Monday 14th November 2016

FG to Refund Each State N20bn for Federal Projects Finance ministry says it’s unaware of payments Damilola Oyedele in Abuja The Speaker of the House of Representatives, Hon. Yakubu Dogara, has disclosed that the federal government will refund about N20 billion to each state for funds they had spent on

federal projects in their states.

Dogara made the disclosure when he paid a courtesy call on the traditional ruler of Ogwuekpele in Anambra State, Igwe Valentine Onyema Ogidiga, at the weekend.

According to a statement

by his Senior Special Assistant on Media and Publicity, Mr. Iliya Habila, Dogara urged the states to further deploy the funds to providing more critical infrastructure when they get the refund.

“With regard to debts

being owed the states, I can announce that very soon, a chunk of that money will be given to the states. It is being processed and I know that no state will get less than N20 billion from the money that is coming.

“That will be something substantial in the hands of the governors. They will be able to translate that money into development so that they support the diversification programmes of the federal government,” Dogara said.

He also addressed the concerns expressed by the traditional ruler on decaying infrastructure in the state, promising that the federal government was planning Continued on page 10

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Tinubu Faces Dilemma over Ondo Governorship Poll AD candidate, Olusola Oke gets party’s flag today Onyebuchi Ezigbo in Abuja and James Sowole in Akure Following the selection of Mr. Rotimi Akeredolu (SAN) as the candidate of the All Progressives Congress (APC) in the November 26 governorship election in Ondo State, former Lagos

State governor and National Leader of the ruling APC, Chief Bola Tinubu, is faced with a dilemma over who to support.

Tinubu, sources close to the former governor informed THISDAY, is torn between Continued on page 10

Fayose: Buhari Won’t Appoint Onnoghen as Substantive CJN

Victor Ogunje in Ado Ekiti

Ekiti State Governor, Mr. Ayodele Fayose, has expressed reservations over the nonappointment of Justice Walter Nkanu Onnoghen as the substantive Chief Justice of Nigeria (CJN), claiming that his appointment in an acting capacity was “a grand plot to deprive him of his welldeserved appointment as CJN because he is from the South-south region”.

The governor also raised the alarm over those he branded

as the cabal in the Presidential Villa, saying they might want to hold him (Onnoghen) by “the jugular, using his confirmation as substantive CJN to get him to assist them to pervert justice”.

Sequel to the retirement of Justice Mohammed Mahmoud, Onnoghen was sworn in by President Muhammadu Buhari last week Thursday as the acting CJN of the country, which was a novel idea in the judiciary.

Continued on page 10

GATHERING FOR OBASEKI…

Former Ogun State governor, Chief Segun Osoba; the outgone Edo State governor, Mr. Adams Oshiomhole; and Chairman of United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, during the swearing in of the new Edo State governor, Mr. Godwin Obaseki, in Benin… weekend

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PAGE TEN TINUBU FACES DILEMMA OVER ONDO GOVERNORSHIP POLL his allegiance to his party and throwing his weight behind Chief Olusola Oke, the governorship candidate of the Alliance for Democracy (AD) in the Ondo election.

Tinubu has been extremely unhappy with his party over the outcome of APC primary, following the defeat of his preferred candidate for the Ondo election, Mr. Olusegun Abraham.

His belief was that there was a gang up by those opposed to him in the APC who allegedly manipulated the primary in order to ensure that Abraham lost to Akeredolu by 669 votes last September, leading to an outcry that the primary was flawed.

Even after an appeal panel that was set up by the ruling party to review the outcome of the primary

recommended the conduct of a fresh primary, the national APC leadership ignored the decision of the panel and chose to field Akeredolu as the candidate of the party in the Ondo election.

The decision of the APC leadership drew a scathing rebuke from Tinubu who accused the National Chairman of the party, Chief John Odigie-Oyegun, of being compromised and demanded his resignation.

Despite Tinubu’s anger and call for Oyegun’s resignation, he was ignored by the party, which led the former Lagos governor to ignore most major meetings and events held recently by the APC. Seeing that he could not get the party to do his bidding, a source informed THISDAY yesterday that Tinubu might have now decided to back

Oke in the governorship election in Ondo State.

His decision has been galvanised by the solidarity rally by his supporters in Lagos State at the weekend who believe that Tinubu, as the leader of the APC who worked assiduously for the merger that led to the creation of the party, was being sidelined.

Furthermore, the source said Tinubu’s decision to back Oke instead of Akeredolu stemmed from the fact that the APC chieftain also lost out in the Kogi governorship election when his pick, Hon. James Faleke, was ditched by the party in favour of Yahaya Bello as the governorship candidate of Kogi after the death of Abubakar Audu before the conclusion of the election.

“Although he largely

ignored what happened in the Kogi election, following Abubakar’s death, he believes that the party’s decision to settle for Rotimi Akeredolu was an insult taken too far, hence his consideration of Olusola Oke,” the source explained.

However, the source divulged that as Tinubu mulls the options before him, the call on who to back will not be an easy one.

“He cannot be in APC and be fighting the party at the same time, so this is a tough call for Tinubu after being at the vanguard that led to the creation of APC in 2013 and its subsequent victory at the 2015 general election,” he said.

The source further divulged that Tinubu is also being propelled to support Oke in the election because of

his closeness to the Director General of the Olusola Campaign Organisation, Mr. Bola Ilori, who has been begging the former Lagos governor to throw his political weight and clout behind Oke. He added that President Muhammadu Buhari will also be in Akure, the Ondo State capital, next Saturday to support Akeredolu ahead of the governorship election, but Tinubu will be conspicuously absent at the event.

Tinubu, it was gathered, is still outside the country, having departed the United States of America for the United Kingdom at the weekend.

Meanwhile, Oke will today be presented with the flag of the AD by its national leadership.

Ilori disclosed the decision

TOP COPS ON THE PROWL

Lagos State Police Commissioner, Mr. Fatai Owoseni (second left), welcoming the Inspector General of Police, Ibrahim Idris (right), at the Murtala Mohammed International Airport, Lagos, after his arrival yesterday from Bali, Indonesia, where he attended an international conference hosted by Interpol. chiemelie ezeobi

FAYOSE: BUHARI WON’T APPOINT ONNOGHEN AS SUBSTANTIVE CJN In a statement issued in Ado-Ekiti by his media aide, Lere Olayinka, Fayose said it was strange that despite the fact that the National Judicial Council (NJC) recommended only Justice Onnoghen to Buhari for appointment as the CJN, in line with its rules since October 13, 2016, his name was not sent to the Senate for confirmation.

The governor said that this was the first time Nigeria would have an acting CJN despite the fact that Justice Onnoghen’s name was sent to Buhari early enough.

He said: “At the time the NJC recommended Justice Onnoghen to President Buhari, it was 28 clear days to the November 10, 2016 retirement date of Justice Mahmud Mohammed.

“Why then was his (Justice Onnoghen) name not sent to the Senate for confirmation? Why appoint him as acting CJN when his name should have been sent to the Senate between October 13, 2016 when he

was recommended to the president and November 10, 2016 when Justice Mahmud Mohammed retired?

“Obviously, there is more to this acting CJN appointment than meets the eye, and in my opinion, it could be that President Buhari never wanted Justice Onnoghen as a substantive CJN because he is from the South-south, or they want to use his pending appointment as substantive CJN to make him do their bidding.”

He lamented that the presidency has subdued the National Assembly and was now in the last stage of muscling democracy by subduing the judiciary.

“If men of good conscience, especially the leading lights in the legal profession refuse to raise their voices against this tyranny, they will all be consumed by the tyrant,” he warned.

Fayose, who said playing politics with the judiciary, especially at the CJN level,

was dangerous to the survival of democracy, urged Justice Onnoghen to do his job without fear or favour, “bearing in mind that it is only God that put people in positions”.

“I am sure those who made sure Justice Onnoghen’s name was not sent to the Senate for confirmation until the tenure of Justice Mahmud Mohammed expired knew what they were doing.

“They obviously needed a situation where the CJN, being in acting capacity, will be subservient to them, using his appointment as substantive CJN as bait.

“However, Justice Onnoghen must live above that temptation of wanting to be the substantive CJN at the expense of the strict adherence to the rule of law and the principles of democracy.

“He must resist any attempt to further gag the judiciary even if that will cost him his appointment as the substantive CJN,” the governor said.

of the AD leadership yesterday in Akure to present the flag to the candidate, who had been going round various parts of the state canvassing votes from the electorate.

Ilori, in a statement, invited all and sundry to join the AD family at the flag off rally of the Ondo State chapter of the party where the national leaders would present the Oke and his running mate with the symbol and authority of the party.

Ilori further disclosed that the event would also avail the party’s flag-bearer the platform to articulate his innovative ideas for Ondo State.

“We want to invite our people to be part of this historic and epoch making event, one that all and sundry have been looking forward to for the benefit of our state and our future.

“The AD as a progressive party and it is poised to bring back the lost glory and restore the fortunes of our dear state, and Chief Olusola Oke and his running mate, Alhaji Ganny Dauda are ready to drive the vehicle of this economic recovery.

“We want our people to troop out and be part of this historic event by coming to witness the dawn of a new Ondo State,” he stated.

Oke also got a boost at the weekend with the promise by the people of Ikare Akoko of Akoko North East Local Government Area in the state, expressing their readiness to support him during the November 26 election.

Oke, whose running mate hails from the neighbouring Akoko North West Local Government, was received by a mammoth crowd when his campaign trail berthed in Ikare Akoko yesterday.

The candidate, who visited the traditional ruler of Ikare, the Olukare, Oba Akadiri Momoh, said he was on a rescue mission to wrestle Ondo people from the clutches of hunger.

FG TO REFUND EACH STATE N20BN FOR FEDERAL PROJECTS massive investment in infrastructure.

“Without capital you cannot invest, so these are the two things that this government is devoted to. By doing so, Nigerians can have enough capital, they will get the needed infrastructure for the establishment of functional industries, for the evacuation of either solid minerals or agricultural products,” he assured his host.

Efforts to get the Minister of Finance, Mrs. Kemi Adeosun, to confirm the release of N20 billion to the states as refund for monies spent on infrastructure projects proved abortive as she did not answer her calls.

However, a senior official in the ministry said he was unaware of plans by the federal government to pay at least N20 billion to the states.

He said: “The ministry is not aware of this plan.

What we know is that claims have been made

by the states on monies spent on federal projects.

“On this, the Minister of Power, Works and Housing, Babatunde Fashola, was appointed chairman of a review committee to verify these claims. The committee is yet to submit its report.

So we are not aware of where the speaker got his information from.”

In another development, the Deputy Speaker of the House of Representatives, Hon Sulaimon Lasun Yussuff, has called on Nigerians to support the Muhammadu Buhari-led administration’s efforts to pull the country out of the current economic recession.

Speaking during the Ilobu Day celebration in Osun State, Yussuff noted that Buhari was working to ensure that the country attains food sufficiency.

“It is wrong spending several trillions of naira on the importation of rice annually, whereas we could produce some of these agricultural products and even export them for

foreign exchange. The president is making frantic efforts on how to correct these anomalies,” he said.

Yussuff also assured the people of Osun that rehabilitation work would soon commence on the Osogbo-Ogbomosho federal road.

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COMMENT

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

THE AMERICAN ELECTION AND NIGERIAN VIRTUAL UMPIRES

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Emmanuel Ojeifo argues that Nigerians should pay more attention to challenges at home

he quadrennial election of the President of the United States of America generates a lot of lively interest than any other presidential election in the world. That is understandable. Many people believe that the stability of American democracy is of strategic importance to the health of many, if not all, nations of the world. More than being “God’s own country,” America prides itself as the most powerful nation of the world and the home of hospitality and diversity, with a vast concourse of humanity from every part of the globe.

That is why the eyes of the world turn to America whenever the race for the Oval Office starts. One other reason why the 2016 U.S. presidential election became a subject of interest in the living rooms of the world was the political and moral polemics it accentuated between the two major candidates and their millions of supporters. Many people said they had not seen such venomous level of bigotry and hate in the last half century of American democracy.

As expected, Nigerians at home and abroad took it upon themselves to play the unsolicited role of virtual electoral umpires on the U.S. presidential election on social media, albeit the embarrassing ignorance that some of them display in understanding the matrixes of political ideology and international politics. Obviously, it is a plausible thing that many Nigerians are interested in and connected to major developments in international affairs. With the new digital wave of information and communication technology, events happening in far-flung regions of the world are only a click of the mouse away or a press on the button of the TV remote censor.

However, I reason that if the many Nigerian commentators on the American presidential election put a quarter of the same passion, energy, and intellect to home-based politics as they do to international politics, Nigeria will be better for it.

Following the highlights of the U.S. election on social media, I could not help but feel outraged by how fellow Nigerians were falling on one another to voice their considered opinion on a matter that is clearly of no immediate personal importance to them. It reached paranoid level when we started trading words and throwing insults at one another over the rights of other people to freely elect the leader they chose. By any stretch of the imagination, Nigerians cannot even feign the illusion to love America more than the Americans themselves.

So why have we suddenly developed a misplaced patriotism that seems to love another man’s country more than we love our own? Who has made us judges and arbitrators of American claims?

I have been fortunate to be on American soil during the period leading up to the presidential election and after. I have seen first-hand how much pride Americans have in their country, their irrepressible belief in her greatness and manifest destiny, and their unwavering commitment towards upholding that greatness. All of these patriotic sentiments are inculcated in American kids from an early age and they

IF MANY NIGERIAN COMMENTATORS ON THE AMERICAN PRESIDENTIAL ELECTION PUT A QUARTER OF THE SAME PASSION, ENERGY, AND INTELLECT TO HOME-BASED POLITICS AS THEY DO TO INTERNATIONAL POLITICS, NIGERIA WILL BE BETTER FOR IT

grow up believing that their country means everything to them. In California, I saw a Catholic high school with a bold inscription at the entrance door to its classrooms: “America’s future walks through the doors of this school each day.”

In Stanford University, one of America’s most prestigious elite colleges, I saw how America’s future – the young – are nurtured, groomed and prepared for the dauntingly complex and challenging world of the twenty-first century.

In Nigeria, it would appear that we have surrendered the bulk of our political spaces to shenanigans of all shades and colours. Although the British Council commissioned report, Nigeria: The Next Generation published in 2010 noted that “Youth, not oil, will be Nigeria’s most precious resource in the twenty-first century,” we are still at a loss as a nation as to how to channel the huge demographic dividends that we enjoy for greater national prosperity and progress. Nigerian youths of today remain the most battered and traumatised generation of young people to be blighted by the epidemic of joblessness, helplessness and hopelessness since the end of the civil war. Virtues such as compassion, kindness, sensitivity, cooperation, trust, humility, integrity and truth, which constitute the social capital for democratic governance, are at an all-time low, with reprobate politicians in power.

Running both informed and uninformed political commentaries on American presidential election may be a sign of keeping abreast with developments in international politics, but it is surely not a prize for patriotism. Let us face our country and try to solve the myriad national challenges staring at us in the face: the daily deaths by instalments of Nigerians whose lives have been battered by the indignities of untold poverty and unbearable misery, the terminal ailment called corruption which has brought us to the doorsteps of political and economic Armageddon, the daily rise of indices of suicide, depression and hopelessness among young people who cannot find meaning and purpose in life, the many theatres of ethnic and sectarian conflicts, the anger against the Nigerian political system which has given rise to pockets of youth restiveness across the nation, and the crisis of visionary leadership that continues to haunt us.

Considering the vicissitudes of our present political exigencies in Nigeria, it will do us good to learn something from the Americans, and that something is that democracy is about the freedom to make informed choices about leadership and public policy, and everything else in between, not the square-pegs-in-round-holes leadership selection system that has become our national albatross. As much as we like to abdicate our responsibilities as Nigerians, we must accept the consequences of the choices that we have made in picking our leaders. If things are moving from bad to worse in Nigeria, as many are saying, we now have to agree that a people deserve the leaders they get! Those are the people we freely chose for ourselves!

Ojeifo is a Catholic priest of the Archdiocese of Abuja

AMCON AND THE DEBT RECOVERY CHALLENGE

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AMCON will perform better with more government support, writes Bashir Ibrahim Hassan

ince the global financial crisis of 2008, many nations have adopted a variety of measures to support their financial institutions in various ways.

Three distinguishable measures – capital injection, asset relief and debt guarantee became the trend. For instance Netherlands provided 10.8% of its GDP to support its financial institutions; Belgium provided 11.7%; Germany, 11.8 %; Switzerland, 11.8% while United Kingdom provided the highest in Europe with 16.7% of its GDP. One of the ways the authorities tackled the problem in Nigeria was the creation of Asset Management Corporation of Nigeria (AMCON). The corporation was established as a strategic measure to clean up toxic assets from the financial institutions’ balance sheets (asset relief). As a result, AMCON bought over the non-performing loans (NPLs) from 22 banks in the country. Having taken over the loans and injected fresh liquidity to the banks to enable them continue the business of banking; part of AMCON’s mandate is to go after the obligors with a view to recovering the debts. In the course of this debt recovery effort, AMCON entered into agreements, debt restructuring with the obligors, among others.

And this is where moral hazard comes into play as a good number of AMCON obligors made commitments in bad faith.

Although AMCON intervention is paying off; it still faces some prolonged and winding litigation challenges. Financial analysts believe

that AMCON will perform better with more government support in its operations, which was why the news that the National Assembly recently said it was poised to help AMCON recover its unpaid debts has been applauded by financial experts. AMCON’s establishment was a welcome development that helped stabilised the financial sector in Nigeria. It restored confidence in the financial system in the country. Hitherto, the coming of AMCON, financial institutions were allowed to fail. And with their failure came the erosion deposits fund, job losses and huge investments.

AMCON is stuffed with highly qualified professionals who are doing the work diligently with sharp focus on achieving the mandate of the corporation. Sitting on the driver’s seat of the institution is Ahmed Kuru, a risk management guru of repute. A peep into his career reveals so. He was executive Vice -Chairman, Emeritus Capital Limited, a financial service firm with speciality in international business development focusing in sub-Saharan Africa. Ahmed has passed through so many critical departments in the banking sector. At the famous Bank PHB he was an executive director overseeing critical areas like risk management, compliance, commercial banking, Northern operations, public sector, multilateral agencies and the West Coast, East and Central Africa expansion programme of the bank. Before assuming his current position, Ahmed was the MD/CEO of Enterprise Bank Limited.

The federal government truly needs a tough-built individual like Kuru to lead AMCON at a time like this because AMCON acquired about 12,000 NPLs worth N3.6 trillion from 22 commercial banks, thus saving our banking system at the time. The corporation also provided financial accommodation of N2.2billion and protected about N4.7trillion of depositors’ funds and interbank takings as well as saved approximately 14,000jobs. Its objectives include assisting eligible financial institutions to efficiently dispose of eligible bank assets; efficiently manage and dispose of eligible bank assets acquired by it; and obtain the best achievable financial returns on eligible bank assets or other assets acquired by it.

The peculiar nature of AMCON’s assignment therefore makes it mandatory for institutions of government like the legislature, judiciary and the executive to lend their continuous support to the corporation. This is important in the life of AMCON because misreading of the overall objective of AMCON sends the wrong and misleading signal. Indeed, what AMCON needs from government is full support in its pursuit to recover the taxpayers’ money that was invested in buying up the NPLs. Also critical to the success of AMCON is the maintenance of strict confidence in the institution among its stakeholder and appreciation of the daunting task of debt recovery. No amount of such support is a waste. In fact it is the right step to take.

The fact that top debtors of AMCON

are unperturbed by the huge size of their indebtedness and actually living in opulence, is part of the moral hazard challenges. However, AMCON is making progress. Today AMCON has settled over 56 per cent of the total N3.7 trillion bad debts it had to manage from various institutions. It has also introduced another mechanism to its recovery effort with the involvement of Asset Management Partners (AMPs). The AMPs are consortiums with specialist skills required to ensure recovery and debt resolution from banking, legal, valuation and accounting backgrounds. The move is AMCON’s strategy to resolve over 6,000 accounts with loan balances of N100 million and below. From the look of things, AMCON is trying its best to maintain a delicate balance.

Therefore the willingness of the lawmakers to assist AMCON in its debt recovery effort.

Such recovered money, if injected back into the economy especially at a time like this, would have tremendous impact in the economy. It is for this reason that financial experts are insisting that in carrying their legislative oversight functions, the National Assembly needs to be guided by the rationale behind the establishment of AMCON; the daunting tasks of carrying out its mandate and the achievements so far recorded with the stability of the financial sector. There is also need to make laws that prevent financial recklessness in banks to avoid a repeat of the past.

Hassan, a financial system analyst, wrote from Abuja

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EDITORIAL NIGERIA’S MIGRATION CONUNDRUM

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The country may do well to address the issue of increasing poverty

hile there are serious discussions across the world about the growing challenge of young people who continue to embark on what has become suicide journeys across the Mediterranean Sea, leaders in Africa are still living in denial. But the election, last Tuesday, of Mr. Donald Trump as the President of the United States, and the Brexit vote in the United Kingdom earlier in the year (based essentially on the increasing anti-immigrant sentiments across Europe) should compel a serious action on how to stem the embarrassing tide.

On a daily basis, thousands of children from the continent risk death at sea as they flee their own countries where opportunities are shrinking by the day. More specifically, despite the fact that many of these people actually leave our shores, there has been no coherent response from the Nigerian authorities. That is very worrying.

That perhaps compelled the Deputy Head of European Union (EU) delegation in Nigeria, Mr. Richard Young, to publicly express ON A DAILY BASIS, concerns over the THOUSANDS OF CHILDREN increasing number of FROM THE CONTINENT RISK illegal migrants from DEATH AT SEA AS THEY FLEE Nigeria to Europe THEIR OWN COUNTRIES which rose to 22,500 WHERE OPPORTUNITIES between January ARE SHRINKING BY THE DAY and September this year as against 23,000 recorded throughout last year. While that figure should be of no surprise, given the state of our economy, it is also a notorious fact that many of those people are merely compounding their miseries because what awaits them on the other shores are no longer opportunities but detention, most often under subhuman conditions.

In urging Nigeria to grow its economy and tackle the challenge of poverty, Young also warned that if the immigration issue was not addressed, it might have long-term impact on the EU-Nigerian relationship. This is an admonition that the relevant authorities in Nigeria

Letters to the Editor

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must take very seriously.

As we have argued in the past, it is important to interrogate the conditions that create the desperation to leave the country for unknown destinations. Today, we live in a country where many are not only poor but cannot find jobs. Factories are closing down and selling their warehouses to promoters of religious organisations while several businesses are shut down or moving out of the country due to lack of infrastructure, particularly electricity. In the circumstance, vibrant young men and women are leaving the country to embark on journeys which for many of them tragically end at sea.

T T H I S DAY

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

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

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

here is also a criminal dimension to the problem with some unscrupulous Nigerians now recruiting from their villages and towns young girls with the promise of securing for them good jobs abroad only to turn them to prostitutes. There are chilling statistics which suggest that human trafficking has become one of the biggest money making businesses after drug trafficking. Today, our country is regarded not only as a transit route for this illegal trade but also a source as well as a destination with children and young adults, especially of the womenfolk, now becoming merchandise for what has become a cross-border crime.

While we condemn human trafficking, we are of the strong belief that a demonstration of political will to diligently prosecute offenders would serve as deterrent to those engaged in the nefarious trade, irrespective of their social status. There is also a need for a sustained sensitisation of Nigerians, especially in rural areas, on the dangers posed by ‘good Samaritans’ who offer better lives for children away from the watchful eyes of their parents and guardians.

However, the biggest challenge is a mindset issue as there are many young men and women who believe they can only make it abroad and will do anything to travel outside the shores of the country. So, apart from remaking the socio-economic structures of our country that is also an issue the authorities must deal with. But the first task is to provide opportunities at home for our teeming population of young people.

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.

BUHARI’S TRUCE WITH NIGER DELTA LEADERS

t last we can heave a sigh of relief as the Pan Niger Delta leaders’ forum has met with President Muhammadu Buhari and presented their 16-point demands for a comprehensive turnaround in the oil rich region. Firstly, we must acknowledge the jaw-jaw approach of Mr. President who opted to dialogue with the leaders of the region.

Definitely, this is a win-win for all stakeholders, and the country generally as it is in our enlightened interest to ensure that peace reigns in all parts of the country, and President Muhammadu Buhari has led the way. It now requires the support of all Nigerians, and particularly stakeholders in Niger Delta region to reciprocate the good gesture.

There is no gainsaying the fact that the incessant attacks on oil installations and pipelines have led to depletion in oil exports and the concomitant negative impact on Nigeria’s accruable revenue has left a sour taste in the mouth. The mere fact that the federal government extended the olive branch to the Niger Delta leaders as a way of finding lasting solution to the problems afflicting the region is commendable and ought to be sustained.

It does not augur well for the country when some groups embark on destroying the mainstay of the nation’s economy.

Apart from the negative consequences on the entire nation, oil spillages contaminate the environment, and this endangers the ecosystem. Furthermore, the uncontrolled oil spillages have the potential of exacerbating the harsh effects of climate change

which is currently ravaging the entire globe.

With the recent parley between President Buhari and the Niger Delta leaders, it is obvious that he has demonstrated good faith and in keeping his promise to treat all Nigerians fairly.

Regardless of the grievances of any group, including the much touted neglect of the oil producing region, there is no justification to resort to violence. Let me support this position with the words of former British Prime Minister Winston Churchill who advised that “jaw-jaw is better than war-war”.

President Buhari demonstrated unparallel good faith by convening the meeting with the Niger Delta stakeholders and offering them an opportunity to table their demands.

After receiving their demands, he was unequivocal in harping on the need for peace as a prerequisite for development. In this regard, it is expected that the leaders from the region will reciprocate the president’s peace overtures by prevailing on their youths to give peace a chance by halting further pipeline attacks.

It must be noted that President Buhari has shown empathy and commitment towards the plight of the Niger Delta region.

A few months ago, he rolled out a comprehensive plan for the clean-up of Ogoni land. Meanwhile the devastation of the Ogoni environment happened several decades ago and under the watch of past leaders.

Similarly, he has committed to fast track the completion of the East-West Road. Under his administration, the Lagos-Calabar

coastal rail line has been budgeted for, and will be completed in record time. Even the amnesty programme has been rejuvenated with a sizeable number of repentant militants being trained in different institutions within and outside Nigeria.

Furthermore, the intervention agency for the region, Niger Delta Development Commission has been given necessary financial boost to deliver on their mandates. So in totality, it can be said that President Buhari is determined to develop the Niger Delta, and reclaim the oil-polluted environment for the benefit of the people.

Perhaps all interest groups in the region need to be reminded that it is a herculean task to restore an environment that has been neglected over the years in a hurry. Definitely it will require painstaking planning and diligent execution of remediation projects. Therefore, there is need for the stakeholders including oil-bearing communities, traditional institutions, women and youths to partner with the President Buhari administration in finding a sustainable and holistic solution to the problems.

As much as we regret the neglect of the region by previous administrations, yet it is consoling that the present government has shown considerable interest in putting things right, and for this to be achieved all hands must be on deck. This can only happen under a peaceful atmosphere, and the key players in the region have a responsibility to support the federal government in delivering on the regions expectations.

Chukwudi Enekwechi, Abuja

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T H I S D AY • MONDAY, NOVEMBER 14, 2016

POLITICS

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

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

America’s Stunning Turn of Events

It is not clear yet, if Billionaire Donald J. Trump will succeed as president just like he did in business, but he has succeeded in upsetting the United States’ political system to be elected the 45th president of the most powerful country in the world. Adeola Akinremi, in Washington DC, writes on the mystery that brought Trump to power

A

t the Speaker’s balcony on Capitol Hill, the United States Presidentelect, Donald J. Trump, had an amazing view of Pennsylvania Avenue, Washington D.C most important street. The sun gave its smiles. His eyes made quick surveillance.

He gestured towards the tower of his new hotel sandwiched between the White House and the Capitol. And on the green lawn in the distance before him was where he will take his oath of office in January. He saw the inaugural platform being built.

The man who showed Trump around the day after his victory was his avowed enemy in the last one and half years. It was the Speaker of the US House of Representatives and a conservative Republican, Paul Ryan.

He showed Trump the view of Washington DC from his balcony. It was a triumphant tour for Trump. After Trump’s victory, Ryan changed his ‘no support’ for Trump’s tone to ‘terrific Trump.’

“Let me just say, this is the most incredible political feat I have seen in my lifetime,” Ryan said the morning Trump became the winner of a keenly contested 2016 US presidential election, adding: “Donald Trump heard a voice out in this country that no one else heard. He connected with—he connected in ways with people no one else did. He turned politics on its head.”

The Stunning Stunts It was a stunning turn of events that left political pundits and pollsters dumbfounded.

From a fierce primary election, in which people who knew the art of politics didn’t consider him a strong contender, Trump succeeded in picking the Republican Party ticket and leaving everyone bewildered.

And though he was abandoned by his party men, based on his own wipeout-your-opponent political strategy, Trump went on to win the presidential election with 270 Electoral College votes in an unconventional election year, where Gallup polls favoured his Democratic Party counterpart, Secretary Hillary Clinton, to win.

Though Clinton has earned a stripe of honour based on popular vote count, in which she’s now leading Trump with clear margin of almost 400,000, based on the tallies released at the weekend, she has no opportunity to become America’s first female president.

According to result, Mrs. Clinton currently leads the popular vote 60,467,245 to Trump’s 60,071,650 for a difference of 395,595, or 47.7 percent to 47.4 per cent, respectively. It is expected that Clinton will earn more than 1 million popular votes against Trump, when the tallies are concluded, but the popular votes count in U.S political system is just what it is: political statistics. Trump undoubtedly defied the odds of political permutations and predictions.

Pollsters association has accepted that they failed, but they are reviewing why their data couldn’t capture everything that was a game changer in the 2016 presidential race. In a press statement, the American Association for Public Opinion Research said that a previously established committee of pollsters will examine why the polls underestimated President-elect Donald Trump’s strength nationally and in key states.

“The polls clearly got it wrong this time…

Although Hillary Clinton may actually win the popular vote, her margin is much lower than the 3 to 4 per cent lead the polls indicated.

And many of the state polls overestimated the level of support for Clinton. There is much speculation today about what led to these errors, and already the chorus of concerns about a ‘crisis in polling’ has emerged as headlines on news and social media sites,” AAPOR said.

The Electoral College Mystery Clinton’s failure to garner votes from the political “blue wall” of Midwest states like Wisconsin, Iowa, Michigan and Ohio ultimately handed Trump a 290 to 232 Electoral College

Trump and Michael Pence, the Vice President-elect, shortly after Trump gave his victory speech

victory.

Since 1984, Wisconsin for instance has never voted for a Republican in a presidential race, while Michigan has switched between the Republican and Democrat from 1930s through the 1960s. From 1972 through 1988, the state voted exclusively Republican, before becoming the Democratic-leaning state recently.

It is the same thing for Ohio that has sided with overall winning candidates as seen in President Barack Obama’s case in 2008 and 2012 and 2000 and 2004, when George Bush won the election. But Trump turned the blue wall of Midwest states red.

Clinton will not be the first Presidential candidate to win popular votes but failed to be elected. In 1888, Grover Cleveland won the popular vote, but Benjamin Harrison was elected president. Also, in 1876, Samuel Tilden thrashed Rutherford B. Hayes with a massive popular vote, but he lost in what analysts called “complicated political deal known as the Compromise of 1877.”

Most recently, the eyes of the world were opened to the US presidential race, when in 2000, former Vice President Al Gore won 539,000 more votes than George Walker Bush, but Bush was elected the president, because he made it with Florida’s 29 electoral votes that made it easy for a U.S. Supreme Court to stop a recount in the controversial election.

Electoral College is a compromise deal between the US southern and northern states, established in the US Constitution in 1787, which makes the candidate, who wins the majority

Now, the echo of the past years to make the popular votes the main avenue towards picking the president has resurfaced.

Even Trump championed the cause of replacing the electoral votes in 2012, when Mitt Romney lost his election to President Barack Obama. In November 2012, Trump tweeted: ‘The electoral college is a disaster for democracy’...Mr. Trump is now the beneficiary of what he once described a “disaster”and he will lead a nation analysts say he sufficiently divided with his repulsive rhetoric

of electoral votes based on the state-by-state tallies the president-elect.

According to an LA Times article, “critics of the Electoral College have pointed out how slavery played a role in its creation. Southern delegates to the Philadelphia convention feared their states could be dominated by the new federal government because the Northern states had more people and more voters.

“So, they fashioned a compromise that divided power based on counting the whole number of free persons in the states as well as three-fifths of all other persons. Thanks to this infamous deal, the Southern states were bolstered and given more seats in the House of Representatives as well as more ‘electors’ who selected the president.”

Unfortunately, the Electoral College has done more damage to Democratic Party with more Southern States-leaning than the Republican Party. The party lost an opportunity with AlGore and now Clinton.

Now, the echo of the past years to make the popular votes the main avenue towards picking the president has resurfaced. Even Trump championed the cause of replacing the electoral votes in 2012, when Mitt Romney lost his election to President Barack Obama. In November 2012, Trump tweeted: “The electoral college is a disaster for democracy.”

Mr. Trump is now the beneficiary of what he once described a “disaster” and he will lead a nation analysts say he sufficiently divided with his repulsive rhetoric.

CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, NOVEMBER 14, 2016

POLITICS/ THE MONDAY DISCOURSE A M E R I C A’ S S T U N N I N G T U R N O F E V E N T S Amendments to the Electoral College have been difficult because it requires the approval of two-thirds of the House and Senate and three-fourths of the states. The Republican Party has been reluctant to accept the change, because it favours the party. Supporters of the electoral system say it encourages candidates to campaign across many states, rather than focusing on the huge states, such as California or Texas.

Trump’s Divisive Campaign Trump’s rollercoaster campaign which began, when he announced his plan to jump into the race in June last year was carefully and deliberately plan to divide America for his own win. For a man, who knows the art of the deal, politics must be played in an unusual way to win the hearts and minds of voters. True, Trump may never have been in politics, but there are convincing records being circulated with clear indication that Trump has been planning for many years to someday sit in the Oval Office as commander-in-Chief.

He wanted to contest for president in 2000 and 2012, however pulled out after discovering the deal was not in his favour at those times.

But when he found out the time was right and ripe enough he jumped in with his own strategy: divisive.

He started a conversation with the Americans like a true protective 70-year-old father, courting voters with the negative and creating media effect by making everyone see everything that was wrong with America using such phrases as “we must take our country back,” and casting the country’s first black president as a “failure.” That appeal worked like magic, especially with White voters and rural states whose overwhelming vote for Trump showed racial division and growing discontent with politics as usual.

According to CNN’s exit polls, 58 per cent out of 70 per cent white voters cast their ballots for Trump. The breakdown reveals a deeply divided country with 63 per cent white men voting for Trump and 53 per cent white women voting along same pattern in a “we must take our country back,” message popularised by Trump during the campaign.

The data further shows: 51 per cent of white women with college degrees voted for Mrs. Clinton, while 62 per cent of women without one voted for Mr. Trump, a clear evidence of his appeal with working-class whites. White women with a college degree were more evenly divided, with 45 per cent supporting Trump, compared with 51 per cent supporting Clinton.

Somehow, Mr. Trump piggybacked on his 1987 book, The Art of the Deal, for a strategy. In the book Trump had said: “One thing I’ve learned about the press is that they’re always hungry for a good story, and the more sensational the better…The point is that if you are a little different, a little outrageous, or if you do things that are bold or controversial, the press is going to write about you. Good publicity is preferable to bad, but from a bottom-line perspective, bad publicity is sometimes better than no publicity at all. Controversy, in short, sells.”

So, when he started the conversation about his presidential race launching out during the summer of 2015, he started with negative sensation about America’s greatness. He increased the tempo with lines that he reasoned everyone will buy — anti-Washington.

“Our enemies are getting stronger and stronger by the way, and we as a country are getting weaker. Even our nuclear arsenal doesn’t work. We have a disaster called the big lie: Obamacare. Obamacare! It is going to be amazingly destructive. Doctors are quitting.

Our country is in serious trouble. We don’t have victories anymore. We used to have victories, but we don’t have them.

“When do we beat Mexico at the border?

They’re laughing at us, at our stupidity. And now they are beating us economically. They are not our friend, believe me. But they’re killing us economically. The U.S. has become a dumping ground for everybody else’s problems. When Mexico sends its people, they’re not sending their best. They’re not sending you. They’re not sending you. They’re sending people that have lots of problems, and they’re bringing those problems with us. They’re bringing drugs.

“They’re bringing crime. They’re rapists…” he said bragging about how would turn the situation around.

Trump used terrible words against everyone, who crossed his line, such as calling his party establishment and media a “bunch of bad people. The disgraceful and calling President Barack Obama, “the founder of ISIS.” He called his opponent a “nasty woman” and called immigrants “criminals.” Many women were not spared during the campaign with words of denigration.

Did Trump go too far in his campaign? Experts agreed that Trump has emboldened offensive

Trump and President Barack Obama at a meeting in White House after the election

Hillary Clinton (middle) flanked by her husband, Bill and her running mate, Geroge Khaine, whilst giving her concession speech

rhetoric across the country. Anchor, Univision News and Fusion, Jorge Ramos, told CNN, “The fear is real.”

Nevada Democratic Senator Harry Reid in a statement released at the weekend said: “I have personally been on the ballot in Nevada for 26 elections and I have never seen anything like the reaction to the election completed last Tuesday. The election of Donald Trump has emboldened the forces of hate and bigotry in America.

“White nationalists, Vladimir Putin and ISIS are celebrating Donald Trump’s victory, while innocent, law-abiding Americans are wracked with fear – especially African Americans, Hispanic Americans, Muslim Americans, LGBT Americans and Asian Americans. Watching white nationalists celebrate while innocent Americans cry tears of fear does not feel like America.

“I have heard more stories in the past 48 hours of Americans living in fear of their own government and their fellow Americans than I can remember hearing in five decades in politics. Hispanic Americans, who fear their families will be torn apart, African Americans being heckled on the street, Muslim Americans afraid to wear a headscarf, gay and lesbian couples having slurs hurled at them and feeling afraid to walk down the street holding hands.

American children waking up in the middle of the night crying, terrified that Trump will take their parents away. Young girls unable to understand why a man, who brags about

sexually assaulting women – has been elected president.”

But one of Trump voters thinks otherwise.

In an article she penned for The Washington Post, Asra Nomani, a former Wall Street Journal reporter and a co-founder of the Muslim Reform Movement wrote: “The revelations of multimillion-dollar donations to the Clinton Foundation from Qatar and Saudi Arabia killed my support for Clinton. Yes, I want equal pay.

No, I reject Trump’s “locker room” banter, the idea of a “wall” between the United States and Mexico and a plan to “ban” Muslims. But I trust the United States and don’t buy the political hyperbole — agenda-driven identity politics of its own — that demonized Trump and his supporters.

“I most certainly reject the trifecta of “hatred/ division/ignorance. I support the Democratic Party’s position on abortion, same-sex marriage and climate change. But I am a single mother who can’t afford health insurance under Obamacare. The president’s mortgage-loan modification program, “HOPE NOW,” didn’t help me.

“Tuesday, I drove into Virginia from my hometown of Morgantown, W.Va., where I see rural America and ordinary Americans, like me, still struggling to make ends meet, after eight years of the Obama administration. Of course, Trump’s rhetoric has been far more than indelicate and folks can have policy differences with his recommendations, but, to me, it has been exaggerated…”

The Steve Bannon Impact One man who significantly helped Trump shape his campaign is Stephen Bannon, who roils the national political debates in the US with new ideology. A former naval officer, investment banker, minor Hollywood player, and political impresario, Bannon runs Breitbart News, a far right wing website that has been a thorn in the flesh of political establishment both in the Republican Party and Democrat.

Bannon, an ex-banker with Goldman Sach, who resides in Florida, has been at the center of Trump’s presidential campaign since he was named its CEO in August. Another kind of Trump who easily courts controversy, Bannon has used his Breitbart News to regularly attack the Republican establishment and has turned the platform into a haven for the so-called antiWashington think-tank, a fluid collection of anti-establishment activists who have largely supported Trump.

Really, he may not be seen on TV every day to defend and support Trump, but his fingerprint was well all over Clinton crisis that ultimately impacted on how voters responded in different states. From the email scandal to Clinton Foundation scandal and Anthony Weiner’s crisis, Bannon has worked behind the scene to frustrate Clinton. It was Bannon who asked Trump to bring in Mexico in his campaign and the need for a ‘beautiful wall.’

“Bannon’s use of the word “movement” is revealing. He’s one of the few genuine ideologues CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, NOVEMBER 14, 2016

TRIBUTE

An Icon is 89 Yesterday, a notable Nigerian, Alhaji Abdul Ganiyu Folorunsho, a foremost Senior Advocate of Nigeria, turned 89 years. Tracing through his life of worthy personal example, Shola Oyeyipo, in this tribute writes that his story exemplifies success earned by diligence and consistency

F

or a long time in Nigeria and across the globe, Alhaji Abdul Ganiyu Folorunsho, SAN and OFR, otherwise known as AGF Abdul Razaq, who marked his 89th birthday yesterday has remained a phenomenon and one of the country’s reputable business moguls.

Born on November 13, 1927 in Onitsha to Munirat and Abdul Razaq, both indigenes of Ilorin, Kwara State, November 13, 2016, is therefore another landmark for the septuagenarian, who has a long and robust record among the biggest players on the floors of the Nigeria Stock Exchange (NSE) and the capital market.

Looking back at 89, AGF has a barrage of success stories to recount. But considering his life story, it is easy to deduce that his accomplishments are products of hard work and commitment to excellence.

While his legacy of public service has been outstanding and commendable from 1957 to date, his career has also reflected the result of dutifulness, diligence and distinction as well as the array of honours and awards bestowed on him as attestation.

As customary with the people of Ilorin extraction, he started modestly by attending Quranic schools in Ilorin, Onitsha and Lagos between 1932 and 1942, but along the line, he started western education in 1935 at the United African School, Ilorin, where he was till 1936. He later returned to Onitsha in 1938 and attended the CMS Central School till 1943.

He started secondary school education at the Kalabari National College, Buguma, in 1944 till 1945 and returned to Onitsha again between 1945 and 1947. He then attended the African College. He proceeded immediately to the University College, Ibadan, Oyo State, in 1948 as one of the founding students. He took his academic pursuit outside the shores of Africa, when he enrolled at the Trinity College, Dublin University aka TCD between 1949 and 1954.

While at TCD, he was also registered at the Inner Temple London between 1951 and 1954. So, when he was called to the Bar as a Barrister-at-Law on February 8, 1955 at the prestigious Inner Temple in the United Kingdom, most of those who had seen the antecedent of the brilliant young man knew it was well deserved. That feat placed his name on record as the first lawyer of northern Nigerian extraction to be called to the Inner Temple bar. As at then Ilorin was part of the northern region of Nigeria.

Summarily, he obtained Bachelor of Arts (B.A. Honours) degree in 1953, Bachelor of Laws (LL.B) and Higher Diploma in Education (H. Dip-Educ) in 1954, Master of Arts (M.A.) degree in 1956, and to crown it all, the prestigious title of Senior Advocate of Nigeria in 1985. He later founded Abdul Razaq & Co in 1955 to practice his legal profession.

Folorunsho...an eventful 89 years

In the private sector, he was the founder, first principal and proprietor of the Ilorin College, now Government High School, Adeta which was founded in 1967 and taken over by government in 1975. He is chairman and director of a very long list of private companies and his achievements are numerous and enviable.

He first started out as a private legal practitioner in Lagos and has a base in the Kaduna-Zaria axis. He was however practising across northern Nigeria. He later became the Legal Adviser to the Northern People’s Congress (NPC) Delegation to the Nigerian Constitutional Conference in London in 1957.

AGF was a member, National Executive Committee (NEC) of the Nigerian Bar Association (NBA) between 1958 and1962; member, Law Reporting Committee of the Northern Nigeria (1959-1962); Nigerian Delegate to the International Commission of Jurists, Brazil and Lagos (1959-1962); Legal Adviser to the NPC Delegation to the Nigerian Conference in London and Lagos (1960) and member, Nigerian Delegation to the International Commission of Jurists, Lagos (1960).

He became a Life Bencher in 1971 and rose to become chairman of the Body of Benchers in1984. AGF has been a member of the Privileges Committee of the Nigerian Bar (Supreme Court of Nigeria) and Disciplinary Committee of the Nigerian Bar since 1991 and 1995 respectively.

He also delved into politics and was privileged to serve in various capacities, even during military regimes. For instance, he was a member of parliament of the Northern Region House of Assembly (1959-1962); Nigerian Ambassador to Cote

D’Ivoire (Ivory Coast) (1962-1964) and member, federal parliament (1964-1966).

He was also a federal cabinet Minister of State for Railways (1965-1966); Kwara State Commissioner for Finance, Health and Social Welfare (1967-1972) and took his political interest a notch further when he contested Kwara’s governorship on the platform of the Great Nigerian People’s Party (GNPP) in 1979.

In the business sector, where he made resounding impacts, AGF Abdul-Razaq was member, Small Business Commission of Northern Nigeria (1960); member, Council of the Nigeria Stock Exchange since 1967 and founding member, Capital Issues Commission (now SEC) between 1973 and 1977. He was Vice President, NSE between1983 and 2000 and eventually became the President between 2002 and 2003.

His profile is quite long, his achievements are also a legion, but still worthy of note are some of his national assignments, which include but not limited to his membership of the Governing Council of Nigeria College of Arts, Science and Technology, Zaria, Ibadan, and Enugu, which were later upgraded to Ahmadu Bello University (ABU), University of Nigeria, Nsukka, and University of Ife (now Obafemi Awolowo University), Ile-Ife respectively between1957 and1962.

He was a member of Drafting Committee on Nigeria Independence constitution in 1960 and a member of the Nigerian delegation to the International Conference

As he celebrates a life full of many fulfilled dreams, AGF Abdul-Razaq will continue to strike those that are familiar to him as a man of many parts, a multi-faceted professional, an embodiment of good virtues, a character moulder, a philanthropic of international repute and foremost statesman. He is not only a devout Muslim, the iconic elder statesman, has remained committed to a better Nigeria and is a kind-hearted lover of peace

on Problems of Federal Constitution in Lagos in1959.

He was the Nigerian representative at the Organisation for African Unity (OAU) Reconciliation Committee of Algeria/ Morocco in 1963; a Nigerian delegate to the 23rd United Nation Organisation (UNO) General Assembly, New York, USA in1968 and member, Constitution Drafting Committee (CD) in 1977.

The renowned legal luminary, businessman and political leader was a member of the Constituent Assembly in 1978 and the Panel on Nigeria National Productivity Merit Award in 1991. He was the chairman, Daily Mail, a Nigerian national newspaper published in Kano State between 1960 and1962.

AGF’s shelves are obviously dotted with countless recognition and merit awards from home and abroad. But to mention a few, he was bestowed with the titles, Tafida of Zaria in June 1962; Mutawali of Ilorin in August 1962 and Grande Officer De La Ordre Nationale De Cote D’ Ivoire (GOONCI) 1965. He was the first recipient of Kwara State Merit Award in1989 and was conferred with the prestigious Officer of the Federal Republic (OFR) in 2001.

As he celebrates a life full of many fulfilled dreams, AGF Abdul-Razaq will continue to strike those that are familiar to him as a man of many parts, a multi-faceted professional, an embodiment of good virtues, a character moulder, a philanthropic of international repute and foremost statesman. He is not only a devout Muslim, the iconic elder statesman, has remained committed to a better Nigeria and is a kindhearted lover of peace.

Tracing his success story as a descendant of one of the noblest houses in Ilorin, it is clear that he attained many exalted positions through hard work, diligence, discipline dedication and integrity, but he also has as a pillar behind him, his wife of over 60 years, Alhaja Raliat Abdul-Razaq, who has always been his loving supporter all along.

His contributions to humanity are impacting and indelible. During his 70th birthday in November, 1997, his family which comprised many notable and successful lawyers, presented the endowment of the A.G.F. Abdul Razaq Chair in Public Law at the University of Ilorin and they also commenced the first in the series of A.G.F. Abdul Razaq annual Lectures on Law and Public Policy.

Though some would say he came, he saw and conquered but for his loved ones, business associates, friends, long list of beneficiaries, Kwara State Government and even the federal government, his wealth of experience and content of his character are not only worthy of emulation, they are equally important to Nigeria at a crucial time like this.

A M E R I C A’ S S T U N N I N G T U R N O F E V E N T S in the Trump circle. He has a very clear and coherent idea of what Trumpism is, perhaps, more so than the candidate himself. For Bannon, “the movement” isn’t just about electing one man, but a worldwide revolt of different nationalist groups opposing a globalist elite. This whole movement has a global aspect to it,” Bannon noted on the Breitbart.com podcast.

“People want more control of their country.

And they are very proud of their countries.

They want borders. They want sovereignty. It’s not just a thing that is happening in any one geographic space. You can see it happening in Asia, you can see it happening in Europe, you can see it happening in the Middle East, and you’re seeing it happen in the United States,” Jeet Heer wrote in an article for the New Republic on November 4.

The Morning After Across the United States, threats of violence are being reported from schools and communities.

There have been all-day persistent street protests since Trump was declared winner of the election, and students are believed to be engaging themselves in brawl. The immigrants are being targeted in a number of videos circulating on social media with some being asked to return

to their countries. In a school, a group of white students were seen carrying placards that say “White power.”

An effigy somewhere in North Carolina was seen with “go back to Africa,” while a video was seen with a man in Chicago being beaten for supporting Trump. Principal of International Community School, Atlanta, Georgia, Mr. Chad Velde-Cabrera confirmed to CNN that students are afraid. “They feared they would be sent back home. We have 50 per cent students, who are immigrants and refugees,” he said.

Why Clinton Lost Though the Clinton camp has now fingered the FBI Director, James Comey, as the reason she lost the election, but so many other reasons, particularly her failure to change the theme of the campaign to something of enthusiasm, which his rival in the primary, Bernie Sanders had with the people, especially those in the Rustbelt states, where the election was lost and won is the chief reason.

Some analysts within Democratic Party have said that Sanders would probably have done well for the party, because the only serious primary challenge Clinton faced during the primary election was from outside the Democrat

party. It was the independent Sanders, who gave Clinton a serious fight, while other insiders in the race dropped out one after the other based on an unwritten agreement within the party that Clinton will run after Obama.

Interestingly, Clinton lost the 2016 election, where Sanders won the primaries (Michigan and Wisconsin), the Midwest states that have seen factory job loss in recent months. The factor of the Millenials, who thronged Sanders campaign arena in large numbers, but did not identify with Clinton’s campaign theme was another important factor why she lost.

“Now, Figuring out how to win more white working-class votes, especially in the Midwest, has to be at the center of any Democratic comeback plan. That plan obviously should include policy ideas to address the stagnation afflicting many working-class communities.

Maybe even more, it needs to find the right language — both respectful and visceral — in which to talk with these communities. Clinton didn’t lose to Donald Trump because he had a more serious set of policies for revitalizing working-class America,” said an analyst.

David Plouffe, who managed Obama’s campaign, reviewed why she lost the election.

“She had passionate supporters and volunteers,

for sure. But for sporadic and potential first-time voters, the spark was not there. It’s a reminder that presidential campaigns are driven in large part by personality, not party. Ronald Reagan, President Obama and now Mr. Trump all were able to create electoral coalitions unique to them.”

Survival of Trumpism Expectedly, Mr. Trump is busy with transition programme at the moment, but in his first interview as the President-elect, he told Wall Street Journal that he will keep some part of Obamacare, a healthcare programme of President Obama that he declared ‘good for nothing’ during his campaign. When prompted about Palestine situation, he said: “As a deal maker, I’d like to do…the deal that can’t be made. And do it for humanity’s sake.”

Mr. Trump ideology, perhaps, may not survive for too long as he appears more of a deal maker, but there are reasons to believe that Trumpism will likely grow in the Republican Party simply because Stephen Bannon will be around to promote it. The man, who helped Trump with his campaign, is being considered Chief-of-staff in the new government, but he has the RNC chair, Reince Priebus, to contend with for the position.

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T H I S D AY MONDAY NOVEMBER 14, 2016

KPMG FinTech Summit 2016 The FinTech Disruption: Understanding the Value Proposition This Summit will attract a variety of top-level participants from across leading FinTech companies, incubators, accelerators, financial service institutions, private equity and venture capital firms, amongst other stakeholders with interest in the FinTech space. The areas of focus for this year’s Summit are: • Next generation payments • Lending and financing • Financial inclusion • Wealth management & personal finance • Insurance • Blockchain • Cyber security Date Tuesday, 22nd November 2016

Venue Convention Centre, EKO Hotels & Suites, VI, Lagos

Speakers

Warren Mead

Bode Pedro

Bisi Lamikanra

Shola Akinlade

Ayo Othihiwa

Olajide Abiola

Dapo Okubadejo

David Milligan

Matthew Reddington

Boye Ademola

Global Co-Head of KPMG FinTech practice & Partner KPMG in the UK

Co-founder & CEO KiaKia

Founder & CEO Casava Insurance Limited

Partner & Head Deal Advisory KPMG in Nigeria

Partner & Head Advisory Services KPMG in Nigeria

CEO Matchi

Co-founder & CEO Paystack

Senior Sales Consultant NetGuardians

Partner & Head Financial Services Sector KPMG in Nigeria

Partner & Head FinTech KPMG in Nigeria

Panelists Tokunboh Ishmael Co-founder & MD Alitheia Capital

Folabi Esan Partner Adlevo Capital

Mayowa Adebayo

Director, Marketing & Customer Experience, Konga

Mojolaoluwa Aderemi-Makinde Senior Industry Manager – eCommerce Google

Attendance is strictly by invitation. http://kpmgfintechsummit.com #KPMGFintechSummit kpmg.com/socialmedia

© 2016 KPMG Advisory Services, a partnership registered in Nigeria and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘’KPMG International’’), a Swiss entity. All rights reserved.

Time 8:00am

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MONDAY, NOVEMBER 14, 2016 • T H I S D AY

FEATURES

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

Hon. Uko Nkole (right) at the hospital to sympathise with farmers from his constituency attacked by Fulani herdsmen...recently

Herdsmen on the Rampage in Abia Fulani herdsmen recently carried out their murderous attacks on farmers in Ndi Okereke Abam in Arochukwu Local Government Area of Abia State, leaving behind tale of woes, writes Emmanuel Ugwu

T

he harvest season of rice has set in at Abam in Arochukwu Local Government Area of Abia State and farmers are busy as they gather the yields from their farms. Like other farmers in this agrarian community, Ezekiel Ebong and his wife went to their rice farm on the fateful day of November 4, 2016 and harvested enough for the day. But the joy that farmers usually have on day of harvest suddenly turned to sadness for Ebong. He was dealt with several machete blows by Fulani herdsmen, who attacked him after invading his farm and taking his wife. The farmer, who hails from Akwa Ibom State but resides at Ndi Okereke Abam in Abia State, narrated his ordeal from the hospital bed where he is battling for his life. He said that he had decided to carry a bagful of rice home leaving his wife to watch over the remaining harvest but on coming back cattle were all over his farm and he could not see his wife. Then he heard the distress cry for help coming from his wife who was being held by herdsmen.

“I could not bear her cry and I rushed to rescue her from the hands of the herdsmen,” he said. It was a daredevil effrontery since he was not armed while the adversaries were all armed. The hapless farmer succeeded as his wife managed to escape while the herdsmen were raining machete cuts on him.

Meanwhile, Mrs. Ebong had run away to call other people for help and farmers in nearby farms answered her distress call. Among them was Amos Omoro, who nearly lost his life in trying to help his fellow farmer under attack. He said that indeed the herdsmen

left him thinking he was dead after using their machetes to cut him on the head and neck. Omoro said that in his subconscious state he heard one of the herdsmen saying: “This one don go, make we lefam”. It was because of their belief that their victim had passed away that the herdsmen left him and continued to attack other farmers. By the time the attacks subsided scores of people were left with various degrees of injuries out of which six are in critical condition.

At a private hospital in Ohafia where some of the injured are receiving treatment, Dr.

Ezekiel Ebong was dealt with several machete blows

by Fulani herdsmen, who attacked him after invading his farm and taking his wife. The farmer, who hails from Akwa Ibom State but resides at Ndi Okereke Abam in Abia State, narrated his ordeal from the hospital bed where he is battling for his life

Bernard Orji told journalists that the victims have lost so much blood but their condition had stabilised following quick medical intervention. He said they were responding well to treatment, including the victim that was shot in his hand.

It was not until 72 hours after the attack that the news spread to the capital city Umuahia.

President General of the Ndi Okereke Abam Town Union, Chief Chukwuma Egbuta Okubi, said that the herdsmen attack came as a surprise. He said that the herdsmen had no reason to attack farmers for asking them not to turn their farms into grazing fields.

According to him, the most annoying thing was that the herdsmen were very callous as they abandoned the grass with which they usually fed their cattle and “decided to feed their animals with our farm produce, the only source of our livelihood.” Okubi said that there had been occasions when the herdsmen had provoked their host community and were issued with quit notice. However he said that the quit order was withdrawn following a peace accord and a pledge by the herdsmen not to lead their cattle into the farms again. The town union leader said that the peace accord was working and the herdsmen were staying peacefully with their hosts hence it came as a surprise when the herdsmen violated the peace accord on November 4 by grazing on rice farms and attacking farmers. He said that the situation would have degenerated to unimaginable dimension if not for the intervention of the state Commissioner of Police, Mr. Leye Oyebade, who mobilised his men to the conflict zone.

Even at that, tension was still rising. But the member representing Arochukwu/Ohafia Federal Constituency in the National Assembly, Hon. Uko Nkole has waded into the crisis to stop it from getting out of hand. The lawmaker had to rush down to his constituency on receiving the information about the herdsmen’ attack. He was accompanied by Captain Awa Udensi (rtd), the Special Adviser to Abia State governor on Security as he visited the hospitals where the victims are receiving medical care. Nkole sympathised with them and paid their hospital bills.

Addressing the people at the Ndi Okereke Abam Town Hall, he called for peaceful co-existence between the herdsmen and their host communities, adding that nobody should take further action that could escalate the situation. The federal lawmaker assured his constituents that he would continue to do the needful along with his fellow legislators to find a lasting solution to the frequent clashes involving herdsmen and their host communities, which have become a national problem. He said that lasting peace could be achieved through legislative framework that would protect the farmers as well as the Fulani herdsmen. Nkole said that without peaceful co-existence Nigeria’s efforts at development and improving the lives of its people would be an exercise in futility.

“Nigeria is our country and collectively we must make it work by mutual understanding and respect for our various cultural values,” he said.

On the apprehension over possible reprisal attack, the lawmaker said that contact had been established with the law enforcement

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T H I S D AY • MONDAY, NOVEMBER 14, 2016

FEATURES

President Muhammadu Buhari...should direct the security agencies to fish out the murderous Fulani herdsmen

Uko giving instruction to the nurse attending to the injured farmers from his constituency

Entrance into the huge gully constructed by Rhino company Ikpeazu...preaching peaceful co-existence

IGP Ibrahim Idris...should deploy more officers to the troubled community agencies through the Special Adviser on Security to Abia governor to make sure that peace was maintained in the community.

Special Adviser on Security to Governor Okezie Ikpeazu, Capt. Udensi said that the state government would continue to put in place measures to guarantee protection of lives and property and peaceful co-existence of people living in Abia State. He stated that the position of the state government on the issue of cattle grazing has remained that Abia does not have enough land for grazing “but because we are all Nigerians, the government has allowed a level of understanding to prevail.”

Nonetheless, Udensi pointed out that a robust approach would be needed in due course that would involve “not chasing away the visitors but educating them on the need to understand and respect our cultural values.” Apparently the Fulani community in Abia are equally apprehensive of the

One of the injured farmers attacked by Fulani herdsmen consequences of the herdsmen’ attack on Ndi Okereke Abam community hence their involvement in efforts to prevent escalation of violence. State Chairman, Miyetti Allah Cattle Breeders, Hassan Buba, has promised that such attack would not be allowed to happen again. He said that all Fulani in Abia State had been summoned to an emergency meeting with the sole agenda of seeking out ways to ensure for peaceful co-existence with their host communities. Hassan urged all parties to always report all provocative

incidents to the authorities instead of taking laws into their hands.

Unlike its neighbouring Enugu State, Abia has relatively remained safe from the murderous activities of herdsmen. But having successfully carried out serial attacks on some Enugu communities without any deterrent response the herdsmen may appear to have enough courage to test the waters in Abia.

There had been occasional skirmishes between farmers and herdsmen but such incidents did not take the bloody dimension as the

The youths of Abam, according to the town union president were already rearing for revenge attack before the quick intervention to calm frayed nerves. There is no guarantee that the people of Abam, who are famous warriors, would sheathe their swords when next they are attacked by herdsmen. The Fulani herdsmen may refer to Chinua Achebe’s ‘Things Fall Apart’ to really understand the kind of tiger they are pulling its tail

November 4 incident at Ndi Okereke Abam.

Both the Zone 9 Police headquarters and the Abia State Police Command have been involved in taking pro-active measures to prevent violent clashes between herdsmen and farmers. These included organising stakeholders’ meetings, town hall meetings, enhancing of community policy with the inauguration of Eminent Peoples Forum as well as the inauguration of herdsmen/farmers committee which is chaired by the state Commissioner of Police. It would therefore appear that the herdsmen have slipped through these security nets to engage in violent attack on the farmers at Ndi Okereke Abam.

For now calm has been restored with multiple interventions by the security agencies, state government and the federal lawmaker in whose constituency the attack took place. The sustainability of the calm would however depend largely on the ability and capacity of the state leadership of their Fulani community to rein in their herdsmen members. The youths of Abam, according to the town union president were already rearing for revenge attack before the quick intervention to calm frayed nerves. There is no guarantee that the people of Abam, who are famous warriors, would sheathe their swords when next they are attacked by herdsmen. The Fulani herdsmen may refer to Chinua Achebe’s ‘Things Fall Apart’ to really understand the kind of tiger they are pulling its tail.

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IMAGES

T H I S D AY • MONDAY, NOVEMBER 14, 2016

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

L-R: Representative of the Minister of Trade and Investment, Mr. Femi Edun; a former governor of Cross River State, Mr. Donald Duke; author, Foundations of Structured Trade Finance, Mr. Benedict Okey Oramah; President, Dangote Group, Alhaji Aliko Dangote; Prof. Pat Utomi, during the book launch entitled “Foundation of Structured Trade Finance” by Oramah in Lagos...recently ETOP UKUTT

L-R: Lagos State Commissioner for the Environment, Dr. Samuel Adejare, representing the state governor; National President, Society of Occupational and Environmental Health Physicians (SOCUEHP), Dr. Okon Akiba; and the Group Medical Director, ExxonMobil, Dr. Bello Aliyu, during the 2016 annual conference of the society, themed: “Occupational Health and Safety: A tool for Enhanced Productivity” in Lagos...recently KOLA OLASUPO

L-R: A student of Isale-Eko Senior Grammar School, Fatai Atanda; Head, Wealth Management, FBN Merchant Bank Ltd, Mrs. Ada Okoli; student of Isale-Eko Senior Grammar School, Shuiab Damilola, principal of the school, Mrs.Osunde Regina; and Head, General Services, FBN Merchant Bank Ltd, Mr. Segun Adebayo, at the 2016 World Savings Day in Lagos...recently

L-R: Chief Financial Officer, Rand Merchant Bank, Bayo Ajayi; Principal Consultant, Purple Pearl Consulting and founder, EveryGirl Empowered Foundation, Bolajoko Bayo-Ajayi; Head, Investment Banking, Rand Merchant Bank Nigeria, Aishetu Fatima Dozie; and Manager, Teens Segment, Etisalat NigerIia, Ife Oyeyipo, during the launch of the foundation in Lagos... recently

L-R: Project Supervisor, Port Harcourt International Airport, Abimbola John; Airport Manager, Nwogbu Amaechi; Managing Director, Federal Airport Authority of Nigeria (FAAN), Mr. Saleh Dunoma; and the General Manager, Mechanical, Ephram Nwodo; and others, during an inspecting tour of the on-going work at the new terminal of the Port Harcourt International Airport, by the management of FAAN...recently

L-R: Project Manager, Friedrich Ebert Stiftung (FES), Mrs. Remi Ihejirika; Guest Speaker, Prof. Dung Pam Sha; and Chairman of the occasion, Mr. Hassan Sunmonu, at the 20th Kolagbodi Memorial Lecture in Ikeja...recently KOLAWOLE ALLI

L-R: Permanent Secretary, Ogun State Ministry of Commerce and Industry, Mr. Jonathan Onajobi; Commissioner for Commerce and Industry, Chief Bimbo Ashiru; and Chairman and Managing Director, Celplas Industries Nigeria Limited, Mr. Prakash Hathiraman, during a visit to the company in Sagamu...recently

L-R: Chief Investment Strategist, Wealth Management, Standard Chartered Bank (SCB), Singapore, Steve Brice; Head, Financial Markets, SCB, Nigeria, David Adepoju; Head, Retail Banking, SCB, Nigeria, Ebehijie Momoh; Head, Investment Advisory and Strategy Africa, SCB, Kenya, Kenneth Coulter; and Head, Wealth Management, SCB, Nigeria, Simpa Adaba, during the SCB Global Market Outlook in Lagos...recently

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BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

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EXCHANGE RATE N304.75/ 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Dana Air Marks 8th Anniversary

BOOK LAUNCH

L-R: ED Tempo Food & Packaging Limited, Dr. Seun Obasanjo; Managing Director, Chief Executive Officer, Keystone Bank Limited, Mr. Philip Ikeazor and Deputy Group Chief Executive Officer, United Capital Plc, Mr. Bunmi Akinremi at the launch of a book on “Foundations of Structured & Trade Finance” by President and Chairman of the Board of Directors of the African Export–Import Bank (Afreximbank, Dr. Benedict Okey Oramah at the Eko Hotels & Suites in Lagos…recently

Private Equity Firms Urged to Tap into Pension Funds Nume Ekeghe The International Finance Corporation (IFC), which is a member of the World Bank Group has advised private equity firms in Nigeria to broaden their investment portfolios as well as tap into the pension funds.

In fact, the IFC revealed that its investment in Nigeria has been productive, saying that it is considering investment opportunities in the financial technology (fintech) and some other sectors.

The Country Manager IFC, Ms. Eme Essien stated this at the Private Equity Women Investor Network (PEWAN) roundtable in Lagos, where participants discussed the topic: “Will Private Equity Save Nigeria.”

Speaking at the round-table,

ECONOMY Essien said: “Our experience with the funds we have invested in Nigeria has been relatively good. It is a mixed bag there is no question about it. Some have done better than others.

In this particular environment, it is incredibly tough, there is no question about it but when things turn the corner, the interest would start to peak again.

I expect Nigeria to peak quite significantly.”

She added: “I would say in terms of interest, fintech is quite interesting for us right now, real estate, and infrastructure and then every other thing falls down in terms of order of priority. The timing is a challenge but I think the opportunity for Nigeria remains vibrant and

the question for us is how we keep investor interest strong.”

Speaking on the private equity space in Nigeria, the CEO of Progress Trust Limited and Executive Director at Nigerian Breweries Plc., Mrs. Titi Lawani, said: “I see private equity as a channel for opening up new industries.”

She also noted that there were various challenges in the sector.

Lawani added: “Looking at the challenges of private equity, exit is problem because even in developed countries where private equity does, typically, it is the Initial Public Offering (IPO) route that is the exit route that a lot of them take, and we have done very few IPO recently so for me, that is a concern.

“Second concern is that in developed countries where pri-

vate equity is very mature, you find them structuring the deals such that equity, debt and so on such that within the capital itself you have five different routes so whichever way it goes, it is not a total loss. But you know Nigeria it is almost both you have equity or debt and if you begin to bring in all the other dimensions, institutional investors are not very familiar and open so for me that is a concern.”

According to her, another concern is the issue of valuation.

She noted: “Valuation is very subjective and high in subjective.

So that is an area that also gives fund managers concern. And most recently, FX has become a big problem.”

On her part, the Head of Continued on page 24

NSE Suspends Trading in Shares of Ikeja Hotels Plc Goddy Egene The Nigerian Stock Exchange (NSE) has suspended trading in the shares of Ikeja Hotels Plc following the continued dispute among the major shareholders of the company. According to the NSE, the suspension, which is pursuant to the Provisions of Rule 15.45 of its Rulebook, is to safeguard shareholders of the company as the dispute has negatively impacted the company’s governance structure.

Ikeja Hotels Plc, which owns Lagos Sheraton Hotel, has been involved in a boardroom crisis, a development that led to some of the shareholders removing

CAPITAL MARKET its chairman, Mr. Goodie Ibru early 2015 at an extra-ordinary general meeting (EGM).

Three shareholders (Alurum Investments Limited, Dadifoll Limited, and RFC Limited) on behalf of others, had procured an order of the Federal High Court in Lagos sanctioning the EGM. However, on getting to the venue of the meeting, the shareholders were prevented from entering the venue through another order procured by representatives of Goodie Ibru from another Federal High Court sitting in Abuja.

The shareholders decided to conduct the EGM standing outside the premises of the hotel and passed all the resolutions for the EGM through a poll, at the end of which 53.34 per cent voted for the resolutions, while 0.001 per cent voted against it, thus leading to the ouster of Ibru as board chairman.

Speaking at the meeting, a director of the company said having formed a quorum, the shareholders had to recourse to the provisions of Section 240(1 and 2) of the Companies and Allied Matters Act (CAMA), to conduct the meeting.

Some of the shareholders, who spoke at the EGM last

year, said they were tired of the way the company was being run and were determined to rescue it. They decried the fact that Ibru, who is lawyer and former President of the Nigerian Stock Exchange (NSE) was showing bad example in corporate governance.

For instance, the President, Nigeria Solidarity Shareholders Association (NSSA), Chief Timothy Adesiyan said: “We are rescuing this company from the hands of the cabals. We are legally authorised to hold this meeting. The regulators have failed us, let them come and see Continued on page 24

One of Nigeria’s indigenous carriers, Dana Air has marked the 8th anniversary of its commercial flight operations and the management has reaffirmed its commitment to providing safe, reliable and customer–centric air transport services to its teeming guests.

The airline said it has flown over 4 million passengers in the last 8 years of its operations.

According to the Accountable Manager of the airline Mr. Obi Mbanuzuo, in spite of the visible operational challenges in the industry, the airline has remained strong. He attributed the airlines’ consistency to its shrewd managerial style, passion and commitment of its staff and the unending support of its amazing customers.’

Obi said, “We are indeed proud to have flown over 4 million passengers in the last 8 years and we are very grateful for the support and patronage we have enjoyed since commencing operations. We would like to assure our loyal guests and the travelling public that we will not relent in our efforts to deliver world-class air transport services that all Nigerians can be proud of.”

On safety and security, Obi assured that the airline would continue to adhere strictly to the maintenance schedule of its aircraft, as prescribed by the manufacturers and the Nigerian Civil Aviation Authority (NCAA).

He noted that for the airline to have successfully undergone an operational audit conducted by NCAA and its foreign partners, the Flight Safety Group; the airline is on a sound footing.

Polo Brings New Collection to Market

A bold re-interpretation of luxury for the in-the-know woman has arrived at the Polo Avenue Boutique as Nigeria’s iconic trail blazing designer Ene Maya, recently unveiled her much anticipated ‘Wanderlust’ collection- an amalgamation of elegant head apparels, colourful Turbans and Abayas, alongside a creatively-inspired Jacket line.

The Joie de Vivre event, which was hugely attended by the crème of Nigeria’s society including the wife of Lagos State Governor, Mrs. Bolanle Akinwunmi Ambode, afforded an ample networking opportunity for friends of the brand and fashion enthusiasts alike; exclusively viewing and purchasing lovely pieces from Ene Maya’s hit collection.

Speaking about the inspiration for her definitive, bold and creative designs, the Creative Director explained that her flair for travel across numerous cultures have shaped her thought process in elegantly re-interpreting traditions, in churning out her expressive designs which stimulate, awaken, excite and inspire the style of today’s modern woman.

Ms. Lawani further stressed: “The designs are particularly crafted to meet the growing demand of women desiring effortlessly elegant attires and inspiring designs which can be worn without fuss, yet making every woman look fully regal.”

Ms. Jennifer Obayuwana, Executive Director, Polo Avenue Luxury added that the brand’s forward thinking “Fashion Series” is aimed at supporting indigenous brands in the country such as the Ene-Maya designs in promoting a global appeal and demand for Nigeria’s trending designers.

33 Restaurants for Mastercard Week

The annual Mastercard Restaurant Week has returned to Lagos, promising an unforgettable dining experience this month. In partnership with Lost in Lagos, over 30 restaurants will participate, highlighting the incredible dining experiences available in the city.

Now in its third year, Mastercard Restaurant Week provides diners in Lagos with the opportunity of experiencing fine dining experiences at discounted prices, with lunch and dinner packages available. Celebrating a special occasion has never been easier than this November when you can take that someone special out for a culinary experience that won’t soon be forgotten.

Now in its third year, Mastercard Restaurant Week provides diners in Lagos with the opportunity of experiencing fine dining experiences at discounted prices, with lunch and dinner packages available. Celebrating a special occasion has never been easier than this November when you can take that someone special out for a culinary experience that won’t soon be forgotten.

“My candid advice for them (startups) is to remain focused on their goals. There would be setbacks once in a while but that should not demotivate any startup” Team leader of ‘OneMedical’, and winner of the most innovative product category at the 2016 Etisalat Prize for Innovation competition,

James Olaoluwa Ojeniyi

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T H I S D AY • MONDAY, NOVEMBER 14, 2016

BUSINESSWORLD PRIVATE EQUITY FIRMS URGED TO TAP INTO PENSION FUNDS

Investment, PAL Pension, Ms. Ambimbola Sulieman said: “One of the things the regulators are trying to do in trying to address some of the issues is having a lifetime funds. As of today, if you are 59 or 21 and just starting a job, you are in the same fund and we don’t have the multi fund structure.”

Also, a former Minister of Communication and Technology, Mrs. Omobola Johnson urged the operators to create a special fund to include agriculture value chain, and funds to support young entrepreneurs, who cannot access high interest rate loans from banks.

Johnson said: “I think that there is an opportunity to redefine some of what we are doing, create new products and services and address what we need to address which is young entrepreneurs starting businesses, creating jobs and unlocking wealth which is what can take us out of where we are now.”

NSE SUSPENDS TRADING IN SHARES OF IKEJA HOTELS PLC

what is happening. We want to remove the virus that is eating deep into this company.

How long shall we wait? You will see changes after today.

There must be transparency and accountability in this company. Our auditors have also compromised.”

However, Ibru had faulted his removal as chairman of Ikeja Hotel and the crisis has lingered for over a year.

Recently, the Economic and Financial Crimes Commission (EFCC) Ibru wanted over alleged capital market fraud involving the Ikeja Hotel shares.

The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, had said in statement that Ibru was also wanted for alleged money laundering.

“The public is hereby notified that Goodie Minabo Ibru is wanted by the EFCC in connection with a case of conspiracy, capital market fraud, stealing, diversion of funds and money laundering.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

MTN Slashes Expatriate Staff by 85%, Repositions Nigerian Operations Emma Okonji In a bid to empower more Nigerians within its operational workforce, MTN Nigeria has reduced the number of its expatriates working in Nigeria from over 300 in 2002, to eight in 2016, which represents about 85 per cent slash.

The reason for the downsizing of its expatriate staff, according to the firm, was to empower more Nigerians and encourage Nigeria, where its bulk revenue is generated from among other African countries where MTN operates.

The Chief Executive Officer of MTN Nigeria, Mr. Ferdinard Moolman, made the disclosure recently while stating the position of MTN in the alleged repatriation of $13.9 billion out of Nigeria without authorisation, before the Senate Committee on Banking, Insurance and other Financial Institutions in Abuja.

He said MTN would continue to empower its Nigerian workforce and that over 90 per cent of the current executive management staff of MTN Nigeria, are Nigerians.

Moolman said till date, MTN has employed over 500,000 Nigerians directly and indirectly in the MTN services and distribution chain.

Speaking on MTN’s investments in Nigeria, Moolman said the telecoms company has contributed over N1.8 trillion to the Nigeria government, by ways of taxes, levies and

sundry regulation payments, since it commenced operations in Nigeria in 2001.

Part of the N1.6 trillion investment details, show that MTN has paid duties on equipment of over N87 billion; duties on stock of over N12 billion; VAT on revenue of over N299 billion; VAT on operating expenses of over N48 billion; employee tax of over N31 billion; company income tax of over N486 billion, among other taxes and investments, totaling over N1.6 trillion, since it commenced operations in Nigeria in 2001.

Aside the N1.6 trillion investments, Moolman said MTN also invested over N18 billion in

MTN Foundation in executing corporate social responsibility (CSR) projects across 771 local governments in the country, in the areas of education, health and economic empowerment in the six geo-political zones of the country, and that over N10 billion has been invested to date to support SIM card registration exercise in the country, thus helping to build a national identity database for Nigeria.

According to Mooman, MTN Nigeria has been privileged and honoured to contribute to the development of ICT in Nigeria since 2001 when the right enabling environment was created by the Nigerian

government to attract investment into the ICT industry.

MTN Nigeria is proud to have been given the opportunity to play a catalytic and leading role in this important sector.

“Globally, Foreign Direct Investments (FDI) are motivated by the opportunities and enabling environment which the host country provides. MTN’s success was indeed a catalyst for many other international companies to invest in Nigeria,” Moolman added.

“In more simple terms, since we launched in 2001, we have created direct and indirect employment opportunities to more than 500,000 Nigerians.

We have also contributed more than N1.8 trillion towards government in the form of license fees, taxes, levies, right of way, among others,” he said.

Commenting specifically on the point of Certificates of Capital Importation (CCIs) in the matter of alleged repatriation of funds out of Nigeria, Moolman said that no dividends were declared or paid until the CCIs were issued and finalised.

Moolman added that MTN Nigeria only requested for CCIs for Foreign Capital that was imported into Nigeria, and dividends were externalised on CCIs.

OGUN STATE DAY

L-R: Chairman, Trade Promotion Board, Lagos Chamber of Commerce and lndustry, Mr. Sola Oyetayo; Ogun State Commissioner for Commerce and lndustry, Otunba Bimbo Ashiru; Deputy Governor, Ogun State, Chief Yetunde Onanuga; and Deputy President, LCCI, Mr. Babtunde Ruwase, during the Ogun State Day at the 2016 lnternational Trade Fair in Lagos …recently

Babalola Condemns Low Insurance Penetration, Challenges Operators on Sector Devt

FG Deploys N1bn for Revamping of Abuja Airport Runway

Ebere Nwoji

The federal government has deployed about N1billion for the rehabilitation of the Nnamdi Azikiwe International Airport runway.

Already, the Minister of State, Aviation, Senator Hadi Sirika has set up a committee to overseas the restoration work.

The Federal Airports Authority of Nigeria (FAAN) said the runway has been in bad state due to overutilisation and needed to be totally overhauled.

Efforts to build another runway in 2010, as alternative to the existing one that has been overstretched, was rejected by the National Assembly on alleged outrageous cost at N63.5 billion.

Informed source at FAAN said the committee was expected to schedule the maintenance dates, which are expected to run from days to weeks and it is expected to also decide whether the runway would be closed daily or some hours of the day so that work could start on the facility.

The Minister has already designated Kaduna airport as alternative to Abuja so that flights would be diverted to Kaduna while during the period work will be going on at the nation’s second busiest airport.

Inside source also disclosed

A former Minister of State for Finance and current Chairman of Law Union & Rock Insurance, Mr. Remi Babalola, has condemned current low penetration rate of insurance in Nigeria, saying that insurance density in Nigeria is less than $5 while penetration rate stands as low as 0.43 percent.

He also condemned current low contribution of insurance to Nigeria’s GDP, which he put at less than one percent.

He however noted that there are abundant opportunities for growth of the industry.

Babalola, who spoke as guest speaker at the just concluded 2016 Insurance Brokers’ Conference, organised by the National Council of Registered Insurance Brokers in Abuja, however, said insurance brokers, can be of immense use to the development of the insurance sector in Nigeria.

He identified information technology as a game changer for insurance brokers, who wish to differentiate themselves in offering cutting-edge solutions in remaining relevant both in the present and the near future.

Speaking on the theme of the conference-’The Future Today’, the former minister, explained

that the retail segment of the insurance space is the future of insurance market in Nigeria given its untapped growth opportunities.

He said this has spelt the need for the insurance brokers to deploy technology to unlock the growth potentials in the industry, whilst engaging in constant public enlightenment to sensitise the market segment for increased penetration.

He said there is urgent need for insurance brokers in Nigeria to expand their role beyond facilitators of risk transfer to helping their clients keep pace with the social, technological, environmental, economic and political developments in order to ensure their business stability in the current face of economic challenges.

“As insurance brokers, members of this Council need to expand their role beyond facilitators of risk transfer to helping their clients keep pace with the STEEP developments influencing changes in the Nigerian society, thus ensuring their business stability even in the face of economic challenges”, he said.

The former minister, while baring his mind on how insurance brokers can stay relevant in the insurance business in Nigeria,

said: “The future is only assured for insurance brokers who demonstrate analytics, innovation, expertise in risk identification, management & transfer and who can design and supply bespoke solutions to risks.”

Also speaking at the event, the Commissioner for Insurance, Mohammed Kari, noted that insurance concepts, principles and practices, look alien to the average insurance consumer in Nigeria.

He observed that policy holders find it difficult to comprehend the clauses, warranties and exclusions associated with insurance contracts.

He said against this backdrop, for a consumer to insure right and gain the benefit inherent in insurance consumption, such a consumer would definitely need the assistance of a professional.

He said the need for an insurance intermediary originated as a result of this necessity and not by convenience.

Tasking insurance brokers at the conference to live up this expectation, Kari, said: “An Insurance Broker therefore, is expected to apply his or her professional and in-depth knowledge of risks and the insurance market to secure and arrange suitable insurance policies for his or her clients.

Chinedu Eze

that the work has been already advertised and Gilmore, Julius Berger and PW had submitted bids for the project.

“Government is making urgent effort to start the rehabilitation of the runway at the Abuja airport and government has provided funds for the work, which could start anytime from now. The Minister of State, Aviation, Senator Hadi Sirika had set up a committee about six weeks ago to oversee the rehabilitation, determine the dates and decide whether the airport would be closed for the period of restoration or choose to close it, for example, from 1:00 am to 6:00 am every day so that the airport could be operated part of the day,” the source disclosed.

After the committee’s final presentation to the Minister, he would be expected to discuss with the National Security Adviser (NSA) to agree on the date work would start on the runway.

According to a source, the Abuja airport would be certified by the Nigeria Civil Aviation Authority (NCAA) in 2017, as the process for certification would end by March next year, as it has been chosen as the pilot for the International Civil Aviation Organisation (ICAO) No Country Left Behind campaign.

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T H I S D AY • MONDAY, NOVEMBER 14, 2016

BUSINESSWORLD

MARKET REPORT

Nigerian Equities Market Records Third Consecutive Weekly Decline Goddy Egene and Nosa Alekhuogie

cent), Mobil Oil (-2.6 per cent) and Oando(-1.4 per cent). Likewise, the NSE Consumer Goods Index shed 0.5 per cent on the back of sell offs in Nigerian Breweries Plc (-1.1 per cent), Seven-Up Bottling Company Plc (-5.0 per cent) and Cadbury Nigeria (-9.7 per cent). The NSE Insurance Index closed 0.2 per cent lower, while the NSE Industrial Goods Index closed flat.

The gains recorded on Thursday were reversed on Friday as the bulls could not sustain their hold on the market. As a result, the NSE ASI went down by 0.19 per cent to close the week at 26,170.88. The depreciation recorded in the share prices of Lafarge Africa, FBN Holdings, Stanbic IBTC, Transcorp and GTBank were responsible for the loss recorded in the NSE ASI. The total value of stocks traded rose by 165.8 per cent to N2.63 billion on Friday, from N990.95 million shares the previous day. The three most actively traded stocks were: Standard Alliance Insurance (2.11 billion shares), Zenith Bank (22.39 million shares) and Sterling Bank (18.58 million shares).

Respite is yet to come for investors in the Nigerian equities market as the market continued its bear run for the third consecutive week. In fact the market recorded its highest decline since July 22. The benchmark index, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) fell by 3.0 per cent to close at 26,170.88, while market capitalisation shed N279.1 billion to close at N9 trillion.

Market operators said the huge decline in the market was due to price depreciation in the shares of high-capped stocks across consumer goods, cement and banking sectors was responsible for the huge loss.

“Continued downward valuation revisions following the announcement of the widely unimpressive July-September corporate earnings -- and exacerbated by the weak prospect of a recovery in the near term -- may have contributed to the selloffs in the latter sectors,” analysts at Cordros Capital said.

Looking ahead, they said a sustainable recovery in equities will remain constrained by a subdued macro which has sent the local and foreign institutional investors (accounting for 80 per cent of total monthly trades) on sabbatical.

“The NSE ASI is expected to close positive this week, however, on likely recovery in the shares of some of the high-capped stocks that lost last week,” they added.

Daily Market Performance Summary A decline in a number of highly capitalised stocks depressed the equity market to open the week on a bearish note on Monday. The Nigerian Stock Exchange All Share Index (NSE ASI) depreciated by 0.35 per cent to close at 26,887.54. Specifically, the depreciation recorded in the share prices of United Bank for Africa, Unilever, Access Bank, Transcorp and GTBank were responsible for the decline recorded on the first day of trading.

Investors traded N115 million shares worth N1.16 billion, down by 4.64 per cent from N1.21 billion the previous trading day. The three most actively traded sectors were: Financial Services (96.09 million shares), Conglomerates (5.27 million shares) and, Oil & Gas (4.36 million shares), while the most actively traded stocks were: UBA (21.49 million shares), GT Bank (17.75 million shares) and Zenith Bank (11.72 million shares).

All sector indices trend Southwards on Monday led by the NSE Banking Index, shedding 1.5 per cent on account of declines in GTBank (-3.2 per cent) and Access Bank (-1.3 per cent). The NSE Insurance Index trailed, losing 1.4 per cent while the NSE Industrial Goods Index declined 0.2 per cent. The NSE Consumer Goods and NSE Oil & Gas indices went down by 0.1 per cent apiece.

The bearish trend in worsened on Tuesday as the NSE ASI dipped 1.9 per cent to close at 26,364.27 points, while market capitalisation shed N180.1 billion to close at N9.1 trillion.

Losses sustained in the shares of Dangote Cement (-4.9 per cent), Lafarge Africa Plc (-4.9 per cent) and GTBank (-2.1 per cent) dragged market performance. However, market activity improved as volume and value traded rose by 64.3 per cent and 38.3 per cent to settle at 189.0 million shares and N1.6 billion respectively. The three

most actively traded stocks were: Chams (40.10 million shares), UBA (28.61 million shares) and Transcorp (18.04 million shares).

In terms of sectoral indicators, only the NSE Consumer Index rose by 0.52 per cent, while the remaining closed lower. The NSE Industrial Goods Index slumped 4.5 per cent trailed by NSE Oil & Gas Index with a decline of 1.3 per cent. The Banking Index went down by 1.2 per cent while the NSE Insurance Index lost 0.4 per cent.

The bears remained in control of the market on Wednesday with the NSE ASI falling by 0.72 per cent to close at 26,173.69. Also the total value of stocks went down by 35.2 per cent to N1.04 billion, from N1.60 billion recorded the previous day, while to volume of stocks traded was 146.11 million shares in 3,039 deals.

The stock market rebounded on Thursday helped by gains recorded by banking stocks. The NSE ASI appreciated by 0.18 per cent to close at 26,221.75. Similarly, market capitalisation added N16.5 billion to close at N9.0 trillion.

Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc appreciated by 4.6 per cent, 3.4 per cent, 2.9 per cent and 2.4 per cent respectively.

GTBank Plc, Zenith Bank Plc, Access Bank Plc, UBA and Union Bank of Nigeria Plc are among banks that posted improved results for the nine months ended September 30, 2016.

For instance, GTBank reported a jump of 59 per cent in profit after tax (PAT) to N119.9 billion, following a major boost from foreign exchange

(fx) revaluation gains.

The bank reported gross earnings of N329.284 billion, up by 43.5 per cent compared with N229.4 billion in the corresponding period of 2015.

The NSE Banking Index was the only

TOP TEN BROKERS(BY VALUE)

gainer on Thursday, rising by 3.1 per cent on the back of price appreciation by the banking stocks.

The NSE Oil & Gas Index went down (-3.7 per cent), dragged by Forte Oil Plc (-8.5 per cent), Total (-8.2 per

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

3,828,050,681.86

23.81

RENCAP SECURITIES (NIG) LIMITED

3,261,111,664.59

20.29

CSL STOCKBROKERS LIMITED FBN SECURITIES LIMITED

1,218,249,323.18 575,603,044.84

7.58 3.58

INVESTMENTONESTOCKBROKERSINTLLTD-BRD

426,090,361.37

2.65

ZENITH SECURITIES LIMITED

363,008,492.73

2.26

SECURITIES AFRICA FINANCIAL LIMITED -BRD

350,407,884.10

2.18

READINGS INVESTMENTS LIMITED - BDR

330,043,129.45

2.05

310,886,731.73

1.93

242,170,840.00 10,905,622,153.85

1.51 67.84

EFCP LIMITED CARDINALSTONE SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

AS LAST FRIDAY VOLUME

%VOLUME

READINGS INVESTMENTS LIMITED - BDR

173,511,392

9.93

RENCAP SECURITIES (NIG) LIMITED

138,741,995

7.94

NIGERIAN STOCKBROKERS LIMITED

131,993,603

7.55

STANBIC IBTC STOCKBROKERS LIMITED FBN SECURITIES LIMITED

106,640,885 88,755,098

6.10 5.08

BROKER

CARDINALSTONESECURITIESLIMITED CSL STOCKBROKERS LIMITED

72,809,994

4.17

55,584,511

3.18

MERISTEM STOCKBROKERS LIMITED

50,100,860

2.87

CHAPEL HILL DENHAM SECURITIES LTD - BRD

43,343,862

2.48

FSDH SECURITIES LIMITED

41,705,721

2.39

903,187,921

51.68

Market turnover The unprecedented jump in volume of shares on Friday lifted the overall weekly turnover to 2.847 billion shares worth N7.420 billion in 16,065 deals, up from the 873.838 million shares valued at N8.024 billion that exchanged hands the previous week.

The Financial Services Industry led the activity chart with 2.632 billion shares valued at N4.935 billion traded in 10,882 deals, thus contributing 92.48 per cent and 66.51 per cent to the total equity turnover volume and value respectively. The ICT Industry followed with 105.401 million shares worth N52.702 million in 11 deals.

The third place was occupied by the Conglomerates Industry with a turnover of 36.495 million shares worth N44.162 million in 446 deals.

Also a total of 73,694 units of Federal Government Bonds valued at N80.177 million were traded in nine deals compared to a total of 13,020 units of Federal Government Bonds valued at N12.953 million transacted the previous week in 14 deals.

Similarly, a total of 5,080 units of Exchange Traded Products (ETPs) valued at N62, 550.75 executed in 17 deals, compared with a total of 56,688 units valued at N817,310.72 transacted last week in 31 deals Gainers and losers Meanwhile, 18 equities appreciated in price last week, lower than 24 equities of the previous week. Conversely, 36 equities depreciated in price, compared with 37 equities of the previous week.

Airline Services and Logistics Plc led the price gainers with 19.6 per cent, trailed by Wema Bank Plc with 10.5 per cent, while Livestock Feeds Plc and Eterna Plc went up by 9.5 per cent apiece. Guinness Nigeria Plc and Red Star Express Plc garnered 7.1 per cent each, while Pharma-Deko Plc, Ikeja Hotel Plc and International Breweries Plc appreciated by 4.8 per cent, 4.7 per cent and 4.6 per cent in that order.

Conversely, Cement Company of Northern Nigeria Plc led the price losers, shedding 14.3 per cent, trailed by National Aviation Handling Company Plc and Cadbury Nigeria Plc with a loss of 14.1 per cent each. Forte Oil Plc, Lafarge Africa Plc and Champion Breweries Plc declined by 12.7 per cent, 12.5 per cent and 10.2 per cent respectively.

26

T H I S D AY • MONDAY, NOVEMBER 14, 2016

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

Analysts Forecast Marginal Uptick in October Inflation Obinna Chima As the National Bureau of Statistics (NBS) prepares to release the inflation figure for October 2016 today, based on its data release calendar available on its website, economic analysts have in separate reports predicted slight increase in the consumer price index (CPI).

The CPI had increased year-on-year to 17.9 per cent in September 2016.

Access Bank Plc’s Economic Intelligence Group in its forecast, anticipated that inflation rate (year-on-year) would accelerate to 18.2 per cent in October 2016.

The bank explained that the methodology it adopted in arriving at the conclusion was based on an autoregressive analysis of past prices, “while it recognises all the assumptions used by the NBS in its computation of monthly composite consumer price index (CCPI).

Furthermore, the bank stated that the anticipated upward movement in headline inflation in October reflects increases in both food and core components of inflation, adding that the food component, which constitutes the bulk of the inflation basket was anticipated to exert significant pressure during the period under review.

“This expectation is based on an independent survey of some household food prices such as rice, flour, pasta, tomatoes, cooking oil etc.

The core index should also move upwards due to cost push influences stemming from continued depreciation of the naira at the parallel foreign exchange market,” it added.

The naira shed 2.17 per cent of its value against the US dollar in the month of October to end at N470/$.

Access Bank’s analysts argued in the report that the country’s reliance on imports of raw materials, refined products and consumables, was an indication that the depreciation of

MARKET INDICATOR the naira would continue to compound the effect of imported inflation.

“The steady rise in inflation rate could push cost of borrowing further up at the money market, particularly if the Central Bank attempts to curb inflation by mopping up liquidity. Higher yield demands are expected from investors as rising inflation rate moves real rate of return deeper into negative territory.

“Despite our outlook for inflation, we retain the view that the monetary policy rate will be held steady during the November MPC meeting. We foresee a congruence between the monetary and fiscal authorities in attempting to address the negative output growth in the past two quarters,” it added.

On its part, the Financial Derivatives Company Limited, in its economic bulletin, also forecast that year-on-year headline inflation forecast for the month of October would increase marginally to 18.2 per cent.

“At its September meeting, the CBN expressed concerns about rising inflation, citing this as a reason for maintaining its contractive stance. Given that there is major clamour for lower interest rates and a stimulus package as antidotes to the recession, the reduced monthly inflation rate may sound like music to the ears of the doves in the committee.

“Consumer resistance is beginning to intensify as incomes and habits change. Prices of substitutes are beginning to climb whilst products with elastic demand are falling.

Nigeria’s inflation in 2016 has arisen due to supply shocks.

“Typically, consumer prices tend to increase towards the end of the year due to rising demand for goods and services for the Christmas festivities. In some cases,

artificial scarcity is created to push prices up.

Furthermore, in anticipation of higher prices, consumers tend to revise their expectations and demand, thereby inevitably increasing prices. However, lower disposable income has reduced consumers’ ability to demand more. Thus, consumer resistance has become increasingly dominant in the market,” FDC states.

Similarly, FSDH Merchant Bank Limited anticipated an 18.17 per cent CPI in October, saying that the expected increase in the inflation rate would be driven by higher prices within the Food and Non-Alcoholic Beverages division, as well as increases in the energy and energy related prices.

“The prices of food items that FSDH Research monitored in October 2016 moved in varying directions. The prices of tomatoes, vegetable oil, palm oil, rice and beans were up by 44.44 per cent, 13.1 per cent, 8.33 per cent , 7.58 per cent and 5.93 per cent. While the prices of onions, yam, sweet potatoes, fish and garri were down by 20.58 per cent, 18.06 per cent, 13.89 per cent, 6.58 per cent and 1.6 per cent.

“The price of meat however, remained unchanged. The movement in the prices of food items during the month resulted in a 0.67% increase in our Food and NonAlcoholic Index to 212.51 points. We also noticed increases in transportation; housing, water, electricity, gas and other fuels divisions between September and October 2016,” they predicted.

In the same vein, Afrinvest West Africa Limited also expected that headline inflation would breach the 18 per cent mark to settle within the range of 18.1 - 18.3 per cent “due to low base impact.”

“Inflation is expected to stay high in the short term as further adjustments to fuel prices and FX rate remain inevitable,” they added.

STATUS REPORT

W’Bank: Natural Disasters Force 26m People into Poverty, $520bn Loss Yearly The impact of extreme natural disasters is equivalent to a global $520 billion loss in annual consumption, and forces some 26 million people into poverty each year, a new report from the World Bank and the Global Facility for Disaster Reduction and Recovery (GFDRR) has revealed “Severe climate shocks threaten to roll back decades of progress against poverty,” said World Bank Group President Jim Yong Kim. “Storms, floods, and droughts have dire human and economic consequences, with poor people often paying the heaviest price.

Building resilience to disasters not only makes economic sense, it is a moral imperative.”

The report titled: “Unbreakable: Building the Resilience of the Poor in the Face of Natural Disasters,” warned that the combined human and economic impacts of extreme weather on poverty were far more devastating than previously understood.

In all of the 117 countries studied, the effect on well-being, measured in terms of lost consumption, was found to be larger than asset losses. Because disaster losses disproportionately affect poor people, who have a limited ability to cope with them, the report estimated that impact on well-being in these countries is equivalent to consumption losses of about $520 billion a year. This outstripped all other estimates by as much as 60 per cent.

With the climate summit, COP22, underway, the report’s findings underscored the urgency for climate-smart policies that better protect the most vulnerable. Poor people are typically more exposed to natural hazards, losing more as a share of their wealth and are often unable to draw on support from family, friends, financial systems, or governments.

27

T H I S D AY • MONDAY, NOVEMBER 14, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

FSDH Appoints New Managing Director/CEO The management of FSDH Merchant Bank has announced that its Managing Director/ CEO, Mr. Rilwan Belo-Osagie, will retire with effect from January 31, 2017, after 24 years of meritorious service to the company.

In accordance with the bank’s succession plan, Mrs Hamda Ambah who is currently the bank’s Executive Director, Corporate and Investment Banking will assume the role of Managing

Director with effect from February 1, 2017, the bank said in a statement.

According to FSDH, “Ambah started her banking career at the International Merchant Bank Plc. in December 1982.

Mrs. Ambah joined the bank in August 1993 as an Assistant General Manager with responsibility for the company’s relationships with large corporate organizations and non-bank investors. She rose through the positions of

Deputy General Manager and General Manager to become an Executive Director in September 2009.

“Ambah has always played an important role in the growth of FSDH. She currently supervises, the Corporate and Investment Banking groups, the branches and the FSDH wholly-owned subsidiaries.

Ambah is a graduate of the University of Lagos, Nigeria and Imperial College of Science and Technology. Ambah

is a member of the Nigerian Chartered Institute of Stockbrokers and was awarded the institute’s 1999 IBTC award for the best examination candidate in Corporate Finance.”

According to the Chairman, Mr. Osaro Isokpan, the board is confident that Ambah will continue to run the bank with the guiding principles of integrity, professionalism and excellent service delivery while steering the institution to greater heights.

MERITORIOUS AWARD

L-R: Group Managing Director, SPAR Nigeria Haresh Keswani receiving Award for Best Supermarket of the Year from the Chairman of the World Branding Forum, Richard Knowles at the World Branding Awards held in Orangery Kensington Palace, London ...recently

Lawyer Wins MMA2 Mobile App Promo A Lagos-based lawyer, Ms. Anuoluwapo Olopade, has won the first free return air ticket in the ongoing scratch and win promo of the Murtala Muhammed Airport Terminal Two (MMA2) mobile application for travellers introduced to the public a few days ago.

Olopade, who said she regularly travels with Dana Air through MMA2, won the free ticket using the terminal’s Instagram platform.

To participate, a traveller needs to click on the Gift Box Icon on the MMA2 mobile app, tap to unlock and enter the Code 9765, scratch the card

and look out for the inscription, “ Free Dana air return ticket’, as well as screengrab and post it on his or her page and tag #MMA2Mobileapp, #mma2danaair..

The promo, which will run for the rest of the year, is to encourage travellers to download the app and book

Dana’s flights through it.

Winners in the promo who are allowed to have multiple enteries, would emerge weekly for the rest of the year while it is running.

They have the chance to grab the return tickets of Dana Air to any destination in Nigeria, and other consolation prizes

Cellulant Wins ‘Best Payments and Transfer Company’ Awards Cellulant, a technology company, which merges financial technologies and Agriculture, has emerged ‘Best Payments and Transfer Company’ across Africa at this year’s African Fintech awards held in Johannesburg, South Africa. The award is endorsed by world’s leading technology company IBM and CFO. It is the most coveted award for any financial technology company.

Cellulant towered over 100 other Fintech companies (that is an economic industry composed of companies that use technology to make financial services more efficient) to be awarded as the best Fintech company for payment and transfers,

which is quite an achievement given the commitment and the dedication that is sacrificially offered by its entire team across Africa.

Cellulant provides the payment platform that has facilitated efficiency in provision of farm inputs across Nigeria and Liberia under Growth Enhancement Support Scheme (GESS) and the Agriculture transformation agenda of the African Development Bank – AfDB respectively.

Already in 2015, the Federal Government of Nigeria and the Nigeria Agricultural Awards had recognized Cellulant as an outstanding contributor to the sector being provider

of the technology platform that revolutionalise the Agricultural sector.

The platform, Agrikore, which is popularly known in Nigeria, Liberia and other African countries as ‘e-wallet platform’ has enabled an ecosystem that connects governments, donors, financial institutions, merchants, mobile network operators and the consumer to create a single one-stop shop for a seamless digital payment experience.

Currently, Cellulant is connected to more than 50 banks, 40 mobile operators, over 100 merchants and 200 businesses – touching the lives of more than 40 million consumers across Africa.

The co-founders of Cellulant, Mr. Ken Njoroge and Mr. Bolaji Akinboro, described the company as “a leader in digital financial services that specialises in mobile and other forms of e-payments.

On the award, Bolaji said: “we are humbled and happy to be recognised as the 2016 Best Africa Payments and Transfers Company. This award is a reflection of the hard work and dedication of the amazing team of people at Cellulant Group.”

He further stated that, as a value driven company, Cellulant will continue to innovate and transform businesses through our ecosystem.

SPAR Nigeria Emerges Supermarket ‘Brand of the Year’ SPAR Nigeria was presented with the award for the best supermarket brand at the fourth edition of the World Branding Awards held in London recently at the Orangery Kensington Palace.

The prestigious World Branding Awards is organised by the World Branding Forum (WBF), a global non-profit organisation dedicated to advancing branding standards for the good of the branding community as well as consumers. The World Branding Forum is headquartered in London.

The awards see some of the world’s best brands recognised for their work and achievements in their various industries and regions. In the past, the award ceremonies were held in London and Paris.

Winners of the award are decided through three-tier process of brand evaluation, consumer market research and public online voting largely done by costumers and critics.

According to the organisers, considerable emphasis is laid upon consumer relations and satisfaction and only brands with high positive consumer interaction make it through the evaluation process.

SPAR was adjudged best supermarket in Nigeria after evaluating the brand’s integrated marketing activities and corporate social responsibility activities.

According to the World Branding Forum, WBF, this award positions SPAR as a worthy example for other brands in Nigeria and worldwide.

It is worthy of note that SPAR is one of the very few Brands in Nigeria to have been awarded by the WBF. ‘’Today, consumers are more discerning than ever. Having a good product or service alone is insufficient. Brands need to provide memorable brand experience to its customers.

The quality of brands compet-

ing for the awards is very high.

Winners set the standards for what brands need to become in order to win,’’ said CEO World Branding Forum, Peter Pek. The black-tie Awards Gala was attended by SPAR’s Group Managing Director Haresh Keswani who received the award on behalf of the hypermarket.

Speaking on the Awards, Keswani commented: “We are deeply grateful to the organisers of the Awards and the entire Brand Forum team for putting together a magnificent platform for Brands to be recognised. We are humbled by this award and see it as an incentive to serve our customers better.

SPAR Park n Shop has been in operation in Nigeria for almost three decades and we have grown with our customers to where we are today.

“SPAR Park n Shop brand is built on Four Pillars of Choice, Quality, Service and Value.

We adapt our stores, products and services around the four pillars to deliver a world class shopping experience for our customer,” Keswani speaking on some of SPAR’s branding initiatives.

SPAR Nigeria has grown from one retail store to 10 major outlets nationwide.

The store specialises in a wide spread of products, ranging from Grocery, Bakery, Butchery, Fruits & Vegetables, Hot Meals, Wine & Spirits, Fast Moving Consumer Goods, Consumer Electronics, Large and Small Home Appliances, Mobile Phones, Laptops & Tablets, Perfumes, Watches & Jewellery.

Franchised to Artee Limited for Nigerian operations, SPAR Hypermarket operates a retail space of over 33,000 m2 spread across 10 stores, serving over 5 million shoppers. SPAR stores are located in Victoria Island, Lekki, Maryland Ikeja, MMA2, Abuja, Port Harcourt and Calabar.

NDIC Boss Re-elected to IADI Exco The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has been re-elected into the Executive Committee of the International Association of Deposit Insurers (IADI) for another three-year term.

He was re-elected during the 2016 annual general meeting (AGM) of the association, which held recently in Seoul, Korea and hosted by the Korea Deposit Insurance Corporation (KDIC).

His re-election according to IADI, was in recognition of the Corporation’s outstanding contributions to the development of deposit insurance practice in Africa and the association as a whole.

The 15th AGM of the association was attended by 180 participants, representing 70 jurisdictions worldwide.

The theme of this year’s conference was: Gearing Up for the Next Crisis, and featured presentations and panel discussion by top policy makers, deposit insurers and prominent academics.

A statement by Head, Communication and Public Affairs, NDIC, Hadi Birchi said Ibrahim was first elected unopposed to take the reserved seat of the Africa Regional Committee on the Executive Council of the Association at its 12th AGM and 2013 Annual Conference held in Buenos Aires, Argentina.

IADI was formed in May 2002 as a forum for knowledge and experience sharing through international conferences, workshops, attachments and other capacity building programs as well as research and guidance on matters related to deposit insurance for its members.

28

T H I S D AY • MONDAY, NOVEMBER 14, 2016

BUSINESSWORLD

INTERVIEW

Ojeniyi: Initial Challenges Should Not Demotivate Tech Startups Team leader of ‘OneMedical’, James Olaoluwa Ojeniyi, whose team won the most innovative product category at the recently concluded 2016 Etisalat Prize for Innovation competition, spoke on the team’s commitment to technology innovation and the need for technology startups to summon up courage in overcoming initial challenges. Chika Amanze-Nwachuku and Emma Okonji present the excerpts You led a team that won a cash prize of N5 million for developing the most innovative product at the 2016 Etisalat Prize for Innovation competition, organised by Etisalat. How do you feel leading a team that won the keenly contested exercise?

It’s a great feeling knowing that the work we’ve been doing has been recognised in this manner.

The name ‘OneMedical’ arose from the problem we’re trying to solve. We aim to get rid of paper records in hospitals with patients having a unique identification number and a single, comprehensive and centralised digital file

When your team entered for the competition, did you at any point envisaged that your team will emerge winner?

We didn’t think we would win but we had high hopes of winning.

What motivated your team to enter for the competition?

Reading about the history of the competition and Etisalat’s commitment to innovation and support for startups spurred OneMedical to enter the competition.

What is the vision of your team to use technology innovation to boost the Nigerian economy?

What were the feelings of your team mates after the cash prize was presented?

Everyone was ecstatic.

The team is committed to providing sustainable and long term technological solutions that would positively impact Nigerians and the Nigerian economy as a whole.

As a team, what do you intend to do with the N5million cash prize and what is the likely sharing formula?

We intend to hire more staff to scale the business and split the money across the divisions in the team to increase our efficiency.

What is your advice for upcoming startups, especially those that lost out in the competition?

My candid advice for them to remain focused on their goals. There would be setbacks once in a while but that should not demotivate any startup.

How did your team arrive at the name of your solution ‘OneMedical’ and what does the solution seek to address?

The name ‘OneMedical’ arose from the problem we’re trying to solve. We aim to get rid of paper records in hospitals with patients having a unique identification number and a single, comprehensive and centralised digital file.

What are the contributions of each member of your team, and how were you able to manage the differences and temperament of each individual, while working as a team?

Every member of the team has something to offer, whether in terms of the product aspect, growth or operations. While it is inevitable that differences would arise once in a while, we are all passionate and driven towards achieving our goal and that brings us together.

The intention of Etisalat in organising the competition is to demonstrate the company’s belief that Nigeria’s developmental needs can be met through the creation of innovative products and ideas. How will your team successfully meet the intention of Etisalat?

OneMedical aims to develop the Nigerian healthcare system by digitising medical records. As OneMedical consistently gets implemented across healthcare institutions, the development of healthcare in Nigeria would be evident through this innovation.

What is the solution ‘OneMedical’ all about, and how will the solution address specific needs of Nigerians?

OneMedical is a robust, medical technology suite built to accelerate Nigeria’s transition to a data driven healthcare system. For patients,

What are the plans of your team to take software development beyond the shores of Nigeria?

The long term goal is to expand beyond Nigeria and reach other African countries as we’ve identified similar problems in those areas.

Ojeniyi having a OneMedical ID means a significantly improved healthcare experience as they enjoy a single, centralised and complete file that would also lead to shorter wait times at

Every member of the team has something to offer, whether in terms of the product aspect, growth or operations.

While it is inevitable that differences would arise once in a while, we are all passionate and driven towards achieving our goal and that brings us together

hospitals and more accurate recording of information. Nigerians can move from one healthcare facility to the next (whether in another state or within the same state) without having to worry about carry physical copies of their records.

How will your victory in the competition spur your team mates in developing more solution that addresses the needs of Nigerians?

The team is consistently thinking of how to create innovative solutions to problems in Nigeria.

Upcoming startups are faced with the challenges of funds and poor patronage.

How will your team overcome these and other challenges?

Winning this competition is a stepping stone in overcoming that challenge. We are looking to leverage on networking opportunities that would lead us to the right people.

In what ways do you think government could be of assistance to your team in realising your vision?

The government can endorse the use of OneMedical across healthcare institutions which would in turn aid the federal government in reaching its goal of a “digitalised health system that will help Nigeria achieve universal health coverage by 2020.”

The government can endorse the use of OneMedical across healthcare institutions which would in turn aid the federal government in reaching its goal of a “digitalised health system that will help Nigeria achieve universal health coverage by 2020

29

T H I S D AY • MONDAY, NOVEMBER 14, 2016

BUSINESSWORLD

INTERVIEW

Ajibola: Connecting More Females Online Will Boost Gender Equality Winner of the most innovative idea category at the recently concluded 2016 Etisalat Prize for Innovation competition, Miss Tobilola Ajibola, fielded questions from Chika Amanze-Nwachuku and Emma Okonji on her determination to address peculiar female challenges, bridge gender inequality and expose females to online shopping with the support of technology solutions. Excerpts: Your solution, ‘Dresses By Aloli’ was selected as the Most Innovative Idea category at the Etisalat Prize for Innovation competition, organised by Etisalat. How do you feel, having emerged winner of the competition?

I feel great and I am so happy and honoured to be chosen as the winner of the Etisalat Prize for innovation. I am highly excited to be the first woman to win a category in the Etisalat Prize for innovation. I am so thankful to Etisalat for organising this amazing competition and believing in my idea.

You were presented with a cash prize of N2 million as winner of the competition.

How do you intend to spend the money?

Yes, I won N2 million and my spending pattern is simple. I will spend a portion of the money on website development, purchase of equipment and materials and the other portion of the money will be used to build an efficient and structured production and technical team.

When you entered for the competition, did you at any point envisaged that you will emerge winner?

Initially I didn’t even think my idea would be selected. It was a new idea that I was working on, and I felt other techie ideas would be chosen, although I took my time to answer each of the questions, I honestly forgot all about my entry after I submitted.

But then, after I got the call that I was selected among the final top 10, I knew God was doing something new, so my team members and I started planning like we had won already.

So yes, I knew I would win right after I was selected among the top 10 finalists.

What actually motivated you to enter for the competition?

I would say it was my team member Job that literally pushed me to enter for the Prize for Innovation after brainstorming on how relevant an online custom clothing store for women was to the concept of the competition.

How did you arrive at the name of your solution ‘Dresses by Aloli’ and what does the solution seek to address?

The word ‘Aloli’ is from my name Tobilola.

I used “dresses” because it is a multifunctional piece of clothing found in a woman’s closet.

It could be made for work, worn for a casual outing, to a cocktail party or to a wedding.

Now, ‘Dresses By Aloli’, seeks to solve the clothing needs of women who desire edgy, well fitting and functional clothing that is accessible but yet affordable. We intend to stitch technology with fashion by creating an exciting, engaging and easy to use online platform that allows women customise every part of these stylish and elegant clothing to their taste.

What were some of the challenges you encountered before arriving at the final solution and how were you able to address them?

There were lot of challenges in coming up with a technical and production blueprint that actually worked seamlessly, but we are determined to provide an excellent solution because these are real time problems women

Ajibola face in getting well sewn “Aso- ebi” or getting quality ‘ready to wear’ clothing that are

Initially I didn’t even think my idea would be selected.

It was a new idea that I was working on, and I felt other techie ideas would be chosen, although I took my time to answer each of the questions, I honestly forgot all about my entry after I submitted.

But then, after I got the call that I was selected among the final top 10, I knew God was doing something new, so my team members and I started planning like we had won already

affordable and accessible.

The intention of Etisalat in organising the competition, is to demonstrate the company’s belief that Nigeria’s developmental needs can be met through the creation of innovative products and ideas. How will your solution successfully meet the intention of Etisalat?

We are creating a value added online service that revolutionalises the fashion retail industry by changing the way women shop for ‘ready to wear’ clothing and make their ‘made to measure’ clothing. Our innovative online platform that allows a woman design her Aso-ebi online, input her measurements and have her fabrics picked up from her home, sewn and delivered just with a connected cell phone is definitely a service that would genuinely change the lives of women in Nigeria.

What is the solution ‘Dresses by Aloli’ all about, and how will the solution address specific needs of Nigerians?

So ‘Dresses By Aloli’ is Nigeria’s foremost online custom clothing store for women that allows shoppers customise clothing items to their preferred taste and designs.

We are creating a value added online service that revolutionalises the fashion retail industry by changing the way women shop for ‘ready to wear’ clothing and make their ‘made to measure’ clothing. Our innovative online platform that allows a woman design her Aso-ebi online, input her measurements and have her fabrics picked up from her home, sewn and delivered just with a connected cell phone is definitely a service that would genuinely change the lives of women in Nigeria

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NEWS

Senate Committee Decries Low Activities at Onne Port Eromosele Abiodun The Chairman of Senate Committee on Marine Transport, Senator Ahmed Yerima has said that oil and gas businesses will continue to be carried out at the Onne Port Complex.

Yerima gave the assurance when he led the Senate Committee on Marine Transport on a facility tour of Onne Port Complex.

He said: “Following the meetings of stakeholders within the Niger Delta and President Muhammadu Buhari, oil and gas businesses will come here since oil and gas businesses are located in this port (Onne).”

He said the tour was part of the oversight function of the

committee, adding that “the main purpose of our visit was to make an assessment of the performances of the Nigerian Ports Authority (NPA), concessionaires, terminal operators and to know their challenges.”

Yerima decried the low activities at the Onne Port Complex which he said was as a result of the current economic situation in the country and the activities of certain port operators who refused to adhere to the terms of the concession agreements.

The chairman, who was elated with the massive investment, high quality and giant infrastructural development deployed by the port concessionaire, Intels Nigeria Limited, insisted that the Senate Committee

would ensure that all revenue accruable to the government account were paid accordingly.

He also said that the committee would ensure that all concessionaires operated within the ambit of their agreements.

The lawmaker observed that some port operators engaged in activities they did not bid for during the port concessioning in 2006, thereby shortchanging the federal government of its accruable revenue from the maritime sector.

The senator also stated that the committee is working assiduously “to look into the concession agreement records to ensure that the proper things are done”.

Welcoming the Senate Com-

mittee, the Chief Executive Officer, Intels Nigeria Limited, Mr. Andrew Dawes, stated that the Onne Port is a government facility and should be treated as such.

Earlier in his presentation, Intels Nigeria Limited Assistant General Manager of Operations, Mr. Chibuisi Onyebueke, listed major challenges facing the operations of the company as the diversion of oil and gas cargo to nongovernment designated terminals, midstream discharge of cargo and flagrant violation of government directives regarding these matters.

According to him, such illegal activities has led to significant revenue losses to the Federal Government of Nigeria.

Made-in-Nigeria Project to Hold Exhibition Nume Ekeghe The Made-in-Nigeria Project, organisers of the Made-inNigeria Conference & Exhibition has announced the third edition of its annual event, which is slated to hold in Lagos on November 29th, 2016.

The theme of the conference is: “Possibilities Made-in-Nigeria: A Re-direction Towards Economic Growth, SME Advancement and National Transformation.”

According to a statement from the organisers, the one-day event is aimed at re-defining narratives about Nigeria’s current economic challenges, saying the debate on socio-economic growth, SME advancement, national aspiration towards self-sufficiency, job creation & employment, diversification, and many other sensitive topics is one which is rather sporadic but, short lived on the lips of the debaters.

Furthermore, it stated that the event seeks to facilitate a practical exchange of ideas as speakers and panelists would be discussing Nigeria as she stands, the strength of the country’s human capital, prospects towards self-sufficiency, the opportunities that abound regardless of her present daunting economic challenges, among others.

Speaking about the conference, the Executive Director of the Made-in-Nigeria Project, Adedeji Alebiosu said:” We hope

to capture the essence of the role MSMEs play towards economic growth and transformation, with a focus on the growing opportunities, possibilities and growth trajectory in the informal sector.

“Our focus on the growth of micro-small and medium scale enterprises hinges on our position SMEs play towards every economy’s growth, which are cardinal to our national goal towards self-sufficiency. More so, we aim to celebrate and promote the existing innovative solutions that have been deployed in Nigeria through Enterprise and Entrepreneurial machinations, as synonymous with the National identity.”

Also, the Director, Strategy and Operations, Adelanke Ladejobi added: “We look to ensure balance and accuracy by speaking to a global audience using our collective voice, offering our own perspectives, with focus on the growing possibilities made in Nigeria regardless of our daunting economic challenges.

“In the past editions, the Made-in-Nigeria Conference & Exhibition has hosted a myriad of prominent speakers in the Nigerian space whom have commented and reiterated the possibilities of a Made in Nigeria driven economy with emphasis on the framework for growth and development.”

Fidelity Bank Seeks Retail Banking Expansion

DANA MARKS 8TH ANNIVERSARY

L-R: Vice President HR Dana Group, Mr. Anand Alargasamy, CEO, Murtala Muhammed Airport Domestic Terminal (MMA2), Captain Jari Williams, Dana Air’s Accountable Manager, Mr. Obi Mbanuzuo, Director of Flight Operations, Captain Segun Omole and Captain Victor Ola, during the Dana Air Anniversary Celebration in Lagos...recently

The Chief Information & Operations Officer (COIO), Fidelity Bank Plc, Gbolahan Joshua, has advised financial institutions in Nigeria to explore fresh ways to utilise the increasing wealth of customer data available to them to drive sustainable growth and improved efficiency particularly in the retail space.

Joshua made this call at the 2016 Nigeria Retail Banking Workshop organised by CIUCI Consulting in Lagos recently.

He called for the development and implementation of policies that will provide banks with the required flexibility to utilise available customer information as well as sophisticated digital

channels and systems to drive new levels of customer engagement.

Alluding to the importance of the retail segment as next frontier of growth for banks, the Fidelity COIO noted that lending which happens to be one of the most intricate services rendered by bank was critical to socio-economic development.

Commenting on the requirements to be considered by a bank before providing credit, Joshua pointed out that Nigerian Banks consider the interest rate and guaranteed sources of revenue before lending to individuals.

Apapa Customs Boss Lauds LADOL Operations Eromosele Abiodun The Customs Area Controller of Lagos Ports Complex (LPC), Comptroller Musa Jibrin, has commended the operations at the Lagos Deep Offshore Logistics base (LADOL), saying the indigenous oil and gas services’ facility is in tune with global best practices in the specialised energy sector.

Jibrin made the commendation in Lagos during an official tour of the command’s management team to the LADOL facility situated within the LPC, just as the newly appointed Port Manager, Mrs. Aisha Ali Ibrahim, said she would work towards enhancing mutual collaboration between the two organisations.

The Comptroller, who was recently posted to the customs command at the Nigerian premier port, was accompanied by his top management team in the visit, which coincided with the tour by the LPC Manager.

The visiting teams were separately received by the Managing Director of LADOL, Dr. Amy Jadesimi, whose Free Zone is currently undertaking the fabrication of an $3.8 billion Floating Production Storage and Offloading (FPSO) oil platform.

The facility has been described as the first of its kind to be incorporated anywhere in the Sub-Saharan Africa.

Jadesimi, who explained the specialised operations at the base to her guests, pointed out that the FPSO contract

otherwise called Egina Project was awarded by a consortium of Oil companies led by Total to Korea-based Samsung Heavy Industries (SHI) with LADOL acting as the local content partner.

She revealed that prior to the award of the contract; two similar projects which emanated from Nigeria were undertaken abroad at higher costs with the attendant revenue and sundry economic losses to the nation because there was no shipyard in Nigeria that could adequately handle such projects, before the advent of LADOL. “With the commencement of this Egina project here at our shipyard which was constructed in one year, Nigeria is being saved of huge capital flight,

aside from the attendant job losses to expatriates who would have otherwise impacted technology transfer to Nigerians. We have over the years maintained a healthy relationship with the Nigeria Customs service and it is our desire to keep it growing” she said.

Responding, Jibrin expressed delight at the standard of operations at the base, particularly the Egina project, which he described as one of the “pride of a nation in dire need of technological growth.

According to him, “Nigeria needs to industrialise and grow in tandem with global best practices. So this facility could not have come at a better time than this. Yours is a remarkable Free Trade Zone (FTC)…and

FTZs are supposed to be a place where you encourage industrialisation, attract Foreign Direct Investments, as well as develop labor and create job opportunities.”

Specifically, he said the Customs Command had, “every good reason to collaborate with LADOL and other similar facilities within our command, and we will continue to do just that.”

“And going by what I have seen here, you measure up to every known international standards, as a true ambassador for Nigeria,” he added.

Speaking in a similar vein, port manager of the Lagos Ports Complex, Mrs. Ibrahim commended the operations at LADOL base which she described as a ‘worthy tenant

of the Nigerian Ports Authority (NPA)”.

According to the port manager, her visit to the base was part of the roles of LPC in the monitoring and liaising with terminals inside Apapa Port the Port towards evolving an enhanced collaboration with operators who are within the complex.

While emphasising that regular operational reports should be made to her office, the port manager said that the team had been working with LADOL for the past 10 years hence the need for enhanced communication as well as her management’s regular exchange of information with LADOL and the Lagos Port Complex office.

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The Made in Aba Governor Wale Suleiman writes on Governor Okezie Ikpeazu’s determination to create an economic revolution that will put Abia State on Nigeria’s investment map Economists have a simple phrase for it. They call it “The Comparative Advantage.” And it describes a situation where a state or country emphasises areas of its economic strength. But as simple as this old economic principle is, one can hardly count a handful of state governors who have taken it to heart.

That is why one is delighted with the news coming from Abia state where Governor Okezie Ikpeazu is quietly turning the tide and creating an economic revolution that is certain to last beyond his tenure and put the state on the investment map of the country.

In a clime where legal tussle over election is a major distraction for many state governors, Governor Ikpeazu is a refreshing example of a leadership that is focused governance deliverance. Ikpeazu is helping Abia rediscover its strength and capitalising on it to lift the state and the country out of a grueling economic recession.

Aba, the bustling commercial town of Abia state, has long been known as a thriving city of business and local entrepreneurship. But no administration has invested in its potential as an entrepreneurial capital of not just the South East, but Nigeria, as Ikpeazu is doing. Thanks to the vision of the governor, Aba is set to be an example of the good that can come out of adversity.

In a country suffocating under economic recession due to overdependence on oil revenue, experts have argued that diversification is the fastest way out of the woods.

This is why the federal government is now giving more attention to solid minerals development and agriculture. But what are the

Ikpeazu states doing to diversify? One can hardly resist the temptation to say ‘Nothing.’ But Abia is the oasis in the vast desert.

Ikpeazu was unarguably prepared for office. He came with a blueprint for the transformation of the state. Within his first 100 days in office, one of the projects he launched was the Abia State Economic Advancement Team. The team was established to drive his economic agenda which is centred on making Aba the Small Medium Enterprise Capital of the country.

Any perceptive observer of developments in Abia since Ikpeazu came into office will see a frantic effort towards making the state a model to show case

the country’s industrial potential.

The Ikpeazu administration is admirably determined to leverage on the economic potential of Aba to create a buzz that would launch Made-In-Nigeria products on to the national and international markets.

First, the governor is leading by example. He wears made-in Aba clothes and shoes to official and private functions. He is serving as the brand ambassador for products made in Aba. This is the first time the commercial city is getting such an official recognition and endorsement. This is sure to have ripple effects as officials of his administration and many others are already marching in his footsteps.

CWG to Strengthen Partnership with Infosys CWG Plc is to strengthen its partnership with Infosys even as it seeks to identify more opportunities in Africa that will be jointly pursued with the Indian information and communication technology (ICT) solutions company.

Highlighting the new business opportunities, the pan- African IT company that has consistently produced cutting-edge solutions for the banking and telecom industry, saying its partnership with Infosys has brought opportunities around new products such as youth banking, commerce net, biometrics, finacle assure and finacle analytics.

The Chief Executive Officer of CWG Plc, Mr. James Agada stated this in a communique to the leaders of the company after attending the Finacle Partner forum and the Finacle User Forum, held at the Infosys campus in Mysore, India last week.

According to Agada, CWG’s partnership with Infosys since 1999 has enabled it to grow its software franchise to become a consistent value contributor to the Indian company, which has

been rated as the World’s biggest business consulting, information technology and outsourcing services company, adding that with Infosys as strategic partners, CWG has been able to train many resources persons locally, some of whom still work with them till today.

“Finacle leadership has confirmed their interest in our Finacle Cloud initiative and we will continue to work with them to have it up and running. We have a big job to do and I am trusting that we would step up and ensure that we take our partnership with Finacle further up the value chain,” said Agada.

He noted that the partnership with Infosys has supported CWG in its listing on the stock exchange and it is now transforming its business to focus on Technology Partnerships that deliver growth to its partners across the countries it has operations in.

Agada believes Finacle is changing as a company and is gradually transforming into a product company that is focused more on research and development required to keep

the products ahead of its peers and be responsive to modern technology paradigms such as Cloud, AI, Analytics and Mobility.

He noted that with the paradigm shift, more is expected from partners like CWG to take up implementation, sales, support and even component development.

“The transformation at Finacle requires us to develop certifiable EXPERTISE in Finacle products as well as other third party products that we may want to integrate into Finacle. It also requires us to invest rapidly in scaling the EXPERTISE of our support team and brings about a need to focus on building our own IP solutions around Finacle.

Ensuring we focus on how to perform better, how to add value to Finacle and Finacle customers.”

He revealed that Finacle support is being automated with the Finacle Assure, where Infosys is able to monitor the environment and the platform remotely, perform remote diagnosis and help the customer anticipate and thus resolve possible issues before they happen,” he said.

To ensure that the local industry has abundant technical resources to tap, his administration also launched the highly innovative E for E (Education for Employment) scheme. The scheme gives youth vocational training in many areas of need relevant to the local industries.

To make sure there’s an endless stream of tourists to Aba in particular, and the state in general, his administration has also embarked upon an urban renewal programme that would ensure the clean-up of the cities, construction of drainages and beautifying the landscapes. Ikpeazu has also dredged the Aba River to enhance environmental protection and drainage flow.

The dredging of Aba River is strategic. Aba town lies along the western bank of Aba River, and is at the intersection of roads leading to Port Harcourt, Owerri, Umuahia, Ikot Ekpene and Ikot Abasi.

Governor Ikpeazu foresees Aba, in the short term, as a commercial hub for the South-East and the South-South, and in the long term, for Nigeria and the West African sub-region. It is a dream that is realizable by focused leadership, the type Abia is witnessing now under Governor Ikpeazu A Marketing Standard Regulatory Board has also been set up to promote local quality manufacturing and encourage domestic industrialists.

Governor Ikpeaza is not a man to personalise governance like many of his colleagues do. It is for this reason why his legacies will linger long when he has served his two terms and left office. With Aba in mind, and to ensure that his reforms are sustainable, he sent an executive bill to the state house

of assembly for the setting up of Abia State Investment Promotion Agency. He also created the office of a Special Adviser on Public Private Partnership and Investment Promotion.

The agency and the office of the SA will ensure that investments processes are made easy to encourage local and foreign investors so that more people could be employed within the state. His love for the common man fuels his determination to reduce, if not end poverty in his state.

It is not surprising that the 2016 budget of the state was appropriately captioned: ‘Budget of Restoration through Enterprise.’ Ikpeazu had stated at the beginning of the year that the budget was designed to create a state that would be synonymous with enterprise and hard work.

Governor Ikpeazu’s economic revolution cannot be complete without investment in agriculture.

No one knows this better than the governor. Aba has been a collecting point for agricultural produce since colonial times when the British constructed railway linking it to Port Harcourt. But no administration has taken advantage of this history to turn the state into a food basket for the region, until now.

Ikpeazu’s agric revolution is driven by youths. Youths across the state are being selected and sent to Songhai Farm in Porto-Novo, Benin Republic to learn agricultural value –chain production. It is expected that those trained would return to the state to train others on how to engage in commercial agriculture.

If the Ikpeazu administration succeeds in this, it would solve the state unemployment problems in a big way.

Suleiman wrote in from Abuja

Red Cab Unveils ‘Redclick’ App for Customers Chinazor Megbolu In a bid to boost customers’ confidence, safety and comfort, Citrans Global Limited, operators of Red Cab vehicles, has unveiled Redclick App for its customers.

Speaking during the launch held in Lagos recently, the Managing Director, Mrs. Stella Okolo said the app came as a result of change in all areas of business especially in technology.

“We want people to know about the app and to use it because we have seen that things are changing and technology is fast taking over, “she said.

She explained that prior to the app launch, taxis were dispatched to passengers who called their call centre by call agents and because this culture is fading, the company had to upgrade by providing Redclick Taxi booking App. Okolo pointed out that the initiative also became very necessary because young people nowadays prefer to do their things without talking to anybody.

“So, instead of making calls they would rather chat on their smart phones that have become a trend which had to be provide for so as to capture that segment.

Ultimately, the App is to provide customers the convenience they need. As a licensed taxi operator under the laws of Lagos state government we believe that with

the app, passengers will confidently and comfortably patronise our business especially for their safety, “ Okolo said.

She also noted that there is a variety of vehicles that customers can select from and enjoy other operators to come on board the app with their vehicles.

“There is opportunity to sign-on partners and franchisees who wish to pull in fleet of vehicles into the app while assuring them a very impressive yield” she said.

About what to offer the passengers, she said: “They will find comfort, safety, courteous and quick services with customer friendly response.”

“In all this, passengers’ safety and comfort are paramount; with a reasonable charge that would make them enjoy their ride to anywhere within reach.

While stating that the app can be downloaded via istore and Google play store by potential passengers or customers, Okolo posited that once the app is clicked on, useful information will appear including that of the driver for easy identification and added, the App is easy to use and gives passengers room for feedback.

On capacity development, she hinted the firm has literate drivers because the new dimension is more technological and in addition buttressed that a workshop is underway to that effect.

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As Saraki Supports Executive With Strategic Legislation on the Economy Samuel T Adakole writes that several solid legislative initiatives on the economy underscore the commitment of the Saraki-led 8th Senate to supporting the Executive and achieving a strong economy despite the challenges of recession The 8th Senate is fast proving itself to be a proactive, strategic and development focused institution. Despite a rocky start and serious legal and political distractions, the Senate under the leadership of Dr. Bukola Saraki has focused on progressing key laws designed to open up the economy to new investments and support the Executive in its effort to find lasting solutions to the ongoing economic crisis. While some of the Senate’s efforts have led to the passage of important legislations, other proposed laws are advancing steadily through the legislative process.

Even Saraki’s most ardent critics cannot deny the evidence in the growing number of signature initiatives of this Senate: the unprecedented and accelerated treatment of the Petroleum Industry Bill to re-set the oil and gas industry; a historic amendment of the old procurement law to compel government to patronize Nigerian businesses; the remarkable repeal of the 1995 railway bill to get private sector involved in the provision of rail services; strategic focus on fixing a set of old laws to improve the ease of doing business in Nigeria as well as the disability bill to end discrimination against to the those living with disabilities amongst several others.

These legislations which are at different stages are not only historic, they represent fundamental legal milestones that will help lay a solid foundation for sustainable economic growth. They provide necessary legislative framework on key issues that when resolved will help to increase national revenues, diversify the economy, build a stronger middle class, catalyze inclusive growth while creating jobs and dealing with poverty.

A good example is the Petroleum Industry Bill (PIB), which is aimed at tackling the myriad of problems in managing the nation’s oil wealth. The bill passed its second reading this month.

This is the first major progress on the bill since it was announced ten years ago. The vital legislation had been gathering dust in parliament as a result of high-level regional and executive-legislative politicking. And this has cost the country heavily. The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu Resources puts the cost of the delay per annum in terms of investments that should have come to the oil and gas industry at a whop-

ping N3trillion! This gives an idea of what the country has lost as a result of the delay in passing the PIB. This is why the priority attention that the Saraki-led Senate now accords the PIB is highly commendable.

“Work on the passage of the two key bills will be nearing completion stage before the end of the year” the Senate President Dr. Bukola Saraki said recently after the 2nd reading of the bill passed.

PIB will define the overall framework for regulating all activities in the Nigeria oil and gas industry in a way that opens up the industry to massive investments and gives the country good value for its resources.

When passed into law, it will repeal the existing laws which govern the industry particularly the Petroleum Act of 1969, as amended, the Petroleum Profit Tax Act of 1990, as amended and the Nigerian National Petroleum Corporation Act of 1977.

When it is signed into law, the implementation of PIB will lead to many benefits for the country.

These include potential boost in the country’s share of the revenue accruable to the FGN from crude oil production and increase in the participation of Nigerians in the industry through the enforcement of the Nigerian Content provisions and the realignment and integration of the various functions and departments in the NNPC, DPR and Ministry of Petroleum Resources. The PIB will also lead to the enforcement of international best practices in the Nigerian oil and gas industry, amongst others.

At a time that the country is facing serious economic crisis as a result of overdependence on oil, the strengthening of transparency and best practice in tandem with the ongoing diversification of the economy are obvious imperatives. These will boost local production and give local businesses a greater stake in government’s multi-trillion naira annual procurement budget.

Against this background, the amendment of the procurement act of 2007 to reflect these urgent realities is another piece of good news from the Senate. The Procurement Act reduces period of award of contract, makes procurement process more transparent & increases mobilization fee up to 25%.

The updated Procurement law tilts the balance in government procurement from imported goods to lo-

cally produced goods. With the assurance of patronage from the biggest spender – the government – it will energize existing businesses, encourage new entrepreneurs in local production, encourage foreign businesses to set up shop in Nigeria which will help to create jobs and strengthen our local economy.

Speaking after the passage of the bill, the Senate President put the context and rationale for the new procurement law in perspective: “We all have a role to play to ensure that the Executive comply especially in the area of giving first priority to locally produced goods. This has helped many countries to develop when they had issues of downturn in their economy.

Besides it streamlines the procurement also addresses the longstanding institutional problem of delays in existing procurement processes that makes it difficult to complete important government projects on time.”

With proper implementation, this new amendment as passed by the 8th Senate would significantly help to conserve the nation’s foreign reserve by boosting local production, creating jobs and improving the overall macroeconomic environment.

Another signature initiative of the Saraki-led Senate is the move to reform the budget process to bring more transparency to the budgeting process, ensure Nigerians get value for money budgeted for, reduce legislature and executive controversies and above all break the jinx of late budget passage by the national assembly.

To achieve this, the Senate is at an advanced stage of amending the 58-year-old Fiscal Responsibility Act with the recent submission of the report by the budget reform committee. The report recommends that the government present the budget to the national assembly in the first week of September; the national assembly uses two months to consider the budget so that it is passed not later than 30th November each year.

To end the culture of delays including like the one witnessed in the last budgeting process from repeating itself, part of the report also includes enlarging the list of stakeholders to be consulted during the budget preparation process, as well as prebudget consultation between the National Assembly, the executive and the public.

The aim of the reform is to improve budget formulation, enactment, implementation,

Saraki and monitoring evaluation with a view to improving budget performance. With the report in place now, the next step is for the Senate to sponsor a bill seeking to amend the Act in line with the recommendations in the report.

Furthermore, to catalyze growth in the railway sector where government has maintained a nonprogressive monopoly, the Saraki-led Senate has successfully opened it up for private sector participation

by repealing the Nigerian Railway Corporation Act of 1955. The significance of the move is that for the first time in over 61 years of the railway system in Nigeria, private sector can move into the sector to build rail lines and operate them as businesses. This will promote competition as witnessed in the telecommunications sector.

From moving aggressively on straightening out critical issues the oil and gas sector, speedy legislations

to institutionalize internal reforms in the procurement and budgeting to opening up the rail sector, leading the Made In Nigeria campaign is the 8th Senate under the leadership of Dr. Bukola Saraki is indeed proving the potency of legislation as a tool for development and macro-economic stability.

It is yet early days and it will take some time for presidential assent and implementation for the results of these strategic economic legislations to kick in. However, what is clear is that good work is being done by the 8th Senate. Key sectors with massive potential to create jobs, ignite inclusive growth, diversify the economy away from dependence on oil, attract huge private sector capital into priority areas are being enabled with modern, realistic and pro-active legislation by the Senate.

The strategic leadership provided by the Senate President Dr. Bukola Saraki as reflected in the legislative agenda of the 8th Senate with focus on economic development is timely, strategic and deserving of commendation.

Samuel T. Adakole is a public analyst based in Lagos

TERM LOAN TERM LOAN TERM LOAN OVERDRAFT

CHUKWUEMEKA EZENWANNE, EZENWAFOR CHIEMEKA, OKEZIE OGOCHUKWU, CHIEF(MRS.) CHRISTY RUFUS ELI EL-KHAZEN, NICOLAS YAZBECK FIDAA HALAWI, AHMED HALAWI, KRISHNANA RAMACHANDRAN, MANDA LOLATHUR KUMAR, MOHAMMED FAYSSAL

163, CHIME AVENUE NEW HAVEN, ENUGU.

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13B, MARINE ROAD, APAPA, LAGOS

SUMMIT INVESTMENT & PROPERTY LIMITED

ASTERA ENGINERING LIMITED

NERRA DISTRIBUTION LIMITED

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5

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MR. OSCAR IGBOKWE LINDA IGBOKWE, SUNDAY IKENNA IGBOKWE, NNENA ADAEZE IGBOKWE MR. OSCAR IGBOKWE LINDA IGBOKWE, SUNDAY IKENNA IGBOKWE, NNENA ADAEZE IGBOKWE DIKEOMA OKAFOR, IVUOMA S. OKAFOR MR. POPOOLA KADIKU

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8 CIRCULAR ROAD, GRA PHASE 1 PRESIDENTIAL ESTATE, PHC

136, AGGREY ROAD, P/H

1ST FLOOR, SUMMIT HOUSE , 6 AJELE STR, LAGOS

23/29, ABIBU OKI STREET, MARINA

15, AKWOR STREET, RUMUOMO; 4, EJIM STREET, RUMUOMASI

459 NNEBISI ROAD ASABA

PLOT 161B, MADALLA 11, 13, & 15 ISLAMIC CRESCENT MADALLA PMB 4141 SULEJA, NIGER STATE

JOBO TECHNICAL CO. LIMITED

TREDAS LIMITED

SELTEC INVESTMENTS LIMITED

ELENWO BESTMAN

LG WORLD & CO. LTD

ISLAMIC TRAINING CENTRE MADALLA

GREAT BRAIN RESOURCES

19

20

21

22

23

24

25

26

31-Dec-2013 11-Dec-2010

1-Apr-2013 26-Jul-2010

17-May-2009

14-May-2009

TERM LOAN

TERM LOAN TERM LOAN

CHIEF OBINNA M. J . EZEOFOR, BEN ALAKWU JOHN SADO MAJI, MRS. UNEKWU MAJI,MISS LADI OKOLO, SUNDAY OKOLO CHIEF ERIC OGUOMA-SORONNADI ALHAJI MOAMMED ABDUL AHMED IPINMORITI OLUYINKA ANIKE, IPINMORITI FELICIA ANJOLA, IPINMORITI ESTHER FOLAKE, IPINMORITI VICTOR GBOYE ONORIBHOLO OKPAIBHELE, BOSE OKPAIBHELE

OLD ENUGU/OSHA ROAD BOX 2959 ENUGU

PLOT 78 RALPH SHODEINDE STREET B.C.A. ABUJA ABUJA

9, ABDUO DIOF STREET, OFF KWAME NKRUMAH CRESCENT, ASOKORO, ABUJA

38, WAREHOUSE ROAD YINKA FOLAWIYO PLAZA, FOURTH FLOOR APAPA LAGOS

21, AGBOOLA STR MAFOLUKU OSHODI

95,MISSION ROAD BENIN CITY

ARIA COMMUNITY CITI BANK LIMITED

DE-SHADOW ASSOCIATES NIG LTD

RISSUN NIGERIA LTD

CITY SYSTEMS GENERAL MERCHANTS

1ST MEK GLOBAL SERVICE LTD

AREBS RESOURCES

27

28

29

30

31

OVERDRAFT

TERM LOAN

OVERDRAFT

TERM LOAN

ILOLO GIFT AMAKINO

TERM LOAN

TERM LOAN

OVERDRAFT

OVERDRAFT

10-Apr-2013 16-Aug-2011

15-Aug-2011

24-Oct-2011

29-Nov-2013

31-Jan-2012

31-12-2009

28-Oct-2009

28-May-2014

5-Mar-2011

31-12-2013

30-Jan-2013

11-Feb-2013

23-Oct-2008

28-Dec-2012

9-Dec-2011

8-Feb-2007

29-Jul-2009

20-Nov-2014

10-Mar-2010

1-Jul-2013

31-Jul-2012

30-Jan-2013

31-03-2008 31-Jul-2012

TERM LOAN OVERDRAFT

31-Dec-2013

4-Jan-2013

5-Sep-2007

24-Aug-2013

20-Aug-2010

31-Dec-2009

18-Apr-2013 31-Dec-2013

17-Apr-2011 11-Jan-2013

30-May-2003 1-Dec-1999

19-Apr-2014

30-May-2019

20-Nov-2008

TERM LOAN

OVERDRAFT

TERM LOAN

OVERDRAFT

TERM LOAN

OVERDRAFT

19-Apr-2011

19-Jun-2014

TERM LOAN

31-Aug-2009

635,915,860.34

30-May-2008

188,304,491.07

193,435,144.20

194,367,266.29

195,760,953.99

197,127,083.45

204,682,260.10

206,615,749.88

233,431,404.33

250,800,823.43

272,272,479.34

292,085,776.26

90,732,658.72

201,353,117.54

297,616,961.90

310,307,151.64

311,754,482.88

319,712,055.00

326,355,715.50

492,949,422.04

556,165,263.81

575,559,545.76

15,191,605.08

560,367,940.68

616,042,379.17

616,417,563.19

653,576,835.76

30-May-2008 31-Mar-2008 31-Mar-2008

769,721,459,45 738,674,802.96

22-Feb-2016

1-Mar-2008

TERM LOAN

1,722,480,284.35

4-Jun-2013

1,513,790,993.12

2,042,419,355.95 31-03-2008

4,429,832,539.01

325,923,263.34

4,103,909,275.67

5,411,111,331.05

24,170,380,088.28

3,028,946,400.00

21,141,433,688.28

AMOUNT OUTSTANDING (N)

7-Jan-2016

22-Nov-2012

5-Sep-2007

14-Jan-2013

14-Jan-2013

20-Dec-2012 20-Dec-2012

31-Aug-2007

TERM LOAN

TERM LOAN

TERM LOAN

TERM LOAN

JAMES AKPOMIMIE HOUSE, 6, POWELL STREET AKA AVENUE EFFURUN

BESTMAN ELENWO

SMART ANENE, PATRICK OKERARO, OYIBO EMMANUEL, BEN OPARA

IDRIS ALAO, LATEEF ALAO

LISTER BUILDING,21,CREEK ROAD APAPA LAGOS NIGERIA.

AL-FIL PETROLEUM COMPANY LIMITED

SANOR ENGINEERING NIGERIA LIMITED

17

18

OKI WILLIAMS ONAKPORAYI, FELICIA OKI, OGENEOCHUKO OKI, ESEOGHENE CYNTHIA OKI MR. ALEX KOMBO, MR. PROSPER ALEX KOMBO

101, EJABA ROAD, WARRI

13, OBIDIANSO STREET MILE 2 DIOBU PORT-HARCOURT

WOKSONS INTERNAYIONAL LTD

ALEX & TUBMAN NIGERIA COMPANY LIMITED

15

JOEL CHUKS VENTURES LIMITED

16

14

13

9

577, IKWERE ROAD, PH

10

ALHAJI M.B. ABDULLAHI, HAJIYA SAFIYA ABDULLAHI, HADI ABDULLAHI, MUNLADI ABDULLAHI HENRY WORDU, MRS. BIMPE HENRY WORDU

2, RD 2 CIRCULAR RD, PRESIDENTIAL ESTATE, PHC

ABSAF & CO NIGERIA LIMITED

HENCON GLOBAL LINKS LIMITED

7

8

TERM LOAN

OVERDRAFT

OLUSEUN OGUNBAMBO, OLAMIDE OGUNBAMBO

2, OLAMIJUYIN AVENUE, PARK VIEW ESTAT,E IKOYI LAGOS.

FARGO PETROLEUM & GAS LTD

3

2

30-Nov-2013

30-Nov-2013

EXPIRY DATE

6-Oct-2002

1-Nov-2013

OVERDRAFT

KARINGTON TELECOMS

1

CHIEF MAAN LABABIDI, LABABIDI OMAR, EDWARD PAUL, AMINU DANTATA TOJUDEEN, OGBECHIE CHRIS, OLADOKUN OLUSOLA

1-Nov-2013

TERM LOAN

STARCOMMS HOUSE, PLOT 1261C, BISHOP KALE, VICTORIA ISLAND, LAGOS.

DATE GRANTED

TYPE OF FACILITY

STARCOMMS PLC

DIRECTORS

OVERDRAFT

ADDRESS

GILIAN RALSTON JORDAN, NIGEL CHRISTIAN GAUTREY

NAME OF OBLIGOR

14/15, MOUNT HAVELCOK, DOUGLAS ISLE OF MAN

S/N

The listed debtors are hereby advised to engage the Bank for possible resolution of their unpaid obligations

List of FirstBank Delinquent Debtors

T H I S D AY MONDAY NOVEMBER 14, 2016

33

31-Dec-2013 20-May-2011

29-Nov-2012 31-Jul-2013 28-Dec-2011

OVERDRAFT OVERDRAFT TERM LOAN OVERDRAFT TERM LOAN

TERM LOAN TERM LOAN

AFIBEBOALA DIMITEIN EMGR. ARCHIBONG EKENG, MR. KESTER JONAH MOSES A. OJO, AYANLEYE OJO, DANJUMA MOHAMMED

CHIEF J. C. EZEKUDO

EDET EFFIONG AKPAN, GEORGE ROBERT AKPAN PAUL DUNIA, MRS. IBIENE FAVOUR DUNIA, PAUL DUNIA JNR. CHINDA UCHENNA, JEPHET CHIZI WILLIAMS, CHINDA PRINCE OCHIZICHIBUIKE, UCHE WILLIAMS, CHINDA OSARUCHI, FLORENCE UCHE WILLIAMS(MRS.), CHINDA CHIOMA JUDITH, UCHE WILLIAMS CHIEF HENRY I IKOH GODWIN ASEMOTA MR. CHIMA IGBOKWE ENGINEER IKPONWOSA OSUNDE

SAMCO HOUSE MBIOHO- OKU, UYO AKWA IBOM STATE

17A, BOSTWANA CRESCENT BARNAWA KADUNA

ALONG KWADON ROAD GOMBE GOMBE STATE

2 UDOFIA STREET EKET AKWA IBOM

10, IRUBE STREET D/LINE PORT HARCOURT

4, NSIT LANE UYO

FLAT 2 ALIOLU ESTATE MANGROVE LANE WOJI

KM 16 PH -ABA EXPRESSWAY CESIDE CRUSH ROCK PHC

4, KINGS AVENUE OFF TOMBIA EXTENSION G.R.A PH

136 NEW LAGOS RD NEW BENIN

55B, EZIMBA ST. BY OGBOR -HILL,ABA; 34C OBOHIA ROAD,ABA

1, THIRA CEMENTRY ROAD NEW-BENIN, B/C

AFLACORP NIG LTD

ARCHKEN LIMITED

AJORO INTERNATIONAL INV. NIG LIMITED

ARAWA INTERNATIONAL SCHOOLS LTD

SHOSKY TECH INTER LIMITED

KUDOS WORKS AND INVESTMENT CO. LTD.(KWIC)

TEVOLI ENTERPRISES LIMITED

DUAL TRANSACT GLOBAL SERVICES LIMITED

JEFFLOC SERVICES NIGERIA LTD

MACOM ENG. & CONST LIMITED

GODWIN ASEMOTA NIG. LTD

BODIMA VENTURES LIMITED

BEAVER-MARK NIGERIA LIMITED

39

40

41

42

43

44

45

46

47

48

49

50

OKORODUDU ISAAC AKPOS SIJUADE OYETOSO OLUWOLE CHIEF HENRY I IKOH ORUBO IBINABO JACK, MBAA LAWRENCE, KELLY ORUBO, INYECHIKA DOREEN, IBINABO JACK, RACHEAL IBINABO JACK

DR. OPEYEMI AKEJU, MR. LOLA OLUJOBI, HON. SEGUN OLA, MR. TOPE OMOJOLA MIKE WALI, OKEY WALI, KINGSLEY WALI

46, AIRPORT ROAD EFFURUN

1, SIJUADE CLOSE, MAGBORO VILLAGE, LAGOS IBADAN EXPRESSWAY

UMUNDARA AHUWA, OBORO IKWUANO LGA ABIA STATE

5, OIL OF JOY CLOSE, WILSON DRIVE, BOROKIRI, PORT HARCOURT

18, OKEYINMI STREET ADO-EKITI 9, IREBI STREET D/LINE PORT HARCOURT

ONDO WEST LOCAL GOVERNMENT EDUCATION AUTHORITY

SIJUADE FARMS

HARMONY FOAM LIMITED

INTERIORTRONIX NIGERIA LIMITED

ULAYIN MICRO-FINANCE BANK INDEX GOLD CONCEPTS LIMITED

ONDO WEST LOCAL GOVERNMENT EDUCATION AUTHORITY

55

56

57

58 59

60

5 OPILI PLAZA BY PETER ODILI RD

TEXOLAND INTERNATIONAL LIMITED

ZOPHIM CORPORATE SERVICES

67

68

1 AKA AVENUE EFFURUN WARRI DELTA STATE

AZ 44 BAKORI ROAD KADUNA

140, AIRPORT ROAD,EFFURUN WARRI DELTA STATE

FRONTIER MERCHANTS NIGERIA LIMITED

ISABEL & J INTEGRATED SERVICES LTD

65

66

ILOLO GIFT AMAKINO

TERM LOAN

TERM LOAN

ENG. TIMOTHY O. MICHAEL, PRINCE ANIAKAN, KINGSLEY T.MICHAEL

27-Dec-2009

14-Mar-2013

25-Jan-2013

19-Dec-2013

TERM LOAN OVERDRAFT

IBRAHIM USMAN, HAWA MOHAMMED DAHIRU OKORODUDU ISAAC AKPOS

ADELEKE ADENIYI

NO.13 ORAZI ROAD OFF EBONY JUNCTION RUMUOLA, PH

WESTWINDS ENGINEERING SERVICES

24-Sep-2014 12-Aug-2014

TERM LOAN TERM LOAN

64

27-Nov-2014 29-Oct-2014

21-May-2012

76,172,317.68

76,292,395.21

19-Jun-2013 28-Mar-2010

77,491,750.59

80,147,761.79

80,229,417.87 621,385.03 80,850,802.90

81,111,354.60

80,187,771.97 923,582.63

82,031,179.12

82,489,934.69

32,048,764.48 86,539,858.88

54,491,094.40

89,295,808.35 88,902,054.15

92,584,515.57

29,297.63

31,471,063.92

61,084,154.02

92,652,383.58

95,131,199.91

96,239,620.18

97,053,058.95

97,128,684.42

97,210,371.06

97,469,667.40

101,134,129.93

102,940,633.15

109,148,986.87

113,262,198.81

114,730,089.99

117,334,625.51

2,911,131.70

114,423,493.81

120,115,759.95

54,696.60

27,815,681.25

41,325,178.62

50,920,203.48

113,179,216.15

123,218,997.03

472,219.82

25,656,347.59

97,090,429.62

126,206,509.80

131,149,578.96

135,231,754.29

139,035,637.15

147,520,164.55

161,450,797.10

179,524,406.58

31-Dec-2013

18-Dec-2013

23-Oct-2014 11-Sep-2014

27-Dec-2014 28-Nov-2014

31-12-2009

30-Aug-2012

30-Dec-2014

13-Jun-2014

TERM LOAN TERM LOAN IGBINOSA AIFUWA DOUGLAS, IGBINOSA NGOWARI ROSELYN, IGBINOSA IYIOSAYI PETER

28, OMASI RD, RUMUOMASI PORT HARCOURT

VERSETECH TECHNICAL SERVICES LIMITED

TERM LOAN

31-Oct-2012 31-Jan-2012

11-Jul-2014

28-Sep-2014

24-Oct-2012 25-Jun-2012

6-JuN-2014

TERM LOAN OVERDRAFT TERM LOAN TERM LOAN

28-Aug-2014

28-Aug-2014 TERM LOAN TERM LOAN

31-Dec-2013 28-Sep-2014

1-Apr-2013 TERM LOAN

21-Oct-2010 31-Dec-2013

21-Jul-2010 25-Jan-2013

26-Jan-2013

21-Oct-2010 21-Jul-2010

31-Dec-2013

27-Oct-2007

18-Sep-2007 25-Jan-2013

31-Dec-2012

27-Dec-2011

26-Jan-2013

26-Jan-2011

13-Feb-2011

TERM LOAN

OVERDRAFT

TERM LOAN

TERM LOAN

OVERDRAFT

TERM LOAN

OVERDRAFT

31-Dec-2011

3-Sep-2011

8-Feb-2007

63

OVERDRAFT TERM LOAN

17-Jul-2012

29-Jun-2012

11-Aug-2010

11-Aug-2009

28-Aug-2016 2-Aug-2013

30-Aug-2013

TERM LOAN

26-Jun-2013

26-Mar-2014

26-Mar-2014

26-Mar-2014

30-Oct-2013

20-Nov-2013

31-Jan-2012

31-Dec-2013

31-Aug-2012

7-May-2013

TERM LOAN

TERM LOAN

16-Dec-2013

16-Dec-2013

TERM LOAN TERM LOAN

20-Aug-2010 16-Dec-2013

TERM LOAN

7-Jan-2013

5-Mar-2011 18-Dec-2014

10-Mar-2010

5-Oct-2011

18-Sep-2014

TERM LOAN

TERM LOAN

5-Oct-2009

TERM LOAN

OMOTAYO KUFORIJI

4/6, OIL MILL STREET LAGOS ISLAND LAGOS

ELEMCHUKWU IDU

35, CEMENTARY ROAD, PO BOX18, OMOKU, RIVERS STATE

GODEL ENTERPRISES

PETROLEUM PLUS SOLUTION LIMITED

61

62

AKINOLA J. O. IFANIKA OLAYEMI, ONIYE FOLAKE I.

ILOLO GIFT AMAKINO

13, DDPA HOUSING ESTATE OGBORIKOKO WARRI

FULLHAM INTEGRATED CO. LTD

POMO WORKS AND SERVICES

53

54

OGAGA OGBAKPAH OKORODUDU ISAAC AKPOS

4, EMORE STREET OFF AIRPORT ROAD EFFURUN

6, POWELL STREET OFF AKA AVENUE WARRI

TIMELY-LV NIGERIA ENTERPRISES

CHOKO WORKS & SERVICES

51

52

OLUSEGUN SOKAN

ALH. ABUBAKAR ARAWA ABDULLAHI ABUBAKAR

9-Dec-2011

TERM LOAN

ENGR. (CHIEF) EFEKODHA ANTHONY ONOMUEFE

459, NNEBISI ROAD ASABA

39, LAGOS ST, PORT HARCOURT

ROYAL CAT INTERNATIONAL NIG. LTD

37

38

TERM LOAN

MRS. BLESSING OFORIBO

200, BONNY STREET NEW LAYOUT PHC

30-Dec-2013

F.M.P.H.J VENTURES

36

29-Dec-2011

TERM LOAN

BLESSING EFEREBO, HORSEFALL DAKIO, HORSEFALL SOBIBO, IYALLA OWUNARI, MATTHEW OKHAIMOH

14-Jun-2012

179,954,180.29

5B, OROMENIKE STREET D/LINE

19-Mar-2012

180,655,027.98

14-Jun-2012

AMOUNT OUTSTANDING (N)

15-Feb-2010

EXPIRY DATE

SOMAFALL SERVICES LTD.

35

19-Mar-2012

15-Nov-2009

TERM LOAN

OVERDRAFT

DATE GRANTED

TERM LOAN

MORG-LIS SERVICES

34

MR. DOMITI ANTHONY, MR. TONYE ANTHONY UTOYO OGHENEOCHUKO LUCKY

7, ONWUCHEKWA RUMUOBIAKANI PHC

43, FUTEB PLAZA, EFFURUN

TYPE OF FACILITY

AKPEH UFUOMA S

SILK STRUCTURES NIGERIA COMPANY

DIRECTORS

ADDRESS

13B MALLE ESTATE OFF DSC WAY EKETE -UDU DELTA STATE

IKONIBO LIMITED

32

NAME OF OBLIGOR

33

S/N

34 MONDAY NOVEMBER 14, 2016 T H I S D AY

CHIJIOKE CHIEDU IYIZOBA, EBUBECHUKWU IYIZOBA

28, OMASI RD, RUMUOMAZI, PORT HARCOURT,AIRUEGHIAN JOHN,

29, IKONO STREET, UYO, AKWA IBOM STATE

92, OLD ABA RD PORT HARCOURT

295A, SURULERE WAY DOLPHIN ESTATE, IKOYI, LAGOS.

KM 17, ABA EXPRESSWAY PORT HARCOURT

TODAH EXPERTISE LIMITED

REBOSA QUEST LTD

ALMIGHTY PROJECTS INNOVATIVE LIMITED

JAMESCO AND SONS SERVICES LIMITED

DESIGN CARDINAL LIMITED HENBOB ENTERPRISES

CHAR AND TEL NIGERIA VENTURES

DEVON ENERGY

JAPHRAIM NIGERIA LIMITED

75

76

77

78

79 80

81

83

MRS ADEWARA TAIWO, OSOBA OSETUA AKHETUAME, OLUDIPE OLUBUNMI JUSTINA, BAKARE SIKIRU ADEMUYIWA

LOVE AJOKU

32, PALM AVENUE MUSHIN

2, EJEKWU CLOSE, OFF RUMUMINI, RUMUOKUTA PORT HARCOURT

NIGERIA UNION OF TEACHERS,MUSHIN

LOVOTEX RESOURCES LIMITED

BERTHDOM LIMITED

EFFECTS PRODUCTIONS LIMITED

MUNAK -HTG INTERNATIONAL LIMITED

JOEANTHO NIGERIA LIMITED

87

88

89

90

91

92

5

015 2011-2

FirstBankofNigeria

@FirstBankngr

FIRSTBANK IS AN FBN HOLDINGS COMPANY

Firstbankngr

FirstBankofNigeriaLtd

72, OBINAGU ROAD, ABAKPA NIKE, ENUGU STATE

KM 14, LEKKI/ EPE EXPRESSWAY, IKOTA, 1ST GATE

30 BAJULAIYE ROAD SHOMOLU YABA

@firstbanknigeria

+FirstBankNigeria

JONATHAN MADU, JONATHAN MADU

MOSES KAMANYA, KAMANYA DEBORAH, KAMANYA DANIEL CHINEDUM MOSES, KAMANYA PEACE IFECHUKWU

EMMNAUEL OLUWATOPE BOBBY OJO, JOSEPH OJO, JACOB ADEWUNMI, ROTIMI ADELEYE, LAWRENCE C VINCENT OKONMA

ELDER EFFIONG NYA UDO

WELI-WOSU PRINCE NYEBUCHI, WELI-WOSU FLORENCE, WELI-WOSU PRINCE CHISOM

19, OROAZI ROAD, MILE 4, RUMUEPIRIKOM PORT HARCOURT

W. W PRINCE SERVICES LIMITED

86

C87, HIGH TENSION LINE, ANUA, UYO

OMORUYI JANE E, LAWSON NGOWARI E MOSES ARCHIBONG UDOH

28, OMASI ROAD 1, RUMUDMASI, PORT HARCOURT

5, UYO STREET. RUMUOMASI PHC

OGHOMWEN GLOBAL RESOURCES LIMITED

PAULOLIVE INTERNATIONAL LOGISTIC LTD

85

GIFT OKONU, PEACE OKONU

27-May-2015 29-Sep-2014 29-Sep-2014

TERM LOAN TERM LOAN TERM LOAN

TERM LOAN

TERM LOAN

TERM LOAN TERM LOAN

14-Dec-2012

18-Jun-2012

30-Dec-2013 20-Sep-2013 11-Dec-2013

30-Mar-2012

TERM LOAN

TERM LOAN

30-Jul-2012

TERM LOAN

13-Mar-2013

23-Feb-2016

30-Jan-2014 30-Apr-2014

29-Jan-2014

28-Oct-2014

28-Oct-2014

28-Jan-2016

28-Jan-2016

30-Oct-2012

1-Apr-2015

2-Feb-2015

50,149,806.95

50,982,594.32

11,970,048.12 52,000,391.60

54,405,656,67 40,030,343.48

56,157,793.96

9,538,857.67

12,969,590.91

21,594,537.64 56,322,928.34

34,728,390.70

821,648.25 56,821,264.22

217,194.29

55,782,421.68

58,234,104.40 TERM LOAN

59,796,658.00 9-Apr-2015

701,978.65 59,970,300.19

33,802,007.83 25,466,313.71

60,462,547.95

1,831,431.40

28,149,900.25

30,481,216.30

60,494,434.17

59,804,487.46 689,946.71

58,981,153.03 61,146,050.53

58,889,841.05

19,206,366.53

39,683,474.52

58,801,593.10

65,224,119.40

66,392,258.75 66,317,427.24

68,401,865.45

15-Feb-2015 31-Dec-2013

10-Mar-2015

27-Aug-2015

30-Mar-2016 30-Mar-2016

9-Dec-2013

4-Jan-2014

4-Jan-2014

16-Feb-2015 22-Nov-2014

OVERDRAFT

TERM LOAN

16-Oct-2014

28-May-2015

TERM LOAN TERM LOAN

31-Dec-2015 31-Dec-2015

TERM LOAN TERM LOAN

5-Dec-2013

TERM LOAN

10-Sep-2013

5-Dec-2013

TERM LOAN TERM LOAN

17-Dec-2014 23-Sep-2014

TERM LOAN TERM LOAN

MR. JUSTUS OJIKA, OKWUDIRI GIFT, MICHEAL ODUNZE

92, OLD ABA ROAD, PORT HARCOURT 12,MILVERTON AVENUE, ABA

30-Dec-2014 27-May-2015

28-Nov-2014 28-May-2014

TERM LOAN OVERDRAFT

ADJADJE A. CHRISTOPHER, CHRISTOPHER O. ADJADJE

299/301, ABA OWERRI ROAD, OWERRI

HENRY BOBBY ADJEBREFE

23-Oct-2013 23-Oct-2013

22-Sep-2014 22-Sep-2014

TERM LOAN

28-Feb-2016

11-Jan-2015

27-Dec-2014

12-Nov-2014 29-Aug-2014

28-Nov-2014

3-Jul-2013

TERM LOAN

TERM LOAN

TERM LOAN

5-Jul-2012

52,011,483.42 16,390,382.03

68,686,548,10

28-Jul-2014

71,276,899.59

71,331,410.01

75,409,017.27

35,923,311.00

39,485,706.27

AMOUNT OUTSTANDING (N)

27-Dec-2014

28-Nov-2014

TERM LOAN

AIRUEGHIAN JOYCE

84

82

OJIKA JUSTUS

HOUSE OF ASSEMBLY NEW LEGISLATURE, QTERS OKPANAM, ASABA

EGIREMBO NIG. ENTERPRISES

74

28, OMASI RD, RUMUOMASI PORT HARCOURT

NIGERIAN PRISON SERVICE,PRISONS VILLAGE, BILL CLINTON DRIVE, AIRPORT ROAD, ABUJA

NIGERIAN PRISONS SERVICE MULTI-PURPOSE COOPERATIVE (PRISCO)

73

TERM LOAN

2-Aug-2010

TERM LOAN

BENSON OYABEBEFA IGBINOSA AIFUWA FAITH, NGOWARI ROSELYN LAWSON, TABA JULIET HART

28-Nov-2014

TERM LOAN

JACKS BECKY IBIBA, WILLIAM WHYTE ZOE, WILLIAM WHYTE VERA, WILLIAM WHYTE WILLIAM

77, ADA GEORGE ROAD, PORT HARCOURT

FLOWROCK INTERNATIONAL LIMITED

72

31-Dec-2013

25-Jan-2013

TERM LOAN

ADAMS IDAKWO AKPAI, TOJU ADAMS IDAKWO, ARIDA TOJU ADAMS

2, ORIANWO LANE, ,NKPOGU RD, ARSBBY PLAZA, PORT HARCOURT 27-Oct-2014

OVERDRAFT

ILOLO GIFT AMAKINO

6, POWELL STREET OFF AKA AVENUE WARRI DELTA STATE

CSK WORKS & ALLIED CO. LTD

YETUNDE MOGAJI, ABIMBOLA KUDIRAT ADENEKAN

11-May-2013

26-Mar-2013

TERM LOAN

22-Apr-2013

15-Jan-2013

TERM LOAN

EXPIRY DATE

DATE GRANTED

TYPE OF FACILITY

EXMATSUR OILFIELD SUPPORT LIMITED

56, ABEOKUTA STREET, ANIFOWOSE IKEJA

DIRECTORS

71

GENUINELYNESS OUTLOOK

69

ADDRESS

70

NAME OF OBLIGOR

S/N

T H I S D AY MONDAY NOVEMBER 14, 2016

35

36

MONDAY, NOVEMBER 14, 2016 • T H I S D AY

BUSINESS/MONEYGUIDE

CBN to Implement Interchange Fee Regime in 2017 Obinna Chima The Central Bank of Nigeria (CBN) has set May 1st 2017 for implementation of the new interchange fee regime for operators in the payment cards industry.

The central bank stated this in a circular dated November 1 that was obtained on its website at the weekend.

It explained that with the introduction of the cashless Nigeria project and the release of the guidelines on PoS Card Acceptance Services, the CBN had outlined the Merchant Serviced Charge (MSC) as well as the modalities for its operation in the payment system.

This, it further explained had enhanced the issuance and utilisation of cards transactions in the country and brought

structure to the compensatory mechanism for parties involved in the transaction.

However, it stated that as a result of the limitation of the MSC regime and the objectives of the Payment System Vision 2020, the CBN, in conjunction with industry stakeholders has decided to migrate the payment card industry to a superior pricing mechanism.

“It is expected that the introduction of new pricing regime will bring about even greater payment card issuance and utilisation, investment in loyalty programmes and the expansion of acquirer network infrastructure across the country.

With effect from 1st May, 2017, the CBN will no longer regulate MSC,” it added.

But according to the central bank from the above mentioned

date, the interchange fee will replace the MSC, adding that Merchants and Acquirers will be required to negotiate the MSC, while the CBN will control the interchange fees paid by Acquirers to the Card Issuer and other regulated service providers.

“CBN hereby gives a period of six months, starting from November , 2016 to stakeholders to sensitise their merchants on the changes expected, and for card schemes to reconfigure their systems to the new pricing structure,” adding that the modalities for aspects of the implementation of the new regime would be developed and communicated by the Nigeria Interbank Settlement System(NIBSS), within three months from the date of the circular.

Union Bank to Raise N50bn via Rights Issue Union Bank of Nigeria Plc is planning to raise as much as N50 billion ($159 million) in a share sale to existing investors.

The move by the lender in which Bob Diamond’s Atlas Mara Ltd. owns about 31 percent, according to Bloomberg, may further dent sentiment toward the nation’s banks.

The company is seeking permission from shareholders for the rights offer at a December 7 extraordinary general meeting, Lagos-based Union Bank said in an e-mail on Friday.

It is asking that a special resolution be approved to increase authorised share capital to N17.5 billion from N9.5 billion.

“This will dampen investor appetite for Nigerian banks

further,” a money manager in Stockholm at Tundra Fonder AB with about $200 million invested in frontier-market stocks, Mathias Althoff, was quoted to have said on his Twitter account.

Banks in Africa’s most populous nation are grappling with rising bad debts resulting from the inability of businesses to pay back loans in the oil-dependent economy.

Union Bank’s share price has dropped 40 percent this year, mirroring declines in peers such as Unity Bank Plc, Wema Bank Plc and FBN Holdings Plc. The 171-member Nigerian Stock Exchange All-share Index has retreated eight per cent.

Atlas Mara, co-founded by the former Barclays Plc chief

executive officer, is looking for ways to expand in Nigeria, despite the country’s challenges, its Chief Executive Officer John Vitalo said in an interview in Kigali, Rwanda, in September. Atlas Mara would like to get control of Union Bank, Diamond had said in an interview in New York.

“We are open to various -– to any and all possibilities -– for deepening our involvement in that country, the current economic conditions notwithstanding,” Vitalo said, declining to comment on plans for the Union Bank stake. “It’s a huge economy with massive amounts of potential. When bank valuations have been hammered it’s a great time to be committing more.”

Heritage Bank Introduces ‘Sunday Market’ to Support MSMEs As part of its strategic plan of identifying and supporting micro, small and medium scale enterprises (MSME), Heritage Bank Plc has introduced the ‘Sunday Small Market.’

The Executive Director, Lagos/South West and Corporate Banking of the bank, Mrs. Mary Akpobome said the initiative was another way of adding value to its customers.

She said Heritage Bank is well known for supporting small businesses, saying the move

was another way of bringing as many small businesses as possible together to display their wares and crafts, which are locally made, and linking them with their customers.

The executive director was quoted in a statement to have said because of the favourable responses being received from its MSME customers, the bank intends to hold the market monthly in different areas of Lagos State, such as Surulere and Ikeja among others.

She also said it was part of the plan to bring back the culture of Sunday Market that Nigerians were noted for in the past.

Also speaking, the Head of Brand Management of Heritage Bank, Mr. Ade Adegbite, said the bank supports initiatives that bring visibility to its customers, adding that the idea behind the Sunday Market was to provide a platform for the SME customers to show case their products as well as interface with their existing customers and prospects.

Flour Millers Affirm Commitment to Wheat Farmers Flour Milling Association of Nigeria (FMAN) in Kano recently demonstrated its support for the accelerated local production of wheat in Nigeria by donating two thousand five hundred (2,500) units of 3-inch water pumps and 2,500 units of plantable seeds in 50kg bags worth about N150 million (one hundred and fifty million naira) to Wheat Farmers Association of Nigeria (WFAN).

The donation was in fulfillment of promises made at an MoU signed in June, 2016, where FMAN promised, among other things, to assist wheat farmers with the provision of farming equipment,

water pumps, threshers and seedlings in order to boost wheat production which is in line with government policy to achieve food sufficiency and security, create jobs and reduce dependence on importation.

In his speech at the occasion, the Vice Chairman of Flour Milling Association of Nigeria, Mr. Olarenwaju Jaiyeola, recalled that history was made in Nigeria with the signing of the MoU between both associations with the primary goal of accelerating wheat production in Nigeria,.

He noted that the event in Kano was another historic and remarkable one in fulfillment

of FMAN’s promise to WFAN having met and interacted with wheat farmers to ascertain their immediate needs.

The Vice Chairman added that the effort was to assist farmers in some wheat growing states and ameliorate some of the challenges being faced by farmers particularly with regards to scarcity of seedlings.

Jaiyeola revealed that in demonstration of FMAN’s commitment to accelerate wheat programme in Nigeria, it released a Research and Development Grant of N20 million to the Lake Chad Research Institute (LCRI) in September.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JUNE 2016 Broad Money (M2)

21,684,965.22

-- Narrow Money (M1)

9,125,933.16

---- Currency Outside Banks

1,379,187.93

---- Demand Deposits

7,746,745.22

-- Quasi Money

12,559,032.07

Net Foreign Assets (NFA)

7,105,663.47

Net Domestic Assets(NDA)

14,579,301.76

-- Net Domestic Credit (NDC)

24,318,143.03

---- Credit to Government (Net)

2,893,190.01

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

5,004,677.26

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

-2,111,487.25

---- Credit to Private Sector (CPS)

21,424,953.01

--Other Assets Net

-9,738,841.27

Reserve Money (Base Money)

5,370,199.87

--Currency in Circulation

1,684,725.89

--Banks Reserves

3,685,473.98 • Source - CBN

MANAGED FUNDS Initial Price (N)

Buying Price(N) 1,660.29

1,685.29

1,000.00

11,002.32

11,326.67.11

Stanbic Balanced Fund Stanbic IBTC NEF

Selling Price

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

13.1030 (Yield % ) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 10 NOVEMBER 2016 The price of OPEC basket of fourteen crudes stood at $42.67 a barrel on Thursday, compared with $41.90 the previous day, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

37

MONDAY, NOVEMBER 14, 2016 • T H I S D AY

MARKET NEWS

Lafarge Africa Records N40bn Loss in Nine Months Goddy Egene and Nosa Alekhuogie Lafarge Africa Plc has reported a loss of N40 billion for the nine months ended September 30, 2016, compared with a profit of N36 billion in the corresponding period of 2015.

The loss, according to the cement manufacturing company, was majorly resulted from forex

exchange loss following the devaluation of the naira.

The firm had alerted capital market operators and other stakeholders that its bottomline would be affected by an unrealised foreign exchange loss of about N28billion for the six months ended June 30, 2016.

“The impact of the naira devaluation is expected to be a N28 billion unrealised

T H E

exchange loss arising from the United States dollar borrowings, which at the time of the devaluation, consisted of $310 million shareholders loans and $85 million external loans. These loans relate to the United Cement Company of Nigeria Limited (Unicem) and were mainly set up prior to the acquisition by Lafarge Africa of its original 35 per

N I G E R I A N

cent stake in Unicem,” the company had said.

Lafarge Africa’s, second largest cement manufacturer in Nigeria also recorded loss in its net profit for the second quarter 2016. Specifically, the firm’s net profit fell from 20billion in Q2 2015 to a net loss of NGN32.2 billion in Q2 2016.

Similarly, the company’s gross revenue fell by -29.4%

STO C K

to NGN107,3billion compared to NGN152,1billion it posted last year.

An analysis of the nine months results showed that revenue stood at N161 billion, showing a fall of 25 per cent from N215 billion in 2015. Cost of sales was flat at N143 billion, while distribution expenses fell by 9.6 per cent from N22.4 billion to N20.2

E XC H A N G E

billion in 2016. Net finance cost fell from N3.7 billion to N796 million. However, the company ended the period with a loss of N40 billion, compared with a profit of N36 billion in 2015.

Commenting on the results, analysts at FBN Quest said it was worse than the -N38.5 billion that consensus predicted for 2016.

38

mondAY, noVEmbEr 14, 2016 • T H I S D AY

MARKET NEWS

FG Plans Incentives to Support Listing of Firms on NSE Goddy Egene The federal government has pledged to introduce incentives that will enable businesses to thrive and list on the Nigerian Stock Exchange (NSE) as part of efforts to reposition the nation’s economy. Vice President of Nigeria, Prof. Yemi Osibajo, stated this at the NSE last Friday after meeting with management of the exchange in Lagos.

Osibajo, who also called for government-private sector partnership, disclosed that his interaction with the NSE Council members had helped in understanding some of the issues and are seeing a way to deal with them.

“We are considering incentives regime that will enable businesses to thrive because as you know the immediate challenges are power, exchange rate and infrastructure. And all of

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

these are things we are working on day by day basis. My interaction with the Council of the NSE has helped in a great deal in understanding some of the issues and we are seeing the way we can deal with it. This is a partnership between the government and the private sector, government being a mere regulator and enabler,” he said.

Osibajo added that the government will do all that is necessary to support efforts

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 10-Nov-2016, unless otherwise stated.

to ensure listing of more companies on the exchange.

“The major thing is that there is engagement already on listing several major companies. And many of the companies have already indicated interests in listing.

And I think for privatised companies, the decision is not in the hands of the government because they are already privatised, listing should be the decision of the new owners. So, really it’s not the government that will

decide on the listing of the privatised companies, but we are fully ready to encourage listing on the exchange. The NSE is an important driver of the economic activities, an important driver of investment for the federal government.

That is an absolute necessity, I do not think we need to wonder whether the government want to encourage listing. We certainly want to encourage listing, and that is part of why I am here, to promote interest in the

market,” he said.

He assured stakeholders that the government would with the NSE and other private sector operators ensure the economy recovers and become beneficial to every citizen.

Osibajo added that government would work with the capital market community so that funds could be sourced from the market to finance the federal budget going forward.

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 121.54 Nigeria International Debt Fund 218.81 ALTERNATIVE CAPITAL PARTNERS LTD Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price ACAP Canary Growth Fund 0.68 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 122.34 11.49% 219.90 9.32% info@acapng.com Offer Price Yield / T-Rtn 0.68 10.02% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

16.16%

enquiries@arminvestmentcenter.com Bid Price 12.28 285.18 22.69

Offer Price 12.65 293.78 23.37

Yield / T-Rtn 0.76% 2.03% 2.90%

1.00

1.00

15.21%

investmentcare@axamansard.com Bid Price 105.29

Offer Price 105.95

Yield / T-Rtn 5.62%

1.00 1.00 14.49% investmentmanagement@chapelhilldenham.com Bid Price 2.11 9.12

Offer Price 2.16 9.36

Yield / T-Rtn 3.64% -7.41%

82.83

84.96

2.12%

invest@fbnquest.com Bid Price 1,076.05 110.27 100.00 $101.81 $101.62 110.20

Offer Price 1,077.13 110.81 100.00 $102.63 $102.43

Yield / T-Rtn 5.00% 4.55% 13.34% 5.66% 5.47%

111.68

10.94%

fcamhelpdesk@fcmb.com Bid Price 0.93 2.52

Offer Price Yield / T-Rtn 0.94 2.75% 2.52 8.51% coralfunds@fsdhgroup.com

Bid Price 2,179.06

Offer Price 2,204.18

Coral Income Fund 2,063.69 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 0.17%

2,063.69 9.09% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

15.22%

Vantage Balanced Fund

1.65

1.66

0.81%

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 11.50% Lotus Halal Fixed Income Fund 995.18 995.18 -0.48% 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 9.41 9.49 -3.84% 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 1.04 1.06 5.78% 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 8.73% 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 1,811.79 1,822.19 7.88% Stanbic IBTC Bond Fund 152.29 152.29 3.54% Stanbic IBTC Ethical Fund 0.78 0.79 4.67% Stanbic IBTC Guaranteed Investment Fund 182.33 182.33 7.45% Stanbic IBTC Iman Fund 136.13 137.84 0.61% Stanbic IBTC Money Market Fund 100.00 100.00 16.35% Stanbic IBTC Nigerian Equity Fund 7,525.18 7,625.00 4.70% 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 9.63 9.79 0.88% Zenith Ethical Fund 11.19 11.27 -2.40% Zenith Income Fund 16.75 16.75 4.42%

REITS

NAV Per Share

Yield / T-Rtn

11.58 122.80

3.99% 6.00%

Bid Price

Offer Price

Yield / T-Rtn

8.82 74.90

8.92 76.32

-7.89% -10.00%

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

2.44 7.22 11.95 16.89 129.31

2.48 7.30 12.05 17.09 131.31

5.58% 12.91% -4.76% -12.01% -

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

T H I S D AY MONDAY NOVEMBER 14, 2016

39

40

T H I S D AY • MONDAY, NOVEMBER 14, 2016

CITYSTRINGS

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

An agent explaining how to play Baba-Ijebu

Under the Spell of ‘Baba-Ijebu’ Baba-Ijebu has turned into a strong gambling habit among Nigerians, especially the youths.

In this report, Ugo Aliogo examines the reasons youths have embraced this culture and what can be done to curb it

C

hinonso Okafor is a young man in his mid twenties. At the age of 15, he dropped out of school due to his poor grades. His poor performance in school was caused by his strong gambling culture. It was discovered from Okafor’s school mates that he regularly visited the Premier Lotto boot in his neighbourhood, skipping classes and assignments to indulge in this practice. The activity grew into a powerful addiction which he could neither stop nor control. Okafor has succeeded in destroying his dreams.

Okafor did not pluck his gambling habit from the sky. At the age of 10, his mother filed a divorce suit against his father. The divorce suit was initiated when his father sold the mother’s large piece of land to play Premier Lotto, popularly known as Baba-Ijebu. The action was predicated upon the hope of winning a large sum of money

which could help him to replace the land and still have some money for himself. But his hopes were dashed, as he lost the game

The crave for quick money has lured many young people to involve themselves in BabaIjebu... Experts say the game is highly addictive which makes it difficult for stakers to stop, despite several losses

and his meagre salary could not purchase a new plot of land.

The crave for quick money has lured many young people to involve themselves in Baba-Ijebu. With a very small amount of money, a staker (player) can play and win a large sum of money. While at other times, the staker may not win. Experts say the game is highly addictive which makes it difficult for stakers to stop, despite several losses.

On week days, the entrance to Clegg Lane in Ojulegba, Surulere, is always a beehive of activities. Agents are seen sitting inside their wooden makeshift boot, marking suspected numbers on a large white board placed inside their boots. These numbers are possible games for the day. While for others the business is different, their eyes are glued to the red box searching out likely games that customers might like to stake.

To understand the dynamics of the game, THISDAY visited one of the Premier Lotto

boots in Ibidun Street in Ojuelegba to speak with an agent. The boot is run by a handsome looking young man known as Owolabi Yusuf.

Donning a short sleeved shirt, Yusuf took up this job as a means of raising money to support his aspiration of going to the university. He had an aura of confidence that portrayed him as a warm and approachable individual. Before he spoke, he let out a smile which signalled acceptance.

He said for each day there is a game schedule where couple of games to be played from morning till evening are stored, but remarked that many stakers prefer the games played from Monday to Saturday, while the most popular game, which is national, is played on Saturdays.

Yusuf said the game has permutations 2, 3, 3 direct and 2 sure, but permutations 2 sure are when two of the player’s number drops, adding that if a player plays permutation 2 sure with 5 naira, he will win 1,200 especially

41

T H I S D AY • MONDAY, NOVEMBER 14, 2016

CITYSTRINGS It will not be easy to address this issue of playing lotto, because the population of people involved in this gambling practice is very high. In every street in Lagos, there are lotto stands

if the player’s two number drops, because the number is 2 out of 90.

He said: “There was a customer who just played permutation 2 sure with a stake of 100 naira, when the result came out the player won 12,000 naira. When you play permutation 2 sure with 5 naira, you will win 1,200. Therefore the higher you stake, the higher your chances of winning.

“What this implies is that if you choose two numbers, and the ball is rolled, it will display five numbers when two of your numbers come out, then you win depending on how much you stake. The higher you stake, the higher the wining amount.”

Yusuf said the owner of the boot is a principal agent working for another individual and the money he realises daily would determine how much commission he is paid, adding that the game is controlled and determined; by the result of the ball rolling conduct at the central office at Barracks, Ojuelegba after the closure of each game schedule.

He added: “There is the winning and machine number. The stakers (players) focus on the winning number. There is also agent and transport card. When the machine is on online mode, they use the agent card, while when it is on offline mode they will use the transport card.

“Before the game closes you have to remove the transport card, and put the agent card so it will import all what was sold into the agent card, because if this is not done it will not appear at their office and they will not pay. Then I will be the one to bear the cost if I didn’t import it. The risks involved are mainly with the agents and transport card.

“The machine has four sim cards: MTN, Etisalat, Glo and Airtel. I don’t like this game personally because gambling ruins people’s lives. I have other paid jobs which I do, but I’m doing this to finance transportation to the other paid jobs. I’m a plumber by trade.

During the week, I come here by five 5p.m, at weekends I work full day.”

Abiodun Adebimpe is a principal agent who runs his own Premier Lotto boot at the popular Clegg lane. Despite making a fortune from the business, he is worried that the ratio of young people to adults playing lotto is about 80 to 20 per cent.

He said the reason for this unprecedented rise is that the country is going through difficult times caused by the recession; therefore people have resorted to this means of getting quick cash as a means of survival.

“With 50 naira, young people can win 12,000 naira in a lotto 2 sure game play. This win motivates them to keep playing, while sometimes they win, at other times they lose.

While for most adults the tendency of playing it regularly is reduced due to the family responsibilities at their disposal,” he said.

He said the effects of playing lotto amongst young people are much, “especially when they are winning much money, there is higher tendency of forfeiting their education and devote time to play lotto; while if they are artisans they might also forfeit the trade to play lotto in order get more money, this leads to them abandoning their future for gambling.”

On this issue, Adebimpe’s stance is that lotto is not something which young people should trade their future for, instead it should be seen as a leisure activity. His disappointment is that most young people devote their time to this activity which experts have described as a strong addiction.

He is optimistic that if fathers endeavour to meet their parental responsibility by providing for their children and advise them against indulging in the practice, the number will drop drastically.

“Most schools pupils and students play

A cross section of agents and stakers, at a location in Ojuelegba, Lagos

Two principal agents sitting idle in their boot

An agent staking a game for a player

lotto to buy textbooks and writing materials for themselves. I have had cases where school children come to play lotto on a daily

basis. Lotto reduces the chances of people committing crimes such as stealing. Lotto is a lucky game which people win by chance.”

Matthew Philip, a staker, has a different opinion on the issue. He believes unemployment is the root cause why young people are involved in playing lotto, while adding that lotto is a good means of survival for the agents who get daily commission.

Philip doesn’t derive pleasure playing lotto but the activity has become a bad habit which he cannot outgrow, despite losing often times.

He said when playing lotto, the percentage of the loss is higher than the win, 20 to 80 per cent. “Some lucky people win a lot, I have seen a person who won 60 million, another won 2.1 million, he played 3 direct for 1,000 which is 2.1million naira,” he said.

“It will not be easy to address this issue of playing lotto, because the population of people involved in this gambling practice is very high. In every street in Lagos, there are lotto stands.

“What we should consider here is the number of employment that will be generated to stop people from playing lotto. It can be addressed, but it will not be easy. The quest for survival and quick money has made people to remain addicted to lotto.

“For instance, you can borrow money from lotto as an agent with the hope that when you sell, you will then repay. This game is gradually taking over every part of the country. Most of these agents can make up to 20,000 naira daily on sales alone. This shows how people stake on a daily basis. The only solution is to stop the lotto company.”

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MONDAY NOVEMBER 14, 2016 T H I S D AY

Celebrating Over 35 Years of

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The Group President/Chief Executive of SICL, Dr. Ahmed Salawudeen is a Chartered Insurance Practitioner qualified as an Insurer by examination on 1st October 1976. He is a Fellow of the Nigerian Council of Registered Insurance Brokers (NCRIB) and a Fellow of the Chartered Insurance Institute of Nigeria (CIIN). He is well known and respected in the Insurance Industry both locally and internationally.

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T H I S D AY MONDAY NOVEMBER 14, 2016

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Nigeria’s top 50 stocks based on market fundamentals

11-Nov-16

10-Nov-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

164.00

164.00

0.00%

2,794,643,214,420.00

9.20

17.82

4.92

4.88%

3.73

02 Nigerian Breweries Plc

142.00

142.00

0.00%

1,125,932,326,096.00

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

21.48

21.61

-0.60%

632,181,729,731.52

4.90

4.38

1.57

8.24%

1.28

05 Zenith Bank Plc

15.13

14.70

2.93%

475,028,950,982.18

3.91

3.87

1.00

11.90%

0.68

06 Lafarge Africa Plc

48.00

52.14

-7.94%

218,635,286,880.00

-9.39

-5.11

1.03

6.25%

1.08

361.00

361.00

0.00%

199,745,022,993.00

-44.58

-8.10

2.57

4.41%

0.51

48.10

48.10

0.00%

181,976,549,625.00

0.69

69.49

2.74

0.10%

19.40

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

1,499.67

2.44

2.96%

4.16

11 Stanbic IBTC Holdings Plc

16.50

16.85

-2.08%

165,000,000,000.00

2.04

8.10

1.18

0.61%

1.40

12 United Bank for Africa Plc

4.30

4.30

0.00%

156,001,963,184.60

1.75

2.46

0.47

13.95%

0.36

Table 4 Top 5 Losers

13 Access Bank Plc

5.30

5.30

0.00%

153,318,249,644.30

2.59

2.05

0.43

10.38%

0.35

Stock

104.50

104.05

0.43%

136,109,275,263.50

3.31

31.61

0.88

3.30%

3.15

15 Guinness Nig Plc

90.00

90.00

0.00%

135,529,936,920.00

-3.06

-29.43

1.31

3.56%

3.44

16 FBN Holdings Plc

3.05

3.07

-0.65%

109,480,643,015.60

0.21

14.70

0.21

4.92%

0.18

17 Total Nigeria Plc

290.00

290.00

0.00%

98,461,332,730.00

38.02

7.63

0.37

4.83%

4.32

18 7-Up Bottling Comp. Plc

143.32

150.86

-5.00%

91,809,410,825.16

-0.05 -3,137.82

0.99

1.54%

4.14

6.25

6.30

-0.79%

75,000,000,000.00

1.03

6.09

0.52

8.00%

1.20

190.00

185.01

2.70%

68,513,099,780.00

19.32

9.83

0.75

3.79%

3.70

19.89

19.53

1.84%

65,522,618,179.20

0.02

882.74

2.46

1.26%

5.97

4.30

4.20

2.38%

51,748,861,244.20

-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

18.92

18.05

4.82%

49,650,567,578.04

-1.19

-15.86

0.12

10.57%

0.50

25 Okomu Oil Palm Plc

42.47

44.70

-4.99%

40,512,557,700.00

4.82

8.80

6.16

0.24%

2.51

26 U A C N Plc

17.67

17.67

0.00%

33,941,673,718.29

3.37

5.24

0.45

5.66%

0.45

0.86

0.87

-1.15%

33,300,057,785.50

-0.47

-1.84

0.64

0.00%

0.45

35.40

35.40

0.00%

24,780,000,000.00

2.28

15.50

3.72

3.25%

14.48

29 Wema Bank Plc

0.63

0.58

8.62%

24,301,913,631.03

0.06

10.58

0.47

0.00%

0.51

30 Fidelity Bank Plc

0.82

0.85

-3.53%

23,749,320,267.44

0.39

2.12

0.16

19.51%

0.13

31 Diamond Bank Plc

1.01

1.04

-2.88%

23,391,992,857.68

-0.29

-3.44

0.11

0.00%

0.10

32 Sterling Bank Plc

0.80

0.79

1.27%

23,032,334,500.80

0.29

2.78

0.21

11.25%

0.28

33 Custodian And Allied Insurance Plc

3.75

3.93

-4.58%

22,056,990,731.25

0.76

4.91

0.60

3.73%

0.77

34 FCMB Group Plc

1.07

1.06

0.94%

21,188,900,535.67

0.61

1.75

0.13

9.35%

0.12

11.12

11.70

-4.96%

20,885,606,684.80

0.50

22.27

0.74

11.69%

2.04

36 National Salt Co. Nig. Plc

7.55

7.37

2.44%

20,003,259,753.90

0.85

8.89

1.07

7.28%

2.71

37 Mansard Insurance Plc

1.84

1.81

1.66%

19,320,000,000.00

0.28

6.61

0.97

2.72%

0.92

38 Glaxo Smithkline Consumer Nig. Plc

15.00

15.00

0.00%

17,938,147,320.00

-2.98

-5.03

0.64

2.00%

2.04

39 PZ Cussons Nigeria Plc

16.49

16.49

0.00%

16,490,000,000.00

5.69

2.90

1.15

0.61%

0.44

40 Continental Reinsurance Plc

1.01

0.97

4.12%

10,476,471,755.12

0.42

2.40

0.47

11.88%

0.56

41 Honeywell Flour Mill Plc

1.20

1.20

0.00%

9,516,237,189.60

-0.40

-2.97

0.20

13.33%

0.29

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

0.60

0.63

-4.76%

7,013,602,765.20

-0.10

-5.85

0.11

0.00%

0.08

44 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

45 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

46 Cement Co. Of North.Nig. Plc

4.48

4.48

0.00%

5,629,916,391.68

0.22

20.46

0.51

2.23%

0.52

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 AIICO Insurance Plc

0.60

0.58

3.45%

4,158,122,688.00

0.22

2.69

0.14

8.33%

0.41

49 Nigerian Aviation Handling Company Plc

2.30

2.31

-0.43%

3,735,703,125.00

0.15

15.22

0.46

8.70%

0.62

50 Fidson Healthcare Plc

1.25

1.25

0.00%

1,875,000,000.00

0.24

5.31

0.29

4.00%

0.29

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

27 Transnational Corporation Of Nigeria Plc 28 Cap Plc

35 Cadbury Nigeria Plc

TOTAL

8,466,749,441,633.65

TOTAL MARKET CAP

9,026,605,746,429.57

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

93.80%

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

Open 10-Nov-16

Close 11-Nov-16

Change %

9.03 108.93

9.01 108.74

-0.19% -0.17%

8.48

8.47

-0.17%

8.75

8.73

-0.29%

Table 3 Top 5 Gainers Stock

Open Close Change 10-Nov-16 11-Nov-16 %

Wema Bank Plc Flour Mills Nig. Plc Continental Reinsurance Plc AIICO Insurance Plc Zenith Bank Plc

0.58 18.05 0.97 0.58 14.70

0.63 18.92 1.01 0.60 15.13

8.62% 4.82% 4.12% 3.45% 2.93%

Open Close Change 10-Nov-16 11-Nov-16 %

Lafarge Africa Plc 7-Up Bottling Comp. Plc Okomu Oil Palm Plc Cadbury Nigeria Plc Unity Bank Plc

52.14 150.86 44.70 11.70 0.63

48.00 143.32 42.47 11.12 0.60

-7.94% -5.00% -4.99% -4.96% -4.76%

Market reverses gain as ASI ends week with 0.19% loss Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, November 11th, 2016 ended on a bearish note as stock market closed red today.

This was further highlighted by positive performances from the NSE Sub sectors: Banking (Save Oil & Gas, Insurance, and Consumer Goods). Trading activities increased in volume as 2.26 million shares worth of N2.63 billion in 3,346 deals exchanged hands today. This is an increase from the 137.64 million shares worth of N990.95 million in 3,283 deals which exchanged hands on Thursday. Topping in volume terms were Standard Alliance Insurance Plc, Zenith Bank Plc and Sterling Bank Plc, while Standard Alliance Insurance Plc and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with 0.19% (-50.87) decrease to close at 26,170.88 from 26,221.75 the previous trading day. Market Capitalization depreciated in tandem to N9.01 trillion from N9.03 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an decrease of 0.17% to close at 108.74 from 108.93 recorded at the end of the previous trading day, while its market capitalization stood at 8.47 trillion from 8.48 trillion of the previous trading day.

A total number of 18 stocks gained on the bourse today while 19 stocks declined, 64 leaving stocks unchanged. Wema Bank Plc merged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 8.62% to close at N0.63 per share. It was followed by Flour Mills Nig. Plc with a gain of 4.82% to close at N18.92 per share. Others on the gainers list include: Continental Reinsurance Plc, AIICO Insurance Plc and Zenith Bank Plc; while on the decliners’ list, Lafarge Africa Plc with a loss of 7.94% to close at N48.00 per share. It was followed by 7-Up Bottling Comp. Plc with a loss of 5.00% to close at N143.32 per share. Others on the decliners list include: Okomu Oil Palm Plc, Cadbury Nigeria Plc and Unity Bank Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

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MONDAY NOVEMBER 14, 2016 • T H I S D AY

INTERNATIONAL Clinton Blames FBI Director for Her Defeat

email:foreigndesk@thisdaylive.com

Hillary Clinton blamed FBI director, James Comey, for her stunning defeat in last week’s presidential election in a conference call with her top campaign funders, according to two participants who were on the call.

Clinton was projected by nearly every national public opinion poll as the heavy favorite going into Tuesday’s race. Instead, Republican Donald Trump won the election, shocking many throughout the nation and prompting widespread protests.

Clinton has kept a low profile since her defeat after delivering her concession speech on Wednesday morning. Clinton told her supporters on Saturday that her team had drafted a memo that looked at the changing opinion polls leading up to the election and that the letter from Comey proved to be a turning point. She said Comey’s decision to go public with the renewed examination of her email server had caused an erosion of support in the upper Midwest, according to three people familiar with the call.

Clinton lost in Wisconsin, the first time since 1984 that the state favored the Republican candidate in a presidential election. Although the final result in Michigan has still not been tallied, it is leaning Republican, in a state that last favored the Republican nominee in 1988.

Comey sent a letter to

Congress only days before the election announcing that he was reinstating an investigation into whether Clinton mishandled classified information when she used a private email server while secretary of state from 2009 to 2012.

Comey announced a week later that he had reviewed emails and continued to believe she should not be prosecuted, but the political damage was already done.

Clinton told donors that Trump was able to seize on both of Comey’s announcements and use them to attack her, according to two participants on the call.

While the second letter cleared her of wrongdoing, Clinton said that it reinforced to Trump’s supporters that the system was rigged in her favor and motivated them to mobilize on Election Day. The memo prepared

by Clinton’s campaign, a copy of which was seen by Reuters, said voters who decided which candidate to support in the last week were more likely to support Trump than Clinton.

“In the end, late breaking developments in the race proved one hurdle too many for us to overcome,” the memo concludes. A spokesperson for the FBI could not immediately be reached for comment. On the phone call, Dennis Chang, who served as Clinton’s finance chair, said her campaign and the national party had

raised more than $900 million from more than 3 million individual donors, according to the two participants who spoke to Reuters.

As Clinton gave her account to donors, Trump hunkered down at Trump Tower with members of the transition team announced on Friday and tasked with selecting the 15 Cabinet posts and thousands of political appointment jobs.

Kellyanne Conway, who served as his campaign manager, said on Saturday that the an announcement of a new chief of staff is “imminent.” Two candidates whose names have surfaced as contenders for the top White House job are campaign CEO Steve Bannon and Republican National Committee Chairman Reince Priebus.

Trump will deliver a speech about his plans moving forward in the coming days and may undertake a national victory tour, Conway said, without providing further details. He will be sworn in on January 20.

The president-elect plans to keep his communication channels open.

In an interview with CBS’ “60 Minutes” that will air on Sunday, Trump said he isn’t ready to give up his Twitter account, where he routinely posted controversial statements during the campaign that unleashed harsh criticism.

“I’m going to be very restrained, if I use it at all, I’m going to be very restrained,” Trump said.

Former Congo Rebel Leader Missing Congo has stepped up army patrols in its volatile east after the former military chief of a once-powerful rebel group vanished from a camp for demobilised fighters in neighbouring Uganda and gunfire erupted outside an important border town.

Julien Paluku, governor of Democratic Republic of Congo’s North Kivu province, said Ugandan authorities no longer knew the whereabouts of Sultani Makenga, who was the military chief of the M23 rebellion.

“We were in contact with the Ugandan intelligence services who confirmed that, since Friday, ex-Colonel Makenga may have fled and the Ugandan services have not been able to locate him,” Paluku told Reuters on Saturday.

An official with M23’s political wing declined to comment and referred questions about Makenga to the Ugandan authorities. A Ugandan army spokesman said he did not know whether Makenga had

disappeared but would seek to confirm his whereabouts.

A Congolese customs official in Bunagana said gunfire had erupted overnight in the hills around the town, an important border crossing to Uganda that was once an M23 stronghold.

Shooting continued sporadically into Saturday morning.

“We didn’t know where it was coming from. We woke up in panic,” said the official.

“We don’t know what’s happening, the military is telling us nothing. The official, who declined to be identified as he was not authorised to speak to the media, said there was increased military activity in Bunagana as well as a growing presence of Ugandan soldiers across the border in the town of Kisoro.

Paluku said there was no confirmation Makenga had returned to Congo but added that there had been reports of unidentified troops in North Kivu’s Sarambwe Nature Reserve, adjacent to the border. “There’s a maximum alert. Our troops

are carrying out combat patrols so that, if it turns out it’s true, they will proceed to neutralise (Makenga) along with any allies who might be accompanying him on this adventure,” the governor said.

Until its defeat in 2013, M23 was the strongest of dozens of armed groups that have continued to control large swaths of mineral-rich eastern Congo despite the end of the 1998-2003 war.

The area remains a tinder box of ethnic and political divisions. At its peak, M23 seized North Kivu’s capital Goma but following its defeat

by U.N. and Congolese troops, many of its fighters fled into Uganda and Rwanda. They have since lived in military-run camps awaiting amnesties promised under a peace deal.

Uganda said in 2014 that it was hosting 1,430 former M23 fighters.

However, many have since left the camps and there have been persistent rumours that the rebels were seeking to regroup.

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NEWS

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

Naira Appreciates after DSS Action on Currency Dealers Obinna Chima Despite last week’s raid and arrest of some licensed currency dealers who were said to be selling foreign exchange (FX) above the prescribed limit, the naira

appreciated on both the interbank and parallel segments of the market.

Precisely, on the interbank FX market, the spot rate of the naira climbed N1.45 to close at N304.75 to the dollar last Friday, stronger than the

Buhari Travels to Morocco for Climate Change Conference Tobi Soniyi in Abuja President Muhammadu Buhari will attend the 22nd Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), also known as COP22, in Marrakech, Morocco, from November 14 to 16, 2016.

A statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said Buhari would participate in the official opening plenary on November 15 where he would deliver a national statement during the high level segment of COP 22.

The statement said the presidential address would highlight, among other key issues, Nigeria’s unwavering commitment to implementing the Nationally Determined Contributions (NDCs) and policy actions aimed at tackling climate change through environmental sustainable efforts.

It also said Buhari would use the occasion of his speech to rally international support for the clean-up of Ogoniland in the Niger Delta and the resuscitation of the Lake Chad Basin.

“While in Marrakech, the president is scheduled to attend the Africa Day Commemoration at COP 22 with the theme: ‘Moving from Commitments to

Action with Intended Nationally Determined Contributions and African Renewable Energy Initiative,’” the statement added.

Adesina said Buhari would also attend the summit of African Heads of State on the sidelines of the climate change conference.

COP 22, which would be attended by representatives from 197 countries including world leaders, environment ministers, government officials as well as a wide range of representatives from civil society and the private sector, is the first meeting of State Parties since the entry into force of the landmark Paris Agreement on November 4, 2016.

The legally binding international agreement on climate change, among others, addresses issues of global warming, including its impact on food security and agriculture.

Buhari signed the Paris Agreement on September 22, 2016 at the margins of the 71st session of the United Nations General Assembly in New York.

Buoyed by that commitment, the Nigerian delegation is optimistic that COP22 will provide a platform to promote and enhance delivery of the purpose-driven environmental sustainable agenda of the federal government.

N306.50 to the dollar the previous day.

Also, on the parallel market, the naira appreciated by N5 to trade at N455 to the dollar at the weekend, compared with the N460 to the dollar the day before.

But on the Bureau De Change (BDC) segment, the nation’s currency depreciated to N405 to the dollar, from about N400.

THISDAY had exclusively reported that security operatives from the DSS had raided the offices of some BDCs in Lagos and Abuja and arrested dealers

for selling above the stipulated exchange rate.

Prior to the action of the security operatives, THISDAY reported last week that as part of its efforts to bridge the wide gap in the FX market, the security agencies, BDC operators and the Central Bank of Nigeria (CBN) held a meeting during the week. It was learnt that the meeting was as a result of the concern of wide disparity in FX rates among the three segments of the market.

According to the source, the CBN and the security agencies present at the meeting

made the BDC operators to understand that a lot of foreign investors were not comfortable with the wide gap between the three arms of the FX market and would only come in if the situation is addressed.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, who confirmed the meeting pledged to cooperate with the government.

He said the parley was to make the parallel market unattractive.

Commenting on the development in the FX

market, analysts at Afrinvest West Africa Limited pointed out that: “In the interim, we expect recent developments to constrain supply at the BDC/ parallel segments as operators withhold supplies.

“We imagine the possibility of this also leading to further fragmentation of the FX market, taking the parallel market further underground in view of the close scrutiny by security agencies. Thus, whilst parallel market rate could strengthen in the interim, the medium term outlook points to a more volatile currency.”

CONSTITUENCY DUTIES

Senate President, Dr. Abubakar Bukola Saraki; and his wife, Toyin; and former Minister of Youth and Sports, Bolaji Abdullahi, when the Senate President arrived for the launch of his empowerment of 40,000 Kwara youths in Ilorin, Kwara State....yesterday.

CAN to Parley Buhari, Osinbajo on National Security

Presidency Begins Distribution of Relief Materials in Borno Liberated Communities

President Muhammadu Buhari and his deputy, Prof Yemi Osinbajo, are billed to join the leadership of the Christian Association of Nigeria (CAN) to seek the face of God in prayers over security and economic challenges facing the Nigeria.

Against this background, CAN has declared 15-21 November, 2016 as national days of prayers and fasting for the country being a spiritual endeavour to specially organised to bail the country out of the security and economic challenges.

It is the second time the leadership of CAN would call for national prayers and fasting sessions since the emergence of Rev. Samson Olasupo A. Ayokunle as the President.

The CAN Ppresident had initially called for a threeday prayers and fasting for the country in September to usher in the last Independence anniversary.

In a press statement issued

Michael Olugbode in Maiduguri

and signed by the Media Assistant to the CAN President, Bayo Oladeji, every Christian and all churches are expected to participate in the seven days programme.

The grand finale comes up on 21 November at the National Christian Centre with President Buhari and Prof. Osinbajo in attendance.

“Both President Buhari and his deputy, Osinbajo have been invited by the CAN President, Ayokunle to participate in the grand finale of the programme on 21 November at the National Christian Centre with President Buhari and Prof Osinbajo,” Oladeji said.

The prayer points are as follows: Prayers against the economic hardship occasioned by the on-going.

• Prayers against the menace of the murderous Fulani herdsmen, prayers against the criminal activities of Boko Haram terrorists who are now

attacking soft targets, prayers for the unity of the church.

As the church is under a siege in the country, we should pray for God’s intervention, because the battle is not against flesh and blood, but against principalities and powers Ephesians 6:12 We should pray for CAN leadership that God should give them wisdom in this trying moment; we should also pray for CAN President as he speaks on behalf of the church of our Lord Jesus Christ, that God will empower him from above to speak fearlessly as he makes known the mystery of the gospel for which he is an ambassador - Ephesians 6: 19-20.

The statement urged the leadership of denominations and churches to mobilise their members and other Christian organisations to observe the all important prayer and fasting programme.

The Presidential Committee for the North-east yesterday began the distribution of food items to residents of liberated communities in Borno State.

The committee which had the mandate of the president to get the relief materials to liberated communities of Borno, Adamawa and Yobe States yesterday distributed the materials adversely in three councils of Konduga, Damboa and Mafa, all in Borno State.

Prof. Hauwa Biu, a member of the committee, who flagged off the exercise at a ceremony in Konduga, the headquarters of Konduga Local Government Area of Borno State, said the object was to provide solace to the residents who had lost everything in life.

She told the journalists during the distribution that: “We are members of the

Humanitarian Sub Committee of the Presidential Committee on the North-east. Our mandate is to go to the Boko Haram affected states of Borno, Yobe and Adamawa to assist Internally Displaced Persons (IDPs) and those who have returned home. “ We are here to distribute food items to IDPs who have returned home after the liberation of their communities in Konduga LGA of Borno.”

Biu added that: “We believe that the people are in dire need food. Our committee is to distribute rice, maize, guinea corn, noodles, soaps and other items to them.”

She said the distribution was also taking place in two other LGAs of Damboa and Mafa.

“What we are doing here is being replicated in Damboa and Mafa LGAs to assist the returning residents in setting down after a long stay in IDP

camps in Maiduguri.

The people are just trying to settle down now, some do not even have homes to live in, so they need food, they need help to pick up their lives all over again,” Biu said.

She said that about 1,800 households would benefit from the distribution in each of the three LGAs. “This is our first outing after our inauguration by the president, some of the items have to be shared among people because they are limited.

“We believe that about 1800 households will benefit from each of the LGAs of Konduga, Mafa and Damboa,” Biu said.

She named the items to include 600 bags of 50 kilograms rice, 100 bags of maize, 100 bags of millet, 100 bags of guinea corn, 150 cartons of noodles, 100 cartons of salt, 100 pieces of brocade, 100 pieces of buckets among others.

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No Plans to Dump PDP, Says BoT Chairman

John Shiklam in Kaduna

The Chairman of the Peoples Democratic Party (PDP) Board of Trustees (BoT), Senator Walid Jibrin, has dismissed insinuations on plans to dump the party.

Jibrin was reacting to a newspaper report that the Ahmed Makarfi faction was approaching some aggrieved chieftains of the ruling All Progressives Congress (APC ) to form a new political party.

Jibrin, who described the newspaper report as false and unfounded, said there were no such plans, adding that posterity would not forgive any member of the party who has an ambition to kill or dump it.

The PDP has been embroiled in a prolonged leadership crisis leading to the emergence of two factions led by former Kaduna State, Senator Ahmed Makarfi and former Borno State governor, Senator Ali Modu Sheriff.

Jibrin said every organ of the party was working hard

to strengthen it to enable it maintain its power and play its role as an strong opposition party in the country.

“I wish to say authoritatively that there is no any plan to dump PDP as it was never discussed or any discussion taken by any organ of the party.

“If we do that, posterity will not forgive us because PDP is already a household name dearly loved by every household in Nigeria.

“Posterity will judge any one with the ambition to kill PDP for his ambition. It is quite contrary to the hard work of our founding fathers and mothers who worked so hard to produce the brand PDP. “It is wishful thinking for anybody to think that PDP will abandon its qualitative and acceptable product for any new born baby that have to start all over again by learning to sit, crawl and walk before getting its bearing to Nigerians” he said.

He also ruled out the possibility of changing the

name of the party, saying that taking such action would be a disaster for Nigeria’s political development, “especially when we cast our mind back to hardwork and foresight of our founding fathers and mothers that came up with the brand name, PDP, which is fully accepted and cherished

by Nigerians.”

He said abandoning the name “PDP “ will be a very costly venture as it will be very difficult to ask all members to leave the party collectively at the same time for a new brand.

According to him, “dumping PDP will mean leaving entirely the party to somebody or group with all its assets; the Wadata plaza, legacy house, Peoples Democratic Institute, and billions of naira uncompleted headquarters of

the party.

“We cannot also stop any person for hi-jacking the already legally registered brand the PDP. It will open more court litigations in attempt to share the great assets.

“We will have no guarantee of stopping some original PDP members in remaining with the PDP even if we attempt to change the name.

“What we need is a genuine alliance that will woo other parties and individuals to PDP and still not changing its name in order to make its strongest,” he said.

However, in spite of the division within the party, Jibrin expressed optimism that one of the factional candidates of the party in the forth coming governorship election in Ondo State, Mr. Eyitayo Jegede, would emerge the winner, although

the court is yet to determine who among Jegede and Mr. Jimoh Ibrahim, a candidate of the Sheriff led faction of the party will emerge the candidate of the party in the election.

He said further that the PDP is hopeful at the Edo State governorship election petitions Tribunal as its candidate, Osagie Ize-Iyamu is expected to reclaim victory at the tribunal.

Commenting on the war against corruption by the current administration, the BoT chairman, maintained that any war against corruption should pursued holistically and should not be limited to a particular group or segment of the society.

According to him, there is corruption in every facet of the Nigerian society pointing out that a serious programme for eradicating corruption is required to tackle the menace.

“Corruption in Nigeria should be looked at realistically with a programme and not just picking people like that.

“Not all PDP people are corrupt, I am telling you. There are very honest and respected people in PDP. But everything is being blamed on PDP members.

Most of the people that are in APC today were PDP members.

Do you mean to tell me that there are no corrupt people in APC? “This is not fair. I think we should have a programme of eradicating corruption in Nigeria, a very serious programme for a period of five years.

“There is corruption in every facet of our lives, so why are you blaming only a segment and you are condemning judges because of few individuals? The case of judges is like the case of PDP.”

THISDAY Business Correspondent Loses Valuables to Robbers THISDAY Finance/Business Correspondent in the Nation’s capital, Mr. James Emejo, at the weekend lost possession of valuable items to robbers who vandalised and forced their way into his car parked along the Jabi Lake sports ground, Federal Capital Territory (FCT).

The intruders made away with a bag containing items including an iPad4, three mobile phones as well as wallet containing his driver licence, company’s identity and ATM debit cards.

Other items included

complementary cards, 3 WiFi devices, a GTbank token device, power bank, shirt and trousers native attire and a pair of shoes as well as USB storage devices.

The incident had since been reported at the Life Camp Divisional Police Command.

Members of the public with useful information on the stolen items should please contact the bearer on 08067965617 or at the company”s Abuja office, opposite Jabi Motor Park or the nearest police station.

Eko Disco Apologises to Lagos Residents over Power Outage PUTTING HEADS TOGETHER The management of Eko and Lugard.

Rivers State Governor, Nyesom Ezenwo Wike (right) and former acting National Chairman of the Peoples Democratic Electricity Distribution Company yesterday apologised to its consumers in Victoria Island, Ikoyi, Lekki, and Oniru areas of Lagos over power outage.

The General Manager, Corporate Communications of the company, Godwin Idemudia, spoke in a statement in Lagos.

According to him, the outage was due to the damage done to the 33KVA underground cable by the contractors handling the Lagos State Government beautification project along Kingsway Road, Ikoyi.

Idemudia, according to the News Agency of Nigeria (NAN), listed the affected areas as Kingsway Road, Ikoyi, Glover, Banana Island Road, Park View Estate, Ilabere, Bourdillon Road, Gerald, Rumens Road, Queens Drive, Cooper, Maroko Close, Oroke Drive, Okotiebor, Mullina, Club Road, State House, Cameron

He said that the damage also affected Maroko 33KVA Line feeding customers in Oniru area.

“The areas are Oniru Resettlement Estate, Market Road, Integrity Estate Walter Cooperation Road, Morinho Drive, Ligali Ayorinde, Femi Sule, Covenant Estate, Shoperite, Aboyade Cole, and Balarabe Musa.

“Others are Etim Iyang, Muri Okunola, and Ajose Adeogun Roads,” the spokesman said.

He said that the affected areas had been put on a load shedding schedule as a result of the damaged cable pending its repair.

The general manager, however, assured residents of the affected areas that repair works would be completed by November 17.

He said that the company regretted the inconveniences caused by the prolonged outage.

Party (PDP), Prince Uche Secondus, during the 2016 Super Sunday Service of the Christ Apostolic Church at Emohua area of the state....yesterday

APC Youths Kick against Suspension of Timi Frank John Shiklam in Kaduna

to Buhari to wade into crisis brewing crisis.

A statement signed by A coalition of youths in the 19 Northern states under the Chairman of the CYN, the aegis of Coalition of Ibrahim Gambo and the Northern Youths (CNY) at the Secretary, Mustafa Aliyu, weekend issued a seven-day said: “The coalition believes ultimatum to the leadership the best time for President of the ruling All Progressives Buhari to intervene is now Congress (APC) revise the as the crisis has all it takes purported suspension of the to derail his administration acting Publicity Secretary of and any gain the APC as the party, Mr. Timi Frank, a party might have made or risk the withdrawal of since its victory at the polls.”

The CYN maintained its support.

The coalition in a statement that the suspension is not after its meeting in Kaduna, welcome at this critical appealed to President moment that President Muhammadu Buhari to Buhari need the support of intervene in the matter, which all stakeholders to achieved according to them is capable his agenda for the country of causing disharmony in in the face of the prevailing economic crunch being the APC. The group resolved to experienced by Nigerians.

“This is also as the youths send a powerful delegation

believe that the treatment of Timi Frank shows that they are not wanted in the party.

“The chairman of the party, instead of a bridgebuilder, has become the main problem of the party, causing division instead of using his experience and fatherly disposition to bring members together.

“It is also pertinent to note that the leadership of the party has not been fair to Timi Frank who should by virtue of his position and the constitution be the National Publicity Secretary after Lai Mohammad was appointed a minister.

“Instead there were subtle move to sideline the young man and bring another person in his place a development we the youths,

as stakeholders in the party are not comfortable with,” the statement said.

The statement further maintained that “From all indications, we are of the firm believe that the treatment being meted out to Frank is because he is a young man among elders like Oyegun.

This is why we are saying that he must be protected by youths except if the elders are saying the party belongs to elders only.

“We are calling on the chairman to immediately come out and tell Nigerians why the APC National Executive Committee (NEC) did not assign Frank his legitimate office since the office became vacant,” the statement said.

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Amaechi: APC Sure of Victory in Ogoni Enemies of the state will be disappointed, says Wike Ernest Chinwo in Port Harcourt The Minister of Transportation and leader of Rivers State chapter of All Progressives Congress (APC), Hon. Chibuike Rotimi Amaechi, has said the party is sure of winning in Ogoni land.

Speaking at a rally in Bera community in Gokana Local Government Area, Amaechi said winning in Ogoni and Rivers South East senatorial district had already been foreclosed considering the support the party enjoys in the district, adding that where the contest exists would be in Ikwerre and Ahoada areas.

“If there is one place that APC should win, it is Ogoni. But Wike says he must win here.

He is not God and since he is not God, he will fail. The battle is not here at all. The battle is in Ikwerre and Ahoada axis.

So, he had better forget here.”

The former governor said the support of the district stemmed from both developmental projects he sited in the area and appointments given to sons and daughters in the area while he was governor.

He, therefore, charged Wike to equal his achievements in Ogoni land or supersede them.

Explaining further, Amaechi reminisced the number of indigent persons in the area given scholarships to study abroad while he was governor but were heartlessly repatriated

by Wike.

“He could not take your children to school overseas.

Instead of taking them there, he returned them to Nigeria.

Poor innocent children, poor children of poor families.”

The minister urged the people to turnout en masse to vote for APC, assuring them of protection against threats from the governor, adding that the governor’s threats should not be ignored as his utterances and actions depict him as a thug

capable of doing anything.

“It is only a thug that can stand in front of a judge’s gate and be struggling with security men. A governor will go back to his house and call the president. When the DSS invaded the Presidential lodge of the Akwa State government house, the governor didn’t go to the gate. He called the president.

And they were asked to return to Abuja. Instead of this one to call the president, what did he do? Go and fight. Only a thug can do that. In all the fight I had with the federal government with former President Goodluck Jonathan, nobody saw me physically battling with anybody.

When I became governor, there were so many people appointed

by Governor Odili. There were so many businesses by Odili’s people. Did I stop any? No. Wike doesn’t know what it is to govern.”

Amaechi stated that although Wike could talk tough but inwardly was a coward.

He berated Wike for rewarding criminals who helped him to rig the elections thereby jeopardising the security of the state.

Earlier, Senator Magnus Ngei Abe, the APC candidate for Rivers South East senatorial district in the legislative re-run elections, commended the people for their large turnout over a short notice for the campaign rally.

Abe who spoke on behalf of all APC candidates in the district, narrated how the Ogoni had struggled against environmental degradation and marginalisation of the people without any avail.

He, however, said God had used President Buhari and the minister to begin the addressing of 21 years of the Ogoni struggle by the appointment of their son to the top management of Niger Delta Development Commission (NDDC) as well as the clean up of Ogoni land.

“Twenty-one years ago, late Ken Saro-Wiwa was hung

Umar to Sue MTN for Fraudulent Deductions, Unsolicited Texts Former military Governor of Kaduna State, Colonel Abubakar Dangiwa Umar (rtd), has decided to sue telecoms giant, MTN, for unsolicited messages and fraudulent deductions by the telecoms giant.

Speaking on Saturday, Umar said he has briefed his lawyers to file a suit against MTN after complaining over unsolicited messages and deductions to no avail.

He said despite assurances that it would not happen again, he has started receiving unsolicited messages accompanied by deductions of money from his telephone line.

He forwarded two of the latest unsolicited messages he received last Saturday: One subscribed him to a callertune with a charge of N50, with an option to opt out; the other subscribed him to a package ‘Laugh Out Loud’ also with a fee.

The latest messages he received read thus: “Yello, you have downloaded the Callertune <CHECK YOUR ALERT> by TK SWAG for N50.00. This tune expires

on 2016-12-09. To delete the tune, send del0733736 “Dear Customer, you have successfully subscribed to Laugh Out Loud and N50.00 deducted from your account. Your service will be renewed on 2016-11-18. To cancel, text Stop LOL to 55006.

Enjoy!

Umar said it was unfortunate that this practice continued despite complaints. It is not about the N50 being deducted from his account, he said. The former governor said it was fraudulent to deduct money from subscribers without their consent.

He said if you multiply N50 by 70milion subscribers, for example, it means the network is stealing billions of naira from subscribers on a daily basis.

If N50 is multiplied by 70million for instance, the sum is N3.5billion, for instance.

Umar said he is suing MTN on behalf of 70million subscribers and he believes the subscribers will be his witnesses in court.

because he was asking that Ogoni land has been polluted and should be cleaned up. For 21 years, we have been crying, writing petitions, holding vigils, going to meetings, doing everything. Even when our own son was president, we did not get any help. Today, because of APC, President Buhari and Amaechi that thing that we were all crying for is today happening.”

The former Secretary to Rivers State Government stated that the people have future in APC, assuring them that more are yet to come.

In his own speech, Chief Derek Mene, the Executive Director, Finance and Administration (EDFA), NDDC, enjoined Ogoni people to support APC because of their interest, pointing out that the support for APC is a movement rather than partisan consideration.

Also, in his speech, Hon. Oji Ngofa, an ambassadorial nominee, said the opponent

of Senator Abe, Mr. Olaka Nwogu was no match to Abe and had not contributed anything meaningful to the development of Eleme Local Government Area.

“The consideration for voting in the forthcoming re-run elections, we as a people we have no option. I have said it severally and I will say it again. Progressives politics is propelled by love and development. Where the opponent comes from, all he has done in the 15 years in the House of Representatives is to underdeveloped Eleme.”

Ngofa urged the people to vote massively for Abe in the forthcoming re-run elections.

However, Wike has stated that the enemies of the state will be disappointed after the rerun elections on December 10, 2016 despite their negative plots against the state.

Speaking during the 2016 Super Sunday Service of the Christ Apostolic Church at Emohua, the governor noted

that the enemies of the state are working hard to stoke violence in areas where the rerun elections will hold.

He said: “I have to come to formally report to God that the enemies of the state are back. The way they were humiliated in 2015 and March 19, 2016 is the way they would be humiliated on December 10, 2016.

“Pray for peace in the forthcoming rerun elections in the state.”

The governor said the resources of Rivers State will always be used for the good of Rivers people.

“Never again will Rivers resources be used to sponsor national politics. We will not take our money to play national politics,” he said.

The governo added: “Rivers is a Christian state and we owe nobody an apology for that. I want to reiterate our commitment to setting up a special intervention fund for churches to take care of their

members who are in need.

“At present, church leaders are fine tuning the details for this special fund, which we believe will further unite the church.”

The governor said State Ecumenical Centre would be ready for the state’s 50th anniversary by next year, while the Government House Chapel would be dedicated by December, 2016.

In his address, Chairman of the Port Harcourt Conference of the Christ Apostolic Church, Pastor GC Onuigbo urged the governor to sustain his development programmes.

He also called on the governor to carry all the people of the state along irrespective of their political affiliation.

Guest preacher, Pastor Ayo Ezekiel, described Wike as a man of destiny who has been positioned by God to rebuild the state.

The highpoints of the Super Sunday Service were the special prayers for Wike, Rivers State

CONJUGAL BLISS R-L: Ogun State Governor, Ibikunle Amosun; his Bayelsa State counterpart, Hon. Seriake Dickson; bride and daughter

of the Awujale of Ijebuland, Oba Sikiru Kayode Adetona; Adetoun; Groom, Olanrewaju Daramola; and Mrs. Olufunso Amosun, at the wedding reception of Olanrewaju and Adetoun in Lagos. ...weekend

First Guarantee Pension: EFCC Withdraws Charges against Chidi Duru Davidson Iriekpen An Ikeja High Court has struck out the criminal charges preferred against former member of the House of Representatives, Hon Chidi Duru, by the Economic and Financial Crimes Commission (EFCC) on behalf of the federal government.

In a ruling, Justice Atenuke Ipaye said the court was striking out the case following an application by the EFCC for its withdrawal.

In her “enrolment of order,” Justice Ipaye ruled: “Upon this cause coming up before this honourable court on November 11, 2016 for hearing, pursuant to the application to withdraw criminal charge dated 07/09/16 and filed 08/09/16 by the complainant in Suit No: ID/2039/2015, it is hereby ordered as follows:

“That the criminal charges in Suit No: ID/2039C/2015, as disclosed on the information dated 05/10/15, be and is hereby struck out without prejudice.”

The EFCC had applied for the withdrawal of charges against Duru, in pursuant to Section 73 of the Administration of Criminal Justice Law of 2011.

In an application, Ayokunle O. Fayanju, counsel to the EFCC, notified the court of intention to withdraw the case.

The application dated September 7, 2016, stated: “Let all parties concerned attend before the judge at the High Court of Lagos State …. sitting at Ikeja Judicial Division at the time specified in the margin thereof on the hearing of an application on the part of the above-named complainant/applicant

praying the honourable court for the following orders: “An order granting leave to the prosecution to withdraw charge no: ID/2039C/2015 against the defendant/ respondent (Chidi Duru) and for such order or further orders as the honourable court may deem fit to make in the circumstances.”

The EFCC had deposed to an affidavit in support of the application for the withdrawal of the charges.

The affidavit deposed to

by Fayanju, prosecutor with the EFCC stated: “That the information against the defendant was filed before this honourable court by the EFCC sometime in 2015; that upon filing the criminal information, a preliminary objection was filed by the defendant/applicant dated 5 February 5, 2016.

“That I know as a fact that

parties have adopted their processes and are awaiting the court’s ruling in respect of the said preliminary objection; That the prosecution team in the Directorate of Legal and Prosecution of the complainant/ applicant has viewed the case file together with the criminal information before the honourable court.

“That as a result of the depositions contained in the above, the commission has deemed it fit to withdraw the criminal information against the defendant/respondent; that withdrawing the charges against the defendant/respondent will meet the interest of justice in the case.”

The EFCC had said it got involved in the Duru’s case because of the petition by some shareholders of First Guarantee Pension.

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Ishaku Urges FG to Remove Encumbrances to Take-off of Mambilla Hydro Power Project Bolaji Adebiyi in Abuja The Taraba State Governor, Mr. Darius Ishaku, has urged the federal government to take urgent steps to remove all hindrances to the effective take-off the Mambilla Hydro Power Project that is projected to deliver 3,050 MW to the national grid upon completion.

Ishaku spoke with THISDAY at the weekend and listed the non-payment of compensation and lack of resettlement plan for the inhabitants of the project site as well as lack of access road to the site as the big issues militating against the commencement of the project over 30 years after it was conceived.

“As I speak to you now, the federal government has done nothing in terms of remuneration and compensation for the people and getting the site cleared of encumbrances,” he said, adding: “Right now, I can’t take you to the site of the project because the access is not there. There is no road to where the dam will be built.”

There had been a resurgence of hope that the project, reputed to be the biggest

in Africa and flagged off in 2007 by President Olusegun Obasanjo, would commence as a team of 40 Chinese engineers in company with officials of the Federal Ministry of Power, Works and Housing visited its Gembu, Sardauna Local Government Area of the state site, in September 2016.

But the governor said the hope was misplaced as the basic conditions for the movement to site had not been met. “People are still living in the valley of the dam as we speak, he said, emphasizing: “There is a Bible College right where the dam is going to be built.”

Ishaku said both the federal and state governments needed to deal urgently with the resettlement of an estimated 150,000 persons spread over five local government areas that the project site would consume, explaining that this was an enormous challenge that had to be surmounted before the construction of the huge hydro power station could begin without hitches.

The governor spoke of the need to sensitise the people to the imminent reality of relocation and said the state

government would do its best to assist the federal government in this regard even as he expressed his frustration at the slow response of Abuja to his enthusiasm to get the project off the ground.

“We have held meetings with the Minister (of Power, Works and Housing) and up till now, I have not seen any result and this will take us about one year. So, if you say the project will take seven years of construction and for one year nothing has been done especially in trying to get to the site, it means a lot still need to be done,” Ishaku said, adding: “I am happy with the project and we will do everything possible to make sure the project is realised to the benefit of the country in general and Taraba state in particular.”

Urging the federal government to fasttrack the

commencement of the project by constructing an access road to its site, he said the state government had being laying the groundwork to ease the work of the contractors engaged to construct the dam.

According to him, the opening of the Jalingo Airport was part the state government’s efforts to ease access to the project site. “Due to this talk about the Mambilla project and opening up Taraba State, the first thing I did when I came on board was to open the Taraba Airport. Before you cannot access Jalingo by air, but right now, you have Overland on Mondays, Wednesday and Fridays and we are hoping that by December, it will be a daily flight. All the engineers and contractors that will come to the state should have an easy access,” he said.

The massive project, which is about 340 kilometres from

Jalingo, the state capital, stretches from River Dongo in Gembu, headquarters of Sardauna Local Government Area to Baruf where the river cascades from 1,671metres above sea level into the basin below. It is here that the project’s huge turbines would be stationed.

Apart from electricity, the dam is also designed to boost irrigation farming in the state, a major source of interests for thousands of people who live in the project area because of the employment opportunities it offers them.

First awarded in 2007 by President Olusegun Obasanjo to provide 2,600MW, no progress was made even as President Jonathan reviewed and expanded the scope of the project to 3,050MW in 2011 and increased its cost to $3.2billion.

But the project remained

comatose, particularly with the inclusion of Sinohydro Corporation, a Chinese firm that was not part of the original bid winners – CGC/ CGGC in 2005.

The Muhammadu Buhari administration has, however, reconciled the two Chinese companies, committing them to agree on the handling of the Engineering, Procurement and Construction (EPC) contract.

The project’s current cost is $5.732billion (about N1.140trillion) and is expected last for about 63 months after flag off, including 12 months for a Defect Liability Period (test running).

The federal government hopes to drop its 15 per cent equity financing from its expected N1trillion income from the sales of its 10 gasbased power plants under the National Integrated Power Projects (NIPPs).

Saraki to Host Memorial Prayer for His Father Senate President, Dr. Abubakar Bukola Saraki, will tomorrow morning host the fourth annual prayer session in Ilorin in remembrance of his late father, Dr. Olusola Saraki.

The former leader of the Senate in the Second Republic died on November 14, 2012.

A statement by his Special Adviser, Media, Mr. Yusuph Olaniyonu, said the prayer session scheduled to hold in the

Ilofa road home of the Sarakis in Ilorin will be attended by family members led by the matriarch, Mrs. Florence Saraki, Senators, members of the Kwara State Government, friends of the family and numerous supporters of the late political leader from across the country, despite the fact that the family usually make it a low-key event without any form of flamboyance.

PARTNERS IN PROGRESS

L-R: Legal Adviser/Company Secretary, SunTrust Bank, Mr. Lawal Ahmed; President of Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, presenting a gift to Managing Director, SunTrust Bank, Muhammad Jibrin; and Registrar, CIBN, Seye Awojobi, during the visit by CIBN to SunTrust Bank head office in Lagos ...recently

Students Sat on the Floor with Chairs Locked Away Dangote, Others Charged to Tackle Recession You may call it teacher’s inhumanity to students and you won’t be wrong.

The sight was both pathetic and annoying.

For long, students of Hafsat Ahmadu Bello Memorial Secondary School, Sokoto, have had to endure learning in the most uncomfortable way.

Only a few classes in the school have enough seats to accommodate them. For long, they have to put up with taking lectures while seated on bare floor. Most use prayer mats to protect their whote tops from the floor’s dust, while other come to classes with extra wrappers to spray on floor as they sit.

While they have to put up with the most uncomfortable situation to take lectures daily, a few blocks away, 200 sets of classroom furniture were locked away, unattended to, and left to rot away.

But their suffering came to an end last week when

the committee set up by Governor Aminu Waziri Tambuwal to implement the state of emergency declared in education visited the school.

The visit was facilitated by the need to individually assess problems of various schools and make recommendations to government on how best to address them.

“Upon visiting the Hafsat Ahmadu Bello Memorial Secondary School, Sokoto, students were seen taking lectures while sitting on the floor. To our amazement, a few blocks away, 200 new classroom furniture were locked away unattended to. We immediately ordered that the furniture be arranged in the classes in need, and the school management was admonished to always prioritise the need of the students at all times,” said Dr. Shadi Sabeh, who led members of the School Needs Assessment sub-committee during the visit.

ABCCIMA calls for passage of Land Reform Bill

Damilola Oyedele in Abuja

Phillip Shuaibu, to accelerate growth and development on The Speaker of the House Edo State. of Representatives, Hon. “I had come in contact with Yakubu Dogara, has called the governor when I was serving on entrepreneurs such as in the House of Representatives, businessman, Aliko Dangote, specifically, on the House and others to assist Nigeria Committee on Capital Market. get out of the current economic He made appearances before recession. that committee and I can attest He made this call at a reception to the fact that I know him to to mark the inauguration of be a man that is very deep. So the Governor of Edo State, when I heard that the people of Mr. Godwin Obaseki, at the Edo State identified him as one weekend, where he harped on of the shining stars that will take the need for entrepreneurs to over from the governor that by put heads together and proffer popular consensus, performed solutions to the recession. credibly well, I knew that they According to a statement had made a good choice,” issued yesterday, Dogara Dogara said. was spoke in the presence “I will say that with our of Dangote, Mr. Aigboje Aig- brother, who is his deputy, a Imoukhuede and other players man who cut his teeth early in the private sector. in student union activism, a The Speaker also expressed comrade, I am sure that has confidence in the ability of better positioned you to pilot Obaseki and his deputy, Hon. the affairs of this state to the

required destination. I believe beyond reasonable doubt, that together, you will achieve a lot for Edo State, what has not been possible,” the Speaker added.

He urged Obaseki and Shuaibu to hit the ground running and build on the achievements of former Governor Adams Oshiomhole.

In another development, the Abuja Chamber of Commerce and Industry has called on the National Assembly to expedite action on the Land Reform Bill presently before it, to address the 17 million housing deficit in the country.

The Vice President, Mr. Somadinna Anene speaking at a press briefing said passage of the bill would ensure harnessing investment opportunities in the housing sector.

“To further create awareness the chamber in collaboration with federal government is

hosting a housing summit here in Abuja today. The summit will primarily highlight the modus operandi of mortgages, and showcase opportunities in the sector,” he said.

Somadina added that the summit would also provide Nigerians opportunities to explore alternative sources of income in this period of recession.

“The United Nations, UN, report has estimated that Nigeria’s population would hit 289 million by the year 2050. Beyond the UN, the United States Census Bureau, also estimated that within the same period, the national population would hit 264 million, thus making Nigeria, the 80th most populous country in the world and this will greatly increase the housing need of the country,” he said.

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NEWSXTRA

Air Force Resumes Aerial Patrol of Abuja-Kaduna Railway Tasks personnel on flight safety Senator Iroegbu in Abuja and Chiemelie Ezeobi The Nigerian Air Force (NAF) has resumed the aerial patrol of the strategic corridors of the Federal Capital Territory (FCT), especially on the Abuja-Kaduna axis.

The Director of Public Relations and Information (DOPRI), Group Captain Ayodele Famuyiwa, in a statement yesterday, said the extended aerial patrol and surveillance of the AbujaKaduna highway to include the railway line was part of the ongoing effort to protect lives and safeguard critical national assets within the affected areas.

Famuyiwa said the latest patrol and surveillance efforts

cover both railway terminus in Abuja and Kaduna and environs using NAF helicopters.

He noted that given the security situation in the Northwest region of the country and the usual trend of crime increase towards the end of the year, the NAF in August 2016 commenced extensive aerial patrol of Abuja-Kaduna highway.

The affected areas include Abuja metropolis, Kaduna-Birnin Gwari road, Kaduna-Zaria-Kano road, Falgore Forest as well as Minna and environs to checkmate criminal activities such as armed robbery, cattle rustling and kidnapping.

Meanwhile, in a bid to ensure flight safety, the Nigerian Air Force (NAF) has charged its personnel to be safety conscious

and avoid habits that could impede operations for aircrafts.

This charge was given by the Air Officer Commanding (AOC) Logistics Command, Air Vice Marshal Sani Ahmed, weekend, at the launch of the NAF’s Flight Line Safety Campaign.

The campaign saw air personnel picking foreign object debris across the flight line at 401 Aircraft Maintenance Depot, Lagos, after which they were taken through some first aid drills by an official of the Nigerian Red Cross, Bright Charles.

The personnel were also lectured on safety in hanger

and flight line environment, as well as engineering practices and procedures in the Air Force.

According to Ahmed, the two-day safety campaign was aimed at reawakening safety habits on the flight line.

He said: “NAF operates sensitive equipment and we don’t want anything to happen to them. Therefore, there’s need to identify differences between safe habit and unsafe act.

“Flying is a risky business and so, we want to ensure we maintain high level safety in the flight line. By now, personnel should be able to differentiate between hazard, risk and danger.

“We introduced them to flight

line walk not just to keep the flight line clean, but so that they would know that certain objects pose serious dangers to our operations. “ Somebody might see a small metal and ignore it but that metal can cause serious risk if it pierces the tyre. It would also cost money to repair or replace that tyre.

“This campaign is usually done yearly because we have sophisticated equipment at hanger and so, personnel need to be reminded on what to do to avoid disaster.

“Safety is a continuous business and must be done regularly so that it becomes

part and parcel of personnel.

“We are looking to make it quarterly because it is a continuous thing. It is the thinking of the headquarters that personnel should be able to differentiate between safe habit and unsafe act.”

At the exercise were the Commander, 435 Base Service Group, Air Commodore Paul Masiyer; Command’s Evaluation Officer, Air Commodore Edward Adedokun; Commander, 401 Aircraft Maintenance Depot, Air Commodore Emmanuel Wonah and Commander, 65 Forward Operation Base, Badagry, Air Commodore CU Umolu, amongst several others.

Invasion: Ijaw Chief Defends Military, Says Militants are Terrorists Emmanuel Addeh in Yenagoa

solicited general outcry and condemnations even in the Against the grain of public community and, could have opinion that militants in the been exploited as a golden Niger Delta are fighting for a opportunity for a military fair deal for the people of the invasion and destruction of region, a prominent Ijaw chief, Nembe City or other areas Wilfred Ogbotobo, yesterday of its territories. described the agitators as “Rather, the military high criminals and terrorists. command visited Nembe City The local chief from Nembe to demonstrate understanding; Kingdom, Bayelsa State, who dispelled the fears of the defended the recent military community; chased and operations in the region, also apprehended the criminals, said allegations of military in a commendable, most highhandedness in the region professional conduct. were unfounded.

“No community was invaded Ogbotobo, who spoke in or sacked. The soldiers did not Yenagoa, also said accusations go after and harass innocent, by a human rights body, the peaceful and unarmed persons Civil Liberties Organisation in any community,” he said.

(CLO) that a community in He advised rights bodies in the kingdom was invaded by the region to be even-handed in the military, were untrue. their reportage of the activities He added that rather than in the region, noting that the flay the military represented by activities of militants were the Joint Task Force, Operation further endangering the Niger Delta Safe in the region, the Delta. troops should indeed be The CLO chairman in commended for exhibiting a Bayelsa, Chief Nengi James, high sense of professionalism. who is also a chief from the According to the Nembe kingdom, had last Saturday indigene, since the arrival of claimed that troops searching the military in the coastal town, for militants invaded the town, relative peace has returned to attacked residents and burnt the community in which at least down houses, schools and 10 soldiers have been killed churches. by suspected criminals in the But Ogbotobo said the last one year. allegations were “speculative,” He said despite several adding that the presence of the provocations, the soldiers army has made the town “safe had always maintained and secure” commendable restraint, He posited: “The things that maturity and discipline, in urgently need to be probed strict compliance with rules are the totality of the terrorist of engagement while carrying atrocities committed by the out their assignments, in militants, that have caused “extremely vexatious and untold hardships, environment distressing environment in destruction and human wastage.

Nembe territories.

“And (the militants) have “The public could recall that grounded every conceivable on two different occasions, in economic activity in the creeks the span of one year alone, of the hinterlands. the Nigerian Army suffered “Nembe Kingdom and its a gruesome loss of about ten territories must be freed of troops who were killed in lawlessness and criminality. cold-blooded, unprovoked Nembe is a great civilisation attacks on a security post, at and culture abundantly Tombi Jetty in Nembe City. endowed on the face of the “The circumstances earth.”

UNBELIEVABLE!

Students of Hafsat Ahmadu Bello Memorial Secondary School taking lectures on bare floor in Sokoto

NAHCON Commences Licensing of State Pilgrims’ Welfare Boards Olawale Ajimotokan in Abuja

The National Hajj Commission of Nigeria (NAHCON) has initiated the process of licensing State Muslim Pilgrims’ Welfare Boards, commissions and agencies across the country.

A statement issued yesterday by the head of media of the commission, Uba Mana, said the decision was in furtherance

of its statutory function granted it by section 4 subsection 1 (a and i) of the NAHCON Establishment Act 2006.

A committee drawn from the licensing, inspectorate and legal units of the commission has been constituted to visit all the state boards to inspect their office accommodations, facilities and manpower, which are prerequisites for

the issuance of licenses to them.

The committee is headed by Alhaji Muhammed Usman Liman. The delegation which has begun its national assignment reported that the process has been hitch-free.

The section 4 subsection 1 (a and i) of the NAHCON Establishment Act 2006, empowers the Commission to licence, regulate, supervise

and perform oversight functions over organizations, associations (corporate or non-corporate) or similar bodies engaged in Hajj and Umrah operations.

It also provides guidelines and rules that will ensure that states pilgrims welfare agencies provide appropriate welfare services and guides for pilgrims.

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NEWSEXTRA

PDP Primary: NULGE Moves to Shut down Abia LGs, Wants Probe of Members’ Death Emmanuel Ugwu in Umuahia The Abia State chapter of the National Union of Local Government Employees (NULGE), has called on the state government to probe the death of two of its members who died when the office of

the chairman of Isiala Ngwa North local government was set ablaze by suspected thugs.

The two council workers identified as Onyemaechi Onyenro and Amarachi Orioha of agriculture and administration department, respectively, died of burns on November 9, during

Abuja Flights to Be Diverted for Rehabilitation of Runway The federal government is to rehabilitate Nnamdi Azikiwe International Airport runway, Abuja, with about N1 billion.

The News Agency of Nigeria (NAN) reported that a reliable source from the Federal Airports Authority of Nigeria (FAAN) disclosed this to aviation correspondents in Lagos yesterday.

The runway had been in bad state due to overuse and had been a source of concern to pilots and air traffic controllers.

The source said the Minister of State for Aviation, Hadi Sirika, had set up a committee to oversee the work.

“Government is taking urgent effort to start the rehabilitation of the runway at the Abuja airport and government has provided funds for the work, which could start anytime from now.

“The committee is expected to schedule the maintenance dates, which are expected to run from days to weeks.

“It is expected to also decide whether the runway would be closed daily or some hours of the day so that work could start on the facility,” the source added.

According to the source, Sirika had designated Kaduna

airport as alternative to Abuja so that flights would be diverted to Kaduna while work is ongoing at the nation’s second busiest airport.

The source further disclosed that the project had been advertised and Gilmore, Julius Berger and PW had placed bids for the project.

The source said: “After the committee’s final presentation to the Minister, he will be expected to discuss with the National Security Adviser (NSA) to agree on the date work would start on the runway.

“The Abuja airport will be certified by the Nigeria Civil Aviation Authority (NCAA).

The process for certification will end by March 2017.

“The airport has been chosen as the pilot for the International Civil Aviation Organisation’s No Country Left Behind campaign.”

The Acting General Manager, Corporate Affairs, FAAN, Henrietta Yakubu, also confirmed the rehabilitation plan for the Abuja airport.

She noted that all efforts were being made to ensure the runway was restored to international standard.

the inferno sparked by disagreements over the chairmanship primary of the PDP held at Okpuala Ngwa the council headquarters.

The third victim, Florence Akwarandu, also of agric dept is still battling for her life at a hospital after sustaining life threatening burns.

Addressing journalists at the weekend in Umuahia over the ugly incident, the state president of NULGE, Ijoma Onyenaucheya, ordered NULGE members to shut down all offices across the 17 local governments of

Abia, while staff should stay at home “until their safety and security are guaranteed.”

“The union condemns in strong terms the ugly incident and therefore calls on the Abia State House of Assembly to set up an inquiry into the ugly incident that took place in Isiala Ngwa North local government council and ensure that all those who are involved in the dastardly act including their sponsors are fished out and punished according to the law of the land,” he said.

He also called on all relevant security agencies not to sweep their finding under the carpet and commended the state police command and the army for arresting some suspects over the incident.

According to the state police public relations officer, Mr. Nta Ogbonnaya Nta, four suspects have been arrested by the police over the arson and death of council workers.

The NULGE leader, who was visibly sad and angry, called on the state government to ensure that the families of the victims were compensated

and catered for having died in active service.

However Ijoma urged local government workers in the state to remain calm over the incident and advised them to neutral in politics as political activities heighten ahead of the December 17 local government poll.

The chairmanship primary conducted by the PDP across the 17 councils recorded chaotic screens in a number of places following allegations of doctored lists of delegates and imposition of candidates.

RENDERING ACCOUNT OF STEWARDSHIP

R-L: Minister of Power, Works and Housing, Mr Babatunde Fashola; Minister of State in the ministry, Mustapha Baba Shehuri; and the Special Adviser, Technical to the minister, Dr. Obafemi Hamzat, during a one-year in office account of stewardship interactive session of the mnisters with senior journalists in Lagos....weekend

Oando Boss: Indigenous Firms Must Rise Police Arrest Man for Blackmailing Ladies to the Challenge with Nude Pictures Group Chief Executive of Oando, Wale Tinubu, has reaffirmed Africa’s position as an exciting prospect for investors irrespective of the current clime of low oil prices. Speaking as a panelist on the topic ‘Resilience of the Oil and Gas Industry: An African Perspective’ at the recently concluded Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), he said “We expect a soft market will persist for longer than we anticipated, and indigenous companies such as Oando need to now focus on areas multinationals have avoided.”

Players within the continent have battled severe economic and security challenges as reduced rig counts, delayed and cancelled projects, vandalism, and depreciating export revenues have plagued the industry.

Tinubu explained that with hundreds of million dollars lost due to pipeline shut-ins since Q1 2016, $6 billion lost to crude oil theft and vandalism, and 3,000 pipeline points vandalized in

under a year, it is imperative that Nigeria and other countries proffer “immediate solutions and turn challenges into opportunities.” He added, “At the moment, the Nigerian government is working to drive supply in a more efficient manner. However, we must also work with a long term view to reduce our heavy dependence on oil by undergoing an energy transformation, but for this to occur we require a tide of reforms, investments, and innovation to drive speedy market recovery.”

The oil industry is in its deepest downturn since the 1990s. While prices have recovered marginally a few times over the last year, the industry-wide belief remains that oil prices will not return to $90 or $100 a barrel for another few years.

Against this backdrop Saad Sherida Al Kaabi, President and CEO, Qatar Petroleum said “Invest heavily in the downturn to ensure you are successful in the long term” and

His Excellency Suhail Mohamed Al Mazrouei, the Minister of Energy, Abu Dhabi, UAE said “We will use the downturn to improve efficiency”.

Tinubu also reiterated his belief that portfolio optimisation, hedging, mergers and consolidations, a cut in CAPEX and cost management as well as energy diversification are key measures for managing the downturn in the industry.

He said, “To better navigate the challenging economic environment Oando has taken a number of strategic actions including the successful restructuring of our existing debt obligations through a N108 billion Medium Term Loan, a N70.5 billion recapitalization of our Downstream business and a soon to be completed N52.3 billion partial diversification of our Gas & Power business. At a time when the economy is experiencing stunted growth, strategic actions of this nature leave us better positioned to optimize our value propositions and asset portfolio.”

Chiemelie Ezeobi The Rapid Response Squad (RRS) of the Lagos State Police Command yesterday arrested one Michael Atanda, for blackmailing four ladies with their nude pictures.

The 35-year-old suspect was said to have threatened to send the nude pictures of the ladies to the social media platforms if they failed to pay money into his account.

Atanda, a computer science National Diploma (ND) holder of a popular computer school based in Ikeja, was arrested by the Decoy Team of the Rapid Response Squad after about five days of baiting and monitoring.

Atanda, an ex-convict and a father of three, was said to have initially collected N121,000 from the four ladies and had wanted them to pay more or face the consequences of leaking their nude pictures on social media.

Although he operates as Segun Bayo on Facebook, posing as a graduate of Obafemi Awolowo University Ile-Ife, police investigations revealed his true identity.

Atanda said his modus operandi is to first add several ladies on Facebook and then go after those that fall prey to his chats.

He said: “The profile picture on my facebook account is that of a guy based in London, and so as part of my introductions to ladies, I tell them that, I am a construction engineer as well as that my parents and I are living Europe.

“After sometime, I would lure them into sexual conversations during which, I persuaded them to send their nude pictures to me.

They would send and I would send mine to them too.

“Before that I would pretended that I was seeking a serious relationship with them, and that very soon, I would be coming to Abuja on a business trip, during which I would see them.

“I would again feign my seriousness by calling them with the aid of computer software that transforms my Nigerian line into an international line.

“Meanwhile, I would warn them that I was calling through a public phone booth. As soon as they have sent their nude pictures,

I would come up with all manners of stories. I would begin to extort and blackmail them.

“Through this means, I have collected over N121,000 from my latest victims. I was jailed last years in a similarly circumstance after fraudulently collecting N700, 000 from a lady I met through a dating site. “ I was eventually bailed but the case is still pending in court.

I have collected only 10,000 from Funmilola; Motunrayo, N6,000; Joy, N5,000 and Lizzy, N100,000.”

THISDAY gathered that apart from Lizzy, who reported the incident but declined to press charges, three other suspects, who were discovered during investigations, acknowledged that they have been paying the suspect so that he doesn’t leak their nude photographs online.

Even though investigators have reached out to more victims after checking the suspect’s facebook conversations with a number of ladies, all of them have refused to come forward, despite confirming that they paid the suspect.

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MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

WORLD CUP 2018 QUALIFIER

S’Eagles Coach, Rohr Demands more from Players Its a marathon race, says NFF boss Femi Solaja While many Nigerians are still celebrating the Super Eagles’ win over North African foe, Algeria last Saturday in Uyo in a crucial World Cup group B qualifying match, Nigeria’s Head Coach, Gernot Rohr has declared that the celebrations should be put on hold as there are still more matches to play in the qualifying race.

The Franco-German spoke at the post match press conference, after his charges dismantled Algeria’s Fennecs 3-1 at the Godswill Akpabio International Stadium, Uyo. In the same pragmatic manner he reacted after the win over Zambia in Ndola last month, Rohr said: “We played a good match and got three points, but I want to say that there are more matches to play and we have to keep our focus.”

Unlike in the previous qualifying round of matches, Nigeria look solid at the top of group B with six points, with second –placed Cameroun, which Nigeria next play in

August 2017, four points behind.

“We have a friendly against Egypt in Dubai in January, which will enable me to look at the home –based players, but I will continue to monitor the Europe –based players and we will see how we get matches for them on FIFA free dates.”

The win earned Rohr, who was signed on by Nigeria August this year, three wins out of three matches.

“I praise the players for their spirit, for their dedication and for their discipline. They all did very well and I am happy at their output.”

Also yesterday the President of Nigeria Football Federation (NFF) President Amaju Pinnick celebrated three precious points but insisted that the Eagles will continue to take the 2018 World Cup qualifying race one

match at a time.

“This victory is very, very sweet. But as I said after the match in Zambia, this is a marathon. We have now won two matches out of six, and as a result of the draw between Cameroun and Zambia, we are looking very good on top.

“The best approach is to keep focus, to know that we are not there yet but that we surely will be there by putting more effort in each of our next four matches.”

The Super Eagles next play Cameroun home and away within a week in the third quarter of next year, and Pinnick insists those two games will be tough.

“Cameroun have drawn their first two matches of the series and will play us hard in both legs, but we have to play them even harder.”

G R O U P B STA N D I N G A F T E R DAY T W O

Team Nigeria Cameroun Zambia Algeria

P 2 2 2 2

W 2 0 0 0

D 0 2 1 1

L 0 0 1 1

GF 0 0 0 0

GA 0 0 0 0

GD 0 0 0 0

Pts 6 2 1 1

Super Eagles players in jubilant mood in the dressing room after the match on Saturday

Masari Congratulates Defiant Algeria Coach Leekens Insist the Race still Open for Fennec Eagles on Victory Over Algeria The Governor of Katsina State, Rt. Hon. Aminu Bello Masari has joined other Nigerians in congratulating the Super Eagles on their victory over the Desert Foxes of Algeria.

The Eagles on Saturday defeated Algeria 3-1 in Uyo to consolidate their hold on Group B of the 2018 FIFA World Cup qualifiers.

A brace from Chelsea’s Victor Moses and a goal from another Chelsea player and captain of the Eagles, John Mikel Obi lifted the former African champions over the Foxes.

The Governor who spoke through his Senior Special Assistant on Sports, Alhaji Aminu Balele Kurfi said the Eagles brought so much joy to millions of Nigerians and should be commended.

He said the performance of the Super Eagles was a delight and if they maintain the momentum, nothing would stop them from making their sixth World Cup appearance in Russia.

The governor also pointed out Victor Moses for special recognition as he said the Chelsea man did not disappoint him because he had predicted that he (Moses) would score in the match.

He, therefore, charged the

Algeria coach Georges Leekens has remained defiant about the chances of his team even after a crushing 3-1 loss in Nigeria on Saturday.

Algeria are now bottom of group B of the qualifying group for the 2018 World Cup in Russia,

five points adrift of leaders Nigeria after two rounds of matches.

“One thing is for sure, we have not been eliminated,” maintained the Belgian coach to africanfootball.com.

“It will be difficult to qualify for the World Cup, but nothing

has been decided yet.”

He said the Desert Foxes were not lucky especially in the second half when they dominated play.

“We were slightly better than Nigeria in the second half, but we were not lucky,” he lamented while insisting he will not give

any excuses for his team’s defeat.

In August 2017, the North Africans face a banana skin trip to Zambia, whose confidence has been partly restored after a competent 1-1 draw in Cameroon after they lost to Nigeria at home in their opening tie.

Ajunwan, Otubusin Grace 25th Quadrangular Games as Torch Bearers Masari

It was a glamorous opening yesterday for the 25th edition Eagles to remain focused of the Quadrangular Games because the qualifiers is a hosted by the Lagos Country marathon and only the last kick Club Ikeja as Nigeria’s first of the ball would determine Olympic Gold medalist Chioma Ajunwa and IICC Shooting Stars who goes to Russia.

“I want to join millions of Ibadan football legend Idowu of other Nigerians in Otubusin graced the occasion congratulating our dear Super as torch bearers.

Also among celebrity torch Eagles on their well deserved bearers for the Games were victory over Algeria.

“It did not come to me Nollywood actress Tina Mba and as surprise because I had veteran broadcaster Bisi Olatilo. predicted that Eagles would The colourful ceremony heralded win 3-1 and it came to pass. seven days of competitive sports “I urge the team not to rest among four clubs namely; Ikoyi on its oars but remain focused Club 1938, Lagos Lawn Tennis until the ticket to Russia is won. Club, Apapa Club with Lagos “The team needs our prayers Country Club Ikeja as host.

The Chairman Organising and we shall continue to give them every needed support. Committee of the 25th “The government of Quadrangular Games and Vice President Muhammadu Buhari President of the Lagos Club, Mr. is passionate about sports and Semiu Oganla said the theme of the team will surely not regret the Games is Sports and Family qualifying for the World Cup, Life Redefined and will enhance friendship and sportsmanship “he said.

among members of the various social clubs.

“The theme of the Games emphasis the combining of family life with sports and encourage social interactions between members of the different clubs,” Oganla said.

The President of Lagos Country Club Ikeja (LCCI), Chief Kayode Moradeyo praised the organising committee for providing a fair and conducive environment for competition among the clubs who are bonded by oneness and friendship.

“As participants we are all friends. I’m delighted with the good organisation. But the fact remains that Lagos Country Club is hosting to win,” the LCCI President said.

The silver jubilee edition of the Games which will see the four Lagos-based clubs competing in more than 10 sporting events will end on Saturday.

Nigeria’s first Olympic Gold Medalist Chioma Ajunwa receiving the torch of the 25th Quadrangular Games from the Sports Secretary of the Lagos Country Club Ikeja, Princess Tola Oladoyin while former Shooting Stars legend Idowu Otubusin (right) watch with keen interest

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Price: N250

MISSILE Former CJN to Politicians “During the run up to the 2015 elections, our judicial officers withstood immense pressure, in order to guarantee a level playing field and smooth transition of government, which ensured that we were spared a re-enactment of the June 12 saga. In fact, the courts, thus securing the electoral process, disallowed so many frivolous matters aimed at truncating the electoral process.” – A former Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, saying he had no apologies for refusing to do the bidding of politicians who wanted to intimidate the judiciary.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Still On Fiscal Policy: No Taxation Without Representation

A

s we round up our discussion of fiscal policy, we want to point out some areas to watch if we truly want the economy to function efficiently on the basis of the taxpayer’s money.

We had argued that it is important that the economy is run on taxes collected from citizens, like most other modern economies. Our position is hinged on three major arguments. One, when citizens pay taxes, their right to question the use of their money becomes axiomatic. The second point is that government becomes more interested in the prosperity and welfare of the people because it is only a prosperous population that can pay taxes. The fear of some commentators that the call for enhanced and more efficient tax administration is detrimental to the wellbeing of the poor, does not arise. There is a level in the society to which some members of the population would belong and their income would be tax-exempt. Government would do everything within its powers to ensure that the people that belong to this group are few and gets fewer. This is out of self-interest since the government would want to continue expanding the tax net. The government would also be in a position to use this policy instrument to regulate the economy. Thus, if government wants to increase consumption and savings, it would tweak tax rates in such a way that more money would be left in the hands of the population. On the other hand, if it wants to restrict expenditure, the government would adjust the tax rate upwards accordingly. The same thing applies to imports of goods and services. Government could restrict imports by imposing punitive taxes or tariffs on such imports and vice versa. Thirdly, government would be more focussed on its core functions of enforcing the rule of law and providing the enabling environment for business and people to progress rather than the distraction of competing with its people in doing business and making profits to run its daily affairs.

The whole idea of this second intervention is to warn that there are laid down principles about taxation which date back to the 18th century that are true up to this day.

We may have all heard or read about the Boston Tea Party.

The story of the Boston Tea Party deals with the American Revolution that culminated into independence in 1776. The protest by the sons of liberty in Boston, against the Tea Act of May 10, 1773 was such that they boarded the ships and wreaked havoc on chests of tea moored at the Boston habour. On that fateful night of December 16, 1773, 342 chests of tea shipped by the East Indian Company were emptied into the sea by the protesters. This elicited a very harsh reaction from the British colonial government. The colonists resisted the tax act because they believed that it was inconsistent with their rights as Englishmen to “No taxation without representation”. This principle provides that they could only be taxed by their own elected representatives and not by a British parliament where they had no voice nor representation.

The principle of “no taxation without representation” was enshrined in the Bill of Rights of 1689 which established that taxes could not be levied without parliament and parliament was deemed to exist if and only if it represented the people that voted it into power. A chain of other events, repressive laws and more resistance led to the American Revolutionary War which began in Boston in 1775. The rest like they say is history. According to Alfred F. Young, in his famous book, The Shoemaker and the Tea Party: Memory and the American Revolution, “the issue was never the tax, but how the tax law was passed without American input; after all, United States Congress taxed tea from 1789 to 1872”.

Learning from history is one of the greatest attributes of human civilisation. It is on this basis that we contend that, in enforcing efficient tax administration in the country, government must pay attention to representation. For representation to make sense, we must explain it not only in terms of appropriate

President Muhammadu Buhari laws being passed by the elected representatives of the people from the most rudimentary to the highest levels, but also the need for such representatives to be in touch with the people. They must understand the realities on ground in the local community and make such laws that would not only leave majority of tax payers happy to voluntarily comply, but also make people feel and believe that the taxes are justified and commensurate with the benefits they derive therefrom. This takes me to the other issue of perception.

If tax payers believe that their tax is not deployed to uses that are beneficial, the immediate reaction is to resist the tax, avoid it or in extreme cases, evade it.

So, on no account should tax administration result in what can be described as “robbing Peter to pay Paul”.

Instances like in Nigeria where taxes are collected from one part of the country and spent in another, should be avoided.

Taxes that do not have any relationship with local industry and businesses should not be contemplated. Local and state governments should be made to understand that taxation can be likened to ‘sowing and reaping’. In the natural order of things, you can only harvest where you have planted.

The issue of using taxpayer’s money to provide amenities for the taxpayers would therefore be misplaced. It is out of the amenities that government has provided that citizens would pay taxes for using such facilities.

Look at it this way, if you do not build roads, how would it sound that you erected toll gates to collect tolls from people to enable you build the roads. In like manner, if you do not provide electricity, would it make sense to collect electricity tariffs? It is in providing roads, rails and sea ports for access that the government empowers farmers and manufactures who would then be able to evacuate their products from areas of production to areas of need and in so doing facilitate trade. It is only when government has done that that it can justify sharing from the wealth that it has created for its populace. The same goes for electricity, water, security, healthcare, education, and housing.

These days, a lot of governments mislead themselves into believing that they are doing the populace a favour by providing amenities for them. This is understandable given the “hand out” mentality of governance in Nigeria where governors and commissioners of finance rush to Abuja every month to share money. I am miffed that people have not paused to ask deep questions about the culture of sharing money in the name of federal allocation. We don’t seem to worry about the fact that before the advent of oil, governance, in fact, qualitative governance existed. How did those governments fund the massive investments in infrastructure in those days? What happens if oil were to dry up or if we depleted our oil reserve? How do countries, some of them our neighbours, who don’t have oil fund their investments in infrastructure and pay salaries?

A lot of our cities today are groaning under serious

infrastructure decay and deficit, most of which are manmade. As we join hands to deny ourselves the much needed infrastructure for growth, we forget that we are shooting ourselves in the foot. As our infrastructure decays, so goes our internally generated revenue. I don’t think some of our leaders connect to this. Not a few of our cities have lost their position and what they were noted for out of very poor leadership that have failed to realise that investment and industrial development follow the most attractive environment. Aba in Abia State, for instance, used to be a sprawling industrial and trading outpost in the south eastern part of Nigeria, creating jobs for thousands of people and generating handsome revenue for government. However, successive governments in the state completely abandoned the city and left it in ruins. Today, virtually all the manufacturing concerns have either shut down or relocated their businesses elsewhere to benefit from better infrastructure and security which in turn lowers their cost of doing business. The overall effect is that the state is left with very paltry revenue generating capacity. The same is true of Ibadan which was reputed to be the largest city in West Africa, if not Africa. The town is in a state of decay, leaving it bereft of the hitherto large number of manufacturing and industrial giants and the huge trading activities of the past. These are not isolated cases as many other cities are in the same situation. Having failed in creating enabling environments for businesses to grow, some of the governments turn round to unleash thugs and miscreants on the few surviving businesses and people to collect all sorts of levies and taxes using all sorts of unorthodox means to whip their preys to submission.

In some cases, multiple taxation is introduced to shore up revenue. In others, leadership outsources revenue collection to people of questionable character as political patronage.

Some of them hurriedly get registered as tax consultants and administrators without any requisite knowledge of the job.

Governments do not realise that such actions, rather than

help the situation portray the state as being very unfriendly to business and end up driving investment away. The only state that has stood out from the pack is Lagos. Some people will be quick to opine that Lagos is an exception as it was the capital of the country and has some historical advantages.

While such people may not be completely wrong, I will also point them to the two cities I mentioned above that had significant historical advantages that their leadership blew and continue to blow. The truth is that Lagos was very lucky with leadership that was focussed from day one. Like him or hate him, Senator Bola Ahmed Tinubu had vision and laid a very strong foundation as the governor of the state between 1999 and 2007. He was succeeded by another visionary leader, Babatunde Fashola who took leadership to an exceptionally high level and massively rolled out infrastructure to support his dreams of Lagos. In less than two years, Akinwunmi Ambode has paid little or no attention to recession as he continues to improve on the records of his predecessors. Lagos continues to challenge the rest of the country. After all, the only resources Lagos has are land and human capital which are in abundance elsewhere. Beyond resources, it has created enabling environment for people to do business and live. In the US, California is the largest state with a population of close to 40 million people. It is the sixth largest economy in the world, were it to be a country with many of the largest firms in the world located there. These include Chevron and Apple. California is so large that some of the top business men have threatened to fund a secession after Donald Trump was announced winner of the US elections a few days ago. California, like a few other states in the US are so successful that they do not need the centre to survive. What did they do differently?

Leadership created enabling environment to attract businesses and investment from where the state collects its own share of the prosperity of businesses and the populace. Those of us that cannot create should at least be able to copy.

Printed and Published in Lagos by Leaders & Company Limited . Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

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