Wednesday 9th November 2016

Rattled by Boko Haram’s Resurgence, DHQ Considers Recall of S’African Mercenaries Iyobosa Uwugiaren in Abuja Rattled by the recent killings of the Commanding Officer of the 272 Special Task Force Task Battalion, Lt. Col. Muhammad Abu-Ali and six soldiers by members of

Boko Haram, the Defence Headquarters (DHQ) is mulling over whether to reach out to President Muhammadu Buhari on the urgent need to recall the South African mercenaries recruited by former President Goodluck

Jonathan to help finish off the terror group.

Sources, who spoke with THISDAY from both the presidency and DHQ yesterday in Abuja, said some army chiefs have decided to impress it on the president

that the sophisticated weapons the South African mercenaries possess could help in “finishing off members of Boko Haram” that has witnessed a resurgence in the war between the terrorists and Nigerian troops.

THISDAY gathered that members of Boko Haram might have experienced a boost, especially after they received a huge payout from the presidency for the release of 21 Chibok girls recently.

In the last few weeks,

there has been an upsurge of suicide bombings linked to Boko Haram. The terror group has also killed several Nigerian troops fighting in the North-east, including Continued on page 6

AGF Files Six-count Charge Against S’Court Justice Ngwuta… Page 8 Wednesday 9 November, 2016 Vol 21. No 7874. Price: N250

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Bayelsa Govt Celebrates S’Court Judgment Affirming Dickson’s Victory… Page 6

In a Nail Biting Finish, The Donald Trumps Clinton Story on page 6

FG Reaches Settlement with IOCs on $5bn Cash Call Arrears… Page 9

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In a Nail Biting Finish, The Donald Trumps Clinton Zacheaus Somorin inWashington D.C.withagencyreport Defying the odds, the attacks, the scandals, the polls, sections of his own party, and even his own demons, Donald John Trump, the Republican Party candidate, according to THISDAY projections, will make history today with his decisive victory over his rival Hillary Clinton of the Democratic Party, in an extremely close race in the U.S. presidential election to emerge the 45th president of the United States of America.

Based on projections, Trump is expected to win the US States of Pennsylvania (20 Electoral College votes), Arizona (Electoral College votes) and Michigan (16 Electoral College cotes), which should push him to 301 Electoral College votes.

A presidential candidate must win 270 Electoral College votes to become the president of the US. As of press time, Trump already had a lead in the popular vote with 55,144,484 votes cast in his favour, compared with 53,979,258 votes for Clinton. However, in a

reenactment of the 2000 election, Clinton could still win the popular vote by the time all the votes from California are counted.

Other states won by Trump included the Republican strongholds of Indiana, Kentucky, West Virginia, Oklahoma, Tennessee, Mississippi, Texas, South Carolina, Alabama, Kansas, Nebraska, Wyoming, North Dakota, Idaho, Georgia, South Dakota, Texas, Arkansas, Louisiana, Montana, Utah, Arizona and Missouri He also won the critical swing states of Florida, Iowa and Ohio, and more importantly redrew the electoral map, when he flipped what used to be the traditionally Democratic state of Wisconsin.

Adding to his booty, Trump also won the battleground states of North Carolina.

But as the election results poured in and his path to victory became more certain, the markets, which have always been averse to uncertainty, got jittery. The Mexican Peso plunged by several percentage points, while the Dow Jones Futures fell by 468 points

(-2.56 per cent0.

Similarly, the S&P 500 and Nasdaq Futures Indexes all declined precipitously by 68,50 points (-3.21 per cent) and 134.5 points (-2.8 per cent).

Asian markets also tumbled led by the Nasdaq, after trading opening this morning, the Associated Press reported.

Earlier yesterday before the polls had closed in several of the states in the US, a Nevada court judge yesterday forcefully denied a request from Trump’s campaign team to direct a county registrar of voters to preserve and segregate ballots from voting machines in four early voting sites in the Las Vegas area where Latino voters showed up in record numbers.

The Trump campaign said Clark County Registrar of Voters Joe Gloria kept polling locations open two hours beyond their designated closing times.

Clark County saw its record for single-day early vote turnout shattered Friday when 57,174 people cast their ballots, according to data from the Nevada secretary

of state’s office, as Hillary Clinton and Democrats sought to build up a prohibitive advantage over Trump before Tuesday in the key state.

Trump’s lawyers asked for an order to have the pertinent early vote ballots -- those cast after the designated polling hours Friday -- not to be “co-mingled or interspersed” with other ballots, reported CNN. But Judge Gloria Sturman of the District Court for Clark County Nevada, ruled from the bench, saying Gloria was already obligated by state law to maintain the records that the Trump campaign was seeking.

“I can’t obligate him to do something he is already obligated to do,” Sturman said, later adding, “This is Election Day. He has other things to be doing.”

Dan Kulin, a spokesperson for the county, told CNN that no early voting stations extended their closing times. They did, however, process voters who were in line at closing time to allow as many people to vote as possible.

The new president-elect, who

will be sworn in on January 20, 2017, will be making history as the first person to lead the US without any political experience.

Considered a political outsider, Trump has pulled off a victory similar to the Brexit vote in the United Kingdom, signifying complete dissatisfaction by the American electorate with uncontrolled immigration, trade deals that have robbed thousands of workers of their jobs, and a Washington establishment that has failed the people.

Born on June 14, 1946, Trump made his mark as a business magnate, investor, television personality and author. He is the chairman of The Trump Organisation and founder of Trump Entertainment Resorts.

Trump made a formal announcement of his candidacy for president of the United States for the 2016 elections on June 16, 2015.

He made the announcement from his headquarters in Trump Tower in New York City. He launched his campaign saying, “We are going to make our Country Great Again”

with a commitment to become the “greatest jobs president”.

Throughout his campaign, his slogan Trump's official campaign slogan is “Make America Great Again.” That was Ronald Reagan’s campaign slogan, but Trump trademarked it.

On May 4, 2016, Trump became the presumptive nominee after his only challengers, Texas United States senator Ted Cruz and Governor of Ohio John Kasich, dropped out.

Trump entered a large field of candidates consisting of 16 other Republican candidates campaigning for the nomination, the largest presidential field in American history. By early 2016, the race had mostly centered on Trump and Cruz.

On Super Tuesday, Trump won the majority of the delegates and remained the front-runner throughout the primaries. Finishing in June 2016 with nearly 14 million votes, Trump broke the all-time record for winning the most primary votes in the history of the Republican Party.

BayelsaGovtCelebratesS’CourtJudgmentAffirmingDickson’sVictory A’Court to decide on Jegede’s suit Nov 10 Tobi Soniyi in Abuja and Emmanuel Addeh in Yenagoa Following the Supreme Court judgment affirming Seriake Dickson’s election victory, the Bayelsa State Government yesterday hailed the ruling and called on the opposition to join hands in developing the state.

The Supreme Court earlier yesterday had unanimously upheld the governor’s victory in the governorship election held on July 26.

The state Commissioner for Information and Orientation, Mr. Jonathan Obuebite, in

a statement last night in Yenagoa, said the victory was an “affirmation of the divine mandate” given to Dickson, who won on the platform of the Peoples Democratic Party (PDP), by the people of the state.

The government said Mr. Timipre Sylva, the candidate of the All Progressives Congress (APC), had no case, boasting that “even if the election was conducted a thousand times Dickson and Jonah (the deputy governor) will still emerge winners”.

“We congratulate our amiable

governor and his deputy for the sweet victory which did not come to us as a surprise because we knew that with the facts before their Lordships the APC had no case,” the state government said.

“What the APC and its candidate did was to waste their time and that of the judiciary.

Chief Timipre Sylva knew he could not have won that case.

All attempts to subvert the will of justice was to no avail,” the government said.

It noted that with all the legal hurdles crossed, the government would now be more focused

on continuing its mandate of quality service delivery to the people.

Before the Supreme Court’s ruling, security had been tightened around the state yesterday to forestall any breakdown of law and order.

Security operatives were heavily deployed in strategic locations in Yenagoa, the state capital, and other sections of the state.

There was tight security around the government house in the capital and around Onopa, the seat of government.

Commuters were also prevented

RATTLED BY BOKO HARAM’S RESURGENCE, DHQ CONSIDERS RECALL OF S’AFRICAN MERCENARIES Abu-Ali and his men, who were given a national burial at the military cemetery, Abuja on Monday.

Some weeks ago, 83 soldiers were also declared missing in action (MIA) after an attack on their military base by Boko Haram. However, the Nigerian Army denied reports that the soldiers were MIA, insisting that some had returned to the base.

The Chief of Army Staff, Lt. Gen. Tukur Buratai, had described the late Abu-Ali as “Sarkin Yakin, the frontline general” and wept profusely while reading the brief funeral oration of the fallen warriors during the burial ceremony.

Buhari was represented by his Chief of Staff, Abba Kyari.

“During the Jonathan administration, the DHQ agreed that for the Nigerian Army to successfully prosecute our war against Boko Haram we needed the assistance of some mercenaries in South Africa, and we sought their assistance,” a top military source stated.

“And from our calculations, coupled with the sophisticated weapons the mercenaries came with, it was envisaged that the Nigerian Army would have

been able to finish Boko Haram in a matter of months.

“But this administration came and said that Nigeria did not need South African mercenaries to battle a mere group of insurgents like Boko Haram and later terminated the contract. The truth is that we need them now,” he added.

THISDAY further gathered that some senior officers of the Defence Intelligence Agency (DIA) and DHQ are currently in South Africa talking to leaders of the Specialised Tasks, Training, Equipment and Protection (STTEP) in respect of the new deal.

However, a member of the Senate Defence Committee, who spoke off the record on the issue, while confirming the trip to South Africa, said the DHQ might encounter difficulties securing the assistance of the mercenaries given the fact that the monies owed them by the Jonathan administration has still not been paid by the current administration.

During the Jonathan administration, Barlow, a former member of the South African Defence Force that was said to have fought for liberation movements in South Africa and the Southern African region,

had come to Nigeria with over 100 men made up of black troops who served in elite units of the South African military as well as communist guerrillas who had fought against the South African Defence Force in the days of Apartheid.

The DHQ source added that they had initially been recruited by the Jonathan government to help locate and free the kidnapped Chibok girls but became involved in “map-reading and attacking” Boko Haram.

“By the time former President Goodluck Jonathan handed over to President Muhammadu Buhari, Barlow and his gang had almost assisted the Nigerian Army recover parts of the Nigerian territory taken over by Boko Haram in the North-east,” the source added.

It was gathered that the mercenaries applied “hit and run tactics” to unnerve the terrorists and bush trackers to establish their hideouts, and smoked them out and depleted their ranks.

The cancellation of their contract by Buhari, on assumption of office on May 29, 2015, was said to have resulted in mixed results but not the

complete annihilation of the terror group.

The THISDAY source added that the use of South African mercenaries was a rational step by the Jonathan administration, which had battled the terrorist with some results.

“These men (South African mercenaries) have a record of providing excellent counterterrorism training through various pop-up private military and security companies.

They have assisted several governments in overcoming insurgencies in Angola, Sierra Leone, Iraq and Afghanistan,” the source added.

When contacted, DHQ spokesman, Brig.-Gen. Rabe Abubakar, dismissed the attempt to recruit the South African mercenaries a second time around.

He said in a text message sent to THISDAY: “It is not true. Who said that and why should we bring them back?

We have said it over and over again that there won’t be anything like that again.

“The Nigerian Armed Forces will shoulder its security challenges and they have been doing very well and only dealing with the insurgency within a very short time.”

from taking the routes passing through the government house.

Similarly, fully armed security operatives were seen directing motorists to follow the Alamieyeseigha Road to link their destinations, which caused some traffic snarl around the area.

However, notwithstanding the heavy presence of security operatives deployed in strategic locations, Yenagoa remained calm, as residents were seen going about their normal businesses.

Earlier, the Supreme Court had upheld the election of Dickson as the winner of the July 26 governorship election in Bayelsa State.

The court in a unanimous judgment dismissed the appeal

by Sylva.

With the ruling, the court’s decision has finally laid to rest the controversies that trailed the election.

Also yesterday, the Court of Appeal in Abuja said it would decide on November 10 whether to allow Eyitayo Jegede, the candidate of the Ahmed Makarfi-led faction of the PDP in the Ondo State governorship election, to challenge the judgment of a Federal High Court which declared Jimoh Ibrahim the party’s candidate.

The court will also rule on other preliminary applications filed by other interested parties.

The Justice Ibrahim Salauwaled panel fixed the date after the counsel to parties had argued their respective applications.

The court will also decide whether it has the jurisdiction to hear all the applications.

In upholding Dickson’s election, a seven-man panel of the Supreme Court led by Justice Tanko Muhammad, unanimoussly dismissed the appeal filed by Sylva and his party on the grounds that it was lacking in merit.

Justice Muhammad, who delivered the summary of the

lead judgment, however said that he would give reasons for his decision on November 18.

The Supreme Court delivered the judgment after hearing all the cases filed with respect to the dispute over the governorship election in Bayelsa State.

The Bayelsa State Governorship Election Petitions Tribunal had earlier dismissed the petition filed by Sylva.

Not satisfied with the verdict of the tribunal, Sylva appealed to the Court of Appeal in Abuja which also dismissed his case.

Yesterday, Justice Kudirat Kekere-Ekun, a member of the Supreme Court panel on the Bayelsa appeal, also dismissed a cross-appeal filed by Dickson challenging some aspects of the judgment of the Court of Appeal. Other members of the panel also agreed with Justice Kekere-Ekun.

Another lead judgment read by Justice Olukayode Ariwoola also dismissed the preliminary objection filed by the PDP against the appeal filed

by Sylva. Other members of the panel agreed with the lead judgment.

The panel members promised to deliver a detailed judgment on November 18.

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WEDNESDAY, november 9, 2016 • T H I S D AY

STARTERS

Sale of Intercontinental Bank: Court Reserves Judgment on Akingbola’s Appeal Davidson Iriekpen The Lagos Division of the Court of Appeal yesterday reserved judgment in the appeal filed by former Managing Director of the defunct Intercontinental Bank Plc, Mr. Erastus Akingbola, challenging revocation of the bank’s licence by the Central Bank of Nigeria (CBN).

After listening to the parties in the matter, the three-member panel led

by Justice Mohammed Lawal Garuba reserved its judgment.

Akingbola, through his lawyer Onyebuchi Aniakor, asked the appellate court to set aside the earlier ruling of a Federal High Court in Lagos, which dismissed his suit challenging the sale of Intercontinental Bank to Access Bank Plc. Akingbola wants the appellate court to restrain CBN from withdrawing Intercontinental’s inter-bank guaranty, pending the determination of the appeal.

Justice Okechuwku Okeke of the Federal High Court, Lagos, had dismissed a suit by Akingbola and a former Executive Director of Intercontinental Bank, Mr. Bayo Dada, challenging the Memorandum of Understanding (MoU) for a business combination signed by their former bank and Access Bank.

Dissatisfied with the judgment, Akingbola and Dada appealed and insisted that CBN was wrong to have masterminded the signing of the said MoU without recourse to them as shareholders and former directors of Intercontinental Bank.

Arguing the appeal yesterday, Aniakor urged the appellate court to allow the appeal and set aside the judgment of the lower court.

The appellants, in their amended notice of appeal, contended that the lower court erred in law when it adjudged the suit as an abuse of court process merely on an assertion contained

IOCs on $5bn Cash Call Arrears The federal government has reached an outline settlement to resolve a protracted dispute with five IOCs, under which the oil firms will be paid $5 billion as arrears of cash…

Page 9

PoRts At the height of reforms by the last administration, some 28 regulatory agencies were banned from the nation's seaports, leaving only six for efficiency and ease of business.

Page 15

POLITICS Buhari’s Second Term Fantasy

Early campaigns for President Muhammadu Buhari’s second term when he is yet to assume control of his first is ill-conceived. Shola Oyeyipo writes Page 18 Akingbola in the preliminary objections of the defendants, rather than the verified averments in the petition.

The appellants insisted that Justice Okeke made a fundamental error in concluding that the letter in which Dada was removed was not tendered, adding that the action occasioned substantial prejudice to them.

He urged the court to hold that given the provision of Section 36 of the 1999 Constitution, the governor of CBN or any other body could not have validly directed the appellants to cease to serve as directors of Intercontinental Bank without giving them hearing on the matter.

The appellants urged the court to order the respondents to jointly and severally render account of their dealings in the affairs of the bank.

They also urged the court to nullify all steps, decisions taken by the respondents in the affairs of the bank from August 14, 2009 to date.

Justice Okeke had held that the suit was an abuse of court process, as there was a similar suit by other interested parties on the same subject matter.

The lower court also held that the suit was statute barred, as the suit was challenging an action carried out as far back as August 14, 2009, when Sanusi removed some bank chiefs.

Accuses him of money laundering, forgery The federal government has filed a six-count criminal charge of money laundering and corruption against 65-yearold Justice Sylvester Nwali Ngwuta, a serving judge of the Supreme Court of Nigeria who is currently on suspension.

Following allegations of corruption against Ngwuta, the Department of State Services (DSS) started investigation into his activities which culminated in the execution of a search warrant on his official residence and his arrest on October 8.

The defendant, in the information filed before the Federal High Court, Abuja by the Office of the Attorney General of the Federation (AGF) was alleged to have retained in his possession the sum of N35,358,000.00 contrary to the Money Laundering ( Prohibition) Act. He was alleged to have also retained in his possession the sum of $319,596.00 and £25,915, all of which, according to the prosecutor, formed part of the proceeds of unlawful acts contrary to the Money Laundering Act. Several sums of cash were allegedly recovered including N35.3 million, $319,596.00, £25,915 sterling and €280 from his residence.

The search, according to the prosecutors, also revealed four diplomatic passports, one official, and two standard Nigerian

NEWS FG Reaches Settlement with

EDITORIAL RestoRing sanity to the

AGF Files Six-count Charge Against S’Court Justice Ngwuta Tobi Soniyi in Abuja

Two-Minute Briefing

passports, all in the name of the defendant.

The accused Supreme Court judge was alleged to have obtained multiple passports contrary to Section 10 of the Immigration Act, 2015, and punishable under the same Act. He was alleged to have made false statements to the passport office concerning his date of birth for the purpose of procuring an additional diplomatic passport for himself.

He was also alleged to have in his possession two valid diplomatic passports and thereby committed an offence under Section 10 of the Immigration Act. Some of the counts read: “That you Sylvester Nwali Ngwuta, adult, ‘M’, 65 years, of No. 2 Yellow Houses, Supreme Court Quarters, off Shehu Shagari Way, Central District, Abuja, on or about the 8th day of October, 2016 within the jurisdiction of this Honourable Court, retained in your possession the sum of N35,358,000.00 which sum forms part of the proceeds of an unlawful act and you thereby committed an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act 2011 (as amended).

“Sylvester Nwali Ngwuta, adult, ‘M’, 65 years, of No. 2 Yellow Houses, Supreme Court Quarters, off Shehu Shagari Way, Central District, Abuja, on or about the 8th day of October, 2016 within the jurisdiction of this Honourable Court,

retained in your possession the sum of three hundred and nineteen thousand five hundred and ninety-six United States of America dollars ($319,596.00) which sum forms part of the proceeds of an unlawful act and you thereby committed an offence contrary to section 15(2)(d) of the Money Laundering (Prohibition) Act 2011 (as amended).

“Sylvester Nwali Ngwuta, adult, ‘M’, 65 years, of No. 2 Yellow Houses, Supreme Court Quarters, off Shehu Shagari Way, Central District, Abuja, on or about the 8th day of October, 2016 within the jurisdiction of this Honourable Court, retained in your possession the sum of twenty-five thousand nine hundred and fifteen pounds sterling (GBP 25,915) which sum forms part of the proceeds of an unlawful act and you thereby committed an offence contrary to section 15(2)(d) of the Money Laundering (Prohibition) Act 2011 (as amended).

“Sylvester Nwali Ngwuta, adult, ‘M’, 65 years, of No. 2 Yellow Houses, Supreme Court Quarters, off Shehu Shagari Way, Central District, Abuja, FCT, on 8th October 2016 at Abuja within the jurisdiction of this honourable court, had in your possession two valid diplomatic passports and you thereby committed an offence contrary to Section 10(1)(a) of the Immigration Act, 2015.”

The case was yet to be assigned to a judge at the time of this report.

FEATURES Pains of Neglect in Agboyi

Community For many decades, the Agboyi community has remained a forgotten spot in Lagos State.

In this report, Ugo Aliogo, who travelled to the community, examined their areas of needs and the role government should play to address these needs Page 20

BUSINESS Equities Market Loses N477bn to Weak Corporate Results Investors’ reactions to the poor corporate results for the nine months to September have depressed the Nigerian equities market by N477 billion,THISDAY checks have revealed.

Page 45

CITYSTRINGS Celebrating Cultural Diversity

in Banana Island Reputed for being one community in Nigeria with the presence of people from virtually all the continents of the world, Banana Island residents, through their annual cultural festival…

Page 36

INTERNATIONAL Hillary Clinton Wins Dixville Notch MidnightVote Hillary Clinton has worn Dixville Notch midnight vote. She had 4, DonaldTrump 2, Gary Johnson 1.

With eight residents voting and five times as many reporters watching, Dixville Notch has spoken.

Page 44

SPORTS Osinbajo Urges S’Eagles to

Overrun Algeria In a surprise visit to the national team training section,Vice PresidentYemi Osinbajo (SAN) yesterday charged the Super Eagles to beat Algeriain Saturday’s Russian 2018 qualifier in Uyo, Page 54

WEDNESDAY NOVEMBER 9, 2016 • T H I S D AY

9

NEWS

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

FG Reaches Settlement with IOCs on $5bn Cash Call Arrears

Ejiofor Alike with agency reports The federal government has reached an outline settlement to resolve a protracted dispute with five international oil companies (IOCs), under which the oil firms will be paid $5 billion as arrears of cash calls to cover exploration and production costs.

Financial Times reported that Shell, ExxonMobil, Eni, Chevron and Total have signed deals relating to this settlement of costs incurred between 2010 and 2015, as they also seek to forge new financing arrangements for their joint ventures (JVs) in Nigeria.

The settlement, which would be a haircut on the over $6 billion the IOCs claim they are owed by the federal government needs the approval of two government bodies and final sign-off from President Muhammadu Buhari.

Financial Times quoted the Minister of State for Petroleum, Dr. Ibe Kachikwu, as saying that the settlement had been “accepted” by the five companies, adding that the deal can be finalised before the end of the year.

Exploration and production costs are supposed to be split in the partnerships between the Nigerian Natinal Petroleum Corporation (NNPC) and the IOCs, but western

companies have accused NNPC of failing to pay its portion of the JV cash calls, prompting the firms to hold back on vital investment.

The failure of the NNPC to meet its cash call obligations had led to the introduction of another fiscal regime – Production Sharing Contract (PSC), modelled after Indonesia’s PSC, where the oil firms provide all the exploration and production costs.

NNPC has repeatedly queried the amounts it owes the western companies, but the settlement is an attempt to draw a line under the dispute. NNPC’s financial obligations to the joint ventures, known as “cash calls”, have long been a problem.

According to Kachikwu, the $5 billion of payments will be made in the form of barrels of new crude production over the next five years.

The settlement also addresses $1billion the western companies say is due from NNPC for costs incurred this year in the joint ventures. The firms are expected to receive a one-off cash payment from the federal government to cover this amount.

Both sides were said to have agreed in principle to new financing arrangements, starting from 2017 which involve the setting up of an escrow account for each joint venture, from which costs can

Gunmen Kill 50 Miners in Zamfara Yari condemn attack Mohammed Aminu in Sokoto Unidentified gunmen believed to be cattle rustlers yesterday invaded Bindin village in Maru Local Government Area of Zamfara State, killing over 50 informal miners.

One of the survivors who pleaded anonymity, told THISDAY that the gunmen attacked the miners while they were working at the mining site According to him, the gunmen numbering over hundred surrounded the mining site around 6p.m. on Monday in Bindin village while hundreds of miners were busy at the mining site.

“I cannot tell you precisely why the gunmen launched the attack on our mining site but I think the gunmen were on their way to attack Bindin community, but could not achieve the plan without clearing people like us nearby,” he said.

He disclosed that at least 42 corpses were conveyed to a hospital in Dangulbi town, while more corpses were believed to be lying in the mining pits.

The state Police Public Relations Officer, Shehu Muhammad, said the command had already deployed men to the affected village to ensure the arrest of the perpetrators and the restoration of law and order.

He said the command recorded the death of 37 people so far, following compilation by officers of the command.

Confirming the incident, the Chairman of Maru Local Government Area, Alhaji Salisu

Isa Dangulbi, told journalists that the attack on the miners was sequel to the inability of the gunmen to reach the community due to the presence of security personnel there.

Dangulbi however, was unable to ascertain the number of people that were killed by the gunmen and those that sustained injuries in the area.

Meanwhile, Governor Abdulaziz Yari has condemned the attack.

In a statement by the Special Adviser to the Governor on Media and Communication, Alhaji Ibrahim Dosara, described the killing as barbaric and inhuman.

The statement expressed the governor’s heartfelt sympathy to the families of the victims and pledged to continue to collaborate with security agencies to ensure the arrest of the perpetrators.

“The state government is determined to bring the perpetrators of this heinous crime to justice and would not fold its arms to watch the perpetrators of criminal activities go scot free in the state.

“In fact, the governor has declared his official trip to the United States of America earlier scheduled today morning to monitor the US presidential election cancelled and will rather meet with President Muhammadu Buhari on security challenges bedeviling Zamfara State.

“A team of experts have already been constituted by the Governor to thoroughly investigate the heinous attack and killing of innocent citizens,” the statement concluded.

be recovered and taxes paid to the state.

Shell, Total, Exxon and Chevron declined to comment. Eni did not immediately respond to requests for comment.

Speaking recently in Abuja on the expected impact of the “7 Big Wins” launched by President Buhari to grow Nigeria’s oil and gas sector, Kachikwu said investments in Nigeria’s oil and gas sector, which

took a downturn in recent past, would soon pick up following the conclusion of a review of the country’s JV framework.

According to him, on the back of the review, a lot of oil and gas investors are pushing to come back and invest heavily in the country’s oil and gas sector.

He said each time he projected a rise in the country’s oil production to 2.2 million barrels per day (mbpd)

and 3mbpd, they were based on the fact that the JV structure had been reviewed and funding issues sorted out.

“On the issue of JV cash call, we have done a yeoman’s job. We are nearing completion of those negotiations, it would go to the FEC and it does not require a law. Those things are basically memorandum of Understanding (MoUs). We are going to structure

the MoUs to enable them find the funding they require. There is even a budgeting process in terms of what we approved should be done, but how you now sequence the distribution of the funding is where the catch is,” Kachikwu had explained.

He said the government had made a lot of progress on funding, explaining that over $1.2 billion would be saved.

POLITICS 101

R-L: Edo State Governor, Mr. Adams Oshiomhole; President Muhammadu Buhari; Lagos State Governor, Mr. Akinwunmi Ambode; and All Progressives Congress (APC) National Chairman, Chief John Odigie-Oyegun in one of the lecture rooms in the Edo State University, Iyamho, during the inauguration of the institution by the president....yesterday

Makarfi: Why PDP Must Restrategise, Realign for 2019 Party abandons peace talks with Sheriff Onyebuchi Ezigbo in Abuja The Chairman of the National Caretaker Committee of the Peoples Democratic Party (PDP), Senator Ahmed Makarfi, yesterday said the party needed to re-engage its allies to strengthen the quest to return to power in 2019.

Makarfi’s position which confirms THISDAY report on the new thinking of the crisis-ridden PDP came just as his leadership said it would no longer allow the disagreement with factional national Chairman, Senator Ali Modu Sheriff, to distract it from forging ahead with positive measures that will help the party regain power.

Echoing the position of Makarfi, the Spokesman of PDP, Prince Dayo Adeyeye, said although no one can rule out chances of renewed peace deal with Sheriff, the caretaker committee feels it has to move forward and try to adopted new strategies to reposition the party.

Speaking while inaugurating members for the newly established Strategic Review and Inter-Party Affairs Committee, Makarfi said the caretaker committee felt that it should not allow its members to remain docile and inactive in the face of happenings in the polity.

He said various groups had

approached his committee for talks on political alignments but that they felt there was need to consult with more members of the party.

According to him, “Irrespective of the reconciliation, PDP must be reorganised, and restrategised. You must engage if you want to build a moving consensus to enable us capture power in 2019. Time is running out, hence the need to bring on board more stakeholders to help chart the way forward ahead of 2019.”

The former Kaduna State governor, who explained that the membership of the committee has been expanded to about 115, however insisted that its formation is not because of the crisis in the party but in furtherance of democracy and survival of the country.

“We do not begin by drawing conclusions because life is dynamic, and so is politics. You don’t remain docile and inactive; you don’t remain cornered so that you will be toyed around with at the whims and caprices of anybody.

Long before now, we have talked about putting up a number of subcommittees to deal with different aspects of the affairs of our party but because of litigations, we have not settled down to do that.

“Time is going; a lot of things are happening and our men and women are beginning to hold all sorts of meetings. However, if you don’t bring all your folks together to talk as one family before long, a good chunk of them would have gone on their own, because nobody will remain active for forever.

“After due consultation, we felt that time is now right to set up a committee called strategy review and inter-party affairs committee.

“The strategy is on how to come back to power in 2019 through every democratic means. And in inter-party affairs, even as caretaker committee, we get approaches by various groups and we felt that it is not the few of us that should be talking to this people,” he stated.

On the terms of reference of the committee, Makarfi said they were to advise on how to make the party stronger and better.

He said the committee of eminent party members would among other things, explore strategies to engage all possible allies with a view to building positive relationship in the overall interest and in furtherance of democracy in Nigeria.

Apart from recommending strategies to reposition to party, the new committee is expected to recommend necessary amendments to the constitution of the party,

which will take care of some of the avoidable pitfalls it has fallen into since the crisis began.

With regard to the failed peace efforts with Sheriff and his group, Makarfi said the initial understanding between the warring factions was that the negotiations should be on the basis of acceptance of the national caretaker committee.

He also said that the botched reconciliation committee would have established modalities for achieving genuine peace in the party, including withdrawal of all cases in court.

According to the PDP leader, not all the cases in court may be resolve through political negotiation, adding that there is need to allow some of them run its full course so that the party can resolve the legal issues once and for all.

Meanwhile, the Strategy Review and Inter-Party Affairs has a threemonthdeadlinetoconcludeitsassignment and submit its recommendations.

AmongthePDPleadersattheevent were the Deputy Senate President, Ike Ekweremadu, Prof. Jerry Gana, Secretary of the Caretaker Committee, Senator Ben Obi, the Board of Trustees Chairman, Senator Walid Jibril, former Deputy Senate President, Ibrahim Mantu. None of the party’s governors was at the ceremony.

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WEDNESDAY NOVEMBER 9, 2016 • T H I S D AY

NEWS

Senate Investigates $2bn Rail Line Concession to GE Probes N9bn CCB project, asks FG to declare emergency on unemployment Omololu Ogunmade in Abuja The Senate yesterday mandated its Committees on Privatisation, Land Transport, Finance, Anti-Corruption and Financial Crimes, Special Duties, Trade and Investment and Judiciary to investigate the procedure adopted in the engagement of General Electric (GE) for the concession of Lagos-Kano and Port Harcourt-Maiduguri rail lines by the federal government.

This resolution was the fallout of a motion by Senator Bassey Akpan (Akwa Ibom North-east) during which he alleged that the Ministry of Transport violated the provisions of Public Enterprises (Privatisation and Commercialisation Act) 1999 by unilaterally engaging the services of GE for the concessioning of the Western (Lagos -Kano) and East (Port Harcourt-Maiduguri) rail lines.

Akpan, in his motion, cited an interview granted the CNBC in June this year, where he announced the concession to GE of Western and

Eastern rail lines – Lagos to Kano and Port Harcourt to Maiduguri respectively – worth around $2 billion.

He quoted Amaechi as saying “GE is already in; we are trying to get the government agencies to allow us negotiate with GE, ‘Amaechi said: ‘the company is going to bring in over $2 billion in the Nigerian railway sector in which they are going to revive the LagosKano narrow gauge and revive the Port Harcourt-Maiduguri narrow gauge by private investment.

“Due to lack of funds, concessioning appears the method of choice of the President Muhammadu Buhari administration for major projects. Apart from the rail lines, the government has also announced its decision to concession Nigeria’s four major international airports.”

According to him, it is the responsibility of the steering committee and technical committees of the National Privatisation Council (NPC) inaugurated by

Barge, Equipment Sink in Failed Attack on NPDC Pipeline in Delta Sylvester Idowu in Warri Hell bent on crippling the source of the oil revenue of the country, suspected militants again, in the early hours of yesterday, attempted to bomb the Trans Forcados 48” Export Trunk line in Batan community in Warri South West Local Government Area of Delta State.

Though the attack on the trunk line, operated by the Nigerian Petroleum Development Company (NPDC), was foiled by soldiers, the militants succeeded in sinking a barge with equipment used for repair work on the line.

The attack came six days after the pipeline was breached in reaction to the outcome of penultimate Tuesday meeting between Niger Delta stakeholders led by Chief Edwin Clark and President Muhammadu Buhari.

Although, the Niger Delta Avengers (NDA) came out few days later to claim responsibility for last week attack, THISDAY checks however revealed that it was carried out by some elements dissatisfied with the violent group romance with Clark’s team.

Security sources told THISDAY that yesterday’s attack was executed by the same aggrieved militants in two high powered speed boats at about 3 a.m.

He disclosed that the militants, on arriving at the scene, fired shots severally to scare away five armless surveillance guards, stationed to oversee the equipment and other facilities overnight pending when repair works would continue the next day.

“They came in two boats, about eight of them, fired several shots and scared away the armless surveillance guards employed to watch the site of the repair works and equipment used for the repair, and planted explosives on top of equipment, trunk line and barges in the area.

“Unfortunately for them, only one explosive went off while the timely warning shots from nearby soldiers saved the others from being detonated. They fled on hearing the shots and abandoned their mission,” the security source said.

THISDAY checks further revealed that soldiers of the Joint Task Force (JTF) code-named Operation Delta Safe could not confront the militants because of visibility but only moved in in the early hours to remove the undetonated explosives.

Chairman of Batan community, Dickson Ogugu, who confirmed the attack, said: “The Trans-Forcados export trunk line, which was undergoing another repair after the previous attack on November 2, was billed for inauguration either yesterday or today.”

Commander, Nigerian Navy Ship (NNS Delta) Warri, Commodore Joseph Dzunve, could not be reached for confirmation of the incident as his mobile phone line was not going through.

Spokesman of the Joint Task Force (JTF), Lieutenant Colonel Olaolu Marcellinus Daudu, confirmed the attempted attack but said soldiers of Operation Delta Safe repelled the militants.

He said soldiers moved in thereafter and cleared two other dynamites planted on the trunk line, adding that there was no destruction of the line with the exception of some equipment.

A community leader, Mr. Sheriff Mulade, however condemned the attack, insisting that there was no justification for it.

“We condemned the attack on the Trans-Forcadoes trunk line.

What point are they trying to make when the federal government has open a line of discussion. Those behind it should be fished out and punished,” Mulade who is the Coordinator of CEPEJ, an environmental rights group. said.

Vice President Yemi Osinbajo in August this year to negotiate with potential bidders for the concession.

He therefore queried the rationale behind the engagement of GE in June 2016 by the Transport Ministry, two months before the inauguration of the committee by the vice president and called for the probe of the engagement.

Also yesterday, the upper legislative chamber mandated its Committees on Federal Capital Territory (FCT) and Ethics, Privileges and Public Petitions to begin investigation into an allegation that the Code of Conduct Bureau (CCB) abandoned an ongoing N8 billion project for the purchase of a N9 billion building.

Moving a motion on the floor of the Senate yesterday, Senator Dino Melaye (Kogi West) alleged that whereas an N8 billion contract for the construction of CCB permanent site had been awarded and N1.4 billion of the sum had already been spent, the CCB suddenly dumped the project and proceeded to purchase a nine storey building.

He said the action was antithetical to the duties of CCB whose commitment, he said, was to guard against corruption and

watch over public finance.

Melaye said: “CCB, after spending over N1 billion on the construction of the office complex headquarters with complete approval by the Federal Capital Development Authority (FCDA) with design by the Federal Capital Territory Administration (FCTA) and supervision ongoing by the FCT, has opted to purchase a completed nine storey building located in the Central Business District of Abuja just as the abandoned one is also located in the same business district.

“The Senate observes that the Bureau, apart from the ongoing construction project of the headquarters, was evaluated and awarded in the sum of N3,509,327,405, out of which a total sum of N1,407,263,884, so far, representing 16 per cent of the contract sum, has been paid while the cumulative job done as at to date is estimated at 10 per cent... CCB in the whole exercise is not expected of an institution that is supposed to protect and watch over the finance of the society by checking corrupt practices in the Nigeria public service.

“The Senate hereby accordingly

resolves that the Committees on Federal Capital Territory (FCT), Ethics and Privileges and Public Petitions, should carry out a holistic investigation into the matter and report back to the Senate.”

Responding, Deputy Senate President, Ike Ekweremadu, who presided over the plenary, said the contention was not the right of the CCB to occupy a befitting office but whether an ongoing project was suddenly abandoned for a new one.

“As I said earlier, since it is still an allegation, if we subject this to debate, it may be prejudicing the outcome of the investigation. This Senate recognises the absolute need for the bureau to have a befitting office. I think the issue now is whether there is an ongoing project being abandoned in preference to purchasing an existing one. We are here to ensure that public finances are appropriately spent,” he said.

Also yesterday, the Senate bemoaned the increasing spate of unemployment in Nigeria and called on the federal government to declare a state of emergency on unemployment “with a view to confronting the challenge frontally and radically.”

The upper chamber also summoned the Minister of Labour and Productivity to explain what the government is doing to address the rising spate of unemployment.

It also resolved to organise a one-day retreat to deliberate on the state of unemployment in the country, its causes and effects.

In a motion, Senator Duro Faseyi (Ekiti North) expressed concern over what he described as “scandalous and incredible level of unemployment” as revealed by 13.3 per cent double digit released by the National Bureau of Statistics (NBS).

Faseyi who described it as the worst unemployment situation the country had ever faced, said it was alarming that the number of unemployed Nigerians rose from 24.4 million in the first quarter of 2016 to 26.06 million in the second quarter.

Observing that the economic recession confronting the country would only aggravate the unemployment rate, Faseyi said the trend had created social tension and crisis of monumental proportion as young graduates

CONT’D ON PAGE 46

DEVELOPMENT PARTNER

Vice President, Prof. Yemi Osinbajo (second left); receiving from Country Head, Department for International Development (DFID), Ben Mello, a picture frame of a website donated by DFID to the Ministry of Education at the venue of Nigeria’s Annual Education Conference 2016, with they theme: ‘Learning Opportunities for All: The Critical Role of Teachers’ in Abuja....yesterday

Tribunal Adjourns Saraki’s Trial to NextYear Tobi Soniyi inAbuja The Code of Conduct Tribunal (CCT) yesterday adjourned the trial of Senate President, Dr. Bukola Saraki, for two months.

The tribunal chairman, Danladi Umar, fixed January 11 for the continuation of the asset declaration trial after the defence concluded its cross-examination of the prosecution witness, Michael Wetkas.

Wetkas, an official of the Economic and Financial Crimes Commission (EFCC), made his 14th appearance at the tribunal yesterday.

The charges against Saraki

read: “That you on or about September 16, 2013 within the jurisdiction of this tribunal did make a false declaration in the asset declaration form for public officers which you filled and submitted to the Code of Conduct Bureau (CCB) upon assumption of office as the governor of Kwara State in the year 2003 by your failure to declare your leasehold interest in number 42, Remi Fani-Kayode Street Ikeja, Lagos which you acquired through your company, Skyview Properties Limited from First Finance Trust Limited on December 12, 1996 and you thereby committed an offence contrary to section

15(1)(2) of the Code of Conduct Bureau and Tribunal Act. CAP. C15, laws of the federation of Nigeria, 2004 and as incorporated under paragraph 11(1)(2),I on the fifth schedule of the 1999 Constitution (as amended) and punishable under section 23(2) of the Code of Conduct Bureau and Tribunal Act as incorporated under paragraph 18, Part I of the fifth schedule to the constitution of the federal republic of Nigeria, 1999 (as amended).

“That you, between June 2011 and October 2013, within the jurisdiction of this sstribunal, did receive monthly salaries or emoluments as governor of Kwara

State and at the same time, from the federal government as a senator and you thereby committed an offence contrary to section 6(a) of the Code of Conduct Bureau and Tribunal Act. CAP. C15, laws of the federation of Nigeria, 2004 and as incorporated under paragraph 2(a), Part I of the, fifth schedule to the 1999 Constitution (as amended) and punishable under section 23(2) of the CCB and tribunal act as incorporated under paragraph 18, Part I of the fifth schedule of the 1999 Constitution.”

The senate president denied any wrong doing.

He has diligently attended the trial.

WEDNESDAY NOVEMBER 9, 2016 • T H I S D AY

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NEWSEXTRA

CBN Releases Consumer Protection Framework for Financial Institutions Confers sweeping powers on consumers, allows for switching of institutions James Emejo inAbuja The Central Bank of Nigeria (CBN) yesterday released the Consumer Protection Framework aimed at enhancing consumer confidence in the financial services industry and promoting financial stability, growth and innovation among operators.

The framework further aims to protect consumers’ assets; ensure timely complaints handling and dispute resolution as well as ensure financial services operators put in place effective consumer risk management framework.

Other objectives are to empower consumers to make informed decisions; promote professionalism and ethics; and outline the rights and responsibilities of consumers.

The new guidelines came at a time of growing concerns over banks’ alleged unethical conducts towards consumers, particularly in the areas of arbitrary charges.

The framework which confers far-reaching options and protective measures on financial services users will provide greater reprieve to a seeming helpless consumers.

Under the new guide, bank consumers and other consumers are allowed to engage in banking transactions with their preferred financial institutions.

Consumers will also exercise the right to terminate contracts, change or switch FIs, products and/or services subject to contractual terms.

The CBN said: “It is unethical and anti-competitive for FIs to place restrictions on consumers” adding that “Where a customer decides to switch, the financial institution shall provide the necessary information to the new financial institution.”

It among other things enforces a more effective complaints resolution mechanism, compelling the financial

services providers to properly educate users of the benefits and otherwise of products.

It also mandates operators to quicken the resolution of complaints and pay compensation where appropriate to complainants.

And in an unprecedented approach, the framework made provision for far-reaching sanctions on banks and other financial institutions for any violation of the framework.

The apex bank further said it would set out guidelines for ethical debt collection practices in the financial industry.

It said the proposed guidelines “shall be based on dialogue, respect for the consumers’ privacy and longevity of consumerfinancial institution relationships among others.

The CBN noted that where consumers are unable to meet their financial obligations, financial institutions would be encouraged to adopt fair and ethical debt recovery practices.

Furthermore, the framework demanded that financial institutions provide credit counselling to prevent consumers’ indebtedness due to limited financial knowledge.

According to the 33-page framework made available on the apex bank’s website: “Credit counselling is the process of educating consumers on borrowing and debt settlement.

Credit counselling facilities shall be available and accessible to all consumers. Consumers shall be made aware of such services and shall be encouraged to take advantage of such facilities provided by the financial institutions.”

According to the CBN, financial institutions will henceforth ensure that personnel assigned to recover debts are properly trained, adding that consumers should also be

Moody’s Rate BOI Aa1 in Latest Ranking Crusoe Osagie Moody’s Investors Service, (“Moody’s”) has assigned Aa1. ng/NG-1 national scale local and foreign currency issuer ratings to the Bank of Industry (BoI).

Last year, Moody’s assigned BoI Ba3, which was in consonance with Nigeria’s sovereign rating.

These latest ratings are underpinned by a standalone credit assessment of b2 and one notch of government support uplift, which results in a global scale long-term issuer rating of B1.

The Aa1.ng rating is the second highest of three national scale ratings (NSR) categories corresponding to BOI’s global scale ratings (GSR).

According to Moody’s, BOI’s national scale ratings capture the bank’s robust capital buffers, with an equity to assets ratio of 30 per cent as of December 2015; stable liability structure made up of long-term funding at concessional rates; and tangible improvements to governance and risk positioning in recent years.

It added that these strengths are balanced against its projection that asset quality will be increasingly

pressured given the loan growth strategy that the bank is pursuing, particularly in the micro, small and medium-sized enterprises (MSMEs) segment, which may expose the bank to riskier assets.

While expressing his pleasure with Moody’s current ratings, BoI’s acting Managing Director and Chief Executive Officer, Waheed Olagunju, stated that they confirmed the bank’s similar ratings of AA+

by Fitch Ratings and A+ by Agusto & Co. He attributed the institution’s consistent high ratings to strong commitment to professionalism and strict adherence to global best practices by the bank’s competent management and staff.

According to the BoI boss, the bank’s remarkable performance in Q1,Q2 and Q3 of 2016 were indications that BoI was on course to sustaining its remarkable operations and ending the outgoing year on a strong note despite the economic head winds. In this regard, he cited the reduction in the ratio of nonperforming loans to 3.84 per cent as at September 30, 2016 from 3.87 per cent as at June 30, 2016.

informed in advance before a recovery process is initiated.

Also, in an effort to shield consumers from unethical conducts over sales promotions in the industry, the apex bank said promotions or related activities will henceforth be conducted professionally and ethically.

It stated: “In a bid to generate increased business volumes or attract new customers, financial institutions shall provide factual information and shall not mislead consumers.

“Financial institutions shall be required to fulfill the terms of promotional offers. In addition, before the launch of any sales promotion, FIs shall provide the CBN with evidence of capability to manage the influx of customers without diminishing service quality.

“Disclosure and Transparency Financial institutions shall provide accurate information on financial products and services to consumers at all times to enable them make informed decisions. Such information must be timely, detailed and clear.”

It added that contract terms should contain adequate information that will enhance consumers’ decision making process prior to execution of the contract adding financial institutions shall also inform consumers of the possibility of variations in terms and conditions of contracts due to changes in economic conditions before such contracts are executed.

Another major high point of the consumer protection regulation further mandate financial institutions

to “conspicuously display specific and up-to-date information (such as certificate of incorporation, banking license, interest rates, foreign exchange rates, helpdesk contact details etc.) at customer engagement areas.

“Financial institutions shall provide financial calculation tools on their websites to assist consumers to perform simple calculations that may be required to ascertain the suitability of certain financial products.

“In addition, financial institutions have a responsibility to make reasonable effort towards ensuring that consumers of financial products are knowledgeable about the products/service they wish to purchase.”

The framework seeks to

guide the effective regulation of consumer protection practices of FIs under the regulatory purview of the CBN to ensure that consumers of financial services are adequately protected and treated fairly-and applies to commercial banks and Microfinance banks among others.

According to the guide, the apex bank will monitor the market to restrict practices which may inhibit competition and punish all forms of violations.

The guideline states: “The CBN shall discourage anti-competitive practices such as: a) Price-fixing or pegging of charges – any act by one or more FIs to fix charges on products and services for their benefit but to

CONT’D ON PAGE 46

VISIT TO NATIONAL ASSEMBLY

L-R: Senator Gilbert Nnaji; Senate President, Dr. Abubakar Bukola Saraki; President, Association of Telecommunications Companies of Nigeria (ATCON), Mr. Olusola Teniola; and Senator Solomon Olamilekan Adeola, when the executive of the ATCON visited the Senate President in Abuja ....recently.

House Recommends Posthumous Promotions for Slain Officer, Soldiers Wants Ali promoted to General Damilola Oyedele in Abuja The House of Representatives has called on President Muhammadu Buhari and authorities of the Nigerian Army to bestow a posthumous rank of one star General on Lt. Col. Mohamed Abu Ali, who was killed in an attack by Boko Haram last week.

The House also recommended that the six slain soldiers who were killed alongside Ali, be posthumously promoted to the next rank.

The lawmakers made the recommendations at the plenary yesterday following the adoption of the prayers of a motion sponsored as a matter of urgent public importance by Hon. Abdussamad Dasuki (Sokoto APC)

who also urged that a national monument be named after the late officer.

Other recommendations included employment for the spouses of the late personnel, full educational scholarship for their children, and timely disbursement of all benefits accruable to their families.

Dasuki described the death of Ali as an unfortunate incident which is capable of demoralising other troops and arming their killers with a strong tool of derisory propaganda.

“Having paid the highest price payable in defence of one’s nation, the question that has come to haunt us is a befitting way to immortalise such valour.

This is so because no number

of tributes or financial pledges are enough recognition of the efforts of these fallen patriots,” Dasuki said.

“And this has to be done not only to inspire others to be dedicated and patriotic, but to send a strong message to their killers that indeed their sacrifices are acknowledged and appreciated by the State, in a bid to forestall any derisory propaganda from them,” he added.

Dasuki, who disclosed that he had known the late officer from their time in the Nigerian Defence Academy (NDA), said Ali had displayed exemplary traits as a cadet.

“I was not surprised to see him serving the nation with same

diligence,” the lawmaker added.

Hon. Nkeiruka Onyejeocha (Abia PDP) while contributing to the debate, lamented that many military personnel have died in the battle against Boko Haram and their families abandoned by military authorities.

“Their wives have a hard time accessing benefits, and are even thrown out of their residences in the barracks,” Onyejeocha said, and added that such mistreatments discourage patriotism.

She backed the call for the posthumous promotion of the slain personnel.

Unanimously adopting the prayers of the motion, the lawmakers directed the House Committee on Defence to ensure compliance with the resolution.

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WEDNESDAY NOVEMBER 9, 2016 • T H I S D AY

T H I S D AY • WEDNESDAY NOVEMBER 9, 2016

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

COMMENT

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

EFCC, HUNGER AND POVERTY

I

Sonnie Ekwowusi argues fighting corruption is no substitute for good governance

don’t know whether it has dawned on you that the Economic and Financial Crimes Commission (EFCC) is the only institution that is functioning in Nigeria at the moment. Apart from the EFCC that is busy laying siege to many places and arresting and imprisoning people, I can hardly think of any other institution in Nigeria that is functioning at the moment. Is it the Central Bank of Nigeria (CBN) that has put many local and foreign companies out of business with its confused monetary policies and forex rates?

Whenever Nigeria is featured in the world news it is about how the EFCC has arrested a Rueben Abati or a Femi Fani-Kayode or a Justice Okoro. The Buhari government is defined and symbolised by the EFCC. We have given our lives to the EFCC. The EFCC is our government.

Meanwhile, hunger is increasingly ravaging many Nigerian families. Many employers can hardly pay salaries of staff. Just take a studied look around you. What can you find? Hunger, misery, poverty, anguish, despondency and hopelessness.

Starved of disposable income amid sky-rocking food-stuff prices, many Nigerian families will be celebrating the 2016 Christmas in sorrow. January 2017 will be worse. Many families will not be able to pay their rents let alone pay school fees.

In response to the ravaging hunger and poverty in the land, the Buhari government keeps seeking alibi in the misdeeds of previous governments especially the Jonathan government. It says the present economic woes are inflicted by the Jonathan government. This, in my view, is an unfair buck-passing.

Agreed, the ingrained rot in the Nigerian system will not be cleansed overnight. Agreed, corruption was rife during the Jonathan government. But it is also true that the present economic woes forcing many manufacturing companies and would-be investors to flee Nigeria are directly traceable to the wrong monetary policies of the CBN under the Buhari government.

For example, last week, the largest indigenous food company in Nigeria, Erisco Foods Limited employing well over 2,000 Nigerians was forced to shut down its operations in Nigeria.

Before shutting down, the company had inserted several advertorials in several newspapers complaining that the strangulating forex policy of the CBN had made it impossible for its business to thrive in Nigeria. Thirty days before finally shutting down its operations in Nigeria, the company duly notified the federal government and the CBN of its intention and demanded for foreign exchange from the CBN to import raw materials. What did the government and the CBN do? Nothing.

Consequently, Erisco Foods Limited has shut down its office in Katsina and relocated to China. Erisco Foods Limited, you will remember, produces the much-sought-after tomatoes yet it was

JUST TAKE A STUDIED LOOK AROUND YOU. WHAT CAN YOU FIND? HUNGER, MISERY, POVERTY, ANGUISH, DESPONDENCY AND HOPELESSNESS

frustrated out of business in Nigeria. What does this teach us?

The tragedy of the unfavourable CBN forex policies. Apart from Erisco foods Limited, Guinness and other multinationals posting losses are contemplating closing shop and fleeing Nigeria. Remember that last year, Dunlop Nigeria Plc, the only surviving tyre manufacturing company in Nigeria laid off hundreds of staff and fled Nigeria. In August 2016, Innosun Motors, Aero and others folded up. More airlines operating in Nigeria are shutting down operations. Dangote has recently fired its key expatriate staff. Same with Intels. We don’t know what the company will do next. The Manufacturers Association of Nigeria (MAN) reports that the CBN forex restriction crisis has led to the closure of 272 companies. The President, Abuja Chamber of Commerce and Industry, Mr. Tony Ejinkeonye has just confirmed that about 50,000 workers have lost their jobs in Abuja in the last two months. Maritime Workers Union of Nigeria (MWUN) reports that in the last one year about 20 shipping companies have been forced to shut down their operations and retrench about 3000 workers due to the unfavorable CBN forex policies.

It is sad that despite the complaint of Emir of Kano and former Central Bank Governor, Sanusi Lamido Sanusi that the Buhari government is creating billionaires from forex subsidy corruption, the forex corruption is still going on to the ruin of the economy and businesses in Nigeria. There is no fixed forex rate at the moment. Godwin Emefiele’s CBN offers different forex rates to different persons. Round tripling still goes on unabated. As the Emir rightly stated, billionaires are being created from round tripling. It is a big paradox that the government that claimed to be fighting corruption is condoning round tripping.

Therefore, this is the time for self-examination. This is the time to look inward. If companies are fleeing Nigeria and many Nigerian workers are losing their jobs as a result of the CBN’s strangulating monetary policies, it is not an indication that the Buhari government is not doing well? Mind you, more companies are likely to close shop in 2017. And of course, more workers will lose their jobs in 2017. Therefore the government should go back to the drawing board and figure out how it can lure the fleeing companies to come back to Nigeria. Agreed, the EFCC is working. It is busy catching “thieves”. But we need serious governance to live our normal lives. The Buhari government should tackle the foreign exchange crisis. Fighting corruption and fighting the forex crisis are not mutually exclusive. The two can go hand- inhand. The fight against corruption is only a means to promote the welfare of the people. The EFCC is no substitute for good governance. We need governance to improve Nigeria’s appalling human development index.

WHY I WILL VOTE JEGEDE

A

few months ago, I received a call from Mr. Eyitayo Jegede, SAN, as I would later understand, based on the prompting of a mutual friend. The content of our discussion was convincing enough for me to travel from my base in Abuja to meet with him in Akure, the Ondo State capital. And we had a long, heart-toheart, honestly brutal, one-on-one talk on a host of issues. We spoke on the reason and the conviction behind his ambition to be the governor of Ondo State, his personal and professional lives, his dreams, his vision and how he intends to bring all these to bear on the people.

I came out of that meeting convinced that Jegede was not only one of the brightest and the most focused minds in Nigerian politics; he is genuinely concerned about the plight of our people and desirous of making a difference. I therefore had no hesitation in enlisting on his project to become the next governor of Ondo State.

Many people may not have heard him speak before the flag-off campaign rally in Akure last month - a rally that, by some estimate, attracted about half a million supporters from across the state--but this man has been traversing the length and breadth of Ondo State selling his vision, his plans and his goals to the downtrodden of our society-people who, in his own words, are most in need of good governance.

In the past few weeks, Jegede has literally been knocking on the doors of the grassroots people across the 18 local government areas of the state--farmers, market women, traders, artisans, commercial motor bike riders, etc .- explaining his vision and his plans and

Ade Ebimomi argues Eyitayo Jegede will make a difference in Ondo State humbly asking for their votes and support.

Today, Jegede is synonymous with an expectation of good governance in Ondo State.

It is therefore little wonder, that when the Independent National Electoral Commission (INEC) announced that they have surreptitiously replaced his name with that of Jimoh Ibrahim in a judicial abracadabra, the entire state erupted in violent anger.

As the violence threatened to spread and develop into something reminiscent of 1983 (when the entire state went up in flame as a result of an attempted forceful imposition of an unpopular candidate on the state by the then electoral body), Jegede, ever the peaceful man and one who believes so passionately in the ability of our justice system to right all wrongs, had to passionately appeal to the aggrieved citizens, assuring them of the impartiality of our judicial system to do all that is right and just. And like a beloved and respected leader that he is, the people harkened to his voice and sheathed their swords.

When I read a recent piece where someone wondered why many people had to go on violent protest for the sake of one man’s ambition, I simply shook my head at how very little that person knows of an average Ondo State man. An average Ondo State man brooks no injustice of any kind and would go to any length to fight for and defend their rights. An Ondo State man would prefer to be left alone to choose his leader or who governs him; any attempt at imposition of a foreign person or by a foreign person or body is an open invitation to danger.

In 2012, the then Action Congress of Nigeria (ACN) was the party to beat in the governorship election. It had such a strong structure and widespread acceptance by the people of

the state. It was actually a foregone conclusion that the party would coast to the government house with ease. Then an announcement came, ostensibly from Bourdillon (Lagos) asking every other aspirant to subsume their ambition for Chief Rotimi Akeredolu, SAN, to become the party’s flag-bearer.

I remember quite clearly telling my friend, Hon. Bimbo Daramola, then an ACN House of Representative member from Ekiti State, that his party had just shot itself in the foot. I told him quite categorically that with such imposition from Lagos, ACN was going to lose that election. At the end, the party was beaten to the third place by an ill-prepared, uninterested and half- dead PDP at that period.

That is why I pray that the Appeal Court do the right thing with the Jegede’s case before them. For in Ondo State, everyone knows that the substitution of Jegede’s name was orchestrated by some powerful and well-connected APC members outside the state who want to rig the election before the election by taking out from the field the man whose victory is certain, to pave way for their own candidate.

It won’t be far-fetched, therefore, to suggest a development that no one can envisage if the injustice of imposition of a non-acceptable candidate is not redressed by the courts.

Ondo State people know who they want and they have chosen that person in a primary held by delegates who represented the wishes and aspirations of people across the state. As an Ondo State indigene myself, I know the implications of the people being shortchanged by some political mandarins who operate by manipulating the system from outside the state.

People have also, rather sparingly, talked about the possibility of Jegede being a stooge

of the outgoing governor on account of the latter’s support for his candidacy. While it is not strange for a governor to support his own party’s candidate and especially one he has worked in very close quarters with for nearly eight years, the Jegede I have come to know and respect isn’t one to be a “yes man” or stooge to anybody, nor is he the type who will accommodate ‘yes men’ around him.

While Dr. Segun Mimiko will continue to enjoy his pride of place as one of the most successful governors in recent times, I am confident that he too recognises the competence and the intelligence of a Jegede (the reasons he supported his candidature in the first place) to let him run his own government and build a reputation of success for himself.

It is therefore illogical to assume that because he is supported by the current governor, he is going to be taking instructions from him or subjugate his purpose and his vision for that of the governor.

And let the elite in the state not rejoice too much, either: Jegede is also not the type to subjugate his belief and personal conviction on the altar of serving some so-called elite. If you travel around the state and meet and speak with regular folks like I have done, you will be amazed at the groundswell of support for this man. The goodwill is unprecedented.

The young, the middle aged, the wizened old ones, the educated and the not-soeducated, the common-man and the elite, the artisans and the white-collar guys, the peasants, the rich and the not-so-rich - everyone is simply excited about the candidacy of Jegede and the feeling is like they can’t wait for November 26 to sweep him into power.

Ebimomi, development economist, wrote from Abuja

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

EDITORIAL RESTORING SANITY TO THE PORTS

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There is need to provide one-stop-shop for all relevant agencies in the ports

t the height of reforms by the last administration, some 28 regulatory agencies were banned from the nation’s seaports, leaving only six for efficiency and ease of business. Some of those banned agencies which had no business being at the ports included the Nigeria Police Force (NPF), the Standards Organisation of Nigeria (SON), the National Drug Law and Enforcement Agency (NDLEA), State Security Service (SSS), Animal Quarantine, and Plant Quarantine and the National Agency for Foods and Drugs Administration and Control (NAFDAC). Unfortunately, some of those agencies are already back while others are itching to return.

We recall that Dr Ngozi Okonjo-Iweala, former Minister of Finance, had announced the federal government directive to reduce the number of agencies operating in the nation’s seaports. The order had led to the cancellation of Cargo Tracking Note (CTN) and the disbandment of several task forces operating in the port, especially those set up THE TORTUOUS CLEARING by the management of PROCESS IS A DELIBERATE the Nigeria Customs CREATION OF THE PORT Service. Even at that, OFFICIALS NOT ONLY those who had cleared their goods still had TO COMPLICATE AN to contend with other OTHERWISE SIMPLE PROCEDURE, BUT ALSO TO security operatives outside the terminals, SEEK PERSONAL GAINS for what they called “routine checks”.

But these extortionist checks and bureaucratic bottlenecks are not to the health of our economy. According to a World Bank report, the long and cumbersome processes involved in cargo clearance have made Nigeria one of the most expensive places to do business in the world. Thus the move by the immediate past administration was meant to streamline and enhance efficiency as well as reduce the cost of doing business in the nation’s seaports.

Even so, we did support the ban of some of the im-

Letters to the Editor

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portant agencies with a proviso: why the directive was good for the economy, something needed to be done so as not to open the ports to indiscriminate importation of harmful products. Last week, NAFDAC said its ban opened the country to the importation of harmful goods and substances. “We see false declaration daily,” said Mrs. Maureen Ebigbeyi, the agency head of operations at the ports. “Recently we intercepted 13 containers of drugs with wrong dosage and strength in Port Harcourt that was wrongly declared as clothing material.”

As a way around the problem, we had endorsed one of the solutions proffered by the relevant stakeholders - the establishment of a one-stop-shop in the ports as it is obtainable even in some of Nigeria’s neighbouring countries. This initiative, if adopted, will help in eliminating the bottlenecks associated with dealing with several government agencies in the cargo clearance process.

T H I S DAY

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

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single automated information transaction system based on the Automated System for Customs Data (ASYCUDA) and the Nigeria Integrated Customs Information System (NICIS) would allow all government agencies to electronically interface without physically being present at the port. As it were, this cost-effective measure at the nation’s seaports, airports and international borders is yet to be adopted.

For an economy that is in dire need of revitalisation, we can ill-afford many of these needless agencies endorsing documents before imported goods are released. We believe the tortuous process is a deliberate creation of the port officials not only to complicate an otherwise simple procedure, but also to seek personal gains. Stretched over days and weeks, frustrated importers could become desperate by taking untoward means to “fast track” the clearance process of their goods, for some under-the-counter payments.

That is why we need to provide this trouble-free one-stop-shop for all the government agencies that have any role at the ports to easily collaborate and interface so that they would no longer continue to operate to the detriment of the nation’s image and economy.

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.

ABU ALI: DEATH OF A GALLANT SOLDIER

he news of the death of Lt. Colonel Muhammad Abu Ali, said to be one of the most gallant commanders in the Nigerian Army’s battle to crush the members of the Boko Haram sect, was received with shock, tears and anguish. It was really shocking to hear that the young gallant soldier, who has been celebrated for his wonderful contributions to the successes so far recorded in the decimation of Boko Haram militants, was killed by the same deadly terrorists even after they are said to have been technically defeated.

Abu Ali, an indigene of Kogi State and recipient of the Chief of Army Staff Award for exceptional bravery and excellence, led the army units that recovered Gamboru-Ngala, Baga and a number of communities from the ruthless insurgents in the North-east.

According to military authorities, he died on Friday during an encounter with suspected Boko Haram extremists that attacked 119 Battalion, Nigerian Army location at Mallam Fatori in Borno State.

A statement released on Saturday by Army spokesman, Sani Usman, to confirm Ali’s death said: “Yesterday (Friday) at about 10pm suspected Boko Haram terrorists attacked a 119 Battalion Nigerian Army location at Mallam Fatori, northern Borno State.

The troops fought gallantly and repelled the attack, killing 14 Boko Haram terrorists. Unfortunately, we lost an officer and four soldiers, while four other soldiers sustained various degrees of injuries during the encounter. One of those killed in action, was Lieutenant Colonel Muhammad Abu Ali, the Commanding Officer of 272 Task Force Tank Battalion.”

While mourning the late Ali, his colleagues who worked relentlessly with him to confront the terrorists, described him as a gallant, battle tested and trusted soldier. The Theatre Command Centre of Operation Lafiya Dole in Maiduguri said Ali, nicknamed, Sarkin Yaki (Chief Warrior), “served the nation with unwavering commitment and dedication, paying the ultimate price so that millions can sleep on their beds in peace.”

The late officer is the son of the retired Brigadier General Abu Ali, a widely respected traditional title holder in Kogi State and who was governor of Bauchi State between August 1990 and January 1992 during the military administration of General Ibrahim Badamasi Babangida.

The Chief of Staff Award was bestowed on him for his gallantry and efficiency on the battlefield, and earned accelerated promotion from Major to Lieutenant Colonel. During his official decoration with the rank of Lieutenant Colonel in September last year, Buratai applauded Ali, an expert in the handling of armoured tanks for his “courage, bravery and exceptional performance in the fight against the Boko Haram terrorists”.

His elevation and recognition for the significant roles he played was fully supported and appreciated by his co-fighters who so much cherished him for his great display of professionalism and bravery on the battlefront. Indeed, Col. Mustapha Anka, Deputy Director, Department of Army Public Relations, and spokesperson, 7 Division Nigerian Army, Borno State said: “An officer and a gentleman. Cherished, admired and adored. By officers, soldiers and civilians. As angels adore God in heaven. Your transition, a shocking transition. Was like a candlelight blown out by the

wind. An evil wind in an evil world. Though your memories remain. Forever in our hearts. A great hero of our time. The scourge of the enemies. A commander, a lion and a desert fox.

Feared by cowards, revered by adversaries. Whenever your name echoed in the battlefield. We have lost a conqueror, a brave officer.

Whose name was engraved with diamond. For diamonds are forever…” While eulogising the late Lt. Col. Abu Ali, President Muhammadu Buhari promised that his sacrifice and that of other fallen heroes would not be in vain.

The president’s promise must be backed with action. The families of Lt. Col. Abu Ali and other members of the armed forces that have sacrificed their lives for us to live must not be abandoned. The government must do much to compensate and appreciate our great military men (both the living and the dead) for making the supreme sacrifice to ensure the protection of the nation’s territorial integrity.

Also, great effort must be made to motivate the military officers in the battlefield. The intensity of activities of the Boko Haram radicals has taken a dimension in recent weeks that calls for serious concern, especially coming after several months of relative success by the troops of the Nigerian armed forces, in which the late Abu Ali played a major role. Therefore, all the motivation needed to further boost the morale of the soldiers should be given to them, to enhance their capacity and ensure the final defeat of the Boko Haram insurgents, whose nefarious activities have left over 20,000 innocent citizens dead and destroyed property worth about $9 billion since 2009.

Michael Jegede, Abuja

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WEDNESDAY NOVEMBER 9, 2016 • T H I S D AY

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T H I S D AY • WEDNESDAY NOVEMBER 9, 2016

PRESS RELEASE

FRCN Code of Corporate Governance: ISANs Position

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he Independent Shareholders Association of Nigeria (ISAN) recently held a special session in Lagos to review the National Code of Corporate Governance for the private sector (The code) that was released by the Financial Reporting Council of Nigeria (FRCN) on October 17, 2016.

Having critically reviewed the code, ISAN took some far reaching resolutions on the Code as follows.

ISAN’s categorical position on the code mostly stemmed from perceived negative implications of over regulation of the nation’s corporate world, particularly the financial industry and the noticeable contradictions and conflict with the subsisting Companies and Allied Matters Act (CAMA), as amended.

The review raised the concern by ISAN on the suffocating effect of the code on entrepreneurial aspirations and initiatives of Nigerians and persons seeking to establish business in the country. This is based on the provision of the Code that companies shall have not less than 5 directors.

This provision is seen by ISAN as unnecessarily expansionary and costly for Micro Small and Medium Scale Enterprises (MSMEs), noted as engine of the nation’s economy.

Moreover, there are also identified provision of the code which directly conflicts with existing laws governing certain sectors, which FRCN has included in the code all in a bid to elevate itself to another super regulator over and above existing sectorial regulators for some companies.

The shareholders pressure group in identifying possible contradictions in the FRCN code , among other things , stressed that FRC should and must provide leadership in the nation’s corporate world by constituting its board in line with its new corporate governance code. This should be done for the FRCN to justify its enforcement and sanction regime in the new code.

Other grey arrears queried by ISAN include the provision in the code which allows executive directors of the companies to be appointed board members of another company or companies. They also contested the time frame provided or “cool off period” before former executive director is appointed chairman of the same company he served and the engagement of two auditing firms.

ISAN identified conflicts on the following rules as amended. Board size, potential breach of rulemaking procedure and absence of governing board.

Under article 5.4 of the new code of corporate governance of the FRCN. The Sir Sunny Nwosu led group argued that contrary to the views espoused by government through the FRCN, the appointment of substantive executive directors into board(S) of other companies breached the whole essence of internationally accepted corporate governance and best practices.

ISAN equally submit that the breach of corporate governance, as contained in clause 6.5.9 of the new code extends to the appointments also of executive director as none executive directors in other companies.

To them, the contradictions as provided in the code on the latitude of subsisting directors, questions the moral, transparent, due diligence and ethical practices of operating going concerns in the nation.

The shareholders also resolved that the only window of ameliorating the contraption contained in the code on executive directors remains the wholesome adoption of the provisions of section 19(3) of the Banks and Other Financial Institutions Act (BOFIA).

ISAN also suggested a comprehensive annual evaluation of all nonexecutive directors of companies under clause 6.7.7 of the code.

portrayed by the code was a vivid dis-service as it remained very silent on the cool off period before former CEOs are appointed non-executive directors.

The shareholders advocacy group suggested that the emerging character of the nation’s economy makes it imperative for a three year cool off period for interested former CEOs of companies.

As part of the noticeable conflicts, ISAN insists that a serious lacuna and breach of the law has been triggered with the provision of article 5.4 of the new code of corporate governance on the size of the board.

Article 5.4 of the code provides a minimum of 8 board members for companies while the companies and allied matters Act 9CAMA) in section 246(1) provides for minimum of 2 directors.

To ISAN, the confusion among stakeholders in the nation’s corporate arena now is how to resolve the conflict between an Act of parliament and a delegated legislation.

ISAN believes that the implementation of the code Codes requirement that Non-executive Director should be two-third of the board with Independent Directors being half of the number of Non-Executive Directors will lead to unintended consequences, of which one is forced breached of employment contract with the executive.

The shareholders also identified clauses 5. 4 and 5.5, of the new code as another setback towards attaining best practices, arguing that nonexecutive directors should exceed executive Directors in the composition of the board.

ISAN categorically rejected any form of transitional board elongation, stressing that otherwise could lead to forced breach of contract with the executive directors, increase cost and impair board dynamics expected with the injection of new members.

In their view, the short period provided for compliance with the code might rubbish the initiatives of FRCN and suggested three years transitional period to enable companies rationalize their executive directors.

It also offers companies flexibility to harmonize contractual engagement with the executive directors.

On the engagement of two joint auditors, as contained in clause 19.2.2, the retail shareholders advocacy group argued that it will impact negatively on companies and their operating cost.

In their submission, the objective might not be achieved, More so, if the two auditing firms do not agree on a particular matter, there could be friction and diverse effect on reporting timeline of the entity under consideration.

The group also recommends under clause 19.3, the retention of external auditors for the minimum of seven years and a possible reappointment after seven years of disengagement from their initial contract.

To them, when auditors aggregate or cumulative tenure has already exceeded seven years as at the date of commencement of code, such audit shall cease to hold office as an auditor of the company at the end of the financial year that the code comes into force.

Overall, ISAN expressed confidence that if urgent attention is paid to the identified grey areas of conflict and counterproductive clauses are expunged, the economy will resonate in dynamism, vibrancy and more productive.

Another provision of the code which ISAN described as another contraption which undermines the emerging chemistry of the nation’s economy hovers around clause 5.1.4 of the new corporate governance code.

The group argued that the prescribed 10 years cool off period before former CEOs assume the position of chairman in the same company amounts to serious setback in utilisation of limited experts, managerial proficiencies and scarce human capital resources.

Most of the retail investors contested that the waste in human capital as

Signed Sir Sunny Nwosu KSS National Coordinator ISAN

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

MIDWEEKPOLITICS

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

THE NEWSMAKER

Buhari’s Second Term Fantasy

Early campaigns for President Muhammadu Buhari’s second term when he is yet to assume control of his first is ill-conceived. Shola Oyeyipo writes

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or those conversant with leadership in Nigeria, it is obvious that the President Muhammadu Buhari administration is struggling to drive radical changes, particularly in the fight against corruption. Although not a few people around the world had commended this government for the initiative taken in the fight against corruption, there is a general assumption that the initiative is already defective through its selective disposition.

For some, one term tenure of four years is not long enough to effectively actualise the Buhari leadership agenda, which some say could revive Nigeria economically at the long run, but the bone of contention is, is President Buhari playing the politics of second term at all? If so, is he doing it as though he is learning from history?

In her recent intervention, the First Lady, Aisha Buhari noted that if her husband seeks a second term she may not campaign for him.

Though not many reacted to her anticipation that her husband may seek another term, the fact that his body language suggests that he might serve only for a term and quit, but the truth is that such critical interjections cannot be taken for granted.

If the First Lady went that far, aside the fact that it was epic and first of its kind, some other elements in the ruling All Progressives Congress (APC), including the likes of former Vice-President Atiku Abubakar, former Kano State governor, Senator Rabiu Kwankwaso, former Lagos State governor, Senator Bola Tinubu and some others are not comfortable with goings-on in the party.

Now, it is becoming more glaring that some forces within the APC have been assigned to decimate the political relevance of some of those that worked for the success of the party in the 2015 presidential election. An observer recently said those saddled with that responsibility are playing “ruthless politics”, but in doing that, it is best to evaluate if such antics could yield.

Once, during an interview with prominent politician and one of the closest allies of the late foremost Yoruba political leader, late Chief Obafemi Awolowo, Chief Ebenezer Babatope, despite being in opposing Peoples Democratic Party (PDP) with former Lagos State governor and national leader of the All Progressives Congress (APC), Senator Bola Tinubu, referred to him as a notable political tactician. Babatope has always had the respect for Tinubu’s political intelligence.

It was an interview designed to commemorate his 70th birthday anniversary, and he was talking about the political atmosphere in the country then, when he said, “That boy (Tinubu), is a rascal. He is a political tactician. I think you know he learnt politics in Chicago, where some of the best politicians in the world live. You can only take him for granted at your peril”.

Whatever that message meant obviously did not sell to former President Jonathan, because if it did, the kind of pact he had with Tinubu and some others that gave him his first term in office would have been reviewed to hand him a second term. But that was never the case.

Jonathan was shown the way out while seeking another four years in office because he had lost his friends, particularly in the South-west.

Something very significant is that some individuals, most of them students and beneficiaries of Tinubu’s school of politics, who were smart to notice Jonathan’s political naivety, quickly took advantage of the situation, promising to snatch the South-west away from Tinubu for Jonathan. Of course, that became easy-money-making opportunities for them, most of whom are now perpetual visitors at

Buhari...is second term the issue?

the headquarters of the Economic and Financial Crimes Commission (EFCC).

Interestingly, the name of former Lagos State governor and Minister for Power, Works and Housing, Mr. Babatunde Fashola has been featur-

As a political party, it is expected that interests could differ, and it could bring about a certain degree of friction. But in designing how a party like the APC could survive within a reasonable time in national polity, such frictions must be minimised. And rather than working assiduously to cut members of the party ‘to size’ in defined lone interest, shouldn’t those wielding such powers rather work round the clock to end the cold wars and continue to sell the government and its failing agenda to Nigerians?

ing as one of the forces that worked against Tinubu in the Ondo State APC primary. While it has been established as untrue because the minister has refused to be part of the ongoing politicking, Fashola too has refused to come out to address it for strategic reasons.

However, for the forces against Tinubu, it is pertinent to note that though they may be good leaders too, they wield insignificant influence in Lagos politics, let alone South-west.

They also do not enjoy the kind of Tinubu’s political patronage and can never boast to have better relationship with Lagos and South-west politicians, let alone boast of Tinubu’s political pedigree and investment in people.

From all indications, it is popular for now to hang with anti-Tinubu forces – it is an easy avenue to gain relevance, but the question is: how far has it taken them? The answer is not far! It is a general belief that former president Olusegun Obasanjo would not have hesitated before nailing and putting Tinubu behind bars if he had his way. But despite their cat and mouse relationship, Tinubu was unscathed even as he opposed Obasanjo for the period he was in office.

When eventually he became an open threat to the Jonathan administration and the former president joined forces with other progressives to oust the government, with the likes of former Minister of State for Defence, Senator Musiliu Obanikoro, Senator Iyiola Omisore, Mr. Femi Fani-Kayode and others who tried to demystify him, Tinubu still came out unhurt.

Like Tinubu, Kwankwaso too is not having the best of time in the APC. There are indications that the Kano politician, who came second to President Buhari in the APC primary and who is currently a serving Senator, is getting the nod to vie for the presidency.

In some quarters in the ruling APC, the belief is that the cold war between the Kano

State Governor, Dr. Abdullahi Umar Ganduje, and Kwankwaso, which has degenerated into full blown hostility between the two leaders and their supporters, has the hand of those working ahead of 2019, either for themselves or for President Buhari. The assumption is that Kwankwaso’s refusal to step down for Buhari during the APC primary was what set him against the president.

The former Kano governor was reported to have stormed out of a peace meeting called by Governor Nasir el-Rufai and Tinubu before the APC presidential primaries in Lagos, insisting that the party must provide a level playing field for the better candidate to emerge as the standard bearer of the party.

And were it not for last minute moves by Tinubu, El-Rufai and former Rivers State governor, Mr. Rotimi Amaechi, Kwankwaso, observers said would have emerged the presidential candidate of the APC as he had the single largest delegation to the primaries.

As a political party, it is expected that interests could differ, and it could bring about a certain degree of friction. But in designing how a party like the APC could survive within a reasonable time in national polity, such frictions must be minimised. And rather than working assiduously to cut members of the party ‘to size’ in defined lone interest, shouldn’t those wielding such powers rather work round the clock to end the cold wars and continue to sell the government and its failing agenda to Nigerians?

Where the well-thought-out schemes to reduce some members of the party continue till 2019, Nigerians can be sure to witness yet another highly competitive election, which like the 2015 general election, would be characterised by another regrouping and realignment aimed at stopping the president at all cost. That scheme too is already on and it will come to manifestation in the fullness of time.

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

UPDATE&TRENDING

MIDWEEKPOLITICS

Amaechi, the Most Wanted!

Except the Minister of Transportation, Rotimi Amaechi is mentioned in any of their plots, the scheming of the opposition remains tacky. Shola Oyeipo writes

Amaechi...always in the news

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rom all indications, the debate trailing the allegations by some of the arrested justices, Inyang Okoro and Sylvester Ngwuta of the Supreme against former Rivers State governor and Minister of Transport, Mr. Rotimi Amaechi will continue to attract interpretations by different commentators until the issue loses its steam in the court of public opinion and dies a natural death.

In quick succession, the two judges had alleged that Amaechi attempted to make the apex court influence the judgments on the Rivers, Akwa Ibom and Ekiti States governorship elections.

Against the backdrop of the allegation from both sides, some have insisted that the affected justices and judges step down to allow justice take its course. There are others also calling on Amaechi to step down. But in the midst of the arguments, the All Progressives Congress (APC) and Amaechi have continued to deny

that the minister was involved in any shady deal with the judges and that the allegation was only orchestrated by the opposition Peoples Democratic Party (PDP).

“For emphasis, we want to state categorically that Amaechi did not and has never tried to lobby, induce or make the Hon. Justice Ngwuta to influence the outcome of any matter before the Supreme Court or any other court,” a statement

by Mr. Amaechi’s media office said.

Continuing, the statement reads further: “Amaechi did not and has never lobbied, approached or attempted to make the CJN or any other Justice of the apex court to influence the Supreme Court judgment on the Rivers State and Ekiti State Governorship Elections petition appeals or any other matter before the apex court or any other court”, the APC contended.

Amaechi on his part has maintained that both judges were conscripted in the ongoing plot to destroy him politically through every

means possible.

While it may still be difficult to take a stand on the matter, a significant proportion of the people of Rivers State and other admirers of the former governor across the country are buying into his argument due to the antagonisim he faced with PDP forces in his home state, Rivers, when he was nominated minister. Therefore, the thriving sentiment among the pro-Amaechi group is that several top PDP leaders, including three sitting governors and a past governor are the ones instigating the Supreme Court judges to raise allegations against Amaechi The PDP bigwigs are considered as those behind the stupendous money and properties found with the judges by the Department of State Security (DSS) and the forces conniving with Justices Okoro and Ngwuta to bring a “common enemy” (Amaechi) into their mess, particularly being a major contender that their emergence did not go through a free and fair

process.

The hook would be that Amaechi is particularly unhappy because was unable to deliver Rivers, Akwa Ibom and Delta States in the governorship elections petitions handled by Justices Okoro and Ngwuta and that it is the reason he masterminded their arrest and investigation.

There is also a consensus among the APC loyalists that Amaechi, with his rising profile within his geo-political region and across other states is gradually becoming a major obstacle to the success of the PDP ahead of the 2019 elections, and as such, the antics to disrepute him as a way to severe whatever relationship with President Muhammadu Buhari, who has shown genuine readiness to address issues pertaining to the development of the Niger Delta region.

Regardless of those views, the Rivers State PDP chairman, Mr. Felix Obuah has insisted that the minister must step aside to allow for thorough investigation of the allegations. He has insisted that President Buhari should relieve him of his appointment as a minister in his cabinet on the grounds that he has no moral basis to remain in office after the allegations of bribery leveled against him by the judges and that has been the main talking point.

“To further prove his innocence of the various allegations, Mr. Amaechi should resign, cooperate and allow the process of his investigation by not sabotaging any of such efforts in getting to the truth”, Obuah reportedly said.

Interestingly, the disposition of Obuah to Amaechi in recent times has been the most shocking to those conversant with Rivers politics.

For a man whom God was said to have given a second chance to live through Amaechi, many are yet to come to terms with his recent hatred for the former governor.

A story was told of how Obuah was once shot around his genital area by his some of the goons said to be working for him and left in the pool of his own blood. And when the news of the development was brought to the attention of Amaechi, he was said to have immediately flown him out with an air ambulance to South Africa where he was given a resounding medical attention and now boasts a new life.

In a reverse dimension, when aggrieved members of the PDP formed the faction tagged the New-PDP and led by Abubakar Kawu Baraje, where Amaechi held sway before joining force to berth the APC, they continually called on President Jonathan to sack Governor Nyesom Wike as a matter of urgency when he was the Minister of State for Education.

In one of it attacks on Wike, the Baraje camp said: “The fact remains that to say Wike is a disaster as a minister is to state the obvious. We advise him (Jonathan) to minimise the damage he is doing to the Jonathan administration by concentrating on his work instead of busying himself making enemies for the president, whom he pretends to be loyally serving but whose downfall he is secretly plotting.

“Instead of President Jonathan addressing enemies within his cabinet, he is busy persecuting and embarrassing his true friends and political associates that matter in his political calculations!

We have read with dismay the statement credited to the Minister of State for Education, Chief Nyesom Wike that Governor Chibuike Amaechi of Rivers State and the New Peoples Democratic Party are behind the prolonged strike by the Academic Staff Union of Universities (ASUU).”

Therefore, to those who were privy to the politics of that era, the current scenario is a reenactment of an old rivalry by sworn enemies.

To them, it is mischievously crafted and as such, since the judges are those with issues with the law enforcement agents, they should face their warrants on their own without dragging the minister along with them to achieve political ends.

Evidently, Amaechi has the support of the leaders of the APC, who actually consider the allegations mere political gambit targeted at waning one of the strong forces in the ruling party. To them, except proven beyond reasonable doubt as in the cases of the judges, who have explanations to make on some of the foreign and local currencies found in their homes, there is no reason to yield to the antics of the opposition PDP on the call for Amaechi to step down.

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WEDNESDAY, NOVEMBER 9, 2016, • T H I S D AY

FEATURES

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

Pains of Neglect in Agboyi Community For many decades, the Agboyi community has remained a forgotten spot in Lagos State. In this report, Ugo Aliogo, who travelled to the community, examined their areas of needs and the role government should play to address these needs

I

first heard of Agboyi community from a friend at a conference. The picture he painted about the area was quite disturbing and unpleasant. He said the community had no sewage system to manage human waste. He also said that he was joining forces with the group which he heads to build good sewage system for this community. My friend’s story represents the experience of a people excluded from the thrust of development. The community has been left to develop at its own pace, without government support.

Arm chair theorising is good, but they don’t provide real answers to issues. The journalism profession places emphasis on genuine findings and investigations to establish an opinion about a people or place. A boat ride to the sleepy village of Agboyi was not an exercise in futility if I needed evidence to substantiate my friend’s opinions. The expedition was meant to confirm the correctness of my friend’s opinions and to also tell the story of the community from their own angle.

Agboyi community is a riverine community usually flooded during the wet season, while at the dry season the water dries up. “We have flooding challenges, which is brought by the closeness to the lagoon. But we are lucky because when the flood comes after some time, it flows back to the lagoon,” noted Owolabi Ayo, a resident of the community. The occupants in the community are largely Aworis from Ile-Ife and they live near the water.

The men walk round the community folding up their pair of trousers to their knees, and holding their shoes. While for some, they walk with short dresses and shoes. The community has six villages under it, while Agboyi 1, which is the centre, has an Oba. The other two divisions have Baales as their paramount ruler.The Oba of Agboyi doesn’t pay homage to the Oba of Lagos because he has his own sovereignty.

The entrance to the community is with the aid of a wooden rickety boat. When I alighted from the boat, I looked lost. My search for direction led me to a group of young adults conversing under a wooden platform; one of them was smoking marijuana. There was also

At present, the community is not in the development indices of investment partners and government due to lack of good access road. Over the years, residents of the community have been appealing for the construction of motorable bridge by the Lagos State Government. This will open up the community for development; create jobs for the unemployed graduates, and provide the community with basic social services and amenities

The long foot bridge in Okoagbon Estate in Agboyi community. The estate leads to Owode and Ikorodu

Grocery stores in the floods

an elderly man in their midst who appeared not be involved in their conversation.

When I asked for direction to the house of the Baale, they made a fool of me; before referring me to an agile looking old man whom they identified as Chief Samson Sumuonu, a paramount chieftain in the community addressed with the title of ‘Chief Ilisa.’ He was involved in traditional medicine practice, something I got to learn when he gave me his business card.

Meeting Sumonu was the doorway to the Baale, since he was a principal chief I thought.

But Sumuonu frustrated this expectation when he invited two chiefs from whom I learnt that the community doesn’t have a Baale as their leader, but an Oba. “At the moment our Oba is dead, so what we have is the Oshogbo which translates thus as ‘traditional chief’ in Yoruba language,” noted the chiefs.

The chiefs looked lively. There was something wonderful about their demeanour; they looked properly cultured and civilised in personality

and disposition. We sat in the living room of Chief Sumonu, I read out to them the questions I needed answers to. Topmost in my questions was the issue of the sewage system.

The question looked trivial to one of the Chiefs, Mr. Jelilee Bayeoku, who said it was not a basic challenge for the community. “Disposing off of human waste is done either by dumping it into the lagoon directly or building a drain pipe in your house channelled straight into the lagoon to allow quick disposal of the waste.

The wastes are consumed by the fishes.” What he is describing is shocking because the main occupation of the locals here is fishing.

Agboyi is a community with a huge potential for development. The large plot of land stretching down to Owode and Ikorodu areas confirms this development. At present, the community is not in the development indices of investment partners and government due to lack of good access road. Over the years, residents of the community have been appealing for

the construction of motorable bridge by the Lagos State Government. This will open up the community for development; create jobs for the unemployed graduates, and provide the community with basic social services and amenities.

“March this year, the state government promised to give us a motorable bridge. This is the main challenge of the community. Therefore, if we have this bridge, it will open up access to Agboyi 1, 2 and 3, then developmental initiatives can come to the community,” Bayeoku said.

To push their demand forward, the community has leveraged on the political goodwill of their elected representative at the State House of Assembly, Hon. Tunde Braimoh, “We are hopeful that with the efforts of our representative at the House, Mr. Tunde Braimoh, by next year we will have a motorable bridge,” they noted.

In Nigerian politics, most elected representatives hardly fulfill their promises often times or meet the expectations of those who elected

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WEDNESDAY, NOVEMBER 9, 2016, • T H I S D AY

FEATURES

Makeshift wooden zinc latrines in the community

Agboyi Primary School, the only primary school in the community

Houses submerged in floods

them. Will this community’s aspiration come to fruition? Or will Braimoh join the league of the representatives that have made unfulfilled promises in the past?

As the discussion stretched further, the chiefs revealed more areas of needs, such as a government hospital, a functional water board, more secondary schools to complement the only primary in the community and provision of employment opportunities for the teeming unemployed youths. They however argued that these needs are predicted on having the motorable bridge. Deductively, the bridge is a long term solution to the myriad of challenges which if solved, will take care of other needs.

Bayeoku added, “Government can come here to build companies and provide employment opportunities for people because, here, we have land. The youths here go to Apapa and Badagry to work in order to eke out a living for themselves. We buy borehole water for 100 naira during dry season. This is expensive.

The suffering here is too much.

“The community is under Agboyi/ketu Local Community Development Agency (LCDA). Non Governmental Organisations (NGOs) come to the community, and they make promises on how to develop the community, but after sometime they stopped coming. The community has been existing for many years. We have one-primary school, and one health centre. In the primary school, the number of non-teaching staff is more than the teaching staff, therefore we need more teachers.

“We need more nurses for the primary health centre. The health centre is trying in handling the issue of delivery, but I think government can do a lot in raising the health standards.

We also organise local delivery here and we don’t have any challenge with that at all. When we are given drug prescriptions at the health centre here, we go to Alapere community to buy the drugs.”

The picture of the boy smoking marijuana convinced me that there could be pockets of thievery in the community, especially when such lawlessness is allowed to thrive. To clear my doubts, I asked the chiefs about the level of

The journalist standing in the floods

The wooden rickety boat, the only available means of transportation to the community

crime rate in the community. Their responses were quick and sharp. “We don’t have cases of criminal activities here. If there is, it is limited; if you are caught doing anything evil or criminal.

You are banished from the community forever.

The punishment law here is very strong,” they responded.

In the pre-colonial era, native laws were effective in tackling crime. People feared and respected the community Police. Today, those community law enforcement agencies are not very effective compared with the State law enforcement institutions.

The views of the chiefs contradict the opinions of a resident in Okoabgon, an estate in the community, Mr. Bamidele Ajani, who appealed for a police post to address the high rate of crimes facing the community. He said the pilferers break through burglary proofs of residential

homes and collect their personal effects.

“We have had numerous cases of crimes.

There was a time when the Divisional Police Officer (DPO) called the community chiefs to Alapere Police station because they broke into people’s homes at night, cart away their personal effects. Sometimes there is gang fight amongst the youths in the community. Because there are police posts, therefore we resort to the traditional laws to address the issues,” he said.

Ajani also said residents in the community suffer from cholera due to the unsafe water in the environment. “Therefore we buy sachet water for drinking and while we bath with water from the well which is better than the river water. The river water here is polluted, salty because it is lagoon and unsafe for drinking.

“For the occupants, when you walk on

In Lagos, most marginalised communities lack good road networks to connect them to other parts of the state.

Traders, students and artisans living in these communities go through tough times in an effort to travel to other locations in the Lagos metropolis.

In this aspect, the people have not felt the development pulse of government. It seems there is misplaced priorities on the part of government water too much, you have itching on your toes. We don’t have any contact with snakes except occasionally. What we have here are craps due to their fishing profession here,” Ajani added.

In Lagos, most marginalised communities lack good road networks to connect them to other parts of the state. Traders, students and artisans living in these communities go through tough times in an effort to travel to other locations in the Lagos metropolis. In this aspect, the people have not felt the development pulse of government. It seems there is misplaced priorities on the part of government.

The import of having a good road network is that it will help drive growth and prosperity in those areas which will have a corresponding effect on the people and the state.

22

IMAGES

THISDAY • WEDNESDAY NovEmbEr 9, 2016

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

Chairperson, Association of Private Educators in Nigeria (APEN), Dr. Olufemi Ogunsanya (left), and Founder, LEAP Africa, Mrs. Ndidi Okonkwo-Nwuneli, at the 7th APEN annual conference in Lagos...recently ETOP UKUTT

L-R: Commissioner, Lagos State Ministry of Health, Dr. Idris Olajide; Managing Director, GlaxoSmithKline Pharma, Mr. Cesar Marval; and Director, Health Planning, Research and Statistics, Dr. Olufemi Taiwo, at the launch of Guidelines for the Management of Asthma in Ikeja...recently

L-R: Corporate Affairs Manager, Intel Corporation, Babatunde Akinola; Director, State Universal Basic Education Board (SUBEB) Kano, Dahiru Adamu; Country Manager, Girl Rising Nigeria, Maryam Tafida Bello; and member of Paradigm Initiative Nigeria (PIN), Tosin Abolaji, at the 2016 International Day of the Girl Child held at the Ado Bayero Mall, Kano...recently

Chief Operating Officer, iNTERMEDIA Limited, Segun Adeleye, and the Rector, Moshood Abiola Polytechnic, Prof Oludele Itiola, during the presentation of ceiling fans by AMACOS 95 Set, to the school...recently

L-R: Chairman, Wealth Creation, Lagos State, Sola Giwa; Exeutive Secretary, Lagos State Employment Trust Fund, Akintunde Oyebode; and the Lagos State Commissioner for Wealth Creation, Dr Babatunde Durosimi-Etti, at a maiden press briefing by the trust fund in Lagos...recently Abiodun Ajala

. L-R: Head, Trade Promotion Africa Department, Ministry for Foreign Affairs, Sweden, Mr. Bengt Carlsson; Minister for EU Affairs and Trade, Ann Linde; Swedish Ambassador in Nigeria, Mrs. Inger Ultvedt; and Managing Director, Ericsson Nigeria, Mr. Johan Jemdahl, at the Swedish-Nigeria smart cities & ICT conference in Lagos...recently ETOP UKUTT

L-R: Chairman/CEO, Polo Avenue Ltd., Mr. John Obayuwana; wife of the Lagos State governor, Mrs. Bolanle Ambode; and the Creative Director, Ene-Maya Designs, Ene-Maya Lawani, during the unveiling of new Turban and Adayas collection in Lagos...recently SUNDAY ADIGUN

L-R: Glocacom’s National Sales Coordinator, South-south, Mr. Horsfall Onamari; Glo ambassador and Mavin Records protégé, Reekado Banks; and Globacom’s Head of Operations South-south, Mr Enekwachi Aja, during the Glo Campus Storm at the University of Uyo, Akwa Ibom State...recently

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

BUSINESSWORLD R A t E S NIBOR OVERNIGHT 1-MONTH

A S

NIBOR

12.0167% 18.1957%

A t

3-MONTH 6-MONTH

N O V E M B E R

19.0573% 20.1760%

NITTY 1-MONTH 2-MONTH

17.681% 17.6961%

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

4 , 3-MONTH 6-MONTH

2 0 1 6 17.9479% 1 9.6648%

EXCHANGE RATE N328.90//1US DOLLAR* *AS At LASt FRIDAY

Quick Takes Migration: Germany Boosts Aid in Africa

WE REJOICE WITH YOU

L-R: An official of Overland Airways, Abiola Abiodun; Managing Director, Overland Airways, Capt. Edward Boyo; Managing Director, Federal Airports Authority of Nigeria (FAAN), Saleh Dunoma; Director of Human Resources, FAAN, Hajia Salamatu Umar-Eluma and another official of Overland Airways, Niger Temlong, when Boyo visited Dunoma to congratulate him on his election as President of Airport Council International-African Region ... recently

Equities Market Loses N477bn to Weak Corporate Results Goddy Egene Investors’ reactions to the poor corporate results for the nine months to September have depressed the Nigerian equities market by N477 billion, THISDAY checks have revealed.

There has been anxiety among investors over the outcome the financial performance of companies for the nine months to September 30, 2016. The economic headwinds, engendered by the naira devaluation and high inflation, have made many investors to be apprehensive over what companies would record. While some investors remained in the sidelines, some dumped their shares to lock in profits recorded the previous

CAPITAL MARKET months.

However, confirming investors’ fears, many companies posted lower profits, while some ended the period with losses. In reaction to the poor results, investors have consistently been selling off their equities in the market.

THISDAY checks showed that the market has shed N477 billion or 4.6 per cent between October and last Monday. The market capitalisation fell from N9.733 trillion at the beginning of October to N9.256 trillion last Monday. A few notable companies missed expectations, ending their reporting period

with fall in profit.

The market had reported a decline of 3.94 per cent in the month of October, being the biggest since July 2016.

Market analysts at Cordros Capital said the decline came amid broadly subdued July to September corporate earnings and profit-taking on the gains recorded in September.

“At the beginning of the month, stocks prices suffered as a result of investors taking profit after the market had rallied in most weeks of September. Anxiety over what the overall third quarter (Q3) results would be-after a few notable companies widely missed expectationsheld investors back from

re-entering the market after the selloffs. The second half of the month was essentially about earnings, the broadly worsethan-expected announcements, which prevented equities from recovering,” the analysts said.

According to Cordros Capital, summarising the Q3 earnings with focus on sectors that drive market activity, the banks impressed, supported by the high interest rate environment (which bolstered yield on assets) and revaluation gains from the depreciation of the naira.

“Consumer goods companies broadly disappointed, owing to Continued on page24

Local Palm-oil Producers’ Share Prices Sustain Positive Momentum on FX Policy Obinna Chima Despite the uninspiring performance of most equities listed on the Nigerian Stock Exchange (NSE), the share prices of the two palm-oil producers quoted on the bourse have sustained their upswing as the country’s foreign exchange (FX) policy that saw the restriction of access to the greenback on the interbank market continues to favour local manufacturers.

Checks by THISDAY showed that the share price of Presco Plc, a Benin City-based manufacturer of edible oil, has appreciated

ECONOMY significantly by 33 per cent since the beginning of the year, to N43.85 per share as at November 7, compared with the N33 per share it closed on the first trading session of 2016 (January 4th) In the same vein, the share price of its peer, Okomu Oil has recorded remarkable gain since this year, as it has appreciated by 48 per cent to close at N47 per share on Monday, as against the N31.78 per share it was at the beginning of the month.

The Central Bank of Nigeria

(CBN) stopped importers of 41 items, including palm-oil and textiles, from accessing official foreign-exchange markets in June 2015. The measure was part of a plan to prop up the naira after it plunged against the dollar following a drop in the price of crude.

Presco’ second quarter 2016 results had shown that its sales grew by 71 per cent year-on-year to N4.3 billion; just as its profit before tax and profit before tax also grew by 233 per cent year-on-year to N2.3 billio and 154 per cent year-on-year to N1.6billion respectively.

Aside from the fact that Presco continued to expand its plantations to increase volumes, the company also enjoyed increased demand for palm oil from local consumer goods companies which have been adversely affected by the scarcity of FX for imports in Nigeria.

The outlook for Presco in the next four years is a 10 percent annual profit growth, its Managing Director, Felix Nwabuko said recently.

He said the FX policy “is Continued on page 24

Germany on Monday pledged a 61-million-euro ($67.44 million) hike in funding for United Nations relief operations in Africa so that fewer people in the continent would undertake perilous odysseys to Europe, which has struggled to absorb an influx of migrants since last year.

The extra funding lifts Germany’s total contribution to the U.N. refugee agency UNHCR to 298 million euros for 2016, Foreign Ministry officials said. Its total humanitarian budget for 2016 was 1.28 billion euros, up from just 105 million euros in 2012.

Reuters quoted Foreign Minister Frank-Walter Steinmeier to have announced the increase during a meeting with U.N. High Commissioner for Refugees Filippo Grandi in Berlin.

Countries targeted by Germany’s move are ridden by chronic conflict, disastrous climate change and poverty. Many of their citizens continue to make desperate journeys through desert and by sea on rickety, overloaded boats to European shores.

Well over a million migrants, from Africa as well as the Middle East and Asia, have reached Europe since last year. Thousands have died en route. Major destination countries including Germany have struggled to cope with the human waves, and anti-immigrant sentiment and violence have spread.

“These countries urgently need our help,” Steinmeier said in a statement after the meeting with Grandi. “The money will allow people to be cared for near their homes so they don’t have to make the dangerous journey to Europe.”

ChatPay Bags Award

ChatPay, a payment platform introduced into the Nigerian market about three months ago, has received international recognition as it bagged the Silver Award in the Digital Distribution category at the EFMA-Accenture Global Banking Awards held in Barcelona, Spain.

The solution, according to a statement, offers users the capability to perform various transactions ranging from fund transfers, airtime purchase, bills payment, location of Automated Teller Machines (ATMs) as well as viewing movie listings and trailers over an artificial intelligence driven service on Messaging applications including Twitter, Facebook Messenger, Telegram, WeChat and Skype.

Over 200 financial institutions from 61 countries across the world withmorethan460innovativeproductsandserviceswereconsidered across ten categories.

The EFMA–Accenture Banking Innovation Awards is a joint initiative from EFMA and Accenture aiming to recognize the most innovative projects in the banking sector at a global level. The winners were selected by a combination of votes from a panel of judges comprised of senior bankers from around the world and online votes from EFMA members and non-members.

Presenting the Award to the Chief Evangelist for Chatpay, Gbenga Adams, the Global Managing Director of Accenture Distribution and Marketing Services, Piercarlo Gera, noted that the “awards show that banks are embracing digital innovation, using it to create ‘Phygital’ distribution models, combining physical and digital channels.”

Firm Launches Hospitality Job Board

In order to meet the major demand for staff in luxury hotels on the African continent, Luxury Hospitality Daily, has launched the Africa Luxury Hospitality, the new online job board exclusively focused on the African market in 4-star plus hotels.

Thiswasattributedtotheunprecedentedlevelsofhoteldevelopment in the continent. All the large African and global groups -Azalaï, Mangalis, Marriott, Hyatt, Hilton, Accor, Mövenpick, Carlson, Four Seasons, Méridien, Starwood, among others, are opening new hotels on the continent. According to a report, there are over 1,390 4-star plus hotels either already operating or planned to open within the next two years. Also, it stated that given the high demand, recruiters are seeking qualified employees to work alongside them in their expansion.“Africa Luxury Hospitality will serve as a link between this supply and demand: candidates looking to forge a career in hospitality, fine dining and spas in Africa, and businesses looking for the best workers in the market.

“It is a well-known fact that Nigeria did not achieve the targets of the MDGs for water and sanitation. Some of the reasons adduced for these are primarily the lack of effective coordination among the stakeholders and the inability to harness the required fund” Vice President

Prof. Yemi Osinbajo

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

BUSINESSWORLD EQUITIES MARKET LOSES N477BN TO WEAK CORPORATE RESULTS significant margin contraction and foreign exchange (fx) related losses. The earnings of cement producers were also impacted by elevated costs and weak sales volumes,” they said.

In the banking sector, those that posted positive results were Access Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Plc and Zenith Bank Plc. On the other hand, Fidelity Bank Plc, Sterling Bank Plc, First Bank of Nigeria Plc and Diamond Bank recorded fall in profitability. Diamond Bank Plc recorded a major fall in profit due to huge impairment charges on bad loans.

The bank had ended the nine months with a profit after tax of N3.511 billion for the nine months ended September 30, 2016, showing a decline of 78 per cent from N15.967 billion in the corresponding of 2015.

LOCAL PALM-OIL PRODUCERS’ SHARE PRICES SUSTAIN POSITIVE MOMENTUM ON FX POLICY bringing a boost to us in the sense that people who would ordinarily have imported, using government foreign exchange, are not doing that anymore.”

Presco doesn’t plan to export palm-oil as “it has enough market locally and price comparison-wise, there is no real advantage in exporting palm-oil out of Nigeria,” Nwabuko had also said.

The company plans to increase oil-palm plantation to 31,400 hectares by 2021 from 16,900 while it targets to raise palm-oil mills capacity to 120 tons per hour from 60 tons, Nwabuko said. It will start work on a 500 tons per day palm-oil refinery and fractionation plant next year, which will be completed by 2018 to increase current capacity of 100 tons, he said.

CBN Governor, Mr. Godwin Ifeanyi Emefiele, recently said the FX confronting the country was good riddance, saying local production of various essential goods are now being given top priority.

NEWS

Entrepreneurs Promote Synergy among Firms in Western Region Chinazor Megbolu

networking with prospective partners and vast marketing opportunities and hopefully re-establish South West’s role as trendsetters in wealth creation and economic development by promoting existing businesses in the region, encouraging new entrants and assisting in linking other businesses,” he said.

He said the summit is tagged: “ISEDE 2016-F.A.C.T for Economic Development.”

The programme is designed to cover strategic industries with

high potential for economic development and empowerment stimulation across West region and indeed Nigeria. ISEDE 2016 would focus on Fashion, Agriculture, Construction and Technology (FACT), using four strategies; “Show Them, Tell Them, Link Them and Reward Them.”

He explained that exhibitors and sponsors of ISEDE 2016 have the opportunity to connect with potential clients, build brand recognition with

their target market, showcase their company, introduce new products/services and increase their exposure.

“The audience will include decision-makers like federal, state and local governments, corporate bodies, competitors, buyers and members of the public. We will be extremely excited to have such an esteemed gathering of highly experienced and accomplished ladies and gentlemen gathered in Ibadan to discuss and seek

ways out of the economic and social doldrums that the South West region and indeed Nigeria has found herself. Most of our invitees are known to be nostalgic about the South West of old, their experience as entrepreneurs, successful managers of men and material is invaluable and we hope that the exchange with leaders will help reinvent the South West economically and socially,” he said.

Chairman and President of Ibadan based Impact Business Radio, Mr. Owolabi Oladejo has called for sustained synergy among firms in the region south western states of Lagos, Ogun, Oyo, Ekiti and Ondo as part of efforts to tackle the challenge of unemployment in the region.

According to Oladejo, under the arrangement, established companies should provide assistance and mentor upcoming firms in the area of packaging, research and aggressive marketing.

Oladejo spoke at a press conference in Ibadan accompanied by the President of the Ibadan Chamber of Commerce and Industry, Princess Abosede AmusanOgunnaike; Project Director, Broadcasting Corporation of Oyo State (BCOS), Mr. Yanju Adegbite and representative from the Development Agenda for Western Nigeria (DAWN), Mr. Seye Oyeleye, Oladejo noted as part of efforts to ensure synergy among companies in the region, a summit has been slated for November 18 to 25, 2016, in Ibadan, Oyo State to discuss in details how to improve on finances and employment opportunities in the region.

“The Impact South-West Economic Development (ISEDE 2016) which will span L-R: Business Manager, FirstBank, Enugu, Chinedu Odebeatu; Vice Principal, Holy Rosary College Enugu, Raphael Agu; Relationship over eight days. It will afford Manager, FirstBank, Enugu, Ogechi Umeuwa; and Relationship Manager, FirstBank, Enugu, Ikenna Iwuora, during the commemoration participants the opportunity for of World Savings day in Enugu ... recently

WORLD SAVINGS DAY

Patronise Local Goods, Services, Glo Urges Nigerians Nosa Alekhuogie Nigerians have once more been advised to patronise locally made goods and service in order to help lift the country out of the current economic recession.

National telecom operator, Globacom, made the call at the international trade fair organised by the Abuja Chamber of Commerce and Industry.

The company was one of the

participants at the fair which was held to draw attention to the need to boost patronage of made-in-Nigeria goods. It used the opportunity of the fair to respond to inquiries on its bouquet of products and services as well as respond to and resolve customer complaints.

Globacom’s National Sales Coordinator in charge of North Central, Mr. Kazeem Kaka, said the plea by the Federal Government for corporate

organisations and individuals to buy locally made goods and services was germane in view of the country’s poor economic situation.

He noted that if the majority of Nigerians patronised homemade goods and services and increased local exports, more employment opportunities would be created in the country. This, he said, would also generate more revenue for the government and enhance

the value of the local currency.

Globacom, Mr. Kaka said, is a Nigerian-owned company committed to the economic empowerment of Nigerians, especially the youth, and the overall development of the country.

The fair which had the theme, ‘Make it in Nigeria’, was organised to create a forum for captains of industries, government agencies, trade associations,

chambers of commerce, and foreign embassies to come together and chart a course for enhancing sustainable growth and development of Nigerian businesses.

The chamber was formed in 1986 to develop a more enterprising, vibrant and diverse economy, strengthen local businesses and enterprises, attract investment, share prosperity and create better employment opportunities in the nation.

Agip Recommends Indigenous Technology Devt, Partners 120 Firms Amby Uneze in Owerri Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

The Nigerian Agip Exploration Limited has stressed the need for development of indigenous technology to drive the oil and gas industry to boost local content. To this end, the oil firm is partnering about 120 indigenous Technology companies in the 27 Local Government Areas of Imo State to showcase “their capacities and capabilities development.”

Vice Chairman /Managing Director of the company, Massimo Insulla made the disclosure at the opening ceremony of the company’s Indigenous Technology Forum and Exhibition for its Deep Offshore indigenous contractors held at the Imo

Concorde Hotels, Owerri on Thursday.

He said that the company recently organised training programme for 90 contractors in Yenegoa, Bayelsa State, and for 60 in the same category on Succession Planning in Asaba, Delta State.

He said that about 360 had been trained by the firm under its Vendors Development Programme, 250, under the Vendors Upgrade Awareness, and 120, in Vendors Exhibition, Gas Closure and Opportunities Engagement and provision of electricity to the Oguta Oil and Gas Park.

Insulla, added that the company would continue to partner with the host communities, adding that it would diversify into other areas of capacity build-

ing development in the Small and Medium businesses and community content.

He said for two days, officials and stakeholders would brainstorm in Owerri, the following skills in manufacturing, fabrication, marine vessels, environmental services, would be exposed to their contractors, preferring the way forward.

The Managing Director said apart from pioneering the JV Independent Power Project (IPP), and construction of the Power Plant in Opkai and delivery of 480 MVA, into national grid to stimulate economy and create jobs, the company would continue to play a leading role in the provision of water, health facilities, education, social infrastructure,

employment , capacity building, skills acquisition, micro credits and green river projects, among others.

In his speech, the Governor of Imo State, Rochas Okorocha, represented by the Commissioner for Agriculture, Environment and Natural Resources, Udo Agoha, said he was aware that the company was one of the oil firms operating in Ohaji/Egbema and Oguta Local Council Areas of the State , noting that the relationship between the company and the host communities have been cordial. He appealed that the Memorandum of Understanding (MoU), between them should “eliminate staggering implementation” to avoid acrimony.

According to the Imo Gover-

nor, “it is important to maintain a conducive operational environment free from militancy and restiveness. To achieve this, you must liaise with the government to bring all parties to dialogue at a roundtable”.

He called for the operation of the global best practices in the industry, stating that “it is gratifying to note that Agip had accepted to adopt the GMoU process, which will commence in 2017”.

The governor urged the oil firm to contribute in providing gainful employment for the youths, stressing that “as the country suffers from recession, the Agip in collaboration with the Imo State Government should embrace agriculture with vigor.”

T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

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BUSINESSWORLD

NEWS

Care Denmark, Arla, Others Seek West Africa Dairy Industry Devt Nosa Alekhuogie In a bid to offer solutions to the problems facing the dairy sector in West Africa and to develop a sustainable business model for the dairy industry in the sub-region, European and West African dairy farmers had a twoday multi-stakeholder roundtable conference to discuss new business models with the aim of creating employment and profit for the local dairy farmers in West Africa.

The conference which had the theme ‘Milky Way to Development’ was hosted by Arla Foods (producers of Dano milk powder), CARE Denmark, Billital Maroobe (RBM), Danish Agriculture & Food Council (DAFC) and the Nigerian Federal Ministry of Agriculture (FMARD).

Speaking at the conference, which held last Wednesday in Abuja, the Vice Chairman, Arla Foods, Jan Toft Noergaard, said Arla is proud to host farmers and other stakeholders in both European and West African dairy sector.

“We believe there are more feats to be achieved, with an alliance like this, I am sure things will happen faster. This conference is set to discuss and offer solution to challenges facing the dairy sector in West Africa and development of the dairy sector to improve the livelihood of farmers” he said.

The Minister of Agriculture and Rural Development, Chief

Audu Ogbeh, represented by, Director, Animal Production and Husbandry Services, Federal Ministry of Agriculture and Rural Development, Dr. Egejuru Eze noted that the roundtable was happening at a time the vision of the government of Nigeria is taking a holistic approach to develop the livestock industry especially the dairy sector.

Appreciating the developmental efforts of stakeholders at the roundtable, the Minister said “it is heartwarming to note the increased interest and flow of foreign direct investment into the livestock industry from different parts of the world, particularly in dairy productions. Efforts of this nature will increase capacity to meet local dairy demand. Presently the annual national dairy output and demand are estimated at 700,000mt and 1,300,000mt respectively, giving a supply gap of about 600,000mt”, he added.

Speaking at the roundtable, the Programme Coordinator, Care Denmark, Rolf Hernoe explained that the ‘Milky Way to Development’ is an alliance of stakeholders in the dairy industry, including dairy farmers and companies in the West African region, “so far we have one European industrial producer and we are hoping to expand. We see this as the beginning of something bigger, we are currently discussing with

ECOWAS to take a more active role in the alliance” he said.

Speaking on the benefits of the alliance to local dairy farmers, Rolf Hernoe said the alliance focuses on avoiding the negative impact of imports of powdered milk into the region and greater focus on involving local farmers in the value chain so that milk will be more available and safer and be processed into higher value products so that everyone will benefit. The alliance will facilitate technology transfer and investment which will definitely be of benefit to local farmers be of benefit to local farmers.” can be part of the process. everyone will benefit, the region and Expressing his joy on the collaboration between governments, international and indigenous businesses, the Danish Ambassador to Nigeria, Torben Getterman who is representing the Development Agency of the Danish Government, said “the Danish Government is supporting the idea of the ‘Milky Way’ alliance because of it firm believe in the principle and overarching idea of the alliance.

The ‘Milky Way’ alliance is a good example of how cooperation between governments, sectorial organisations, private companies, research institutes and NGOs can result in projects that carry with them benefits on so many levels” he said.

Youths Urged to Invest in Equities Market Nigerian youths have been advised to embrace the culture of investing in equities to secure their future and be financially independent.

A shareholder activist and National Coordinator, Proactive Shareholders Association of Nigeria (PROSAN), Mr. Taiwo Oderinde, who gave the advice in Ibadan, also urged members of the association to take advantage of ongoing recession in the country by putting into use previous training on sustainable equity investment culture.

He said: “It is better for the youths to start early. There is no alternative to savings and investments. It is always a win-win situation when you engage in it religiously.”

He pledged the commitment

of PROSAN, an affiliate of World Federation of Investor (WFI) to provide trainings and support for potential investors. Oderinde urged members to embrace personal investment in equity as a way of wealth formation. He said access to their own investment capital in equities increases individual’s freedom and improves their chances of weathering financial challenges.

Making reference to WFI, Oderinde said access to their own investment capital in equities increases individual’s freedom and improves their chances of weathering financial difficulties.

According to him, WFI is an independent, not-for-profit organisation whose members are primarily national shareholders’ associations.

WFI was formed to promote

investor education and help national shareholders association better serve their members, both individual investors and investment clubs.

He explained that PROSAN’s membership of WFI is an opportunity that will benefit many investors in Nigeria.

“WFI has been furthering the cause of wider share-ownership and advance investment education on a worldwide scale for the benefit of individuals, families, and nations through an international exchange of investment and economic knowledge, advocating for individual investor rights and protections, and the mutual exchange of information and assistance between member countries and between individuals,” he said

Firm Unveils ‘My Liberty Family’ Platform Chinazor Megbolu In a bid to boost wealth creation opportunities in Nigeria, a firm, Multi Liberty Multi Services Limited has unveiled ‘My Liberty Family’ (MLF), a financial empowerment social media platform.

The company made this known recently during a press conference held in Lagos, saying the platform is a unique wealth creation social media platform.

Speaking during the event, the Managing Director of the company, Mr. Francis Ben Adesokan explained that MLF launch came in the wake of the current economic crisis.

He pointed out that it has also come as a cushion not only Nigerians but anyone despite their gender, race and religion respectively.

Adesokan noted the programme works with two options of either

to reproduce three their kinds or not to reproduce for intending members.

He hinted that if one chooses not to reproduce three of his kind, the system allows and helps them grow their family tree without any additional effort on their part aside supporting certain family members with the specified amount.

“This option allows you to receive financial support in excess of N5 million from other virtual family members. This can be within seven months of your existing in the family. It could not earlier or a little later but guaranteed,”he said.

Added that the option of reproducing three of their kinds within 21 days of their existence in the family structure, carries a lot of financial benefits to them first at every level of their growth.

“You are programmed to receive a financial support in

excess of N10 million from other virtual family members. This can be within five months or seven months of your membership,” he said.

Adesokan, however, stated that MLF system allows for multiple membership of an individual and treats each uniquely and exclusive of the others. According to him, “what is unique to the system is the individual bank account number. This means you will not be allowed to use the same bank account for two registrations”.

He maintained that there are three platforms under MLF scheme of which, A goes for N25,000, B is for N37,000 and C is for N47,000 respectively.

“These three structures are opened to all under the same options one and two already specified above. You can choose to belong in the three structures if you wish or start with one, “Adesokan said.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

The Way You Make Me Feel I have a sister-in-law who flies by Qatar Airways irrespective of where she is going to in the world despite the fact that its hub is in the Middle East. She has no problem tacking on the additional seven to eight hours to her trip that would normally take six hours on a direct flight to Europe because of how the airline makes her feel. She says: “They treat me like a queen and meet all my needs.”

Maya Angelou said: “People will forget what you did, but people will never forget how you made them feel.” My sister-in-law feels so good that she is now a walking agency for the airline. She has converted the whole family to travelling on the airline and those of us yet to use them are planning to, same with her friends. My sister-in-law is well travelled and has used many of the best airlines globally but swears by her preferred airline.

The question is, how do we make our customers and clients feel? Do they want to come back again and again? Do they tell other people about the great experience they enjoyed using our services or products? I always tell my clients that customer experience is everything, difficult to copy and replicate. It takes you away from the pack and cannot be commoditised.

It is clear that power has moved to the hands of the consumers.

Organisations focusing on traditional means of selling and marketing their products are falling short and shooting themselves in the foot. Organisations need to start branding their customer touch points. What makes your customer touch points exceptional?

I went to a bank recently and found the experience from the gate to the Executive’s office I had a meeting with exceptional. It felt like I was

It is clear that power has moved to the hands of the consumers.

Organisations focusing on traditional means of selling and marketing their products are falling short and shooting themselves in the foot. Organisations need to start branding their customer touch points. What makes your customer touch points exceptional?

in a “five star” hotel. The ambience was conducive, the receptionist was courteous and treated me with kindness and respect, the security personnel was impeccable and effective. I felt good, like royalty and was compelled to send a mail to the CEO commending the positive and pleasant quality of customer service I experienced. However, I wonder how I will feel if I interact with the other channels of the bank (deposit services, internet, etc). Will it be as pleasant?

The Gartner group says, “89% of businesses expect to compete on customer experience in 2016 and the number 1 challenge to overcome for leaders working on customer experience is to create a customer first culture.”

In the course of my work in professional services, when discussing the need for reviewing customer experience, the above requirement to create a customer first culture was daunting to most Executives.

This is because, they know that changing their organisations and making it customer experience focused would be very painful in the short term because it will require process changes across the organisation, and change is one of the most difficult to achieve.

But, it is clear that customer experience has never been more important to businesses for the following reasons:

• Organisations that do not have a culture of focusing on customers and their changing needs may be left behind. “Only those that develop a customer centric culture will remain relevant.”

•Customer experience is what will show differentiation in this era of commoditisation. Service and product organisations are all almost doing the same thing, where the only differentiating factor will be how you make your customers feel.

•According to David Strom, customer experience will help organisations reduce at-risk revenue by recovering potentially lost customers, engage existing customers as a sustainable engine for growth, reduce the cost of new customer acquisition, engage employees – reduce staff turnover and cost of hiring as well as reduce the cost of customer and employee feedback infrastructure.

To stand out from the pack and competition, organisations need to start challenging and boldly reviewing customer touch points from the gate to the Boardroom and everywhere in between.

To ensure that they either remain at the top or ascend to the top tier headship in their industry. Leadership needs to constantly ask the question “how do we make our customers feel and what changes can we make, if not positive”? Answers to this question, must then be rigorously implemented for continued relevance, because the Customer is King.

- Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: marie.phido@yahoo.com tweeter handle @osat2012 TeL: 08090158156 (text only)

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BUSINESSWORLD

EQUITIES WATCH

Conoil Delivers Value Goddy Egene writes that Conoil Plc continues to delight shareholders with improved returns despite the challenging operating environment “They have shown that they are not only concerned about making profit but that they have the interest of shareholders at heart,” he said.

Another shareholder, Olufemi Timothy of Renaissance Shareholders’ Association, said he was pleasantly surprised at the company’s performance in the midst of tight liquidity, rising cost of funds and the general tough operating environment in the downstream oil sector.

“It is very heartening that Conoil has not only braved the odds, it has remained committed to maximising shareholders’ value and delivered superior returns,” Timothy said.

That the Nigerian oil and gas industry is in dire strait is not in doubt. With the slump in global oil prices and declining oil output, Nigeria, Africa’s largest oil producer until a few months ago, slipped into recession in the second quarter of 2016, following a 0.36 per cent contraction in the first quarter, according to the National Bureau of Statistics (NBS).

As expected the recession has hit the downstream petroleum sector of the economy hard, with rising cost of funds, liquidity squeeze and scarce foreign exchange combining to stifle operation and reduce the profitability level of many of the petroleum marketing companies. Some of the companies have reported lower bottom-lines and reduced the returns to shareholders in form of dividends.

However, despite these challenges, Conoil Plc, one of the prominent players in fuel marketing in the country, has indicated that it is adequately prepared and equipped to weather the storm, to meet the energy needs of Nigerians as well as put smiles on the faces of its teeming shareholders with guaranteed returns on investments.

Analysis of Conoil’s performance over the past 20 months, shows that the company’s optimism is not in doubt. Its glowing performance in 2015 and the first nine months of the current year indeed, sets the oil marketing giant out as a company with focus.

Hence, shareholders were full of commendation for the board and management at their annual general meeting (AGM) in Uyo, Akwa Ibom State recently.

Corporate profile Conoil Plc (formerly National Oil and Chemical Marketing Plc) was incorporated in 1960 as a private limited liability company. The company was converted to a public company in 1991. In the year 2000, the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE) bought 40 per cent issued ordinary shares of the company held by Shell Company of Nigeria (UK) Limited. Following its privatisation, Conpetro Limited acquired 60 per cent of the shares of the company. As a result of a rights offering by the company in 2002, Conpetro Limited now holds 74.4 per cent while members of the Nigerian public hold the remaining 25.6 per cent stake in the company. Conoil Plc has Dr. Mike Adenuga (Jr) as chairman while Mr. Tejbir Singh Sawhney is managing director.

Executive directors are: Mr. Wasiu Adeyinka Adebiyi, Mr. Akin Fabunmi and Miss Abimbola Michael – Adenuga. Other directors include: Dr. M. E. Omatsola; Babatunde Okuyemi; Mr. Mike Jituboh and Mr. Ike Oraekwuotu.

Full year financial results While there were apprehensions over financial results of most companies due to the economic headwinds, the audited results of Conoil for 2015 beat the expectation of the market. Although revenue fell by 35.4 per cent to N82.9 billion, from N128.4 billion in 2014, profit after tax soared by 176 per cent to N2.308 billion, from N834 million in 2014.

A further analysis of the results showed that apart from the fact Conoil Plc adopted cost containment strategies to improve bottom, other income and foreign exchange gains contributed significantly to the profit.

The company reduced cost of sale from N114.5 billion to N71.4 billion, while administrative expenses was reduced from N8.2 billion to N6.8 billion. Cost of finance rose from N2.3 billion to N3.8 billion. However, Conoil Plc realised N2.718 billion other income. This is in respect of interest income on delayed subsidy payments represents net interest cost claims received from PPPRA arising from delayed subsidy payments relating to products imported.

Similarly, the company realised N2.53 billion from exchange gain.

Consequently, the company ended the year with profit before tax of N3.448 billion, as against N1.532 billion in 2014 and profit after tax of N2.3038 billion, up from N834 million in 2014.

Following this impressive performance, the

Mike Adenuga

company proposed a dividend of N2.08 billion, translating to 300 kobo per share compared with the 100 kobo paid in 2014.

Nine months results Conoil sustained the impressive performance for the nine months ended September 30, 2016.

The performance of the major fuel marketer indicated that it continued to withstand challenging operating environment in the downstream sector of the nation’s petroleum industry.

Revenue rose by six per cent to N63.931 billion, from N60.157 billion. The management reduced distribution expenses from N1.916 billion to N1.796 billion. Similarly, finance cost was reduced from N2.831 billion in 2015 to N1.634 billion.

Consequently, PBT improved to N2.72 billion, showing an increase of 54 per cent over the N1.76 billion recorded in the previous year.

Market operators said given the improved results, shareholders of the company are assured of another bumper reward at the end of the year.

The directors had recommended a dividend of N3.00 per share for 2015 financial year.

Commenting on the nine months results, Conoil Plc management attributed it to efficient allocation of resources, its long term and pain-staking strategic business planning and its strict adherence and implementation of global operating standards in all its business processes.

Shareholders’ commendation Excited by the dividend paid for the 2015 financial year, shareholders of Conoil were full of praises. For instance, Sir Sunny Nwosu of Independent Shareholders Association of Nigeria (ISAN) said: “This dividend reinforces the resilience of the company amidst the tough operating environment in the downstream sector of the petroleum industry characterized by scarce foreign exchange. It also speaks volume of the quality of the company’s management and its entire workforce.”

Speaking in the same vein, Chief Timothy Adesiyan of the Nigeria Shareholders Solidarity Association, said Conoil, by its performance and dividend policy, has further earned the loyalty of its teeming shareholders.

CONOIL NINE MONTHS FINANCIAL SUMMARY 70 65

SEPT. 2016 N63.9bn SEPT. 2015 N60.2bn

60 55 50 45 40 35 30 25 20 15

SEPT. 2016 SEPT. 2015 N9.5bn SEPT. 2015 N8.9bn SEPT. 2015 N2.8bn SEPT. 2016 N1.9bn SEPT. 2016 SEPT. 2015 SEPT. 2016 N1.8bn N1.7bn N1.6bn N1.2bn

10 05 0

GROSS EARNINGS

GROSS PROFIT

FINANCE COST

DIST. EXPENSES

PROFIT AFTER TAX

Company’s assurance In his report, the Chairman the Conoil, Dr. Mike Adenuga (Jr) assured investors of consistent annual returns on investment.

“We would consolidate and ensure greater returns on the significant investments we made in 2015. In 2016, we would strive to maintain and improve the momentum, focusing more on delivery and growth,” he said.

He explained that for them, the downstream sector remains fundamentally attractive and viable today and in the future.

“With our clarity of direction and focus, our company’s long-term success is assured. We will sustain this improved performance and vigorously pursue our aspiration to remain the nation’s leading petroleum products marketer and one of the most profitable quoted companies,” he added.

For Conoil’s shareholders, the times may be hard, but Adenuga said they should at the same time be rest assured that their investments in Conoil is safe and would continue to be rewarding.

“With clarity of direction and focus, Conoil’s long term success is assured. We would sustain our improved performance and realise our aspiration to become the leading petroleum products marketer and one of the most profitable quoted companies in the country,” Adenuga reassured.

Sustaining performance Given the continued challenging operating environment and headwinds in the oil and gas sector, some stakeholders of the company must be highly apprehensive over sustaining the positive performance. However, Conoil seems well prepared for the challenges going forward.

For instance, Conoil’s facilities at its depots in Lagos and Port Harcourt give it unparalleled leverage in storage and blending of products, in conformity with the world’s best practice. The depots ensure availability and prompt delivery of products and services to customers nationwide.

In Port Harcourt, the company regularly augments its storage capacity for different products to meet the demands of customers in the south-south, south-east and the northern regional markets. This has improved throughput at Port Harcourt and also saved transportation time and cost of moving products from Lagos to these areas. Similarly, a new full-fledged depot in Calabar is under way, which would have storage tanks for aviation turbine fuel, automotive gas oil and premium motor spirit. The depot would also have hi-tech loading gantries with allied facilities of international standard.

As part of efforts to boost its bottom-line, Conoil has also repositioned its lubricants business, building two additional state-of-the-art oil blending plants in Lagos and another one in Port Harcourt, all of which the management said had pushed up its production capacity significantly.

The company has also consolidated its stronghold on the aviation fuel marketing business in terms of spread, storage capacity and maintenance support. Major airlines plying the Nigerian airspace have been flocking to the company to take full advantage of their unique services. Its impressive storage facilities give the company unmatched capacity to meet the needs of local and international customers. Its hi-tech bowsers as well as quality product and service delivery, which are of essence in the industry, are some of the reasons the company continues to attract the best of clientele in that sector.

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BUSINESSWORLD

ANALYSIS

Between TSA and e-Governance The Treasury Single Account and other e-governance tools would help provide transparency in public finance in the country, writes Obinna Chima

Buhari

Adeosun

Globally, governance entails proper management of resources and the citizens for common good.

To achieve that, many governments have come up with e-governance system. The ultimate goal of e-governance is to be able to offer an increased portfolio of public services to citizens in an efficient and cost effective manner. It allows for government transparency and also helps to improve efficiency in the system. In addition, e-governance helps in building trust between governments and citizens, an essential factor in good governance by using internet-based strategies to involve citizens in the policy process, illustrating government transparency and accountability.

In Nigeria, the implementation of the Treasury Single Account (TSA) about a year ago, has been a major step towards adopting e-governance in the country. In fact, September 15, 2016, made it one full year since the President Muhammadu Buhari administration implemented the TSA policy which was initiated by his predecessor.

Although its initial take-off was surrounded by a lot of controversies, just as commercial banks continue to battle with the burden of compliance, the initiative has no doubt been seen as a tool to strengthen public finance.

The TSA is a public accounting system, which collates and deposits all government revenue, receipts and income in a single account, maintained by the Central Bank of Nigeria (CBN). It is primarily aimed at ensuring accountability of government revenue, enhancing transparency and avoiding misapplication of public funds. In the case of Nigeria, the adoption of the policy is in line with Section 80 (1) of the 1999 Constitution, which stipulates that all revenues raised or received by the Federation… shall be paid into and form one Consolidated Revenue Fund (CRF) of the Federation.

The Remita e-Collection is a technology platform deployed by the federal government to support the collection and remittance of all government revenue to a Consolidated Account domiciled with the CBN. Though Section 80 (1) of the 1999 Constitution as amended states “All revenues, or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation”; successive governments continued to operate multiple accounts for the collection and spending of

government revenue in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account.

It was not until 2012 that government ran a pilot scheme for a single account using 217 ministries, department and agencies as a test case. The pilot scheme saved the country about N500 billion in frivolous spending. The success of the pilot scheme motivated the government to fully implement TSA, leading to the directives to banks to implement the technology platform that will help accommodate all MDA’s in the TSA scheme, according to a report by the Stalwart.

Minister of Information and Culture, Alhaji Lai Mohammed, recently said the TSA has helped to promote the President Muhammadu Buhari administration’s fight against corruption and saved Nigeria from imminent collapse. He also said the initiative has also helped in the elimination of ghost workers in the public service.

Also, Minister of Finance, Kemi Adeosun recently said the TSA had provided the government financial information on the revenues of agencies it funds, reducing revenue suppression.

“This information is being used to drive our programme to enforce compliance with the Fiscal Responsibility Act and ensure that revenue generating agencies generate expected surpluses and remit to the federal purse,” Adeosun explained.

The ultimate goal of e-governance is to be able to offer an increased portfolio of public services to citizens in an efficient and cost effective manner. It allows for government transparency and also helps to improve efficiency in the system

TSA as Catalyst for Public Financial Management According to Prof. Stephen Ocheni, a Professor of Public Sector Accounting, Kogi State University, it is expected that the implementation of TSA would help tame the tide of corruption in the country.

“Parts of other reforms that were aimed at improving the quality of the nation’s Public Financial Management (PFM) systems are Government Integrated Financial Management Information System (GIFMIS); Automated Accounting Transaction Recording and Reporting System (ATRRS); Integrated Payroll and Personnel Information System (IPPIS); International Public Sector Accounting Standard (IPSAS) and many others.

“The implementation of TSA by the federal government will improve cash management and control. TSA also facilitates better fiscal and monetary policy coordination as well as better reconciliation of fiscal and banking data, which in turn improves the quality of fiscal information.

Finally, the establishment of an effective TSA significantly reduces the debt servicing costs and eradicates financial misappropriation in the public sector. It should, therefore, receive priority in any public financial management (PFM) reform agenda.”

Also, a don at the Michael Okpara University of Agriculture Umudike, Abia State, Prof. Michah Chukwuemeka Okafor, expressed optimism that the initiative would help improve fiscal and monetary policy coordination, adding that that Nigeria stands to benefit greatly from the holistic implementation of TSA in the country.

Okafor, a fellow of the Institute of Chartered Accountants of Nigeria (ICAN), said this in a paper, titled: “Full Implementation of Treasury Single Account in Nigeria: Implications on the Economy.”

Commenting on how the policy would affect the banking sector, Okafor said banks’ profiteering on free money was dangerous to Nigeria’s economic growth, saying “our bankers are worried by the absence of free government funds, which makes them look suspect on their activities.”

He outlined benefits of TSA, among which included guarantee of timely information on government cash resources as complete updated balances will be available daily; better appropriation control, as it allows the Ministry of Finance to have full control over budget allocations and strengthens the authority of the budget appropriation; improvement on the

operational control during budget execution in an efficient, transparent and reliable manner; ensuring efficient cash management, such as regular monitoring of government cash balances; supports efficient payment mechanisms because there is no ambiguity as to the volume or the location of the government funds, and makes it possible to monitor payment mechanisms.

But a former Chief Executive Officer of Diamond Bank Plc, Dr. Alex Otti, argued recently that while the intentions behind the TSA are quite laudable, its implementation may continue to a counterproductive effect on the economy.“I also feel it was implemented at a very inappropriate time. First and foremost, we must look at the economy as a system with different component parts. A weakness in one unit easily becomes a weakness in the entire system. It is like a chain that is as strong as the weakest link.

“You may not like banks (and may be bankers), but they remain the engine of the economy.

That is why everywhere in the world, banks are treated with some caution as any negative action naturally would have a spiral effect on the economy. The timing of the withdrawal of public sector funds from banks coincided with when the economy was reeling from drastic fall in oil prices and attendant foreign exchange crisis.

“That was a time when all economic hands needed to be on deck to swim out of the mess we found ourselves. That should not have been the time to take such a drastic action that was capable of sinking some banks,” Otti said while commenting recently on the sanction of nine banks for flouting the TSA rule.

However, Dr. John Danfulani, in a report titled: e-Governance: A Weapon For The Fight Against Corruption In Nigeria,” stressed that the gradual adoption of e-governance has helped the country’s anti - graft body Economic and Financial Crimes Commission (EFCC) in tracking financial fraudsters and international money launderers. This is also complemented with the Bank Verification Number that was introduced by the CBN. Clearly, the foregoing shows that establishing a unified structure of government bank accounts via the TSA would help improve cash management and control in the country and therefore should continue to be given priority by the government. Finally, the establishment of an effective TSA would in the long run help to significantly reduce the country’s debt servicing costs.

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BUSINESSWORLD

INtERVIEW

Nwankwo: Nigeria’s Public Debt Service Mgt is One of the Most Respected Globally The federal government’s plan to borrow $29.96 billion under its 2016-2018 External Borrowing (Rolling) Plan has generated intense controversy. Many arguments against the move centre around whether or not it is not another attempt to plunge the country into a fresh debt trap while some see the amount as humongous. In this interview, the Director General, Debt Management Office, Dr. Abraham Nwankwo argued that the government has continued to put in place various structural and fiscal reforms not only to overcome recession, but to ensure that, when secured, the loans will be efficiently channeled into addressing the nation’s infrastructure deficit. Ndubuisi Francis presents the excerpts Some analysts are worried that the money you want to borrow, though with low interest rates, is a way of luring us into a debt trap.

How do you react to this, and what’s the rationale behind it?

The first thing to note is that this borrowing is normal; normal in the sense that over the past 20 years, there is no year we have not borrowed. I am not aware of any year in the past 20 years that Nigeria has not borrowed.

So, interpreting the proposal submitted to the National Assembly by Mr. President for a three-year borrowing programme to be an indirect way of trapping the country does not seem to be logical because Nigeria has always borrowed every year.

Every year, there is a budget and if you check the budgets many years back, you will see that we have been borrowing both externally and domestically. So, there is nothing new about this.

Let me also emphasise that since we exited from the Paris and London club debt in 2005-2006 we have always borrowed almost from all these sources we want to borrow from now. It was the Chinese loan that financed NIGCOMSAT more than seven years ago. This is to show that Nigeria has always been borrowing on an annual basis; so it is usual. The medium term external borrowing programme is also not new. I am sure that by next year, it would be re-presented because 2016 would have been exhausted completely and a new rolling plan will come in. That’s why it is called a rolling programme. It is part and parcel of the total fiscal framework because fiscal framework includes the Medium Term Expenditure Framework, which explains how you will fund the expenditure over the medium term, and one of the items for funding expenditure over the medium term would be the financing item, which is borrowing and that has always been there. This is to confirm to you that there is nothing new about this borrowing proposal which Mr. President has placed before the National Assembly. It’s a normal procedure for funding the development of the country.

Sir, based on what you have just explained, I want you to use the instance of NIGCOMSAT as a reference and tell us what we have actually benefited from all these borrowings over the years.

NIGCOMSAT is too abstract for the man on the street, so I won’t want to use that because it is about satellite imaging and ordinary Nigerians cannot appreciate it. I would rather talk about something more straight-forward. You are aware, for example, that the Nigerian airports are being remodeled; new terminals are being built in almost all parts of the country. These are being done with borrowed money, over the past four or five years. The Abuja Airport road was expanded from four lanes to ten lanes, same with Abuja-Kubwa-Kaduna road. These two projects were actually funded with money borrowed domestically. You are aware that the Nigerian rail lines are being resuscitated with new locomotives purchased, and Lagos-Ibadan,-Kano rail line has been fully resuscitated. These were done with external borrowing. These are some of the examples and on routine basis and on a permanent basis, you are aware of the various agricultural projects, some mainly funded by the World Bank and some of them in some areas are called FADAMA and some of them are still existing in all parts of the country. All those

wastages so the government agrees with the Nigerian people that we cannot afford to continue wasting resources.

Nwankwo

projects are funded with borrowed money. You are aware of the polio eradication programmes.

Those are funded with borrowed money from International Development Association (IDA) in particular. That is the concessional window of the World Bank. You are aware of the various rural water supply schemes. These are funded with money borrowed from the multilateral sources. So, these are some of the major popular projects that we have said but in general, all the monies borrowed from external sources are projects-tied. Let’s use a good example of the World Bank. You are aware that the World Bank cannot give you a loan without supervising it themselves; that is the system. They must supervise it themselves and they must have people working with the Nigerian team to monitor the project from the beginning to the end and they don’t just disburse the money and walk away, they disburse the money as the work progresses. So, even when Nigeria seeks for a loan and it is approved, the disbursement of the loan is done according to the schedule of the work itself.

Sir, I asked the question because of pessimism. People are afraid. You have mentioned laudable ones but the Abuja CCTV contracts is moribund and nobody talks about it and we ask questions, but nothing, yet it was funded by a Chinese loan. It is not working and there are no efforts made. What is going on?

Very good observation; the two things to say about that is that, first, there is no doubt that Nigerians are right in asking questions and getting concerned about value for money and about how we get proceeds from what we use.

The concerns are valid, correct and appropriate.

Nobody should doubt that and the important

thing to say is that in every system where there is a failure, there are people responsible for tracking why there is failure and for doing the monitoring for effective and appropriate sanctions; there is need for sanctions. So, that is what I can say about that. I am not going to say everything has been perfect; if everything has been perfect, Nigerians wouldn’t be concerned.

Nigerians are reacting based on the experience of many years and they are right to be concerned and also right to ask questions and in deed Nigerians, including journalists should feel free to confront relevant agencies and MDAs responsible for such projects because every project has an MDA that is responsible for it.

Whether it is a road, hospital or university building, airport, farm project or a satellite, you know those responsible. Everybody in the country has his or her own role to play to find out what is happening and the government encourages every Nigerian to be involved and let me also say that the good thing is that, yes, we are concerned that resources were not used as efficiently and transparently and accountably in the past. That is the truth and so we should be concerned about the present and the future.

However, it is also appropriate to recognise that we have an opportunity that is very different. We have a government, a president whose administration is founded on transparency, accountability and anti-corruption, which means we have a greater chance and we should have more confidence that resources, revenues as well as loan proceeds will be more efficiently, accountably applied and will not be siphoned through corruption. Having said that, we will make sure that all the various apparatus available for monitoring, for making sure that resources are well used should be put into effect, we cannot afford this time around to experience

DG, even if we get this loan from external sources, shouldn’t the government be worried about the huge amount required for servicing these debts?

Why not? The government is worried but what you should be asking is if we are managing the debt. The essence of managing our debt is to know if we service the debt. That is why we do Debt Sustainability Analysis which we have done for 2016 and for every year. It is because we are concerned about our debt that is why we do Debt Sustainability Analysis and make the result available to the public and everything government is doing is within the scope and recommendations of that analysis.

Certainly, every government and debt manager is interested in knowing whether what it borrows, it is in a position to service it. From the analysis of the programmes of government, we know we can service our debt. Ever since we exited from Paris and London clubs debts, we have never defaulted in servicing our debt--whether external or domestic. We have managed our debts prudently. That doesn’t mean we are not in a position to improve. There is no country that has any system that is not improving, even the best systems in the world—the US, UK, Germany, they’re still improving. So, we are not saying that we have arrived at the peak; we are still improving. But you should also give us the credit that Nigeria’s public debt service management is among the most respected in the world in terms of what they do and how they do it. I assure that the proposal which Mr. President has put before the National Assembly for external borrowing has taken into account Nigeria’s ability to service the debt, taking into account that those external borrowings are at very affordable interest rates. Most of them are below 3per cent per annum and all of them range between 15 and 30 years in tenure and their moratorium range between five and years.

So, those loans are at relatively concessional terms. Talking of debt service, one of the reasons why they tilt to external borrowing is because compared to domestic borrowing, they are much cheaper--at least 7 per cent cheaper than domestic borrowing, which means when you look at their tenure and the interest rate, it means that their impact on debt service will be minimal per annum. So, they are even more serviceable. If you borrow the same amount from the domestic source, you will find out that the impact of the domestic one will be at least three times higher than the impact of the external one. So, in terms of debt servicing, remember that sometime in August, the DMO presented through the Minister of Finance to the Federal Executive Council, the debt management strategy, which proposed that in the medium to long term the mix between our domestic and external debt should be changed from the current mix of 82 per cent domestic and 18 per cent external; that in the medium term, they need to mix it about 40 per cent external and 60 per cent domestic and that was approved. It’s a strategy that Nigeria has adopted and so the medium term external borrowing programme is working in the context of that programme.

So, it is consistent with the programme, which we have accepted as the appropriate strategy

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INtERVIEW

NWANKWO: NIGERIA’S PUBLIC DEBT SERVICE MGT IS ONE OF THE MOST RESPECTED GLOBALLY to follow in the medium term.

Why are you going to give the states a slice of this loan when some of them can’t pay salaries?

That is not the way to look at it. You are not giving them a loan. We are talking about an economy. You want to develop; the economy needs infrastructure, basic education, rural water supply. If a state in the Federal Republic of Nigeria is having a fiscal challenge and they also need water supply for their people, wouldn’t you encourage them to have water for their people? Then that is not development. So, the fact that you have a problem doesn’t mean you have to run away from your responsibilities.

Nigeria is one economy, as you know. The Minister of Finance has taken initiative to see that in addition to existing procedures to see what can be done for states’ fiscal position to get better in terms of the Fiscal Sustainability Plan, which contains 22 items on the checklist of what the minister has initiated for states to start cleaning up their books, to start building strong foundations. And as that is going on, we still have to support their development because the development of the 36 states of the federation plus the FCT is the development of the Federal Republic of Nigeria.

During recession, governments borrow and we know that external loans are cheaper because of all the variables. The society is also able to borrow from the banks domestically while the government is concentrating outside. But when the analysis of the current borrowing plan was revealed, everything was clear but there was an item of $6 billion for ‘Others’. What is that ‘others’?

The details of the $6 billion ‘others’, I’m sure, will be for infrastructure. I don’t think I have noticed that. You know that the aggregation of the borrowing plan is produced by the Ministry of Finance—the International Economic Relations department of the Ministry of Finance. This is not to say that it is their problem, it is not my problem. No, I am not saying that. I’m sure they have the details but I can assure you there is no way the Federal Government of Nigeria will go and borrow billions of dollars on nothing; it must go to a project because even the person lending it will have to lend it for a project. The World Bank, for example cannot give you the money in full-- they have to supervise their project. It’s as the project progresses that they continue disbursing and at the end of the project, they sign off because they have to also go and report to the board of the bank to show that the project has been completed. I can assure you that every money borrowed will be used well particularly under this administration. China Exim does not monitor, because it is export credit that they deal in. For every loan that comes from China Exim, you don’t get cash so they don’t monitor. It is for projects that you want to install with particular design. So, it is we Nigerians that will supervise to make sure that the design that was agreed is what is on ground because they’re not giving you cash.

Last month, the World Bank asked the federal government to embark on further reforms in order to be able to attract their facility.

As it is now, a few days ago, the AfDB also said the same thing while releasing $600 million, being the first tranche of its $1 billion budget support loan for Nigeria.

Right now, we are talking of approval from the National Assembly. If we get the needed approval, are we saying that the reforms demanded by the World Bank have also been met?

We don’t need them to tell us before we carry out our reforms. Our reforms are ongoing and we are maintaining the momentum of fiscal reforms like the Fiscal Sustainability Plan, the establishment of the Efficiency Unit to improve efficiency. There is the Presidential Initiative on Continuous Audit. These are reforms; so we know we must have reforms. The reforms are ongoing so whether our friends ask us how far we are doing or not, we know we need reforms and we have been doing reforms and will continue doing reforms because we know we need them. We are also doing structural reforms. This is to assure you that the Nigerian government and people know that we need

Nwankwo

reforms and we are going ahead to carry out these reforms for our benefit.

The Constitution guarantees Federal Character in the allocation of resources but in the details of this loan, there appears not to be a reflection of the Federal Character Principle. What informed that?

What we should ask ourselves is, what is the procedure? Apart from the nationwide projects, state-by-state original projects, what determines it? The procedure is that every state knows the normal procedure because no state in Nigeria is a new state. States have always borrowed externally so they know the process.

For example, if you want to borrow from the World Bank for agriculture, you will approach the World Bank’s local office in Nigeria to know what kinds of loans they have for agriculture or for water supply or for health and based on those preliminary discussions, the state will relate with the International Economic Relations Department of the Ministry of Finance and based on the guidelines of both the World Bank as lender and the International Economic Relations Department, which is the federal government agency, they begin to articulate and aggregate these things. It is demand-driven. All I can say about that--if there are states or regions that believe that they have been excluded, what we should do is find out from them whether they submitted proposals to both the creditors as well as to the International Economic Relations Department of the Ministry of Finance and those proposals were not considered, because even if you make a proposal and it was not considered between you and the people evaluating your proposal you would have agreed on what is appropriate and what is not. You should find out whether there are states that proposed and were left out. DMO is not responsible for receiving those proposals so it would be nice to find out from the states whether there is a discrepancy between what was submitted and what was put forward.

Part of the $29.96 billion loans is the Eurobond. Have you appointed a consultant?

We are in the process; we are undergoing due process because everything we do must follow due process.

Since JP Morgan and Barclays backed out of our bonds how have Nigerian bonds faired in the market?

JP Morgan and Barclays backed out more than two years ago and we have been doing well. If we have not been doing well, we have been doing auctions every month. There is no month that we have not done an auction. If you go to the 2016 Budget, there is a provision for domestic borrowing. Has anybody complained that when it is due to fund the budget that it has not been done? That Barclays and JP Morgan left has not impacted negatively on our bonds and I emphasised when they left that they did

not develop the market for us, we developed the market ourselves. They saw that the market was good, they came to identify with it so if they leave that’s their own business because it is an indigenous market. We did not import from them, we developed it so the market is performing and supporting the growth and development of the economy. You can go and check to see how many corporates, not just governments are borrowing from the market to support economic development. So the market is strong; the domestic bond market, which we developed for Nigeria is strong and thriving. In spite of the global challenges, it is growing. It is strong because we have strong players, strong private sector players. In the capital market, there are strong regulators like the SEC, strong facilitators like NSE and strong supervisor in the Federal Ministry of Finance. So, the market is strong. It is not just enough to say that our domestic debt is high but there are benefits in depending on the domestic bond market because by government borrowing from the domestic bond market it helped to develop the bond market which has given it some stability in terms of some alternative sources of funding not only for the government but also for the private sector.

Some analysts have argued that instead of borrowing to finance infrastructure that why don’t you allow the private sector do that by giving them sovereign guarantees to build infrastructure. How do you react to that?

Our (DMO’s) position is that government should and government is exploring all options.

In order to fund infrastructure, government is encouraging the private sector through Public Private Partnerships, through concession, through BOT (Build, Operate and Transfer), through guarantees but that doesn’t mean that there is any country where all the infrastructure will be funded by the private sector. There must be some component of infrastructure that must be funded by the government because the private sector does not find it attractive at that point in time. Government is not excluding the private sector from participating in infrastructure funding rather it is encouraging them. But government also appreciates that there must be part of the infrastructure which it must fund, at least, at this point in time.

Can we have an update on the proposed Sukuk bond?

We are working on it, the Minister of Finance has indicated that the sukuk should be out in the first quarter of 2017 and so we’re working towards that date the minister has set.

How much exactly is our debt profile?

Our total debt stock as at the end of June 2016 is N16trillion, which is 12.24 per cent of our GDP and so we will continue to emphasise that relative to our GDP, we are very comfortable

but we also accept that we have a challenge with our domestic debt service because of the high cost of fund domestically, which is one of the reasons why there is need, if we must borrow (as we must borrow), it is necessary for us to see how much we can conveniently borrow from external sources since that will help reduce the domestic cost of funds. This is because when the demand from the domestic market by government drops, it means whatever resources are available are there for the private sector and because the demand pressure is lower, the cost will be lower too. That’s one of the strategies of government; that’s one of the reasons why borrowing from the external source is encouraged.

People always say if you borrow from external sources, how will you service external debt? In our view, you have borrowing to turn around the economy, to have efficient rail and road transportation, efficient and reliable power supply. That’s why we’re borrowing; we are not borrowing for borrowing sake. You want to transform the economy by covering the infrastructure deficit; if you do that, the cost of production in the economy will fall. So, beyond inflation and all those issues like infrastructure deficiency we will deal with them. Moreover, if you have sufficient infrastructure, it helps to diversify both export and domestic supplies.

We import most of our goods some of which we produce locally but the imported ones are cheaper but if the cost of production falls because of reliable and efficient infrastructure, the cost of production falls. The final products from Nigerian factories will be low, and Nigerians can now buy the lower ones, so that boosts the economy.

On the other hand, the fact that you are producing competitively at cheap cost here means you can even export even beyond West Africa because you can now compete just as China is producing at cheap prices and bringing them here. We can also produce at cheap price and sell to other countries. When you start exporting to other countries, of course, you will start earning more foreign exchange. If you’re exporting five or seven export products, in addition you are exporting maybe, three or four or five solid minerals which belong essentially to government. With that type of diversification (exports from the private sector and export of solid minerals), in addition to oil and gas, if we build infrastructure in the next five to seven years before those loans mature in 15 to 30 years, we should be in a position to service our debt and you would have turned around the economy. But you can’t fold your hands and remain where you are. You want to move forward by mobilising resources but if there is a way anybody can propose we mobilise revenue that is enough to cover the infrastructure deficit in the next five to seven years, that would be fine. But the important thing is that we need to mobilise revenue from whatever appropriate source to solve the infrastructure deficit to turn around the economy, to exit recession, to make sure that once and for all, we are no more a monocultural economy. If the country is exporting five to ten different products, whether there is a shock globally or not, Nigeria will be stable and we will not be crying about exchange rate reserve because we are well diversified. That is the whole idea and that is what government wants to achieve. Remember that the bottom line of all these is poverty reduction, employment generation because when you invest in infrastructure continuously for the next five to seven years, you are creating employment in addition because you have provided infrastructure, the real sector will boom because what is holding down agriculture and agric-processing, small-scale enterprises is insufficiency of infrastructure.

So you can imagine if all of us work together, look for appropriate sources of revenue, equity direct investment or debt and we solve this problem in the next five to seven years, which means in the next ten years, we will be operating at real capacity the economy will be steaming full blast and that’s what we need. It’s this change that the government is looking at, so whatever any Nigerian can contribute for us to achieve this change to transform the economy so that we reduce poverty, generate employment so that in the next seven to ten years, we will not be complaining of mass unemployment for the youths. That’s the whole idea.

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BUSINESSWORLD

INSURANCE

Insurance as Fulcrum for Nigeria’s Economic Recovery As Nigeria battles to exit its economic recession, insurance managers insist that ignoring the place of insurance in the country’s growth and development amounts to postponing the evil day. Ebere Nwoji reports The fact that Nigeria’s economy had gone into recession, even before the official declaration early this year by the Minister of Finance, Mrs. Kemi Adeosun, is obviously no longer a source of worry to both the government and the economic management team.

More worrisome now is how to tackle the various challenges posed by the recession as well as how to manage the available resources, so that in no distant time, Nigeria, will wriggle out of the recession and continue to wax strong while retaining its position as the giant of Africa.

Apparently, the prevailing economic recession, is an evil wind that blows no one good as it affects the rich and poor, the ruler and the ruled.

The situation is so tense that key managers of Nigeria’s economy wished it had fizzled out for normalcy to return into the system but this has not come to be.

In their quest to see that Nigeria gets out of it, both the finance minister and the Governor of Central Bank ( CBN) Godwin Emefiele, few months back, announced that Nigeria was exiting its economic recession to the bewilderment of many Nigerians and economy experts.

To their bewilderment, because going by the existing signs such as continued loss in the value of Naira to dollar, persistent rising inflation and continued decrease in the purchasing power of the masses among others, Nigerians, assumed that both the minister and the CBN governor were merely making mockery of the situation and fooling the masses on the enormity of the consequences of the economic recession.

At the present stage that Nigeria is in the face of the recession, it appears that the country is at a cross road as contrary to the assumption that the recession will last for a while, economy observers and operators like Mazi Sam Ohuabunwa, a former helmsman of Neimeth Pharmaceutical and President of Ikeja Business Club, recently said the recession may last for a minimum of three years, if the necessary steps required to get Nigeria out of it were taken.

He advised that what the government needs to do at this time is to encourage and stimulate economic activities among the citizens and remove every form of administrative bottleneck in the way of business operators and even give tax holidays and rebate to them.

“Dismantle all the roadblocks and deliberately make it easy to do business in Nigeria.

“We should also provide incentives to the investors - domestic and foreign to attract increased investment, give tax holidays, deferred taxation, infrastructure deficit tax reliefs, Export Expansion grants, etc. Additionally let us find ways to attract more home remittances”, Ohuabunwa advised, at a recent independence lecture he delivered in Lagos.

But on its part, the government, faced by the challenge of slide in the price of oil, which is its main source of revenue, said its next source of income is to look inwards for revenue generation through tax collection from the citizens.

Looking at the whole scenario, it has become obvious that the nation’s economy is seriously facing a big challenge which both the government and the governed must work hard to overcome if Nigeria must come out of the present recession.

Added to this is need for both government and Nigerians to protect the assets they have acquired when the economy was buoyant as well as businesses they set up with bank loans when the interest rate was lower than what it is today through insurance so that in the event of any loss, they will have something to fall back on.

Obviously, the economic challenge has brought along various vices such as corruption, which President Muhammadu Buhari’s administration has been battling agains- kidnapping, terrorism, human trafficking among other vices.

As Nigeria joins other countries of the world to celebrate World Savings day, which took place at the Government Secondary School Garki, Abuja on Monday, October 31, 2016, , one had expected that all hands should be on deck in the area of economic activities as

Kari

advised by Ohuabunwa and others to recover the economy and as these activities are going on, efforts should be geared towards protecting whatever wealth Nigerians acquired through insurance. The masses are also expected to imbibe savings spirit by buying insurance, which is a good means of long term savings.

But this has not happened as even government still has not changed its nonchalant attitude towards insurance of its assets. As at today, government is yet to pay premium for group life insurance of its workers for the year despite the ‘no premium no cover’ policy of the industry and there is no guarantee that none of the government employees for which the cover is meant to protect has died.

The effect is that more businesses are closing in the country because operators could no longer cope, more people have taken to armed robbery, looting of business premises even as cybercrimes and other related criminal activities against people’s businesses are becoming the order of the day. The worst is that those affected often close shops because of lack of insurance cover to replace their lost assets.

Among the existing businesses, companies are slashing salaries and sacking workers without the ability to pay them terminal benefits to continue in life even as most of the sacked workers cannot access their pension benefits because contrary to their hopes and expectations, their employers did not remit their contributions.

The overall effect is that spending habit among Nigerians has fallen to the lowest, business lull in markets becomes the daily experience setting the economy in deeper doldrums.

This is so whereas in advanced country like Britain from where Nigeria drew its insurance experience, insurance, serves as a tripod on which the entire country’s economy stands as both the government and the citizens always run to their insurers in the event of various natural and other disasters that had befallen them and tend to erode their economy. The country has bounced back after such disaster due to insurance coverage.

Here in Nigeria, in the face of the recession, rather than seeking for ways of protecting the hard earned assets built when the economy was at its buoyant stage, the government is debating on how to dispose them.

But economists have advised that rather than dispose, various sectors of the economy should contribute their quota towards protecting and turning around the economy through the use of the assets.

At a recent media seminar organised by the insurance industry regulator, the National Insurance Commission(NAICOM), at Gombe Sate, issues bothering on the Role of Insurance in a Challenged Economy like Nigeria’s formed the thrust of discussions.

In his discussions at the seminar, Director Authorisation, NAICOM, Pius Agboola said that Nigeria’s economy has witnessed in the past and is still experiencing growth without development.

According to him, facially, Nigeria witnesses growth in its GDP but suffers stagnancy in its per capital income.

According to him, the state of the economy has grown from mild recession over the years to deep recession.

He said the present economic challenges, which have culminated in recession has been there over the years but became pronounced as soon as there was official declaration by government that the economy has gone into recession.

Agboola added that minimum wage of the labour force stands at 1.5 dollar per day signifying high poverty rate.

He said at this critical stage in the economy, insurance going by its nature supposed to take center stage in the minds of both corporate and individual citizens of Nigeria as the situation demands that both individual and government preserve and protect their already acquired wealth and assets.

He listed the role of insurance as reduction of wastages in the economy, facilitating infrastructural and finance sector development, promoting economic growth and development among others.

Furthermore, he said for insurance to play these roles, government, citizens must take risk to take the country from present low level to high level economically.

He said the more individuals and government think about insurance, the shorter the period of economic hardship faced by the country.

According to him, insurance can turn any economy around as other nations who have witnessed what Nigeria is experiencing now have used insurance to turn their economy around.

To enhance the role insurance plays in a challenged economy like ours, he said there must be a regime of effective and efficient claims management.

“Claims management is one of the critical factors that build public confidence in insurance.

The more you prevent fraud in claims management, the more you win public confidence”, he stated.

Head Market Development of NAICOM, Sabiu Bello Abubakar said for insurance to play its expected role, the market itself has to be developed.

He said insurance market is said to be developed when it has the capacity to take big risks.

He also said since insurance is a game of large number, development of insurance market is determined by the level of acceptance of insurance and level of patronage of the industry.

He however noted that 98 percent of Nigerians are uninsured while majority of the insured got their insurance certificates from fake operators.

He attributed the under insurance problem of Nigeria to religious beliefs, poverty level and unawareness problem.

In overall, he said Nigeria has least insurance penetration of below one percent while South Africa has as high as13 percent insurance penetration.

He however said NAICOM has mapped out a good number of initiatives to tackle the underdevelopment problem of insurance in Nigeria and beckoned Nigerians to begin to seek solace from insurance industry in the face of the present economy quagmire.

Some of these initiatives include ; Market Development and Restructuring Initiative of the commission ( MDRI), draft and release of micro insurance guidelines, designing and releasing of Takaful operational guidelines. Launch of compulsory insurance of public assets and liabilities, establishment of public complaint bureau for people to lodge their complaints in case of delayed claims settlement as well as enhancement of development of new insurance products by insurance operators among others.

He said these efforts geared towards developing the market through deepening of insurance penetration in the country.

The Commissioner for insurance, Alhaji Mohammed Kari, had precisely in January this year during his courtesy visit to THISDAY Newspapers said his main area of focus for the insurance industry this year is awareness creation on insurance among Nigerians.

He said efforts in this are geared towards deepening insurance penetration in the country.

In his words,” For the Nigerian insurance industry, we feel it has now gotten another opportunity to re -awaken itself to play its rightful role in developing the economy. Nigeria’s economic development definitely needs everybody’s hands to be on the deck. As far as the financial sector is concerned in this country, other sectors of the financial world seem to have moved ahead of insurance sector, not for any lack of effort but principally, I think the industry has not woken up to the challenges it met along the way”, he stated.

According to him, the biggest impediment to insurance in a developing economy is the issue of inability to buy insurance and in most cases, the perception of the consumers of insurance.

“But in a clime like ours, the perception is held more by non-consumers than consumers.

When you find ten people complaining about insurance, you find out that only one of them has insurance policy. In Nigeria, we like to amplify complex situation”, he stated.

Kari, however, said together with the insurance operators, the regulator is building calculated plans to improve awareness on insurance and to rebrand the whole profession and the industry so that potential consumers can now appreciate what insurance can do for them and their business.

Subsequently, he said NAICOM is out to make patronage and investment in the industry attractive by sanitising the industry, exposing those who stole shareholders’ and policy holders’ money to restore public confidence in the industry, improve patronage and reposition the insurance to play its role in the growth and development of Nigeria’s economy.

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T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

BUSINESSWORLD

PERSPECTIVE

Perspectives on CBN and the Economy Arize Nwobu, in the report, proffers measures that should be adopted to take Nigeria out of her economic quagmire The economy is in a recession, and ten major factors contributed to the situation: 1.The monolithic structure of the economy, with oil accounting for 90 per cent of exports, 25 per cent of Gross Domestic Product (GDP) and 80 per cent of government revenue, 2. Drastic fall in global oil price, 3.Lack of strategic agility by successive leadership which failed to diversify the economy and shift balances to absorb shocks in a dynamic and globalized economy,4. Absence of cutting edge growth strategies which in turn, was due to the in-application of theoretical and system thinking or scenario planning, 5. Unpatriotism and pervasive corruption, 6. Commitment of what development economists term ‘’Original sin’’(exportation of capital needed for development), 7. Infrastructure deficit, 8.

The six months of lacuna preceding the appointment of Ministers, 9. Retreat of foreign investors, 10. Negative communication.

The short-term panacea in the circumstance are in, a. compensatory spending or pump priming(spending money raised by borrowing; used by governments to stimulate their economies) and, b. the inflow of dollars.

Government is making efforts in the international capital markets to work things out, and is also musing on asset stripping to raise funds to stimulate growth. Dollar scarcity and rising inflation has challenged the creative faculty of CBN Governor, Mr. Godwin Emefiele and his team, and they are doing the best they can in the maze.

It is not easy to manage ‘’The Policy Trilemma’’, or, ‘’The Impossible Trinity’’(the interacting trio of exchange rate, foreign capital flow and sovereign monetary policy), more so, in a time like this when things have gone awry and nothing is cast on stone, as a result of the above listed ten factors.

The apex bank deserves commendation and not vilification, irrespective of the hitherto fixed foreign exchange regime and its unintended functions. Besides holding forte during the six months preceding the appointment of Ministers, Mr Emefiele and his team have proven to be pragmatic, creative and flexible, dynamic and patriotic, except that the Nigerian economy is a paradox which seem to defy basic canons of development economics, with too much leakage and sabotage in the system which tend to frustrate good - intentioned policy initiatives.

CBN policies aim primarily at protecting and recreating the economy for sustainability. Besides its developmental initiatives which includes a scheme for self-sufficiency in food production, especially rice, the new flexible foreign exchange regime has been widely applauded as a bold and positive initiative. Its operating dynamic is in accordance with democratic capitalism, and barring systemic malfunction the policy will boost foreign investor confidence and dollar supply. Already, CBN has reported an inflow of US$1billion since the introduction of the policy.

The introduction of a Forward market to hedge volatility in the foreign exchange market, and the licensing of Foreign Exchange Primary Dealers are innovations that will deepen the market.

The apex bank’s retention of the Monetary Policy Rate(MPR) at 14 per cent has also been applauded by the International Monetary Fund IMF and other experts, including former CBN Governor, Sanusi Lamido Sanusi, though the former Managing Director/Chief Executive Officer, Asset Management corporation of Nigeria AMCON, Mr Mustafa Chike-Obi, holds a contrary view and advocates an expansionary monetary policy by lowering the MPR because, according to him, the present inflation rate, at 17 per cent ‘’was not caused by a demand factor.

But beyond CBN’s management of

Emefiele

‘’The Trilemma’’, we need innovative and complementary fiscal policies with defined strategies to restructure the economy for long term sustainable growth and development. And that means we must return to the basics.

First, we need to realize that, 56 years after independence, the economy is still factor-driven. The World Economic Forum’s ‘’Global Competitiveness Report’’, in accordance with general development theory, divided countries into three different stages: One, Factor-driven economies-‘’where countries compete primarily on the use of natural resource and unskilled labour and companies compete on the basis of price as they buy and sell basic products’’.

Two, Efficiency-driven economies-‘’where growth is based on the development of more efficient production processes and increased product quality’’ Three, Innovation-driven economies‘’where companies compete by producing and developing new and different products and services by using the most sophisticated process.’’

Most developing nations, including India are factor-driven economies, while most of the developed world are innovation-driven.

And among the BRIC, Brazil, China and Russia are in stage two (efficiency-driven), but it is notable that China’s competitiveness is ahead of other developing nations and is fast driving to stage three.

It took US, Britain, Germany, Canada and Russia approximately 60 years to get to the stages of maturity, and South Africa is currently driving towards maturity with the development of a ‘’world class’’ infrastructure, a prerequisites for poverty reduction.

Nigeria, massively endowed with natural and human resources should have been in stage two by now, but we seem to be in noctambulism and not going the way of nations that are determined to attain greatness and find a place in the international economy, beyond oil.

As a factor-driven economy, we should have a strong head start with high and consistent output and rate of development rising to over 10 per cent of national income, or net national product and with substantial development of manufacturing sectors with high growth rates.

We need to reinvent the economy such that output will regularly outstrip increase in population, otherwise, based on expert forecast on the basis of a 2.5 per cent Cumulative Average Growth Rate (CAGR), which translates to a population of 196.8million in 2018 and 233.6million in 2025 respectively, the socio-economic dynamics of the country may take a turn for the worse.

The leadership need to block the leakages and create momentum. Presently, the economy is over leaking, going by the ‘’leaky bucket model’’ of economic growth and development expounded by Avik Basu.

The political class constitute a drain on the economy through conspicuous consumption and leisure living, a major reason recurrent expenditure is habitually skewed above capital expenditure. Capital should be mobilized and channelled into the economy and not state consumption.

Besides, we have a high propensity to consume foreign goods and services including those that can readily and patriotically be procured locally. It is preposterous and unpatriotic to build up foreign economies and create jobs for their youths at the detriment of the local economy. Government should consider the following strategies to recreate the economy: One, evolve policies aimed at blocking or minimizing leakages and use interventionist policies to promote industrialization, otherwise, not much will change. All major developed countries including the US used interventionist economic policies at various stages to promote industrialisation.

We should not be hectored by the concept of globalisation and free trade which present a common platform for unequal partners-

developed and developing economies, thus the need for the latter to be wise, adaptive, tactical and strategic, to play catch up and not remain a puppet on strings in the hands of the ‘puppet master’, the superior partner.

Two, adopt an endogenous growth model and leverage our large population to drive growth as obtains in the US. Three, apply a combination of ‘’The big push’’ and ‘’Schumpeterian’’ growth theories to achieve a quantum leap. ‘’The big push’’ suggests ‘’that countries need to jump from one stage of development to another through a virtuos cycle in which large investments in infrastructure and education and private investments would move the economy to a more productive stage, and the ‘’Schumpeterian’’ model hinges on innovation and technology (creative destruction).

The quintet of technology, innovation, infrastructure, education and entrepreneurship are bedrocks of poverty reduction. We need modern technologies and innovations such as witnessed in the telecom industry and Nollywood to transform the economy.

As Peter Howitt noted, ‘’economies that cease to transform themselves are destined to fall off the path of growth’’.

To boost the stock of infrastructure, government should maximally utilize the mechanism of the local capital market.

Any effort to drive long term growth and development without an optimal use of the instrumentality of the capital market can only short-change the economy.

On education, emphasis should be on functional education, instead of the prevalent ‘’diploma disease’’ which has tended to saturate the labour market. And entrepreneurship, being the dynamo of economic growth, should be encouraged in special ways.

•Nwobu Acs, Policy Analyst and Business Journalist, wrote via arizenwobu@ yahoo.com Tel: 08033021230

T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

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EDUCATION ‘Nigerian Education System, Teacher Training must be Reviewed’ The Country Manager, Cambridge University Press, Nigeria Limited, Mr. Lawrence Aladesuyi explains to Funmi Ogundare why there should be a holistic review of the country’s education system, just as he calls for concerted effort towards improving teacher education, among other issues. Excerpt: What is your organisation’s relationship with local authors and curriculum experts since it launched into the Nigerian market this year?

We launched into the market on May 1, but before you launch, products would have been prepared to go there. That means prior to May, we have worked with reviewers in Nigeria who are authors, curriculum departments in the state, Nigeria Educational Research and Development Council (NERDC) in printing out books for primary schools and secondary schools. We have been working with them and we continuously worked with them because we submit our books for review in the states where we have business. For instance, we have submitted in Abuja, Ogun and Ondo States.

So far, what have been the results in those states?

The results have been good, we do know that there are quite a lot of publishers in Nigeria, we have our books on the FCT booklist that means these books have been recommended for use in their schools, so the primary and secondary school levels are able to buy and use these books because they have been found good by the states concerned.

What impact have the books made on the schools?

A teacher once called me from Agbara and told me about how he went to a friend’s house and saw his children using our books, but in the children’s school, they are not using the books, so he said he wanted to buy the books so that the children can use them at home. He has gone through them and found out that the books are fantastic. In essence, there have been a lot of changes that we have seen in the learning process but we know that changes in the learning process take some time to materialise. Sometimes, it takes months or years before you see the effect of what you have started. It is like planting a seed before it germinates, grows and starts to bear fruits. We expect that this will make a lot of impact on our schools.

What move has your organisation made to break into schools that are yet to use your books?

We have education representatives in Lagos, Abuja, Port Harcourt, Oyo and Ogun States and we are trying to expand everywhere in Nigeria. These representatives will go to schools to introduce the books to the teachers so that they can use it for the students.

How have improved the quality of teaching resources?

Measuring the improvement of teaching resources can only be done over time; we need to really assess them, but we do know that from the little reactions we have been getting, there has been an improvement in understanding. For instance, our people believe that mathematics is difficult but it depends on the way you take the subject and also on the type of books you use, and the teachers taking you. When you use some types of books, you will see a complete departure. It is much more relative to what we know and what we intend to do. So when you have good books that explain things in friendly manner that students will be able to relate with and understand, that will make it better for their learning. We need to measure this over time.

Does the distribution of your books cover the northern part of the country,

Aladesuyi

considering that some states are educationally disadvantaged?

Nigeria is a very big country and we will not be able to cover the whole of the country. For instance, we are working in Abuja and going towards Kaduna. We have some snippets of appearance in Nigeria and we have plans to move far further north.

What innovation has your organisation embarked on to further impact schools?

There is a project that we are doing to know who the customers is, we need to know more on who actually benefits from an enhanced teaching process and who does what. Do we target the students, teachers or parents? The pupils are very important but how do they learn? These are some of the things we are doing and over time we will get in touch with the schools, move with them and see how we can enhance the learning process.

What is your view about the revised basic education curriculum?

We told the NERDC that they were overloading the children. There was a project done some years ago at the Obafemi Awolowo University, Ile Ife, by late Professor Babatunde Fafunwa where they taught everybody in Yoruba Language before they started learning English Language. Those who were taught in Yoruba performed better at the end of the day than those who started in English. When you talk to a small child, he first thinks in the native language before interpreting it to English and then saying it out. We should go back to the basis and teach our children what is right.

What is your reaction to a situation where some subjects such as Security Education are introduced into the curriculum and there is no teacher to teach them?

Sometimes we try to run before learning how to walk, eventually you will fall. There are errors in most of the things government do. What they should have done is that when you are putting someone to head the curriculum division, there should be a curriculum expert there. It is not everybody that has done education that will be expert in curriculum, there are some people who do educational measurement like the former Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Dibu Ojerinde; when he was there, he was doing well. When you put somebody who is not an expert there, he may end up failing and that was what happened. For instance, computer studies, how many government schools can boast of good computer teachers? How many schools do computer at the NCE or graduate level? Even at the universities, so where are the teachers to teach computer, how much more security education and so many other subjects?

So what should be done in that regard?

What should be done is that there should be a holistic review of the education system.

For example, why did government cancel grade II teachers, there was no need for it. In some states, it was becoming obsolete while in some other states, it was still very good.

There are states that don’t have teachers.

They should do a holistic review of the education system in this country so that

people can learn. Some of the things we learnt in primary school, you may not see them next year, and it keeps on going. A lot of efforts should also be made towards improving teacher education.

There seems to be no budget for teacher training programmes in the country, what do you think about that?

There is a budget for teacher training, but I think it is not being implemented. In some states, they buy books, they don’t have good budget to train teachers.

We want good training systems for them, even when you come out from university as a teacher, are you trained to teach in a primary school? Some of the things you find at the primary school level are very funny and you may not even believe them. When a teacher sets an exam for primary two or three pupils, he sets the exam in English Language, but reads in Yoruba Language to them, interprets and answer because even most of them cannot interpret some of those things; it so sad.

What is your projection for the organisation for the next five years?

I see Cambridge University Press coming first in the committee of publishers in Nigeria.

We want education in every state and schools; the logo of Cambridge is to spread education so we want education everywhere. To achieve this, we have done a fair survey of schools in Nigeria and have our representatives there so that we will know the number of people we are going to work with; schools we are going to work with, and we know the ministries of education there.

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EDUCATION

Shettima: Borno Has Suffered 50 Years Setback in Education

Kuni Tyessi in Abuja

No thanks to the Boko Haram insurgency in the north-east, Borno State has been drawn 50 years backwards as over 500 primary schools, 38 secondary schools and two tertiary institutions have been affected, leading to loss of infrastructure.

This was revealed at the

National Universities Commission (NUC), Abuja by Governor Kashim Shettima during the presentation of certificate of recognition and operational license of the first Borno State-owned university, which makes it the 144th in the Nigerian university system.

The governor stated that if the Boko Haram insurgency

must come to an end, education must be invested in as the group has pledged to make a comeback to their noble pride.

He also disclosed that two more specialised universities would be established in January 2017.

“Borno State has been taken 50 years back no thanks to the dreaded Boko Haram group.

About 500 basic schools, 38 secondary schools and two tertiary institutions were affected due to the activities of the insurgents.

“Boko Haram wants to reverse to their noble pride but we will not allow it and will continue to invest in education. If we are serious in tackling and ending Boko

Haram insurgency in Borno by taking it back to its days of glory, there is nothing like elevating education towards ending the social menace.

“In furtherance to this, two more universities will be added and hopefully, they will be specialised either in the field of education, ICT and or medical sciences.”

In this remarks, the NUC Executive Secretary, Prof Abubakar Abdulrashid, pledged the commission’s readiness towards ensuring the success of the university. He commended the governor for his antecedents and his ability to start a state university before Zamfara State which will be the last of the 36 states to own a university.

UNN Medical, Dental Graduates Unite after 25 Years Uchechukwu Nnaike Determined to give back to their alma mater that nurtured them to their full potential, the 1991 medical and dental graduates of the College of Medicine, University of Nigeria, Nsukka recently re-united after 25 years of graduation.

The occasion, which held at the newly renovated Faculty of Dentistry lecture hall at the University of Nigeria Teaching Hospital (UNTH), Ituku-Ozalla, Enugu State, was fun as it brought back memories of their student days.

Declaring the event open, the Vice-Chancellor, Prof.

Chukwuma Ozumba, said the institution would continue to collaborate with various groups and corporate bodies with genuine desire to bring change and development to the citadel of learning.

Ozumba, who was represented by the Deputy Vice-Chancellor, University of Nigeria, Enugu Campus (UNEC), Prof. Smart Uchegbu, said the involvement of corporate Nigeria in the advancement of public educational institutions has become imperative, as government alone can no longer meet all the financial commitments.

He expressed delight that despite the hard times, the alumni still organised such fora and saluted the ingenuity and patriotism of the organisers.

The Chairman of the Local Organizing Committee, Prof.

Felix Chukwuneke, said having being successful in all areas of medical endeavours, the idea of giving back to the college of medicine was contemplated by some class members and thereafter discussed widely by those practicing in Nigeria and abroad. He said as united as ever, an organising committee was subsequently inaugurated with the focus to embark on the first phase of the 1991 college alumni re-union four-point projects. The projects were: the provision of constant power to the two lecture halls of Faculties of Medicine and Dentistry through solar power system; renovation of faculty of dentistry hall and provision of overhead tanks for the two toilets; award of academic excellence for medical and dental students through essay competitions on medical education; and visits to charity homes in the state.

Chukwuneke expressed

satisfaction that the committee achieved the targets barely four months after it was formed and thanked God that the 1991 class of UNN medical and dental graduates brought positive change to their alma mater.

He also announced the establishment of the annual Dr. Andrew Anyadiegwu Award for Excellence for the best graduating student in Medical Biochemistry, adding that the award with a cash prize of N150,000 would run for the next five years beginning from 2017. Until 2014 when the Faculty of Dentistry was established in UNN, medical and dental students shared one faculty. In his remarks, the chairman of the occasion, Emeritus Prof. Alex Animalu, described home-coming events as unique since the main objectives are not only to encourage students’ assembly, but also to stimulate their interest in community development.

Animalu, who graduated in 1962 from the University of Ibadan, challenged Nigerians to go into research, stressing that only scientific inventions could put Nigeria on the world map just as China and Japan. He called on the federal government to explore the use of solar plant to address the country’s energy crisis.

Also speaking, the class representative of the 1991 graduates, Dr. Ben Mozie, disclosed that the support of the 1995 class, a bus, has been purchased and would be donated to the college in a few days, saying that the effort was just a stepping stone to further elevate their alma mater and the younger generation of medical students.

He regretted that of the 100 medical and dental surgeons that graduated in 1991, during the era of Prof. Chimere Ikoku, as vice-chancellor, four had died. They were Dr. Chiemezue Okoye, Dr. Edennami Obiajulu, Dr. Wilson Ojiulo and Dr. Ethelbert Nwaneri.

A lecture on ‘Innovations in Medical Education in Nigeria’ was delivered by Dr. Chima Nwaukwa, while Osutuk Akanimoh Patrick, Odonoekuma Onyebuchi Ekuma and Charles Victory Odigbo won the first, second and third prizes in the essay competition. Highlight of the ceremony was the inauguration of the renovated hall and the solar energy plant by Uchegbu to the admiration of the organisers and students.

HOMECOMING

Members of the 1991 medical and dental graduates of the College of Medicine, University of Nigeria, Nsukka during their visit to their alma mater recently

NAPPS Decries Exorbitant Taxes by FCDA Kuni Tyessi in Abuja The National Association of Proprietors of Private Schools (NAPPS), Federal Capital Territory (FCT) chapter has decried the exorbitant taxes billed on private school owners in Abuja.

The FCT chapter President, Mrs. Samira Jibir, said most of the taxes were uncalled for because the ones from the federal government, FCT and

area councils are the same most of the time, but they come with different names.

She complained that most of the taxes are confusing and inexplicable, stressing that the multiple taxes from the various government bodies have created a platform for fraudulent individuals to visit their schools demanding for taxes. Jibir also condemned the sealing up of some schools by some area council officials,

which has rendered the schools inactive for a while and causing embarrassment to the students, parents and members of staff.

She said the numerous taxes are not good for the business of running the private schools hence the government should consider the fact that the private schools are complementing the government’s effort in the education sector.

She said despite the numerous taxes, they do not get value

for the paymenat in terms of infrastructure. “We do not have good roads, electricity, boreholes to the benefit of the schools and the community around.”

According to her, the association is seeking that the taxes are harmonised so that most of the challenges will be curbed. She appealed that the concerned organisations and agencies be called to order on all the issues highlighted.

FG to Establish Police Secondary School in North-east Segun Awofadeji in Bauchi The federal government has approved the establishment of Police Secondary School for the north-eastern region in Bauchi State. The Force Education Officer (FEO), Deputy Commissioner of Police Rabiu Ladodo, who disclosed this while inspecting Police Children Schools in Bauchi recently, said all arrangements have been concluded by the federal government to establish the school in the state by giving the approval to Force Headquarters, Abuja.

He said all the approval

documents prepared by the federal government to establish the school are on his table and expressed hope that the region would soon have a police secondary school.

“It was the only region left behind across the country that does not have the police secondary school with the approval of federal government very soon the region will get one which is to be sited in Bauchi.”

He promised to look into the challenges of inadequate teaching and non-teaching staff and the infrastructural problems facing the three police children

schools in the state.

Ladodo visited Police Children School of Bauchi I Yelwa; Police Children School II Yandoka; and Kafin Madaki in Ganjuwa Local Government Area for the inspection.

Also speaking, the Headteachers of the Police Children Schools regretted the inadequate teaching and non-teaching staff in the schools and called for the construction of more blocks of classrooms and provision of adequate water supply in the schools.The Chairman of the Parent Teacher Association (PTA), Bauchi I Police Children School,

Bala Usman Garga, appealed to the FEO to give priority to the north-east because the region is behind in education. He said the insurgency has devastated the region educationally and that attention should be paid to the region to fill the gap.

Garga also appealed to the FEO to introduce and organise a quarterly meeting with PTA chairmen and their secretaries to enable the stakeholders tackle challenges facing the schools, as well as to open doors for ideas to move the schools and the education of children appropriately.

MOCPED Governing Council Chair Gets Leadership Award Peace Obi The Chairman, Governing Council of the Michael Otedola College of Primary Education (MOCPED), Epe, Lagos, Prof.

Tunde Samuel has won the 2016 African Education Personality Leadership Award organised by the African Institute for Leadership.

The award, which recongnises and rewards African personalities that have made

impact in the development of the African economy through their innovations among others held recently in Abuja.

According to a statement by the institution, the award among other things is in recognition of Samuel’s contributions to the development of education through his leadership skills, experience, contribution to quality education, his intellectual disposition/strength, academic pedigree and service

to humanity.

The pioneer Provost of MOCPED, who is a retired Professor of Political Economics of Education, has served in different capacities in Lagos State at advisory level, education policy development, among others. “Prof. Tunde Samuel was specially identified and honoured by the organisers of the award for his leadership skills, experience, contribution to quality education, his intellectual

disposition/strength, present and past educational experience, academic pedigree and service to humanity.”

The African Prize for Leadership Excellence is a prize for excellent leadership experience for some selected African personalities who have made impact in the development of the African economy through their innovation, creativity and leadership experience in their fields of endeavour.

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

EDUCATION

Ogun Students Emerge 2016 Cowbellpedia Maths Champions Uchechukwu Nnaike It was celebration all the way for The Ambassadors College, Ota, Ogun State, as two of its students, Juliet Ekoko and Ayoola Oguntade emerged winners in the junior and senior categories of the recently concluded 2016 Cowbellpedia Mathematics Quiz Competition. Each was rewarded with N1 million and an all-expense paid education excursion abroad.

In the final encounter in the junior category, Ekoko defeated Oreofe Daniels and Glory Okoli of the same school; Oluwafunmbi Fakorede of Bibo Oluwa Academy, Ilesa, Osun State; Dennis Balogun of Greater Tomorrow International College, Ondo State; and Oluwatunmise Idowu of Scholars Universal Academy, Ota, Ogun State.

The 12-year-old daughter of a mathematician, who survived elimination three times in the preliminary stages, was described by her mother, Funmi as very diligent. Her father, Eyimofe, who was elated, thanked God and Promasidor for the honour and opportunity given to the family.

Ekoko, who aspires to be a medical doctor, dedicated her victory to God, her teacher, her parents and her friends for their encouragement. “I am very happy today. I am very grateful to God who

has given me the grace and power to become a star today. Indeed, the scripture, we are what we are by the grace of God has come to fulfillment in my life today.”

In the senior category, Oguntade defeated Taiwo Adeyemi and Blessing Udoh from his school; Adegoke Aromolaran of Bibo Oluwa Academy, Ilesa, Osun State, as well as Ademola Fatoke and Hasanah Adeyanju of Ota Total Academy, Ogun State.

Oguntade, who has been a class captain, a class representative and now the head boy of his school, also ascribed his success to God and his teachers. He aspires to study engineering in the university and run his own company. “The top CEOs I read about studied engineering and run their companies. I also want to have an engineering degree and run my own company.”

He also intends to invent a flying car to ease the traffic gridlock especially on Nigerian roads. His father, Bodunrin thanked God and the organisers of the competition for the initiative which he believes will shape the future of Nigerian youths.

In his remarks, the Managing Director of Promasidor Nigeria Limited, Olivier Thiry, reiterated the company’s commitment to education, saying that it is the most important investment for the future of the children of Nigeria, especially the

girl-child because it allows them greater power to make informed choices.

He congratulated the finalists for their excellent performance and promised that the company would continue to support the academic development of Nigerian children.

The Registrar of the National Examinations Council (NECO), Professor Charles Uwakwe, commended Promasidor for the initiative, which he said would stimulate the interest of students in mathematics. He pledged NECO’s continued support for the project in appreciation of what he described as the company’s great corporate social responsibility to the Nigerian society.

The Head of Marketing, Promasidor Nigeria Limited, Festus Tettey, commended NECO for its partnership on the project, saying that the company is willing to involve more stakeholders that can add value to education. He extolled the level and quality of the competition this year and stated that the company will come up with more innovative ideas to make the competition better next year.

“We believe in the total nourishment of the body, brain and soul. Our core driving force has been giving back to society and we are happy to work with NECO because it has improved the quality of the competition.”

Your Lips, First Border to Your Entrails Your lips are one of the borders to your internal organs. Safe-guard your lips like your country’s borders are protected! Your lips part to allow air, solids, fluid into your insides. Your internal organs, vital and not so very vital, in the medical sense of the terms, benefit from their trappings.

Your lips contribute to the entire description and identification of your face. Lips come in a number of shapes and sizes. They could be thick and, or full, with a natural outline edge-ways. These types are voluptuous and curvy. They have a great sex appeal and are easy to pout. On the opposite end are thin lips. These need a lip pencil to sketch their profile. On the other hand, some lips could be the unequal type where the top or bottom lip is pronouncedly higher or fuller or even thinner, needing a lip pencil to perfect its entire silhouette.

Some people are blessed with fallen lips. Fallen lips tilt downwards at their corners and actually look attractive, especially when infused with positivism. Have you ever heard of the power of psychosomatic feelings? Infuse your mind more with all that are good, progressive and life-changing. Sexy lips are similar to round lips. Sexy lips are alluring and naturally pouty. Round lips round up like a button and are cute-looking. Improve the outline of both types of lips with a lip liner.

There are wide lips too.These tend to be broad, extensive and spacious.

Make them gorgeous by using a lip pencil to draw an outline just on the inner parts of its rims, but leave out the corners. Shapeless lips could be a blessing. Because they fall into no shape or classification, define their borders with a lip pencil to create the shape you want before you blend in the colour you desire.

Everyone wants smooth, well textured and free-from-crack lips. Dry lips are flaky, lacklustre (especially in cold weather) and cracked. Gently remove dead skin weekly from dry lips with a soft toothbrush. You could also exfoliate with specially made gentle lip scrub products.

Apply balms or glosses that are petroleum, paraffin or beeswax based to such lips regularly.

Essentially, love the lips you have and care for them. Take the time to determine the type you have. Do a little research on how best to always have them in top form and looking great with or without make-up.

Omoru writes from the UK

Oshiomhole to Employ More Teachers before End of Tenure Adibe Emenyonu in Benin City

L-R: Winner of this year’s Cowbellpedia Maths Contest in the senior category, Ayoola Oguntade; the Managing Director, Promasidor Nigeria Limited, Mr. OlivierThiry; and the junior category winner, Juliet Ekoko, during the prize-giving ceremony in Lagos… recently

Oyedepo Tasks Youths on Leadership Roles Funmi Ogundare The Presiding Bishop of the Living Faith Church, David Oyedepo, has enjoined the youths to programme real value for their time and understand the dynamism of leadership.

Oyedepo, who made this known recently at the 2016 Excellence in Leadership Conference of the Daystar Christian Centre with the theme, ‘Maximise your Influence’, said leadership is achieved by making outstanding contribution and accomplishing a feat.

He said leadership is about attainment of a task, adding that it all depends on how well one is able to manage oneself, time and resources.

According to him, since we

live in a world of unlimited opportunity, there is need to buy into it, adding that time management is a vital tool to actualising leadership potential.

“Quality time investors end up as news makers,” he said and stressed the need for the country to invest in its best heads.

“You manage well to grow big, everyone has rich leadership potential in them, there is no end to growth if we keep engaging the right forces in our fields of pursuit.”

The Chief Executive Officer, Mobile Decisioning, Kenya, Mr. Julian Kyula, stressed the need for youths to be trained and equipped for the global world, adding that a strategic approach that would position them at the right place should

be taken.

Kyula, who spoke on ‘Identifying Potential Business Opportunities in Science and Technology’, expressed concern that corruption seems to be sitting better in the system, while social tolerance reduced and a lot of people are fighting for their rights.

The Senior Pastor of the church, Sam Adeyemi, said the idea of the conference came some years ago after the church started its academy and people who had gone through the trainings thought there should be a refresher course.

“The conference has been getting better yearly; we feel the need to train young people to develop their character and strong values. The theme is also inspirational. We wanted a situation where we can

leverage on the conference and build the influence of the youths.”

He expressed hope that the programme would be expanded and that its academy will also be upgraded to a university status. “We didn’t start big when we first started out nine years ago, even then, the topic was not attractive, but we wanted something that will have a ripple effect on the youths.”

His wife Nike expressed also hope that the conference would have a positive impact on the youths. “People hold on to the things they have heard. The things they have heard in the last three days have been mind-changing.

Their ways of thinking will change and they can achieve their dreams.”

As part of efforts to ensure quality education in the state, the Edo State Governor, Adams Oshiomhole has promised to employ more teachers in public schools before the end of his administration on November 12.

Speaking during an interactive session with female students of various schools at the second Edo State festival of the girlchild, organised by We Care Trust Foundation, a pet project of his wife, Mrs. Iara in Benin City, Oshiomhole said “my take away from this meeting is that the commissioner for education, before he retires next week, must between now and Tuesday give me a list of mathematics teachers, English Language, English Literature, Geography, science teachers and arts teachers.

“We have already done the interview; we will select a number and we will post them to your schools next week before the end of my tenure, so that you will be able to say, when you met with the governor, you told him that you needed mathematics teacher, five days later a mathematics teacher has resumed in your school, and physics teacher, among others.”

The governor added: “In many of your schools, you are happy with the buildings, the equipment, but even for the laboratory equipment, you

need modern ones and where you don’t have, they will be provided. I am not sure how long it takes to order them and to have them delivered because we don’t have them right in any warehouse now. So, we won’t be able to deliver those before the end of my tenure, but I will do a memo, I will sign, and Godwin Obaseki, when he assumes office, he will ensure those equipment are provided.

The other common issue is that we have to ensure there are libraries and that the libraries are well stocked.”

He also promised to ensure that Emotan College is remodeled to look as beautiful as Idia College with a college hall and a laboratory. Oshiomhole assured the students that “my successor will ensure that the other schools that are under construction are completed. We still have some blocks that have not been finished. Those will be completed and the ones that we haven’t started, the next governor will continue from where I am going to stop.

“You know that government as they say is a continuum. One governor and one government cannot finish everything. But if the next governor does as much as we have done, and I know that the next governor will do even more than what we have done, then all the schools in Edo State will begin to look like Imaguero College, Idia College and New Era College.”

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EDUCATION

Algorithm Makes Sense Out of Nonsense (II) Text of the inaugural lecture delivered by Professor Sunday Eric Adewumi, Head, Department of Computer Science and Director, ICT, Federal University Lokoja Kogi State The popular division of labour in economics has its equivalence in computing as a divide-andconquer algorithm which works by breaking a problem into sub-instances. The sub-instances are then solved separately to arrive at a combined solution to the problem at hand.

The DeoxyriboNucleic Acid (DNA) present in most living organisms is the carrier of genetic information. Human lives are wired by algorithm.

Today, an active area of research in computing is genetic algorithm. Our body system is an algorithm in action.

Algorithm needs to be refined to be able to serve the purpose for which it has been designed.

Unrefined algorithm always leads to deadlock that happens when multiple algorithms (processes) require the service of one resource at the same time. When multiple processes fight for one resource, all the processes will be denied by way of deadlock. Algorithms such as First-InFirst-Out (FIFO) and Last-In-First-Out (LIFO) including queuing theory and many others have been designed to resolve deadlocks. However, deadlocks still happen in real life. In order to design efficient algorithms, it is needful that we carry out analysis of the things that have been designed. Algorithm analysis helps to determine the time and space required to run the program (algorithm) efficiently in order to avoid issues like deadlocks. When more than one algorithm is to be considered, it is best to analyze them in order to identify the one that will be most appropriate to solve a particular problem. To do this, we usually consider the running time of the algorithm based on the three asymptotic notations - big oh (O), omega (Ω) and theta ( ) used to evaluate the running time of an algorithm.

1.3 Analyzing the Running Time Complexity of algorithm Algorithm analysis is important in Computer Science as a means of understanding what the algorithm does and as a means of checking its correctness. Some reasons why we need to analyze algorithm are to determine: The running time of a program in terms of its input size The memory space required for a program data If the program is semantically and syntactically correct The complexity of the program A program is a translation of an algorithm into instructions that a computer can follow in a sequence to produce a meaningful output.

When we analyze a program, we usually quantify the time taken to perform basic operations in unit time. These operations may be subtraction, addition, multiplication, division, assignment, array operations, subroutine operations (calls and returns) etc.

If we have several algorithms for solving the same problem, we use their asymptotic behavior to analyze the functions (algorithms) to determine which algorithm is the best for a given problem.

Asymptotic behavior can be expressed as either lower (Ω) or upper (O) bounds, while a function that exhibits the property of both lower and upper bounds is said to be theta For example, a bubble sort is an algorithm used to arrange numbers. When we say the running time of a bubble sort algorithm, for example is(n(n-1))/2, we mean that for a fairly large n (n represents any number) dataset, it will take approximately ½n2 for the bubble sort to complete its task. The big oh (O) is a growth in which higher terms of a function are disposed of, including leading constants that represent the running time of an algorithm.

The big O notation has the following definition: Let f(n) and g(n) be two functions from the set of natural numbers; f(n) is said to be O(g(n)) if there exists an n0 ≥0 and a constant c>0 such that f(n) ≤ cg(n) (Preiss, 1998) 2. APPLICATIONS OF ALGORITHM 2.1 General Applications Algorithm comes in different shapes and shades. It has come not only as software but also as a piece of hardware device that has

i = 0, 1, …, (n-1).

The algorithm writes each element into their respective positions in array b, that is b[k] = k.

In sorting the data, the algorithm traverses array b and then copy out the data leaving out indexes where the content is empty. Specifically, the following algorithm will sort any unsorted positive integer numbers in array a into array b:

been used to solve problems. In security and storage management, algorithm has played key roles and has never disappointed man in his quest to create order. It has helped in many ways to solve security and storage challenges on the one hand and other routine tasks on the other. With algorithm, you do not need to work your fingers to the bone to be sure that your account balance in the bank is secure or how you will solve voluminous storage challenges posed by big data that dot our technological landscape. Algorithm is helping to stabilize the development of the Internet of things (IOT).

New algorithmic developments are helping to break new grounds such as the development of cloud and grid computing, cyber infrastructure; high performance/parallel computing platforms for big data including automatic computers dovetailing to new programming models. Algorithmic techniques bring about new architectures that are increasing the usability of streaming computing.

Without algorithm, there would not have been developments in computing beyond the Pascal’s machine and the Charles Babbage’s Analytical Engine. Syntactic and semantic analysis of today would have been difficult or near impossible were it not for the advancements made in the development of algorithm.

Our dance steps display algorithm, even so in the way we eat. When masquerades dance, they take algorithmic steps that are reflective of where they come from. A popular Chinese proverb says “a journey of a thousand miles begins with a single step.” This proverb recognizes that a journey starts with a plan or a design.

Mathematics which gave birth to computer science is prelate with algorithms. The problem of finding an approximation to the roots of an equation can be traced as far back as 1700 BC (Atkinson, 1989). For example, various algorithms have been devised for root-finding problems. Such methods include the halving the interval, linear interpolation (regular Falsi), Newton-Raphson’s method, Bairstow’s method for quadratic factors, Graeffe’s method, Muller’s method and many others.

However, a crude algorithm for finding the root of a number N (if N is a perfect square) is to add the number of successive odd integers1+3+… until the result equals N. Such number so obtained becomes the square root of the number N. For example, 3 is the square root of 9 because we can add 3 successive odd integers 1+3+5 to become 9; likewise, 4 is the square root of 16 because 1+3+5+7 = 16 and so on. To find the square root of numbers that are not perfect squares, we revert to the method such as Newton-Raphson’s, which was derived from Taylors’s series as: x_(n+1)=x_n-(f(x_n))/(f’(x_n)) …

(2a) Usually, a trial root (x0) is picked and plugged into equation (2a) to make it x_1=x_0-(f(x_0))/(f’(x_0)) …

(2b) This process continues until there is convergence.

This process will continue until it converges to the required root. It has been observed that the algorithm converges if the trial root is close to the root being sought. Newton-Raphson’s

method has the advantage of converging more rapidly than any other known methods.

When an equation has multiple roots, NewtonRaphson’s algorithm will fail, as it will only identify the first root and then stop. It was in 1870 that Struder proposed a multiple root-finding algorithm (Wait, 1979). His algorithm is similar to that of Newton-Raphson’s except for the introduction of a constant m, the multiplicity (zero multiplicity) of the root with the form: x_(n+1)=x_n-m (f(x_n))/(f’(x_n)) …

(3) Ordinarily, equation (3) is nonsense while finding the solution which makes f(x) = 0.

If makes f(x) =0 and subsequent derivatives of f(x) = 0 and fm(x) ≠0 then we say f(x) has a root multiplicity m>1 if f(x) =(x- )mg(x) with g(x) ≠0 and g(x) is continuous at x = .

To make sense out of equation (3) and in order to find appropriate value for m, Adewumi (2008) developed an algorithm for determining m for any function f(x), the zero of multiplicity as follows: Set m = 1, n = 1 Evaluate fm( ) If fm( ) = 0, then set m=m+1 set n=n+1 Goto 2 Display the value of m Stop 2.2 Algorithm for arranging items When data are disorganized and unsorted, they make no sense to the user. It is therefore nonsensical to keep data in disorderly manner.

Sorting algorithm is concerned with the process of arranging items in an order that makes sense to the users of the data. It is the duty of the sorting algorithm to ensure that the disorderly data are properly arranged in a satisfactory way, either in ascending or descending order.

To satisfy the need for data to be arranged in a particular order and to make sense out of it, several sorting algorithms have been devised.

A common sorting algorithm is the bubble. The algorithm bubbles data into their rightful position in order to achieve sorting.

In a bubble sort algorithm, after the 1st pass, the largest element is placed in the nth position; in the second pass, the second largest element is placed in the (n-1)th position, in the 3rd pass the third largest element is placed in the (n-2) th position and so on.

All things being equal, a bubble sort will have a running time of (n-1)+( n-2) + …+ 2 +1.

It can be easily shown from the number of passes above that the running time of a bubble sort is (n(n-1))/2 ≈n^2/2 Adewumi (2009) devised a sorting algorithm in order to make sense out of a disorderly data.

This algorithm is known as index sort algorithm for positive integers. It was improved upon for use to sort negative integers. While developing this algorithm, it was observed that by their arrangements numbers have been sorted, they only need to be placed appropriately. The algorithm works by storing elements in memory as index for the position of each number. The algorithm makes sense by assuming that the elements in memory are in array a[n-1]. We can then store these elements into another array b[n-1] by assigning each element a[i] to variable say k, that is, k=a[i],

for (j=0;j<=m;++j) { k=a[j]; b[k]=k; } When we analyze Adewumi’s (2009) sorting algorithm, it was found to be of order O(n), which means that it is linear just like a traversal algorithm.

2.3 Algorithm for protecting data Since the advent of computers represented by algorithms, users have enjoyed relative anonymity.

This has made it easy for cyber attackers to carry out their ungodly acts. Cryptography is the means by which data and information are secured. The increased need for electronic data transmission from one point to another has also extended the need to protect vital information whether in the military, banking, question papers, databases or the e-initiatives.

A cryptosystem algorithm defines all elements that are involved with the provision of secured communications between any two individuals depicted in Fig. 2.1, the encryption-decryption model.

The process involves the sender sending a plaintext; the plaintext is transformed into a form not readable or in a disguised form (called ciphertext). The process of transforming a plaintext to ciphertext is called encryption. When the ciphertext arrives at its intended destination, it is transformed back to the plaintext (called decryption). The process of encryption is the means by which nonsense is created, while decryption is the process of making sense out of the nonsense created by encryption.

Fig. 2.1: Encryption-Decryption Model The speed of computers has continued to double every 1½ to 2½ years as predicted by Gordon Moore in 1965 which has come to be known as Moore’s law. This has brought to the fore the issue of computer security that must be considered when a computer is involved in any transaction, especially while online.

It was with this in mind that Rivest et al (1978) propounded an algorithm known as RSA (Rivest, Shamir, Adleman) that was based on the principles of number theory.

The encryption begins by dividing the plaintext into blocks so that each plaintext p falls into the interval 0≤p<n. Encrypt message p, by computing Ciphertext C=pe(mod n) and to recover the plaintext compute p=Cd (mod n).

If the publicly known n can be factorized, then p and q can be reconstructed which will lead to the formation of z, with z and e, d can be known. It is only with factorization that p and q could be deduced. The security of RSA depended on the strength that factorization of very large prime numbers was still difficult especially with the computers available at the time this algorithm was devised. With modern computers, extra care must be taken to ensure that the values of the prime numbers p and q are very large; even though it was estimated in 1978 that to factor a 200-digit number would take 4 billion years while a 500-digit would require about 1025 years to factorize. With modern computers that have followed the prediction made by Gordon Moore (Moore’s law) which states that “computer speed will double in every 1½ to 2½ years”, RSA algorithm can easily be broken if the prime numbers p and q are not large enough. ...TO BE CONTINUED

36

WEDNESDAY, NOVEMBER 9, 2016, • T H I S D AY

CITYSTRINGS

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

Celebrating Cultural Diversity in Banana Island

Reputed for being one community in Nigeria with the presence of people from virtually all the continents of the world, Banana Island residents, through their annual cultural festival, celebrate the rich cultural diversity of the island. Peace Obi reports

Residents of Banana Island having fun during the cultural festival

I

n recent times, the interconnectivity of the world through technology has become so pronounced, that it has become a common expression to refer to the world as a global village. The internet precisely has become one invention that has not only helped machine to machine communication but more importantly, it has bridged the gap and barriers to smooth and timely communication among people.

Just as technology, nay internet becomes a connecting force linking man to his immediate environment as well as to distant lands, culture has emerged to be a strong cord that binds the residents of Banana Island together. And gradually, the island is rising in fame as one island where diversity is explored, appreciated and celebrated. To enjoy the flavour of the diverse culture found on the island, the residents every October 1st converge at the community centre to celebrate and savour diversity.

Remarkable for its landscape, tight security, waveless serenity and its aesthetic appeal, Banana Island welcomes its visitors with an aura of opulence and grandeur. Banana Island equally enjoins the reputation of an island that houses the rich and highly placed individuals from around the world.

According to the cultural festival organisers, the island can pride itself as one island housing people from virtually all the seven continents of the world. Thus, if described as a global village, it may seem to be a better way to portray the island. Serving as residence to many busy executives, expatriates, and professionals in different fields, now makes it home for different culture, different tradition, different language and ethnicity. Considering the Island’s unique demographic characteristics, one would have thought that the people would be divided along their colour, culture, language and even ethnicity. But the opposite is the case.

In this beautiful island, the same factor

that divides nations and tear people apart stands as a unifying factor for the people.

To strengthen this unique feature, is an annual event, tagged ‘Banana Island Cultural Festival’. The cultural festival according the organisers, is a celebration of the diverse nature of the Banana community. Designed and tailored to serve as a community gettogether event, it had turned out to be a cherished and pleasurable occasion, where residents come together as one community, celebrating diversity. The fun-filled occasion, usually has on display traditional foods, drinks, attires, dance, music and cultural exhibitions of historical artifacts by the different nationalities represented in the Banana Island community. With sense of community, people moving from one country’s band to another taste and eat different delicacies on display by these countries, exchanging pleasantries and jokes.

The test of the pudding, they say is in the eating, the Banana Island Cultural Festival

Here, we have people from all over the world, representing practically all the continents, and in a large number. Today's event is meant to be a gettogether of the Banana Island community where they showcase their culture, dance, food, artifacts and generally have good time

which had its maiden edition in 2014 has turned out to be an annual event, residents and their visitors earnestly look towards every October. Describing Banana Island as a unique community that stands out with so many interesting features among various islands in the world, the General Manager, Banana Island Property Owners and Residents Association, Lagos (BIPORAL), Mrs. Ebi Bankole, said that various countries of the world are represented on the island. "Here, we have people from all over the world, representing practically all the continents, and in a large number. Today's event is meant to be a get-together of the Banana Island community where they showcase their culture, dance, food, artifacts and generally have good time."

According to Bankole, since the inception of the cultural festival in 2014, residents' participation has remained quite impressive despite their busy schedule. The General Manager noted that the community's cooperation has been a major source of inspiration and encouragement to the Executives of BIPORAL in organising the festival for the past three years. "Today, we have 16 countries that have taken up stand to display their culture. Although, the number of countries represented in the community is far more than that, but this is the number that have signed up to take up a stand in today's event.”

Stressing that residents’ massive turn up at the maiden event spurred the executives of BIROAL in making the cultural festival an annual event, Bankole said, “The first and second editions were very successful. We had about 2,000 people in attendance in each. For the 2016 edition, with the publicity we have done and all the hard work we have put into it, we are also expecting about 2,000 people."

Disclosing that BICF is an innovative event that the BIPORAL members are enthusiastic about, Bankole hinted that it has equally attracted both local and multinational com-

panies. "What happens is that each country displays food, for people to sample. And we have partners/sponsors who work with us to provide the funds for the food, the rentals, the printing and other logistics, you can see them, they are well represented here.” And on the list of the sponsors for the 2016 edition are such big brands likes of Multichoice Nigeria, Arik Airline, Airtel Nigeria, Coca Cola Bottling Company, Nigerian Breweries, Leadway Assurance Company Limited, Joe Faraday, among others.

For every country that signed up to be officially recognised at the event, space was allocated to it. In a silent ‘competition’, the representatives of the various countries decorated the allotted space to their own taste, symbolising their identity, with their flags conspicuously placed. And excitedly, these communities freely shared their food, discussed their culture with some enthusiasts and dance to the rhythm that fills the air.

And for a country like Azerbaijan, Banana Island Cultural Festival makes a lot of sense.

According to the country’s representative, Ms. Billura Bayramova, the festival paints a picture of an accommodating country, that values good relationship and cares for its visitors in many ways. “It gives a good imagination of Nigeria. It is something fantastic for people in this Island to set aside one day just to celebrate their culture, share food, music and network.”

For Bayramova who is also the Vice President, Lagos Francophone, an organisation of French people in Lagos, the cultural festival among others gives participants the opportunity to know more about other countries and their people. “Just like some people may not know much about Azerbaijan, some do not know other countries’ food other than theirs. For me, it is all-friends day in Banana Island where people are happy, and I am very happy representing my country in this important occasion,” she said.

Busy serving Japanese guests with one

37

WEDNESDAY, NOVEMBER 9, 2016, • T H I S D AY

CITYSTRINGS

The Azerbaijan stand during the cultural festival in Banana Island

Residents of Banana Island in their national costumes

The Nigerian stand

of the country’s cuisines, Mr. Hisashi Fujii who told THISDAY that part of the Japanese community’s commitment to make their guests have a memorable 2016 cultural festival, the community chose one of their best staples for the occasion. According to him, Tonkotsu Ramen, wheat-based noodles was chosen along with snacks and drinks for the occasion. Served in soup, garnished with vegetable, guests savoured the hot and steamy meal. Allowing the spirit of diversity in its hospitality, the Japanese community provided fork for those who could not use their chopsticks in eating the meal.

Sharing his thought about the festival with THISDAY, Fugii said, “We like this opportunity, it has an international atmosphere, and we want to offer our trendy food to our guests.”

Stating that the festival will further strengthen the relationships individuals had built adding that it also offers one the

opportunity to meet new friends and do some kind of networking, “Already, I know many of the residents but it is nice to eat

Already, I know many of the residents but it is nice to eat and see different people, different culture, fashion, and their drinks.

In fact, we are very satisfied. I have eaten and enjoyed different foods today, like from Poland, Indonesia, South Africa, and France. The foods taste different from one another

and see different people, different culture, fashion, and their drinks. In fact, we are very satisfied. I have eaten and enjoyed different foods today, like from Poland, Indonesia, South Africa, and France. The foods taste different from one another.”

Expressing his love for the festival, Fujii praised the BICF organisers’ saying that it he looks forward to participating in the 2017 edition. He urged participants to enjoy their time out at the festival adding that, “Let us enjoy, have good collaboration and also enjoy life in Banana Island. It should continue every year, we like it,” Fujii said.

With her sonorous voice, Miss. Alexandra Levigne welcomes her guests. Excitedly, Levigne explains to Polish guests the different items they have on their menu, “I am Levigne Alexandra, I represent Poland today. I am excited to share my culture with you. You can taste whatever you want. We are open; we are friendly, so come around

and have a wonderful time.”

Listing the menu, Levigne patiently explained the content of each meal and the preparation process to anxious guests willing to learn about the Polish culture.

“We have here Barszcz, Kapusta, placek and Vodka.” And as it is usual for Polish lunch to end with a dessert, the Polish community equally had enough quantity of that for the guests.

The fun-filled event had different dance groups entertaining the crowd along with different cultural presentations from countries. Performing to the admiration of the crowd was Odidere Art of Africa performing its Drum Ensemble, Bata Dance from Oyo State. Others include Poco Poco dance from Indonesia, Signgkil dance from Philppines, South African dance, Dance from Azerbaijan. However, a resounding applause greeted nine-year-old Miss Manasvi Singh’s performance of Indian dance.

38

WEDNESDAY NOVEMBER 9, 2016 â&#x20AC;¢ T H I S D AY

MALICIOUS LIQUIDATION RUMOURS:

Skye Bank Reassures Customers and Stakeholders

#TheSkyeIsBigEnough

39

T H I S D AY • WEDNESDAY NOVEMBER 9, 2016

SEC NIGERIA

SECURITIES AND EXCHANGE COMMISSION, NIGERIA

NOTICE OF MEETING The Commission is investigating complaints it received against the under listed Capital Market Operators (CMOs): 1. Bytofel Securities and Trust Limited 2. Jenkens Investment Limited 3. Securities Solutions Limited 4. Wizetrade Capital & Asset Management Limited.

5. Elyon Assets Management Limited Consequently, the under listed Directors and Sponsored Individuals of the above mentioned CMOs are hereby invited to a meeting with the Commission on the dates and time stated below:

JENKINS INVESTMENTS LIMITED S/N DIRECTORS SPONSORED INDIVIDUALS 1 2

DATE/TIME Tuesday, November 15, 2016 at 10am prompt.

Mike Edok Polor

Mr. Jimah Shaka Oyerekhua Dominic Edok Polo Mr. Akinyemi Olanrewaju Julius

2 3 4

DATE/TIME

S/N DIRECTORS

SPONSORED INDIVIDUALS

Wednesday, November 16, 2016 at 12 noon prompt.

1

Mr. Jimoh Rau Agedoyin Mr. Rasheed Olumuyiwa Bakare

3 4

DATE /TIME

S/N DIRECTORS

SPONSORED INDIVIDUALS

Tuesday, November 15, 2016 at 12 noon prompt.

1

Engr. Yomi Akande

2

Babalola Tolu

Mr. Awe Oladipupo Sunday Mr. Toyinbo Oladipo Olusola

3 4 5 6 7

Mr. Eluwole Abioye Agbolahan Eluwole Olufunmilayo Onekpe Oshoezekhai M. Adenuga Femi Eyimife Alfred

WIZETRADE CAPITAL & ASSET DATE/TIME MANAGEMENT LTD S/N DIRECTORS SPONSORED Wednesday, INDIVIDUALS November 16, 2016 at 10am prompt.

1 Mr. Egona Mr. Agbasi Augustine Francesca Ubaka

Mr. Unuavboroh P. Akpomedaye Mr. Okojie Isemua Gabriel

SECURITIES SOLUTIONS LIMITED

2

BYTOFEL TRUST AND SECURITIES LTD

Mr. Landas Tracey Mr. Obagana Consider Mr. Ologe John

5 6

Okafor Joel Emeka Adamu Ibrahim Harouna Haytudeen Mohammed Okeke Ikechukwu Auta Appeh Abe Buhari Balarabe

ELYON ASSET MANAGEMENT LTD DIRECTORS SPONSORED INDIVIDUALS Oduche Dennis Obinna C. Okoye

DATE/TIME Thursday, November 17, 2016 at 10am prompt.

Mr. Obinna Okoye Mrs. Anuli T. Ikechukwu

Anuli T. Ikechukwu Chineme O. Ozumba Cecelia Uchenna Okolo The aforementioned meetings will hold in the following venue please: Venue: 4th oor Committee Room

Securities & Exchange commission Plot 272, Samuel Ademulegun Adesujo Street Central Business District, Abuja.

Please endeavour to come with all relevant documents and any other information that will facilitate the resolution of the matter.

Sign: Management

40

T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

BUSINESS/MONEYGUIDE

Naira Recovers on Interbank FX Market The naira fell briefly to a new low against the dollar on the official market on Tuesday but rebounded after the central bank pumped $1.5 million into the market to stabilise the battered currency.

The currency weakened to a record low of N375.50 to the dollar earlier yesterday, according to Thomson Reuters data. The central bank later sold around $1.5 million to some commercial lenders, helping the naira to close at N305 to the dollar, traders said.

An official at trading platform FMDQ confirmed a single trade worth $10,000 had been made earlier yesterday,

at a rate of N376.63 early on Tuesday but gave no further details.

The central bank said in June it would float the naira but has since kept it stable at around 305 versus the dollar via daily interventions.

Liquidity on the official market remains limited and dealers said importers seeking dollars need to go to the black market, where the local currency traded at N465 on Tuesday, slightly up from N470 a dollar previously.

The CBN had on Monday confirmed that operators in the manufacturing sector were able to access FX valued at over

$660 million in the interbank market to source raw materials and spare parts for their firms.

The move by the Central Bank was in line with its earlier promise to ease the FX pressure on manufacturing and agricultural businesses through forward sales under the flexible FX regime.

Details obtained at the weekend indicated that the sum sourced by the manufacturers was to facilitate the procurement of raw materials for agricultural, pharmaceutical, automobile, aviation, plant and machinery, power, telecommunications, and printing, among others.

CBN Warns Nigerians in Diaspora to Shun Illegal Money Transfer Operators James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday warned Nigerians in the Diaspora to desist from patronising illegal International Money Transfer Operators as “they stand the risk of losing their hard-earned money.” According to the apex bank, the unscrupulous operators lure unsuspecting customers with ridiculous exchange rate and use Naira accounts opened in local banks for legal business to pay out the proceeds to the beneficiaries

while channeling the foreign currencies to fund the parallel market. It added that such illegal practice is distortionary to the economy. According to the CBN, “This practice has led to non-reporting of such transactions to relevant authorities thereby undermining effective surveillance of the sector as well as leading to discrepancies in statistics on the transactions between countries of origin of remittance and the destination country, Nigeria.”

The apex bank, in a statement signed by its acting Director,

Corporate Communications, Mr. Isaac Okoroafor therefore advised Nigerians in the Diaspora not to patronise unlicensed International Money Transfer Operators. It further urged banks to ensure painstaking conduct of ‘Know Your Customers’ Business’ (KYB) in order to prevent the use of accounts for illegal transactions and avoid regulatory sanctions.

It said when uncovered, such accounts would be blocked and the operators handed over to appropriate law enforcement agencies for prosecution.

Skye Bank Set to Dispose Foreign Subsidiaries to Ease Pressure on Capital Obinna Chima Skye Bank has said it is seeking to dispose of majority stakes in its businesses in Gambia, Guinea, and Sierra Leone in a bid to ease pressure on capital.

With this move, the bank seeks to relinquish its international licence and become a National Bank.

National banks require a capital adequacy ratio (CAR) of 10 per cent as against 15 for international banks.

The Central Bank of Nigeria (CBN) replaced the bank’s management on July 4th, citing liquidity, capital adequacy, and asset quality issues. The bank’s ratios were well below regulatory require-

ments as at full year 2015. Its non-performing loan (NPL) ratio was at about 13 per cent (regulatory maximum: 5%), capital adequacy at about12 per cent (regulatory minimum: 15%), loan-to-deposit ratio at about 98 per cent, and liquidity ratio at about 22 per cent (regulatory minimum: 30%).

Therefore, in order to improve liquidity the CBN had injected about N100 billion (one-year tenor) into Skye since the change in management We expect that an expansion of risk weighted assets on the back of the depreciation of the naira may have put further pressure on CAR which may have declined significantly below the 12 per cent reported

for full year 2015, analysts at CSL Stockbrokers Limited stated.

From our discussion with a top management official, we understand that management had communicated the intention to divest off its foreign subsidiaries since May and the process is nearing completion.

The bank is currently auditing half year numbers which will give a more current assessment of the bank’s capital ratio.

Furthermore, CSL Stockbrokers Limited stated that while they realise that the bank still has liquidity and asset quality issues, they viewed the move by the bank to divest from its foreign subsidiary “as a practical option to begin with.”

MFB Disburses N700million to 2,933 Persons Pursuant to the advancement of its objective of fighting poverty in the society, the Enugu- based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) said it disbursed a total of N700 million to 2,933 persons in Enugu State between January and September 2016.

The bank projected that the figure would hit above N1 billion by the end of the year.

According to a statement, among the beneficiaries were 1,175 females and they received approximately a total of N400 million, while the rest 1,758 were males and they received N 300million of the N700 million.

The funds were meant to help the beneficiaries meet their financial needs to improve their quality of lives and lift

themselves out of poverty by their using the funds on business enterprises and other meaningful income generating ventures.

According to the bank’s Head of Credit, Mr. Charles Udeani, “the disbursement in the first three quarters of the year was less than that of the corresponding period of the previous year while the number of beneficiaries was higher than that of last year.”

Available information indicated that there were more male beneficiaries (1,758) in the current year’s disbursement than females (1,175), just as was a similar case the previous year.

Udeani said the bank exercised more caution while lending in the present circumstance, explaining that the country’s

present economic recession affected the bank’s credit activities in the period under review.

The Umuchinemere Pro-credit Micro Finance Bank’s Credit manager reiterated his earlier statement that the bank was focused and determined to achieve its projected target of fund (above one billion naira) disbursement for the year to sustain the anti poverty war.

He implored the fund’s beneficiaries to ensure prompt repayment of the facilities.

Since its inception 21 years ago Umuchinemere Pro-credit Micro Finance Bank has been touching millions of lives year in year out, especially the less privileged ones, meeting their basic financial and sustaining its avowed anti-poverty struggle.

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, WEDNESDAY, 2 NOV 2016 The price of OPEC basket of fourteen crudes stood at $41.98 a barrel on Monday, compared with $41.85 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

41

T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

Nigeria’s top 50 stocks based on market fundamentals

8-Nov-16

7-Nov-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

164.01

172.43

-4.88%

2,794,813,619,494.05

9.20

18.73

5.17

4.64%

3.93

02 Nigerian Breweries Plc

144.00

142.00

1.41%

1,141,790,527,872.00

4.03

35.19

3.73

2.54%

6.87

03 Nestle Nigeria Plc

814.97

814.97

0.00%

645,991,065,692.44

8.81

92.49

3.74

3.56%

20.47

04 Guaranty Trust Bank Plc

21.40

21.86

-2.10%

629,827,235,393.60

4.90

4.46

1.60

8.10%

1.31

05 Zenith Bank Plc

14.62

14.79

-1.15%

459,016,739,151.32

3.91

3.79

0.98

12.17%

0.67

06 Lafarge Africa Plc

52.14

54.88

-4.99%

237,492,580,373.40

-9.39

-5.85

1.17

5.47%

1.23

361.00

361.00

0.00%

199,745,022,993.00 -44.58

-8.10

2.57

4.41%

0.51

48.05

48.50

-0.93%

181,787,384,812.50

0.69

70.07

2.76

0.10%

19.56

9.80

9.80

0.00%

179,825,601,907.00

0.68

14.49

0.31

6.33%

0.29

10 Presco Plc

43.85

43.85

0.00%

174,105,418,423.25

0.03

2.44

2.96%

4.16

11 Stanbic IBTC Holdings Plc

16.85

17.00

-0.88%

168,500,000,000.00

2.04

8.35

1.21

0.59%

1.44

12 United Bank for Africa Plc

4.35

4.27

1.87%

157,815,939,500.70

1.75

2.44

0.46

14.05%

0.36

13 Access Bank Plc

5.40

5.48

-1.46%

156,211,046,807.40

2.59

2.12

0.45

10.04%

0.36

113.72

119.70

-5.00%

148,118,151,033.16

3.31

36.20

1.01

2.88%

3.61

15 Guinness Nig Plc

88.50

86.00

2.91%

133,271,104,638.00

-3.06

-28.12

1.25

3.72%

3.28

16 FBN Holdings Plc

3.06

3.05

0.33%

109,839,595,943.52

0.21

14.70

0.21

4.92%

0.18

17 Total Nigeria Plc

315.88

315.88

0.00%

107,248,157,871.56

38.02

8.31

0.40

4.43%

4.71

18 7-Up Bottling Comp. Plc

150.86

150.86

0.00%

96,639,462,162.18

-0.05

1.04

1.46%

4.35

6.12

6.12

0.00%

73,440,000,000.00

1.03

5.96

0.51

8.17%

1.18

190.00

190.00

0.00%

68,513,099,780.00

19.32

9.83

0.75

3.79%

3.70

19.00

19.00

0.00%

62,590,736,320.00

0.02

843.25

2.35

1.32%

5.71

4.22

4.30

-1.86%

50,786,091,732.68

-3.15

-1.36

0.20

17.44%

0.33

23 Julius Berger Nig. Plc

38.00

38.00

0.00%

50,160,000,000.00

-2.95

-12.90

0.43

3.95%

2.64

24 Flour Mills Nig. Plc

19.00

19.70

-3.55%

49,860,506,553.00

-1.19

-16.51

0.12

10.15%

0.52

25 Okomu Oil Palm Plc

44.70

47.00

-4.89%

42,639,777,000.00

4.82

9.74

6.82

0.21%

2.78

0.89

0.91

-2.20%

34,461,687,708.25

-0.47

-1.95

0.67

0.00%

0.48

17.67

18.60

-5.00%

33,941,673,718.29

3.37

5.52

0.47

5.38%

0.47

0.89

0.89

0.00%

25,776,701,265.88

0.39

2.30

0.17

17.98%

0.14

29 Cadbury Nigeria Plc

12.95

12.95

0.00%

24,322,716,418.00

0.50

25.94

0.87

10.04%

2.38

30 Diamond Bank Plc

1.05

1.06

-0.94%

24,318,408,416.40

-0.29

-3.61

0.12

0.00%

0.11

34.02

32.40

5.00%

23,814,000,000.00

2.28

14.18

3.40

3.55%

13.25

32 Wema Bank Plc

0.60

0.59

1.69%

23,144,679,649.20

0.06

9.90

0.44

0.00%

0.48

33 Custodian And Allied Insurance Plc

3.93

3.93

0.00%

23,115,726,286.35

0.76

5.15

0.63

3.56%

0.81

34 Sterling Bank Plc

0.79

0.79

0.00%

22,744,430,319.54

0.29

2.75

0.21

11.39%

0.28

35 FCMB Group Plc

1.09

1.10

-0.91%

21,584,954,751.29

0.61

1.80

0.13

9.09%

0.12

36 National Salt Co. Nig. Plc

7.75

7.71

0.52%

20,533,147,429.50

0.85

9.08

1.09

7.13%

2.76

37 Mansard Insurance Plc

1.89

1.89

0.00%

19,845,000,000.00

0.28

6.78

0.99

2.65%

0.94

38 Glaxo Smithkline Consumer Nig. Plc

15.75

15.00

5.00%

18,835,054,686.00

-2.98

-5.03

0.64

2.00%

2.04

39 PZ Cussons Nigeria Plc

18.00

18.00

0.00%

18,000,000,000.00

5.69

3.17

1.26

0.56%

0.48

40 Continental Reinsurance Plc

1.02

1.02

0.00%

10,580,199,198.24

0.42

2.43

0.48

11.76%

0.57

41 Honeywell Flour Mill Plc

1.17

1.17

0.00%

9,278,331,259.86

-0.40

-2.89

0.19

13.68%

0.28

42 Skye Bank Plc

0.57

0.57

0.00%

7,911,771,803.70

-2.93

-0.19

0.05

52.63%

0.08

43 Unity Bank Plc

0.62

0.60

3.33%

7,247,389,524.04

-0.10

-5.85

0.11

0.00%

0.08

44 Wapic Insurance Plc

0.50

0.52

-3.85%

6,691,369,126.00

0.18

2.89

0.89

5.77%

0.42

45 Cement Co. Of North.Nig. Plc

4.70

4.94

-4.86%

5,906,385,500.20

0.22

22.57

0.56

2.02%

0.58

46 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 UACN Property Development Co. Limited

2.80

2.80

0.00%

4,812,499,986.00

0.30

9.36

1.14

25.00%

0.14

48 Nigerian Aviation Handling Company Plc

2.55

2.68

-4.85%

4,141,757,812.50

0.15

17.74

0.54

7.46%

0.73

49 AIICO Insurance Plc

0.58

0.60

-3.33%

4,019,518,598.40

0.22

2.69

0.14

8.33%

0.41

50 Fidson Healthcare Plc

1.20

1.20

0.00%

1,800,000,000.00

0.24

5.10

0.27

4.17%

0.28

07 Seplat Petroleum Dev. Co. Ltd 08 Unilever Nigeria Plc 09 Ecobank Transnational Incorporated

14 Forte Oil Plc.

19 Dangote Sugar Refinery Plc 20 Mobil Oil Nig Plc 21 International Breweries Plc 22 Oando Plc

26 Transnational Corporation Of Nigeria Plc 27 U A C N Plc 28 Fidelity Bank Plc

31 Cap Plc

TOTAL

8,522,521,135,114.40

TOTAL MARKET CAP

9,075,668,695,206.97

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

93.91%

Table 1 Market Statistics Mkt Indicators

Open 7-Nov-16

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

26,887.54 9.26

26,364.27 9.08

-1.95% -1.95%

111.66 8.69

109.46 8.52

-1.97% -1.97%

Close 8-Nov-16

Change %

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

Close 8-Nov-16

Change %

Table 3 Top 5 Gainers Stock

Open 7-Nov-16

Cap Plc Glaxo Smithkline Consumer Nig. Plc Unity Bank Plc Guinness Nig Plc United Bank for Africa Plc

32.40 15.00

34.02 15.75

5.00% 5.00%

0.60 86.00 4.27

0.62 88.50 4.35

3.33% 2.91% 1.87%

Table 4 Top 5 Losers Stock

Open 7-Nov-16

U A C N Plc Forte Oil Plc. Lafarge Africa Plc Okomu Oil Palm Plc Dangote Cement Plc

18.60 119.70 54.88 47.00 172.43

Close Change 8-Nov-16 % 17.67 113.72 52.14 44.70 164.01

-5.00% -5.00% -4.99% -4.89% -4.88%

Downward trend persists as ASI drops 1.95% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, November 8th, 2016 ended bearish due to waning investors’ risk appetite. 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 189.01 million shares worth of N1.60 billion in 3, 434 deals exchanged hands today. This is an increase from the 115.04 million shares worth of N1.16 billion in 2,903 deals which exchanged hands on Monday. Topping in volume terms were United Bank for Africa Plc, Guaranty Trust Bank Plc and Zenith Bank Plc, while Guaranty Trust Bank Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with 1.95% (-523.27) decrease to close at 26,364.27 from 26,887.54 the previous trading day. Market Capitalization depreciated in tandem to N9.08 trillion from N9.26 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with a decrease of 1.97% to close at 109.46 from 111.66 recorded at the end of the previous trading day, while its market capitalization stood at 8.52 trillion from 8.69 trillion of the previous trading day.

A total number of 13 stocks gained on the bourse today while 26 stocks declined, 49 leaving stocks unchanged. CAP Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 5.00% to close at N34.02 per share. It was followed by GSK Plc with a gain of 5.00% to close at N15.75 per share. Others on the gainers list include: Unity Bank Plc, Guinness Nig Plc and United Bank for Africa Plc while on the decliners’ list, U A C N Plc with a loss of 5.00% to close at N17.67 per share. It was followed by Forte Oil Plc with a loss of 5.00% to close at N113.72 per share. Others on the decliners list include: Lafarge Africa Plc, Okomu Oil Palm Plc and Dangote Cement 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

42

T H I S D AY â&#x20AC;¢ WEDNESDAY, NOVEMBER 9, 2016

MARKET NEWS

Pharma-Deko Posts N110m Loss as Bear Run Persists Goddy Egene and Nosa Alekhuogie Pharma-Deko Plc yesterday reported a loss of N110 million for the nine months ended September 30, 2015, as against a profit of N149 million in the corresponding period of 2015.

The company ended the period with a revenue of N743.97 million in 2015, showing a fall of 66 per cent from N1.13 billion

in 2015. Cost of sale fell from N536 million to N393 million.

The company reduced sales and distribution expenses to N136 million from N190 million.

However, loss after tax stood at N110 million as against a profit of N149 million in 2015.

The company attributed the fall in revenue to nonavailability of key products during the half year and the delay in the completion and

T H E MAIN BOARD

DEALS

MARKET PRICE

overhauling of equipment and factory extension. It said the increase in cost of sales resulted from high cost of operations and increase in exchange rate of the United States dollar. The company said once the factory becomes operational, it will fill the gap in revenue.

Meanwhile, the bearish trend at the stock market was extended for the second day yesterday. The Nigerian Stock

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

Exchange (NSE) All-Share Index fell by 1.95 per cent to close at 26,364.27. Similarly, market capitalisation shed N180 billion to close at N9.1 trillion.

The depreciation recorded in the share prices of Lafarge, Forte Oil, Zenith Bank, Dangote Cement and GTBank were responsible for the loss recorded in the NSE ASI. Year-to-date the ASI has depreciated by 7.95 per cent. However, Champion

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

Breweries Plc led the price losers with 9.4 per cent, trailed by Forte Oil Plc and UAC of Nigeria Plc with 5.0 apiece.

Lafarge Cement went down by 4.9 per cent, just as Okomu Oil Palm Plc and Dangote Cement shed 4.8 per cent each.

On the positive side, Glaxosmithkline Consumer Nigeria Plc and CAP Plc led the price gainers, appreciating by 5.0 per cent apiece.

Also, sector performance was largely bearish as all indices closed lower save for the Consumer Goods index which rose 0.52 per cent on the back of gains in Guinness Nigeria (+2.9 per cent) and Nigerian Breweries Plc(+1.4 per cent).

The Industrial Goods Index fell 4.5 per cent as investors took profit in Lafarge Africa (-4.9 per cent) and sold off on Dangote Cement (-4.9 per cent).

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

43

T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

MARKET NEWS

Goldlink Insurance to Submit 2015 Audited Results January Goddy Egene The management of Goldlink Insurance Plc has attributed the delay in the submission of its 2015 audited financial statements to some issues that need to be resolved with its auditors and primary regulator, National Insurance Commission (NAICOM).

Going by the disclosure rules of NSE, Goldlink Insurance ought to have submitted its audited results to the market.

However, in a notification to

the exchange, the insurance firm, said it acknowledges how critical the timely disclosure of information is, it will submit the results by the second week of January 2017.

Goldlink Insurance witnessed the intervention of NAICOM in 2012 following governance and financial crises. An interim management board (IMB) was appointed.

The insurance sector regulator reconstituted the IMB last February, which is working towards resuscitating the

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

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

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

company.

The acting Managing Director of Goldlink Insurance, Mrs. Olufunke Moore had told market operators the company was planning to raise about N8 billion to boost its performance.

He said the N8 billion, which will be raised either by way of rights issue or public offer, is part of recommendations by the IMB. According to her, the fresh capital will enable the company to meet up with the share capital requirements of

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 7-Nov-2016, unless otherwise stated.

the 2003 Insurance Act, as a composite insurer.

She stated that the capital injection will return the company to solvent position and undertake big ticket transactions.

She said the recapitalisation would reinvigorate the company’s marketing strategy in 2016 in pursuit of its objective of reclaiming its market share in the insurance industry.

“Besides, the company will grow its gross premium income from the set target of N5.2 billion in 2016 to N10.5 billion in 2019

on successful conclusion of the offer,” she said.

Moore said the IMB, which has the mandate of assuming oversight responsibilities and performing normal duties of Board of Directors for sound management and growth of the company, has been able to re-organise the management with resultant return of vibrancy and efficiency.

“The IMB also took steps to reinforce budgetary control as an effective tool for financial and expenditure management and

also commenced the review of past financial and employment policy and practices of the company. The IMB equally commenced the process of sensitising prospective investors, both existing shareholders and external investors to achieve the recapitalisation mandate,” she said.

Stockbrokers and the management of the NSE commended the company for briefing the market operators on the state of affairs of the insurance firm.

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 123.01 Nigeria International Debt Fund 218.62 ALTERNATIVE CAPITAL PARTNERS LTD Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price ACAP Canary Growth Fund 0.68 AIICO CAPITAL LTD Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price AIICO Money Market Fund ARM INVESTMENT MANAGERS LTD Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name ARM Aggressive Growth Fund ARM Discovery Fund ARM Ethical Fund ARM Money Market Fund AXA MANSARD INVESTMENTS LIMITED Web: www.axamansard.com; Tel: +2341-4488482 Fund Name AXA Mansard Equity 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 123.78 12.82% 219.66 9.22% info@acapng.com Offer Price Yield / T-Rtn 0.69 11.29% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

16.21%

enquiries@arminvestmentcenter.com Bid Price 12.55 289.48 22.95

Offer Price 12.93 298.20 23.65

Yield / T-Rtn 2.96% 3.57% 4.11%

1.00

1.00

14.87%

investmentcare@axamansard.com Bid Price 101.66

Offer Price 102.29

Yield / T-Rtn 1.97%

1.00 1.00 14.53% investmentmanagement@chapelhilldenham.com Bid Price 2.08 9.23

Offer Price 2.14 9.47

Yield / T-Rtn 2.43% -6.31%

82.84

84.96

2.13%

invest@fbnquest.com Bid Price 1,075.40 110.63 100.00 $101.97 $101.78

Offer Price 1,076.48 111.18 100.00 $102.56 $102.37

Yield / T-Rtn 4.94% 4.89% 13.17% 5.71% 5.52%

112.39

113.92

13.16%

fcamhelpdesk@fcmb.com Bid Price 0.94 2.52

Offer Price Yield / T-Rtn 0.95 3.85% 2.52 8.41% coralfunds@fsdhgroup.com

Bid Price 2,200.84

Offer Price 2,226.78

Coral Income Fund 2,058.32 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 1.18%

2,058.32 8.81% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

15.26%

Vantage Balanced Fund

1.65

1.66

0.95%

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 11.85% Lotus Halal Fixed Income Fund 994.89 994.89 -0.51% 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 9.59 9.68 -1.94% Meristem Money Market Fund 10.00 10.00 13.95% 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 5.02% PACAM Fixed Income Fund 10.30 10.36 3.32% 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 107.85 108.61 5.87% 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 1.23 1.23 8.67% 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 1,825.86 1,836.55 8.73% Stanbic IBTC Bond Fund 152.25 152.25 3.52% Stanbic IBTC Ethical Fund 0.79 0.80 6.00% Stanbic IBTC Guaranteed Investment Fund 182.06 182.06 7.29% Stanbic IBTC Iman Fund 139.58 141.35 3.16% Stanbic IBTC Money Market Fund 100.00 100.00 16.20% Stanbic IBTC Nigerian Equity Fund 7,659.67 7,761.66 6.57% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.15 1.16 9.05% United Capital Bond Fund 1.25 1.25 15.60% United Capital Equity Fund 0.69 0.70 0.19% 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 9.69 9.85 1.49% Zenith Ethical Fund 11.37 11.45 -0.94% Zenith Income Fund 16.74 16.74 4.32%

REITS

NAV Per Share

Yield / T-Rtn

11.58 122.80

3.99% 6.00%

Bid Price

Offer Price

Yield / T-Rtn

9.03 76.45

9.13 77.89

-5.71% -8.14%

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

2.65 7.20 12.42 17.02 129.25

2.69 7.28 12.52 17.22 131.25

14.59% 12.60% -1.03% -11.34% -

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

44

WEDNESDAY NOVEMBER 9, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Hillary Clinton Wins Dixville Notch MidnightVote Zacheaus Somorin with agency report

Democratic candidate Hillary Clinton has worn Dixville Notch midnight vote. She had 4, Donald Trump 2, Gary Johnson 1. With eight residents voting and five times as many reporters watch-

ing, Dixville Notch has spoken.

On a frigid night in the largely forgotten region about halfway between the Maine and Canadian borders, the small northern New Hampshire town came alive for several minutes of kitschy democratic conflict. This latest round of wee hours voting

British Banker Jailed for Life for Murder A British banker was jailed for life yesterday for the “sickening” murders of two Indonesian women he tortured in his Hong Kong apartment in what the judge said was one of the most horrifying cases the Chinese-ruled territory has known.

Rurik Jutting, 31, a former Bank of America employee, had denied murdering Sumarti Ningsih, 23, and Seneng Mujiasih, 26, in 2014 on the grounds of diminished responsibility due to alcohol and drug abuse and sexual disorders.

He had pleaded guilty to the lesser charge of manslaughter in a case that gripped world media due to graphic video footage seen by the jury and the brutality of the killings. The jury unanimously found Jutting guilty of murder and he was sentenced to life in prison.

His lawyers have said he will apply to serve his sentence in Britain, the former colonial power in Hong Kong, where prisoners can in some cases apply for parole after a fixed number of years.

Judge Michael Stuart-Moore agreed for an application to be filed, but said he would inform the authorities in Britain exactly what they would be dealing with and urged caution against falling for Jutting’s “superficial charm”. Cambridge-educated Jutting, wearing a blue shirt, looked down and showed no emotion when the verdict was read out in an open courtroom, packed with international and local journalists.

It took the jury, made up of four women and five men, around six hours, including a lunch break, to reach its decision. In closing remarks, the judge described Jutting as the “archetypal sexual predator” who represented an extreme danger to women,

especially in the sex trade.

He cautioned that the possibility of a repeat crime would have been very likely. The murders were even more damning because Jutting had been given every possible material advantage in life from a very privileged upbringing to a great career and immense pay cheque, the judge said.

“They are sickening in the extreme and beyond a normal person’s imagination... There are insufficient superlatives to describe what he did.” Ningsih’s 61-year-old father, Ahmad Kaliman, said he thought the verdict was appropriate.

“I want to say thank you to Hong Kong’s legal system for what they’ve done,” he told Reuters TV calmly in his village in central Java. “I hope we can get compensation to support (Ningsih’s son).” Ningsih leaves a seven-year-old son. In a statement read out by Jutting’s lawyer, Tim Owen, Jutting said he was haunted daily by what he had done.

“The evil can never be remedied by me, nevertheless... I am so sorry. I am sorry beyond words,” Owen said, citing Jutting.

Jutting, the grandson of a British policeman in Hong Kong and a local Chinese woman, had argued cocaine and alcohol disorders as well as personality disorders of sexual sadism and narcissism had impaired his ability to control his behaviour.

The prosecution rejected this, stating Jutting was able to form judgments and exercise self-control before and after the killings, filming his torture of Ningsih on his iPhone as well hours of footage in which he discussed the murders, binging on cocaine and his graphic sexual fantasies. Jutting exhaled deeply as he walked out of the courtroom, flanked by three police guards.

Gunman Kills 9 Soccer Fans in South Sudan At least nine people were killed and 11 wounded in South Sudan’s capital, Juba, when an unidentified gunman opened fire on people watching a football match on television at the weekend, a police spokesman said on Monday.

The motive for the attack on Saturday night in Juba’s southwestern suburb of Gure was not immediately clear.

South Sudan has been plagued by violence since a civil war erupted in December 2013, although it was not clear if the shooting was linked to political

tensions. South Sudan, a poor, oil producing nation, is awash with arms.

“The investigation is going on,” South Sudan police spokesman Daniel Justin said. He said six people were killed at the scene and three died on the way to hospital. Juba was the scene of fresh fighting in July between troops loyal to President Salva Kiir and those of his rival Riek Machar.

Machar, who had returned to the capital to resume the post of vice president weeks earlier, fled Juba during that flare-up and is now abroad.

extends a tradition that traces back more than a half-century.

With the results in from Dixville Notch this long-awaited Election Day is officially underway, and sure as the Earth turns on its axis, the end of the 2016 presidential contest seems impossibly closer.

The Granite State’s tight Senate race will enter Election Day deadlocked, with Democratic Governor Maggie Hassan and incumbent Republican Sen. Kelly Ayotte each Dixville notching 4 votes.

Tuesday night’s result will hearten superstitious Clinton supporters. The town’s small collection of dedicated voters have correctly picked the eventual winner in three of the last four contests. In 2000 and 2004 it broke for George W. Bush and in 2008 it delivered a victory for Barack Obama.

Its more recent results have been less predictive. Romney and Obama split 10 votes in 2012, and John Kasich edged out Trump in this year’s GOP primary kick-off.

Nearby Millsfield, which also voted at midnight, delivered a big win for Trump, who scored 16 votes to Clinton’s four.

One voter wrote-in Bernie Sanders, the New Hampshire Democratic primary winner.

Meanwhile, Clinton rallied to a narrow victory in Hart’s Location, outscoring Trump by a 17-14 margin, with Johnson gaining another three votes and two more voters volunteering Sanders.

With overnight in-person voting completed, Trump carries a seven-vote lead over Clinton, 32-25. Millsfield in 2016 is looking to horn in on what has been a calling card for Dixville Notch since 1960,

when John F. Kennedy shutout Richard Nixon, 9 votes to nil.

Hart’s Location, too, has a tradition here, one that traces back to 1948, when voting began at dawn, and then a move to midnight in 1952.

But they quit in 1964, leaving Dixville Notch as the leading hours-after-primetime player.

Wayne Urso, Millsfield’s ambitious election official, is hoping to displace Dixville Notch. He spent the morning talking trash about his very-early voting rivals. “We actually have a population here,” Urso told CNN. “They may be registered to vote there (in Dixville Notch), but if you ask them where they live, you’ll find that nobody actually lives there.”

The Dixville Notch voting takes place in the storied Ballot Room of the Balsams Grand

Resort Hotel, which has been closed to tourists for five years as new owners work to revamp the once bustling ski stop. Millsfield’s decision to take on the embattled establishment was made, he said, during a post-primary skull session.

“We had a meeting of all the voters -- because all the voters can probably fit in my living room,” Urso said. Asked if they wanted to continue midnight voting in the general election, “Everyone said, ‘Yeah.’ “ But why this year -- why call attention to the town during this especially divisive season?

“We don’t have that problem in Millsfield,” Urso said of his isolated provincial town. “We almost never talk about politics amongst ourselves. Whether it’s divisive across the country ... it doesn’t pertain to us.”

HISTORICAL MOMENT

Hillary Clinton joined by husband Bill as she made her way into their polling station in New York…yesterday

Germany Boosts Aid to UN in Africa Germany has pledged a 61-millioneuro ($67.44 million) hike in funding for the United Nations relief operations in Africa so that fewer of its people undertake perilous odysseys to Europe, which has struggled to absorb an influx of migrants since last year.

The extra funding lifts Germany’s total contribution to the U.N. refugee agency UNHCR to 298 million euros for 2016, Foreign Ministry officials said. Its total humanitarian budget for 2016 was 1.28 billion euros, up from just 105 million euros in 2012.

Foreign Minister Frank-Walter Steinmeier announced the increase during a meeting with U.N. High Commissioner for Refugees Filippo Grandi in Berlin. Countries targeted

by Germany’s move are ridden by chronic conflict, disastrous climate change and poverty. Many of their

citizens continue to make desperate journeys through desert and by sea on rickety, overloaded boats to European shores.

Well over a million migrants, from Africa as well as the Middle East and Asia, have reached Europe since last year. Thousands have died en route. Major destination countries including Germany have struggled to cope with the human waves, and anti-immigrant sentiment and violence have spread.

“These countries urgently need our help,” Steinmeier said in a statement after the meeting with Grandi. “The money will allow people to be cared for near their homes so they don’t have to make the dangerous journey to Europe.”

Ministry officials said the additional pledged aid would benefit people especially in Burundi,

Mali, Somalia, South Sudan and neighbouring countries, as well as those affected by the Boko Haram Islamist insurgency in West Africa’s Chad region.

UNHCR also helps migrants return to their home countries.

The International Organization for Migration said last week that 4,220 migrants had drowned in the Mediterranean this year. The German Interior Ministry this weekend disclosed it was looking at plans to stop migrants from ever reaching Europe’s Mediterranean coast by picking them up at sea and returning them to Africa.

The Foreign Ministry had no immediate comment on the plan, which would amount to a huge shift for a country that has long had one of the most world’s most generous asylum policies. The plan is

part of a broader undertaking

by Germany and other EU states to curb illegal migration from Africa, with Chancellor Angela Merkel underscoring the need to improve conditions there so people do not leave in the first place.

Germany is also seeking to promote more trade with Africa. The Foreign Ministry announced on Monday that it would work with African partners and German technical universities to build a GermanEast African technical university in Kenya.

The ministry cited strong interest in the project by German industry, which is keen to benefit from strong annual economic growth in East Africa and the discovery of new oil, gas and mineral deposits there.

WEDNESDAY NOVEMBER 9, 2016 • T H I S D AY

45

NEWSEXTRA

FRC Raises the Alarm over Leakages in Revenue, Remittances Ndubuisi Francis and Kelvin Okofu in Abuja

The acting Chairman of the Fiscal Responsibility Commission (FRC), Mr. Victor Murako, yesterday raised the alarm that the issue of leakages in revenue generation and remittance in the country had assumed a high dimension, over the last five years.

The development, he said, called for the attention of all relevant agencies of government to devise a workable solution.

In an address he presented at a

one-day sensitisation programme organised by the Presidential Initiative on Continuous Audit (PICA), in Abuja, Murako said the quest for effective blockage of revenue leakages is not pronounced with the slump in oil prices and increasing need for government to deliver electoral promises of providing social and economic infrastructure for accelerated development.

At the sensitisation programme with the theme, ‘Presidential Initiative on Continous Audit: A Tool for Transparency and

FG Orders DGs to Fly Economy The federal government has directed all its directors-general, managing directors and executive secretaries to start flying economy class on all local and international flights.

A previous directive issued in April 2016 banned ministers and other federal government officials from flying first class.

The latest circular, dated November 2, 2016 and seen by TheCable, read: “In view of the ensuing budgetary and fiscal challenges faced by the federal government arising from low oil revenue, it has become necessary to review the Guidelines for Local and International Travels as provided for in Circular Ref. No. SGF. 6/S.2/X/545 of 31st March, 2016 with a view to further prune recurrent expenses on travels and tours.

“Accordingly, government has decided that all civil and public servants in the rank of Directors and below in federal ministries, departments and agencies as

well as Chief Executive Officers (Managing Directors, Executive Secretaries, Directors-General, etc) of federal government parastatals, agencies and institutions are henceforth to travel on economy class for both local and international travels. Similarly, all non-executive chairmen and members of federal government boards of parastatals are henceforth to travel economy class.”

The circular makes an exemption for ministers, permanent secretaries, presidential aides, service chiefs and “relevant” heads of armed and para-military services who are still allowed to travel business class.

Lawal said there should be “immediate compliance” with the directive.

“For avoidance of doubt, it should be noted that government will monitor the implementation of this directive and any breach will be met with appropriate sanctions,” he said.

Tobi Soniyi in Abuja

forget about 2019,’’ the president said.

Acknowledging the role played by outgoing Governor Adams Oshiomhole in ensuring the success of the All Progressives Congress (APC) in the last gubernatorial election in the state, Buhari challenged the Governorelect, Mr. Godwin Obaseki, to continue in Oshiomhole’s footsteps of providing purposeful leadership in terms of quality infrastructure, education and social services. ‘‘The publicity your predecessor has given his performance is going to stretch you to the limit.

“Considering what he has down, you have to continue in his footsteps. We wish you the best of luck and will do our best to support you,’’ the president said.

On the current economic challenges in the country, the president assured Nigerians that his administration was working hard on diversification of the economy to limit the country’s over-dependence on oil over the years.

“This country has incredible mineral resources. All we need is to believe in ourselves so that we can have and leave a better Nigeria for our children and grandchildren,’’ the president said.

Accountability in Government Financial Business”, he alleged that some ministries, departments and agencies (MDAs), produce two different statements of account in an attempt to manipulate their operating surplus and losses.

According to him, in order to strengthen revenue inflow and block all leakages, government should put in place a revenue strategy or long range plan.

Murako also recommended that since oil revenue contributes a larger portion of the income, it was important for government to pay serious attention to it’s generation by re-engineering the Navy, Marine Police and the Nigerian Maritime Administration and Safety Agency (NIMASA) to synergise and effectively put a stop to Oil and Gas bunkering, theft

and vandalism.

The FRC boss also called for the introduction of cultural and behavioral changes in the Nigerian National Petroleum Corporation (NNPC) to better align the attitude of the staff to the revenue objectives of the government “At the core of the efforts to plug revenue leakages is revenue transparency which will increase accountability and reduce opportunities for corruption and potential waste of already decimated revenue.

“The principle of transparency requires openness in revenue management with public availability of information on budget preparation and execution. The lack of transparency and accountability in revenue can indeed exacerbate poor governance, corruption, fraud

and general low productivity,” he said.

In her address, the Head of the Civil Service of the Federation, Mrs. Winifred Ekanem Oyo-Ita, said the federal government has implemented continuous audit through the Presidential Initiative on Continuous Audit to strengthen transparency in government’s financial business.

She stated that the PICA programme is a variant of the audit process, adding that the continuous approach adopted in its implementation gives it the edge of proactiveness which helps to identify distortions, abuses, violations and errors in the administration and management of the affairs and financial resources of an entity or body at an early stage for prompt corrective actions.

The Head of Service stated that

a strategy document had been enunciated for the civil service which creates a civil servant that is efficient, productive, incorruptible and citizen centred in the delivery of service to the populace “The launching of PICA today is another testimony to the fact that this administration is employing not only the stick approach in its fight against corruption, but as well adopting institutional mechanisms that would instill the virtue of accountability in the management of public resources in our trust.”

She urged public servants to put all hands on deck to ensure the success of these initiatives, noting that “the only option open to us as civil servants is to join the change mantra, failing which the individual will have himself or herself to blame.”

MINING SITES Buhari Orders Security Agencies INSPECTING L-R: Director. Artisanal and Small Scale Mining, Mr. Patrick Ojeka; Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari; Minister of Mines and Steel Development, Dr. Kayode Fayemi; Permanent Secretary in the ministry, Abbas Mohammed and a local to EnsureViolence-free Polls in miner, Hamud Lawal; during the minister’s visit to mining sites in Muye Kafinkoro Village, Paikoro Niger State....yesterday Ondo, Rivers

President Muhammadu Buhari has directed security agencies to do their utmost in ensuring violence-free elections in Ondo and Rivers States.

The president said elections in these two states would serve as a litmus test for 2019 general election.

Buhari said he was disturbed by what happened in Kogi, Bayelsa and Rivers States during past elections.

The Senior Special Assistant to the President on Media and Publicity, Mr. Garba Shehu, said Buhari issued the directive at a state dinner in Benin, the Edo State capital, on Monday.

Buhari said the forthcoming gubernatorial election in Ondo and national and state assemblies rerun elections in Rivers would serve as a litmus test for the general election in 2019. ‘‘What happened in (the last elections) Kogi, Bayelsa and Rivers States disturb me a lot. ‘‘I think we should go beyond these actions. Why do we kill each other? Putting tyres on people and setting them ablaze. ‘‘I have told the law enforcement agencies, if we can’t conduct an election in one state then we should

Dangote Group Eyes $20bn Expansion Programme over 10Years To develop 150,000 hectares for rice production

Iyobosa Uwugiaren in Abuja and Yekini Jimoh in Lokoja The Dangote Group is set to expand its businesses with $20 billion over the next decade and also to construct gas pipelines to transport about three billion cubic feet of natural gas from the South-eastern part of the country to Lagos.

The Group Executive Director in charge of Stakeholders’ Relations/ Corporate Communications of the company, Mr. Ahmed Mansur, disclosed this yesterday at a media parley.

Mansur said plans were also underway to build a new cement plant in Edo State as part of efforts aimed at increasing the volume of cement production.

According to him, the company’s volumes of cement production had increased from the initial eight million tonnes per annum in 2010 to 40 million per annum presently, adding that the company was targeting

at producing between 75-80 million tonnes annually by 2020.

He said the company was making huge investments in the nation’s agricultural sector to diversify the nation’s economy from dependence on oil revenues in view of the present realities in oil production and prices.

He mentioned that the company had already commenced rice production in Jigawa State through out-growers and that efforts are ongoing to begin rice production in Kogi, Niger and Kebbi States, among others.

He said such efforts would enable the nation attain food sufficiency and stop the importation of foreign rice which presently costs the nation about $2 billion annually.

He also disclosed that the company was investing in oil and gas, adding that a refinery that would refine 650,000 barrel of crude oil per day was being built in the country.

On the Obajana-Kabba road construction, he said they were still

waiting the federal government’s final directive before the company can start work on the road.

Also speaking with journalists in Abuja yesterday, Mansur said Dangote Group, would develop over 150,000 hectares across the country for rice production in order to assist the federal government’s policy on food production and crash increasing price of the commodity in the country.

The group also said it plans to increase its cement production from the current 40 million tonnes per annum to about 80 million tonnes per annum in the years ahead, thereby becoming the largest producer of cement in Africa and one of the largest in the world.

According to him, ‘’In view of the prevailing economy situation in Nigeria and the urgent need to diversify our economy, Dangote Group is focusing on agriculture; we intend to diversify our sugar integrated manufacturing, and we are expanding our sugar plantation

in states like Adamawa, Niger and others. ‘’This will increase sugar supply in this country and reduce importation. We are also going into rice production. We want to promote food sufficiency in this country; and we plan to encourage local rice production in Nigeria.

We have started rice production in Jigwawa State and our intention to get involve in commercial rice farming to meet the demand of Nigerians.’’

He said in the next few years, the intention of the group is to develop about 150,000 hectares of rice production across the state in Nigeria, saying the company is currently working in states like Niger, Kogi, Sokoto, Kwara and Kebbi in order to expand rice production.

The Group Executive Director added, ‘’By doing this, we are supporting the food policy direction of the federal government--by significantly minimising rice importation in the country and bringing the price down.

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NEITI Queries Use of N70tn under Obasanjo, Yar’Adua, Jonathan Chineme Okafor in Abuja The Nigerian Extractive Industries Transparency Initiative (NEITI) has said it is bothered that Nigeria earned more than N70 trillion from its sale of oil and gas between 1999 and 2014, but ended up in an economic recession in 2016.

The extractive industries transparency agency also said the over N70 trillion which represents earnings from sale of crude oil and gas, passed through the governments of Presidents Olusegun Obasanjo, late Umaru Musa Yar’Adua, and then Dr. Goodluck Jonathan, stretching

over a period of 15 years.

Speaking yesterday when he hosted the Senate Committee on Federal Character and Inter-Governmental Affairs on an oversight visit to his office in Abuja, NEITI’s Executive Secretary, Mr. Waziri Adio, noted that it would be necessary for Nigeria to develop a prudent mode of spending her earnings from her oil and gas industry to avoid falling into the kind of economic recession she is currently in.

Recently, Adio had told stakeholders during a consultative workshop for the development of a roadmap for beneficial

FayoseVisits Fani-Kayode in EFCC Custody The Governor of Ekiti State, Mr. Ayodele Fayose, yesterday joined the growing list of dignitaries paying solidarity visits on the detained former Minister of Aviation, Chief Femi FaniKayode.

The governor visited FaniKayode in Economic and Financial Crimes Commission (EFCC) and spent quite some time encouraging him.

He arrived the commission about 2:15p.m. and was received by a team of operatives led by one Mr. Madaki.

A statement by Fani-Kayode’s aide, Jude Ndukwe, said the governor later departed the commission at 4:30p.m.

Fayose’s visit is the latest among those of top dignitaries who have paid solidarity visits on the former Director of Media and Publicity of the Peoples Democratic Party (PDP) Campaign Organisation.

Recall that the Deputy Senate President, Ike Ekweremadu, Bishop Matthew Hassan Kukah of the Catholic Diocese of Sokoto, senators, leaders of the PDP and other political, religious and socio-cultural organisations are among those who have paid the former minister a visit in custody.

Chief Femi Fani-Kayode is expected to be arraigned on November 10, 2016, at a Federal High Court in Abuja.

ownership disclosure in Nigeria’s extractive industries that NEITI would continue to ask for a transparent and accountable management of revenues earned

by Nigeria from her extractive sectors.

He said the beneficial ownership framework would help sustain ownership transparency, and allow investors, government as well as citizens benefit from transparent operations in the extractive sectors.

“In addition, NEITI will continue to push the boundary of transparency and accountability.

We are already going beyond revenue transparency, on the bandwagon of ownership transparency, and do more work on expenditure transparency.

“At a time when most resource-intensive countries are in financial turmoil on account of fall in commodity prices, it is tempting to rain on the openness parade, especially with a country that made more than N70 trillion

from oil and gas between 1999 and 2014 to slump into economic recession in the second quarter of 2016.

“By all means, we should ask the N70 trillion question: where did all the money go?

But we should never give up on transparency. At a time like this, we need more openness, not less. Sunshine still remains the best disinfectant,” said Adio.

Also, during a recent separate meeting with members of the Human Rights Writers Association of Nigeria (HURIWA) led by its National Coordinator, Mr. Emmanuel Onwubiko, NEITI said it was pushing to ensure the installation of adequate metering infrastructure across various metering interfaces in the country’s oil and gas sector.

NEITI said this was top on its agenda, and that due to inadequate metering system, accurate measurement of crude oil production and liftings have been difficult.

It equally said such anomaly makes it difficult to appropriately compute taxes and royalties due to the country, thus leading to huge revenue loss to Nigeria.

“Metering is an issue that is very dear to us”, said Adio in a statement from NEITI. He added: “NEITI has long established this issue in its first audit of the sector. Since then we have been pushing, and we will continue to push until the issue is addressed.”

He stated that: “If the resources are not being managed transparently, and there is no good governance, it will definitely impinge on human rights.”

Adio explained that all Nigerians need to be part of the decision-making processes in the governance of the nation’s natural resources by taking interest in the information and data contained in the NEITI reports and using the information to hold government and companies accountable.

According to him: “NEITI’s

work is about how to make natural resources work for every Nigerian. It is not an issue for a few. It is an issue for everybody.”

A further breakdown of the earnings within the 15-year period according to data which the NEITI sourced from the Central Bank of Nigeria (CBN) statistical bulletin in disclosed that in 1999, the country earned N724.42 billion, in 2000, it earned N1, 591.68 trillion and earned in 2001 - N1, 707.56 trillion.

It further explained that in 2002, N1, 230.85 trillion was earned, in 2003 - N2, 074.28 trillion, in 2004 - N3, 354.80 trillion and N4, 762.40 trillion in 2005.

The country in other years earned 2006 - N5,287.57 trillion, 2007 - N4,462.91 trillion, 2008 - N6,530.60 trillion, 2009 N3,191.94 trillion, 2010 - N5,396.09 trillion, 2011 - N8,878.97 trillion, 2012 - N8,025.97 trillion, 2013 N6,809.23 trillion and N6,793.72 trillion in 2014.

SENATE INVESTIGATES $2BN RAIL LINE CONCESSION TO GE now engage in crimes such as kidnapping, abduction, armed robbery, insurgency and other criminal acts for survival.

He pointed out that the existence of 370,000 policemen to 170 million Nigerians and nine military personnel to 10,000 citizens, provides the federal government with the window of opportunities to enlist young

graduates into the nation’s security outfits and consequently reduce unemployment.

The Senate also lamented the congestion of the Nigerian prisons and advised the federal government to make deliberate efforts to decongest the prison system. The motion was moved

by Senator Sam Anyanwu (Imo East).

CBN RELEASES CONSUMER PROTECTION FRAMEWORK FOR FINANCIAL INSTITUTIONS the detriment of consumers; b) Market allocation – agreement amongst FIs to form territories so that specific institutions are found in certain regions to the exclusion of others; c) Abuse of dominance – any act by one or more FIs with significant market power or share which have adverse effect on competition; and d) Tied selling – any act by financial institutions forcing consumers to buy or subscribe to other products or services along with the desired products or services.”

On sanctions for infractions by financial institutions, the CBN states: “Contravention of the provisions of this Framework or other regulations on consumer protection shall attract appropriate sanctions.

The following are some of the sanctions the bank may impose:

a) Refund to customers in line with relevant regulations issued by the bank; b) Letter of apology; c) Restriction on activities; suspension from interbank activities; e) Suspension/ withdrawal of foreign exchange dealership license; f) Denial of approvals; g) Publication of infractions and sanctions; h) Monetary penalties; i) Product recall; j) Adverts cancellation; k) Warning letters to management /Board; l) Suspension/removal of Board/management staff/employees; m) Referral to law enforcement agencies for prosecution; n) Revocation of banking license; and o) Other sanctions deemed appropriate. 3. The CBN shall adopt other proactive mechanisms to monitor financial institutions’ compliance with the provisions of the Consumer Protection Framework.”

CONDOLENCE VISIT

Senator representing LagosWest senatorial district in the Senate, Solomon Adeola (standing), condoling with the family of the late Afenifere leader, Sir. OlaniwunAjayi,duringacondolencevisittothefamilyofAjayiatIsaraRemo,OgunState....yesterday

Govs Demand Release of Ecological Funds Ndubuisi Francis in Abuja The Nigerian Governors’ Forum (NGF) has demanded the disbursement of the Ecological Funds to tackle environmental challenges across the states.

The request was made yesterday after a closed door meeting with the Minister of Finance, Mrs. Kemi Adeosun, in her office in Abuja.

The Chairman of the NGF and Zamfara State Governor, Abdulaziz Yari, led governors of six other states to the meeting with the minister.

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, was also at the meeting which dwelt on the management of the ecology fund.

Others at the meeting were the Governors of Imo State, Rochas Okorocha; Kaduna, Mallam Nasir el-Rufai; Osun, Rauf Aregbesola; Sokoto, Aminu Tambuwal; Delta,

Ifeanyi Okowa; and Katsina, Aminu Masari.

Yari told journalists after meeting that the governors met the minister to request for the disbursement of the fund.

He said most of the states presently face environmental challenges, adding that they cannot continue to wait when there exists a fund that could be used to address the problem.

The South-east, for instance, he ob served, is having the challenge of erosion, while the South-south and the North are battling with the issue of oil spill and desertification respectively.

“We are concerned seriously about the environment. The desertification in the North, South-south oil and gas spill and erosion in the South-east. And we have a lot of funds in the ecology stabilisation funds.

“And those funds are not being

discussed at the National Economic Council (NEC). What we discuss at NEC is usually briefing on excess crude account and the Federation Account.

“But this fund is not being discussed at that platform. So, we will like to have this fund every month because those funds are federation funds and we are having so many problems. We need the money.

“Also, there are funds from the foreign intervention in relation to the environment, so we are discussing with the minister of finance and CBN governor on how states can easily access those funds.”

Yari said the states were not asking for fresh bailout, stressing that they were only asking for the disbursement of the fund to address environmental degradation in their respective states.

Yari said most of the states are currently facing environmental

challenges and as such cannot continue to wait when there is a fund that could be used to address the problem.

He said for instance, the Southeast is having the challenge of erosion, while the South-south and the North are battling with the issue of oil spill and desertification respectively.

He said, “We are concerned seriously about the environment.

The desertification in the North, South-south oil and gas spill and erosion in the South-east. And we have a lot of funds in the ecology stabilisation funds.

When asked if the states are also requesting for fresh bailout from the federal government, Yari said there are no such requests.

He said the states are only asking for the disbursement of the fund to address the level of environmental degradation in their respective states.

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Rivers: INEC Disowns Fake Election Result Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has denied complicity in the illegal activities of a printing press in Rivers State accused making fake election result sheets.

The commission in a statement signed by its Secretary, Mrs. Augusta C. Ogakwu, yesterday said: “It has no knowledge whatsoever of the reported printing and did not commission the company allegedly involved or anyone in Rivers Sate to print any electoral materials for it.”

It described as “false, frivolous and unsubstantiated the assertions that have the potential of eroding or undermining public confidence in the commission’s activities are unacceptable.”

The police had in a raid last

Saturday on a printing press located at No. 12, Isiokpo Street, Port Harcourt, discovered a large number of printed copies of result sheets for several local governments in Rivers State where the INEC has slated elections for December 10 re-run National Assembly elections.

However, the commission noted that shortly after the publication of the new date for the State and National Assembly re-run elections in Rivers State, the media reported the arrest of several persons allegedly printing INEC’s election result sheets with several commentators accusing the commission of being complicit in this.

The INEC statement read: “The grave allegation of complicity in this illegality is of great concern to the commission and it is liaising with the security agencies, particularly the

police, to unravel the circumstances surrounding this fraudulent activity.

For emphasis. the commission is committed to ensuring that a thorough investigation is carried out.

“For the record, lNEC states that, in compliance with legal requirements, it issues on request Certified True Copies (CTCs) of Result sheets and other public documents to all applicants.

Following the elections of Saturday, March 19, 2016, most political parties and candidates applied, paid prescribed fees and were issued these CTCs. “Furthermore, in line with legal requirements, all political parties

and contestants in the Rivers State elections as well as other stakeholders. were given a list of all senatorial districts, federal and state constituencies as well as all polling units where the re-run elections are to take place. Against this background the commission asserts that the allegation by some people that the is w known or disclosed to a particular party is untrue.

“It will be recalled that the commission lost a young man, a serving National Youth Service Corps (NYSC) member, and its Khana Local Government Area Office was burnt. This

is in addition to other acts of violence that occurred in its earlier attempts to conduct the election. INEC wishes to appeal to all stakeholders in Rivers State to maintain temperate language in their comments and engagements regarding developments in the state, as we prepare to conclude the elections.

“INEC is committed to delivering elections that are free, fair and credible and it hereby appeals to all stakeholders to ensure that the Rivers State elections are concluded in a peaceful, conducive, safe and calm atmosphere.

“The commission hereby

reiterates its commitment to conducting free, fair and credible elections in Rivers State. However, its commitment to carrying out its mandate cannot be accomplished without the cooperation of all stakeholders.

“False, frivolous and unsubstantiated assertions that have the potential of eroding or undermining public confidence in the commission’s activities are unacceptable.

“The commission assures all stakeholders that preparations for the elections scheduled for December 10, are in top gear,” it said.

House C’ttee Queries Water Resources Officials over N30m Counterpart Funding, N20m IGR Damilola Oyedele in Abuja

The Public Accounts Committee (PAC) of the House of Representatives yesterday grilled officials of the Ministry of Water Resources over a 2013 N30 million counterpart funding for the African Ministerial Conference on Water (AMCOW), and a N20 million unremitted internally generated revenue.

The committee led by Hon. Kingsley Chinda (Rivers PDP), cited the 2010 to 2013 report of the Office of the Auditor General of the Federation (OAGF) which raised 18 queries in the expenditure of the ministry in the audited period.

The Permanent Secretary in the ministry, Mrs. Rabi Jimeta, explained that the ministry was constrained by low budget personal performance, and therefore not able to release the whole appropriation for the counterpart funding to the development partners.

Only the sum of N19.3 million was released in 2013, she noted, and admitted that an incomplete

release of financial obligations hampers full implementation of development projects.

In this instance however, Nigeria’s counterpart fund was for the maintenance of AMCOW secretariat which is based in Abuja, she disclosed.

“The budget performance in 2013 was 65.7 percent. N30 million was appropriated, and N19.3 million was released,” she said and added that the Ministry is currently working to ensure it meets up 100 percent of its financial obligations to its development partners.

Jimeta, however could not provide satisfactory explanations concerning a query raised over a N4.9 million given to some staff between January and December 2012.

The committee in June 2016 had directed that the former Permanent Secretary and Director of Finance of the Ministry be contacted to appear, and explain what the money was for.

FG Grants Approval for Bakassi Deep Seaport The Bakassi Deep Seaport project embarked upon by the Cross River State Government has received a major boost following the approval by the federal government through the Ministry of Transport for the procurement of a Transaction Adviser.

Governor Ben Ayade dropped the hint during a retreat organised by the state government for political appointees at the prestigious Obudu Ranch Resort. Ayade who could not hide his excitement while breaking the news to his appointees, also disclosed that the Nigeria Customs Service has equally given the state clearance for the direct berthing of vessels at the Tinapa Business and Leisure Resort.

The development is aimed at restoring the status of the facility as a Free Trade Zone Enterprise (FTZE).

According to the governor, “the journey towards setting up a deep seaport in the ears and eyes of ordinary person from our perspective, is impossible because it requires multi-billion dollars for the project to be executed.

“Today, I am so excited to announce to you that the federal government under the

instrumentality of the Federal Ministry of Transport has granted us approval for the procurement of a Transaction Adviser for our Bakassi Deep Seaport.”

While recalling the setback that had befallen Tinapa which has rendered the facility near atrophy, considering the huge investment by the state, Ayade stated: “Remember also that we had problems with Tinapa, it was supposed to be a tax haven to improve businesses and increase investment profile and of course encourage traffic into the state, a great conception as it were.”

Continuing, he said: “But for sometimes now, we been having difficulties in bringing in vessels but after my fruitful engagement with the Comptroller-General of Customs, Col. Hammed Ali (rtd), he gave a marching order and approval granted that vessels can now come straight to Tinapa unhindered.”

Ayade enjoined political office holders, whom, he noted, are key drivers of government programmes and policies to reinvent themselves and see the current economic reality as an opportunity to create new vista for job and wealth creation.

LET’S SEE HOW THE PROJECT IS GOING

Rivers State Governor, Nyesom Ezenwo Wike (right), during the inspecting the ongoing construction of Nkpogu Bridge....yesterday

PRNigeria Receives Global PR Award on Crisis Management Dedicates award to Nigerian media and security agencies The International Public Relations Association (IPRA) has presented Golden World Award (GWA) in Crisis Management to Image Merchants Promotion Limited for its PRNigeria’s counter-insurgency and security consciousness campaigns.

The Golden World Awards (GWAs), often dubbed the ‘Oscars of PR’ are the world’s most prestigious PR awards in various categories.

The IPRA President, Bart de Vries, described the PRNigeria’s campaign as one of the most successful crisis communication strategies that entails creative innovation, media relations, social media and event management to win the GWA. The president added that in determining the winners of various GWA categories, which included Grand Prix and UN Awards, among others, the IPRA judges spent the greatest parts of their sessions working in small teams.

He said: “This year’s GWA entries saw a marked rise in using cross-media approaches, including innovative and creative use of social media, video or animation. The 2016 IPRA GWA winners also showed progress in measurement, integrating varied research perspectives, adopting measuring models and applying an evaluation.

Receiving the award, the founder of PRNigeria, Mr. Yushau Shuaib, dedicated the GWA to Nigerian

Media and security agencies for their collaboration in ensuring a secured and safer society through timely and responsible information dissemination.

Shuaib said: “We dedicate this award to the Nigerian media and security agencies, especially the military, security, intelligence and response agencies for their efficient and mutual relationship towards enhancing synergy on the security consciousness and the war on terror campaigns.

“We also acknowledge the heroism of many silent heroes whose names are hidden from the media spotlights including investigate journalists and security personnel who sacrifice their lives for our safety. We commend the gallantry of late souls: Lt-Col AbuAli , Flt-Lt Onyeka Nwakile Wing Commander Chimda Hadima and many others who died in the struggles and those that are wounded and nursing their injuries.

“The PRNigeria, which has been at the forefront of projecting the commendable efforts of our military counter-terrorism operations will add voice to ensure that their death and sacrifices will not be in vain. We are glad to serve as the consultant in cementing the wonderful mutual relationship of the critical stakeholders in crisis communication.”

Also, speaking at the event the

President of African Public Relations Association (APRA), Yomi BadejoOkusanya, commended the three PR companies from the continent who won different categories of GWA at the occasion.

They include Nigeria’s Image Merchants Promotion on Crisis Management, Angola’s Djembe Communications on Publication and Ghana’s Stratcomm for UN

Award on Gender Equality.

Other recipients at 2016 IPRA GWAs included Global PR icons from America, Europe, Asia and Middle-East. They are: Weber Shandwick, Ogilvy and Mather, FleishmanHillard, Hill+Knowlton Strategies, SPN Communication, Porter Novelli, Alfa-Omega, MSLgroup, Grayling, Havas PR, ActionAid, Shell and Dentsu PR.

Abdulmumin: I Did Not Flee Nigeria Damilola Oyedele in Abuja The former Chairman of the House of Representatives Committee on Appropriation, Hon. Jibrin Abdulmumin, has said he did not flee from Nigeria for fear of arrest by the Economic and Financial Crimes Commission (EFCC).

In a statement issued yesterday, Abdulmumin said the travelled to London to receive an anti-corruption award.

Abdulmumin, following his removal as Chairman of Appropriation Committee, had accused the Speaker of the House, Yakubu Dogara and some principal officers of corruption, fraud and abuse of the 2016 budgetary process.

The lawmaker who was

suspended by his colleagues for 180 legislative sitting days for misconduct and abuse of privileges, said the reports that he fled Nigeria were orchestrated by corrupt House members who are aggrieved by his allegations against them.

“The fact of the matter is that I travelled out of the country freely like every responsible citizen and through the Nnamdi Azikwe International Airport Abuja on November 4, 2016,” he said in the statement.

He added that his trip is also related to series of lectures where he would deliver papers on corruption in the Nigerian legislature and the reforms that must be implemented in the House of Representatives.

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Buhari Urges Various Ethnic Nationalities to Remain United as He Departs Edo Adibe Emenyonu in Benin City

hundred dollars to between 40 and 50 dollars per barrel and In spite of the challenges that is the price we are paying facing the country, President now. What have we done to our Muhammadu Buhari, yesterday agriculture, power, rail, road and reiterated the need for the social infrastructure; education various ethnic nationalities in and health, just check and find the country to remain united, out. We have been wasteful, now noting that the nation had made we have to go back to land to terrible mistakes in the past due solid minerals and do a lot of to its dependence on oil as a savings so that we can leave a mono-product economic booster better country for our children and our grandchildren.” for sustenance.

“We are doing our best He therefore said the citizens are now paying dearly for such because we find ourselves to mistakes and failure by past be part of this great country called Nigeria. We are blessed leaders.

Speaking shortly after he with human and material performed the inauguration resources, we have made ceremony of the Edo State terrible mistakes in allowing University, Iyahmo, in Etsako ourselves to be cornered in a West Local Government Area to mono economy and we are end his two-day official visit to now paying dearly for our the state, Buhari explained that mistakes. Nigeria saved its Nigeria was reputed for earning money from cocoa, palm oil, greater chunk of her foreign palm kernel, groundnut, hides reserves from the export of cocoa, and skin. Once petroleum was palm kernel, groundnut, hides discovered and developed in and skin before the discovery quantity, we threw everything to the dust” of petroleum.

He explained that The president lamented that the nation’s woes began the moment democratic party system of crude oil was discovered and government remained the best developed in large quantity and for the country, adding that in a the consequent abandonment of country of at least 250 cultures every other sector of the economy and people where some groups to the peril of the country’s and individuals cannot believe in their nationality, it is not easy growth and development.

His words: “Once petroleum to come together, only God can was discovered and developed do it.”

According to Mr. President, “In in large quantity, we threw everything to the dust. Now this contribution, I very much petroleum is diving from one congratulate the governor. He has

shown a lot of foresight by the quality of infrastructure he has put on ground. May God grant him abundant health; and for those of us that are here and other constituencies, please continue to persuade your colleagues to bear with the leadership of this country at all levels because this is a time of hard work. This is a time of rebuilding Nigeria. We plead for peoples understanding, gradually for what we are here for and what we stand for.”

According to him, “During my campaign throughout this country, we emphasised three things; security, economy and fighting corruption. In each one of them, we have met our purpose and that was coupled by the fact

that the rainy season this year was good; if the rainy season had failed this year, especially in the northern part of the country, I doubt what the future would have been now because there was no savings, there was no infrastructure and coupled with hunger. I think it is a big recipe for disaster. We thank God for saving us from that disaster.”

The President who particularly commended Oshiomhole for the foresight, hard work and personal integrity, expressed optimism that the governor would galvanise himself for the work of nation building after leaving office as the governor of the state.

Earlier, Oshiomhole told his guest that the Edo University,

Iyahmo, was built to assist in offering quality education and to meet the needs of both the rich and poor as well as contribute to human capital and skills development.

Oshiomhole explained that the president’s visit for two consecutive days and for the first time in his eight years in office was not for political purpose but to look at what the administration had been doing across the various sectors in the three senatorial districts of the state, in the health sectors, flood and erosion control, urban renewal programme, construction of quality school buildings for public use and road network.

He pointed out that no local

government area within the senatorial districts where the APC-led government under his watch did not show its presence in terms of solid infrastructure, adding that “one thing is to have the mandate of the people on the basis of assumption of what they think or belief you would do that is the basis for voting but whether in the end you are able to satisfy their expectation is what makes the difference.”

The president while in Edo State for the two-day working visit, inaugurated several key projects which cut across the three senatorial zones of Edo South, Central and North respectively and had since left the state for Abuja.

Late Literary Icon, Elechi Amadi, for Burial Dec 3 Ernest Chinwo in Port Harcourt Rivers State Government has announced that the remains of the late Literary Icon, Capt. Elechi Amadi (rtd.), will be laid to rest in his family compound in Aluu, Rivers State on December 3.

Amadi died on June 29 at the age of 82 and the state government said the renowned novelist and poet would be accorded a state burial.

Addressing a press conference at the Ernest Ikoli Press Centre, Port Harcourt yesterday, the Chairman of the Elechi Amadi Burial Committee set up by the state government, Hon. Frank Owhor, unfolded a week-long programme for the burial.

He announced that the programme would kick off with selected plays of Amadi; Isiburu and Great Ponds at the Obi Wali Cultural Centre, Port Harcourt while the next day would witness the launch of his biography, a book fair and arts exhibition.

According to him, there would also be a literary day, a service of songs/night of tributes at the Civic Centre on November 30 while a mock executive council meeting would be held in his honour on Friday, December 2 at the Cabinet Chambers of Government House, Port Harcourt.

The burial proper, he said, would hold at the family compound on Saturday, December 3 after a thanksgiving service at the St. Paul’s Anglican Church, Aluu.

“We are expecting literary giants and other scholars from across the

globe to the Garden City for this event.

“We are using this opportunity to invite the public to all the activities lined up for the week as it will not only be an opportunity to savour Elechi Amadi’s works at stage plays but also present a rare privilege to interact with great names in the literary world and the Nollywood industry,” he said.

Giving a snippet of Amadi’s works, Owhor said: “The Concubine was the first of a trilogy, completed by The Great Ponds and The Slave in which he (Elechi Amadi) illustrated a central premise of much African fiction.

In portraying the character of an individual, a whole community is revealed.

“His last novel, Estrangement, revisited the Nigerian Civil War, but in later years, he concentrated more on plays. Several of these, Isiburu depict struggles between ordinary people and the supernatural world, but one of them, The Dancer of Johannesburg, faced up squarely to the moral obnoxiousness of apartheid.”

He said the state Governor, Nyesom Wike, had provided the committee with all that it required to give departed “journalist and writer” a befitting burial.

“I can unequivocally tell you that everything needed to make the burial of this man who took the literary world by storm in 1966 a success, ranging from logistics to security have been put in place as we have the full support of the Rivers State Government to prosecute this assignment,” he said.

PROJECT INSPECTION

Yobe State Governor, Alhaji Ibrahim Gaidam (right), pointing to an object on interest during a visit to Potiskum General Hospital to inspect the ongoing rehabilitation and expansion work ....yesterday

Seplat Targets Pregnant Women,Teaches Benefits of Child Spacing Determined to arrest the high incidence of maternal mortality in the country, the Nigerian Petroleum Development Company (NPDC) and Seplat Petroleum Development Company Plc recently concluded the 2016 edition of the SEPLAT Safe Motherhood Programme in Sapele, Delta State.

The corporate social investment programme ran for two weeks in the host and impact communities of the NPDC / SEPLAT Joint Venture Assets, in Delta and Edo States.

The SEPLAT Safe Motherhood first introduced in 2011 has gained wide popularity and acceptance due to its outstanding success rate and impact on expectant and nursing mothers resident in the communities.

Speaking at the flag-off of this year’s programme, General Manager External Affairs and Communications of SEPLAT, Dr. Chioma Nwachuku, said the objective of the SEPLAT Safe Motherhood programme “is to

promote safe delivery for pregnant women and young mothers in the company’s operating communities,” before adding that “every woman deserves a safe birth experience.”

She explained that the programme is in alignment with the Nigerian independent operator’s values of safety (safety of life and property) and partnership with its host communities.

Also speaking during the opening, Dr. David Odiko, a director in the Edo State Ministry of Health and representative of the state commissioner, noted that the state government recognises and appreciates SEPLAT’s frontline efforts at bringing succour to a large pool of pregnant women in communities in the state.

“From what we are seeing today, we are also confident that this programme will help educate and equip our young mothers with very relevant information on modern safe pregnancy and delivery practices and ensure a higher mother/ baby survival rate.”

The theme for this year’s

initiative was ‘Child Spacing’ and it exposed women to the health benefits of child spacing for the well-being of the mother, child and the entire family.

As part of the two-week programme, Seplat also collaborated with the Delta State branch of the Medical Women Association of Nigeria (MWAN) and the Planned Parenthood Federation to educate expectant and young mothers aboutdanger signs during pregnancy and delivery, care of the childas well as the benefits of child spacing.

Facilitators at the training explained that these benefits include higher survival rate of children, healthier children and mothers, better bonding of infant and mother, parents’ ability to care of their children as well as better and more fulfilling quality of life.

Additionally, pregnant women were presented with safe motherhood kits, vitamin and mineral supplements, as well as insecticides and treated nets for the prevention of Malaria. They were

also encouraged to adopt safe birth practices, visit the clinics periodically and seek the opinion of medical personnel when confused about anything.

Dignitaries at the formal opening of the programme includedNgozi Aiken who represented the Delta State Commissioner for Oil and Gas, while his counterpart in Edo State was represented by Prince Uhumuamure.

Other dignitaries present included Dr M.I. Oseji, Permanent Secretary in the Delta State Ministry of Health, President of the Medical Women Association of Nigeria Delta State chapter, Dr B. Agbonle and the Chairman, Okpe LGA Prince G. E. Ejinyere In her remarks at the end of the event, Mrs Oghogho Osazuwa of the Nigeria Petroleum Development Company (NPDC) described SEPLAT JV CSR programmes as pacesetting and urged beneficiaries to take the lessons learnt to heart for their good and the benefit of their families

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Ondo Poll: IPAC Flays Imposition of Candidates by National Officers Oke cries out to Buhari APC says it is ready for election Tobi Soniyi in Abuja and James Sowole in Akure The Inter-Party Advisory Council (IPAC) yesterday condemned the practice of imposing candidates by national officers of political parties without due regard for party’ guidelines and electoral law.

The position of IPAC was one of the high points of a communique issued at the end of the meeting of the council held in Akure, the state capital.

In the communique signed by Deputy Chairman, Mr. Atanlogun Olarewaju, who is the Chairman of Kowaa Party and the Chairman of the Peoples Democratic Movement (PDM) and the PRO of the group, Mr. Fagboro Olawale, the council said candidates must be nominated in line with the laid down rules of political parties.

The council said the unjust exclusion or substitution of party’s candidate should be stopped immediately while parties should be allowed to determine who to represent them in an election.

They said if the practice is not stopped, it would have adverse effects on the nation’s democracy saying “an injury to one is an injury to all” The IPAC advised political parties participating and campaigning for votes ahead of the government

election in Ondo State to make their campaign issue based.

The Alliance for Democracy (AD) governorship candidate for the election in the state, Chief Olusola Oke yesterday cried out to President Muhammadu Buhari to save him from a cabal within his government, whom he were making attempts to stop him from contesting the election at all cost.

Oke raised the alarm at a news conference addressed by the Director General of his campaign organisation Mr. Bola Ilori in Akure.

The director -general alleged that some ministers and state governors had been engaging in activities in order to stop him from contesting and pave the way for their protege, Mr. Rotimi Akeredolu of the All Progressives Congress (APC).

“This plot to stop Oke from contesting the election is simply to clear the way for their protégé, Akeredolu of the All Progressives Congress (APC), who is also vying for the Ondo State governorship position.

“The plan of these people is to prevent Olusola Oke from contesting the election because their candidate, Akeredolu, is not in contention, having lost relevance with the people, thus they have resorted to lots of underhand tactics to stop him.

“We want to by this medium,

crying our to President Muhammadu Buhari to save Nigerian democracy from a cabal within his government hell bent on stopping our candidate from contesting the election by resorting to underhand methods.

Ilori alleged that the first leg of the conspiracy was the award of N10 billion contract to Owo Community without due process and out of which N2 billion would be released by to the candidate to prosecute the election.

He also alleged that it was the same cabal that at their meeting in Abuja instigated a suit against

the Oke’s candidacy.

Meanwhile, Plateau State Governor, Simon Lalong, yesterday in Abuja said the All Progressives Congress (APC) will flag off its campaign in Ondo State tomorrow.

Lalong, who spoke with State House correspondents yesterday after a meeting with the Vice President, Yemi Osinbajo at the State House in Abuja, said: “For us, our party is ready for election in Ondo State. In fact, we are flagging off our campaigns on Thursday so we are very ready.”

Responding to threats by the state Governor, Olusegun

Mimiko, that elections cannot go on in a situation where the state is in crisis, Lalong said: “Well, I don’t like joining issues with the incumbent because he is not contesting election, he is not the candidate for Ondo. I have said here that if they have issues within their party, they should go and resolve that issue within PDP. This is not a PDP matter, in that election it is not only PDP that is contesting election, other political parties are engaged in contesting the election and the chief electoral officer is the INEC.” Lalong said if INEC announced

plans to shift the elections because of security issues, APC would abide by the announcement.

“But as far as we are concerned, we are not worried about what other political parties would say, for APC we are ready to contest the election we have a candidate and we are going into the elections in November.”

The governor said he came to see the vice president on other state engagements like issues on agriculture, school feeding programme because the Vice President is the chairman on the school feeding programme.

Assaults on Judiciary: Coalition Writes NBA, Judiciary to Prosecute Ibrahim, Poroye OVERSIGHT DUTY Sunday Okobi A pro-democracy coalition, Coalition in Defence of Nigerian Democracy and Constitution (CDNDC), has said only the immediate prosecution of the petitioner, Biyi Poroye and his alleged sponsor, Jimoh Ibrahim, who “concocted some damning allegations” against a panel of the Court of Appeal could redeem the image of the battered justices.

According to the group in letters to the bar and the bench, “The petitioner and his sponsor deliberately embarked on an evil voyage into the forest of lies and concocted falsehoods in a most painful manner to smear these eminent justices.”

The coalition was responding to a “derogatory petition” written against a three-man panel of the Appeal Court by one Biyi Poroye, a self-acclaimed state Chairman of Peoples Democratic Party (PDP) in Ondo State, belonging to the Ali Modu Sheriff group, and a political ally of Jimoh Ibrahim.

In the letters signed by it CoConvener, Ariyo-Dare Atoye, the group expressed deep pains that the duo of Poroye and Ibrahim “crossed the red line in advancing a cause and barbarically went personal on the members of the panel.

“They subjected their reputations, health and judicial records to public ridicule and brought untold discomforts to the Justices by circulating the petition in the social media space.

“Poroye and his sponsor-Ibrahim did not stop at this unwarranted campaign of calumny against the

justices; they further questioned the authorities of the court to constitute a special panel to urgently look into the state PDP governorship candidate tussle.

“Consequently, we urge the judiciary and the Nigerian bar Association (NBA) to thoroughly investigate this matter and ensure that all those involved are punished immediately to preserve the integrity of our judicial system.”

Specifically, CDNDC wants the NBA to invite Ibrahim, who is a lawyer for questioning over his role in sponsoring the “assault and blackmail of the justices,” warning that such “ignoble conducts,” would be repeated by many other desperate politicians.

While urging members of the judiciary to be strong at this trying period, the coalition however noted that “the onus is now on the judiciary to act on this matter with dispatch and ensure these men are made examples to serve as deterrents to others.

“Nigerians are eager to see the outcome of your investigation and the immediate prosecution of Poroye and Ibrahim to stop further unwarranted attacks against the bench,” CDNDC told the Presidents of the NBA and the Court of Appeal in a separate letters.

The pro-democracy group equally expressed its support for the judiciary, assuring the Justices that “we will never allow the axis of evil to prevail in our land; it is our collective responsibility as Nigerians will never to allow the judiciary to fall.”

L-R: Chairman, Senate Committee on Health, Senator Olanrewaju Tejuoso; a member of the committee, Senatot Theodore Orji; and Acting Director General, National Agency for Food and Drug Administration and Control (NAFDAC, Mrs. Yetunde Oni, during a visit by the committee to NAFDAC in Lagos....recently Etop Ukutt

Defence Minister Laments Late Release of Funds Adedayo Akinwale in Abuja

The Minister of Defence, Mansor Dan-Ali, yesterday lamented that the major challenge facing his ministry in carrying out its mandate is the late release of funds, despite having received 96 percent of overheads and 71 percent of capital in the 2016 budget as at October 31, 2016.

The minister disclosed this in Abuja while hosting the Senate Committee on Defence in his office.

He said the total sum of twentyeight billion, nine and eighteen million naira (N28, 918,538,000.00) was appropriated for the ministry for its personnel, overhead and

capital expenditure for 2016.

According to him, “As at October 31, 2016, the following funds have been released to the ministry. Total amount released represents 96 percent of overhead appropriation and 71 percent of capital. “ He disclosed further that the approved budget for overhead was N1,613,461,370 while the total release was N1,555,766,937.56, (96 percent) and capital approved budget was N9,456, 744,170 and total release was N6,724,858,626.00 amounting to (71 percent) .

The minister noted that “late release of funds has been the major challenge facing the ministry in carrying out its mandate. Secondly,

the overhead cost is inadequate to maintain the essential services of the ministry.”

Continuing, he said: “A case in point is the sum of One billion, twenty-five million , forty-four thousand, eight hundred naira (N1,025,044,800) provided for the Brigade of Guards in the 2016 appropriation while the actual expenditure as of now is over N1.3billion.”

He revealed that, “18 projects have been advertised and are currently processed by MTB for award. An overall assessment is almost completed.”

The minister stressed further that projects on barracks’ rehabilitation

in the six zones of the federation have been advertised recently.

Dan-Ali also said on the ministry’s efforts to continuously ensure transparency, it intends to commence the metering of barracks from 2017 on zonal basis.

Responding, the Committee Chairman, Senator Ahmed Lawal, said when the All Progressives Congress (APC)-led government came to power 2015, three issues were considered very important in which security was part of.

He however assured the ministry that the committee would ensure that the ministry has whatever is due to it since the present administration considers security important.

Kebbi Farmers Laud FG’s Agric Policy Umar Mohammed inBirninKebbi Farmers in Kebbi State have renewed their determination to make good use of the federal government anchor borrower agricultural development policy by feeding the nation with abundant rice.

Speaking with farmers during a mini media tour in Augie, Kalgo and Dandi Local Government Areas, farmers explained that, the introduction of the anchor borrowers programme in the state

had help greatly in boosting rice production in the state.

At Bubuche town in Augie Local Government a farmer, Sarkin Noma Umaru, said with the financial, seeds and other items farmers were opportune to cultivate multiple of farm lands and recorded successful harvest.

According to him, as the federal and state governments are determined to continue with the programme, there is need for prompt release of the funds and other implements

to avoid a repeat of what happened in the first year of the programme.

Also, one Adamu Bubuche appealed for the drilling of boreholes in the area as the area could not accommodate tube wells, if they are to partake in the irrigation scheme.

The farmers at Itene in Kalgo Local Government Areas acknowledge the receipt of funds to the tune of N86,000 a pump machine, three bags of fertilizer, a bag of seed and pesticide per individual.

They further lamented absence of agric extension workers to educate them on the modern farming techniques.

Governor Atiku Bagudu who was physically at Bubuche, assured the farmers of the government readiness to give all necessary support to rice farming in the state.

“We are ready to produce even more than the expectation, you have seen what we are producing, by the end of this year we are going to feed the nation, the price of rice would reduce,” he added

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Biafra: Kanu, Three Others Rearraigned before Third Judge Alex Enumah in Abuja The federal government yesterday re-arraigned the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, and three others on an 11-count charge bordering on treasonable felony, illegal possession of firearms and terrorism.

The re-arraignment before Justice Binta Nyako makes it the third judge to hear the case of the Biafran leader, who had accused two earlier Justices-Adeniyi Ademola and John Tsoho of the Abuja Federal High Court-of bias.

In the amended charges dated November 7 and filed by a Director of Public Prosecution, Mohammed Umar, the federal government added five fresh charges to the earlier six the accused were charged with.

Also included in the charge for the first time is one David Nwawusi. The other two, Onwudiwe Chidiebere and Benjamin Madubugwu, had been charged along with Kanu in the earlier six count charge.

When the case was called for hearing yesterday, all the defendants were present in court and pleaded not guilty to the charges when read to them.

However, Justice Nyako adjourned hearing on the bail application till November 17.

Kanu, alongside Chidiebere and Madubugwu, were first arraigned before Justice Shuiabu Usman of a Magistrate Court in Wuse Zone 2, Abuja.

However, Justice Usman dismissed the case following a motion by the prosecutor, the Department of State Services (DSS), that the court lacked the jurisdiction to entertain the matter.

At the Federal High Court, Abuja, Justice Adeniyi Ademola, who was first assigned the case, handed off following accusation by the defendants they would not get a fair hearing from the court.

Also, a brother Judge, Justice John Tsoho, took a similarly path after he was petitioned at the National Judicial Council (NJC) for bias.

The case file was then again returned to the Chief Judge of the Federal High Court, Justice Ibrahim Auta, before it was reassigned to Nyako.

Count one of the charge read: “That you NNamdi Kanu, ‘M’; Onwudiwe Chidiebere ‘M’; Benjamin Madubugwu ‘M’; David Nwawusi ‘M’ and others now at large on diverse dates in 2014 and 2015 in Nigeria and London, United Kingdom, did conspire among yourselves to broadcast on Radio Biafra monitored in Enugu and other areas within the jurisdiction of this court, preparations being made by you and others at large, or states in the South-east and South-south zones and other communities in Kogi and Benue States to secede from the Federal Republic of Nigeria with a view to constituting same into a Republic of Biafra, and you thereby committed an offence punishable under section 516 of the Criminal Code Act, CAP. C38 Laws of the Federation of Nigeria, 2000.”

EFCC Unlawfully Detaining Me, Ex-Jonathan’s Aide Cries out A former Special Assistant on Domestic Affairs to ex-President Goodluck Jonathan, WaripamoOwei Emmanuel Dudafa, has lamented how the Economic and Financial Crimes Commission (EFCC) has allegedly unlawfully detained him since April 17, 2016.

He accused the anti-graft agency of its plans to perpetually keep him in prison, despite meeting the bail conditions spelt out by a Federal High Court in Lagos.

Dudafa said the commission was desperate to forever keep him prison, and accusing it with a hidden agenda to kill him.

In a letter to the Chairman, National Human Rights Commission (NHRC), he said his deteriorating health was made known to EFCC through a medical report issued August 29, 2016 by the Nigerian Prison Service, Ikoyi, yet, he is abandoned in the prison.

“Despite the herculean bail

conditions, I was able to meet all the conditions of bail in respect of the two cases and applied to the EFCC to fulfill their part of bail. It was to verify the title documents of my sureties at the Land Registry and also to deposit my passport with the court, which has continued to be in their custody.

“Various attempts by my counsel to ensure that the EFCC deposits my passport with the court since I was granted bail has proven abortive.

This is irrespective of the fact the court, at various sittings, compelled and/or ordered the EFCC to release the said passport but it has continued to flout the order of the court,” Dudafa lamented.

He also complained that the commission has blatantly refused to verify the title documents provided by his surety at the Land Registry for over two months, in relation to bail conditions granted by Hon. Justice Kuewumi.

According to him, the EFCC, through its officials at STF3 is deliberately punishing him, simply for his loyalty to his former boss and his family.

Hear him: “My only sin is that I have refused to yield to their pressure to write false statements to incriminate the former first family.

“The state of my health has continued to worsen on a daily basis while being mischievously kept in prison and my survival is currently on the brink. I, therefore, plead with you sir, to use your amiable office to intervene speedily in my current predicament in the hands of EFCC. “This is a clear case of arbitrary use of power, flagrant disregard to court order and breach of my fundamental human rights as a lawful citizen of Nigeria, as guaranteed by the 1999 Constitution.”

LAGBUS Prohibition: Lagos Brokers Truces with Bus Operators Gboyega Akinsanmi The Lagos State Government yesterday said it had brokered truce with LAGBUS operators who had been protesting the decision that prohibited them from operating on bus rapid transit (BRT) on Ikorodu Road.

Also, the state government disclosed that the security agencies had released all drivers and bus conductors that were arrested during the protest, which erupted on Monday after it prohibited LAGBUS operations.

The Managing Director of LAGBUS Asset Management Limited, Mr. Idowu Oguntona disclosed this at a news conference at the firm’s head office, Alausa, noting that normal operations “have since commenced.”

The state government had banned LAGBUS (red buses) from plying the Ikorodu Road corridor, which took effect on Monday, a decision it took to introduce Intelligent Traffic System on the

corridor.

Consequently, the bus operators erupted on Monday, which left thousands of commuters stranded along the corridor and caused disruption of transport services in the state.

During the protest, over 15 passengers sustained varying degrees of injuries while about 10 BRT buses were vandalized after all operators of LAGBUS withdrew their services on Ikorodu Road Monday and Tuesday.

But at a conference he addressed yesterday, Oguntona said the management of LAGBUS Asset Management and stakeholders had brokered a truce and resolved the crisis ignited in the state by the ban of LAGBUS. He said despite the various stakeholders’ engagement sessions, the bus captains reacted “to the directive on the restriction of movement of LAGBUS branded buses on Ikorodu corridor by boycotting work due security concerns including potential

wrath of passengers and road side miscreants.

“However, having put in place measures to address the concerns raised, normal operations have since resumed. We apologise for any inconveniences that may have been caused to our esteemed customers and wish to reaffirm our commitment to providing quality service to Lagos residents.

“I believe that the government is committed to creating the enabling environment to attract potential investors that will comply with the policies and regulation of the government.

We have reassured our people. I had a meeting with the security agencies. I can assure those that were arrested have been released.”

Oguntona said performance “is a key thing to ensure that the workers work effectively in order to earn their wages. We earlier anticipated that there might be some impact in the revenue the company will generate.”

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Nigeria’s Teaching Methods Obsolete, Says Osinbajo FG to scale up quality education for IDPs Paul Obi in Abuja The Vice President, Prof. Yemi Osinbajo, yesterday bemoaned the low standard of education in the country, blaming poor teaching methods adopted by teachers in most strata of education across the country as the bane of education.

He maintained that many children in the country do not know how to read and write due to poor teaching methods in use in most schools, particularly, outside major cities.

The vice-president stated this in Abuja during the Nigeria Annual Education Conference 2016 organised by the Federal Ministry of Education and the Education Data, Research and Evaluation in Nigeria (EDOREN).

According to Osinbajo, Nigeria’s education has the potential of getting better with the application of modern technology to replace the obsolete classroom teaching method being employed by teachers.

“There are available methods today that can accelerate teaching, reading and writing. But the reason that they are not available in the public schools is because we are not investing enough; not just in technology but in new methods and ensuring that those children in public schools have access to some of the better methods of reading and writing.

“It is my respectful view that

it is the responsibility of those of us who are educationists to think through the solutions for delivering relevant education with the very little resources available,” he stressed.

Osinbajo stated: “The fastest way to bridge the gap between those who can afford the quality of education and those who cannot is technology. Technology also provides the means to leapfrog the huge knowledge gap created daily between the hemispheric North and South.”

He added: “Fortunately, technology is becoming cheaper and more intuitive. It is, therefore, quite clear that teacher education itself must radically change; teacher training must be technology-driven.

“I also think that a teacher must be trained in a much wider curriculum. A teacher must be trained in employability skills, project management, financial management and entrepreneurial skills and technology skills even programming for those who are interested.

“Training this new generation of young people is a new challenge.

Today, we are training individuals who must learn to multi-task and compete in the global society. The best jobs will require complex skill; the good news is that this type of training is available and can be made much cheaper and more available.

“Education is a tool of

empowerment; the lack or inadequacy of it can also disempower; so, education can create or deepen inequality in the society.

He said such could create a well-educated few with access to best opportunities and others who are simply not qualified enough to take.”

Osinbajo noted that he and his wife had established a trust where

technology is applied in the teaching and learning.

He said the federal government would provide an inclusive and equitable education for all Nigerian children irrespective of family background.

The Minister of Education, Mallam Adamu Adamu, said the objective of the forum was to provide an opportunity for communicating research evidence that would guide

basic education policy and practice of the federal and state governments.

Adamu stressed that the conference would also provide a platform for stakeholders to exchange ideas on how education actors can best transform educational practices to provide quality basic education for all.

The Minister of State for Education, Prof. Anthony Anwukah, said the present administration is

poised to improve the quality of education and in particular that of teachers.

“This underscored the fact that teachers are key to the achievement of the education 2030 agenda whose central theme is ensuring ‘Inclusive and Equitable Quality Education and Promote Life Long Opportunities for all.’ We must therefore give premium to the status of teachers in our country,” the minister added.

Air Force Gears to Prevent Terrorist Attacks at Airports Chinedu Eze and Chiemelie Ezeobi The Nigerian Air Force (NAF) yesterday conducted a counter terrorism exercise at the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos, in preparation for real life situations.

With the simulated exercises, which sent chills down the spines of passengers at the airport, the air force said it was prepared to counter any attempts for terrorists to attack airports nationwide and take hostages.

The counter-terrorism attack which was codenamed ‘Exercise Thunder Bolt.’ saw a simulated experience of terrorists taking passengers hostage and demanding for outrageous amounts to set them free.

While the operation was going on, passengers scampered to safety

during the shooting between the air force officers and suspected terrorist who had earlier hijacked the airport.

Responding to questions afterwards, the Chief of Air Staff (CAS), Air Marshal Sadiq Abubakar, said the counter-terrorism attack was to reassure the public of the readiness and preparedness of the air force to protect the nation’s territorial domain either in the air or on land.

He said: “The whole essence of this exercise is to evaluate the quick response force of our personnel.

“These are highly trained and skilled individuals who have been trained to protect our airports and to make sure our airports are safe from terrorism and any kind of threat.

“So the essence of this exercise is for us to really evaluate and understand how effective they are going to be in case we have this kind of challenge.

“And it is not an exercise that is just conducted by the air force alone, you need to interface with other agencies of government like the airport authority and so on.

“So the whole idea is to have an understanding of what kind of tranquility we have in the event we are required to function in.

“I am happy we have been able to test the plans we have for this airport and there is a remarkable improvement on the one conducted in Abuja, but whatever gaps there are we will go back and fix it.

“The evaluators are here to see if the plans can be effective. What we want is to have a force that will be effective in the event of attack on our airport.

“You can have the training, you can have the skills, but unless you are tested from time to time you won’t be able to know if there will be gaps.

“I am very happy with what i have seen. There are few gaps which we are going to address which is even why we are conducting the exercises for us to see how effective are we going to be in case we are called to protect Nigerians or the airports.

“But from what we have seen I am very happy with the cooperation between the agencies, the army, police, civil defence and so on.

“We are happy we are able to conduct, plan together and simulate and access an exercise together. We are going to do a similar exercise in most of the airports in Nigeria.’

When asked if passengers who were not aware about the exercise sustained any injury, Abubakar said: “In real situations, things like that can happen and that is why we have the medical services, the hospital officials and the ambulances.

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CRIME&PUNISHMENT Bribery: Appeal Court Hears Rickey Tarfa’s Appeal Jan 19 Davidson Iriekpen

held that she has jurisdiction to entertain the case. Dissatisfied, The Lagos Division of the Court Tarfa filed notice of appeal and of Appeal yesterday fixed January urged the appellate court to allow 19, 2017 to hear an appeal filed his appeal and set aside the ruling by embattled Senior Advocate of the lower court.

At the appellate court yesterday, of Nigeria (SAN), Rickey Tafar, challenging the refusal of a Lagos appellant’s lawyer, Biodun High Court to quash the bribery Owonikoko (SAN), informed the charges filed against him by the court that record of appeal had Economic and Financial Crimes been compiled and transmitted adding that the appeal is ripe Commission (EFCC).

The EFCC had arraigned Tarfa for hearing.

Also, EFCC lawyer, Rotimi on March 10 on the allegation that he offered N5.3million Oyedepo, informed the court gratification to a judge of the that the commission had filed Federal High Court, Justice its briefs and was ready to argue Hyeladzira Nganjiwa, in order the appeal.

Consequently, the presiding to allegedly compromise the judge.

The anti-graft agency alleged Justice, Justice Mohammed that Tarfa transferred the money Lawal Garuba, fixed January in several tranches to the judge 19 for the hearing of the appeal.

Tarfa had urged the lower court between June 27, 2012 and to quash the 27 counts filed by December 23, 2014.

But Tarfa, through his defence the EFCC, claiming that the EFCC team, comprising about 34 had no statutory power to try SANs, filed a motion on notice, him on those charges.

They had argued that the challenging the jurisdiction of the proof of evidence supplied by court to entertain the case.

However, the trial judge, Justice the EFCC failed to support the A A Akintoye, in her ruling, charges, describing the charges dismissed the application and as incompetent and an abuse of

court processes.

They prayed for an order of the court restraining the EFCC from further investigating or prosecution Tarfa in relation to the subject matter.

But, Justice Akintoye said she found enough substance in the proof of evidence placed before the court by the EFCC to warrant calling for the trial of the case.

“There are alleged crimes and the applicant has allegedly committed those crimes by the proof of evidence filed before the court. I hold therefore that the information filed before this court disclosed a prima facie case which must be addressed,” the judge held.

In refusing Tarfa’s claim that the charges amounted to a violation of his rights, the judge referred to provisions of the EFCC Establishment Act which imposed on the anti-graft agency “the statutory duty, obligation and mandate to investigate and prosecute all cases of economic crimes.”

The judge upheld the argument of the EFCC that a

court of law could not restrain a statutory body from performing its statutory duties.

She held: “There commission is therefore duty-bound to perform its statutory duty without interference from external body, including but not limited to the court. “This court will, therefore, not restrain the EFFC from performing any of its statutory duties in respect of anyone including the applicant in this case. I hold that this court has the jurisdiction to entertain the information/charges dated March 10, 2016.”

Justice Akintoye said Tarfa’s application failed and refused all the prayers sought.

In the 27 counts filed against him, the EFCC, among other things, also accused Tarfa of supplying false information to it.

The EFCC alleged that Tarfa gave his age as 43 when he was indeed 54, an act the EFCC claimed to be an offence under section 38(2) (a) of the EFCC (Establishment) Act, 2004.

In Brief Court Sentences Octogenarian,Three Others to Death for Murder

An Osun State High Court presided over by Justice Kudrat Akano yesterday sentenced an octogenarian, Mr. Oluwafemi Fagbemi, Tobi Ojo, Famutuwa Femi and Tope Olatunji to death for murder. The convicts were charged with a two-count charge of conspiracy and murder contrary to Sections 324 and 319 of the Criminal Code Cap. 34 Volume 2 Laws of Osun State of Nigeria 2002. The prosecuting counsel from the state Ministry of Justice, Mr. Abiodun Badiora, told the court that the convicts committed the crimes on April 13, 2012 after conspiring to kill one Jacob Ajayi for money ritual. The headless body of the deceased was recovered from the septic tank while his genitals and parts of his leg had been removed. Counsel to the convicts, A.O Oluwole pleaded with the judge to temper justice with mercy. Justice Akano found them guilty on the two counts preferred against them and sentenced them accordingly as count one conspiracy attracted 14 years imprisonment for each of them and sentenced them to death by hanging for murder.

Microfinance Bank Robbed in Calabar

A gang of armed robbers numbering about seven yesterday attacked a Lift AbovePovertyOrganisation(LAPO)MicrofinanceBankbranchlocatedalong Yellow Duke Street by Ekpo Abasi Street in Calabar South, Cross River State.

An eyewitness account stated that the armed robbers who stormed the microfinance bank, carted away huge sums of money during their operation.

Aside from carrying away money, it was gathered that a customer was shot by the men of the underworld and was rushed to an undisclosed hospital for treatment. “The boys, seven in number, just stormed the LAPO Microfinance Bankaround4p.m,inasmallvehicle,wheretheyoperatedforover30minutes.

They even shot someone in the process.When they were done they came out to the road and started shooting in the air. Everybody scampered to safety and they stopped a taxi that was just passing buy and snatched the vehicle.

After that some of them entered the car they came while the remaining entered the taxi they just snatched and escaped,” an eyewitness who pleaded not to be mentioned said. Commenting on the incident, Cross River State Police Public Relations Officer, ASP Irene Ugbo, said the police command in the state had been informed about the matter. Ugbo said the police got a call that a robbery attack was ongoing and immediately deployed its men to the scene of the incident. He said though no arrest has been made; the police was investigating the incident.

Police Gun DownTwo Armed Robbery Suspects in Lagos

DEMOLITION EXERCISE

Officials of Lagos State Ministry of the Environment Special Sanatation Task Force during the demolition of illegal shops and buildings erected on canal at Oladosu Street area of Toyin Street, Ikeja, Lagos......yesterday Kola Olasupo

N6.8bn Fraud: NAMA Boss, Five Others Get New Trial Date A Federal High Court in Lagos yesterday fixed December 2 for the trial of a former Managing Director of the Nigeria Airspace Management Agency (NAMA), Ibrahim Abdulsalam.

Abdulsalam is charged alongside six others over alleged stealing and conversion of the agency’s money amounting to N6.8 billion.

The other accused are: Adegorite Olumuyiwa, Agbolade Segun, Clara Aliche, Joy Adegorite, and two limited liability companies, Randville Investment Ltd, Multeng Travels and Tours Limited.

They are being prosecuted by the Economic and Financial Crimes

Commission (EFCC).

The case, which on September 21, was adjourned to November 8, 9 and 10 was yesterday fixed for December 2 following the absence of the prosecution who had written a letter to the court informing it of its absence. The prosecutor, Mr. Rotimi Oyedepo, was said to be before an appellate court for another matter, and so, the trial judge, Justice Babs Kuewumi, fixed the new date for the case.

The EFCC had on April 7, arraigned the NAMA boss, three directors of the agency and the wife of one of the directors, before the court.

They had all pleaded not guilty to the charge. The charge was subsequently amended to include three more accused persons, and all accused persons where re-arraigned on April 12.

They again, pleaded not guilty to the charge, and were admitted to bail in the sums of N20 million each, with two sureties each in like sum.

In the charge, the EFCC alleged that on August 19, 2013, the accused conspired to induce NAMA to deliver the sum of N2.8 billion to Delosa Ltd, Air Sea Delivery Ltd and Sea Schedules Systems Ltd. It was alleged that the delivery

was under the pretence that the money represented the cost of clearing NAMA’s consignments.

It was also alleged that between Jan. 2 and Dec. 17, 2013, the defendants allegedly converted N191 million belonging to NAMA, to their private use.

They were said to have also converted N728 million between 2013 and 2015, as well as other sums.

The alleged offence is said to have contravened the provisions of sections 8 (a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 and punishable under Section 1 (3).

The Isolo Police Division of the Lagos State Police Command yesterday gunned down two armed robbery suspects at the Okota area of the state, who had shot and robbed a motorist. The deceased suspects were part of a four-man armed robbery gang who operating on motorcycles, had first shot at their victim, before proceeding to rob him. The victim was robbed while buying fuel at Y.T.K. fuel station at Oke Afa bus stop, when the armed gang blocked and robbed him. Confirming the incident, the state Police Public Relations Officer, Dolapo Badmos, said the police acted immediately upon receipt of the information.

She said: “Information was received from members of the public that some armed robbers operating on two motor cycles fired at a man while buying fuel at Y.T.K filling station by Oke Afa bus stop, Isolo and snatched away and undisclosed amount of money and were heading towards Okota. “Upon receipt of the information, the DPO, Etim Godwi, mobilised the foot patrol and vehicular patrol men who chased the robbers to Limca Way, Isolo where two of the robbers on sighting the police team opened fire while the police responded.

“Two of the robbers fell in the gun duel while two others fled. Two Barreta pistols and 19 rounds of ammunition were recovered from them together with the sum of N250,000. “A boxer motorcycle with registration number: FKJ 718 QH used by the robbers was recovered to the station. “The victim of the armed robbery attack is recovering in the hospital from the bullet wound he sustained while effort is on to apprehend the fleeing suspects. “The command remains resolute in ridding the state of criminal elements.”

Anambra Govt Seals Four Illegal Health Centres in Onitsha

The Anambra State Ministry of Health, has sealed off four unregistered and illegal health institutions in Onitsha. The Health Institutions are God’s Victory hospital and maternity, located at No. 10 Ogigi Street, off Isiokpe Street, Ugwuagba Obosi; Cheznik Medical Diagnostic Laboratories and Research Centre at No. 35 Utuh Street Awada; Denco Clinic and Laboratory as well as Angels of God, Hospital Complex, located at No. 36 Mgbemena Street also at Awada. The seal off exercise became necessary following the inspection of health facilities at Onitsha and environs by the Ministry of Health.

Speaking while monitoring the facilities, the leader of the team and the state commissioner for Health, Dr. Joe Akabuike, reiterated the readiness and determination of the ministry to flushing illegal health operators out of the nooks and crannies of the state. He emphasised that the law will take its course on such illegal health establishments.

At most of the facilities monitored, the commissioner condemned the unhealthy and poor sanitary condition of the hospitals and lamented a situation where people endanger their lives, in accessing health care services. Speaking to the press after the inspection tour, the Director of medical services, ministry of Health, Dr. Azubuike Nweje, explained that the tour was aimed at re-certification of health care facilities in the state. According to him, the checklist to fish out such illegal facilities will be a continuous process, even as he advised the citizenry to be careful in their quest for health care services.

54

WEDNESDAY, november 9, 2016 • T H I S D AY

WEDNESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

C O U N T D O W N AGA I N ST A LG E R I A

Osinbajo Urges S’Eagles to Overrun Algeria Algeria FA boss pumps players to clip Eagles’ wings Olawale Ajimotokan in Abuja and Femi Solaja In a surprise visit to the national team training section, Vice President Yemi Osinbajo (SAN) yesterday charged the Super Eagles to beat Algeriain Saturday’s Russian 2018 qualifier in Uyo, The nation’s number two citizen was accompanied on the visit to the National Stadium, Abuja Practice pitch by Minister of Niger Delta Affairs Uguru Uguru and Youths and Sports Minister Solomon Dalung, where he was introduced to the full house Super Eagles 23-man squad led by captain John Mikel Obi in the evening training session in Abuja.

While the Super Falcons are preparing for the 10th Women Africa Cup of Nations taking place in Cameroon 19th November – 3rd December this year, the Super Eagles are getting set for Saturday’s 2018 FIFA World Cup qualifying match against AlgeriaEagles after their workout.

He said the Eagles had demonstrated their capability to qualify for Russia 2018 in the aftermath of their 2-1 win over Zambia in Ndola, adding that the whole country would support their quest to qualify for the World Cup. “Beating the Zambians in Ndola, I think that was an incredible feat. You have shown that we are certainly going to pull through to the World Cup. We are not just going to get to Russia, we are going to come back with the kind of victory that will stun the world,” Osinbajo said.

He added that government would support the aspiration and ensure that the Eagles compete in the best situation possible.

“Algeria is going to be a stepping stone. I know that you guys are all set and prepared to go. And frankly I think that we have everything that it takes to win and to win very, very

Vice President, Yemi Osinbajo (third from left) with the Minister for Youth and Sports Barr. Solomon Dalung (third from right) and other officials of Nigeria Football Federation (NFF) during the visit to Super Eagles training session yesterday evening decisively. So we have all our hopes and all of our aspirations and we place them very squarely on your very able and robust shoulders and we will be looking forward to victory.

“You are a great team and a disciplined one too. Just following what has happened so far in this world cup qualifier I think you have proved that you are definitely going to make it through.

Meanwhile, the President of Algeria Football Federation (AFF), Mohamed Raouraoua, has charged the national team to secure maximum points against Super Eagles on Saturday.

Aftermath of the frustrating 1-1 scoreline with visiting Indomitable Lions of Cameroun on Match Day one, the FA boss is of the opinion that only full points against Super Eagles will keep this team in touch with reality of qualification for the tournament in 2018 in Russia.

“You have a duty to come back with a positive result from

NSA 2016: Organisers Prune Down Awards Package The down turn in sporting excellence in the out going year has forced the organisers of the annual Nigeria Sports Awards (NSA) to reduce the categories of awards from 19 to just 11.

The Executive Director, Unmissable Incentives Limited, Mr. Kayode Idowu, said yesterday in Lagos that the purpose the event would be defeated if the organisers have to continue with the laid down categories in the wake of in activities in the out going year.

He however explained that special recognition would be accorded past sporting heroes at the 5th Nigeria Sports Award billed for December 2 at the Eko Hotel & Suites on Victoria Island.

According to Idowu, the recognition is auspicious and aims at adding colour to the event.

“The awardees are exclusive to us as organisers and they will be known on the awards night,” Idowu explained, adding that the suspense was intended to arouse interest among stakeholders in the country.

“It is a fact there are many sports heroes who had served Nigeria in various capacities and we are convinced that the six awardees that we have selected will be acceptable to all Nigerians,” he said.

Idowu, however, expressed dismay at the poor turnover of sports accomplishments in the Nigeria in the outgoing year.

the match against Nigeria. It is mandatory. We must win there,” Raouraoua told the players on Monday, as quoted by Le Buteur.

“All the Algerian people are behind you. They support you and hope for a good result in Nigeria. We must not disappoint, it’s all I can say,” added the Algerian FF president.

“The World Cup is an important event that should not

be missed. You should know that everyone is behind you.”

In a related development, the Akwa Ibom State Government has announced that tickets for the match will go for the sums of N1000 and N500 for covered seats and popular side respectively.

The Permanent Secretary in the Akwa Ibom State Ministry of Youth and Sports, Mr. Nse Edem stated yesterday that:

“Given the importance of the match and the high expectation of Nigerians, the match tickets are certainly worth more than what they are being offered.

“However, His Excellency, the Executive Governor of Akwa Ibom State, Mr. Udom Emmanuel has charged the Organising Committee headed by the Secretary to the State Government, Sir Etekamba

Umoren to make the tickets affordable so that we can have a full house to cheer the Super Eagles on the day.”

Edem, who is also Chairman of the Media and Publicity Committee for the big game, assured that the Akwa Ibom State Government, working in harmony with the NFF will deliver a hitch –free game on Saturday.

A’Ibom Govt Procures 20,000 Jerseys for S’Eagles Fans Okon Bassey in Uyo The national colours will be prominent at the Godswill Akpabio International Stadium, Uyo, Akwa Ibom State as the State Government had procured 20, 000 jerseys for distribution to football fans as part of support for the Super Eagles in this weekend’s World Cup qualifier.

Chairman of the Publicity sub -committee of the LOC, Mr Nse Edem who briefed newsmen in Uyo, Akwa Ibom State capital yesterday said the committee chaired by Secretary to Akwa Ibom State Government, Mr Etekamba Umoren also

include a medical, security, accommodation and marketing and would be coordinated by veteran sports journalist, Paul Bassey.

According to him, the LOC has put in place measures to ensure that lapses observed in the last AFCON qualifier against Tanzania also played in Uyo do not reoccur.

His words, “As far as we are concerned there will be no excuses for failure because we have learnt our lessons from the last AFCON qualifier played in Uyo and we have put every arrangement in place to ensure they don’t reoccur again,” he

remarked.

Edem who is also the Permanent Secretary in the State Ministry of Youths and Sports said sales of ticket commences today (Wednesday) at designated places in the state and would also be made available to fans in other parts of the country.

He assured that 200 stewards have been mobilised to ensure the safety of fans while the supporters clubs of local teams in the state would also be mobilised to compliment the Nigeria Football Supporters Club to cheer the Super Eagles to victory.

“As far as Akwa Ibom state is concerned there will be no margin for errors for this weekend’s qualifier and we are confident that Uyo will host all the Super Eagles home matches for the Russia 2018 World Cup qualifiers”, he added.

Meanwhile, the State Governor, Mr. Udom Emmanuel has review the 10 years maintenance contract of the Stadium with Julius.

Immediate past administration of the state under Godswill Akpabio had signed the 10 years contract with Julius Berger for the maintenance of facilities in the ultra-modern stadium.

NSSM Tasks NIS,Varsities Gov Ikpeazu Salutes FC IfeanyiUba, Enugu Rangers on Way Forward Abia State Governor, Dr Okezie Ikpeazu, has congratulated Ifeanyi Uba Football Club on their recent victory in the 2016 Federation cup competition.

The Governor also congratulates the management and players of Enugu Rangers FC Enugu for breaking 30 years jinx to win the Nigerian premier league.

The Governor believes that the well deserved victory of Ifeanyi Uba FC makes a compelling case for private sector support and partnership

with government in sports development in Nigeria.

He therefore calls on wealthy citizens and companies to invest in the growth and development of sports.

The Governor commended the proprietor and members of Ifeanyi Uba FC for the feat, and for demonstrating that the private ownership and management of football teams in Nigeria is the way to go in order to win laurels, create jobs and sustainably manage clubs, as practiced in Europe.

The Nigerian Society for Sports Management (NSSM) has called on the National Institute for Sports (NIS) to be alive to its responsibilities if the country’s sports must rediscover its past glory.

According to the sports body in a five-point recommendation in its equally five-point communique after its recent meeting held at the University of Ibadan recently, authorities at Nigerian universities should also synergize with the NIS with a view to harmonizing various sports policies in the country.

The NSSM also stressed the need for what it called scientific training and re-training of sports personnel for effective delivery across board.

“Physical education curriculum needs to be diversified into areas of specialization that could improve the professionalization sports careers and production of sports graduates that could contribute to the nation’s development plans,” the NSSM recommended, stressing: “Modalities on how sports and recreational facilities will be maintained should be included in planning the blueprint.”

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T H I S D AY • WEDNESDAY, NOVEMBER 9, 2016

WEDNESDAYSPORTS E U R O P E W ’C U P Q UA L I F I E R

Kane Warns England Players against Scotland England’s striker, Harry Kane has warned fellow players to remain calm if they are to beat Scotland in what is likely to be a “heated” 2018 World Cup qualifier.

England, who are top of Group F after three games, host fourth-placed Scotland at Wembley on Friday - the 113th meeting between the two nations.

“We’ve got to keep cool and keep focused,” said Tottenham striker Kane.

“It isn’t like another game where, if you lose, it doesn’t matter and you don’t hear about it too much.”

The two countries will meet for the first time in a competitive match since their two-legged Euro 2000 play-off in November 1999.

The match is a 90,000 sell-out with Scotland expected to be backed by around 10,000 fans.

“We have to use the atmosphere to our advantage,” said Kane. “We have to use all the positive energy and that passion to win the game.

“We know the Scottish players, we have Scottish friends who will make it heard if they beat us, so we obviously don’t want that and we’ll do all we can to try to win the game.

“There are going a lot of heated moments and tackles flying in, but we’ve got to keep cool and keep focused.”

Kane, 23, believes he is fit to start against the Scots after making his comeback at the weekend following a seven-week lay-off with an ankle injury.

England interim manager Gareth Southgate said the Tottenham striker would be carefully assessed after playing most of Sunday’s 1-1 draw at Arsenal.

“The test was to see how I got on on Sunday. I played 70 minutes and felt good,” said Kane, who scored Spurs’s equaliser from the penalty spot.

“I’ll be training hard this week to try and get in the team for Friday.”

Barca Appeal Messi’s Yellow Card Barcelona have announced they will appeal the yellow card given to Lionel Messi during the team’s 2-1 win over Sevilla on Sunday.

The Argentinian forward was booked during the second half of the La Liga game for time wasting as he attempted to put his boot back on after it had come off following a challenge from Sevilla’s Steven N’Zonzi.

A statement from Barcelona read: “The club have presented an appeal against the yellow card that Leo Messi received on Sunday n the match against Sevilla at the Sanchez Pizjuan,

which Barca won 2-1 thanks to a goal from the Argentine.”

Barcelona coach Luis Enrique explained after the game that Messi’s laces were broken due to N’Zonzi’s foul and that is why the player could not put the boot back on immediately.

Barca striker Neymar was also booked on Sunday and is one card away from a ban. Uruguay forward Luis Suarez will miss the team’s home game against Malaga on November 19 after picking up his fifth yellow card of the campaign during the encounter at Sevilla, resulting in an automatic one-game suspension.

2016 Glo-CAF Awards Promo Elicit Excitement among Nigerians Nigerians across the country have been applauding the 2016 Glo-CAF Awards promo recently launched by next generation network, Globacom.

The 2016 Glo-CAF Awards gala, a Silver jubilee edition marking 25 years of CAF Awards will be held at the International Conference centre, Abuja, Nigeria on 5th January, 2017 and over three hundred Nigerians will have a chance of attending the prestigious event through the newly introduced promo.

A cross section of subscribers who spoke to the media commended Globacom for introducing the promo and giving Nigerians the opportunity to be part of the event where they will meet and interact with African football icons at the International Conference Centre, Abuja.

Chukwudum Anosike, an I.T executive with Savvytech Services in Lagos stated that “I will definitely exceed the N25, 000 credit benchmarked for getting invite to the next Glo-CAF Awards in Abuja. I normally use about N20, 000 monthly and that will be about

N60, 000 by the end December.

Hopefully, I will get an invite.”

Also, Akor Daniel from Makurdi, said “Globacom has made it simple for Nigerians, it is now left for us to use N25, 000 and be part of the 2016 Glo CAF Awards. I will be very happy if I eventually make it to the next edition of the Awards.”

A Lagos-based football fan and real estate consultant, Christian Ikponmwosa described the 2016 Glo-CAF promo as “New year present from Glo to football lovers in the country”, adding that “I was lucky in January 2015 when I won an invite under the Reserve your seat at the 2014 Glo-CAF Awards promo and look forward to winning again this year to be able among those attending the 2016 edition.” ”The Silver Jubilee of CAF Awards is another golden opportunity to appreciate and reward our subscribers who have been the brand’s pillar of strength over the years for their patronage and support and we have packaged the promo for them exclusively, ” Glo said at the launch of the promo recently.

Messi (left)

Pacquiao Returns to Manila for Politics With another world title won, Filipino boxer Manny Pacquiao touched down in Manila yesterday keen to get back to the real work of politics.

The 37-year-old senator claimed the WBO welterweight title with a unanimous points victory over American Jessie Vargas in Las Vegas on Saturday, his first bout since April.

“I went back after the fight because there is still work at the office and I’m excited to get back to work,” Pacquiao, wearing a flower garland, told reporters at the airport alongside Philippine National Police chief Ronald Dela Rosa.

“So boxing is done, set aside for now, and just focus on work.”

The southpaw, winner of world titles in eight different weight divisions and the first sitting senator to win a world boxing championship, has not ruled out fighting again.

The former congressman, who has a 59-6-2 win-loss-draw record, said after Saturday’s bout that he would like a rematch with retired American Floyd Mayweather Junior who beat him last year.

WBO welterweight champion Jessie Vargas (L) of Las Vegas takes a hit from Manny Pacquiao of the Philippines during their title fight at theThomas & Mack Center in Las Vegas, Nevada, U.S.A reuters

Ordega: S’Falcons Focused on Retaining AWCON US –based attacking midfielder Franscisca Ordega has declared that the main goal of the team is to retain the Women Africa Cup of Nations trophy in Cameroun.

Ordega, who plays for Washington Spirit in the USA, also expressed her happiness over the level of preparedness of the team for the AWCON championship starting on Saturday, 19th November in Cameroon.

The midfielder who hopes to increase her 26 international caps at the continental championship

told thenff.com: “The goal for us is that we want to retain the Cup in Cameroun. Not just to participate, but to win and return the trophy back home.

“I am impressed with what I have seen since I arrived in camp.

You can see every player fighting hard for her spot. Everyone is putting effort into whatever the coaches instruct us to do, because everyone here knows and understands the importance of the task ahead.

“We are promising Nigerians that we will give our best in Cameroun

to achieve this common goal of ours. And we also need every Nigerian to pray for us to succeed,” she concluded.

Ordega has represented Nigeria at all levels. With the U17, she featured at the 2010 FIFA U17 Women’s World Cup in Trinidad and Tobago and with the U20 at 2012 FIFA U20 Women’s World Cup in Japan. At senior level, she played at the FIFA Women’s World Cup tournaments of 2011 and 2015.

She opened her World Cup account by scoring Nigeria’s equalizing goal against Sweden

in Winnipeg, Canada in June 2015.

The pulsating match ended 3–3.

She was also part of Nigeria’s squads at the African Women’s Championship of 2010 and 2014, winning gold at both tournaments.

All invited players have now arrived at the team’s camp in Abuja, with the arrival on Tuesday of Arsenal Ladies’ ace Asisat Oshoala, captain Evelyn Nwabuoku and France –based Desire Oparanozie, as preparations hit a new gear for the championship taking place 19th November – 3rd December.

Wednesday November 9, 2016

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Price: N250

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MISSILE

PDP to FG

“We totally disagree with the APC-led federal government on this latest move and call on President Muhammed Buhari to first and foremost explain to Nigerians what his administration has done with the so called recovered looted funds and how far the 2016 budget is fairing. Also, President Buhari must itemise what he intends to finance with this proposed borrowing of almost $30 billion instead of lumping it up in a coded term and plunge the nation’s future into debts.” – The Peoples Democratic Party (PDP) expressing its opposition to the plan by the federal government to borrow N429.96 billion over the next three years.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Oshiomhole For the People!

T he people jubilated when the mandate given to Comrade Adams Oshiomhole in the 2007 gubernatorial election in Edo State was restored on November 12, 2008. It is historically fitting that the same people would have cause to bid him a very cheery farewell from the government house on Saturday when he will hand over the reins to his successor, Mr. Godwin Obaseki. That is how it should be for a people’s governor. Among the placards in the spontaneous rally that followed the court verdict eight years ago was a memorable one that described Oshiomhole as “The Obama of Edo State.” The judicial validation of Oshiomhole’s election coincided with the election of Barack Obama as the first black president of the United States of America. The point made by the placard was that the emergence of Oshiomhole as Edo State Governor would be a turning point in the politics of the state just as the significance of Obama’s election promised to be of immense historical proportions.

Oshiomhole’s background as a combative labour leaders fuelled the huge expectations in many quarters. His election had generated interests beyond the boundaries of Edo State, as not a few other Nigerians were curious about how he would perform as governor. Doubtless, looking back to the last eight years, the tenure of Oshiomhole as governor of Edo Sate has indeed moved the state many steps forward on the path of progress.

It is safe to predict that the verdict of history would be that Oshiomhole has served the interest of the people. As a man of action, Oshiomhole has held steadfastly to the organising principle behind his activities; that is the principle of putting the people first in taking policy steps.

It was the same principle that guided his earlier trade union career. So his class origins shaped his application of this organising principle. He got the opportunity in Edo state to show that the name of the people should not be invoked in vain as some members of the political establishment often do with reckless abandon. By sheer force of example, Oshiomhole has categorically put a lie to the cliché orchestrated by the liberal socio- political elite that activists never do well in governance.

The elite would lecture you ad nauseum how writing a placard to say “No” to government is different from sober policy conceptualisation and careful implementation. They often dismiss activists seeking political office contemptuously as being illusory in their ambition. But as Oshiomhole himself once put the matter squarely, “one man’s idealism is another man’ s reality.”

By demonstrating his true mettle, Oshiomhole

OUR ERROR On the back page of the November 7, 2016 edition of the newspaper, we inadvertently used the wrong photograph for the late political economist, Mr. Claude Ake. The mix up is highly regretted.

Claude Ake - Editor

Oshiomhole has proved that the hiatus often claimed between activism and governance is actually a false one.

In fact, activists should govern so that the ideals they profess so passionately could be put to test.

The tests came up severally during Oshiomhole’s tenure. In his many battles, he has upheld the moral fabric of the politics of Edo State. His tenure has brought some sanity and civility into the political landscape of the state. It is most unlikely that the people would ever allow some political merchants to take them for a ride again. This point has come out forcefully in Oshiomhole’s oratory as the “fight against the political godfathers.” In retrospect, it was an inevitable war Oshiomhole had to fight if the severely limited resources of the state would have to be devoted to the execution programmes that would benefit the people.

The evidence abounds all over Edo State today that Oshiomhole’s policy choices have benefitted the people. He rejected the option of servicing a cynical political elite with the resources. Instead, Oshiomhole has chosen to put the money in building quality “red-roof” schools, well-equipped hospitals, solid roads and an exemplary fight against erosion that ravaged the state. Quality services in the social sector and infrastructure should be accessible to the people. And you cannot do that when the government outsources its responsibility for developing public schools and health institutions. Even the fiercest of his opponents and critics cannot deny the quantity and quality of the developmental projects. What is more, the areas where Oshiomhole’s government recorded progress were the sectors that suffered

terrible decay before he came into office.

For Oshiomhole, policy choices are not value free in the face of limited resources. Forget the technical arguments to the otherwise by our experts.

The truth is that in making the choices, there are trade-offs. The question is simply this: to whose benefits are the trade-offs? So, like President Muhammadu Buhari rightly acknowledged while commissioning an ultra-modern hospital in Benin two days ago, Oshiomhole preferred building such a magnificent public healthcare institution to building a “befitting” state house. Oshiomhole elected to rescue a whole area of Benin sacked by erosion by investing in a massive drainage system instead of concentrating resources in the Government Reservation Area (GRA). This policy choice has naturally engendered the utter disgust of the elite, some of whom resisted payment of property tax, in the first place. His government focussed on linking up the rural areas with well-built roads and bridges. If there is a reason to choose between the area of the poor and that of the rich in the allocation resources for development.

Oshiomhole would rather be in favour of the poor people who are, in any case, in the majority.

Now this is socially legitimate and democratic.

A segment of the socio-political elite has fought him unyieldingly because of this “sin” of bias for the people. The prognosis is that the fight may continue even after he ceases to be governor.

For this segment of the elite development merely means their maximum comfort and government satisfying all their selfish interests. This segment of the Edo elite, of course, has many reasons not to forgive Oshiomhole. The good news,

however, is that it is for the same reasons that the people hail him as their hero.

To be sure, the development of Edo state is far from being a finished business. Oshiomhole himself is the first person to stress this obvious fact despite his achievements. He is leaving Edo State government with the state far better than he met it. He has expressed optimism that Obaseki would even do better than him while consolidating on people-centred development and avoiding his mistakes.

No person in the saddle, of course, is perfect.

Oshiomhole made his own mistakes. He had his dilemmas. Some strategic goals could have been better achieved with different tactics. For instance, one day he got exasperated with street traders constituting environmental nuisance on Benin major roads. He told one of them, a widow, “to go and die.” This expectedly generated uproar.

Promptly, the governor took steps to correct the grave error. Oshiomhole later invited the widow to the state house and offered her apologies in the presence of other ladies. The lady was given some money to get a proper shop. Her son got a scholarship. She was enlisted into a team helping government to against street trading. The refusal of Oshiomhole’s government to pay some judicial workers on strike would remain controversial.

All told, a judicious assessment of his performance would readily return a clear verdict that Oshiomhole conscientiously worked for the people. By that he has done progressive politics proud. He has demonstrated the possibility of his working class roots with which he remains firmly connected.

Oshiomhole is leaving Edo State government with the state far better than he met it, having worked for the people.

He has done progressive politics proud

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