1933

and has over 4500 pilots and over 10,000 flight attendants and ground crew. Nigeria has a lot to learn from the Turkish Airline model which makes it one of the most competitive airline which contributes 5.3 per cent to it country’s GDP and controls over 300 aircraft in its fleet flying to over 291 destinations in 110 countries.

As the push to float a national carrier gathers momentum in Nigeria, there is a lot to learn from the Turkish Airlines’ experience and model given that the airline is also state-owned yet runs profitably and is quoted on the Turkish Stock Exchange. Although Turkish Airline is 83 years old this year, it is not too late for Nigeria to start her own airline, afterall we should be comforted by and learn from Kenny Rogers’ lyrics in his song ‘Going Back to Alabama’ where he sang that a man who walks by the side of the road can turn himself around. He can pick himself fast, just himself fast and start all over again.’ Nigeria can sure turn itself around on this one and it is better late than never.

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INTERNATIONAL Clinton Camp Insists it Can’t Be Thrown off Course

email:foreigndesk@thisdaylive.com

Hillary Clinton’s campaign is insisting it can’t be thrown off course in the final week of the presidential race -- because it’s already running on auto-pilot.

Over the past 18 months, the Democratic nominee has built an impressive campaign infrastructure that has dwarfed her GOP opponent, Donald Trump, on fundraising and get-out-the-vote efforts.

The sudden revival of Clinton’s private email server as a top campaign issue is emerging as the ultimate test of whether all that work will pay off next week and whether her core message -- that she is the only candidate fit to be president -- will resonate.

FBI Director James Comey blindsided the Clinton campaign Friday by telling lawmakers newly discovered emails could be pertinent to the probe into the private server. The Clinton campaign and her surrogates are furious that the announcement came so close to the election while Trump and his allies are celebrating the fresh ammunition after spending weeks on defense.

Campaigning in Kent, Ohio,

on Monday, Clinton brushed away the investigation, saying voters have already made up their minds on the email issue.“I think most people have decided a long time ago what they think about all this,” Clinton said.

“Now, what people are focused on is choosing the next president and commander and chief of the United States of America.”

If the Trump campaign has run a thoroughly unconventional campaign, with little care for the traditional rules of politics and relatively bare-bones infrastructure, the Clinton operation has devoted much of its time and resources to building out a robust ground game across battleground states.

In the final weeks, Clinton has particularly touted her campaign’s Get Out the Vote and early voting campaigns, enlisting help from high-profile celebrities like Jennifer Lopez, Marc Anthony, Katy Perry and Jay-Z. The campaign is hopeful that these efforts will be crucial to driving up turnout on and before Election Day. Clinton aides cite early voting statistics as proof that

while the FBI news has drawn heavy scrutiny in recent days, it has not moved the core of her support Early voting data show that over 3.5 million people have already voted in Florida -- making up nearly one quarter of all registered voters in the state -- with Democrats outpacing 2012 vote-by-mail numbers.

Similarly in Nevada, where nearly one-fourth of registered voters have already cast their ballot, Democrats are outpacing Republicans by nearly 30,000.

And Clinton aides say the core of their base, especially Hispanic voters, have already turned out to vote in high numbers, citing trends in Colorado, Nevada and Florida.

Some top advisers believe states with robust early voting and absentee balloting, like Nevada, could essentially be decided before Election Day. Still, the campaign is on the lookout for any signs of damage from Comey’s announcement.

In some swing states, aides acknowledge that the FBI’s renewed probe appears to have created some volatility with voters.

47

WEDNESDAY NOVEMBER 2, 2016 • T H I S D AY

Syria Peace Talks Delayed Indefinitely Russian Defense Minister Sergei Shoigu said yesterday that Western failure to rein in violent Islamists in Syria had indefinitely delayed the resumption

of peace talks. Shoigu said that rebels backed by Western governments had been attacking civilians in the Syrian city of Aleppo, despite a pause in Russian

Turkish Military Deploy Tanks, Military Vehicles to Iraqi Border The Turkish armed forces have begun deploying tanks and other armored vehicles to the Silopi area of Sirnak province near the border with Iraq, military sources said yesterday.

The sources did not give a reason for the deployment, but President Tayyip Erdogan said on Saturday Turkey was aiming to reinforce its troops there, saying Ankara would have a “different response” for Shi’ite militia groups if they “cause terror” in the Iraqi city of Tal Afar.

Photos from the military sources showed a long column of vehicles, including tanks, tank rescue vehicles and construction vehicles in single file on a dual carriageway.

The deployment coincides with an Iraqi operation to drive Islamic State from the northern Iraqi city of Mosul and after Iraqi Shi’ite militias launched a related offensive to push the jihadists out of the town of Tal Afar further west.

Ankara has warned against such a move toward Tal Afar, which is some 170 km (106 miles) from Silopi and home to a sizeable ethnic Turkmen population with historic and cultural ties to Turkey.

Sirnak province, where Silopi is located, is also one of the main areas of conflict between the Turkish military and Kurdistan Workers Party (PKK) militants, who have bases in northern Iraq.

US Halts Philippines Rifle Sale The United States State Department halted the planned sale of some 26,000 assault rifles to the Philippines’ national police after Senator Ben Cardin said he would oppose it, Senate aides told Reuters on Monday. Aides said Cardin, the top Democrat on the U.S. Senate Foreign Relations Committee, was reluctant for the United States to provide the weapons given concerns about human rights violations in the Philippines.

News of the thwarting of the weapons sale was met with disappointment among the Philippine police and government on Tuesday, but they said alternative suppliers would be found.

Police spokesman Dionardo Carlos said the Philippines had yet to be notified about the sale being stopped.

The relationship between the United States and the Philippines, a long-time ally, has been complicated lately by President Rodrigo Duterte’s angry reaction to criticism from Washington of his violent battle to rid the country of illegal drugs.

More than 2,300 people have been killed in police operations or by suspected vigilantes in connection with the anti-narcotics campaign since Duterte took office on June 30. The U.S. State Department informs Congress when international

weapons sales are in the works. Aides said Foreign Relations committee staff informed State that Cardin would oppose the deal during the department’s prenotification process for the sale of 26,000-27,000 assault rifles, stopping the deal.

U.S. State Department officials did not comment.

Ronald dela Rosa, the Philippine national police chief and staunch supporter of the war on drugs, said he liked the American rifle, but suggested China as an alternative small-arms provider. “We really wanted the U.S. rifles because these are reliable,” he told broadcaster ABS-CBN. “But if the sale will not push through, we will find another source, maybe from China.” In October, Duterte told U.S. President Barack Obama to “go to hell” and said the United States had refused to sell some weapons to his country, but he did not care because Russia and China were willing suppliers. According to some U.S. officials, Washington has been doing its best to ignore Duterte’s rhetoric and not provide him with a pretext for more outbursts. An open break with the Philippines could create problems for the United States in a r e g i o n w h e r e C h i n a ’s influence has grown.

and Syrian air attacks.

“As a result, the prospects for the start of a negotiation process and the return to peaceful life in Syria are postponed for an indefinite period,” Shoigu said.

Russia backs Syrian President Bashar al-Assad in Syria’s civil war, and its military operation in Syria, now in its second year, has shored up Assad’s position.

That has put Moscow on a collision course with Washington and its allies who want Assad removed from office.

Since Oct. 18, Russia

and its Syrian allies say they have halted air attacks in Aleppo. Western governments had alleged that the strikes had been killing civilians in large numbers, an allegation Moscow denied.

But the pause in the air attacks on Aleppo is fragile: Russian President Vladimir Putin said last month its continuation depended on the behavior of moderate rebel groups in Aleppo and their Western backers.

Shoigu, who was addressing a meeting of Russian military officials, railed against those rebels and

INTERNATIONAL

their backers, saying they had squandered a chance for peace talks. “It is time for our Western colleagues to determine who they are fighting against: terrorists or Russia,” Shoigu said, in remarks broadcast on Russian television.

“Maybe they have forgotten at whose hands innocent people died in Belgium, in France, in Egypt and elsewhere?”

Listing attacks he said had been carried out by Western-backed rebels inside Aleppo, he said: “Is this an opposition with which we can achieve agreements?”

“In order to destroy terrorists in Syria it is necessary to act together, and not put a spanner in the works of partners. Because the rebels exploit that in their own interests.”

Shoigu said he was also surprised that some European governments had refused to allow Russian navy vessels bound for Syria to dock in their Mediterranean ports to refuel or take on supplies. But he said those refusals had not affected the naval mission, or interfered with supplies reaching the Russian military operation in Syria.

48

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

BUSINESS/MONEYGUIDE

Nigeria’s Manufacturing Index Declines in October Naira appreciates on parallel market Obinna Chima The Manufacturing Purchasing Manager’s Index (PMI) stood at 44.1 index points in October 2016, compared with the 42.5 recorded the preceding month.

The Central Bank of Nigeria (CBN), which disclosed this in the PMI report for October posted on its website yesterday, said the current position of the PMI indicated a slowing decline in the manufacturing sector during the review period.

According to the report, 14 of the 16 sub-sectors surveyed recorded declines in the review month in the following order: electrical equipment; primary metal; fabricated metal products; petroleum & coal products; transportation equipment; computer & electronic products;

printing & related support activities; nonmetallic mineral products; plastics & rubber products; furniture & related products; paper products; textile, apparel, leather & footwear; cement and chemical & pharmaceutical products.

The remaining two sub-sectors grew in the order: appliances & components and food, beverage & tobacco products.

Also, it showed that at 42.3 index points, the production level index for manufacturing sector declined for the 10th consecutive month, but at a slower rate than the index recorded in September 2016. In the same vein, 13 manufacturing sub-sectors recorded declining production level during the review month in the following order: transportation

equipment; petroleum & coal products; electrical equipment; primary metal; computer & electronic products; fabricated metal products; plastics & rubber products; furniture & related products; nonmetallic mineral products; printing & related support activities; paper products; textile, apparel, leather & footwear and chemical & pharmaceutical products.

The appliances & components and cement sub-sectors remained unchanged, while the food, beverage & tobacco products sub-sector grew in the review period. Meanwhile, the naira appreciated to N465 to the dollar on the parallel market as was predicted last week. But on the interbank FX market, the spot rate of the naira closed at N304.75 to the dollar.

Access Bank to Repay 2017 Eurobond from $300m Debt Raised Access Bank Plc plans to use part of a $300 million eurobond it issued last month to help repay an existing eurobond due to mature next year, the bank said on Tuesday.

The lender issued the fiveyear paper with a 10.5 percent coupon last month in the face of dollar shortages owing to oil price slump which has pushed the economy into its first recession in 25 years.

Reuters quoted the CEO of Access Bank, Herbert Wigwe

to have said the “essence of the eurobond was to make sure that we have enough buffer and to refinance our current one maturing,” he said, adding that the bank would also increase dollar lending to businesses generating hard currency.

“On the pricing alone 10.5 percent looks high but if you put it in context of the background of dollar shortages then you will see that it was successful,” he told analysts on a call.

In addition to last month’s

issue, Access has a $350 million 7.25 percent bond maturing in July 2017 another $400 million with a coupon of 9.25 percent due in 2021. Wigwe said the bank was confident it would meet all obligations.

Foreign correspondent banks to Nigerian lenders have been worried this year about a risk of default on their trade lines due to dollar shortages in Nigeria and as the central bank rationed its own hard currency to save its dwindling reserves.

Ecobank Seeks to Attach Funds of Zamfara State in Skye, Zenith Banks A Federal High Court in Lagos yesterday discharged four banks from a garnishee proceedings filed by Ecobank Nig. Ltd, against Zamfara State, over N3.1 billion.

Other defendants in the suit are; Zamfara State’s AttorneyGeneral, Zamfara State Ministry of Finance; Federal Ministry of Finance, Accountant-General of the Federation; Attorney-General of the Federation and Central Bank of Nigeria.

The trial judge, Justice Babs Kuewumi on Tuesday ruled “The 13th, 16th, 18th, and 20th garnishees are hereby excused from further participation in this proceedings for the time being,”

Recall that Justice Okon Abang had in September 2015, ordered the defendants to pay the judgment sum of N3.1 billion to Ecobank, being it’s outstanding indebtedness to the bank.

The judge issued the order while delivering judgment in a suit filed by Ecobank Nig. Ltd against the Zamfara State Government over the indebtedness. The plaintiff (Ecobank) subsequently, commenced a garnishee proceeding against the defendants, joining several banks as garnishees, while all defendants were listed as judgment debtors.

In the garnishee suit, Ecobank who is the judgment creditor, had sought an order of court,

directing the garnishees, to furnish all funds and credit balances in the account of the first defendant. Following the transfer of Abang from the Lagos jurisdiction of the court, Justice Kuewumi assumed jurisdiction in the suit. When the case was called on Tuesday, Mr G.C Duru announced appearance for the judgment creditor (Ecobank).

In the same vain, Miss M.Ibezue announced appearance for the first and third judgment debtor.

Miss Destiny John announced appearance for the 13th garnishee (UBA bank), and Miss U.C Onyeabor represented the16th garnishee (Diamond bank).

FCMB Rewards Another Set of Customers with Millions First City Monument Bank (FCMB) kept to its promise to reward customers through its ‘’Millionaire Promo Season 3’’ after a successful third Regional and Zonal draws held at Ikorodu in Lagos, Rivers, Ondo and Abuja.

The exercise was witnessed by officials of the Consumer Protection Council (CPC), National Lottery Regulatory Commission (NLRC), FCMB customers, and other dignitaries, including community leaders.

At the electronic selection of the winners held across four regions and 25 zones of the bank nationwide recently, another set

of four millionaires emerged, while 640 other customers of the bank won different prizes, ranging from LED televisions, power generating sets, decoders, tablets, smart phones and consolation prizes.

The latest customers to win N1 million at the regional draws were Mr. and Mrs. Uba Elochukwu (Lagos Region); Alhaji Ibrahim Hamza (Abuja & North Region); Mr. Odisu Nathaniel (South-east/Southsouth Region); and Mr. Atanda Sodiq (South-West Region).

The winners were unanimous in their praises for FCMB as they commended the bank for its

unblemished history in fulfilling its promises to customers. In particular, winners of the N1 million star prizes promised to utilise their money judiciously.

The promo commenced in April this year and will run till November, 2016. The current season follows the successful conclusion of the Millionaire Promo Season 2 which held from August 2015 to January 2016 and produced 12 millionaires. The promotion which targets all segments of the society is part of the various initiatives put in place by FCMB to reward customers for their loyalty and patronage.

Broad street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 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) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

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

OPEC DAILY BASKET PRICE AS AT,MONDAY, 31 OCT 2016 The price of OPEC basket of fourteen crudes stood at $45.83 a barrel on Monday, compared with $47.04 the previous Friday, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

49

T H I S D AY • WEDNESDAY NOVEMBER 2, 2016

Nigeria’s top 50 stocks based on market fundamentals

31-Oct-16

28-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

146.13

146.00

0.09%

1,158,679,512,763.44

4.50

32.48

3.86

2.47%

7.11

03 Guaranty Trust Bank Plc

23.50

23.85

-1.47%

691,632,711,764.00

4.90

4.87

1.75

7.42%

1.43

795.00

791.00

0.51%

630,161,720,340.00

19.41

40.75

3.78

3.67%

17.82

05 Zenith Bank Plc

14.70

14.90

-1.34%

461,528,458,654.20

3.91

3.81

0.98

12.08%

0.67

06 Lafarge Africa Plc

47.50

50.00

-5.00%

216,357,835,975.00

-6.71

-7.45

1.02

6.00%

1.63

380.00

380.00

0.00%

210,257,918,940.00 -14.43

-26.33

2.25

4.19%

0.56

08 Ecobank Transnational Incorporated

10.71

10.50

2.00%

196,523,693,512.65

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

43.85

0.00%

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

5.65

5.70

-0.88%

163,443,039,715.15

2.56

2.23

0.48

9.65%

0.38

120.00

120.02

-0.02%

156,297,732,360.00

3.31

36.30

1.01

2.87%

3.62

4.25

4.26

-0.23%

154,187,986,868.50

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

345.00

329.99

4.55%

117,135,033,765.00

31.13

10.60

0.46

4.24%

5.31

3.00

3.03

-0.99%

107,685,878,376.00

0.21

14.60

0.20

4.95%

0.17

150.86

158.80

-5.00%

96,639,462,162.18

3.75

42.36

1.14

1.39%

3.94

6.20

6.25

-0.80%

74,400,000,000.00

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

19.92

19.40

2.68%

65,621,445,657.60

0.17

111.21

2.56

1.29%

5.18

4.94

5.20

-5.00%

59,451,017,336.36

-3.46

-1.50

0.33

14.42%

0.45

23 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

24 Flour Mills Nig. Plc

19.08

19.52

-2.25%

50,070,445,527.96

6.81

2.87

0.13

10.25%

0.51

25 Okomu Oil Palm Plc

43.05

41.00

5.00%

41,065,825,500.00

4.60

8.92

3.18

0.24%

2.51

26 U A C N Plc

19.55

18.68

4.66%

37,552,898,765.85

2.44

7.66

0.50

5.35%

0.49

27 Transnational Corporation Of Nigeria Plc

0.91

1.00

-9.00%

35,236,107,656.75

-0.37

-2.68

0.86

0.00%

0.51

28 Sterling Bank Plc

0.90

0.91

-1.10%

25,911,376,313.40

0.31

2.95

0.25

9.89%

0.31

29 Fidelity Bank Plc

0.88

0.89

-1.12%

25,487,075,408.96

0.39

2.28

0.18

17.98%

0.14

30 Cadbury Nigeria Plc

12.95

13.60

-4.78%

24,322,716,418.00

0.50

27.24

0.91

9.56%

2.50

31 Diamond Bank Plc

1.04

1.09

-4.59%

24,086,804,526.72

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 Custodian And Allied Insurance Plc

3.88

3.71

4.58%

22,821,633,076.60

0.76

4.88

0.65

3.77%

0.78

34 Wema Bank Plc

0.58

0.61

-4.92%

22,373,190,327.56

0.06

10.24

0.46

0.00%

0.50

35 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

36 FCMB Group Plc

1.06

1.09

-2.75%

20,990,873,427.86

0.61

1.78

0.13

9.17%

0.12

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

14.92

0.00%

17,842,477,200.96

-2.54

-5.87

0.61

2.01%

1.95

39 PZ Cussons Nigeria Plc

17.50

16.50

6.06%

17,500,000,000.00

5.69

2.90

1.15

0.61%

0.44

40 Continental Reinsurance Plc

1.09

1.01

7.92%

11,306,291,300.08

0.33

3.07

0.51

11.88%

0.54

41 Honeywell Flour Mill Plc

1.19

1.18

0.85%

9,436,935,213.02

-0.40

-2.92

0.19

13.56%

0.57

42 Skye Bank Plc

0.57

0.59

-3.39%

7,911,771,803.70

-2.93

-0.20

0.05

50.85%

0.08

43 Unity Bank Plc

0.63

0.65

-3.08%

7,364,282,903.46

-0.10

-6.34

0.12

0.00%

0.09

44 Wapic Insurance Plc

0.50

0.51

-1.96%

6,691,369,126.00

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

3.25

0.00%

5,585,937,483.75

-0.05

-62.33

1.66

21.54%

0.16

48 AIICO Insurance Plc

0.63

0.58

8.62%

4,366,028,822.40

0.26

2.22

0.12

8.62%

0.43

49 Nigerian Aviation Handling Company Plc

2.57

2.70

-4.81%

4,174,242,187.50

0.15

17.51

0.55

7.41%

0.71

50 Fidson Healthcare Plc

1.27

1.27

0.00%

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

32 Cap Plc

TOTAL

8,815,832,710,741.04

TOTAL MARKET CAP

9,349,564,994,912.28

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

94.29%

Table 1 Market Statistics Mkt Indicators

Open 28-Oct-16

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

27,294.21 9.38

27,220.09 9.35

-0.27% -0.27%

113.58 8.84

113.22 8.82

-0.32% -0.32%

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

Close 31-Oct-16

Change %

Table 3 Top 5 Gainers Stock

Open Close Change 28-Oct-16 31-Oct-16 %

AIICO Insurance Plc Continental Reinsurance Plc PZ Cussons Nigeria Plc Okomu Oil Palm Plc U A C N Plc

0.58 1.01 16.50 41.00 18.68

0.63 1.09 17.50 43.05 19.55

8.62% 7.92% 6.06% 5.00% 4.66%

Table 4 Top 5 Losers Stock

Open Close Change 28-Oct-16 31-Oct-16 %

Transnational Corporation Of Nigeria Plc Lafarge Africa Plc 7-Up Bottling Comp. Plc Oando Plc Wema Bank Plc

1.00

0.91

-9.00

50.00 158.80 5.20 0.61

47.50 150.86 4.94 0.58

-5.00 -5.00 -5.00 -4.92

Week begins on a negative note as ASI declines 0.27% Market pulse on the Nigerian Stock Exchange (NSE) today – Monday, October 31st, 2016 ended on a positive note as the stock market closed green today. This was further highlighted by negative performances from the NSE Sub sectors: Banking, Insurance and Oil & Gas (Save Consumer Goods). Trading activities increased in volume as 219.90 million shares worth of N1.87 billion in 3,955 deals exchanged hands today. This is an increase from the 148.45 million shares worth of N1.08 billion in 2,073 deals which exchanged hands on Friday. 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 negative with 0.27% (-74.12) decrease to close at 27,220.09 from 27,294.21 the previous trading day. Market Capitalization depreciated in tandem to N9.38 trillion from N9.38 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with a decrease of 0.32% to close at 113.22 from 113.58 recorded at the end of the previous trading day, while its market capitalization stood at 8.82 trillion from 8.84 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. AIICO Insurance Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 8.62% to close at N0.63 per share. It was followed

by Continental Reinsurance Plc with a gain of 7.92% to close at N1.09 per share. Others on the gainers list include: PZ Cussons Nigeria Plc, Okomu Oil Palm Plc and U A C N Plc; while on the decliners’ list, Transnational Corporation Of Nigeria Plc with a loss of 9.00% to close at N0.91 per share. It was followed by Lafarge Africa Plc with a loss of 5.00% to close at N47.50 per share. Others on the decliners list include: 7-Up Bottling Comp.

Plc, Oando Plc and Wema Bank Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

50

T H I S D AY • WEDNESDAY, NOVEMBER 2, 2016

MARKET NEWS

WAPIC Insurance Records Profit of N1.5bn in Nine Months Goddy Egene and Nosa Alekhuogie

Shareholders of Wapic Insurance Plc should expect improved returns in the current year, going by the performance of the company for the nine months ended September 30, 2016. The insurance firm announced gross written premiums of N6.406 billion, up by 13 per cent from N5.673 billion in the corresponding period of 2015.

Net underwriting income improved by 12 per cent to N3.676 billion, from N3.268 billion, while total underwriting expenses rose by 56 per cent to N1.953 billion to N3.050 billion.

Net investment and other income soared by 121 per cent from N1.488 billion to N3.282 billion, while profit before tax jumped by 1,293 per cent from N108 million to N1.508 billion in 2016. Commenting on the results Managing Director of

T H E MAIN BOARD

DEALS

MARKET PRICE

Wapic Insurance Plc, Yinka Adekoya, said: “Despite the macro-economic headwinds constraining growth in Nigeria and the policy challenges within both Nigeria and Ghana, we recorded N6.4 billion in Q3 2016 group gross premiums, a 13 per cent growth from Q3 2015. Our pre-tax profits also soared by 1293 per cent over the corresponding period of 2015.

We remain focused on deepening our retail distribution, im-

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

proving operational efficiencies and projecting the Wapic brand in order to achieve our stated goal of regional leadership in the insurance sector.”

Giving more highlights of the company’s performance during the review period, he said the N2.1 billion paid out in claims, a 111 per cent increase in payout experience as against Q3 2015.

He added that the company got AM Best financial strength

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

rating (FSR) of B- and issuer credit rating (ICR) of bb-, while it established a global depositary receipts(GDR) programme with Bank of New York Mellon as depositary bank, offering enhanced access to global capital markets and a measure of currency stability for shareholders. Meanwhile, the equities market rebounded yesterday with the Nigerian Stock Exchange (NSE) All Share Index (ASI) gaining 0.12

per cent to close at 27,252.48.

Similarly, market capitalisation added N11.1 billion to close at N9.4 trillion. Performance in the market was mainly driven by bargain hunting in Tier-1 banks – Guaranty Trust Bank Plc (+1.3 per cent) and Zenith Bank Plc (+0.8 per cent). The performance was also bolstered by strong buy sentiment in Okomu Oil Palm Plc following investors’ reactions to its impressive nine months results.

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

WEDNESDAY, NOVEMbEr 2, 2016 • T H I S D AY

51

MARKET NEWS

Caverton Posts N14bn Revenue, Loses N3.83bn to Naira Devaluation Goddy Egene Caverton Offshore Support Group Plc (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has announced a revenue of N14.4 billion for the nine months ended September 30, 2016. The revenue showed a decrease of 19 per cent compared with N17.87 billion posted in the corresponding period of 2015.

The company said the drop in revenue in the quarter was due

to slower business activities in the oil and gas industry. The company’s continued efforts to cut costs and increase efficiency across the Group resulted in a 15 per cent reduction in operating expenses, from N9.96 billion to N8.47 billion. Similarly, administrative expenses declined by 23 per cent to N3.2 billion from N4.1 billion.

Similarly, administrative expenses also declined by 23 per cent.

However, an exchange loss of N3.837 billion resulted in a loss of after tax of N1.040 billion in 2019, as against a profit after tax

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.

of N1.391 billion in 2015.

According to Chief Executive Officer of COSG Plc, Mr. Bode Makanjuola, the company’s primary focus has been to reduce and manage operating expenses and exposure to the volatility of the forex market whilst not compromising safety standards.

“We recently received our best Shell Audit Report since 2010 the contracted started which is an indication of the company’s commitment to maintain safety standards despite the economic challenges. As we enter the last

Investors can buy these ‘shares’ on the floor of the Nigerian Stock Exchange A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

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

Guide to Data: Date: All fund prices are quoted in Naira as at 28-

quarter of 2016 and move into 2017 our focus will be on revenue generation and diversification of revenue streams, while still pushing further on cost reduction.

As part of the diversification process, there are opportunities finally opening up for our marine business in the non-oil sector and the Maintenance, Repair and Overhaul, (MRO) facility, when completed will mean that the aircraft maintenance activities currently being done outside the country will be carried out in Nigeria, and this will bring about

reduction in capital flight and training costs for Engineers and Pilots, amongst other benefits.

The operational results shows that we are in a good position going into the last quarter of the year, but for the huge foreign exchange loss recorded that muted the effect of our overall efficient performance,’’ he said.

The CEO noted that the implementation of its strategy to increase service offerings is ongoing as the construction of the Maintenance, Repair and Overhaul, (MRO), facility in

Ikeja Lagos, is in top gear.

“We will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business. We successfully signed a new 5-year contract for helicopter management services which highlights our ongoing diversification efforts. We are also in the process of concluding terms of a new contract in our helicopter operations which we expect to have a significant impact on the scale of our business,’’ he said.

Oct-2016, unless otherwise stated Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF Yield / Total Return: Denotes the total return an investor would have earned on his investment.

Money Market Funds report Yield while others report Year- to-date Total Return NAV: is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Afrinvest Equity Fund 125.13 Nigeria International Debt Fund 216.76 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 125.86 12.04% 217.76 8.32% info@acapng.com Offer Price Yield / T-Rtn 0.70 11.84% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

16.18%

enquiries@arminvestmentcenter.com Bid Price 12.55 289.62 22.64

Offer Price 12.93 298.36 23.32

Yield / T-Rtn 2.96% 3.62% 2.67%

1.00

1.00

13.11%

investmentcare@axamansard.com Bid Price 101.37

Offer Price 102.01

Yield / T-Rtn 1.69%

1.00 1.00 13.93% investmentmanagement@chapelhilldenham.com Bid Price 2.08 9.30

Offer Price 2.13 9.54

Yield / T-Rtn 2.18% -5.61%

82.75

84.87

2.02%

invest@fbnquest.com Bid Price 1,072.13 110.66 100.00 $101.79 $101.67 112.77

Offer Price 1,073.19 111.21 100.00 $102.52 $102.40

Yield / T-Rtn 4.65% 4.92% 12.67% 5.59% 5.47%

114.30

13.54%

fcamhelpdesk@fcmb.com Bid Price 0.93 2.51

Offer Price Yield / T-Rtn 0.95 3.30% 2.51 8.08% coralfunds@fsdhgroup.com

Bid Price 2,208.71

Offer Price 2,235.04

Coral Income Fund 2,051.83 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 1.54%

2,051.83 8.47% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

15.00%

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 11.31% Lotus Halal Fixed Income Fund 991.68 991.68 -0.83% 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 9.60 9.69 -1.83% Meristem Money Market Fund 10.00 10.00 13.88% 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 4.76% 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 107.20 107.95 5.23% 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 8.35% 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 1,824.05 1,834.82 8.62% Stanbic IBTC Bond Fund 152.10 152.10 3.41% Stanbic IBTC Ethical Fund 0.80 0.81 7.33% Stanbic IBTC Guaranteed Investment Fund 181.32 181.32 6.85% Stanbic IBTC Iman Fund 136.98 138.69 1.23% Stanbic IBTC Money Market Fund 100.00 100.00 15.99% Stanbic IBTC Nigerian Equity Fund 7,733.82 7,837.02 7.61% 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 1.16 8.10% United Capital Bond Fund 1.26 1.26 16.21% United Capital Equity Fund 0.68 0.70 -7.53% 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 9.67 9.84 1.37% Zenith Ethical Fund 11.21 11.31 -2.16% Zenith Income Fund 16.65 16.65 3.82%

REITS

NAV Per Share

Yield / T-Rtn

11.58 115.20

3.99% -0.56%

Bid Price

Offer Price

Yield / T-Rtn

8.89 77.86

8.99 79.34

-7.17% -6.44%

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

2.67 7.27 12.41 17.01 129.49

2.71 7.35 12.51 17.21 131.49

15.45% 13.69% -1.11% -11.39% -

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.

52

WEDNESDAY, NOVEMBER 2, 2016 • T H I S D AY

NEWSXTRA

VON Refutes Claim of Economic Sabotage

Crusoe Osagie

The Volkswagen of Nigeria (VON) has refuted claims by the Chairman, Senate Committee on Customs, Excise and Tariff, Senator Hope Uzodimma, that the company was sabotaging the country’s economy.

A statement by the

Managing Director of the VON Automobiles, Mr. Tokunbo Aromolaran, yesterday said the company strongly refuted allegations of any economic sabotage or any other form of non-compliance or wrong doing in its business operations.

According to the statement, the Chairman of the Senate

Azikel Refinery to Commence Operations in 2018 Azikel Refinery, one of the 22 private refineries licensed by the administration of President Muhammadu Buhari in 2015, will begin operations in 2018.

The President of Azikel Group, Dr. Eruani Azibapu, recently signed the agreement for the establishment of Azikel Refinery with Ventech Engineering LLC in Houston Texas.

Eruani signed on behalf of Azikel Petroleum Nigeria Ltd, alongside with Director of Investment and Strategy, Mr. Richard Howarth, and the Executive Director Operations, Mr. Presley Asemota.

The contract for the construction of a 12,000 barrels per day hydroskyming refinery was signed with the world global leaders in modular refinery construction/manufacturing, Ventech Engineering.

Azikel Refinery is situated adjacent the Gbarain-Ubi Gas Gathering Facility, in Obunagha-Gbarain, Bayelsa State. According to a statement by the company, the proximity of the Azikel Refinery to the feed stock from Shell has given it a very clear advantage to early start and completion as to meeting the planned commencement of operations in 2018.

At the contract-signing ceremony in Houston, the President of Ventech, Ian Anderson, emphasised that Ventech’s usual high degree of professionalism would be deployed in the construction of the Azikel Refinery, with

the objective of ensuring that the specifications of the products meet international standards.

Azikel Refinery will produce high value variants of LPG, Petrol, Kerosene, Avaition Fuel, Diesel and Heavy Fuel Oil. President/CEO of Ventech, Ian Anderson, the Vice President Scott McClary, General Counsel Laura Hotard and Busines Development Manager, Mr Brian Swientonioski signed for Ventech.

The event was witness by executives of international banks, export credit agencies, US businessman and organisation as well as the Nigerian community and friends of Azikel Group in the United States.

The funding of the refinery has been secured from Exim Bank, export credit agencies and EPC Project Finance funding.

Among the 22 licensees during the period, Azikel Refinery has moved from the first stage of licensing (LTE) to the second Stage licensing of Approval to Construct (ATC).

Out of the 22 awarded licenses only four private refinery licensees in Nigeria have been able to secure the second license.

Azikel Group which is the sponsor of Azikel Refinery through Azikel Petroleum is committed to the creation of employment, industrialisation of Nigerian and sustainability.

Troops Neutralise Six BH Insurgents, Rescue 38 Women, Children Chiemelie Ezeobi The troops from 8 Task Force Division yesterday neutralised six Boko Haram suspects, just as it rescued 38 women and children, who had hitherto been held in captivity in Borno.

While the break down of rescued persons were 19 children and 19 women, some of the insurgents were said to have fled with gunshot wounds leaving behind 22 motorcycles, flags and other items.

The operation was carried out by troops attached to Operation HardKnock, who was mandated to to clear pockets of Boko Haram terrorist hiding in remote areas of northern Borno State, along Nigeria-Niger borders.

According to Colonel Sani Usman, the Acting Director Army Public Relations, the operation to clear pockets of insurgents from their hideouts will continue.

He said: “As the operation progresses, troops have cleared pockets of insurgents from their hideouts in Momo and Tunshe villages around Marte general area Borno State.

“The troops have rescued 19 women and 19 children held hostages in Dumba village by the terrorists.

“During the rescue operation, the troops neutralised six Boko Haram insurgents while others fled with gunshot wounds leaving behind 22 motorcycles, flags and other items.”

Committee, in company of about 30 people comprising senators, officers of Nigerian Customs Service (NCS), journalists and police officers, descended on the VON premises on October 28, 2016, without prior notification.

“They were given free access to our plants and warehouses, and found nothing other than what you would expect to see in an auto assembly plant-an inventory of vehicles assembled awaiting delivery. We also confirmed that applicable duties were paid at the ports when the components were imported into the country,” he stated.

The statement noted further that “VON is a company that has collaborated with several multinational automotive giants to bring foreign investments and technology to Nigeria, thereby setting the foundation for the country to become the region’s leader in automotive business.

“Having invested in the largest capacity for assembly of vehicles in Nigeria, VON

prides itself as a responsible and committed organisation, sincerely dedicated to the country’s economic development.

“Governed by a strict compliance framework and business ethics, VON has not and will never engage in any activity that would sabotage the economy in any manner whatsoever.

“The Volkswagen assembly plant is a duly licenced facility, approved by the Federal Government of Nigeria through the National Automotive Council, Ministry of Trade and Industry and other relevant authorities. The plant has been inspected several times by the federal government officials, National Automotive Council, SON and others from time to time.

“The plant marked the historic return of the global auto major Volkswagen to Nigeria after several years. VON has been a pioneer in supporting the federal government’s objectives in establishing Nigeria as the

regional hub for the automotive industry.

“The assembly plant operations were duly audited and approved by the Volkswagen team from Germany prior to the commencement of assembly.

“The company’s personnel employed in the facility are fully trained (at Volkswagen Germany and Lagos) technically to assemble vehicles in Nigeria, in accordance with established international standards applicable to Volkswagen worldwide,” Aromolaran said.

The statement faulted the claim that the reference made in media reports to a large number of vehicles in the assembly plant is a standard practice in any automobile plant everywhere in the world.

“As an auto assembly operation, this is what one would expect to find. In line with the auto policy, we imported semi-knocked-down parts and have engaged hundreds of Nigerians in assembling same to fully built

units. All applicable duties and levies on Volkswagen vehicles stored at VON have been paid to the NCS (SKD vehicle kits and fully built units). This is can be verified by the service.

“The assembly plant has not violated or contravened any regulations, and has duly complied with all stipulated procedures for the importation and assembly of Volkswagen or any products.

“Like other automotive plants in the country, the assembly plant is currently not running to full capacity given the general economic condition in the country; poor market demand and the non-availability of adequate foreign exchange. A visit to other automotive plants in the country will convince the Senate committee that our experience is no different from other auto plants in the country,” it noted.

The statement reiterated the commitment of the Volkswagen to the new automotive policy, which it promises to operationalise in its plants.

FIRST AGM OF HERITAGE BANK L-R: Managing Director/CEO of Heritage Bank, Ifie Sekibo; Chairman, Akinsola Akinfemiwa; and the bank’s Company Secretary, Olutomi Ojo, at Heritage Bank’s first annual general meeting in Lagos...yesterday

HOPES OFEARLY RESOLUTION OF PDP CRISIS IN ONDO FADES AS A’COURT JUSTICES STEP DOWN “We consider it necessary to disqualify ourselves from all petitions in respect of Ondo PDP governorship matters.

“We hereby step down from this matter and the case files are to be returned to the President of this court for re-assignment to another panel”, she said.

Meanwhile, the PDP in Ondo State said yesterday that it is “neither distracted nor would succumb to the time-worn tactics of judicial ambush” as a result of the withdrawal of the appeal panel of the Court of Appeal handling its case on the removal of its candidate, Jegede by INEC. The party also called for the immediate arrest of Biyi Poroye who made wild allegations against the Panel members and be made to substantiate its claims.

Reacting to the development, the party’s state’s Director of Publicity, Mr. Ayo Fadaka, in a statement, said the withdrawal of the panel headed by Justice Sankey was “predicated by

the specious and unproven allegations of corruption and other sundry charges by the Ibrahim group against the panel” which prevented it from hearing the appeal against the judgment of Justice Okon Abang of the Federal High Court, Abuja.

“Certainly the petition was a desperate last ditch effort to prevent the panel from carrying out justice. It follows a curious path of blackmail and ambush that Ibrahim and his allies have come to be noted for since they took on the job of killing the PDP in Ondo State.

“We alert Nigerians of the grave damage such irresponsible under-hand tactics as being deployed by Ibrahim and his cohorts could wrought on our fledgling democracy.

This attitude to say the least is absolutely irresponsible and obviously calculated to forestall prompt adjudication on the matter,” the statement said.

Granted that the courts should be the last hope of the citizens, the party said “sadly, events

as dictated by the unfounded allegations of corruption and the subsequent recusal by the justices tend to point otherwise.”

PDP maintained however that it was not disillusioned, distracted and shall not succumb to “this time-worn tactics of judicial ambush.”

The party however encouraged “genuine PDP members to keep faith, remain resolute and steady the course in support of the candidate of the party, Jegede.

However, the leadership of the PDP yesterday met with states chairman over the crisis rocking the party.

The meeting which was held late yesterday at the Temporary Secretariat of the party in Wuse II, Abuja, was also said to have deliberated on topical national issues.

A statement issued by the party’s spokesman, Prince Dayo Adeyeye said the party leaders expressed optimistism that justice shall surely be served in the case of the Ondo State governorship ticket tussle.

The statement read: “The Meeting which was convened at the instance of the National Chairman, Senator Ahmed Makarfi, with other members of the National Caretaker Committee, briefed the state chairmen on the developments in the party and some certain decisions of leadership. The Meeting also received reports from the state chairmen on the state of affairs in their various states.

“The Meeting equally was optimistic that Justice shall surely be served and therefore, both teams reiterated full support for the party’s candidate in the Saturday, November 26, 2016 gubernatorial election in Ondo State, Jegede, SAN as the only standard bearer of the party.

“Finally, we further call on all our members’ nationwide, teeming supporters and the general public, and especially Ondo people, to remain calm and continue supporting the leadership in moving the party forward.”

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WEDNESDAY, NOVEMBER 2, 2016 • T H I S D AY

NEWSXTRA

Infractions: Court Dismisses BGL’s Case against SEC Goddy Egene

BGL Group.

The crux of the The Federal High Court complaints were centered sitting in Lagos has on the inability of the BGL dismissed three cases filed Group to meet its financial against the Securities and obligations to its investors the respective Exchange Commission (SEC) under

by BGL Plc, its sponsored schemes as a result of which individuals and subsidiaries. they were paid neither BGL Plc had taken SEC to the returns nor principal court over the commission’s on their investment upon decision to suspend it from maturity.

These left the firm capital market activities for indebted to its investors alleged infractions.

SEC had received to the tune of almost N5.7 complaints from 33 persons billion.

SEC conducted an concerning their investment in the Guaranteed Premium investigation into the Notes (GPN), Guaranteed activities of the BGL Group Consolidated Notes (GCN), to ascertain the authenticity private placement and other of the complaints.

Upon its conclusion schemes promoted by the

of the investigation, the commission confirmed the complaints of the affected 35 persons and also observed that the BGL group had acted in violation of the provisions Sections 38, 60 (1), 61 (1), 160 and 161 (1) of the ISA 2007.

Other infractions observed during the investigation were breach of the provisions of Rules 3 (4), 22 (4), 34 (1e), 65 (5) and 60 (1f) of the SEC Rules and Regulations.

Dissatisfied with the findings of the investigation and the inability of the BGL group to resolve the

complaints, the commission suspended the group’s Managing Director, Mr. Albert Okumagba and some other officers as well as invited the group along with 31 other persons to appear before the Administrative Proceedings Committee (APC) of the commission.

Upon the conclusion of the proceedings a year later, SEC’s APC arrived at a decision banning Okumagba and his deputy, Chibundu Edozie, from carrying out capital market activities for 20 years and ordered his companies to

restitute investors over N2 billion.

However, the BGL Group proceeded to the Federal High Court and instituted three cases. The first case the suspension and sanctions pronounced on them by the commission on the grounds inter alia that the executive management committee of the commission is not the competent body to pronounce such sanctions.

The second case sought, among others a declaration that the APC of SEC cannot adjudicate on the subject matter of the complaint

in APC/1/2015 as doing so would violate the plaintiff’s right to fair hearing as enshrined in the rules of natural justice and guaranteed by the constitution.

The third case sought, among others an order prohibiting the commission from conducting a hearing on the complaints against them pending the hearing and determination of all the pending cases.

But in statement yesterday SEC said The Federal High Court dismissed all the cases “for being incompetent.”

Erisco Foods to Shut Down Factory after Numerous Calls for FG Support To disengage 1,500 staffs immediately Nume Ekeghei

help in the development of our only country Nigeria.

After numerous complaints We are the biggest tomato of lack of support by the processing plant in Africa government for his company and the fourth largest in and the manufacturing sector the world.” in general, the Chief Executive He further added: “Our Officer, Erisco Foods Limited, relocation to another country Mr. Eric Odinaka Umeofia, will further diminish the has said he will relocate his capacity of our economy factory from of the country to to grow and consequently begin importation of tomato affect negatively all known paste. economic development indices.

However, the federal Specifically, we are aware government has repeatedly that if major tomato paste dismissed Umeofia’s claims, manufacturers like Erisco stating recently that between 2014 Foods Limited exits, we and 2016, Erisco has received bet that fresh tomatoes will N3billion subsidised credit at continue to waste in the farms single digit from the Central while Nigeria will be spending Bank of Nigeria (CBN). over $1billion to import the Erisco Foods which claims to same products annually. have the largest tomato paste “The government refused factory in Africa and the largest to support indigenous in Nigeria, said it is one of manufacturers with a loan of the recent manufacturers to less than $100million to solve shut down operations due to the problem permanently, what lack of federal government’s a contradictory economic support. management; who is fooling The CEO said this yesterday who? The sad story about this at a press briefing in his office, is that most of the importers stating that he would relocate are Indians, Chinese and his factory to China and import Lebanese.” the same product which he “This will be a big shame was producing here in Nigeria. to Nigeria and particularly He also said he would the government agencies like also commence the sack NAFDAC, CBN, Ministry of 1,500 staff in batches of Industry, Trade and immediately and that this Investment that are robustly process would commence once supporting the importation he exhausts the raw materials of a product that can easily in his factory. be produced in our country but Umeofia said: “You would they will not care due to their recall that we had given selfish interest. We predict government 30 days after much that it will take Nigeria not and pressure to shutdown long less than 25 years to recover ago when our colleagues had from the impact of this closed down for over months.” misadventure. Despite all “We have written and have the noise and preaching by been explaining to all relevant some government agencies government agencies. Our to deceive Nigerians, we are expectation was for government experienced enough to know to do the needful by placing where to put our investment total ban on the importation and make profit. Nobody of tomato paste as they did will be foolish enough to in cement, fruit juice etc. leave his own country to Erisco Foods Limited is do business in another one of the few patriotic c o u n t r y i f h e is making companies in Nigeria minimum profit in his own whose sole desire is to country of birth.”

SHARING IDEAS

Former Vice President, Alhaji Atiku Abubakar(right), and Deputy Governor of Enugu State, Mrs. Cecilia Ezeilo, at the opening ceremony of the 6th African Veterinary Association /53rd Nigerian Veterinary Medical Association (NMVA) annual congress in Enugu....Monday

Ihedioha Decries Absence of Rule of Law in Imo State Ejiofor Alike A former Deputy Speaker of the House of Representatives, Hon. Emeka Ihedioha, has decried what he described as the absence of rule of law and qualitative democratic practice in Imo State.

Ihedioha stated this in his keynote address at the 2016 Diocesan Synod of the Diocese of Isi Mbano, Church of Nigeria Anglican Communion, Province of Owerri.

The former deputy speaker spoke on: ‘Restoring the confidence of the citizens in the political leadership in Nigeria – A case Study of Imo State.’

He declared that having had the privilege to traverse the executive and legislative arms of government at the centre between 1992 and 2015, he was compelled to conclude that the state has been denied the benefit of qualitative democratic practice.

According to him, apart from the virtual non- existence of the local government as the third

tier of government, the legislative arm at the state level is hampered from the discharge of its responsibility by executive high-handedness.

“In my younger days, I had the privilege of witnessing a progressively growing state, where law and order were respected. Today, our government seems to proudly and publicly detest and castigate the rule of law, by disobeying court judgements.

The younger ones of today, may never understand that our constitution stipulates a three tier governance structure since the local governments have practically ceased to exist in our own state. A fourth tier of government which is alien to the Nigerian constitution has been added in Imo and this is, at best, curious and worrisome,” he explained.

Ihedioha alleged that the critical constitutional responsibility of the legislature - representation, appropriation and oversight is neglected in Imo State.

This, he said defeated the essence of checks and balances which should have put a reckless executive in check.

“Are we a quasidemocracy? This lacuna is at the foundation of the lawlessness and disregard for order and civilised practice.

I believe however, that the election of well tutored and prepared helmsmen at the state will correct this anomaly.

Governance is a serious business requiring some level of tutelage and preparations and not for vacation seekers.

He further stated that though he had chosen not to subject his speech to a scrutiny of today’s government in Imo, he must not fail to decry the fast erosion of the fundamentals of statehood under the current administration, as a stakeholder in the Imo project.

He identified the sins of the current administration in Imo State to include: negation of the rule of law and cardinal principles of democracy –separation of powers, destruction and decay of inherited infrastructure, disobedience of court judgments, collapse of educational and health standards and facilities, bastardisation of the Land Use Act, decline of

Sports standards with the attendant decay of sports infrastructure and crippling of the local government tier of government.

According to him, these disturbing features do not constitute a pathway to development nor do they ignite hope and optimism.

Ihedioha said he was motivated to pursue a career in politics by his desire to effect a positive change in Imo’s landscape as underdevelopment defined his rural community.

“Mbutu, my town, and indeed our “Oke-Ovoro” clan, had no electricity, pipe borne water, accessible or motorable roads. Today we have effected undeniably remarkable positive change in those areas of need,” he said.

He added that in his 12 years as the peoples’ representative in the National Assembly, during which period he served as Committee Chairman, Principal Officer and finally as Deputy Speaker of the House of Representatives, he spared no opportunity to reposition his constituency and indeed Imo State.

WEDNESDAY, NOVEMBER 2, 2016 • T H I S D AY

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NEWSXTRA

Power Sector Revenue Shortfall to Hit N810bn by Year End Discos faults Dangote on call for reversal of privatisation

Ejiofor Alike The Association of Nigerian

Electricity Distributors (ANED) has raised the alarm that the revenue shortfall in the power

House Urges INEC to Conclude Elections in Rivers, Other States Damilola Oyedele in Abuja The House of Representatives has urged the Independent National Electoral Commission (INEC) to immediately conclude all outstanding elections into national and state assemblies in Rivers, Anambra and other states.

The House also mandated its Committees on Legislative Compliance and Electoral Matters to ensure compliance with the House resolution of June 23, 2016, and that INEC concludes all elections in Rivers State and revert within two weeks with a confirmed date for the election.

Adopting a motion sponsored, the Minority Leader, Hon. Leo Ogor, Hon. Kingsley Chinda ( Rivers PDP) and four others, the House accused INEC of disregarding a December 2015 order of the Court of Appeal, which directed that re-run elections in Rivers State should be conducted within

60 days.

“But INEC has since consistently failed, neglected and/or refused to do so, apart from the one it conducted on March 9, 2016 in only four out of the 12 federal (and few state) constituencies that re-run elections were ordered in December 2015,” Ogor said.

He added that INEC under Prof. Attahiru Jega successfully conducted peaceful elections in Borno and other North-east states that were experiencing crises caused by Boko Haram.

“Yet the present leadership of INEC has consistently neglected, failed and/or refused to conduct elections in only about eight local governments of Rivers state, citing security concerns,” Ogor added.

Contributing to the motion, Majority Leader, Hon. Femi Gbajabiamila said INEC is shortchanging the senatorial districts and constituencies by not concluding the elections.

sector would hit N809.8 billion by the end of December 2016 as a result of the federal government’s inability to meet its commitments in the performance agreement with the investors who acquired the power asserts during the power privatisation.

Speaking with journalists in Lagos yesterday, ANED’s Executive Director, Research and Advocacy, Mr. Sunday Oduntan, also faulted the call

by Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, that the power privatisation should be reversed.

Oduntan said the performance agreement

stipulates that there would be cost reflective tariffs from November 1, 2013 but added that investors reality showed that this never happened as “R2 customer class was politically frozen and collection losses removed in 2015” by the previous administration for the purpose of winning 2015 elections.

“Sculpting or underrecovery of cost will result in N164 billion revenue shortfall, for the period of 2016 through 2018. Delay in reflecting costs means a growing increase in deficits,” he added.

“A far cry from where Nigerian Electricity Supply Industry (NESI) currently

stands, with electricity market revenue shortfalls projected at N809 billion by December 2016, a direct consequence of the non-cost recovery nature of the tariffs,” Oduntan said.

Oduntan also stated that the federal government also committed that tariffs should reflect reality but added that tariffs have not changed despite the devaluation of naira from N197 to N305, while inflation has also increased from nine per cent projected in the performance agreement to 17.9 per cent.

He also stated that the performance agreement was based on projected generation of between 5,000 megawatts

and 7,500 megawatts between 2014 and 2016 but argued that generation averaged 2,000mw-3,000mw during this period due to pipeline vandalism and transmission constraints, which are oustide the commitments of the investors.ß The Discos also revealed that the generation companies are owed in excess of N184 billion contrary to the performance agreement, which guaranteed the credit worthiness support of Power Purchase Agreements (PPAs) by the Nigerian Bulk Electricity Trading Plc (NBET), better known as the Bulk Trader.

Abia CJ Renovates Official Residence with N80m Emmanuel Ugwu in Umuahia The Abia State Government yesterday faulted the state Chief Judge, Justice Theresa Uzokwe, for claiming that no official residence has been allocated to her, saying that the CJ had decided to renovate the residence at a cost of N80 million before moving in.

The state Attorney General and Commissioner for Justice, Chief Umeh Kalu (SAN), made this known at a press conference to clear the air over the impression created by the CJ that all was not well between the judiciary and the executive arms of government.

He said that the renovation cost presented by the CJ was not only approved by government but that N30 million had already been released to her for the project being handled by a contractor she personally engaged.

The CJ had last week sparked the controversy in her address during the opening ceremony of the 2016/2017 legal year when she lamented that she had no official residence along with other senior judges.

But the AG stated that all previous CJs had lived in the property located on Okpara Avenue, GRA Umuahia but Justice Uzokwe decided to operate from her private house at Aba pending the time she would complete the renovation of the official residence.

“She is the one doing it

(renovation) and she is doing it at her pace. So it is erroneous for her to claim that she has no official residence,” he said.

The Abia AG argued that since the CJ had opted to renovate the official residence to her own taste, it was improper for her to publicly announce that she has not official residence, adding that while renovating her residence she was also being paid housing allowance.

He said both the executive and judiciary arms of government in Abia are working harmoniously and there was no reason for anyone to give the impression that the relationship is frosty, noting that Abia has the best welfare package for its judiciary.

“We are very friendly with the judiciary and we appreciate the role it plays. We have been working harmoniously and we’re doing our best to improve on their welfare,” he said.

According to him, Abia is the only state in the South-east implementing the consolidated judiciary salary scale (CONJUSS) with the least paid worker is now receiving N40,000 monthly hence “in terms of welfare we are doing well for the judiciary.”

On the financial autonomy of the judiciary, the commissioner said: “It is desirable that the judiciary should have financial autonomy (because) we want a situation where the judiciary will not be coming to the executive cap in hand.”

COURTESY VISIT

Lagos State Governor, Mr. Akinwunmi Ambode (middle); flanked by Chairman, Senate Committee on Marine Transport, Senator Sani Yerima (right); and member of the committee, Senator Isiaka Adeleke, during a courtesy visit to the governor, at the Lagos House, Ikeja...yesterday

APC, Oyegun Back Pedal on Appointment of Spokesman Onyebuchi Ezigbo inAbuja The national leadership of the All Progressives Congress (APC) has stepped-down a move to appoint the former Minister of Youths and Sports, Mr. Bolaji Abdullahi, as the acting National Publicity Secretary of the party.

THISDAY gathered that apparently due to the disagreement among members of the National Working Committee of the party, the National Chairman, Chief John Odigie-Oyegun, has decided to stay-action on the appointment of the new acting spokesman for the party.

It was learnt that the first meeting of the NWC summoned by the chairman to kind of ratify the choice of the new spokesman was opposed by a section of the leadership which argued that the approach did follow due process.

The party had allegedly planned to appoint a suitable replacement for the former spokesman,Alhaji Lai Mohammed, who will operate in acting capacity pending the election of substantive person during the next

national convention.

According to the existing zoning arrangement in the party, the position of National Publicity Secretary was allotted to the North-central zone from where the former party Spokesman and now Minister of Information, Mohammed, came from.

Following Mohammed’s appointment as minister and the subsequent vaccum created by his exist, several intrigues began to play out suggesting that some power brokers were interested in the position.

Ordinarily, withtheexistoftheNational Publicity Secretary, the party should have given his deputy, Comrade Timi Frank the opportunity to operate in an acting capacity till the emergence of another substantive Spokesman at the national convention, but the leadership doubted the loyalty of Frank.

Since then the party has officially delegated the Spokesman’s job to the National Secretary, Mai-Mala Buni, to play the dual role even at the risk of not meeting up with the expectations of the job.

However, a source within the

leadership of the party who confirmed the present predicament to THISDAY yesterday said that the party had to back-down after realising the legal implication of going ahead with such appointment.

“Our party’s constitution only gives the NWC powers to supervise the nomination of a replacement for the vacated national offices but the power to undertake appointment and confirmation of names for such positions actually lies with the National Executive Committee (NEC) and the national convention respectively, “ he said.

According to the source it would have amounted to acting beyond its mandate if the NWC had gone ahead to appoint the acting National Publicity Secretary, which any of the aggrieved member would have taken the advantage of to sue and embarrass the party.

Frank had insisted that he remained the acting spokesman of the party, adding that any attempt to name a new spokesperson outside due process will lead to a legal action against the party.

Meanwhile a group has said that

the reason Timi Frank is passing through his current ordeals is because he has remained very outspoken, especially against the Oyegun-led leadership of the party.

In a statement issued yesterday by the Executive Co-ordinator of the Coalition of Nigerian Youths Against Impunity, Illiasu Wakili, the group said Frank’s outspokenness is aimed at righting the wrongs in the ruling polity and to stabilize and correct some unbecoming attitudes of the leadership.

“For this very reason, he has become a subject of vilification and undeservingly so, but we are equally glad to note that he has continued to stay the course and project the image of the Nigerian youths positively - the many denials of his rights within the party architecture notwithstanding.

Worse still, he has been marked for suspension or expulsion from the APC. “As young Nigerians, we must not be cowed as we remain a potent and ever dynamic force for the political emancipation and economic development of our great country, Nigeria,” he said.

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T H I S D AY •WEDNESDAY NOVEMBER 2, 2016

WEDNESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Russia 2018: Algeria Unleashes Mahrez, Bentaleb, Slimani on Eagles Fennecs fans dread Ahmed Musa’s form

Olawale Ajimotokan in Abuja Algerian coach Georges Leekens has named 18 foreignbased players for the crunchy 2018 World Cup qualifying fixture against Nigeria in Uyo on November 12.

The Belgian, who was appointed by the Football Algerian Federation (FAF) last Friday after a grueling search for a permanent replacement for Milovan Rajevac, will face a litmus test in his first match with a difficult clash against the Super Eagles.

But he appeared unfazed by limited time in preparing the team when he listed high profile players for the Fennecs led by Leicester electrifying forwards, Riyad Mahrez and Islam Slimani.

Other players in the squad include unattached goalkeeper Rais M’Bolhi, Faouzi Ghoulam, Napoli; Nabil Bentaleb, Schalke; Adlene Guedioura, Watford; Ismael Taider, Bologna; Mehdi Abeid, Dijon; Yacine Brahimi, Porto; Sofiane Feghouli, West Ham and Aissa Mandi, Betis.

The list also had Hicham Belkaroui, Esperance; Carl Medjani, CD Leganes; Ryad Boudebouz, Montpellier; Rachid Ghezzal, Olympic Lyon; Hilal Soudani, Dinamo Zagreb; Liassine Cadamuro, Servette and Adam Ounas, Bordeaux; who only recently completed his nationality switch from France, which he represented at U20 level.

This list is expected to be finally composed of 23 players with the addition of five local players after last night’s Algeria

Super Cup. Leekens, however, stunned the public by leaving out Mehdi Zeffane, Sofiane Hanni and Ramy Bensebaini from the party.

The new tactician first led Algeria in seven matches in 2013, before leaving for the Carthage Eagles of Tunisia.

He admonished the media at the unveiling of his team that though everything was virtually in place for the confrontation with Nigeria, the public should not be purged of the illusion that he is capable of conjuring a magic in the Russian 2018 campaign that will see fixture against Zambia, Nigeria and Cameroun.

“I’m not a magician but I will work towards realising the objective. I am dreaming of Russia but this is not an obsession,” Leekens said adding, Algeria which has not beaten Nigeria in competitive fixtures since the North Africans edged the Super Eagles in the final of the Africa Cup of Nations in 1990 are well focused on the task.

Meanwhile, Algerian fans are unanimous in picking Leicester City on-form Ahmed Musa as Nigeria’s most dangerous striker for the crucial World Cup showdown in Uyo. And after a slow start, 24-year-old Ahmed Musa has now rediscovered his scoring boots at Premier League champions Leicester.

He has scored in the club’s last two league games to outshine Algeria top stars Riyad Mahrez and Islam Slimani.

Leicester is the best followed

Falconets in a group photograph with chieftains of the Nigeria Football Federation (NFF) and other female football stakeholders... yesterday Premier League club in Algeria thanks to the presence of Mahrez and Slimani and understandably Algeria fans are now very much aware of how dangerous Ahmed Musa could be in front of goal.

“Ahmed Musa is very dangerous!” warned Algeria fan, Mohamed Attia.

“He is not only fast, but has shown he can score goals.”

“We must beware of Musa,

he’s the most dangerous player for Nigeria. If he is not scoring, he is running down defences before passing for his teammates to score,” added another fan.

The former CSKA Moscow star started in Gernot Rohr’s first game in charge at home against Tanzania, but he was dropped to the bench in last month’s World Cup qualifier in Zambia because the German

coach felt he “lacked focus”.

ALGERIA SQUAD : Goalkeeper: M’Bolhi (Antalyaspor/Turkey) Defenders: Mandi (Real Bétis/Spain), Belkaroui (Espérance Tunis/Tunisia), Medjani (CD Leganès/Spain), Ghoulam (SSC Naples/Italy), Cadamuro (Servette Genève/ Switzerland) Midfielders: Bentaleb (Schalke 04/Germany),

Guedioura (Watford FC/ England), Taider (Bologne FC/ Italy), Abeid (Dijon/France), Brahimi (FC Porto/Portugal), Boudebouz (Montpellier Herrault/France), Feghouli (West-Ham/England), Ghezzal (Lyon/France) Forwards: Ounas (Bordeaux/France), Mahrez , Slimani (Leicester City/ England), Soudani (Dinamo Zagreb/Croatia)

Okosun Boosts Falconets’ Confidence Scandalous! $1.5bn Sports Investor, Arabella, Unknown in UK The proposal by a supposed any record of Arabella 21st a relief to many followers of in about $1.5billion into Ahead U-20 World Cup UK-based Arabella 21st Century in its system.

Nigeria’s NPFL. The amount is Nigerian football but there is a

Head of the NFF Psychology Unit, Dr. Robinson Okosun over the weekend lectured the FIFA U20 Women’s World Cup –bound Falconets on the importance of developing their mental toughness and confidence level in order to excel under intense pressure and provocation.

With barely two weeks to the commencement of the FIFA U20 Women’s World Cup in Papua New Guinea, Okosun talked about the prerequisite attitudes ranging from positive self -talk to rapid re-focusing skills needed for the players to unleash their winning attitudes at the championship.

He said that body language could be harnessed to project a positive frame of mind to elevate the confidence level of the entire team. “I came to work on their mental toughness. Most of the girls are naive, so what I did was to prepare them against perceived psychological problems and how to guide against it.

“We believe that football is science and apart from the physical trainings, there is need for us to at least relax the mind of the players as well as teach them the importance of working as a team. What I have taught them goes beyond football.

“It is imperative for them to maintain their confidence, deal with anxiety and anger, while keeping focus on the goal because it will help them to be a complete individuals,” Okosun stated.

UEFA CHAMPIONS LEAGUE

TODAY Legia v Madrid Juventus v Lyon Monaco v CSKA Porto v Brugge Sevilla v D’Zagreb Copenhagen v Leicester Tottenham v Leverkusen Dortmund v Sporting

Century sports/marketing company, and some investors to plough about $1.5 billion into the Nigerian Professional Football League (NPFL) may turn out a huge joke after all.

Following the buzz generated by the proposal

by Arabella 21st Century as represented by its CEO/ President, Otunba Femi Carrena, during his meeting with Nigeria Sports Minister, Solomon Dalung, recently, Nigerian sports enthusiasts who were concerned about the reality of such investment coming from the UK or Europe where they are based sought to find out those behind the project.

An investigation carried out by BEN TV, a UK-based first ethnic media channel in Europe on Arabella 21st Century including reaching out to UK’s company registration body, Company House, did not show any result.

Really, it did show that UK Company House, (equivalent of Nigeria’s Corporate Affairs Commission) may not have

Infact, the only known website for Arabella 21st Century, has its domain name suspended since September 30th 2016 for inability to renew it.

The suspension of Arabella 21st Century domain name since September could have caused the panic among sports enthusiasts who felt a company willing to invest $1.5 billion in Nigeria but could not afford a few dollars, less than $100, to renew its domain name must be unserious or at best itself looking for survival strategy in Nigeria.

Further checks also showed that the only known project with Arabella 21st Century was the award of a contract to manage the arenas for the 15th National Sports Festival hosted by Ogun State Gateway Games Commission in 2006.

How well did Arabella 21st Century performed in the task of managing that project can only be answered by Ogun State Gateway Commission.

The news of such investment is a welcome development and

staggering, capable of turning Nigeria’s sports around for the best and a huge step forward, however, it will be another blow to this government if it ended being another false hope.

While the BEN TV report is not questioning the possible interest of Arabella 21st Century’s investment in Nigeria, it said that the company and its proprietors need to sort out the company’s identity, make its presence known to UK authority, the Company House.

“If it is trading from the UK as we are made to believe, it needs to resolve its few bucks payment for its website domain renewal, at least for Nigerians to check them out and their profile especially in sports and related projects management.”

While meeting with Dalung with his proposal few days ago, Carrena insisted that some investors in the United Kingdom were willing to invest the amount in the NPFL. He had said with so much promise; “They want to bring

caveat to it. They are not going to tamper with the constitution, statutes or football article. It is the same thing they did in China and Japan.

“The league board will operate with the NFF and the Ministry will be involved.

They want to set up a football development company that will be quoted on the stock exchange and same will apply to all the football clubs in Nigeria.”

Carrena also hinted that like any other investor, they’ll like to make money.

“They want to come to Nigeria and manage our league for the next 20 years. After a meeting with the ministry and other stakeholders, they’ll set up the company but their Nigerian counterparts are expected to invest 30 per cent of the $1.5billion. They’re ready to put their own money into the stock exchange but they’ll have the controlling share,” stressed the sweet talking CEO of Arabella to the sports minister who welcomed the proposal with open arms.

Wednesday November 2, 2016

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MISSILE

Lawyers to FG

”The invasion of the judiciary is a threat to justice and democracy and anything that violates Section 158 of the 1999 Constitution must be resisted and defeated. We urge Nigerians not to allow any warped sting operation against marked judges who are not doing the bidding of the executive arm of government and the DSS to sail through. How come nobody has called for the DSS to step aside from judicial prosecution until they have obeyed all court judgments against the agency?” – Lawyers in Defence of Democracy and Citizen for Good Governance protesting against calls for the suspension of the judges accused of corruption by the Department of State Services (DSS).

KAYODEKOMOLAFE Obasanjo and His 25 Billionaires THE HORIZON

kayode.komolafe@thisdaylive.com

The State shall direct its policy towards ensuring that the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group – Chapter II, Section 16 (2c) of the Constitution of the Federal Republic of Nigeria

F

ormer President Olusegun Obasanjo flaunted at the weekend a curious achievement of his administration: “My delight is to be able to create Nigerian billionaires. I always say it proudly that my aim when I was in government was to create 50 billionaires from Nigeria.

Unfortunately I failed, because I created only 25.” He spoke in Lagos at the second edition of the Tony Elumelu Foundation Entrepreneurship Forum. As a matter of fact, he was seemingly giving the Buhari administration a lecture on how to provide “a conducive atmosphere for entrepreneurs.”

The foregoing says something significant about Obasanjo’s concept of development.

The former president, who doubtless still remains a political force, should not be ignored for making this intriguing statement. This is because his claims have reinforced the need to properly interrogate the worldview of those who have the privilege of superintending the serious business of economic management in this country. This is the time to provide answers to the central questions of development.

The philosophy underpinning any strategy of economic development should be rigorously examined. Otherwise the path of development would remain foggy. When a president says he is working for the development of Nigeria, we need to ask him to state his understanding of the concept. It is because the genuine progressive forces lack the capacity to pose this question politically that the majority of the people are trapped in a vicious cycle of poverty.

Obasanjo claims to have created 25 out of the 50 billionaires he aspired to make. But he has not told us in figures the impact of these palace businessmen on the economy in terms of job creation, poverty reduction, technological advancement and industrialisation.

In a clime in which accountability is a code of conduct he would be required to provide these pertinent figures. The former president cannot say that a good mix of policies in his eight years in the office lifted 25 million out of poverty. Neither could he flaunt the fact that his 25 billionaires have created 5 million jobs. These are the numbers that should be a delight. Elsewhere, former presidents measure their achievements with those parameters. In Obasanjo’s eight years in office Nigeria was rated low in Human Development Index of the United Nations Human Development Programme (UNDP). The millions of people who had no access to basic needs when Obasanjo became president in 1999 still continued to live with this socio-economic injustice at the end of his tenure. The story is yet to change.

From primary to the tertiary level, public education collapsed under Obasanjo. The trend of most members of the elite shunning public schools and seeking places for their children in outrageously expensive private

Obasanjo schools has continued. Obasanjo and his deputy, Vice President Atiku Abubakar, are major players in this market where education has become a commodity available only to those who can afford it. Meanwhile, the Obasanjo administration was perpetually at war with university teachers with the consequential long strikes on campuses. . Parents continued to rule out their old public schools when pondering their children education. The undeclared policy was that those who could not afford the designer education of the private schools should make do with what public education has become in our land. Facilities in health institutions deteriorated. The result: those who could afford it had to spend millions of dollars to access quality healthcare abroad. The hospitals at home became theatres of strikes, as the government did not see funding health sector as a priority. The Obasanjo administration loathed spending in the social sector. Potable water was a luxury to millions of people especially in the rural areas before Obasanjo became president. Can he tell the nation what percentage of these millions had got access to clean water by the time he left office in 2007? A few months to the end of his tenure, Obasanjo himself was reported to have said that he was “ashamed of the state of the roads.”

The collapse of the federal highways across the country was a legacy of his administration.

Obasanjo now talks of “conducive environment for entrepreneurs.” But he failed to make a difference to the poor energy situation he met on ground in 1999. The electricity question was not adequately answered when time was up for his government despite the power

When a president says he is working for the development of Nigeria, we need to ask him to state his understanding of the concept

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projects and investments at the twilight of the administration. The national shame of a crude oil-exporting country importing fuel for his domestic consumption began before Obasanjo’s presidency and this economic illogic has continued till the end of the administration.

The importation of fuel has continued to this day. The former president failed to stop the hemorrhage on foreign exchange caused by this gross advertisement of the incompetence of economic managers in Nigeria. Yet the revenues accruing from the sale of crude oil were highest during this period. Future economic historians would have a job to do in resolving this contradiction. In fact, a proper development audit of the Obasanjo administration ought to be done by experts as he parades these billionaires he claims to have proudly created.

The 1999 Constitution, which Obasanjo swore to uphold, does not give the president the mandate to create billionaires amidst millions of poor people. That is not the economic objective of the country. The quote above makes the matter quite explicit for any honest person governing Nigeria. The job of a president is constitutionally to promote the “common good.” The role of the state, according to the Chapter II of the constitution, is to “control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.” When a president departs from this idea of development he has clearly violated constitution. The neo-liberals in our midst would be quick to remind us that these humane provisions in this important chapter of the constitution are not justiciable. Yes, that is a severe limitation of liberal bourgeois democracy. The response to it is this: until these pro-people provisions in the constitution are abrogated by the greedy and insensitive ruling class government policies would be assessed on the basis of their conformity to the constitution. It is part of the culture of impunity that reigns supreme in the land that policymakers violate the constitution and trumpet their anti-people options as achievements.

Unfortunately, the Obasanjo school of development is the dominant one among policymakers including some of those currently in charge in Abuja. A trait of this school of development is an aversion for articulation of a coherent strategy of economic development.

If you are set on the path for development you should tell the people the direction of the journey to progress. Did Obasanjo say on the hustings during the 1999 or 2003 presidential election that people should vote for him so that he would create 25 billionaires? It was only in his second term that a document entitled National Economic Empowerment and Development Strategy (NEEDS) was produced. But the strategy was never properly articulated and there is no evidence that economic management in the Obasanjo years was informed by the logic of the proposed strategy. Like other administrations in the last 30 years, Obasanjo’s own is deliberately against planning. They have all preferred the option of improvised short-term and medium- term documents sanctioned by the International

Monetary Fund (IMF) and the World Bank.

Successive administrations have treated with contempt the constitutional provision for the promotion of “ a planned and balanced economic development.”

Clearly, there is a big problem with Obasanjo’s conception of the role of the state in relation to the private sector. The Chinese economic success is not being toasted globally because the government under the Communist Party of China created some billionaires. The applause received by the Chinese government is for the millions that have been lifted out of poverty since the turning point of 1979 with the emergence Paramount Leader Deng Xiaoping. Other countries are not copying former President Luiz Inácio Lula da Silva’s widely acclaimed anti-poverty policies because he created tens of billionaires in Brazil. Lula is admired for creating a model of poverty reduction. When President Bill Clinton talks about his administration in retrospect he talks of millions of jobs created in the American economy during his time. He points to opportunities for millions of Americans in a robust economy. It was not his business to create a few more American billionaires. The normal logic of American capitalism could take care of such a creation.

The engagement of the government with the private sector in the success stories in other lands is quite different from the Obasanjo’s experiment. It even offends the competitive spirit of capitalism for the state to claim to be making some businessmen billionaires over the others. Creating 25 billionaires is not the same thing as forging a synergy of purpose with the Chambers of Commerce, Manufacturers Association of Nigeria (MAN), and the Nigerian Employers Consultative Association (NECA) etc. If Obasanjo engaged the organised private sector productively factories would not close down and jobs would not be so easily erased. If you have been reading the documents of these organisations of the private sector players, you would hardly find any expression of “delight” about economic management as Obasanjo is gleefully advertising things. In fact, in some parts of the country there was a tendency towards de-industrialisation as a result of the decay of infrastructure needed for business. So much for conducive environment! Indeed it would be interesting to ask if Obasanjo’s story of 25 billionaires is music to the ears of the organised private sector.

All told, Obasanjo’s celebration of his 25 billionaires is symptomatic of an ideological malaise: the Nigerian ruling class is yet to sort itself out on the typology of capitalism it aspires to build. Way back in 1848, Karl Marx and Friedrich Engel offered a classical definition of the state in the Communist Manifesto as follows: “The executive of the modern state is but a committee for managing the common affairs of the whole bourgeoisie.”

Obasanjo has further narrowed the role of the state. He seems to have a new definition of the state in 2016. Instead managing the affairs of all Nigerian capitalists, by his own admission, he elected to just make a few of his bourgeois friends billionaires while in power. For the people, that is certainly is no achievement.

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