Tuesday 22nd November 2016

Ondo Poll: PDP, 20 Parties Insist on Postponement, INEC Refuses Mimiko alerts Buhari on looming security threat Protesters storm electoral body’s office in Akure Jimoh Ibrahim’s police escort accused of shooting at rival’s campaign office

Tobi Soniyi, Onyebuchi Ezigbo in AbujaandJames Sowole inAkure

The Peoples Democratic Party (PDP) yesterday continued its

clamour for the postponement of the governorship election in Ondo State, demanding that the poll be shifted by at least three weeks by the Independent

National Electoral Commission (INEC).

Twenty opposition political parties and youths in the state also joined the PDP to seek

the postponement of the poll, warning that the level of insecurity in Ondo due to unresolved legal issues concerning the PDP candidate

in the governorship race could rise to alarming proportions.

Their position was buttressed

by Governor Olusegun Mimiko who yesterday visited President

Muhammadu Buhari for the second time in weeks to apprise him of the looming security Continued on page 6

S'west Governors: Politics, External Influence Will Not Divide Us… Page 9 Tuesday 22 November, 2016 Vol 21. No 7887. Price: N250

www.thisdaylive.com TR

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Recession Worsens on N’Delta Crisis, Despite Agric Rebound Analysts: Nigeria in need of fiscal stimulus, reforms FG allays concern over worrying economic data Moody’s: Country to expand by 2.5% next year Tobi Soniyi, James Emejo in AbujaandObinna Chima inLagos There seems to be no end in sight to Nigeria’s economic woes, as the third quarter real gross domestic product (GDP) growth data released yesterday by the National Bureau of

Statistics (NBS) showed that the country sank deeper into recession, contracting by 2.26 per cent from -2.06 per cent in the second quarter of this year, and -0.36 per cent in the first quarter.

Continued on page 6

Justice Ngwuta Arraigned, Gets N100m Bail on Self-Recognition

EFCC files charges against Justice Ofili-Ajumogobia, Obla Tobi Soniyi and Alex Enumah in Abuja Embattled Justice Sylvester Ngwuta of the Supreme Court was arraigned yesterday and granted N100 million bail by a Federal High Court sitting in Abuja, where he is being

tried for alleged corruption and money laundering.

In Lagos, the Economic and Financial Crimes Commission (EFCC) also filed a 30-count charge against a Federal High Court judge, Justice Rita OfiliContinued on page 8

Senate Vows to Reject Proposal to Punish People for Holding FX… Page 40

S’WEST RE-OPENS TALKS ON ECONOMIC INTEGRATION

L-R: Governors Akinwunmi Ambode (Lagos), Ibikunle Amosun (Ogun), Abiola Ajimobi (Oyo), Ayodele Fayose (Ekiti) and Rauf Aregbesola (Osun), at the South-west Governors’ Economic Forum, held in Ibadan, Oyo State… yesterday

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TUESDAY NOVEMBER 22, 2016 T H I S D AY

T H I S D AY TUESDAY NOVEMBER 22, 2016

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TUESDAY, november 22, 2016 • T H I S D AY

PAGE SIX ONDO POLL: PDP, 20 PARTIES INSIST ON POSTPONEMENT, INEC REFUSES threat in the state over the governorship election.

But their pleas fell on deaf ears, as INEC said there were insufficient grounds to defer the election in Ondo.

Addressing journalists yesterday in Abuja after a meeting of the National Caretaker Committee of the PDP, with former ministers from the party’s platform, the spokesman of the PDP, Mr. Dayo Adeyeye, said since INEC was partly responsible for creating the confusion over its candidacy, the body should postpone the election to allow the court decide on who should pick the ticket of the PDP. “The point we are trying to make is that INEC should immediately postpone the Ondo election. We have reasons for saying that. In the case of Edo State, they postponed it for no just cause. In the case of Rivers, they also postponed it, and with respect to Ondo State there is enough justification for postponing the election.

“The fact is that a major political party has issues regarding its candidacy and in a matter that was principally caused by INEC, because it monitored the primary conducted by the National Caretaker Committee which produced Eyitayo Jegede as the PDP candidate for the election.

“It did not monitor the primary conducted far away in Ibadan by the Sheriff-led illegal committee that produced Jimoh Ibrahim. And when candidates’ names were announced, Jegede’s name was announced as the candidate of the party,” Adeyeye said.

He noted that the party would have expected INEC to act in the same manner as Edo State where it said that it monitored the primary that produced Mr. Osagie Ize-Iyamu as the candidate and rejected the other candidate whose primary was not monitored.

“INEC should be held responsible for the confusion that has arisen on this matter.

We are asking that in view of the fact that they caused this confusion in the first place, it should wait for the Supreme Court to decide on the rightful candidate of the party before proceeding with the election.

“In view of the fact that our candidate, Jegede, has been denied campaign time for the last few weeks, in the interest of justice, fair play and in order to ensure that the will of the masses in Ondo State prevail, it should postpone this election by a minimum of three weeks,” he said.

Adeyeye added that the PDP caretaker committee also met with former ministers on how to find solutions to the problems besetting the party.

Speaking on the outcome of the meeting, a former Minister of Special Duties, Alhaji Taminu Turaki, said the former ministers were joining in the call for the postponement of the Ondo governorship election in order to allow for justice and a level playing field.

“We note with concern the way INEC handled the Edo election. Even though the matter is now in court and is now sub judice, we would like to say the way and manner a public institution like INEC that is funded with tax payers’ money will come out to take sides and to become partisan on an election matter is not proper; it is unfortunate.

“We also frown on what INEC is doing, in collaboration and in conspiracy with some other political parties trying to manipulate the process in the Ondo State election.

“We therefore want to join the call made by the leadership of the PDP to ask that the Ondo election be postponed to allow for the issues in court to be resolved and for all parties to have a level playing field.

We believe that what INEC needs to do is to ensure that there is a level playing field.

“It is not in the interest of the country if INEC continues in the way it has been handling highly sensitive election issues in the country.

“We want to call on members of the PDP and public to remain resolute that PDP will not go down,” Turaki said.

He also said that the PDP former ministers’ forum assured the committee led by Senator Ahmed Makarfi that it is in total support of the committee’s efforts to reposition the affairs of the party.

20 Parties, Youths Want Poll Deferred Similarly, 20 other political parties yesterday joined the PDP to seek for the postponement of the Ondo poll.

The parties said their decision to ask for adjustment in the election date was based on the level of insecurity in the state, which had risen dangerously due to unresolved legal issues concerning the candidacy of the PDP in the governorship race.

The leaders of the parties who converged on the national headquarters of Labour Party in Abuja to address a press conference,

lamented that the situation has forced their candidates to stop campaigning across the state.

The parties threatened that if INEC refused to postpone the election, they would take the necessary steps to protect the interest of the people in the state.

The National Chairman of the Labour Party, Alhaji Abdulkardri Abdusalam, who spoke on behalf of other parties, said Nigeria could not afford to have Ondo engulfed in an avoidable political crises orchestrated by a few individuals.

He enumerated the challenges standing in the way of the smooth conduct of the election on Saturday, saying: “It is important to note that the political parties fielding candidates in the Ondo governorship election feel very insecure and hard pressed to campaign freely and unfettered in the present fragile and volatile environment.

“The situation will obviously affect the electoral outcome, possibly leading to another ‘inconclusive election’.

“Moreover, given the above situation, the electorate in Ondo State is not fully sensitised for the election that has not offered room for robust election campaigns, debates and the gravitas of election.

“The people will definitely be shortchanged if they elect their governor based on the apparent opaque electoral information, which will amount to a blatant rape of democracy and handing out the ‘mandate of the minority’ for the victor or winner, if INEC does not shift the polling date, as canvassed here.

“This uncharitable, uncharacteristic and inelegant testament of the governorship election will be quite regrettable for the politically resourceful people of Ondo State.

“Another critical concern is the growing level of violence and insecurity in the Ondo political environment as precedent to the governorship election on Saturday.

“In recognition of this ugly fact, we also take this opportunity to call on the relevant security agencies – the police, DSS, NSCDC, etc. – to immediately put pressure on INEC to shift the election date to a possible date after the court processes have been completed, but within the constitutional provisions, to guarantee a peaceful and healthy political environment for the election.

“If INEC is blatantly intimidated into abdicating its rudimentary function of monitoring and certifying the validity of

party primary elections for the selection of candidates, and instead acquiesces by allowing the court to arbitrary pick candidates without INEC-monitored primaries, then our democracy is becoming gravely injured, needing urgent ambulatory care and political surgery.”

Some of the political parties that demanded the postponement included the United Progressives Party (UPP), National Conscience Party (NCP), African Democratic Congress (ADC), Peoples Redemption Party (PRP), Progressives Peoples Alliance (PPA) and Peoples Party of Nigeria (PPN), among others.

Also, citing the non-resolution of the candidacy of the PDP for the Saturday’s gubernatorial election, hundreds of youths yesterday invaded the headquarters of INEC in Akure, calling for the postponement of the election.

The youths, who moved from the PDP secretariat at Alagbaka to some streets in the state capital as early as 8 a.m., also called for the inclusion of the name of the candidate of the party, Eyitayo Jegede.

The protesting youths said the call had become imperative to allow the courts to conclude the case on the authentic candidate of the PDP in the election.

Armed with placards of various inscriptions, the protesters said the action would continue until the injustice is addressed.

The protesters, however, could not gain access to INEC’s office as stern-looking security operatives of the state Police Command and National Security and Civil Defence Corps (NSCDC) mounted a barricade to prevent them from advancing beyond a certain point.

Speaking on behalf of the youths, Oluwatuyi Adekanmbi said the youths across the state were protesting against the decision of INEC to go on with the election without waiting for the outcome of the suits pending before the courts.

According to him, it would amount to a rape of democracy if INEC cleared a member of the party as the party’s candidate for the governorship election in the state.

INEC Remains Adamant Addressing the protesters, the INEC Resident Electoral Commissioner (REC) in the state, Mr. Segun Agbaje, said the commission would obey a higher court

RECESSION WORSENS ON N’DELTA CRISIS, DESPITE AGRIC REBOUND This represented a 0.18 per cent drop from the growth recorded in the preceding quarter and lower by 5.08 per cent relative to the corresponding quarter in 2015.

The contraction in GDP was largely driven by the militancy in the Niger Delta, which resulted in a drop in oil output during the third quarter to 1.63 million barrels per day (mbpd) and the oil sector’s contribution to GDP, notwithstanding the rebound recorded in the agriculture sector.

Nigeria depends on oil exports for 90 per cent of its foreign exchange earnings, reflecting the impact of a depressed oil sector on the economy.

The latest GDP growth data further confirmed the level of weakness in the economy, which has been hobbled by rising unemployment and job losses, declining capacity utilisation, and acute foreign exchange shortage.

According to the NBS, quarter-on-quarter (unadjusted for seasonality), real GDP, however, increased by 8.99 per cent.

During the quarter under review, aggregate GDP stood at N26.55 trillion (in nominal terms) at basic prices compared to N17.8 trillion in Q2 2016 and N24.31 trillion in Q3 2015.

Nominal GDP grew by 9.23 per cent relative to the growth recorded in Q3 2015 by 3.22 per cent.

Daily oil production averaged 1.63 million barrels per day (mbpd), lower than the 2.11mbpd in Q2 and also lower relative to the corresponding quarter of 2015 by 0.54 mbpd when output was recorded at 2.17mbpd.

As a result, real growth of the oil sector slowed by 22.01 per cent (year-on-year) in Q3 2016, representing a decline of 1.06 per

cent from Q3 2015. Quarter-on-quarter, oil sector growth was 8.07 per cent.

The oil sector contributed 8.19 per cent of total real GDP in Q3, down from 8.26 per cent and 10.27 per cent in Q2 and Q3 2015 respectively.

On the other hand, the non-oil sector contributed 91.81 per cent to GDP in real terms, up from 91.74 per cent in Q2, which was largely driven by activities in agriculture (crop production), information and communications and other services.

The non-oil sector grew by 0.03 per cent in real terms in the period under review, reversing two previous quarters of negative growth in Q1 and Q2 2016.

In the non-oil sector, agriculture contributed 24.09 per cent to nominal GDP during the quarter, higher than 19.71 per cent and 24.51 per cent recorded in both Q2 2016 and Q3 2015, respectively.

The manufacturing sector contributed 8.59 per cent to nominal GDP, lower than 8.95 per cent in Q2 2016 and 9.67 per cent in Q3 2015.

But real GDP growth of the manufacturing sector slowed by 2.63 per cent to -4.38 per cent (year-on-year) from –1.75 per cent growth recorded in third quarter of 2015 and 1.02 per cent in the previous quarter. On a quarter-on-quarter (seasonally unadjusted) basis, the sector increased by 6.28 per cent.

Nevertheless, nominal GDP growth of manufacturing was put at –2.93 per cent (year-on-year), reflecting a drop of 1.91 per cent from the 1.02 per cent recorded in the previous quarter as well as 7.73 per cent lower than the 4.80 per cent recorded in Q3 2015. On a quarter-on-quarter basis, the sector grew by 8.49 per cent.

The NBS said the drop in manufacturing in the period under review was “partly due to the continued fall in the exchange rate, which made imported inputs more expensive, thereby increasing business costs”.

It said: “This was greatly as a result of the continued fall in the naira to dollar rate which translates to much higher cost of business operations.”

The electricity, gas, steam and air conditioning supply segment contributed 0.33 per cent to real GDP and grew 8.65 per cent in Q3.

The construction sector contributed 2.96 per cent to nominal GDP, lower than 4.22 per cent in Q2 2016 and 3.15 per cent in Q3 2015.

Trade grew by 15.36 per cent and contributed 19.83 per cent to GDP in the third quarter, down from 21.16 per cent in the previous quarter.

The accommodation and food services sector grew by 2.73 per cent year-on-year, representing an increase of 1.75 per cent relative to 0.98 per cent in Q3 2015. It contributed 0.87 per cent to GDP from 0.67 per cent in Q2.

The transport and storage segment contributed 1.20 per cent to real GDP while the telecommunications and information services and broadcasting contributed 10.14 per cent to GDP in Q3 compared to 12.68 per cent in Q2 2016.

The finance and insurance sector contributed 2.90 per cent to real GDP in the period under review, lower than 3.05 per cent in Q2 and higher than 2.76 per cent in Q3 2015.

The real estate services sector contributed 7.17 per cent to real GDP, lower than the 7.57 per cent in the corresponding quarter

of 2015 and the preceding quarter.

Also, the arts, entertainment and recreation sector contributed 0.19 per cent to real GDP, from 0.23 per cent in Q2 2016 and 0.18 per cent in Q3 2015.

Economic Stimulus Reacting to the worrying GDP growth data for the third quarter of the year, economists yesterday harped on the need for the federal government to resort to fiscal stimulus to revive growth and reset the economy.

The Head of Africa Research, Standard Chartered Bank, Razia Khan, said Q3 GDP contraction in Nigeria did not come as a surprise largely because of the extent of the downturn in oil sector GDP. According to Khan, the resumption of payments to Niger Delta militants was not sufficient to trigger a meaningful improvement in production, saying that further attacks, reported in recent weeks, pose new risks to the outlook, as does the very real risk that there may not be any resolution to Niger Delta issues soon.

“However, flat growth does not in itself hold enough promise. The urgent adoption of reforms is now required in order to de-bottleneck Nigerian growth.

“Not least, real attention needs to be given to the problems of FX liquidity which continue to hold back growth in manufacturing. It is clear that the measures instituted so far are not sufficient to bring about a real improvement in FX inflows. New, and different thinking is required,” Khan said in response to enquiries by THISDAY. Continued on page 8

order on the matter anytime it comes.

Agbaje said he would resign his appointment from the commission if the commission refuses to obey the directive of a superior court on the matter.

However, when the national headquarters of the electoral commission was contacted in Abuja, it stated that there were insufficient grounds to call off the election.

The Chief Press Secretary to the INEC chairman, Mr. Rotimi Oyekanmi, who responded to THISDAY’s enquiries through text message yesterday afternoon, said preparations for the poll have reached an advanced stage, adding that 12 out of 14 activities planned for the poll had already been carried out.

“As I write this, INEC has no plan to and does not intend to postpone the election.

Preparations for the Ondo governorship election started since March and 12 out of 14 activities planned for the poll have already been carried out.

“Besides, the grounds for postponing any election is enshrined in the Electoral Law and certainly, such calls for postponement are none of the grounds.

“The 13th activity, namely the stakeholders’ forum will hold tomorrow (Tuesday). The commission therefore will not postpone the election,” he said.

Tinubu, and Governors Akinwunmi Ambode, Abiola Ajumobi and Rauf Aregbesola of Lagos, Oyo and Osun States, respectively, were conspicuously absent at the ruling party’s mega rally at the weekend.

However, commenting on their absence yesterday, the Plateau State Governor Simon Lalong yesterday said that the APC leader was not at last Saturday’s rally due to ill health.

Lalong, who is also the chairman of the APC governorship campaign committee in Ondo, spoke with State House correspondents after meeting with the president.

He also said that the absence of Tinubu and other South-west governors did not affect the success of the rally.

He said: “Their absence was not a problem, We explained their absence.

They sent in their apologies. You heard what happened there. As far as we are concerned, the president who is the leader of the party was at the rally.

“The national chairman was also there, so as far as we are concerned, everybody was there.”

Mimiko Meets Buhari

Meanwhile, the PDP in Ondo State yesterday called on the federal government, to as a matter of urgency, withdraw the security escorts deployed to Mr. Jimoh Ibrahim, following the alleged shooting spree perpetuated by Ibrahim’s police escorts at Jegede’s campaign office in Akure.

According to a statement by the Director of Publicity of PDP in the state, Mr. Ayo Fadaka, Ibrahim allegedly led a detachment of police to Jegede’s campaign office located on Ijapo Road on a shooting spree.

Raising the alarm over what it described as the “thuggish attitude of this fellow, in conjunction with the personnel that accompanied him”, the statement said Ibrahim’s action was not only criminal but an absolute abuse of an unmerited privilege conferred on him through the deployment of security escorts to him by the federal government.

Fadaka declared the action as a further infringement on the fundamental rights of Jegede whose mandate to fly the flag of the party he (Ibrahim) blatantly stole and described it as a flagrant invasion of Jegede’s privacy.

The PDP further described the attack as “the most unethical action that a man who aspires to the office of the governor of Ondo State has ever taken”, adding that “the PDP has been provoked beyond measure and as such wishes to let the presidency know that Jimoh Ibrahim has taken a giant leap to compromise the peace of the state”.

The party also demanded that the government, as a matter of compulsion, must withdraw that privilege of the security escorts from him immediately so that the lives of Ondo citizens are safe and protected from the maniacal attack of any man.

When contacted on the matter, the Police Public Relations Officer (PPRO) for the Ondo Police Command, Mr. Femi Joseph, said the matter was not reported to the command.

INEC’s position, notwithstanding, the state governor met with President Buhari yesterday on the rising tension in the state and denied claims that he was considering joining the ruling All Progressives Congress (APC).

Mimiko, who spoke with State House correspondents after meeting with the president, said people should not misinterpret the courtesy he extended to Buhari to mean that he was planning to move to APC. According to him, he only extended the courtesy due to a president who was visiting his state, no matter the party affiliation.

It was Mimiko’s second visit to Buhari since his preferred candidate for the Ondo State governorship election, Eyitayo Jegede, was replaced with Jimoh Ibrahim by INEC. Details of Mimiko’s meeting with Buhari were however not made public.

He was at the State House a fortnight ago when he came to express his displeasure with the decision of the commission to replace Jegede with Ibrahim.

APC held a mega rally in Akure, the state capital on Saturday, attended by Buhari, who was received on arrival at the airport by Mimiko.

When asked yesterday why he had become a frequent visitor to the Presidential Villa , he replied: “What is frequent. This is my second visit to the villa since this crisis in our party started. Like I said, as the chief security officer of my state, if there is any credible threat to security, I owe the responsibility to Nigerians to apprise Mr. President of what is going on in the state.

“Mr. President was in my state to campaign for his party. I extended to him the courtesies of receiving him at the airport and seeing him off as President of the Federal Republic of Nigeria, not as APC. “I understand that people have speculated that this means I am going to APC. There is nothing of such. I only extended him the normal courtesy that protocol demands.

“As the governor and chief security officer of the state, if the president is visiting, no matter the party he belongs to, it is only appropriate for me to extend the courtesy to him. That was what I did in Akure.

“And I have also come to brief him about the security situation in my state.”

On the crisis in the PDP and the chances of Jegede, Mimiko insisted that he was standing by his candidate in the coming poll, adding that the whole of Ondo State would erupt in joy if the Supreme Court ruling eventually goes his way.

He said: “I am just concentrating on the case of my party in court. The whole of Ondo State will erupt in joy and it will be so self-evident.”

The APC National Leader, Bola Ahmed

Ibrahim’s Trigger Happy Police Escort

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TUESDAY, november 22, 2016 • T H I S D AY

PAGE EIGHT

Fool Nigeria Once, Shame on You. Fool Nigeria Twice…

Muhammadu Buhari promised to embrace democracy as president, but turned out to be the same autocrat who failed the country 30 years ago.

It’s been a tough year for Nigerian President Muhammadu Buhari. The mood in Africa’s most populous nation is a far cry from the euphoria that greeted his historic 2015 election — the first time in Nigeria’s history that an opposition candidate unseated an incumbent president in a democratic election. For weeks and even months after the vote, Buhari was a media darling, praised at home and extolled abroad.

Since then, the cheers have turned to jeers — even from members of the president’s own party, the All Progressives Congress (APC). Meanwhile, his administration cowers under attacks from a disillusioned electorate, members of the opposition, and even Buhari’s wife, Aisha, who said she might not vote for him in 2019, when he is up for re-election.

What’s behind the swift unravelling of Buhari’s presidency? His inability to formulate a coherent economic plan as Nigeria tipped into recession and unwillingness to make crucial decisions — as basic as appointing a cabinet — in a timely manner certainly didn’t help.

But the main reason Buhari has lost the support of his countrymen is that the last year has revealed the central premise of his candidacy to be false: The man who

VIEW FROM ABROAD claimed in the campaign to be a “reformed democrat” has proved to be the same old authoritarian showman who ruled Nigeria in the early 1980s.

Buhari’s first attempt to run Nigeria ended after a year and a half in the same manner it started: a coup d’état. Back then, Buhari launched a campaign to root out corruption, dubbed the “war against indiscipline”, which was accompanied by restrictions on free trade and free speech, as well as repression of his political opponents.

Soon Nigeria was embroiled in a political and economic crisis that paved the way for his ouster.

By 2015, however, many Nigerians were ready to give him a second chance.

Growing economic hardship and rampant corruption — and the seeming inability of then-President Goodluck Jonathan to tackle either — convinced them to embrace Buhari again despite his checkered past.

To many, he seemed like a competent leader — at least more so than the weak and feckless Jonathan.

But there is already a strong element of déjà vu in Buhari’s second stint at the helm.

He has again staked his presidency on an anti-corruption crusade and again used it as a vehicle to target political opponents.

Now, as before, Buhari’s legitimacy was built on empty showmanship, a hyped-up

claim of superior morality and discipline coupled with a healthy dose of disdain for elitism, all quickly overshadowed by an economic crisis that he wasn’t equipped to tackle.

Part of the problem this time is that he promised much more than he could ever have hoped to deliver. On the campaign trail, he pledged to create millions of new jobs and make Nigeria’s currency, the naira, “equal to the dollar,” two Donald Trump-worthy whoppers that were about as likely to materialise as a border wall paid for by Mexico.

The fact that the media didn’t hammer Buhari’s campaign on the ridiculousness of many of his pledges speaks to the quality of journalism and punditry in the country.

In any case, the results have been predictable. Instead of creating jobs, the Nigerian economy has shed half a million of them since Buhari took office, swelling the already bloated ranks of the unemployed to 13.3 per cent. The current dollar exchange rate for the naira is about 455 to 1, compared with 260 to 1 around this time last year. Food prices have reportedly doubled across the country, forcing millions of people to go hungry as a famine looms in the north.

Not all of this is Buhari’s doing, of course. He inherited an oil-dependent

economy only to watch the price of crude crater. He also inherited an empty treasury, the result of past administrations’ unchecked venality and failure to save when oil prices were high.

But Buhari’s actions, inactions, and posturing against free enterprise have helped make a bad situation worse. Despite spending the better part of the past decade campaigning for president, Buhari came into office with no idea who to appoint to his ministerial cabinet. Most presidential aspirants would have vetted potential appointees during their campaigns or at least during the transition. But Buhari didn’t name a cabinet until about six months into his presidency, blaming his inability to compose an economic management team on the fact that Nigerians were all “compromised”. During that time, capital projects like the building of major roads were stuck in limbo; protracted delays in approving the national budget also meant that federal ministries were unable to perform their basic functions. By the end of August, the economy had slipped into recession.

Admitting he’s no economist, Buhari’s economic decisions have been eccentric.

Despite all indicators pointing to the need to devalue the naira following the loss of oil revenue, Buhari has declined to do so, insisting on applying stringent controls on the foreign exchange market and the importing of commodities like rice and

frozen chicken.

Buhari seems to be betting on his administration’s ability to boost domestic production, even though the critical infrastructure needed to do so, like a stable power supply and functional roads, is not in place. The closest Buhari’s administration has come to articulating an economic plan is announcing its intention to borrow as much as $30 billion from foreign countries, including China and Japan. Meanwhile, disappointed investors are fleeing (or refusing to come) due to the unfavourable business climate. More than 250 companies have reportedly shut down in the past year alone.

Buhari’s much-heralded anti-corruption crusade has also largely proved to be a charade. The administration has initiated several investigations into financial fraud or misappropriation by former government officials, but so far there have been no convictions. The president has refrained from going after his close associates, individuals like Bola Tinubu, a powerful figure within the ruling party who was once described as “corruption personified”.

Instead, it has been opposition politicians and members of his predecessor’s administration that have been the focus of his anti-corruption efforts.

Last month, he dispensed with due process altogether and ordered the state security service to arrest and raid the homes of judges who hadn’t been

charged with a crime. According to the Buhari administration, the judges were corrupt. But the judges claim they were being framed as punishment for granting bail to critics of Buhari’s government. The incident caused a popular uproar and was described by the head of Nigeria’s judiciary as “deeply regrettable”.

Buhari’s gradual turn towards authoritarianism has revealed the emptiness of his central campaign pitch: Far from embracing the democratic process, he has sought to unilaterally impose his will and whims on the country, even when it means subverting the rule of law.

There was perhaps no starker illustration of the president’s illiberal streak than his response to his wife’s suggestion that she may not support him in the next election: My wife, he said at a press conference on Oct. 14, “belongs to my kitchen and my living room and the other room.”

It is safe to say that Buhari’s misogynist remarks won’t bring his administration down or even diminish his popularity going forward. The truth is that many Nigerian men (and women) hold similar views. But if he wants to avoid a drubbing in the 2019 election, Buhari must put forward a realistic plan to fix the tattered economy while showing voters that he is indeed a “reformed democrat” and not the same old strongman they remember from the last time around.

• Culled from Foreign Policy

economy, as typified by its contribution to government revenue and foreign exchange earnings, which he said continued to be important motors of economic activity.

“Moreover, due to time lags, it is still too early for policy interventions of the federal government to begin to impact fully on economic activity,” he added.

There are however some “green shoots” of economic recovery beginning to emerge, Dipeolu said.

He said that on-going consultations to bring lasting peace to the Niger Delta had led to an increase in oil and gas production which if sustained at current prices, would bring a measure of relief to the economy.

He also said other key sectors of the economy showed encouraging signs of improvement.

“The growth in the non-oil economy, although still weak at 0.03 per cent, showed a return to positive territory after two consecutive quarters of negative growth.

This was partly due to the continued good performance of agriculture and the solid minerals, two sectors prioritised by the federal government.

“Agriculture grew by 4.54 per cent in the quarter under consideration, of which growth in crop production at nearly 5 per cent was at its highest since the first quarter of 2014. Growth in the solid minerals sector averaged about 7 per cent.

“The financial services sector also experienced a rebound quite strongly in the period under review, growing by 2.85 per cent from a negative growth of

-13.24% in the second quarter.

“The recently approved first tranche of $600m to be borrowed from the African Development Bank will also provide some relief in budgetary terms and supplement capital inflows.

“Indeed, there was a slight uptick of capital inflows into the economy in the third quarter of 2016. Overall capital inflows in the third quarter of 2016 increased by 74.84 per cent over the second quarter,” he added.

Dipeolu, however, noted that the performance of the manufacturing sector continued to be of concern given its key role in value addition and job creation in the economy.

Nonetheless, he was optimistic that the real sector would soon experience sustained improvement in its contribution to the national economy because of greater local sourcing of raw materials, expected improvements in infrastructure, especially in power supply and reductions in the cost of doing business.

He also stated that though inflation was still high at 18.3 per cent on a yearon-year basis, it had begun to level out on a month-on-month basis and should enable the deployment of more policy tools to support growth and employment.

Some encouraging news also came from international ratings agency, Moody’s, which

forecast that the Nigerian economy could expand by 2.5 per cent next year as long as it can keep oil output at 2.2 million barrels per day.

Moody's senior analytical adviser for Africa, Aurelien Mali, told Reuters that the country’s fourth quarter growth could be close to flat.

Mali said increases in oil output would help Africa’s top oil exporter generate more dollars.

“With resumption of oil production and the dollars that should come, we expect that Nigeria would be able to accelerate the implementation of the budget,” Mali said.

“With an acceleration, we expect that (growth) could reach 2.5 per cent next year,” he said.

Moody's downgraded Nigeria to B1, with stable outlook in April from Ba3.

Mali said government’s inability to ensure increase in oil production in the medium term could exert negative pressure on its balance sheet and trigger another rating action.

However, he said the currency depreciation in June had compensated for government revenues because the country took action before it had a much bigger gap in its income. However, the currency weakness has not led to foreign inflows, Mali said.

Oil accounts for almost 10 per cent of Nigeria’s GDP. Mali said reforms aimed at increasing the share of non-oil taxes as a percentage of government revenues would be positive for ratings.

Obla, a former prosecutor for the EFCC, yesterday asked a Federal High Court in Lagos to declare his continued detention by the commission as unlawful.

Justice Ofili-Ajumogobia and Obla have been in the custody of the commission for the past 10 days, pending the conclusion of its investigations.

However, Obla, through his counsel, Mr. Ifedayo Adedipe (SAN), brought an application praying the court to declare as unlawful his continued detention.

Adedipe informed the court that he had a written address in support of his application, as well as a further and better affidavit, and an affidavit of urgency all filed on November 14.

In his argument, Adedipe urged the court to hold that the continued detention of Obla, as well as the seizure of his mobile phones, constituted an infringement on his rights to liberty and ownership of property.

He told the court that the applicant,

who was also a one-time prosecutor for the EFCC, was invited to the commission on November 8 when he was unduly detained till date.

In response, the counsel to the EFCC, Mr. Rotimi Oyedepo, urged the court to dismiss the applicant’s processes for lack of merit.

Oyedepo argued that on November 8 after the applicant was detained, investigations could not be concluded and so on November 9, an application was brought before a Magistrate’s Court for a remand order.

He said that the court, which was empowered by the provisions of the Administration of Criminal Justice Act, granted a remand order for 14 days, adding that this was even in the presence of the applicant.

After listening to the submissions of the counsel, Justice Mohammed Idris fixed November 25 for ruling on the application.

RECESSION WORSENS ON N’DELTA CRISIS, DESPITE AGRIC REBOUND The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said the latest NBS report showed that “some things are definitely not working right”.

“This is a bad news. We are in real trouble. With three consecutive quarters of increasing negative growth, that means we are getting deeper into recession.

“The stimulus package has to be increased and intensified and the interest rate has to come down and they have to make forex available. The forex market arrangement now is not working and something has to be done and very quickly.

“There is no easy answer to it, but we must face the reality and find our way out of this situation,” the FDC boss stated.

Also, the Global Chief Economist at Renaissance Capital, Mr. Charlie Robertson, in a note yesterday, held the view that “in an ideal world, Nigeria will let its currency float too in 2017. No investor we spoke to will put money into Nigeria, unless it copies the currency reform story that Egypt and Russia have both done”.

Similarly, the Director General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, said the delay in approving the federal government’s $30 billion borrowing plan may continue to hurt the economy.

“To be honest, the government need resources to spend and the delay in approving the borrowing is a problem.

The lawmakers need to approve it for government to borrow quickly and put

the money into capital project. That is very important.

“Secondly, a lot of the states are still not paying salaries. The federal government has to find a way of supporting the states to pay salaries,” the former vice-chancellor of the University of Uyo said.

FG Downplays NBS Data But in its reaction to the worrying data released by the NBS, the federal government said yesterday that it would announce an Economic Recovery and Growth Plan (ERGP) before the end of the year, even as recession continues to bite harder.

In an attempt to downplay the discouraging economic data, the Office of the Vice-President said efforts to rejuvenate the economy yielded positive results in the third quarter.

It also blamed the dismal performance of the economy on the vandalism of oil and gas infrastructure in the Niger Delta, resulting in production shut-ins and lower oil output.

A statement by the Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, said: “Third quarter GDP growth figures released by the National Bureau of Statistics revealed a consistent growth in the agriculture and solid mineral sectors, indicating the success of the Buhari administration’s economic policies, even though overall the economy is still in recession.

“The over-riding impact of the oil and

gas sector, where vandalism and sabotage of critical installations negatively affected production output, explains the persistence of the recession, as the non-oil economy posted a very slight growth.

“Efforts to resolve the Niger Delta situation are however continuing as the federal government has opened several channels of communication with all relevant groups in the Niger Delta.

“Also, urgent fiscal and monetary measures to spur the economy back to overall positive territory are certainly in the offing, including those targeting manufacturing.”

In another statement from the federal government’s Economic Management Team, the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, added that the third quarter data released by the NBS showed that the Nigerian economy is still in recession.

According to him, the slight deterioration in national economic performance was largely due to the continued poor performance of the oil and gas sector, which worsened to -22.01% in the third quarter, compared to -17.48% in the second quarter of 2016.

He said the immediate cause of this was the steep decline in oil and gas production in the third quarter of 2016 due to acts of vandalism and sabotage of oil export facilities.

He also said the decline was also caused by the continued outsized influence of the oil and gas sector on the rest of the

Moody’s 2.5% Growth Forecast

JUSTICE NGWUTA ARRAIGNED, GETS N100M BAIL ON SELF-RECOGNITION Ajumogobia, and senior lawyer, Mr. Godwin Obla (SAN) for alleged corruption.

Trial judge, Justice John Tsoho, granted Justice Ngwuta bail on self-recognition following an application for bail filed and argued by his legal team, led by Kanu Agabi (SAN).

Delivering ruling on the bail application, Justice Tsoho, who held that the offences in which the defendant was being prosecuted were bailable, dismissed the objection of the prosecution on unfounded fears and inconsistency.

He submitted that the Department of State Services (DSS), having deposed to an affidavit of completion of investigation on October 8, 2016, cannot come around to say the defendant would interfere with evidence if granted bail.

Justice Tsoho, also while dismissing the claim by the prosecution that the defendant will evade trial if granted bail, stated that the same prosecution had established that all

the travelling documents of the defendant had been seized from him and that they are watching him with a view to countering any step to evade trial.

The trial judge held that to deny the application on the grounds of unfounded fears of the prosecution would amount to doing the defendant a great injustice.

Justice Tsoho adjourned till 7th and 8th December for the commencement of the trial.

The federal government yesterday arraigned Justice Ngwuta before the Abuja division of the Federal High Court on a 16-count charge of corruption, money laundering and other financial crimes.

When the charges were read to the defendant, he pleaded not guilty to all them. His counsel subsequently applied for his bail, arguing that the offences against the defendant were bailable.

Justice Ngwuta was one of eight judges whose homes were raided by the DSS last month on allegations of corruption.

Meanwhile, Justice Ofili-Ajumogobia and Obla were charged to court yesterday by the EFCC on allegations of corruption.

The defendants are said to have committed the offence on May 21, 2015, by conspiring to pervert the course of justice with the sum of N5 million.

The said sum of money was alleged to have been transferred to one Nigel & Colive Limited in relation to charge number FHC/L/C/482/10.

Justice Ofili-Ajumogobia was said to be the sole signatory to Nigel & Colive Limited.

Both defendants were said to have conspired to pervert the course of justice in contravention of the provisions of the Criminal Laws of Lagos State, 2011.

In counts one to four, Obla was said to have offered gratification in the said sum, by transferring the money from his company’s account, Obla & Co., domiciled with the United Bank for

Africa (UBA), to Nigel & Colive.

The said transfer was alleged to have been made in order to restrain a public officer from acting in the exercise of her official duties.

In count five, Ajumogobia was said to have unlawfully enriched herself by receiving a transfer of N18 million from one Arkleem Oil and Gas Ltd to her Diamond Bank account.

In counts six to 20, the judge was alleged to have also received transfers from various outlets to her Diamond Bank account to the tune of over $788,000.

All offences were contrary to the provisions of the Criminal Laws of Lagos State 2011, as well as the EFCC (Establishment) Act, 2004.

The charges against Justice OfiliAjumogobia and Obla are pending before a Lagos High Court, while no date has been fixed for their arraignment.

Even as he was being charged to court,

TUESDAY NOVEMBER 22, 2016 • T H I S D AY

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NEWS

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

Presidency, Govt Agencies, Budget Office Present Conflicting Figures on N180bn Virement N’Assembly doubts govt’s sincerity on N500bn social intervention scheme

Omololu Ogunmade in Abuja At the defence of N180 billion virement from 2016 budget before the Joint National Assembly on Appropriation yesterday, agencies of government and Budget Office presented conflicting figures.

President Muhammadu Buhari had on November 1, 2016 submitted a proposal for the virement of N180 billion from 2016, budget to the National Assembly for approval.

At the defence of the proposal by relevant agencies yesterday, the figures presented by the agencies were at variance with the figures in the proposal.

For instance, while the president presented N19.792 billion budget for National Youth Service Corps (NYSC), the Director of Finance and Accounts in NYSC, Mr. AIB Adeleke, told the committee that the NYSC actually needed only N8.5 billion.

These conflicting figures shocked the committee Chairman, Senator Danjuma Goje, as he asked Adeleke if he was sure it was only N8.5

billion that was needed by NYSC. But Adeleke held on to his presentation that it was all the NYSC needed this time.

But a Senior Special Assistant to the President on National Assembly Matters, Ita Enang, quickly left his seat to mutter some words into Adeleke’s ears just as the DirectorGeneral of Budget, Ben Akabueze, claimed that Adeleke did not get his figures right.

Akabueze had claimed that NYSC earlier requested for N11.2 billion, insisting that the president had proposed N19.792 billion because he wanted to address both the outstanding and current needs of NYSC once and for all.

But the audience silently wondered if Akabueze was speaking the truth wondering how the Director of Finance of NYSC would not know what the Corps actually needed. However, it looked clear to everyone that the figures were obviously written without consultation with NYSC as Adeleke seemed to have presented all he appeared to have known that the

scheme needed.

However, Adeleke who had insisted that all the NYSC needed was N8.5 billion, soon changed his mind after the claims made by Akabueze and probably by the words muttered into his ears as he soon said: “I agree with the submission of the DG Budget.”

On the other hand, Public Complaint Commission presented a higher figure than the one proposed for it in the virement proposal as the commission implored the committee to approve the sum of N2.5 billion as against N1.2 billion presented by the president.

In the same vein, the Niger Delta Amnesty Programme urged the committee to approve N35.2 billion as against N35 billion in

the proposal.

It was also discovered yesterday that barely 40 days to the end of the 2016 fiscal year, the federal government had only spent less than N1 billion of the N500 billion Social Welfare Scheme approved in 2016 budget.

Making this disclosure before the committee, Special Adviser to the President for Social Protection Plan, Mrs. Mariam Uwais, said since the budget was approved, a total of N25 billion had so far been released out of which she said less than N1 billion had been spent.

She expressed optimism that another N40 billion would be released before the end of the year adding that the some of

N60 billion could eventually be spent before the year runs out.

“Out of the N500billion appropriated for the social intervention programme, we have not spent up to N1billion.

We have been preparing, we have the framework in place but unfortunately, we did not get the release early enough. By the end of this month, we would have spent up to N60billion,” Uwais said.

However, the committee expressed shock that the Social Intervention Scheme which was a major campaign promise by the ruling All Progressives Congress (AC) was treated with perceived levity by the administration with only less than N1 billion of the

whopping N500 billion budgeted by the administration spent so far.

Both the Appropriation Committee Chairmen of the Senate and the House of Representatives, Goje and Hon. Mustapha Bala Dawaki, doubted the sincerity of the executive arm of government towards implementing the scheme.

Goje said: “I don’t know if you are aware that this your agency is borne out of our campaign promises. And you’re here to say that you don’t need the money.

You don’t need the balance of the money, you want it appropriated to other agencies. After we have promised the people that we are going to provide them money and the money would be sent to them. It’s quite sad.”

Justice Onnoghen Asks Judges to Align with Buhari’s Anti-Corruption Crusade Tobi Soniyi and Alex Enumah in Abuja

The acting Chief Justice of Nigeria, Justice Samuel Walter Onnoghen, has appealed to judicial officers to align themselves with President Muhammadu Buhari’s anticorruption campaign.

In his first official assignment, Onnoghen said: “As ministers in the temple of justice, we must shun all corrupt practices in order to align ourselves with the anti-corruption strides of the current administration.

Onnoghen spoke in Abuja at the National Judicial Institute (NJI) while declaring open the 2016 Conference of All Nigerian Judges of the Lower Courts on the theme: ‘The Lower Courts as Veritable Instruments for Justice and Peace in a Democratic Society.’

He also asked judicial officers to adhere to their oath of office.

He noted that an independent, strong, respectable and responsible judiciary was indispensable to the administration of justice and to have such an institution, “We must adhere to our Oath of Office as contained in the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and the Code of Conduct for Judicial Officers,” he added.

Onnoghen also stated that as, “impartial arbiters, we must at all times uphold the rule of law, eliminate unnecessary delays and above all ensure that justice is dispensed promptly, without fear or favour, affection and ill-will to both parties in accordance with the provisions of the law.”

In her welcome address, the Administrator of the NJI, Justice Rosaline Bozimo (rtd) noted that a vast majority of cases were handled by lower courts.

Buhari to Attend Africa-Arab Summit in Malabo Tobi Soniyi in Abuja President Muhammadu Buhari will attend the fourth Africa-Arab Summit in Malabo, Equatorial Guinea tomorrow.

The Special Adviser to the President on Media and Publicity, Mr, Femi Adesina, said the summit, which would be attended by Heads of State and Government from Gulf and African countries, would endorse the Malabo Declaration and Action Working Plan for 2017 to 2019 to promote trade and economic ties.

The two-year plan seeks to implement priority projects in trade, investment, transportation, communication and energy in Africa.

Adesina said while in

Malabo, Buhari would hold discussions with Arab leaders, aimed at reviewing agreements to strengthen partnerships that bolster agriculture and infrastructure development in Nigeria through long term concessionary loans and technological skills transfer.

He said Buhari would also explore the opportunity of the summit to seek support for the ongoing fight against Boko Haram and the humanitarian situation in the North-east region.

Jointly organised by the African Union Commission and the League of Arab States, the summit focuses on promoting development by strengthening trade, investments, transport, communication and energy among Gulf and African states.

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L-R: Group Executive Director, Operations, Coscharis Group, Mr. Fred Amaobi; President, Ford Motor Company, Middle East and Africa Region, Mr. Jacques Brent; Chairman, Coscharis Group, Mr. Cosmas Maduka; Manager, Marketing Sales and Services, Ford Sub-Sahara Africa, Mr. Rob Johnston and Group Managing Director, Coscharis Group, Josiah Samuel; during the launch of the new Ford Edge 2016, at the Ford showroom, in Lagos…recently

S’west Governors: Politics, External Influence will Not Divide Us State governors in-the South-western geo-political zone in Nigeria have resolved to forge a common front at regional integration by jointly staving off external influences capable of stifling the region’s economic and social interests.

Irrespective of their political affiliations, the governors said they have decided to be their brother’s keeper by promoting common programmes and projects capable of enhancing the human capital development of the region.

This was one of the highlights of the meeting of the governors’ economic forum, hosted yesterday by the Governor of Oyo State, Senator Abiola Ajimobi, at the Executive Council Chambers, in Ibadan.

The governors mulled the need to introduce uniform tariffs on commodities, while agreeing on the need to seek areas of cooperation in agriculture, transportation, rail system, sports and other areas of common interest.

Other governors at the meeting were Mr. Akinwumi Ambode of Lagos State; Rauf Aregbesola of Osun State; Senator Ibikunle

Amosun of Ogun State and Mr. Ayodele Fayose of Ekiti State, while Secretary to Ondo State Government, Mr. Rotimi Adelola, represented Governor, Dr. Olusegun Mimiko.

In his welcome address, Ajimobi said the attendance of the governors signposted the high importance they paid to the common challenges besetting the zone, part of which he said was the difficulties in the prompt payment of workers’ salaries and pensions.

Ajimobi said: “Your presence at this meeting is a clear testimony of the importance you all have attached to the common challenges confronting us as a people. Today, our country is buffeted by economic and political challenges.

“Several states are struggling to pay basic salaries with arrears running into several months; manufacturers struggling to access foreign exchange for raw material and companies are shutting down leading to mass redundancy of our people.

“Unfortunately most of these people are resident in the Southwest region, which is the industrial

base of the country. We need to quickly explore escape routes from poverty through empowerment and equipping of our youths with requisite skills.

“We must also seek common path of boosting agriculture as well as dealing with security challenges that have pervaded the country.

We must seek a way out of the biting hardship in the land.”

The governor expressed optimism that the outcome of the meeting, which he said was an economic forum, would lead to steps that would impact positively on the social and economic development of the people.

A communiqué read at the end of the meeting by Fayose said the forum reiterated the need to use regional integration to create economic relief for the people of the South-west in the face of the pervading economic recession.

Fayose stressed that the conversation dwelt on pragmatic steps necessary to be taken to enhance the development of the region and to proffer the surest way to put food on the table of the common people.

Regardless of their political differences, he said the governors were more concerned about their relations by the force of history and geographical location, the unity of which, he said, the regions forebears fought for and defended.

Fayose said: “All states, including Ekiti, have subscribed to and agreed that regional integration is the best way forward. We must do everything humanly possible not to go back on our resolves. It is forward for the people and for the Yoruba race.

“We agreed that the next meeting, which holds in the next two months, would be held in Ekiti State.”

He said the meeting was unanimous in its resolve to strengthen the Development Agenda for Western Nigeria (DAWN Commission) and the Odua conglomerate to foster regional integration and development.

Fayose said the managers of both pan-Yoruba organisations have been admonished to remain apolitical and to play a neutral role in their relationship with the owner states.

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TUESDAY NOVEMBER 22, 2016 T H I S D AY

RED HAT APPOINTS FIRST WEST AFRICAN PREMIER PARTNER

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ed Hat, Inc., the world’s leading provider of open source solutions, on November 15th 2016 announced the appointment of Converge Global Concept Technologies as its first Premier Partner in West Africa.

Converge Global Concept Technologies is an IT services organization that specializes in the deployment of mission-critical technology systems, solutions and services. As a Premier Partner, the organization will benefit from Red Hat’s deep open source expertise and technical skills. With a particular emphasis on Red Hat’s cloud and middleware portfolio, Converge Global Concept Technologies aims to give Nigerian and other West African businesses a multi-platform, scalable and more secure route to the cloud.

Open Source is now so much more than Linux, and has been tried, tested and is trusted by many of the world’s biggest companies, for example, 100% of commercial banks in the Fortune 500 rely on Red Hat. Red Hat and Converge Global Concept Technologies look forward to helping local businesses in West Africa explore the potential and reap the benefits of open source.

The new collaboration will make available a wide range of innovative private and hybrid cloud solutions such as Red Hat OpenStack Platform, Red Hat CloudForms and Red Hat OpenShift, backed up by Red Hat’s enterprise-grade security, support and training.

In November Red Hat hosted a well-attended seminar for CIOs from leading Nigerian organisations focused on how open source is enabling organizations to address challenges such as cost, complexity, lock-in from

LR - Head IT Operations & Infrastructure, Access Bank, Mr. Ofem Ofem (left); Red Hat Distribution Sales Manager, META, Mr. Christopher Saul; Group Head, Information Technology, First Bank of Nigeria Ltd., Mr. Kayode Oladipupo; Group Head, Information Technology, First City Monument Bank Ltd. (FCMB), Mr. Emeka Eboegbune; Director of Operations, Converge Group Mr. Akan Jacobs. proprietary vendors, and migration to the cloud.

Akan Jacobs, general manager Converge Global Concept Technologies said, “While many organisations in the region are familiar with Red Hat in the Linux context, they may not be as familiar with the business advantages that its product leadership in the middleware and cloud space confers. We hope to help expand their exposure to the benefits of solutions such as Red Hat CloudForms, Red Hat OpenStack Platform, Red Hat OpenShift Container Platform, Red

Hat JBoss Middleware, and moving from community to enterprise open source.”

Dion Harvey, country manager, SA, Red Hat said, “We believe there is tremendous opportunity for West African enterprises to benefit from open source the Red Hat way. We can support organisations on their cloud and digital journey, helping them to realise the many business benefits of open source including increased speed and agility, competitiveness and participation in the new digital economy.”

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TUESDAY NOVEMBER 22, 2016 T H I S D AY

T H I S D AY TUESDAY NOVEMBER 22, 2016

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T H I S D AY • TUESDAY, NOVEMBER 22, 2016

COMMENT

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

APC AND BUHARI: NIGERIA’S BAD DREAM

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Godwin Etakibuebu argues the need for government to take the welfare of Nigerians more seriously

y May 29, 2017, Muhammadu Buhari and the ruling party, the All Progressives Congress [APC] would have been in power for two years. And if the truth must be told, it has been years of agony. Many people are wondering how we got ourselves in this mess. Worse is that genuine criticism is becoming a suicidal venture.

Yet this exercise is on my conviction that “the man would always die in him who kept silent” at tyrannical times like this.

The latest manifestation of bad dreams in Nigeria which provoked this work is the sad story that all past presidents, ditto past heads of state, have not been paid their salaries and allowances for the past 10 months. I am most perturbed about one outstanding man - President Shehu Shagari - because of his age [he is 91 years old] and the style of life he lived while serving this country [was never suspected of stealing one naira and he never did – at least there is no evidence of it].

This is not to say that others, General Yakubu Gowon, General Olusegun Obasanjo, General Ibrahim Babangida, Chief Ernest Shonekan, General Abdulsalam Abubakar and President Goodluck Jonathan are not worthy of sympathetic consideration in this scandalous revelation. Though there are some perimeter of differences to measure the life style of these “victims” while in office, fact remains that non-payment of their salaries is act of “man’s inhumanity to man”, as documented by Robert Burns in his 1784 poem.

As pointed out above, Shehu Shagari, being the first Executive President of Nigeria [1979 – 1984], came out clean without evidence of him being a thief. Same thing can be said of his predecessors in office - General Yakubu Gowon [1966 – 1975]. I think the interim head of state, Ernest Shonekan [only three months in 1993], falls within the category of the duo above. He was clean as there was no evidence whatever to put his integrity in doubt. But subsequent successors, amongst the living [after Shehu Shagari], till date are not too lucky to have this attestation of “holiness”. They might not have been probed and indicted but God knows where they stand.

Suffice to say that if l can have a farm as good as Obasanjo’s farm in Ota or even “a small” farm in Daura and “few buildings” here and there, like the Asset Declaration Form of Muhammadu Buhari attested to or attained the lifestyle of an Ibrahim Babangida, l would have saved enough for my tenth generation. On Abdulsalam Abubakar, evidence of Major Hamza Al-Mustapha, late Head of State [General Sani Abach]’s chief security officer, at the Justice Oputa’s Human Rights Tribunal, are there.

FOR THE FIRST TIME IN NIGERIA’S HISTORY, MANY PEOPLE ARE SELLING THEIR OWN CHILDREN TO BUY GARRI AND RICE – SELLING CHILDREN TO BUY FOOD. FOREIGN AIRLINES ARE VACATING NIGERIA FOR OTHER COUNTRIES IN AFRICA BECAUSE OF LACK OF FOREIGN EXCHANGE

Besides, these military heads of states [or president as the case with Ibrahim Babangida] are entitled to their military pension and allowances for life time. To them, the salary and allowances as presidents [either elected or enforced] is just “additional bonus”.

But this is not so with civilians like Shehu Shagari, Ernest Shonekan and Goodluck Jonathan. The case of Shagari remains the most pathetic. While Shonekan had made his wealth [legitimately] as a boardroom guru [having risen to the position of Chairman of the UAC Group of companies] and Jonathan’s “sleeping attitude” while the treasury of the Nigerian state suffered a devastating looting, there is nothing on ground, visible or invisible, giving Shagari anything to live on apart from his salary and allowances.

This is why there shall be automatic invocation of irrevocable curse on whoever and whatever that makes this old man go hungry. How on earth, can a Secretary to the Government of the Federation rationalise this act of wickedness? Will the incumbent SGF, David Babachir Lawal, who spoke to the Senate Committee on Federal Character and Inter-Governmental Affairs, led by Senator Tijjani Kaura (APC, Zamfara North) that visited him in his office, say that President Buhari is not receiving his salary/allowances from the budget? Or can he say that he [the SGF] is not receiving all allowances, which must have included toilet rolls, for himself and all members of his family from the national budget?

Here is a government that has no plan [it lacked any] for the good and welfare of Nigerians. Since its inception, the naira has suffered a colossal devaluation in the annals of this country. A bag of rice that sold for N7000 in May 2015 now sells close to N30000. Under the watch of this government, over 50 per cent of the manufacturing sector of the Nigerian economy has closed shops. The public sector is sacking every day. For the first time in Nigeria’s history, many people from all over the country are selling their own children to buy garri and rice – selling children to buy food. Foreign airlines are vacating Nigeria for other countries in Africa because of lack of foreign exchange.

There are too many calamities for the citizenry – yes, we cannot itemise them without writing a whole book. Now, added to this long list of casualties is the revelation that past Nigerian leaders have not been paid their salaries and allowances for 10 months.

With this, do we need a soothsayer to tell us that President Buhari and the APC are Nigeria’s bad dream coming to fruition? Who shall save Nigeria from these calamities? Oh God, who will save us?

Etakibuebu, a veteran journalist, wrote from Lagos

WHAT DOES TRUMP PRESIDENCY MEAN FOR NIGERIA?

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The country must free itself from the primary commodity trap that has held it back for decades, writes Kingsley Ogbonda

ike most of the world, I hear many in Nigeria have been left with an overwhelming sense of despondency following Trump’s victory in the America presidential election. Mr Trump’s implausible journey to become the de facto leader of the political world has left many, particularly political pundits aghast. It was not meant to happen. The shock was, how did Mr Trump’s rhetoric if they can be so sensibly defined, which went far beyond the accepted boundaries of normal presidential behaviour lead him into the White House? This was a revolting man who bullied and intimidated his opponents; called them names, and at his rallies incited his supporters, mostly racist white working class (the basket of deplorables – as Mrs Clinton called them) to use violence against his hecklers. There was no social group that escaped his hate speeches and there was no stereotype he did not resurrect. Unashamedly, he racially bashed the Latinos and blamed the ‘other’ for America’s problems earning him the endorsement of the Ku Klux Klan, the odious white supremacist group. Perhaps, more shocking was his threat to the basic tenet of American liberal democracy in suggesting that if he were to lose he would challenge the outcome because he and his supporters would have been rigged out. American democracy has endured on the settled principle of free and fair election on which a loser must accept the outcome. It was incredible watching a single man’s ambition threatening an old established order as America. It is hoped that Mr Trump’s method would not find itself in political campaigns advice manual.

Though worried about a hubristic man, his temperament and apparent disdain for people and society; equally disturbing is the acceptance of the narrative Mr Trump constructed to ascend to power.

If all the intellectuals and commentators that have proffered reasons for his electoral victory are to be believed, Trump’s victory has been attributed to

his and his supporters’ rejection of the neo-liberal consensus on globalisation, multi-culturalism, tolerance of multi religion and free expression of sexual preferences. His success has also been attributed to his appropriation of the language of the progressives in analysing the problems with America. In this, he managed to cast aside his elitist image and appropriated a populist stance, and became part of ‘the us’, in the them and us socio-economic divide. The attraction of an isolationist and economic protectionist America has left the world very concerned and fearful.

Many may have begrudged America’s long dominant role in the world. But it occasionally represented a force for good. All the oppressed advocates of democracy in the developing world have relied on America’s influence to pursue their case. In Nigeria, in 2015 presidential elections we noticed the influence it exerted on the reluctant PDP to concede when beaten by the APC. This is a role that will shape for good our attitude to elections.

Human rights would not have advanced, and most international organisations would not have achieved much without America’s backing. For those who might be attracted by the alternative of multi polar powers, I would argue that a world dominated by Russia, China or both offers fewer prospects for individual liberty and freedom.

Sadly, we need to view what Americans have done in electing Mr Trump not in isolation, but as part of the new nativist movement spreading across most of the developed white nations. In the UK, this was illustrated with the vote to leave the European Union in June 2016, where the leave campaigners laced their language with racist undertone. In France, Germany and Austria all the nationalistic parties are striding the streets with bolstered air of arrogance.

The implications of these developments in Europe and America for Nigeria and Nigerians are many.

On individual level, whether Mr Trump makes good or not, of his virulent rhetoric there would be

a more stringent entry visa conditions. There would be increase in border barriers and in overt racism.

On the national level, we would experience more trading barriers and depressed prices for our less attractive raw materials. All bilateral agreements that do not demonstrate clear benefits to America, as they would define them, are likely to be reviewed and renegotiated with American interest having primacy. There would be less echoing of John F. Kennedy’s call for collective efforts in fighting some of the common enemies of humankind – disease, poverty and ignorance.

How then is Nigeria to fend for itself and provide for its citizens in an evolving hostile world? Having spoken with a number of well-meaning intelligent Nigerians, and some who have resigned from expecting much from the country, I was reminded that Nigeria’s lack of progress is not due to lack of advice but in its willingness to fulfil its pact with the association of never do well. Therefore, it seems those who are more eminently qualified to provide some advice on what the country needs to do now may be reluctant to do so. But as an active citizen I feel duty bound to state some points, albeit the obvious. We must start learning how to love Nigeria. Particularly, by those who pull the levers of power. If you are still in doubt about this, let the events in America and parts of Europe provide the reason. We must consume what we produce and produce what we need. If we require the templates for this, we can borrow and if necessary steal them from China, Singapore or India. We must release ourselves from the primary commodity trap that has held us back for decades. The attempts to increase agricultural produce are laudable but without us developing the ability to add value to the produce we will remain poor. President Buhari’s method of fighting corruption may rile some; even as a candidate Buhari supporter, I too, have my misgivings with his method. But we must agree that we have been left wretched by relentless executive stealing. Regardless of our misgivings

the fight against corruption must be supported.

Marching in solidarity with looters particularly, by the ignoramuses in the National Assembly displays gross irresponsibility that continues to diminish the country in the eyes of right thinking societies. Those characters should seek tutoring in ethics/morals.

Internationally, we need to cultivate relationship with willing partners in Africa and across the world for mutual benefits. We need to strengthen existing good relationships. Our ambassadors should increase their abilities in gathering relevant information from their host countries to feed into informed policies in dealing with different countries.

Accurate predictions or even good guessing of social, political and economic directions of countries should be seen as part of the primary duties of embassies. The pretence that the partnership with the Nigerian diasporas is not needed in building the country must stop. I think the country can find better value to place on its citizens outside other than their foreign currency remittance value.

Or, ready to get soaked in the cold winter rain in preventing candidate Buhari from being disgraced at Chatham House by PDP’s hired mobs. Both in private life and in work, I have met an incredible number of talented Nigerians serving the society in different capacities. I am aware that some returnees have quickly joined the system or have not met the expectations in their performance. This raises many questions that are not intended to be addressed here, but I would simply ask this: what tools have been used to prior check the credibility or lack of, for those who say that they believe in the Nigerian project? Perhaps, this is a test that should be used for all Nigerians.

Though we rightly ought to feel concerned about Mr Trump and the forces around him, paradoxically if we can collectively think, he has provided the impetus we need in the making of strong progressive Nigeria.

Ogbonda wrote from London

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T H I S D AY • TUESDAY, NOVEMBER 22, 2016

EDITORIAL POLITICIANS AND CRIME All the stakeholders must join forces to curb crime in the society

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t is always laughable when politicians declare endless ‘war’ against criminals and cultists, considering that there is a nexus between “do-or-die” politics and organised crime in our country. Over the years, many violent cults and criminal gangs owed their origins to political campaign organisations. It is also a fact that many of the notorious criminals in Nigeria usually graduate from motor parks to political thuggery before eventually venturing into the more “lucrative” business of armed robbery.

At every election cycle in Nigeria, there is often space for thugs, hoodlums and cultists. Wraps of Indian hemp and other dangerous substances are almost always freely distributed among the waiting ‘army’ of violent men that take over campaign trains, brandishing matchets, clubs and other weapons.

When the illustrious ‘guest’ finally arrives the scene, the entire wagon of these street urchins are usually herded into vehicles that move to the campaign grounds for the usual show of strength with their opponents.

While Nigerians THE STRANGER-THANare aware of this FICTION CONFESSION OF development, ISIAKA DEPICTS THE SORDID no case has LEVEL TO WHICH OUR highlighted this POLITICIANS WOULD GO IN ugly situation more SEEKING POWER than that of Zakeri Isiaka, a suspect in Kogi State who recently spoke to a national newspaper. Incidentally, his own case did not follow the usual trajectory. By his own account, he started off as an armed robber who eventually linked up with militants in the Niger Delta before finally becoming a high class political thug who took control of his local government in Kogi State. He even claimed that but for the death of a politician in the state, he could have, by now, been the chief security officer to the governor of his state!

The stranger-than-fiction confession of Isiaka depicts the sordid level to which our politicians would

Letters to the Editor

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go in seeking power. Yet it is not an isolated incident as it is a story that is replicated in several states of the country. In Nigeria today, it is not uncommon for an elected governor to beg a known criminal gang leader to please restrain his ‘boys’ so that some peace and security could reign in the state. Then the gang leader would dictate the areas of the state where he would operate freely and the monthly fee for him and his gang so that the governor can enjoy political acceptability.

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herefore, if we want to fight violent crime in Nigeria, we must first break this nexus and allow the arrested criminal gang leaders to name their political sponsors and law enforcement enablers and collaborators. The revelations will overturn the polity. Yet if we don’t smash this evil triad, there is no way we can successfully deal with the issue of law and order in Nigeria.

However, the problem also persists because the police authorities have been willing collaborators. For instance, there have been several bans on the indiscriminate use of siren, revolving lights, tinted glasses and police supernumerary (SPY) plate numbers by those the police describe as “unauthorised person or persons” in the public and on highways across the country. Yet, suspected criminals continue to hide under the cover of certain official privileges and courtesies to evade police and other security checks.

It is also a notorious fact that many of the armed robbers who terrorise innocent people are well known to the police and many of our political gladiators. Many are also known to pastors and imams who pray for them before embarking on robbery operations. Members of the killer squads set up and funded by influential politicians are equally well known to the police and state security service.

Therefore, smashing these gangs of criminal elements in our society will require the willingness to act on the part of all the critical stakeholders, including the police and the political authorities at all levels.

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.

ATIKU AND THE LONG WALK TO 2019

n Friday, November 25, 2016, former VicePresident Atiku Abubakar will be 70 years.

Atiku means different things to his critics and supporters.

As expected, Atiku Abubakar has started a very difficult and long ‘journey’ to 2019- he has commenced underground campaign for his quest to be president come 2019. Atiku’s opponents are always quick to describe him as opportunistic and a desperate serial presidential contestant.

They often argue that his core reason for venturing into politics is like that of a typical Nigerian politician- the quest for power and self -enrichment. His supporters however believe Atiku is not defined by mere politics, rather his style of doing it. Atiku is politically adventurous and his strategies in politics are always audacious- they surpass those often employed by ordinary Nigerian politicians.

Atiku has always been accused of being corrupt, but no one has ever proven or provided evidence to support the accusation. One may say Atiku is simply a victim of his love for philanthropy and he has also been fortunate in investments he ventured in.

Students of politics admire Atiku’s style of politics- the man loves political adventures, often not well-thought out, especially when it comes to the politics of the contest for the presidency of Nigeria. Atiku so far has spent nearly half of his age doing politics. He has fought many tough political

battles, the most daring being the one against his former boss Olusegun Obasanjo. Atiku was labelled a disloyal vice-president.

Over the years, Atiku has been the most visible politician, especially in the politics of Nigeria’s presidency. His opponents are always quick to describe him as a desperate serial presidential contestant. His supporters see his unrelenting participation in party politics as a clear sign of Atiku’s passion to serve his fatherland.

Many observers are of the opinion that Atiku has shown his desperation by commencing campaign for the presidency at this time and also being a member of the ruling APC which has the sitting president.

Atiku’s numerous political decisions were excellent and sound, but not without flaws, especially regarding his presidential ambition. Of recent Atiku appears to be in rush and reads his ‘political map’ up-side-down.

With the current scenario, age will not be against Atiku, but party platform to contest and the directions of President Muhammadu Buhari, Ahmed Bola Tinubu and the opposition PDP. Whether Buhari will go for second or not nobody knows, but whatever happens, Buhari and Tinubu will decide who gets APC presidential ticket. Apart from President Buhari, Tinubu is the only individual now in Nigeria that has some governors with solid control of the South-west. President Buhari has ‘everything’ in the APC. The North-west and North-east will definitely not be an

easy spot for Atiku. Northwest will go for what Buhari goes for while the North-east, Atiku’s constituency, does have a common course.

Atiku’s biggest political error is, instead of him to quietly reintegrate himself firmly in the APC, he is busy overblowing his trumpet. The likes of vice-president Yemi Osinbajo, Rabiu Musa Kwankwaso, Governor Nasir el-Rufa’i, Governor Aminu Tambuwal, are some strong presidential materials in the APC that will give Atiku nightmare, and If Buhari decides to contest, the game is over for Atiku.

Atiku’s unique style of politics may have favoured him; but he is gradually losing his rightful place in the political arena. Atiku is not well-grounded in APC; he may not make strong impact in the North-east. In fact, for now, Atiku does not have the capacity and confidence to announce the party platform he intends to contest on. Therefore, Atiku’s greatest obstacle to his presidential ambition will still be on how to get a strong party platform.

Love him or hate him, Atiku has immense war chest that easily scares off his opponents- vast political network and connections, but he has started a very difficult and long ‘journey’ to 2019. There are many odds against him, compared to those in his favour, taking into consideration the present realities in the polity. As Atiku clocks 70, it appears that he would surely put in a strong fight for presidency.

After all, politics has become Atiku’s number one hobby.

Zayyad I. Muhammad, Jimeta, Adamawa State

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T H I S D AY • TUESDAY, NOVEMBER 22, 2016

POLITICS

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

EXECUTIVE BRIEFING

Mohammed’s Unimpressive Exit Former Chief Justice of Nigeria, Justice Mahmud Mohammed penultimate week retired from the bench without clarifying some vital issues concerning his arrested colleagues. That evidently was not an enviable way to bow out, writes Davidson Iriekpen

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or a cross-section of Nigerians, who thought the immediate past Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, would have used his valedictory court session to open up on some vital issues concerning two of the embattled justices of the Supreme Court, it ended up a huge disappointment that he maintained sealed lips and left them in the cold.

Justice Inyang Okoro and Justice Sylvester Ngwuta, whose houses were raided and later arrested recently by the operatives of the Department of State Services (DSS) had in their separate letters to Justice Mohammed in his capacity as the Chairman of the National Judicial Council (NJC) held the Minister of Transportation and former Governor of Rivers State, Mr. Chibuike Amaechi, responsible for their travails.

In a letter to Justice Mohammed detailing his ordeal in the hands of DSS, Justice Okoro had alleged that Amaechi came to his house to persuade him to give judgment in their favour and also promised to offer him millions of naira.

He called on the CJN to disregard all the lies and media campaign orchestrated by those who felt he purposely refused to help them win their election appeals at the Supreme Court.

Although Amaechi had dismissed the allegation as well as members of the public, who thought his defence was rather an afterthought following the embarrassment that their arrest caused them, they however stuck to their story.

Okoro’s letter read: “My Lord, I strongly believe that this my travail is not unconnected with the verbal report I made to you on February 1, 2016 about the visit to my official residence

by His Excellency, Rotimi Amaechi, former Governor of River State and now Minister of Transportation.

“In that report, I told you My Lord, that Amaechi said the President of Nigeria and the APC mandated him to inform me that they must win their election appeals in respect of Rivers State, Akwa Ibom State and Abia State at all costs.

“For Akwa Ibom, he alleged that he sponsored Mr. Umana Umana, candidate of APC for that election and that if he lost Akwa Ibom appeal, he would have lost a fortune . Amaechi also said that he had already visited you (the CJN) and that you had agreed to make me a member of the panel that would hear the appeals.

“He further told me that Umana would be paying me millions of Naira monthly if I cooperated with them. My response, as I told you on that date was that it does not lie within my power to grant his request and that I would do all within my power not to be in the panel for Akwa Ibom State.

“My Lord graciously left me out of the panel for Akwa Ibom State. That notwithstanding, the APC in Akwa Ibom State which lost the appeal at the Supreme Court believed that my presence in the Supreme Court made them to lose the appeal. Could I have resigned from the Supreme Court simply because people of Akwa Ibom State had a matter before it?

“My Lord will recall that I also reported that Mr Umana Umana visited my residence before Amaechi’s visit. He also made the same request of assistance to win his appeal at the Supreme Court. Umana talked about ‘seeing’ the justices who would hear the appeal.

“Pastor (Dr) Ebele Ukpong, who led Umana to my house intercepted and said that the issue of ‘seeing’ the justices was not part of their visit and that as a pastor, he would not be part of such a discussion. Umana apologised. I advised them to go and pray about the matter and get a good lawyer. That was how they left my house.”

On his part, Justice Ngwuta in his letter too, accused Amaechi of masterminding the operation.

He said Amaechi had approached him in 2013, when he asked him to set aside the election that produced Mr. Ayo Fayose as governor of Ekiti

Mohammed...how not to bow out

State and replace him with the former governor of Ekiti State, who is now the Minister of Solid Mineral Development, Kayode Fayemi. He also said in the letter that Amaechi had attempted to influence other justices on the Rivers State election panel.

He said: “My present plight started sometime between 2013 and 2014. I represented the then Chief Justice of Nigeria in an event organised in the International Conference Centre. Amaechi came in late and sat next to me at the high table. He introduced himself to me and we exchanged contacts. A few weeks after, Fayose’s case was determined in the Court of Appeal.

“Amaechi called me by 6.45a.m. He said he

People are wondering why the former CJN would retire and leave his colleagues or subjects in the cold without as much an attempt to save them after suffering huge humiliation and embarrassment in the hands of the DSS. Even if they were guilty of the allegations, the platform stil could have been used to set the record straight. But to have left without saying anything was disturbing the legal family and their integrity

had come to see me but was told I had left for my office. When he said he would return in the evening, I demanded to know what he wanted but he would not tell me. He did not come that evening but came the following morning when I was already prepared to go to work.

He begged me to ensure that Fayose’s election was set aside and another election ordered for his friend Fayemi to contest. I told him I would not help him and that even if I am on the panel, I have only my one vote.

“After the Rivers State governorship election was determined by the Court of Appeal, he called to tell me his ears were full and he would like to tell me what he heard. I told him I was out of Abuja at the time. On my return, he came in the evening and even before he sat down he barked ‘You have seen Wike.’

“I asked him whether that was a question or a statement. Then he made a call and asked me to speak with someone. The man he called said he was an operative of the DSS. We exchanged greetings and I handed the phone to him. Next, he said ‘Oga is not happy’. I asked him who is the unhappy ‘Oga’ and he answered ‘Buhari’.

I retorted ‘go and talk to his wife.’ He got very angry and left, remarking ‘we shall see’ several times.”

Ngwuta reminded the then CJN that he had brought the pressures by Amaechi before him and that he was assured that he was not alone.

“Your lordship may recall one morning, when I pleaded not be on the panel for Rivers Appeal. Your Lordship said I was already on the panel and asked me to explain why I made the request to be excluded. When I explained what transpired the previous night, your lordship told me Amaechi had also attempted to influence other justices.”

But Amaechi and members of his party, the APC had repeatedly denied the allegations, and accused some governors like Nyesom Wike and Ifeanyi Okowa as responsible for the allegations. It is therefore the belief of many that Justice Mohammed would use the occasion of his valedictory session to clear the air on the allegations.

They were however shocked when the former CJN did not raise the issue at all through the event beyond the usual admonition of any retiring CJN to the judiciary and lawyers.

It is therefore believed that since judges do

not always have the opportunity to hold a press conference or issue statements to respond to allegations against them except during their valedictory sessions, the former CJN should have used the occasion of his valedictory session to speak up on the issue no matter whose ox is gored.

It is assumed that the valedictory session was a good opportunity for Justice Mohammed to clear the air on the confessions of the two justices either by debunking or admitting them rather than leaving them in the cold. They are also of the view that the former CJN should have used the opportunity to either narrate the pressures politicians mounted on him and some of colleagues to pervert the course of justice.

People are wondering why the former CJN would retire and leave his colleagues or subjects in the cold without as much an attempt to save them after suffering huge humiliation and embarrassment in the hands of the DSS. Even if they were guilty of the allegations, the platform stil could have been used to set the record straight. But to have left without saying anything was disturbing the legal family and their integrity.

For instance, during the valedictory session held in his honour, Justice Mohammed had said he had no apologies for refusing to do the bidding of politicians, who wanted to intimidate the judiciary. He said the nation owed the judiciary a debt of gratitude for standing firm in the face of contrary winds that threatened to blow the country’s democracy off course.

According to him, it took the steadfastness of the judiciary to avert a replay of what happened during the June 12, 1993 during last year’s general election.

“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.

“I must particularly commend the Supreme Court for refusing to be intimidated or influenced by any candidate or political party, and I make no apologies for the firm stand that we took in our decisions. I am proud to be a part of the Supreme Court which refused to be cowered into truncating the electoral process. I am proud to have headed this noble arm of government and steering it through some very stormy waters.

I am proud of the Nigerian judiciary,” he said.

The above was not what they expected from the out-gone CJN at this critical period when two of his former subordinates are facing alleged criminal charges from the executive arm of government.

A Lagos-based lawyer, Samson Edegbai, who craved anonymity, faulted Justice Mohammed for maintaining sealed lips at his valedictory session. He said the session should have offered him a perfect opportunity to speak up on the issue. He stated that the former CJN’s silence amounted to a betrayal of his colleagues, who looked up to him for survival.

“For me, with due respect, Justice Mohammed betrayed his colleagues. He left them in the cold. If indeed Amaechi had also attempted to influence other justices as he claimed as alleged

by Justice Ngwuta in his letter, his valedictory session should have been a perfect opportunity to reveal everything.

“Now, he has left his colleagues in the cold.

His clarification would have gone a long way in dissuading the DSS from filing charges against the justices. He should have also named the justices the former governor attempt to influence. For me, I don’t think he did well for not speaking out. If he could not speak out at the valedictory session, which was a perfect opportunity, when will he say something?”

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T H I S D AY • TUESDAY, NOVEMBER 22, 2016

PERSPECTIVE

Nnamdi Kanu: A Mind Greater Than Him Following their meeting recently in detention, Femi Fani-Kayode writes that contrary to the warped perceptions about the leader of the Indigenous People of Biafra, Mr. Nnamdi Kanu, he is a great patriot and a genuine freedom fighter

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n my essay titled “Head Bloodied But Not Bowed and the Ascension of President-elect Donald J. Trump” (Part 1), I wrote the following: “When I went to visit the great and brilliant freedom fighter, Nnamdi Kanu, who is the leader of IPOB and easily the most courageous, powerful and credible Igbo leader in Nigeria today in his cell, we had a very instructive and long discussion.

“I had never met Nnamdi before and I was amazed at his depth of knowledge, his immense courage and his deep convictions.

There is no doubt in my mind that that man is going places and in him, the Igbo have an Ojukwu and a Nnamdi Azikiwe all rolled into one. He is destined for greatness”.

Apparently, my words have created quite a stir amongst those who believe that Mazi Nnamdi Kanu cannot be mentioned in the same breath as Azikiwe or Ojukwu, both of whom, in my view, are also great men.

Yet, despite their reservations, I believe that we must give honour to whom it is due.

Consequently, I have no regrets for what I have said.

Those that are upset at the fact that I spoke highly of the IPOB leader are misguided and, worse still, lack vision, foresight and insight. They not only lack the ability to perceive individuals and events accurately but they also lack the gift of discernment.

They may see the man but they cannot assess or recognise the spirit that is in him and motivates him.

Worse of all, they are suffering from good old fashioned envy and they have been afflicted with the worst form of ignorance.

Most of them have never even met Kanu let alone know him. I sat next to him for three solid hours in the most challenging and difficult circumstances. We discussed our respective views about Nigeria, our collective history, the suffering and marginalisation of our respective people, the Nigerian civil war, the reptilian and violent nature of the Nigerian state, the present dispensation, the Buhari government and the way forward.

I have associated with, met and worked with many men of influence and power since I entered the combustible fray of politics thirty years ago, but this one was different. This was a man that had what I would describe as a Mahatma Ghandi-like quality. That is to say, he is one that is prepared to sacrifice everything and anything for his beliefs, his people and his cause.

Like the great Scottish freedom fighter, William Wallace, I have no doubt that if he deemed it necessary, he would go as far as to sacrifice his very life in the struggle for freedom and independence for his Igbo people from the Nigerian state and from our internal colonial masters and for the establishment of his beloved Biafra. Not all may agree with him on that course but they must respect his determination, passion and courage.

Very few Nigerian leaders have that level of selflessness and commitment to any cause and, simply put, I admire it. I looked deeply into his eyes as we spoke and I touched and weighed his soul. I can tell you, without any fear of contradiction that he is a profoundly good man, who loves his Igbo people deeply. He is also well-educated and widely-read and he is a formidable intellectual. We may not have agreed on everything but I can tell you this much: we share an aversion to the spread of radical Islam and terror in Nigeria and indeed throughout the world.

We also share deep concerns about the oppression of our people by the state, the vicious persecution and desperate attempt to silence all the voices of the opposition in our country, the marginalisation and suppression of the good people and ethnic

Kanu...an emerging pride of the East

nationalities of the south and the Middle Belt, the implementation of a plainly racist and apartheid-like agenda by our government, the regular and consistent practice of genocide by our security forces.

Also, the rise in power and increasing callousness and brutality of the Fulani militias and herdsmen in our midst, the not-so-hidden agenda to Islamise our nation and violate the secularity of our state, the violation of court orders, the brazen intimidation of the judiciary and the resort to the most barbarous and hideous form of gestapo tactics, tyranny and human rights abuses by the Muhammadu Buhari administration.

I can also tell you that he feels and shares the pain of the Igbo and he yearns for their liberation and emancipation from an increasingly hostile and oppressive

I have associated with, met and worked with many men of influence and power since I entered the combustible fray of politics thirty years ago, but this one was different. This was a man that had what I would describe as a Mahatma Ghandilike quality. That is to say, he is one that is prepared to sacrifice everything and anything for his beliefs, his people and his cause

the preservation and dignity of his people just as those other three leaders did in the past at different times in our history. He also serves as a rallying point for Igbo nationalism, the fight for self-determination of the people of the east and the establishment of the sovereign state of Biafra.

His love, remarkable courage and sheer passion for his people and their cause are boundless and unfathomable. The Igbo is blessed to have him as one of the most respected and revered leaders in our entire history as a nation. They would do well to appreciate him more, pray for him, stand up for him, line up behind him and insist that the government honors the numerous court orders that have granted him bail and release him from prison. Why? Because he bleeds and suffers for their collective cause and he is sacrificing all to remove their shame and lift their pain.

What a man he is! What a mighty spirit!

What a beautiful soul! What a brave heart!

Permit me to conclude this contribution with the following observations.

All over the world, today, the concept of political correctness has been discredited and rejected. Consequently, right-wing nationalist and ultra-nationalist groups and political parties are rising up and regaining credibility and power.

In the United Kingdom we have the Nigel Farages of this world and his UKIP, whose magnificent efforts resulted in Brexit. In France, we have the Marie Le Pens and her National Front. In Hungary, we have the Viktor Orbans and his Fidesz party. In the United States of America, we have the Donald Trumps and his new and redefined Republican party. We also have plain-speaking and honest men like Michael Flynn, who has just been appointed Trump’s National Security Advisor.

Political parties with a similar ideology that are led by equally strong-willed, focused and charismatic figures are also making great waves and slowly gaining more power and relevance in Italy, Germany, Austria, Holland, Greece, Belgium, Hungary, Russia, the Philippines, Israel and indeed all over the world.

Thankfully, Nigeria has not been left out.

We have men like Nnamdi Kanu in the east, Ganiyu Adams in the west, Asari Dokubo in the Niger Delta and others from elsewhere, who believe passionately in the restructuring of the federation, the redefinition of the Nigerian state, the right of self-determination for their respective people and the expression of power, pride, self-respect and dignity for their various ethnic nationalities.

Freedom beckons whilst the wind of change is blowing across the world and no one can stop it. I thank God for that and I also thank Him for the millions of men of courage, strength and vision that have joined the fray. Whatever happens in Nigeria and whatever may come our way, one thing remains clear: an idea whose time has come cannot be successfully resisted. Today may belong to our oppressors but tomorrow belongs to us.

At the appointed time, we shall rise up to where we belong as a people and we shall free ourselves from the demonic shackles and satanic chains that have been placed upon us by our collective tormentors. And when that time comes, we shall stand shoulder-to-shoulder with men like Nnamdi Kanu and face down our collective enemies.

The God of Abraham, Isaac and Jacob shall rise to our defence and the Lord of Hosts, the Ancient of Days, the God of the Armies of Israel and He who holds the universe together by the power of His word shall lift us up to where we belong.

Nigerian state. He is not a politician in the true sense of the word but rather a freedom fighter and a charismatic leader, who has managed to inspire millions of Igbo youth all over the world to once again have faith in themselves and their collective cause and aspirations. In my view, that is a good thing.

I can also tell you this: he is a man of great faith and conviction and his rise to prominence is not ordinary but prophetic.

He cannot be destroyed or silenced by any government or man born of woman because the Lord is with him and He is using him.

He is using him to say and do the things that many believe but are too scared to say or do.Other leaders have had their time in the past and now this is his. He is paying a very heavy price right now for what God will use him for in the future.

I recognise that fact and I sincerely hope and pray that his Igbo people will come to appreciate him and do so as well. Very few leaders can or would be willing to take the pain and make the kind of sacrifice that this man is making today. I am a very cautious and circumspect person and it takes me a while to warm to people or for them to win my confidence. Yet, this case was different.

Nnamdi and I, rather like Che Guevera and Fidel Castro at the beginning of the Cuban revolution, connected immediately and he won my trust, respect and admiration. If there is anyone that can truly build the much needed bridge between the Southwest, the South-south and the South-east, it is Nnamdi Kanu.

This is because he is pragmatic and sincere. It is because he is respectful and accommodating of alternative points of view and dissenting opinions and he speaks from a position of knowledge and strength.

It is because he is very proud of his Igbo heritage and he would never betray his people or prostitute his principles. The truth is that he is not just a combination of Owelle Nnamdi Azikwe and Dim Emeka Odumegwu-Ojukwu: he is a combination of Azikwe, Ojukwu and Major Kaduna Nzeogwu all rolled into one.

The fire of revolution and the yearning for fundamental and equitable change burns -Fani-Kayode is a former Minister of in his blood and resides in his bones. He has spoken up for, defended and fought for Aviation

18

TUESDAY, NOVEMBER 22, 2016 • T H I S D AY

FEATURES

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

Harvest of Guns in Rivers Though it could just be a fraction of what they have, nevertheless the people of Rivers State were shocked to see the magnitude of the arms and ammunition surrendered last week by cultists, Davidson Iriekpen writes

Wike declared the first phase of the State Amnesty Programme closed last Tuesday at the Government House, Port Harcourt. On the floor are recovered arms, ammunition and explosives from repentant cultists

P

erhaps the last time Nigerians witnessed a resemblance of what happened last Tuesday in Port Harcourt, the Rivers State capital, was in 2009 when the late President Umaru Musa Yar’Adua set up the amnesty programme for Niger Delta militants who almost brought the country to its kneels economically through their nefarious activities of bombing pipelines facilities and kidnapping of oil workers.

But what was witnessed in Port Harcourt last week was in another form. For too long, able-bodied men had held the state hostage with their criminal activities, frequently harassing, killing, robbing, kidnapping and engaging in cult-related activities. Their firepower and voodoo style had made them untouchable.

While some parts of Port Harcourt were relatively safe due to the constant presence of a large number of security personnel, other parts of the city, suburbs and local communities where they operated from were troubled with all forms of criminal activities as people lived in fear.

As part of efforts to restore peace in these areas and the state in general, Governor Nyesom Wike among other strategies, on September 16 set up a seven-member state amnesty committee aimed at bringing peace to the state. He promised that any cultist, armed robber, kidnapper who would surrender his arms would not be prosecuted but rehabilitated and put into sustainable venture.

Memberships of the committee were drawn from the Nigerian Army, the Nigerian Navy, the Nigerian Police and the Department of State Services (DSS).

At the expiration of the programme last week, the government and people of the state were shocked to see not only the number of cultists and militants who embraced the programme but the assortment and number of arms and ammunition they surrendered.

We did not exchange money for the return of arms. It was voluntary. We said, return your arms and denounce any cult group you belong to and we will give you amnesty. All those who have not gone back to crime, be rest assured that nobody will arrest you. But if by tomorrow, you return to crime, know that amnesty does not cover you

In all, a total of 22,430 cultists and militants renounced criminality to embrace the programme, while 1,500 assorted arms, 7,661 assorted ammunition and 147 explosives were surrendered to security personnel in the state.

Giving a breakdown of the repentant cultists, Chairman of the Amnesty Committee, Hon. Kenneth Chinda, who is also the governor’s Special Adviser on Amnesty, said 6,985 were of the Icelanders cult group while Greenlanders were 942, Degbam 4,329, Dewell 635 and others 9,539. He also said arms recovered included six general purpose machine guns (GPMG), 70 AK-47 rifles, 44 pump action, 16 G3 rifles and five K2 rifles. Others were 443 locally-made single barrel guns, 46 locally-made double barrel guns, 266 locally-made pistol, and five pistols, among others.

Chinda said the committee was successful because it adopted a direct dialogue approach by establishing direct, honest, transparent and sincere contacts with leaderships of the various groups through a discreet confidence building process.

Though many observers believe that the arms and ammunition surrendered could just be a fraction from what they have, those who refused to take advantage of the programme will be dealt with decisively. This is why the governor, while receiving the report of the committee, directed security agencies to henceforth go after all cultists and kidnappers who refused to voluntarily accept the amnesty offer of the state government, pointing out that his administration has zero tolerance for crime and criminality.

Wike announced that all armed vigilante committees in all communities of the state

had been disbanded with immediate effect.

He described the state Amnesty Programme as “very successful”, noting that the fact that 22,430 cultists accepted amnesty and surrendered 1,484 assorted arms with 7,661 assorted ammunitions and 147 explosives has made the state relatively peaceful.

He said: “But to show that government is serious, I hereby disband all vigilante committees in the various communities. I direct the security agencies to make sure that we don’t have such committees except they profile their members to prove that they don’t belong to any cult groups.

“Initially, people felt it was a political game.

I thank God almighty that we have proved our critics wrong that we are serious to ensure the security of lives and property in the state.

We cannot say that we can totally eliminate crime, but that you and I can sleep very well today, unlike in the past when cultists and kidnappers had a field day.”

Speaking further, the governor said: “For those we have given the opportunity, but they refused to embrace amnesty, I direct the security agencies to go after them. The time for amnesty is over and we are going to take the war to them. Since we have given you the opportunity and you have refused to surrender, you have become enemies of the state and the state will fight to the last to make sure that criminality is reduced to the barest minimum, so that investors will continue to have confidence to invest their funds in this state.

“I wish to tell politicians that you must not politicise crime. If anybody is involved in crime, we must not reduce it to party politics.

19

• T H I S D AY TUESDAY, NOVEMBER 22 2016

FEATURES

L-R: Wike and service commanders inspect assorted arms and ammunition recovered in the course of the Rivers State Amnesty Programme at the Government House, Port Harcourt&recently

When somebody is a cultist, don’t say that that person belongs to party A; that is not fair. We have to fight crime. We have to join hands to bring lasting peace to this state.”

The governor explained that the state government resolved not to monetise the amnesty programme because it wanted the cultists and kidnappers to sincerely embrace the programme. He assured all the repentant cultists and kidnappers that they would be duly rehabilitated and made to become useful to the society. He said: “We did not exchange money for the return of arms. It was voluntary. We said, return your arms and denounce any cult group you belong to and we will give you amnesty. All those who have not gone back to crime, be rest assured that nobody will arrest you. But if by tomorrow, you return to crime, know that amnesty does not cover you.”

Wike called on the federal government to support the peace initiatives of the state government due to the strategic importance of the state to the economy of the country. “I urge the federal government to give us the support we require for peace to reign in this

I urge the federal government to give us the support we require for peace to reign in this state.

Rivers State is the treasure base of this nation. If there is crisis in Rivers State, it will affect Nigeria and so for us as a government, we will continue to partner with federal government to achieve zero tolerance to crime. We will not support crime.

It doesn’t matter the political divide. If you are involved, you will face the law

L-R: Wike, Brigade Commander of 2nd Amphibious Brigade, Brigadier Hamisu Hassan, Deputy Governor Ipalibo Harry Banigo and Chairman of Rivers State Amnesty Committee, Sir Kenneth Chinda, at the close of the Rivers State Amnesty Programme at the Government House, Port Harcourt…recently

Arms, ammunition and explosives recovered at the close of the Rivers State Amnesty Programme at the Government House, Port Harcourt ...recently

state. Rivers State is the treasure base of this nation. If there is crisis in Rivers State, it will affect Nigeria and so for us as a government, we will continue to partner with federal

government to achieve zero tolerance to crime.

We will not support crime. It doesn’t matter the political divide. If you are involved, you will face the law.”

What is perhaps needed now is for security agencies to dig deep into the arms and ammunition that were surrendered in order to make the state safe for all.

20

IMAGES

Vice Chairman, Senate Committee on Communications, Senator Solomon Adeola (left), and the Managing Director, Regency Alliance Insurance, Mr. Biyi Otegbeye, at the 2016 Oronna Ilaro Festival Grand Finale in llaro...reccently.

L-R: SuperSports Presenter, Mozez Praiz; Managing Director, Kinetic Sports, Samson Adamu; Group Head, Corporate Communications, FCMB, Diran Olojo and Brand Manager, Pepsi, Segun Ogunleye, during a press conference to announce the 2016 edition of COPA, in Lagos.....recently

L-R; Insight and Innovation Director, Dentsu Network, Sub-Saharan Africa, Mr. Bayron John; CEO, Media Fuse Dentsu Aegis Network Nigeria, Mr. Emeka Okeke; and CEO, Dentsu Aegis Network, Sub-Saharan Africa, Dawn Rownlands, at the launch of consumer connection system by Media Fuse Dntsu Aegis network in Lagos...reccentl SUNDAY ADIGUN

Zonal Segment Head, FCT & North, Premier Banking, Ecobank Nigeria, Irene Hope-Dabor: Head, Personal Banking, Consumer Banking, Ecobank Nigeria, Korede Demola-Adeniyi: President, Kaduna Polo Club, Suleiman Abubakar and Head, Premier Banking, Ecobank Nigeria, Rita Etomi Ademola at the recent 2016 Kaduna international Polo Tournament

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

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

Mr. Wale Salako with wife Folasade at Myatt’s Field Centre, Crawshay Road London when the husband marked his 50th birthday...recently

R-L;: Executive Vice President, Junior Chamber International (JCI) Nigeria, Mr Henry Adedokun; Secretary,JCI,Atlantic (Protem), Mrs Oluwaseyifunmi Walter- Erara; Presiding Officer,JCI Atlantic (Protem), Mr Kayode Ayedogbon,and Exco- Member,JCI Atlantic (Protem), Mr Wole Ayanwale, during the November General Assembly of JCI Atlantic(Protem)

R-L; The new Olu of Obada-Oko, Oba Oluwafemi Abiodun Solaja (right); his Olori, Rose; Baba Oba, Chief Dotun Solaja; Chairman, Obada-Oko-Owowo (LCDA) Kehinde Adepegba and Ogun State Commissioner for Chieftancy Affairs, Chief Jide Ojuko at the presentation of Staff of office to new Olu at Obada-Oko near Abeokuta, Ogun State...reccently

L-R: Head, Marketing And Activation, Rb West Africa, Mrs Omotola Bamigbaiye-Elatuyi; Managing Director, Rb West Africa, Mr Rahul Murgai; Permanent Secretary, Lagos State Ministry Of Environment, Engr.

Adeyemi Saliu Abidemi And Representative Of Lagos State Governor, Mr Babatunde Hunpe, At The 2016 World Toilet Day Celebration In Partnership With Harpic Ln Lagos.....Recently

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T H I S D AY • TUESDAY, NOVEMBER 22, 2016

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 12.4167 18.2599

A S

3-MONTH 6-MONTH

A T

20.4766 22.2256

Group Business Editor ChikaAmanze-Nwachuku Email: chika.amanzenwachukwu@thisdaylive.com 08033294157, 08057161321

N O V E M B E R 1 8 ,

NITTY 1-MONTH 2-MONTH 3-MONTH

14.6097 16.0566 17.8063

6-MONTH 9-MONTH 12-MONTH

2 0 1 6

20.1796 21.6321 22.8607

EXCHANGE RATE N305.59US DOLLAR AS AT LAST FRIDAY

Quick Takes New Carousel Unveiled at MMIA

The Federal Airports Authority of Nigeria (FAAN) has commissioned three ultra-modern carousels and conveyor belts at the D-Arrivals of the Murtala Muhammed International Airport (MMIA), Lagos.

The acting General Manager, Corporate Affairs, Mrs. Henrietta Yakubu said the commissioning of these facilities would reduce delays and fast track departure formalities of arriving passengers.

“This facility is one of many projects embarked upon by the federal government to enhance passenger facilitation at the airports to keep pace with the growing traffic, which has been on the increase since the commencement of the remodeling project, and the immense growth of the country as the fastest growing economy in Africa,” Yakubu said.

She said the installation of the facility at this time was in consonance with the authority’s readiness to improve quick baggage claim, so that passengers would spend less time to collect their luggage and thereby reduce the crowding at the carousels, adding that this was important as the Yuletide is approaching that is usually associated with increased inbound passengers and luggage.

PROMOTING FINANCIAL LITERACY

Deputy Governor of Ogun State, Chief (Mrs.) Yetunde Abosede Onanuga; Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo; Governor Ibikunle Amosun; Chairperson, SEC Technical Committee on Financial Literacy Week(TCFLW), Mrs. Oluwatoyin Sanni and Commissioner for Education, Ogun State, Mrs. Modupe Mujota when members of TCFLW visited the state on financial literacy campaign in Abeokuta…recently.

Wood Mackenzie: Oil Companies Face Increasing Cost With Growth in Renewables Ejiofor Alike A new study by Wood Mackenzie, which shows the impact of rapid growth in renewable energy on global oil companies, indicates that while there is strong rhetoric on diversification into renewables, a much greater proportion of capital will be needed to deliver a material shift.

The study investigates how the major oil companies are responding to growing pressure to move from conventional oil and gas to a low carbon-energy environment.

In the report: “Fossil Fuels to Low-carbon: The Majors’ Energy Transition,” Wood Mackenzie noted that the

ENERGY next global energy transition is already underway, posing risks for some of the world’s largest energy companies.

The study also shows that up to 50 per cent of majors’ production could be hit with carbon costs over the next decade - but only if the countries and regions that currently price carbon extend their policies to the extractives sectors.

“These are commonly outside the scope of emissions-limiting schemes,” the report added.

The report identified the three main risks for global oil majors to include: the growth in renewable energy; intensifying carbon policy and increasing

low-carbon competition.

According to the report, natural gas and zero-carbon fuels will satisfy at least 60 per cent of the rise in global energy demand to 2035, and under some scenarios renewable energy could grow nearly 500 per cent in the next 20 years.

The study further shows that coal and oil demand could peak well before 2035 and as demand for oil slows and energy growth shifts to lower carbon fuels, renewables will grow rapidly across all regions.

Research Director of Global Trends for Wood Mackenzie, Paul McConnell noted that as carbon policy intensifies, the oil and gas majors will face more regulatory burden and are likely

to face increasing costs.

“Green financing could also mean higher cost of capital for more carbon-intensive oil assets such as oil sands, as investors shift to alternative fuels and lower-carbon technologies,” he said.

Wood Mackenzie’s study shows that only 13 per cent of global emissions are currently covered by a price on carbon.

According to the report, the vast majority of the majors’ upstream operations are not yet directly impacted, with most policies primarily focused on the power and industrial sectors.

“While all the major oil companies put a price on carbon Continued on page 22

Osinbajo: Nigeria Needs Oil Revenues to Get Out of Oil Chineme Okafor in Abuja The Vice President, Prof. Yemi Osibanjo has said Nigeria will still need revenues from crude oil to rebuild her economy, diversify it and overcome her dependence on oil.

Osinbajo also said the country’s chances of deriving maximum benefits from her petroleum industry had increasingly contracted on the backs of the challenges foisted by the global energy trend.

Speaking at the presentation of three books authored by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, the vice president explained that trends in the global energy industry have shown that Nigeria cannot take as much

ECONOMY benefits as it did in the past from the industry.

He said the country would notwithstanding, take as much as it can from the industry to quickly diversify her economy.

“As we move to diversify our economy, we are acutely aware that we need oil to get out of oil.

Yet, our window of opportunity to benefit maximally from the petroleum industry is narrowing,” said Osibanjo at the recent book launch in Abuja.

He further explained: “The development of shale oil, which the author spends considerable time on, the increasing breakthrough in renewable energy use, the incredible speed of the expansion of the use of electric

vehicles - Japan now has more electric charging stations than gas stations, all point inexorably that the party might be over sooner than we expected.”

The Vice President also said to ensure that the country derives the maximum benefits from the petroleum sector in spite of the global challenges, the federal government has had to deal head-on with critical issues bedeviling the sector.

He listed such issue to include the deregulation of the downstream sector and its continuing challenges.

Other issues, he added are vandalism of pipelines and export facilities and the critical drop in production, gas-to-power issue, the urgent imperatives of local refining,

cash call problems and the plans to exit that regime and empowering indigenous operators.

He further lamented that the country’s oil and gas laws and policy are lacking of quality materials, stating that the three books written by Kachikwu would help fill that gap.

“These books are important because oil and gas laws and policy in Nigeria is notoriously underserved with quality materials. There are just not enough scholarly materials on the subject. But perhaps of greater importance is the pedigree of the author.

“With kachikwu’s antecedents, it is expected that Continued on page 22

Volkswagen to Cut 30,000 Jobs

Europe’s largest carmaker, Volkswagen and its labour unions agreed at the weekend to cut 30,000 jobs at the core VW brand in exchange for a commitment to avoid forced redundancies in Germany until 2025.

Reuters reported that the company sees building its own factory to make electronic vehicle batteries as a logical move as it expands production of low-emission cars after its emissions scandal.

The cuts came with a management pledge to create 9,000 new jobs in the area of battery production and mobility services at factories in Germany as part of efforts to shift towards electric and self-driving cars.

“If more than a quarter of our cars are to be electronic vehicles in the in the foreseeable future then we are going to need approximately three million batteries a year,” Chief Executive Matthias Mueller told Frankfurter Allgemeine Sonntagszeitung. “Then it makes sense to build our own factory.”

Volkswagen currently relies on external battery suppliers for the electric vehicles it makes.

Mueller said that Volkswagen has been in talks with ride-hailing service Uber on potential cooperation but the carmaker would not settle for the role as a mere supplier.

“They (Uber) saw us more in the role of a supplier. But we said: Okay guys, this is a contest which we are happy to take on. We will remain in command,” Mueller said.

Obama Bars Exploration in Arctic

The Obama administration at the weekend blocked new exploration for oil and gas in Arctic waters, in a win for environmental groups that had fought development of the ecologically fragile region.

The Department of the Interior released a 2017 to 2022 leasing plan that blocked drilling in the Chukchi and Beaufort Seas off northern Alaska. It also limited petroleum development in the Cook Inlet off south-central Alaska.

Environmental activists have battled drilling in Alaska to protect whales, walruses and seals, and as part of a broader movement to keep remaining fossil fuels in the ground.

The Interior Department said the plan was “balanced,” and left 70 percent of economically recoverable oil and gas resources open to drilling, mostly in the Gulf of Mexico.

The plan focuses on the best areas “with the highest resource potential, lowest conflict and established infrastructure - and removes regions that are simply not right to lease,” Interior Secretary Sally Jewell said.

“I condemn these wanton attacks and reiterate that the path to providing lasting solutions to the Niger Delta challenges remains dialogue” Minister of State for Petroleum, Dr. Ibe Kachikwu

22

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

BUSINESSWORLD WOOD MACKENZIE: OIL COMPANIES FACE INCREASING COST WITH GROWTH IN RENEWABLES

in their long-term planning, the big question is how much risk each has taken into account,” McConnell said.

However, assumptions vary greatly by geography, timeline and on price from between $6 to $80 a tonne.

According to the study the global major oil companies are under pressure to de-risk their existing business models and diversify into low-carbon energies.

However, diversification into renewables will be challenging as it will be difficult to both justify allocating already scarce capital to low-returning projects and transform existing business models.

“The timing of a transition to low-carbon energy will be critical. Diversifying to renewable energy will be a balancing act. Moving too quickly could leave money on the table from the majors’ fossil fuels business. But too slowly, and they could miss their window of opportunity.

The biggest risk for oil and gas companies is to do nothing, and be left exposed to investors making their own minds up.

OSINBAJO: NIGERIA NEEDS OIL REVENUES TO GET OUT OF OIL

the quality of thoughts and insights and solutions that should be on offer should be unique indeed. I am pleased to say that from my assessment of one of the books, he did not disappoint,” Osinbajo added.

He maintained that Kachikwu clearly took advantage of the rare convergence of scholarship, contemporary experience and policy wisdom to deliver what are probably today the most significant contribution to the understanding of major issues and nuances of the Nigerian petroleum industry.

Similarly, Kachikwu explained at the launch that Nigeria is going through difficult times, where thinking outside the box is absolutely the key for the country to succeed as a nation.

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 (Cap Mkt)

NEWS

IBEDC to Restore Power Supply to Ogun Communities After 10 Years in Darkness Stories by Ejiofor Alike The Ibadan Electricity Distribution Company (IBEDC) Plc has embarked on massive projects to restore power supply to some parts of Ibafon, Mowe, Magboro, Oke-afa, Ofada, and Owode communities in Ogun State, which have been without electricity supply for 10 years.

Speaking at the New Abeokuta 132/33KV Transmission Substation when he led journalists and community leaders of the affected communities to inspect the ongoing projects, the Chief Technical Officer of IBEDC, Mr. Ade Ayileka assured the communities that the projects would be completed within six weeks.

Ayileka noted that with the completion of the new transmission substation located at the Kobape Road in Abeokuta, the affected communities in ObafemiOwode Local Government Area of Ogun State would soon receive more reliable and better quality power supply from the substation.

The Chief Technical Officer, who also conducted journalists and community leaders around the ongoing erection of 40-feet electric poles and lines from the new transmission substation to the affected communities, added that the power to be supplied would be more reliable and of better quality than the power from the Ogere transmission substation where some of the communities are currently getting epileptic supply.

“As you have seen, it

(New Abeokuta Transmission Substation) is a new transmission substation. The power capacity is available and is much more than the power capacity coming from Ogere.

At Ogere, we have this kind of transmission substation. But Ogere is far from this location and this substation is closer to Mowe than Ogere. So, the close you are to the power station, the better the quality of power and in some cases, the better the capacity. Ogere

station is overloaded; it has many lines emanating from it. But Mowe-Ibafon line is going to be the first line that will emanate from this new substation. So, it is going to have enough capacity to supply power to Mowe-Ibafon,” Ayileka explained.

Ayileka stated that the communities would start enjoying regular supply as soon as the ongoing erection of new lines

by IBEDC is completed in the next six weeks.

Also speaking the Chief Commercial Officer of IBEDC, Mr. Deolu Ijose appealed to the communities to cooperate with the contractors to ensure the completion of the projects on schedule.

Ijose noted that each of the poles used in erecting the new lines is 40-feet pole to demonstrate IBEDC’s commitment to quality and safety.

Addressing journalists on the progress of work on the projects, the Project Engineer

of Tommy Toak Enterprises, the contractors handling the work, Mr. Ope Akintomide revealed that the erection of the lines and poles had progressed significantly before the Ogun State Government wrote to IBEDC that it wanted to reconstruct the road into 10-lane express road.

According to him, this interrupted the project as the contractors had to erect another 40 poles on a new route.

GOOD TO SEE YOU

R-L: Executive Director, Commercial, Benin Electricity Distribution Plc. (BEDC), Mr. Abu Ejoor; Ag. Director General, Bureau of Public Enterprises, Dr. Vincent Akpotaire; MD/CEO, BEDC, Mrs. Funke Osibodu; Chairman, Senate Committee on Privatisation, Senator Ben Murray Bruce, Senator Shaaba Lafiaji; Senator Yahaya Abdullahi and alternate Director, BEDC, also from BPE, Mrs. Martina Omojola during the visit by the Senate Committee on Privatisation to BEDC in Benin, Edo State…recently

Enugu Free Zone Attracts N240bn Foreign Direct Dangote Begins In-country Coal Mining, Ends Importation Investment The federal government’s economic diversification programme may have recorded a head-start as investment groups gather for the ground breaking ceremony of the Enpower Free Trade Zone (ENPOWER FTZ) scheduled this with a target to attract N240 billion Foreign Direct Investment (FDI) and 20,000 jobs.

Governor Ifeanyi Ugwuanyi who consolidates on foundation efforts of former Governor Sullivan Chime on the project, was quoted as saying in a statement at the weekend that the ground breaking ceremony for the facility would bear the first set of investment fruits which will give highly needed momentum to his government’s economic diversification programme.

According to him, “Enpower FTZ has put in substantial efforts into attracting specific, targeted high-profile investors right from the outset. These anchor investors play an important signaling role to other potential investors, and we expect them to attract a network of suppliers and partners.”

The ceremony which holds at the Akanu Ibiam Airport site of the Free Zone is expected to attract up to $500 million (N240 billion) worth of foreign direct investments (FDI) from

leading global manufacturing companies.

Activities of the industrial clusters hosted in the free zone are also expected to create over 20,000 jobs across three major regions in the country.

Licensed by the federal government to operate as a free trade zone in December, 2015, ENPOWER FTZ is a Public-Private initiative with the Enugu State government offering international and domestic investors the benefits of connecting to business opportunities from the SouthEastern cluster, which according to Canback & Company and the McKinsey Global Institute, is the second largest economic cluster in Nigeria, outside of the Lagos Cluster.

Governor Ugwuanyi and his government’s private project developers are positioning the free trade zone project as the biggest private sector investment support to the government’s economic recovery efforts.

Enpower is affiliated, as a full voting member; to the Dubai-based World Free Zones Organisation (WorldFZO) and the Africa Free Zones Association (AFZA) respectively. It intends to function as a certified SMART-SUSTAINABLE & SAFE free trade zone.

According to the statement by the investment promoters intend to provide uninterrupted power supply via an embedded power arrangements, certify the free zone’s infrastructure and operations to globally accepted standards, operate the free trade zone as a one-stop investment destination by integrating all free zone operations with the documentation and cargo handling, customs, immigration administration processes to achieve an Ease of Doing Business rating equivalent to that of Dubai.

Besides, the ENPOWER FTZ is to host Africa’s first ever Nigeria-China “Dragon Market”, the second such manufacturing and wholesale centre, after the famous Dubai Dragon Market. Dragon Mart Dubai is the largest trading hub for Chinese products outside mainland China.

The industrial park also gives access to markets covered by the Economic Community of West African States (ECOWAS); South East Asian countries including China, India and Malaysia; the European Union including Czech Republic and Germany; and the untapped industrial heartland of SouthEastern Nigeria especially the commercial cities of Onitsha, Nnewi and Aba.

Chineme Okafor in Abuja Dangote Cement Industries has said it will commence the mining and sourcing of coal for its cement production within Nigeria in the next two and half months, thus putting an end to its importation of the mineral from foreign sources.

Speaking at the 46th Annual General Meeting and conference of the Nigerian Society of Chemical Engineers (NSChE) at the weekend in Abuja, the Group Managing Director of Dangote Cements, Mr. Edwin Devakumar said the company has concluded on this and will go ahead with it.

Devakumar stated that with the planned commencement of coal mining, Dangote will use local coal for cement production to replace imported coal.

He said there was a huge potential for this which cement producers in the country can benefit from.

Although he did not disclose the expected production volume from the coal mine, he however said the solid minerals sector in Nigeria if properly harnessed would propel economic growth and industrialisation, including

cement production.

He called on the government to prioritise the minerals it hopes to develop in its solid minerals development plan as against taking up everything at once, and eventually achieving little or nothing with the plan.

“The success story in the cement sub-sector is a testament to what the private sector can do when government provides the right policy signals and creates a conducive environment for private capital.

“There is therefore no reason why the same or even greater success stories cannot be recorded with other mineral assets.

We intend to open up our coal mining business in the two and half months, and stop importation of coal for our cement production,” said Devakumar.

According to him, “Whilst one acknowledges government’s effort over the past decade, like the enactment of the Nigerian Minerals and Mining Act, 2007, Nigerian Mineral and Metals Policy (2008), and creation of a modern Mining Cadastral Office, a lot still remains to be done.

23

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

BUSINESSWORLD

ENERGY

Resolving Nigeria’s Fuel Supply Challenges Using the Ghanaian Model Barely few years after Ghana commenced crude oil production from the Jubilee Field, the country has resolved its fuel supply challenges and commenced exports to Nigeria and other West African countries. Ejiofor Alike writes on how Ghana attained this feat and lessons for Nigeria Not a few people were surprised to read recent reports that Ghana had commenced the exportation of refined petroleum products to some neighbouring West African countries, including Nigeria. The exports which were reportedly carried out through their state-owned Bulk Oil Storage and Transport (BOST) Company (the equivalent of Nigeria’s Pipelines and Products Marketing Company (PPMC), was announced by the country’s Minister of Petroleum, Mr. Emmanuel Amah –Kofi Buah, at a press briefing during which he also reportedly spoke of plans to extend supplies to Liberia in the coming months.

Ghana’s vision, according to the Petroleum Minister, was to eventually become the hub for the distribution of petroleum products in the West African sub-region.

He also added that the country had achieved capacity to guarantee its energy security for the next two decades. The irony in the story was all too glaring- Nigeria, one of the top 10 hydrocarbon -rich nations on earth, was reportedly importing refined products from a neighbouring country with, at best, a nascent oil exploration and production industry.

Beyond the unbelief and surprise that greeted the news, the story of how a relatively fringe player in the petroleum business overcame the odds to supply refined petroleum products to its vastly resource-richer neighbour offers enduring lessons in successful public sector enterprise.

Pioneering role of two Ghanaian state-owned firms According to reports, two Ghanaian state-owned enterprises - BOST and the Tema Oil Refinery (TOR) - were behind the feat achieved by the country’s domestic downstream oil sector.

The more interesting story, however, is how the two companies were transformed into key revenue earners for their country. Up till two years ago, BOST and TOR just like the Nigeria’s refineries, suffered from the regular afflictions of most public sector firms in Africa- poor management, poor funding, outdated equipment, epileptic operations and even poorer productivity, thus transforming these into mere storage depots for 3rd party petroleum products.

THISDAY gathered that before the new transformation, BOST’s total storage capacity of 425 million litres for petroleum products was grossly under-utilised and except for the main import terminal called the Accra Plains Depot, all other five depots were abandoned by the country’s oil marketers forcing BOST to temporarily suspend their operations of those depots in September 2013.

Coincidentally, in the same 2013, BOST had also reportedly incurred liabilities to its 3rd party clients in excess of $60 million (N28.5 billion) as a result of “inefficiencies and mismanagement at the storage depots”.

TOR’s operational circumstances were reportedly more dismal. The refinery’s two plants had suspended operations since 2009, on account of funding constraints which had made it “impossible for its management to raise letters of credit (LCs) for crude oil imports”, among other operational challenges, according to reports.

Following these issues, the Ghanaian government made an attempt to privatise the refinery, a move that generated serious industrial unrest and suspicion both within the organisation’s labour unions and the country’s organised labour which launched a “Save Tema Refinery” campaign that effectively scuttled the move.

However, revival for both organisations in Ghana started in late 2013 when President John Dramani Mahama appointed a new managing director for BOST, Mr. Kwame Awuah- Darko.

He adopted a new approach to the restructuring of BOST for greater effectiveness and took the decision to outsource the operations of all the BOST depots to an independent terminal management company with experience in the

Buhari management of such facilities in other countries and the willingness to invest in the BOST depots Involvement of a Nigerian company Following their selection process, a Nigerian company, TSL Logistics Limited, was successful in its bid to invest in the upgrade and subsequent operations of the BOST Depots.

Although, officials from TSL declined requests for interview for this story, we gathered from oil and gas industry sources in Nigeria that they are regarded as one of the largest and the most professional logistics operators in the downstream sector of Nigeria with expertise in terminal management, trucking and marine support services.. Expectedly, the selection did not come without its challenges, especially from indigenous operators in the Ghanaian downstream oil sector, specifically the Bulk Distribution Companies. The Managing Director of BOST, Mr. Kingsley Kwame Awuah-Darko, was reported in the Ghanaian papers as saying that government’s decision to outsource the operations of the terminals to an independent operator like TSL Logistics was to avoid the conflict of interest issues it would face if such a facility was outsourced to the local BDCs. He also reportedly said that all laid-down procedures were followed in BOST’s dealings with TSL Ghana, “adding that the company (TSL-Ghana) has been given 12 months to meet standards spelt out by BOST or have their contract abrogated”, according to the Ghana News Agency reports.

Success story Success was soon to follow the bold move by the Ghanaian government. At the end of the pilot run, the BOST MD at a press conference in Accra stated that since BOST engaged TSL, it had stopped experiencing product losses, in fact, BOST had recorded gains in excess of $8million during the pilot run. These statements received further affirmation by the Ghanaian Minister of Petroleum during a 2015 inspection of the BOST facilities in Kumasi to ascertain the progress made by the government since they handed over the management of the depots to TSL. In his words “The Ministry and BOST had not regretted making the decision to collaborate with TSL Logistics and would not mind to do it again.”

The renewed BOST went on to record further success in 2015. It is reported that BOST generated close to $30 million in trading profits for the

President John Dramani Mahama year 2015, a complete reversal of its fortunes prior to the change in its operational strategy.

Awuah-Darko’s successful turnaround of the fortunes of BOST informed the decision by President Mahama to appoint him to also head Tema Oil Refinery (TOR) effectively doubling as MD of both institutions. Awuah-Darko immediately set to task utilising the same strategies that made him successful at BOST to get TOR to resume operations and he put in place a crude processing agreement between BOST and TOR, which would see TOR refine crude oil supplied by BOST. The agreement sealed, TOR resumed operations on February 2016 and the results were immediate, according to reports. Within two months of operations from February 16 to April 20, 2016, the company reportedly posted a profit $800, 000. 00 from its operations, the first positive result in seven years. It had also processed a total of one million barrels of crude oil supplied by BOST within the period and was also expecting a profit of $1.5 million from the second batch of crude oil it was contracted to refine for BOST between May and August 2016, reports say. Awuah-Darko reportedly said the “crude oil purchase agreement with TOR was part of measures by BOST to move away from importing finished products at huge costs”.

“We set out a two-year turnaround programme; Operation 24”, according to Awuah-Darko, “which involved specific measurable targets and by July this year, we had exceeded those targets”.

By rolling out its ambitious plans to dominate the downstream petroleum business in the West African sub-region, it is making a strong statement of intent that raises serious questions for its better-endowed neighbours such as Nigeria.

The company says it plans to supply Burkina Faso through underground pipes from their facility in Buipe in the near future.

One of the official policy decisions that appears to have helped the success stories of the two state-owned companies was the Ghanaian government’s decision to deregulate its petroleum sector. According to the country’s Petroleum Minister, “Ghanaians have been empowered to be at the forefront of the industry and a liberalised petroleum downstream sector with strong private sector participation where product availability, competition, better customer service and lower prices are making Ghana the preferred destination for doing business in the sub-region.”

BOST’s CEO says the deregulation has had

a very positive effect on petroleum product prices in Ghana. “At the beginning of the year, we had fuel prices at 18.5 cedis per gallon for petrol, by the grace of God today, its 11 cedis per gallon. For the first time in the history of this country, prices are being felt on the local markets”. The Petroleum Minister further said “the restructuring of BOST has resulted in a turnaround in the performance of this strategic national asset which is now successfully fulfilling its mandate of ensuring the availability of petroleum products”.

Aside from its plans to dominate the subregional downstream petroleum space, Ghana also reportedly has ambitious plans for its Gas business with the Ghana Gas Company (Ghana Gas) having completed an extension of its pipeline to the battery limit of the West African Gas Pipeline Company (WAPCo)’s Metering Station at Aboadze. Reports say Ghana Gas is awaiting WAPCo’s interconnection of this pipeline as part of its strategy to, in the long term, “provide the opportunity for Ghana to realise its vision to utilize gas for the other industrial uses, beyond power generation, such as fertilizer and petrochemicals”, the Minister said.

Lessons for Nigeria The success of this Public/Private Sector partnership model in Ghana certainly raises a compelling case for its application in Nigeria, given the humongous challenges that have beset the country’s downstream petroleum sector over the years, with over 70 per cent of the country’s foreign exchange earning reportedly dedicated to the importation of refined petroleum products.

Amidst recent reports of the N127.73 billion loss sustained by the Nigerian National Petroleum Corporation (NNPC) for the first eight months of 2016, of which the country’s refineries accounted for N47.69 billion, it is clear that the country is in need of urgent solutions to its age-long challenges of ensuring adequate domestic supply of petroleum products and turning around the fortunes of the refineries in the overall interest of the economy.

Exploring the restructuring model applied by Ghana for BOST’s counterpart in Nigeria, the PPMC and the country’s perennially-epileptic refineries, may prove the turning point towards a vibrant, export-capable downstream petroleum sector in the country, given the success recorded in such operations by an indigenous player in the sector in a neighbouring country.

24

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

BUSINESSWORLD

ENERGY

As Nigeria Takes a Deep Dive into Oil Sector Reform In the course of last week, the Ministry of Petroleum Resources assembled stakeholders in Nigeria’s oil and gas industry to evaluate the draft National Oil and Gas Policy.

Chineme Okafor reports Addressing the participants in a recent two-day consultation on the draft oil and gas policies which the federal ministry of petroleum had recently released for comments and appraisal, the Senior Technical Adviser to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Mr. Gbite Adeniji had noted that in designing the new policies, the government wanted to clearly define its roles and that of operators in the oil and gas industry.

“We want to achieve with these policies, a clean break from the past. We must understand that the previous ways of conducting petroleum business in Nigeria has not been sustainable and so cannot continue,” Adeniji had said.

He also said the government would through the policies, separate gas from oil as a standalone industry.

According to him, the government will push further the frontiers of transparency in license and contracts awards, procurements and projects execution in the industry, as well as ensure maximum cost efficiency in oil and gas production, and smartly regulate processes in the industries to cut existing regulatory headaches.

All of these, Adeniji noted were geared at making Nigeria’s oil and gas work as the lever needed to drive industrial development.

He also stated that the sector would from the implementation of the policies cease to act as just an income earner, which it had been since its discovery, but more as an economic driver.

Away from the status quo Adeniji, in an overview of the draft policies – National Oil Policy (NOP) and National Gas Policy (NGP), outlined what he said was wrong with the previous policies Nigeria used in running her oil and gas sector.

He noted that the previous policies were quite unimaginative and could no longer sustain Nigeria’s participation in the global petroleum industry, especially now that it has become quite volatile.

Adding that the industry has continued to witness fresh dynamics, Adeniji said the 1969 Petroleum Act which bears most of Nigeria’s operations in the industry, alongside several supplementary laws, did not sufficiently provide for gas as an industry in its own or for a mid and downstream gas industry.

According to him, the policy through a crude oil export for cash business, encouraged rent seeking and ensured that Nigeria remained without satisfactory values from her petroleum resources.

He noted that from its configuration, the policies operated in manners that ensured the sector progressively lost needed investments in mid-stream infrastructure like storage facilities, product terminals, transportation and processing facilities, as well as in the upstream crude oil business, which appears to have suffered some investment setbacks.

Similarly, the old policies used by Nigeria had from Adeniji’s overview granted more ownership and dominion of market power in the upstream and mid-stream petroleum sector to the state, consequently constraining private sector participation, and its ability to muster prudent investments for growth.

In addition, the old policies ensured that the regulatory space and practices were poor and lacking of adequate ethics to govern cost efficiency for projects delivery and productivity, the resultant effects of which include Nigeria’s inability to guarantee energy security and development using oil.

All these, he said would change with the new policies when ratified and legislated into law.

What will change?

According to Adeniji’s summary of the policies, the global petroleum industry has witnessed remarkable changes, thus rendering Nigeria’s policies in the sector irrelevant.

NNPC Towers, Abuja The Petroleum Act 1969, Associated Gas Framework Agreement (AGFA) of 1991 and 1992, Associated Gas Re-injection Decree of 1979 and its amendment of 1985, the Nigerian LNG Fiscal Incentives, Guarantees and Assurances Decree of 1990, and the Year 2000 Memorandum

However, the policies also indicated that there are some fundamental modifications that will be made in the industry, and they include the lumping of every operators - stateowned corporations, international oil companies (IOCs), independents, and indigenous companies, on the same level playing field, as well as the management of gas as separate from oil

of Understanding among others have existed to support the country’s petroleum sector, albeit inefficiently.

“Essentially, the oil world has changed and the old policy is no longer relevant to Nigeria’s future. The oil price has crashed and could remain at a median $45 per barrel for the foreseeable future.

“Also, production around the world is high and there are large inventories in storage around the world. We must come to the reality is that the world is awash in oil now,” he added.

According to him, the draft policies will be presented to the Federal Executive Council (FEC) after the consultations and relevant views from stakeholders are factored into them.

He said the policy would build a petroleum industry that could thrive on the mutual strengths of the public and private sectors, but with clear separation of roles between the government and private players.

Similarly, the individual roles of the parties in the policy will include: for the government - policy setting, adequate legislation, setting of fiscal rules, smart regulation to incentivise non-discriminatory participation that eliminates arbitrage, and encourage market development, as well as operational discipline, development of a fair and competitive petroleum markets.

For the private operators, the policy will strive to see them implement its key objectives, as well as create markets that will sustain safe, healthy and environmentally friendly operations.

However, the policies also indicated that there are some fundamental modifications that will be made in the industry, and they include the lumping of every operators - state-owned corporations, international oil companies (IOCs), independents, and indigenous companies, on the same level playing field, as well as the management of gas as separate from oil.

By this, it means state-owned corporations

which by the policies will be corporatised, will have the same responsibilities and opportunities as other operators, and all of them treated equally with no particular preference.

It will basically open up the petroleum sector to operate in a manner devoid of government’s stringent controls and dictation of investment drives.

The reformed sector, the policy said will drive Nigeria’s economic development using gas to provide adequate electricity for industrialisation, transportation and others, as well as oil for domestic refining and other petrochemical productions, in addition to its export earnings.

Implementation Adeniji said the comments and views expressed by stakeholders at the various consultations the government had set up, would be factored into the draft policies and presented to the FEC for ratification and onwards legislative actions.

He explained that when ratified and it comes into law, the final document would be binding on all, including on government, operators, investors and all stakeholders in Nigeria’s oil and gas sector. He equally noted that a new policy document addressing fiscal issues in the petroleum industry would also follow the draft policies. This he added will address the thorny issues surrounding the industry’s fiscals.

Underlining its potentials to reposition the country’s petroleum sector, Adeniji explained that the last petroleum policy which was approved in 2006 indicates that Nigeria was now far from the new chapters that the global oil industry was on.

He noted that the policy was due to be reviewed to reflect current trends, and that Nigeria from her response to the current volatility in the global petroleum industry, showed that it lacked a clear cut policy or coordination to withstand the challenges.

A

WEEKLY PULL-OUT

22.11.2016

ISLAM, MOB JUSTICE AND THE STATE MURDERED EUNICE OLAWALE

MOB ACTION

2/DASHBOARD

22.11.2016

Principal Liable for Agent’s Acts PAGE 4

Lagos State to Set Up DNA Centre Soon PAGE 5

Kwara Speaker Wants Injunctive Orders Against Legislature Stopped PAGE 5

Big Firms: The Future of Law Practice in Africa PAGE 6

QUOTABLES 'Let it be said over and over again, that as an administration, we will continue to honour our military forces in their arduous on-going fight against terrorists, and we will do all we can to remember their sacrifices and appreciate their families, who bear the brunt at different levels of pain and loss. As a nation, we are grateful to you, our loyal and gallant troops, for ensuring that terrorism and hate, do not prevail in our land.'

– Vice-President of Nigeria, Professor Yemi Osinbajo SAN on Armed Forces Remembrance Day 'Land Grabbing essentially means unwholesome practices in ensuring that you acquire land in a nonlegal manner, often violent, often nasty and often antithetical to development in all ramifications. It is a social malaise.'

– Dr. Olumide Ayeni, Honourable Attorney-General and Commissioner for Justice, Ogun State

‘Law Is Only An Enabler for Service’ PAGE 6

Create Judicial Ombudsman Office PAGE 7

Are Governments Listening?

COLUMNIST

PAGE 9

STEPHEN KOLA-BALOGUN Stephen Kola Balogun, is a vastly experienced Legal Practitioner who obtained his LL.B from University of Ife and LL.M from School of Oriental & African Studies, University of London.

He has Post-Graduate Diplomas in Intellectual Property Law, Construction Law, Management and Arbitration. He has served in various capacities since his Call to the Nigerian Bar in 1982, including practicing at Akinjide & Co., and lecturing part-time at Oxbridge Tutorial College. He was the Honourable Commissioner for Youths, Sports and Special Needs, State of Osun, August, 2011 to November, 2014. He is currently the Principal Partner at Kola Balogun & Partners. SKB, as he is fondly called, is accredited with several publications to his name, both International and Domestic.

Can NJC Suspend a Judicial Officer?

PAGE 12

ONIKEPO BRAITHWAITE EDITOR JUDE IGBANOI DEPUTY EDITOR TOBI SONIYI ASSISTANT EDITOR AKINWALE AKINTUDE REPORTER TUNDE BUSARI GROUP HEAD OCHI OGBUAKU II ART DIRECTOR

/3

Ejigbadero, the Father of Land Grabbing

W

hat the self-styled ‘Dr’ Ishola Oyenusi, Ph.D armed robbery, is to armed robbery in Nigeria, a founding father, Jimoh Ishola, better known as ‘Ejigbadero’, is to land grabbing!

As a child, I remember being intrigued about both their stories. Oyenusi and his gang members executed by firing squad at Bar Beach for armed robbery (crowds of people went to watch the execution), and Ejigbadero, sentenced to death by hanging for the 1975 murder of one Raji Oba, in the course of his land grabbing activities.

As the name suggests, land grabbing is forcibly or illegally taking undeveloped land or built-up property that does not belong to one, whether for one’s use or to sell and so on. It also involves demanding from or blackmailing others for fees or levies in respect of their construction or disrupting their construction.

The Lagos State House of Assembly, passed a bill which was signed into law by the Governor in August, 2016, prohibiting the forceful entry, illegal occupation, illegal sales of landed properties, and violent and fraudulent conduct in relation to landed properties in Lagos State. The law which is known as the Lagos State Properties Protection Law 2016 (LSPPL) prescribes fines and various terms of imprisonment ranging from 6 months to a maximum of 21 years imprisonment depending on the offence.

On Monday November 14th, 2016, the Governor of Ogun State signed a similar bill into law. However, the Ogun State law is more stringent than that of Lagos prescribing up to 25 years imprisonment and the death sentence, where murder is involved, and the Ogun State law also covers cultism and kidnapping.

These new laws are a welcome development, as jobless thugs, touts and hooligans known as Omo-Oniles (children of the land owners) (land grabbers), have constituted themselves not just into public nuisances, but criminals, threats to the society and economic development.

Especially in the cases of property covered by traditional titles, Omo-Oniles are in the habit of selling land without the knowledge or consent of the family heads and accredited

family representatives for land sales. They also resell land that has already been sold by accredited family representatives, to unsuspecting third party buyers, thereby causing trouble between the different buyers, very often resulting in violence, bloodshed and endless litigation.

Section 8 of the LSPPL provides for the offence of selling land without lawful authority, especially Section 8(4) which gives a stiff penalty of 21 years imprisonment to Omo-Oniles who engage in this act of selling family land without the authority of their family heads and representatives, and reselling land that has already been sold. Omo-Oniles beware! The fear of the LSPPL is the beginning of wisdom.

Another specialty of Omo-Oniles is to forcefully gain entry into people’s property when there is any sign of imminent development of their properties. They extort various sums of money at the different stages of development and stop owners from building, if their demands are not met.

In short, land grabbing has taken on different forms and dimensions.

In the case of Ejigbadero, over 40 years ago, he was the toast of a lot of the musicians like Ebenezer Obey and Yusuf Olatunji. Even though he owned a factory that manufactured nails, Jimsol Nigeria Limited, he was a notorious land grabber in the Agege, Alimosho and Mushin areas of Lagos. The interesting part of the story was that this criminal was highly connected within the ranks of the police, so there was no stopping him, until he went too far, and committed murder in

"WHAT THE SELF-STYLED 'DR' ISHOLA OYENUSI PH.D ARMED ROBBERY IS TO ARMED ROBBERY IN NIGERIA, A FOUNDING FATHER, JIMOH ISHOLA BETTER KNOWN AS 'EJIGBADERO', IS TO LAND GRABBING"

the course of his land grabbing activities in Alimosho.

Ejigbadero claimed to have purchased a large parcel of land at Alimosho. He destroyed the crops and cut down the economic trees on the land, in preparation for development. The villagers, of whom Raji Oba was among, were having none of it. They maintained that the crops that had been destroyed, the economic trees that had been felled and indeed the whole expanse of land, belonged to them. They stood their ground that Ejigbadero never bought the land, because the land belonged to them.

Disagreements ensued between Ejigbadero and the villagers, and one evening when Raji Oba was relaxing outside his home with his wife late in the evening, Ejigbadero shot and killed him. He was found guilty of murder and sentenced to death by hanging.

Obviously expecting to be acquitted, when the High Court delivered its judgement, Ejigbadero was reported to have asked 'Emi ni won nwi naa ( what's the court's verdict)?'

The conviction and sentence were upheld on appeal to Federal Court of Appeal and in 1978 by the Supreme Court. He was executed.

However, the practice of land grabbing did not abate, as the act in itself did not seem to be a crime, unless maybe it resulted in murder, as in Ejigbadero’s case. In Ogun State, the Attorney-General (AG) said that within the last one year, his office and that of the Governor received at least 4-5 petitions on a weekly basis, about land grabbing ‘involving maimings and the destruction to the social fabric’. So in Ogun State, the law was enacted to prohibit forcible possession and so on.

For Ogun State Government, the rationale behind its decision to promulgate the land grabbing law, is its decision to re-invent Ogun State as a new Business hub in Nigeria, which would be difficult to achieve if the activities of land grabbers are not curbed.

The question is, how effective is this law and the enforcement of it? The Ogun State AG reckons that even the enactment of the law will serve as a deterrent, not to talk of its enforcement. In Ogun State, there exists a Joint Task Force backed up by the security forces, to enforce the law.

L-R Honourable Justice Chukwunweike Idigbe who read the lead judgement in Ejigbadero's case at the S'Court, Honourable Justice Mohammed Bello, a member of the panel, Former Lagos CJ Samuel Ilori, the then DPP, who led the team of state attorneys that argued against Ejigbadero's appeal at the S'Court

ONIKEPO BRAITHWAITE

THE ADVOCATE onikepo.braithwaite@thisdaylive.com I am aware of a case in Ikoyi, where someone who you can only describe as a land grabber, has used all means possible to stop an owner from taking possession of his land. Looking at the LSPPL, the land grabber is in breach of Sections 3(1), (3)(a) & (b) as, without lawful authority, on his instructions, his thugs secured forceful entry into another’s property with violence, thereby making them liable to 10 years imprisonment on conviction, by virtue of Section 3 (4)(a) of the same law. The forceful entry was also done with weapons and threats of killing, and those that were on the land were wounded severely, thereby attracting another 4 years imprisonment on conviction as provided by Section 3 (4)(b)(i),(ii) & (iii).

Let's just say that the land grabber has breached most of the provisions of the LSPPL, including Section 4(1) which makes it an offence for a person to occupy another’s property as an encroacher and refuse to leave on being required to do so by the owner of the property.

In this case, the owner wrote to the land grabbing encroacher to vacate the property.

This offence attracts a fine of a maximum of N5 million or 5 years imprisonment or both.

We must not leave out Section 7 from the land grabber’s list of offences. It provides that “A person who is on any property as an encroacher and having with him on the property firearms, dangerous/offensive weapons(s) commits an offence and is liable on conviction to ten (10) years imprisonment”. Not only were the land grabber’s thugs armed with metal rods and crowbars, they had firearms, one of which was pointed at the head of one of the owner’s staff with a threat to kill him, if he did not get off the property.

To add insult to injury, the land grabber even built a gatehouse on the property!

If the prison terms are consecutive, the land grabber and his thugs would be looking at about 29 years imprisonment or more and at least a N5 million fine!

Of course, the matter was reported to the Task Force on Land Grabbing at Alausa, (establishment of Task Force is provided for

by Sections 12 & 13 of LSPPL), whose office is situate at the Ministry of Justice, Lagos State Secretariat, Alausa, Ikeja. A meeting was held at the Task Force Office and evidence taken from both sides. The matter was also reported to the Police and meetings where both sides were in attendance, were also held.

The parties that were severely wounded by the land grabber’s thugs, were brought to one of the meetings with the Police. The Task Force and the Police are still investigating.

So, on the LSPPL and the effectiveness of its enforcement in Lagos, I am waiting to eagerly see and report to you in due course.

I hope that I will be able to bring you glad tidings of great joy, that the LSPPL is indeed, for real in Lagos, and that any Omo-Onile or land grabber that subjects you to anything that constitutes a crime under the LSPPL, if reported to the Task Force on Land Grabbing, will be dealt with accordingly.

Stay tuned.

4/LAW REPORT

22.11.2016

Principal Liable for Agent’s Acts

I

t is trite that a principal is liable for acts done by his agent pursuant to the agency relationship. In the instant appeal the Court held that the Appellant had failed to adduce sufficient evidence to establish the agency relationship which it claimed existed between it and Siemens Aktiengessellschaft, and as such the Appellant was personally liable.

Facts In July 1987, the National Orthopaedic Hospital Enugu (the Hospital) entered into two contracts (Exhibits A and B) with the Appellant for the supply, delivery and installation of X-ray equipment, spare parts and prosthetic and orthotic equipment (the equipment). Under the agreements, the Appellant was to procure the equipment from Siemens Aktiengessellschaft of Germany. To enable the Appellant open letters of credit with its bank, the Hospital paid up the agreed contract sum in full.

Despite having being paid in full for all the equipments for which parties had contracted, the Appellant opened letters of credit in respect of some and not all the equipments.

Upon the arrival of the equipment for which letters of credit were procured, the Appellant refused to release the equipment to the hospital on the grounds that the hospital must make further payments for additional expenses incurred in acquiring the equipments, before they were released. Considering this a breach of the agreements, the Respondent took out a writ of summons against the Appellant and its bankers in 1988. The claims included £64,000 being the value of goods for which the Appellant had been paid in full, but which it failed to order; and the cost of engaging a third party to carry out the installation of the equipments which the Appellant failed to install.

Pursuant to orders made by the trial Court and affirmed by the Court of Appeal, the Appellant was ordered to release the procured goods to the Respondent.

At the trial Court, the Appellant argued that it had procured and delivered all the equipments which it had been paid to procure and had incurred additional expenses in the course of carrying out the contract. It also argued that the additional expenses were within the contemplation of both parties at the time the contracts were entered into, and were occasioned by fluctuation in the cost of foreign exchange. Thereafter, it submitted that, in respect of the first contract, it had acted as an agent of a disclosed foreign principal.

The trial court delivered its judgment in favour of the Respondents.

Dissatisfied with the decision, the Appellant appealed to the Court of Appeal. The Court of Appeal dismissed the appeal as lacking in merit and the Appellant further appealed to the Supreme Court. In its brief of argument, the Appellant formulated the following issues for determination.

Issues for Determination “(1) Whether in all the circumstances of this case, the Court has jurisdiction to entertain the case of the plaintiff?

(2) Whether the Courts below did not misapply the legal principle of agency in the circumstances of this case and whether they can rightly rely on extraneous matters to vary the contents of a written document?

(3) Whether the Court of Appeal was right in its resolution of the issue of want of procedural jurisdiction instead of lack of legal jurisdiction of the trial Court?

The Court relied on the issues formulated by the Appellant in determining the appeal.

On Issue one and three, the Appellant submitted that jurisdiction is the live wire of any adjudication, and that the absence of jurisdiction renders the proceedings a nullity. The Appellant referred to Section 6(6)(b) of the 1979 Constitution, which was the law in force when the suit was instituted. It submitted that any party who brings a complaint to Court, must show that the issue in contention affects him personally. It further submitted that, only a party to a contract can enforce it.

Thereafter, the Appellant submitted that because the National Orthopaedic Hospital, Enugu was purportedly acting on behalf of the Orthopaedic Hospitals Management Board (OHMB), the Respondent was not a legal entity with perpetual succession and a common seal, and lacked the vires to enter into the agreements that culminated in Exhibits A& B. He argued that in the circumstances the Respondent lacked the locus standi to enforce the agreements to which it was not a party.

With regard to Issue 3, the Appellant submitted that notwithstanding the fact that the Appellant resided outside the jurisdiction of the Court, the Respondent failed to seek and obtain leave before the writ was issued although it did obtain an order on 8/7/88 to serve the writ outside the Court's jurisdiction. He argued that leave to cause the writ to issue outside jurisdiction is a condition precedent to the competence of the Court to hear the matter.

In reply to on the locus standi point, the Respondent referred to Section 6 of the OHMB Act, which provides for the management committees of the various hospitals under the Board. It noted that sub-section (1) of the Act provides that committees shall exercise powers delegated by the Management Board for the effective day-to-day administration of the various hospitals.

He urged the Court to hold that Exhibits A & B fall within the day-to-day activities of the Respondent and were therefore

K.M.O Kekere-Ekun JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday the 17th Day of June, 2016 Before Their Lordships Kudirat Motonmori Olatokunbo Kekere-Ekun Walter Samuel Nkanu Onnoghen Olabode Rhodes-Vivour Kumai Bayang Aka'ahs Chima Centus Nweze Justices, Supreme Court SC.185/2005 Between B.B. Apugo & Sons Limited .................. Appellant And Orthopaedic Hospital Management Board (OHMB) ......Respondent Judgment Delivered By Kudirat Motonmori Olatokunbo Keker-Ekun, JSC

made pursuant to the provisions of Section 6 of the OHMB Act. The Respondent submitted further that, assuming, but without conceding that the Appellant is correct in its assertion that the Respondent lacked the legal capacity to execute the contract, it cannot take advantage of any irregularity in which it acquiesced.

He relied on HYDRO-QUEST (NIG.) LTD. v BANK OF THE NORTH LTD, (1994) 1 NWLR (Pt.318) 41. The Respondent further submitted that there are a plethora of decisions of this Court to the effect that a party who has taken the benefit of a contract cannot turn around to evade his obligation on the basis of some purported illegality. He referred to: CHIDOKA v F.C.F.C, (2013) 5 NWLR (1345) 144 @ 163; IBRAHIM v OSIM (1988) 3 NWLR (Pt.82) 257 @ 279.

On the jurisdiction of the trial court to entertain the suit, the

"SINCE THE PURPOSE OF THE ISSUANCE AND SERVICE OF COURT PROCESSES ON A PARTY IS TO BRING THE SAID PROCESSES TO HIS NOTICE AND AFFORD HIM AN OPPORTUNITY TO REACT THERETO, ANY DEFECT WOULD AMOUNT TO A BREACH OF THE AFFECTED PARTY'S RIGHT TO FAIR HEARING AND WOULD RENDER THE PROCEEDINGS A NULLITY"

Respondent submitted that the Appellant's claim as endorsed on the writ of summons does not qualify for any of the items listed under Section 7(a) - (u) of the Federal High Court Act as amended by Decree No.60 of 1991. It also submitted that it is a fundamental principle of law that it is the plaintiff's claim before the trial court that determines the court’s jurisdiction to determine the suit.

On the issue of failure to seek leave to issue the writ for service outside jurisdiction, the Respondent submitted that obtaining leave is not a condition precedent to the issuance of a writ intended to be served outside jurisdiction. He further argued that even if seeking leave was a condition precedent to the exercise of the Court's jurisdiction, the Appellant had waived its right to object having neglected to plead the alleged non-compliance in its statement of defence as required by Order 9 Rule 17 of the Rules and having filed several processes and participated in the trial up to judgment.

On issue 2, the Respondent contended that the contractual relationship between the Appellant and the Respondent was governed by the terms stipulated in Exhibits A and B. The Respondents equally contended that at all material times, and to the Respondent’s knowledge, the Appellant was acting for and on behalf of a disclosed foreign agent – Siemens Aktiengesellschaft of Germany. The Respondent had even exchanged correspondence on several occasions with this foreign agent.

In response, the Appellant argued that the court had erroneously labelled the Appellant and its foreign principal as wrongdoers and had proceeded based on this error to hold that the agency principle was inapplicable to cases of wrongdoing. He submitted that tagging the Appellant and its foreign agent wrongdoers was wrong in law as this was not one of the issues before the court. The Appellant further submitted, relying on DOMMIT KHONAN v ELIZABETH FIFE JOHN (1939) 15 NLR 12, that a principal need not sign any agency agreement before he can be bound by the actions of his agent as an agency agreement may be entered into orally or impliedly.

In Reply to the Respondent’s arguments, the Appellant argued relying on the decision in ASAFA FOODS FACTORY LIMITED v ALRAINE (NIG.) LIMITED (2002) 1 NWLR (pt 781) 353, that a person acting as an agent and known to be so acting is not absolved of liability merely because he acts in his capacity as an agent.

Court’s Rationale and Judgement On Issues one and three, the Court held that the issuance and service of Court processes is basic and fundamental and is a condition precedent to the exercise of the Court's jurisdiction.

Since the purpose of the issuance and service of Court processes on a party is to bring the said processes to his notice and afford him an opportunity to react thereto, any defect would amount to a breach of the affected party's right to fair hearing and would render the proceedings a nullity.

The Court observed that Order 5 Rule 18 of the Rules states that "leave shall not be required for the issuance of any writ of summons". The provision is clear and unambiguous and does not require any interpretation. The Court stated that leave for service of a writ outside jurisdiction is only required in the circumstances stated in Order 7 Rule 19 (2), which only requires leave to serve a writ on a defendant who is "out of Nigeria," The Court therefore agreed with the lower court that under the Anambra State High Court Rules 1988, applicable in Enugu State, it is not a condition precedent that leave of Court must be sought and obtained before the issuance of a writ of summons for service outside the jurisdiction of the High Court of Enugu State.

On Issue 2, which was the agency point, the Court reiterated the decision in ASAFA FOODS FACTORY LIMITED v ALRAINE (NIG.) LIMITED (supra) to the effect that it is not the law that if a principal is liable, his agent cannot also be liable. According to the Court, the true principle of law is that a person is personally liable for all his acts even where he acts for another unless he can show that he is absolved of personal liability by reason of the law of agency.

The Court thereafter examined Exhibit A and B and held that the said exhibits were made between the hospital, acting for and on behalf of the Respondent, and the Appellant. Thereafter, the Court held that the fact that clause 1 of the Agreements states that the Appellant was acting for and on behalf of Siemens AG, was not sufficient to create an agency relationship between the Appellant and Siemens AG. The Court further held that this fact was immaterial in so far as Siemens AG was not a party to Exhibits A and B. The Court found that there was no agency relationship between the Appellant and Siemens Aktiengesselschaft of Germany and that the Appellant was personally liable for the consequences of breaching its contract with the Respondent.

The apex Court upheld the concurrent findings of the Court of Appeal and the trial Court.

Representation: For the Appellant: Seun Ajayi with P.A Abah, Omosanya Popoola, B.A. Oyun, Thomas Ojo, B.E. Oguntoye, O.T. Olujide-Poko and K.K. Bello For the Respondent: Ahmed Adetola-Kazeem Reported by Modline Oparaji, Aluko & Oyebode. Lagos.

22.11.2016

NEWS/5

Law Firm Holds Business Law Conference in Ghana Akinwale Akintunde

L-R: Assistant Director, Directorate of Public Prosecution, Lagos State Ministry of Justice, Mr. Jide Martins, Special Assistant to Lagos State Attorney General & Commissioner for Justice, Mrs. Iyabo Oshodi, President & Chief Scientific Officer, ITSI – Biosciences, USA, Dr. Richard Somiari, Lagos State Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem and Solicitor General/Permanent Secretary, Lagos State Ministry of Justice, Mrs. Funlola Adesola Odunlami during a 3-Day Lagos Forensic Symposium organised by the State Ministry of Justice and ITSI – Biosciences, USA, at De Renaissance Hotel, Ikeja, Lagos, last Tuesday

Lagos State to Set Up DNA Centre Soon Jude Igbanoi Last Tuesday, the Lagos State Government stated its readiness to establish the first DNA Forensic Centre to be established in Nigeria by any State Government.

The Centre which will become fully operational before the end of the first quarter of 2017, will among other things eliminate the conviction of innocent suspects and ensure that sex offenders will no longer find a safe haven in Lagos State.

Speaking at the maiden edition of the annual Lagos Forensic Symposium held at De Renaissance Hotel in Ikeja, the State’s Attorney-General and Commissioner for Justice, Mr. Adeniji Kazeem, said a meticulous process was being put in place in partnership with international renowned experts in forensic science, to ensure that the centre, upon completion, is comparable to the best, anywhere in the world.

Kazeem said that the symposium was put together by the Lagos State Ministry of Justice and ITSI-Biosciences, Johnstown, PA, United States as part of measures to sensitise

key stakeholders in the justice administration system, with a view to adequately preparing them for the new technology coming on board.

He recalled that since its inception, the present administration under the leadership of Governor Akinwunmi Ambode had made law, order and security one of the major focal points of his administration, especially with the procurement of multi-billion naira equipment for the police and other security agencies.

“In the same vein, in order to ensure that there is proper investigation and prosecution of crimes, the Governor approved that this DNA Forensic centre be established. The centre will be world-class and the first by any State Government in Nigeria, and it will help in investigation, prosecution and adjudication."

“What it means is that our crimes will be resolved faster, there would be more potent and precise investigation by the police, the situation where people are wrongly accused and convicted, will be eliminated and the right people who have committed crimes would be prosecuted. This is good for Nigeria, it is good for Lagos

and it shows that Lagos is a leader and it will continue to be a leader in innovation and technology."

“The centre is going to be ISO certified, which means that it is going to be world class; it is going to be used by not only Lagosians or Nigerians, as I am sure that international institutions or organisations, and embassies that are in Nigeria will also utilise it.

People from West Africa and even in the entire sub-Saharan Africa will utilise it. We are not going to cut any corners.

What we do presently is that some of the samples for testing are flown abroad for sampling in South Africa, United States, United Kingdom and the like, but we are going to stop all that and have our own world class DNA Forensic Centre here in Lagos,” Kazeem said.

While expressing excitement at the introduction of science and technology to the investigative and judicial process in the State, Kazeem said the development would energise the criminal justice system to fight all forms of criminality, including sexual and gender based crimes, organised home

burglaries, adding: “With DNA Forensics, each suspect can be put in a database and even if there is not enough evidence in the first or second case, a pattern would have been established and the person’s records are on file, such that if they come up at another crime scene, it becomes much easier to get a conviction.”

Lead discussant at the symposium and President of ITSI-Biosciences, Dr Richard Somiari said the State would benefit a lot from the DNA centre, adding that with forensic capabilities, crimes would be resolved faster, and so many cases which hitherto could not be resolved, would be addressed faster.

On his part, Chairman of Ikeja Branch of the Nigerian Bar Association (NBA), Mr. Dele Oloke, said the establishment of DNA centre was an eloquent confirmation that Lagos is being governed by deep thinkers and vibrant people, adding that the centre would also help in reducing incidences of innocent people being unduly punished, thereby reducing cases of awaiting inmates in the prison.

Kwara Speaker Wants Injunctive Orders Against Legislature Stopped Tobi Soniyi in Abuja The Speaker of the Kwara State House of Assembly, Dr. Ali Ahmad, has warned that for the nation's hard-won democracy to move forward, the practice of courts issuing injunctive orders against the legislature, must stop.

Ahmad, who was a former Chairman of the House of Representatives Committee on the Judiciary, made the suggestion in Abuja, while delivering a lecture at the maiden annual birthday lecture series in honour of Professor Epiphany Azinge SAN. The Speaker, who was also a former Attorney-General and Commissioner for Justice in Kwara State, expressed displeasure that Nigerian courts hysterically issue interim injunctions against the legislature.

He said: “Undoubtedly, the courts have unfettered right to declare null and void the result of any investigation or any proceedings or any manner of voting or result thereof, but what courts in developed democracies do not do is, attempt to stop the action of a whole arm of government, in this case the legislature, from exercising its constitutional powers.”

He wondered why since independence, no Nigerian court had ever issued an injunctive order against the executive arm stopping it from performing its constitutional duty.

In contrast, he said, no interim order had ever been issued against the US Congress, or the British Parliament.

He advised Nigerian courts to imbibe the democratic culture of separation of powers, and

realise that the military era was gone for ever.

He cited numerous examples where the courts, undemocratically, issued injunctive orders preventing the National Assembly from summoning allegedly corrupt officials, or from voting to change its leaders, or from investigating officials accused of withholding recovered loot from the Federation Account.

He explained that to put an end to this, " the only way is to recommend a legislation to the effect that no interim orders from a court shall be issued to prevent any legislature from exercising its constitutional powers”.

Another speaker, Professor Olanrewaju Fagbohun, who is also the Vice-Chancellor of Lagos State University, said that

the nation's democracy would be strengthened when the legislative arm exhibits vigorous activism in terms of checking the executive, contributing to the processes of policy making and indeed, as a monitor of policy implementation.

The Chairman of the occasion and former President of the Nigerian Bar Association (NBA), Mr. Austin Alegeh SAN, also identified poor public perception, lack of capacity and experience as big challenges confronting the legislature.

Another speaker, Chief Adegboyega Awomolo SAN agreed that if the courts could unilaterally ban the issue of interim injunctions against the Economic and Financial Crimes Commission, they should do the same for the legislature.

A West African business law firm, AB & DAVID will on January 11 and 12, 2017, hold its annual Crystal Ball Africa in Accra, Ghana.

According to the law firm, the 2017 event will focus on some happenings across the continent, as it will affect businesses in Africa in 2017.

Issues to be examined are: The recapture by South Africa of Africa’s biggest economy spot and Nigeria’s reported slide into recession, The potential roll out of the Economic Partnership Agreement (EPA) between the European Union (EU) and West Africa in the post-Brexit era, Kenya recorded a GDP growth of 5.6% in 2015, Ethiopia 9.6% but which of the East African countries will be the investment hotspots

in 2017.

Other issues to be examined include: The implementation of China’s USD63bn fund for Africa under the FOCAC arrangement, The Africa Impact of a Donald Trump Presidency in USA, Regulatory Changes in the Power Sector of Ghana and Nigeria especially as a result of President Obama’s Power Africa Program, The High 5s of the Africa Development Bank (AfDB) and the AfDB’s new USD50bn Africa 50 fund.

The Conference, which is the 4th edition in the series, will also afford participants the opportunity to meet with decision makers, regulators, governments, project sponsors, financiers, business lawyers, Africa experts and top business executives amongst others.

N4bn Afromedia Fraud: Audio Evidence Admitted, Played in Court Akinwale Akintunde An Ikeja High Court has admitted as evidence, an audio recording of a conversation purporting to reveal how a foremost outdoor advertising company, Afromedia Plc, was defrauded of huge sums of money in various currencies amounting to about N4 billion, by a former Director of the company, Mr. Mohammed Gobir.

The audio recording admitted as exhibits P24A and B by the trial judge, Justice Raliat Bukola Adebiyi, was also played briefly to the hearing of a packed courtroom.

Gobir, a millionaire who hails from Kwara State, and a former non-executive director and Chairman of the Business Development Committee of the Company, is accused of fraudulently obtaining $1 million (about N198,870,000.00); N514,457,151.87; $2,102,740 (about N418,171,903.80); N123 million and £51,000 (N14,667,898.25).

He is facing a 17-count charge bordering on obtaining money under false pretence, stealing, fraud, use of forged documents, and possession of forged documents preferred against him by the Economic and Financial Crimes Commission (EFCC).

EFCC said Gobir allegedly defrauded the advertising company through a phony investment deal.

The defendant, however, denies the charges.

According to the prosecution, Gobir who had an obligation to bring foreign investment into the company, was appointed a non-executive Director on the company’s board.

EFCC alleged that Gobir abused his position of trust, and defrauded the company

of various sums of money amounting to N4 billion under the guise of facilitation fees and business expenses.

During the court proceedings, the Managing Director of Afromedia, Mr. Akinola Olopade, while testifying, presented to the court as evidence, a Feb 11, 2013 audio conversation he had with Gobir.

In the recording, Gobir claimed that N250 million, which was part of the money he owed Afromedia, was about to be cleared in the Central Bank of Nigeria (CBN), he also further claimed that he had received a text message alert from CBN to that effect.

The prosecution, led by Mr. A.B.C Ozioku, however, claimed that despite Gobir’s claims that he did not defraud the company, the audio recording was proof of his dishonesty, as there was no money with the CBN. Counsel to Gobir, Chief Bolaji Ayorinde (SAN), however, objected to the remainder of the audio recording being played in court.

“To see that justice is done, let us be served copies of the compact disc (CD) to enable us prepare for cross-examination", he said.

Justice Adebiyi noting that part of the audio conversation was in yoruba, ordered that a yoruba interpreter should transcribe the audio recording.

“The Chief Registrar of the court shall employ a yoruba translator, who will transcribe the CDs and copies of the transcript will be served on all parties."

“The cost of the translation will be borne by the prosecution", Adebiyi said.

The judge adjourned the case to January 23 and 30 for continuation of trial.

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22.11.2016

Big Firms: The Future of Law Practice in Africa Jude Igbanoi For the legal profession in Nigeria and Africa to develop and meet up with international standards, it has to take steps to build big law firms.

This was the unanimity of views expressed at the 9th Annual Business Lecture Series of the law firm of SPA Ajibade & Co. which held at the Metropolitan Club, Victoria Island, Lagos last Thursday.

This year’s lecture was chaired by Honourable Justice Chima Cletus Nweze of the Supreme Court, while the Keynote Speaker was Mr. Rob Millard, the co-chair of the International Bar Association’s International Law Practice Management Forum.

Discussants included Ms. Noella Lubano, a

Partner in Kenya’s biggest law firm, Oraro & Co Advocates, Mr. Dan Agbor, Managing Partner in Udo Udoma & Belo-Osagie and Korieh Duodu, Senior Counsel in Ghana’s biggest law firm, Bentsi-Enchill, Letsa & Ankomab. The theme of the 2016 lecture was ‘The Future of Legal Practice in Africa – An African Model for Big Law.’ In his opening remarks, Nweze JSC noted that "Law scholars in Nigeria should re- imagine the intellectual content and breath of their fields of study".

"They should now be thinking of moulding and shaping future advocates who would have audience not only in Nigerian courts, but also in the global community of courts." In his lead presentation, Rob Millard explained the concept of ‘Big Law’ and what it should mean in Africa, stating that the scale and sophistication of law firms in a given market, are a function of the

complexity of the work that clients need done and hence the level of specialisation required to service their needs.

Millard said ‘Law firms will always play a vital role in unlocking Africa’s future. ‘The ‘Big Law’ model is something that evolved during the course of the twentieth century, though, in other parts of the world.’

He itemised 10 attributes which successful big law firms in Africa must have:1. A strong disputes practice and a suite of corporate and commercial practices.

2. A primarily local law focus.

3. Strong practice groups.

4. A market that is competitive with the ‘Big 4’ advisory firms.

5. Close relationships with one or more international law firms.

6. An inclusive, collegial governance system.

7. Appropriate technology, including for knowledge management.

8. Key client accounts (and perhaps a strong client industry sector focus.)

9. A clearly articulated, competitive market position.

10. Thoughtful approaches to delivering efficiency.

In his discussion of the lead paper, Mr. Dan Agbor pointed out what he identified as the major constraints of Nigerian law firms in attaining the Big Law status, noting that the biggest five law firms in Nigeria have a total of not more than 350 lawyers.

This is in sharp contrast to what obtains in the United Kingdom where a single law firm has as many as 3,000 partners or more.

He observed however, that, Nigeria is actually transiting into a Big Law country.

Honeywell v Ecobank: Judge Refuses to Recuse Himself from Case Akinwale Akintunde Justice Mohamed Idris of the Federal High Court, Lagos has refused to withdraw himself from an ongoing matter between Honeywell and Ecobank, before him.

Counsel to Ecobank, Mr. Kunle Ogunba SAN, had applied that the Judge should either recuse himself from adjudicating on the matter or await the decision of the Chief Judge of the Federal High Court, Justice Ibrahim Auta, in respect of Ecobank’s petition against him.

Ecobank had written to the Chief Judge of the Federal High Court, accusing Justice Idris

of bias and asking that the matter between it and Honeywell be withdrawn from Justice Idris.

Ruling on Ecobank’s application when the court resumed hearing the matter last Thursday, Justice Idris said he would not be intimidated or influenced in the discharge of his judicial duties.

“If all judges were to recuse themselves from cases simply because litigants criticised their rulings and judgments, the judiciary would soon find itself in a situation where litigants choose the judges to adjudicate on their matters; and this is not in the interest of the law”, the judge said.

Earlier in response, counsel to Honeywell, Mr. Bode Olanipekun SAN informed the court that,

he only became aware of the petition written

by Ecobank in a newspaper publication of November 16, 2016.

Olanipekun told Justice Idris that the application

by Ecobank was a ploy to stall and ambush the trial, adding that this has become a consistent pattern with Ecobank’s counsel.

Olanipekun reminded the court that Ecobank’s application to reassign the matter had already been determined by the Court of Appeal on 30th March, 2016, when the Court of Appeal (in Suit No: CA/L/1270/15 particularly at Pages 11-12) refused to grant relief No: 7 in Ecobank’s appeal.

Relief No: 7 in Ecobank’s appeal requested the Court of Appeal to reassign the matter before

Justice Idris of the Federal High Court.

Counsel to Honeywell further stated that Ecobank’s application is akin to a stay of proceedings in the matter, which the Federal High Court itself had refused on three different occasions.

He further stated that, granting a stay of proceedings in this matter, would be in breach of the Court of Appeal’s decision, directing the accelerated hearing of the matter.

After hearing arguments from both parties, Justice Idris ruled that the trial would continue, and he would not recuse himself from the case.

The judge adjourned the matter till December 1 for trial.

Legal Personality of the Week Kingsley Amaku

‘Law Is Only An Enabler for Service’ My name is Kingsley Amaku. I am a lawyer and a development professional. I started out as a commercial lawyer with Law Union, I then went on to Olisa Agbakoba & Associates from where in 2006, I was drafted by my friend Dr. Sam Amadi to work with the then Senate President, Senator Ken Nnamani as his Special Assistant on Research & Strategy. Thereafter, I worked with the National Democratic Institute (NDI) Project Strengthening the National Assembly Project SNAP. I subsequently had a rewarding stint with Streamsowers & Kõhn, as head of chambers in Abuja. Shortly after, I was head-hunted back to the National Assembly, to work with the indefatigable Senator Bukola Saraki as his Senior Special Assistant on Legislative Matters and Strategy. In between these times I left Nigeria albeit for short-term courses at the London School of Economics on Government & Society, The Management School, London and the Institute of International Education.

Have you had any challenges in your career as a lawyer and if so what were the main challenges?

The greatest challenges I have encountered is one that I believe many can relate to, which buds around change. The legal profession is built on the solid foundation of immutable principles and clear thoughts. But we are not fully alive to the fact that, unless we adopt change and adapt our practice to our changed world, we are likely going to lose more ground to the value we bring to the table. My initial inertia to court advocacy practice was essentially grounded in the prevailing culture of obsessive indulgence of the glorious past and a clear oblivion of the present; excessive reliance on manual recording, filing and procedures, has turned the pursuit of justice to almost a needle-in-a-haystack affair.

The other is the pace at which our legal system is in tandem with our reality. There is a huge

of his thoughts and range of his mind beyond law, including Latin.

Who has been most influential in your life?

My legal life you mean? Olisa Agbakoba SAN is the short answer. He tore the boundaries of my thoughts on law and the change it can bring. He literally, taught me how to think for myself on the present and future of law as a social reengineering tool and as an economic reform tool.

Kingsley Amaku

gulf developing between.

What was your worst day as a lawyer?

My worst day as a lawyer was the day I was going to court in Igbosere, Lagos on a rainy day, and my car stopped abruptly in the middle of the road for no initially observable reason. I was running out of time and all effort I could make to get the car started again failed. I thought to myself, how do I get out of the car with my wig and gown, my studs, with shirt looking all so kitted? But I had no choice. But to think I had to do all the mechanic work myself and get to court and miss my appearance was most disheartening, but I learnt a thing or two from the incident.

What was your most memorable experience?

Having breakfast with the peerless Justice Chukwudifu Oputa and talking about Nigerian law and history. He amazed me with the depth

Why did you become a lawyer?

I was obsessed with the reverence that was attached to lawyers at the initial stages. But I was emboldened to go the whole hog as law introduced me to the world in my mind, which is far deeper than the world we observe physically. In a nutshell, it made me find meaning to the sayings of my father, that things are not always what they seem to be; that there are always two sides to a coin; that the search for justice is less an emotional journey, as it is simply the alignment of facts to law and therefore, not exactly the search for the truth as many seem to think. Being a lawyer has empowered me to understand the world around me in a special way and given me context as I seek to influence this world positively for the greater good, beyond my personal gratification.

What would your advice be to anyone wanting a career in law?

Law is incomparable to any other thing you can learn. You must learn it with the right paradigm, the mindset that law is only an enabler for service, not an end in itself. Law can help you be a better person. You cannot learn law simply to pass through and do well in your exams. Unless you know law for the practical application utility it offers, you are wasting your time. Law is an active profession. It is the same way that a surgeon needs to know medicine to enable

him understand how the body works and then add it to his artistic love for life and structures.

You must see law as part of a superstructure on which the society finds meaning to staying together and functioning effectively. Law is not simply a means to making money. That would be a very frustrating notion of law.

If you had not become a lawyer, what would you have chosen?

I would have become an economist. This is my belief. In the pyramid of social influence for change, politics stands at the pinnacle of everything. This is because politics creates the interests and negotiates the outcomes that encapsulate the vision of the society that is then embodied in the body of laws from the Constitution to the statutory laws. These laws then shape the behaviours that we have accepted and rejected in our socio-economic and political life going forward. The role of a lawyer in shaping these laws even the politics is enormous. Within the same pyramid immediately after laws, we have the economic bases on which we create values and exchange values. These values then condition our social tendencies, norms and create our vision of development, prosperity and engagement. I am fascinated by this interplay of politics, law and economics. I find myself having a natural gravitation towards these inclinations. Maybe this could be due to a strong subconscious pull, a yearning to see development in all that I am involved in, especially the development of my country.

Where do you see yourself in ten years?

I have sat quite a while around the public policy arena and I am not in a hurry to leave the arena and still see myself somewhere within the policy environment, hopefully propagating and driving moves for greater democratisation and opportunities for our people.

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Create Judicial Ombudsman Office

As Alhaji AbdulGaniyu Abdulrasaq, the first lawyer from the Northern part of Nigeria to be elevated to the rank of Senior Advocate of Nigeria, recently marked his 89th birthday, he shared his views on some current affairs in the country with the Editor of THISDAY Lawyer, Onikepo Braithwaite. Here is what this dignified and accomplished legal practitioner had to say

A

lhaji AbdulGaniyu Abdul-Razaq SAN, who recently celebrated his 89th birthday, is the first lawyer from the Northern part of Nigeria, being called to the Inner Temple, London in 1955. He was also the first Northerner to be gazetted, a substantive appointment as a High Court Judge in 1968, an appointment which he politely declined. A graduate of Trinity College, University of Dublin,he holds a BA Hons,LLB, MA and H.Dip-Educ. He attended the Kalabari National College, Buguma and the Africa College, Onitsha where he was contemporaries with Prof Ben Nwabueze SAN. An eminent jurist, Abdul-Razaq has been a Life Bencher since 1971 and was the Chairman of the Body of Benchers in 1984. A nationalist, he was the Legal Adviser to the Northern Peoples Congress (NPC) and attended all the Constitutional Conferences leading up to Nigeria's Independence in 1960. He was a member of the House of Representatives (1964-1966), Nigeria's Ambassador to Cote D'Ivoire (1962-1964),Federal Minister of State for Railways (1965-1966),and the first Kwara State Commissioner for Finance,and later Health & Social Welfare (1967-72).He is the Proprietor of the first private secondary school in Kwara, Ilorin College, Ilorin(ICI).

Abdul-Razaq has been a member of the Disciplinary Commitee of the NBA since 1995 and was the President of the Nigerian Stock Exchange (2000-2003). He holds the title, Tafida of Zaria and Mutawali of Ilorin, as well as Grande Officer De La Ordre National De Cote D'Ivoire and Officer of the Order of the Federal Republic (OFR).

Sir, you would have heard about the various allegations of judicial corruption, even up to the Supreme Court. What are your comments and how was it in your days at the Bar? In our days, no one heard of judicial corruption. It was unheard of. We as barristers, had no dealings with any judge outside the court. Judges kept to themselves and did not attend parties.

In any case, in the earlier days of my practice in Northern Nigeria, the judges were mostly British, and there were no social interaction with us beyond the court.

What is heard of these days is amazing.

Truly amazing. But suffice to say that historically Nigeria has one of the best judiciaries in the Commonwealth.

What solutions would you suggest to curb judicial corruption?

The solutions are multifaceted but we really need to know the cause. Is it because of poor pay and conditions, is it greed or indiscipline? what really can be the cause? We really need to know to provide a lasting solution. It may even be the mode of appointment, who knows? However, there is a need to have another look at the composition of the National Judicial Council. Should we not consider involving consumers of legal services or civil society in the process? Can we now continue to justify a closed shop. On the other hand, we can create a Judicial Ombudsman Office where dissatisfied petitioners can appeal

"IN OUR DAYS, NO ONE HEARD OF JUDICIAL CORRUPTION. IT WAS UNHEARD OF. WE AS BARRISTERS, HAD NO DEALINGS WITH ANY JUDGE OUTSIDE THE COURT"

to, as presently exists in England. The conditions of service of the Judiciary needs periodic review. The disciplinary process needs to be more stringent. The NJC must take more responsibility on the discipline

of judges.The inner and outer Bar also have a major role to play in insulating and protecting the Bench from desperate and influence-peddling clients.

As we are now officially in a reces-

sion Sir, what do you think of the Government's revenue drive?

Revenue drive in a recession has many implications. There is mass unemployment and businesses are closing down.

Where is tax to come from? In any case the waiver on penalties by the Federal Inland Revenue Service is a good attempt, but it should translate into the wider issue of tax amnesty for the SMEs. Tax waivers need to be controlled and re-evaluated.

Companies income tax rate should be lowered to say 20 per cent. VAT should remain at 5 per cent. Personal income tax rate should be lowered, to increase the purchasing power of citizens. The tax data base should be widened. Multiplicity of taxes should be controlled and of course the tax dispute resolution mechanism should be reviewed to ensure quicker settlement of disputes, thus to avoid locking away huge recoverable funds. A revenue drive is good, and I hope my suggestions would be seriously considered for implementation . A good economy is good for the nation and particularly good for the Nigerian Stock Exchange, which I have a passion for and a continuing interest in.

What is your opinion on the state and standard of the legal profession in the country presently? Are there any changes you would like to see implemented?

Regrettably, the state and standard of the legal profession is not at the level that one would expect. The training mode has to change. The training model that was suitable in the early sixties is now outdated. The legal profession must take control of the training of legal practitioners. For instance, the recent training initiative for young lawyers by the former Law Chambers of Vice-President Professor Yemi Osinbajo, is salutary. Establishing Law Schools all over the place should be reviewed and private tuition must be involved in the provision of legal professional education.

Let there be competition, that's the way to raise standards and I believe, the modern way to go. The Council of Legal Education would regulate the standards and conduct a central Bar exam. Non-Law degree holders should also be allowed direct entry to Bar exams, as its been done in England with prescribed conditions.

Even correspondence degrees were accepted for Bar Exams in our own time in England and till date. The centralisation of professional legal education should be reviewed. Now, there's also the Call to Bar Ceremony. Why risk the lives of many young persons all travelling mostly by road to Abuja at the same time? Lagos, Enugu, Abuja, Kano and Port Harcourt could be centres for the Call to Bar ceremonies to be held on the same day, and students can then choose the most convenient centre for them. The pilgrimage to one centre, Abuja, should be reviewed. Pupillage should be restored with improved pay for young practitioners as well as continuing education made compulsory. A vibrant Para-legal profession should be supported.

We all owe our noble profession the best in honest counsel, to ensure it delivers the best professional services to the public.

Alas, it is a profession that has also served me well and I am thankful for the legacy as well. Alhamdulillah.

8/COVER

22.11.2016

Islam, Mob Justice and the State Onikepo Braithwaite examines the cases of the recent cold-blooded murders of two women, 74 year old Bridget Agbahime in Kano and 42 year old Eunice Olawale in Abuja and the issue of islamic mob justice in Nigeria

I

n 1994, a Christian man, Gideon Akaluka, of Ibo origin, was murdered by a mob in Kano due to allegations of desecration of the Holy Quran. He had been detained in police custody because of this. While he was in there, his accusers descended on his cell, murdered and beheaded him. None of his killers were ever brought to book.

One wonders how a mob was able to storm a police station full of armed police men, gain access to a locked cell, and kill someone?

In June 2016, Bridget Agbahime, a seventy-four year old Christian Ibo woman, was also murdered, clubbed to death for alleged blasphemy.

Is Blasphemy an Offence in Nigeria?

It is appropriate at this juncture to ascertain whether Nigerian law provides for the offence of blasphemy.

The answer is yes, it does. Section 204 of the Criminal Code Act, 2004 provides that “Any person who does an act which any class of persons consider as a public insult on their religion, with the intention that they should consider the act such an insult, and any person who does an unlawful act with the knowledge that any class of persons will consider it such an insult, is guilty of a misdemeanour, and is liable to imprisonment for two years”.

Islamic law also provides for the offence of blasphemy.

A Sharia Court may mete out several punishments for committing this offence, from imprisonment to execution.

Even though the punishments prescribed in the two judicial systems differ, what is common to both is that there is an orderly way and process to follow that results in the punishment of offenders. Nowhere in either law does it provide that a mob should kill people indiscriminately without trial and conviction.

For people on the road to simply take the law into their own hands is ‘jungle justice’ which only leads to anarchy. Angry mobs cannot be the ones to determine what constitutes the crime of blasphemy. There are proper laid down rules to do this.

The poor system of law enforcement in Nigeria coupled with corruption and sectarian loyalties, has led to an unhealthy increase in ‘vigilantism’, which frequently occurs in the cases of theft and accusations of blasphemy.

In 2007, a Sharia Court in Kano convicted Sani Kabili, a Christian of blasphemy against the Prophet Mohammed (PBOH). The Court sentenced him to three years imprisonment for his offence. His conviction was subsequently overturned by the Court of Appeal.

The object of the example of Kabili is not to go into the issue of whether a Christian should have indeed been brought before a Sharia court in the first place, but to show that there is an orderly process that must be followed in cases of allegations of blasphemy (albeit that in Kabili’s case he was brought before the wrong court), instead of just stoning people or clubbing them to death.

There was a case of a Christian female secondary school teacher in Gombe, Christiana Oluwasesin, who was beaten to death because a student complained that she touched her bag which allegedly contained the Holy Quran, thereby defiling the Holy Quran.

Certainly, within the definition of the Criminal Code Act, Oluwasesin’s action does not constitute blasphemy.

It seems to me that, most of these accusers are absolutely vicious and simply use these so-called allegations of blasphemy to settle scores with those that they have some sort of grouse against.

Bridget Agbahime In the case of Bridget Agbahime, it was reported that she had had issues with Ahmed Dauda, the ringleader of her alleged killers, as he would always leave his shop to come and perform his ablution in front of her shop, and also display his wares in the frontage of her shop where she sold plastics, in Kofar Wambai Market, Kano. Dauda’s actions had led to several disagreements between them which had been reported to both the owner of Agbahime’s shop and the head of the market. She and her husband, Pastor Mike Agbahime, had just made another report to the head of the market, who promised to settle the matter, when the mob descended on her, and clubbed her to death.

It is however, shocking that, the Kano State Attorney-

The late Bridget Agbahime

The late Eunice Olawale

General, even with eye-witness accounts and positive identification of the perpetrators, could decide on advice that those accused of killing Mrs Agbahime had no case to answer. Moreover, the so- called allegation of blasphemy against her was unsubstantiated.

Eminent Nigerians and organisations including President Muhammadu Buhari, Jama’atul Nasril Islam led by the Sultan of Sokoto, Christian Association of Nigeria (CAN), Muslim Rights Concern (MURIC) and the Speaker of the House of Representatives, Honourable Yakubu Dogara, all condemned the killing of Mrs Agbahime.

In a statement made by MURIC, it said “There is no jungle justice in Islam”. Similarly, Honourable Dogara stated that “We live in a society governed by clearly stated rules and laws. When such crimes of high magnitude, or any at all, are allowed to go unpunished for any reason, we risk descending into a state of lawlessness and anarchy where anyone can assume the role of judge, jury and executioner”. He hit the nail on the head.

To Pastor Mike Agbahime, I advice that he not only petition the Governor of his State, Rochas Okorocha to take up this matter, a petition should be raised to the Inspector General of Police, Attorney-General of the Federation, the President of the Nigerian Bar Association, and International Human Rights organisations. The matter must be investigated thoroughly and those responsible for Mrs Agbahime's murder, punished.

Ensuring that the culprits are prosecuted to the fullest extent of the law, will serve as a deterrent to other vicious cowards and bullies, who settle their scores by using fake allegations of blasphemy as an

excuse, and gather crowds to assist them in meting out jungle justice, that they will not get away with such crimes anymore.

"NO RELIGION, INCLUDING ISLAM, CONDONES THE INDISCRIMINATE KILLING OF PEOPLE ON THE FLIMSIEST OF EXCUSES OR PREACHES AND PROMOTES HATE. I CAN SAY THIS AUTHORITATIVELY BECAUSE, I WAS RAISED BY A DEVOUT MUSLIM FATHER, WHO NOT ONLY BY HIS TEACHINGS, BUT BY HIS WAY OF LIFE, SHOWED US THAT ISLAM WAS A RELIGION INVOLVING THE CONSTANT AND CONTINUOUS PRAISE OF GOD AND PEACE"

Eunice Olawale Similarly, the case of forty-two year old Deaconess Eunice Olawale, who was murdered in Kubwa, Abuja on July 9, 2016. She was a member of the Redeemed Christian Church of God (Divine Touch Parish), the wife of Pastor Elisha Olawale and the mother of seven young children.

Every morning around 5/5.30am, she went around the neighbourhood with her megaphone, evangelising (Morning Cry). The Muslims also have the Azan (call to prayer) five times a day, starting from 5am. Section 38 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) provides for freedom of religion, while Section 39 provides for freedom of expression.

However, several days before her murder, Deaconess Olawale reported to her husband that she had heard some people behind a mosque say that she should be chased away because of her preaching. A few days later, she was found dead, in a pool of her own blood, her throat slit, her head resting on her Bible which she had been using for evangelism, her megaphone lying next to her dead body.

It was reported that the Police arrested some suspects in the late Deaconess Olawale’s case. Justice had better be served.

Conclusion It is obvious that what the perpetrators of these heinous crimes have done is clearly un-Islamic. No religion, including Islam, condones the indiscriminate killing of people on the flimsiest of excuses or preaches and promotes hate. I can say this authoritatively because, I was raised by a devout Muslim father, who not only by his teachings, but by his way of life, showed us that Islam was a religion involving the constant and continuous praise of God and peace.

If the Federal Government fails to take the stand it should on this issue, especially these two very recent incidents, it will send the wrong messages: a) That Government condones cold-blooded murder, especially when it is purportedly done in the name of Islam b) That contrary to Section 10 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), Nigeria is an Islamic nation and Muslims regularly get away with murder c) That the Police and Government institutions are tribalistic with religious loyalties, instead of being just and impartial d) That Nigeria is a banana republic with kangaroo courts.

Onikepo Braithwaite

22.11.2016

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Are Governments Listening?

Babajide Ogundipe attended several asset tracing conferences in London this week. His article reveals some of the reasons why Governments recover only such little amounts of stolen loot

A

recent edition of the Global Investigation Review reported what, my ICC FraudNet colleague, Ed Davis, asset recovery partner at Astigarraga Davis in Miami said at the Offshore Alert Conference in London on 14 November during a session titled “Why do nations recover so little from corrupt politicians and how can it be improved?” Ed told the conference that, according to World Bank data, US$1 trillion is lost to corruption every year. However, over the past 20 years only US$5 billion has been recovered. This translates to only 0.025% of funds lost to corruption being recovered annually. It is evident that the approach, over the past 20 years, to the recovery of what has been lost to corruption simply does not work. Ed said that society needs to recognise that the right to be free from corruption is a fundamental human right.

The public needs to see asset recovery as recovery of value that citizens lost because of corruption.

Also speaking at the session was Daniel Hall, director of asset tracing at Burford Capital in London. He said that governments, especially new regimes that come into power after a kleptocracy is removed, often lack a pragmatic understanding of what is necessary to recover assets stolen by previous kleptocratic regimes. Even when a government wants to do its best to recover assets, it requires political will and resources – and usually one or both are missing. Hall suggested that as access to resources improve, the only hurdle to recovery will be political will. According to Hall, all governments that suffer these losses need to find a politically palatable way of bringing experts to the forefront of recovery efforts. Hall also said that when it comes to cooperation between jurisdictions, large bureaucratic institutions – such as prosecutors’ offices – often fail to strike agreements, even when countries are willing to help each other.

It seems that both Ed Davis and Daniel Hall could have been speaking specifically about Nigeria. It is clear that, when one considers what has been taken from the nation’s purse, a mere fraction has been returned in terms of recovered value. The reasons for this state of affairs under this present government is certainly not a lack of

President Muhammadu Buhari

political will. A government that has acted in the manner it is acting in a number of high profile corruption related cases, cannot be said to lack the political will to act. The government’s challenge would, therefore, seem to be one of resources. State agencies and instrumentalities, by themselves, are simply not able to tackle the problem in any meaningful manner. They are seriously disadvantaged by the lack of manpower and financial resources to do their work as efficiently as possible. People who have stolen government funds and assets will use what they have acquired to engage the most efficient people to help them resist the efforts of government to recover such assets. If the government were to deploy all its resources to its recovery efforts, it would not be a fair fight – the looters would lose, and lose badly. Unfortunately, if the government did deploy its resources in such a manner, every other aspect of life would suffer.

So, what needs to done? To repeat Daniel Hall’s words, the government needs to find a politically palatable way of bringing experts

Acting Chairman, EFCC, Ibrahim Magu

to the forefront of such efforts. What is of concern, here in Nigeria, is that it does not appear as if our government is making any headway on this front. As I asked in a recent post on LinkedIn – are governments listening? I do not believe many are.

There appears to be an innate hostility to the suggestions that are being made as to how to tackle the problems. I suspect that part of this hostility, and suspicion, may be attributable to the fact that many of the suggestions come from the private sector.

This is unfortunate as, if any progress is to be made in efforts to tackle corruption, it must be clear to the wrongdoers that their prospects of successfully retaining their ill-gotten gains are not good. A 99.975% chance of retaining plundered assets, which is what it is at present, seems like pretty good odds. Surely, help to bring the chances of recovery more in favour of the people should be welcomed. Are governments listening?

Babajide O. Ogundipe, Legal Practitioner, Sofunde, Osakwe, Ogundipe & Belgore, Lagos

"....GOVERNMENTS, ESPECIALLY NEW REGIMES THAT COME INTO POWER AFTER A KLEPTOCRACY IS REMOVED, OFTEN LACK A PRAGMATIC UNDERSTANDING OF WHAT IS NECESSARY TO RECOVER ASSETS STOLEN

BY PREVIOUS KLEPTOCRATIC REGIMES. EVEN WHEN A GOVERNMENT WANTS TO DO ITS BEST TO RECOVER ASSETS, IT REQUIRES POLITICAL WILL AND RESOURCES – AND USUALLY ONE OR BOTH ARE MISSING"

Block Chain: Future of Commercial Trust Services

I

t was in Paris and I had joined colleagues to visit the offices of one of the world’s leading consulting firms. The guest speaker on that occasion was an interesting Frenchman who was clearly still testing his English language skills, using us as test kits. Still recovering from considerable jet lag and an unappreciated tour guided visit to the monumental Eiffel Tower, the only thing on the minds of most members of my group (yours truly included) was the thought of hot baths and warm beds back at the hotel, far from the humdrum of the speaker’s presentation. This was my state of mind until the speaker launched into a discussion on Block Chain Technology and its imminent capacity to throw banking out of water, the way the internet threw postal

This short piece by Temitayo Tijani defines the new 'Block Chain Technology' and what she believes is, its imminent capacity to throw banking out of water, the way the internet threw postal services out of business services out of business. I immediately sprang to attention, slightly ruffling the eerie silence in the room. For me, the punch line in the presentation was the speaker’s revelation on the volume of investments venture capitalists were committing to block chain technology across Silicon Valley. As we probably all know, when Silicon Valley gets excited about some technology, the world is about to change and the last time this happened, was in the year 1995 when the dot.com boom started.

What more, even as we speak, about forty of the world’s top financial firms are experimenting with the block chain technology.

The relevance of the block chain technology for me lies in its disruptive implication for the financial services industry in my home country, Nigeria.

For the uninitiated, the block chain is a distributed-ledger technology that enables information and transactions to be processed and stored in an entirely decentralised way—without

intermediaries. Simply explained, the block chain is a ledger (imagine your paper ledger) of information (transactions) that is digitally recorded (this time). These records of information are stored in 'blocks' that form a chain. The information in every block is secured using cryptographic hashes (a tamper proof and hacker proof system of data blocks). This prevents information in the ledger (the block chain) from CONTINUED ON PAGE 13

10/IMAGES

22.11.2016

On November 15, 2016, Mrs. Adedoyin Rhodes-Vivour presented her book, "Commercial Arbitration Law and Practice Through the Cases". The event took place at the International Centre for Arbitration & ADR, Okunde Bluewater Scheme, Lekki, Lagos. Below are some of the personalities that attended the event photos: Sunday Adigun

Chief (Mrs) Onikepo Akande, the author of the book, Mrs. Doyin Rhodes-Vivour and staff of DRV & Co

L-R: Honourable Justice Bode Rhodes-Vivour JSC, Honourable Justice Galadima, Honourable Justice Chima Centus Nweze JSC

L-R: Honourable Justice Bode Rhodes-Vivour, Mrs. Doyin Rhodes-Vivour, Editor, THISDAY LAWYER, Mrs. Onikepo Braithwaite and Mrs. Hairat Aderinsola Balogun, First Female AG, Lagos State

Author, Mrs. Doyin Rhodes-Vivour with her mother, Mrs Bamidele Akande and sisters, Tolu Shadipe (left) and Ola Julius-Aina (right)

L-R: The author of the book, Mrs. Doyin Rhodes-Vivour, Olori Ladun Sijuade, and Mrs. Folake Solanke (Lady SAN), First Female Senior Advocate of Nigeria

Mrs. Boma Ozobia (left) and Ms Funke Aboyade SAN, former Editor, THISDAY LAWYER

L-R: Honourable Justice Olatunde Oshodi, Mrs. Funke Adekoya SAN and Mrs. Oyinkan Badejo-Okusanya

Mrs. May Agbamuche-Mbu, former Editor, THISDAY LAWYER (left) and Mrs. Folashade Alli, Secretary, Chartered Institute of Arbitrators UK (Nigeria Branch)

Honourable Justices Obaseki Adejumi, Adefope-Okojie of the Court of Appeal, behind them, Mrs. Elizabeth Oger-Gross and Justice Hunponu Wusu (Rtd)

22.11.2016

IMAGES/11

Chief Chris Okeke with Justice and Mrs. Rhodes-Vivour

L-R: Mr. Mena Ajakpovi, former Attorney-General of Lagos State, Mr. Olasupo Shashore SAN, Mr. George Etomi and Mr. Tunde Busari SAN, 1st Vice-Chairman, Chartered Institute of Arbitrators UK (Nigeria Branch)

Justices Ogunmekan (left) and Kunbi Oyefeso, representative of the Chief Judge of Lagos State

Mrs Hairat Balogun and Chief (Mrs.) Tinuade Oyekunle

Mr. Akin Kekere-Ekun (left) and Dr. Wale Olawoyin SAN, who reviewed the book

Honourable Attorney-General of Ogun State, Dr. Olumide Ayeni and Mrs. Doyin Rhodes-Vivour

Dr. John Abebe and his wife, Dr. (Mrs) Yemisi Abebe

Mr. Bode Rhodes-Vivour Jnr with Mother, Doyin Rhodes-Vivour

Mr. Oba Otudeko, Businessmen and Industrialist and Dr. Olumide Ayeni, Attorney-General, Ogun State

L-R: Mr. Jide Adesokan, Solicitor Stephenson Harwood UK, Mrs. Ola Aina and Mrs. Sola Adesokan

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22.11.2016

Can NJC Suspend a Judicial Officer?

In the wake of the NJC backtracking on its earlier decision not to suspend the Judges arrested for alleged corruption, it has now suspended seven judges, pending the outcome of their cases. Abubakar Sani examines the powers of the NJC to suspend them

A Introduction

t its meeting of the 2nd – 3rd days of November 2016, the National Judicial Council (NJC) was reported to have resolved, inter alia, that “Judicial Officers shall not be standing trial for alleged corruption- related offences and be performing judicial functions at the same time”, and furthermore, that the NJC “will ensure that Judicial officers who are being investigated for alleged high- profile criminal offences do not perform judicial functions until their cases are concluded”.

In apparent clarification of these resolutions, the Council was reported, to have merely stopped four of the judicial officers recently arrested and released by the DSS, from sitting or presiding over cases, while continuing to draw their salaries. In other words, the NJC suspended them with pay. I believe that NJC’s position calls for an examination of the role of its powers in the appointment, removal and discipline of judicial officers.

Appointment And Removal of Judges Under the Constitution By virtue of Paragraph 21 of Part 1 of the Third Schedule to the 1999 Constitution, the NJC is empowered to recommend the appointment and removal specified judicial officers to the President and State Governors. Such judicial officers, include Justices of the Supreme Court/the Court of Appeal, Judges of the Federal High Court, the National Industrial Court, State High Courts, High Court of the FCT, etc. By virtue of the same provision, the NJC is responsible for exercising disciplinary control over such officers. The Constitution is, however, silent on the suspension of judicial officers from office.

Can a Judicial Officer be Suspended from Office?

If precedent alone is any guide, the answer appears to be a guarded ‘Yes’.

This is because, a few years ago, the NJC exercised this power in relation to the immediate past President of the Court of Appeal, Rtd. Hon. Justice Isa Ayo Salami. Similarly, in 2006, NJC suspended all the members of the Akwa Ibom State Governorship Election Petition Tribunal on allegations of receiving bribes in order to pervert the course of Justice. The NJC did so, presumably pursuant to its power to exercise disciplinary control over Judges under Paragraph 21 of the Third Schedule to the Constitution. What is not so clear, in my view, is whether the NJC can, suo motu, suspend a judicial officer, as opposed to making that recommendation to the President or a State Governor. In my opinion, the answer is contained in Section 11(1)(b) of the Interpretation Act, Cap. 123, LFN 2004, which provides thus: “Where an enactment confers a power to appoint a person either to an office or to exercise any function, whether for a

specified period or not, the power includes power to remove or suspend him”.

In other words, by virtue of this provision, the power given by the Constitution to the President/State Governors to appoint Judges includes the power to suspend them, subject only to the recommendation of the NJC; there is nothing strange about this seemingly startling proposition, given that the Constitution itself, in Section 318(4) thereof, authorises it in the following words: “The Interpretation Act shall apply for the purpose interpreting the provision of this Constitution”.

Conversely, however, it might be argued for the NJC, that the power given to it by Paragraph 21 of the Third Schedule to the Constitution to “exercise disciplinary control” over judicial officers includes the power to suspend them. I believe that this view would be contrary to one of “the twelve commandments” of constitutional interpretation enunciated by the Supreme Court, per Obaseki, JSC, in ATT-GEN. OF BENDEL STATE v ATT-GEN. OF THE FED. (1991)12 NSCC 312@372, which states that: “under a constitution conferring specific powers, a particular power must be granted, otherwise it cannot be exercised”.

Accordingly, to the extent that the Constitution specifically empowers NJC to only recommend the appointment and removal of judicial officers to the President and state Governors - not to do so itself - I submit that it would be doing violence to the Constitution to interpret it as also empowering the NJC to suspend Judges directly. It is trite law, that it would be doing violence to a statute to read into it what it does not expressly provide: SALAMI v CHAIRMAN L.E.D.B (1989) 5NWLR pt. 123 pg.

539 @ 555 per Obaseki, JSC; TUKUR v GOVT. Of GONGOLA STATE (1988) 1NWLR pt. 68 pg. 51, per Oputa, JSC. Conclusion 1. Where a judicial officer is under investigation or is on trial for committing a criminal offence (such as judicial corruption), and the officer denies it, NJC lacks the power to investigate or try such offences, and only a court of law will do: Sofekun vs Akinyemi (1981)2 NMLR 135; in such circumstances, the only power

Acting Chairman, NJC, Hon. Justice Walter Nkanu Onnoghen, JSC

which the NJC may exercise under the Constitution, is to refer the judicial officer to the appropriate law enforcement agencies for investigation and possible prosecution.

2. In either case, either at the stage of investigation or whether the officer concerned is already on trial in a court of law, it appears that the powers of the NJC to exercise disciplinary control over judicial officers

"IF PRECEDENT ALONE IS ANY GUIDE, THE ANSWER APPEARS TO BE A GUARDED ‘YES’. THIS IS BECAUSE, A FEW YEARS AGO, THE NJC EXERCISED THIS POWER IN RELATION TO THE IMMEDIATE PAST PRESIDENT OF THE COURT OF APPEAL, RTD. HON. JUSTICE ISA AYO SALAMI. SIMILARLY, IN 2006, NJC SUSPENDED ALL THE MEMBERS OF THE AKWA IBOM STATE GOVERNORSHIP ELECTION PETITION TRIBUNAL ON ALLEGATIONS OF RECEIVING BRIBES IN ORDER TO PERVERT THE COURSE OF JUSTICE"

is limited in the sense that it can only request them to recuse themselves from performing the functions of their offices i.e. sitting either in open court or in Chambers to entertain cases or signing court orders, etc. To the extent that such a request is tantamount to suspension - either with or without pay - I believe that not only is it ultra vires the NJC under the Constitution (i.e., Paragraph 21 of Part 1 of the Third Schedule), in reality, short of physically barring such judicial officers from their court premises or courtrooms/chambers, such an order would be very difficult to police.

3. It would even more problematic, in my view, if the judicial officer chooses to resist such a directive on the ground indicated above, i.e., that the NJC can only recommend his or her suspension to the President/ State Governors, and that it cannot do so itself, regardless of the incidents of that directive in terms of being with or without pay, or whether it involves denial of access to the courtroom/ chambers to preside over cases or otherwise .

Abubakar D. Sani, Legal Practitioner, Kano

22.11.2016

THE LIGHTER SIDE/13

LEGAL HUMOUR

We Hold Your Brief JUDE IGBANOI jude.igbanoi@thisdaylive.com

Dear Counsel, Kindly, shed more legal light on this issue of concern to us.

A group of us friends, including a cooperative society of which we are members, invested a large sum of money in a company that imports frozen foods and other consumables.

Towards the end of 2014, the company imported items, which we were later told got damaged due to shipping problems and before the end of 2015, it was clear that the company had serious cash liquidity problems. We couldn’t pull out our funds and we understand that the company also borrowed a lot of money from a bank.

As we were pondering over the fate of our money which was stuck in the company, we received the sad news that the court has mandated AMCON to take over the company and its assets. This has further thrown us into confusion over the fate of our money which runs into several millions.

What can we do under these rather unclear circumstances?

P.E., Lagos.

Dear P.E., If AMCON has indeed taken over the affairs of the debtor company, it could only have done so on the express order of a court of competent jurisdiction.

The law setting up the Corporation, Asset Manage-

ment Corporation of Nigeria Act, 2010 states at Section 52 (1) that "Where the Court gives a decision against a body corporate in a debt recovery action under this Act requiring the debtor company to pay any sum to the Corporation and such sum is not liquidated or paid over to the Corporation within 90 days from the date of the order for payment, the Corporation may apply to the court to issue a winding up order against the debtor company. (2) Where a winding up order is made, the Court may on the application of the Corporation, appoint the official receiver or some other fit person to assume the office of a liquidator to wind up the affairs of the debtor company. (3) Any liquidator appointed pursuant to this Act shall have all the powers of a liquidator under the Companies and Allied Matters Act and shall perform his duties in accordance with that Act".

What you, your friends and your cooperative society need to do as a matter of urgency, is to engage the services of a lawyer who will immediately approach AMCON and the court-appointed liquidator, to present your claim. A company in liquidation does not necessarily mean a dead company. A company can actually recover during or after liquidation.

Moreover, as the liquidator manages the assets of a company in liquidation, he also pays out claims to verifiable creditors.

Your lawyer must therefore go about this diligently, to ensure that your money and interests are protected.

A housewife, an accountant and a lawyer were asked "How much is 2+2?"

••• The housewife replies: "Four!".

••• The accountant says: "I think it's either 3 or 4. Let me run those figures through my spreadsheet one more time."

••• The lawyer pulls the drapes, dims the lights and asks in a hushed voice, "How much do you want it to be?"

••• A lawyer died and arrived at the pearly gates. To his dismay, there were thousands of people ahead of him in line to see St. Peter. To his surprise, St. Peter left desk at the gate and came down the long line to where the lawyer was, and greeted him warmly. Then St. Peter and one of his assistants took the lawyer by the hands and guided him up to the front of the line, and into a comfortable chair by his desk.

••• The lawyer said, "I don't mind all this attention, but what makes me so special?"

••• St. Peter replied, "Well, I've added up all the hours for which you billed your clients, and by my calculation you must be about 193 years old!"

••• The lawyer is standing at the gate to Heaven and St. Peter is listing his sins: ••• Defending a large corporation in a pollution suit where he knew they were guilty.

••• Defending an obviously guilty murderer because the fee was high.

••• Overcharging fees to many clients.

••• Prosecuting an innocent woman because a scapegoat was needed in a controversial case.

••• And the list goes on for quite awhile.

••• The lawyer objects and begins to argue his case. He admits all these things, but argues, "Wait, I've done some charity in my life also."

••• St. Peter looks in his book and says, "Yes, I see. Once you gave a dime to a panhandler and once you gave an extra nickel to the shoeshine boy, correct?"

••• The lawyer gets a smug look on his face and replies, "Yes." ••• St. Peter turns to the angel next to him and says, "Give this guy 15 cents and tell him to go to hell."

••• A Dublin lawyer died in poverty and many barristers of the city subscribed to a fund for his funeral. The Lord Chief Justice of Orbury was asked to donate a shilling. "Only a shilling?" said the Justice, "Only a shilling to bury an attorney? Here's a guinea; go and bury 20 more of them."

••• At the funeral of a lady was her doctor, a friend and her lawyer.

Each had promised her that at her funeral they would toss $1000 into her grave. The doctor and friend each tossed in their $1000 cash, after which the lawyer removed the cash and placed a check for $3000.

BLOCK CHAIN: FUTURE OF COMMERCIAL TRUST SERVICES CONTINUED FROM PAGE 9 being altered, ensuring trust and transparency is maintained. The entire system is based on an infallible “Trust” in technology. A new kind of trust that allows multiple parties to collaborate without having to trust each other. As a basic example, remember our wooden piggy banks (kolo) of yore and how we used to keep all cash gifts we and our siblings got in there till Christmas time, when we could break it up and spend the money on sweets (ijekuje). Remember

Dear Editor Re: We're Gonna Make America Great Again Dear Editor, I'm writing to you in respect of your piece in the Lawyer's column of THISDAY Newspaper publication of 15/11/2016, it was an interesting piece of art and educative to young minds like me as well.

Thank you.

Abbey Obuzor

how, when we eventually broke up the piggy bank at Christmas, the money in there usually seemed a lot less than what we thought we left in there, triggering a crisis of confidence between us and our siblings. Now imagine the existence of an incorruptible database where you can store those cash gifts

"FOR ME, THE PUNCH LINE IN THE PRESENTATION WAS THE SPEAKER’S REVELATION ON THE VOLUME OF INVESTMENTS VENTURE CAPITALISTS WERE COMMITTING TO BLOCK CHAIN TECHNOLOGY ACROSS SILICON VALLEY. AS WE PROBABLY ALL KNOW, WHEN SILICON VALLEY GETS EXCITED ABOUT SOME TECHNOLOGY, THE WORLD IS ABOUT TO CHANGE AND THE LAST TIME THIS HAPPENED, WAS IN THE YEAR 1995 WHEN THE DOT.COM BOOM STARTED"

(and even more) and which gives every one of your siblings (and you) some mysterious control over the balance in the piggy bank at all times (even in your sleep), such that none of your siblings, not even your eldest and smartest brother, can sneak into the room to remove the content of the piggy bank without your consent. That is block chain in practice.

Now, I work in an industry where “Trust” is the basis of our corporate existence. Corporate Trust services in its economic sense implies the commercialisation of the basic principle of “Trust” which allows an independent third party to render for a fee, services which include holding assets on behalf of parties with conflicting interests. This, in essence, is the underlining rationale justifying the participation of corporate trustees in subnational bond issues, Debenture/Corporate Bond Issues, Mutual Funds/ Unit Trust Schemes, Pension Funds, Loan Syndication & Consortium Lending Transactions and several other financial deals.

Knowing the way disruptive technologies work, it is my guess that by year 2019 (probably take longer in Nigeria), the year when block chain technology is expected to proliferate, the traditional commercial trust companies who fail to join the new kids on the block chain, will not only find themselves going south, they will be left wondering about what has just hit them.

Temitayo Tijani, Legal Practitioner, Lagos

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22.11.2016

Of Nurses, Ethics and Law This article written by Oluwatomi Ajayi discusses the functions of Nurses (and Midwives) in Nigeria and also explains in detail, what constitutes unethical conduct in the profession

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ll over the world, Nurses fall within the structure of the general healthcare team where they are expected to safeguard and promote the interest of their patients while enhancing the reputation of their profession at the same time. Bailliere’s Nurses Dictionary (2002) defines Nursing as the profession of performing the functions of a Nurse. In essence, Nurses are not only qualified in the art and science of nursing, they must have met certain prescribed standards of education and clinical competence, making them to be rightly termed “Registered Nurses.” The general presumption is that Nursing is a female dominated profession in Nigeria; therefore the context of this paper will portray such.

No doubt a Nurse possesses specialised skill, knowledge, experience and training well beyond that of the average lay person. Although a Nurse is not a medical Doctor, she is said to be familiar with medical terminologies, symbols, abbreviations and terms, not understood by all.

As a registered Nurse, she must have acquired and successfully passed the formal training in that field, and possess the license to practice.

Same applies to Midwives who must equally have been trained and obtained certificates from a registered school of Midwifery. Please note that auxiliary Nurses do not fall within the realm of registered Nurses, as they lack the required training, expertise and professionalism In Nigeria, the Nursing and Midwifery (Registration etc) Act of Cap, N143 Laws of the Federation of Nigeria 2004 provides that the Nursing and Midwifery Council of Nigeria is the only legal, administrative and statutory body charged with the responsibility to regulate the standards of Nursing and Midwifery practice and code of conduct in the country. This statute which relates to the ethical Nurse and patient relationship, is mostly universal in nature, for it is rare to see a wide gap between the ethics governing the Nigerian Nurse and her foreign counterpart, right from the Florence Nightingale Pledge of 1893, Nurses Pledge of 1950, American Nurses Association Code for Nurses, International Code of Nurses (ICN) and down to the National Association of Nigerian Nurses and Midwives (NANNM) Code of Ethics. The overall objective is that, Nurses have ethical responsibility for patients’ lives and well-being and while in the course of that, they must not undermine or bring the reputation of the Nursing profession into disrepute. Some unethical behaviours constituting misconduct for which Nurses and Midwives can be removed or suspended from the professional register, are listed as follows: Unethical Conduct 1. A Nurse should take instructions from a doctor and act strictly on the instructions given.

(BARNETT v CHELSEA AND KESSINGTON HOSPITAL MANAGEMENT COMMITTEE (1969) 1 QB 428). This presupposes she must acknowledge any limitation in her knowledge and competence, and decline duties that fall within the Doctor’s competence. The caveat is, Nurses should not perform tasks which outstrip their training. However, it has been argued that a Nurse can in certain cases, query potentially injurious orders given by a Doctor, in a manner that preserves the Doctor’s ego and role in the healthcare hierarchy.(Patrice W. Iyer 2002) 2. A Nurse should not divulge or disclose personal information she receives from the patient to a third party, or else that will be infringing on his right of privacy. A Nurse should therefore ensure that unauthorised persons do not have access to patients’ medical records.

The Nurse should also ensure that patient’s records are maintained and well-kept, so that when the patient comes for consultation, it can be done with ease and the patient will not be

kept waiting unnecessarily.

3. A patient should understand what he is getting into. It is therefore wrong for a Nurse to harbour the erroneous impression that patients cannot understand medical information. This could lead to a situation where patients are misinformed during routine tests such as in checking the pulse, blood pressure, patients’ recovery and treatment decisions. In MONTGOMERY v LANARKSHIRE HEALTH BOARD (2015) UKSC, 11, the court stated that it is a questionable generalisation to believe that patients are incapable of understanding medical matters and that times have moved on from the “Doctors Knows Best” approach, since there are so many other sources of information available to patients through the internet, patient support groups, drug labelling etc.

4. It is an unethical for a Nurse to label and stigmatise a patient with the disease or ailment affecting him. For example, depicting the patient with names such as ‘that man with prostate, ‘HIV Man’ or ‘breast cancer woman’ is an abuse of the Nursing profession.

5. The Nurse’s duty is to save lives. Challenges such as shortage of Nurses, serious pressure of work and lack of upgraded facilities in the hospital, are no excuses for laxity in saving lives.

For example, the Somali Medical Association derived its Nursing Code of Ethics in Islam from a verse in the Holy Qur’an in which Allah says “If anyone has saved a life, it would be as if he has saved the life of the whole of mankind” (Al-Mai’dah 5:32).

6. In the course of her duty, professional demeanour is important. A Nurse must not be hostile or impolite to patients in order to create fear or demand respect. She must not add to the patient’s problem, but rather be calm in order for her to stabilise the patient.

There should be no preferential treatment or discrimination.

7. A Nurse should not dismiss the patients’ concerns and must realise that each patient is unique, requiring individual assessment.

A patients’ choice must be respected, except if it has to do with a minor, an unconscious patient or a mentally disturbed patient, while a female patient’s preference for a female nurse rather than a male nurse, should equally be respected. Every patient has a right to hold opinions and exercise his freedom of expression without interference. Therefore, the Nurse must appreciate that consent, whether oral or written, can also be withdrawn any time. In TOEWS v WEISNER (2001) BCJ, 30, a public health Nurse was found to be liable in battery for vaccinating an 11-year-old plaintiff against Hepatitis B. The Nurse had noted that the plaintiff’s parents had given a verbal consent to the vaccination, and she proceeded on this basis, even though the plaintiff informed the Nurse that her parents did not want her to be vaccinated. The Court held that the record of the plaintiff’s parents verbal consent to the vaccination was made in error.

8. A Nurse should not embark on a sexual relationship with a patient, especially if he is vulnerable. For example, an adult Psychiatric Nurse in the United Kingdom who married her patient, was found guilty of misconduct, but because she had an unblemished nursing career, she was given a caution.

9. Even though it is allowed that a Nurse can consider the views, culture and beliefs while providing care, a Nurse should as a duty place medical ethics over her personal faith or ethics. All manner of prejudices are unprofessional. For instance, it would be unethical for a Jehovah Witness Nurse who out of her religious convictions does not believe in taking blood transfusion, decline to administer blood transfusion on a patient who consents to it.

On no account should a Nurse due to her personal beliefs in ‘spiritual attacks’ suggest to the patient to seek treatment from an herbalist or a pastor. In fact, it was once reported that a Christian Nurse was suspended for offering to pray for a patient.

Nigerian Nurses

10. In extension of the Nurse’s duty, in a typical Nigerian clinic where she usually dispenses drugs under the prescriptive direction of Doctors, she is trained to know that dispensing involves checking the validity of the prescription, giving the appropriate medicine that is being prescribed for a patient and labelling or providing information leaflets for the patient.

11. A Nurse should generally be aware of the definition of standard of care, what constitutes negligence; professional malpractice and misconduct; patient’s constitutional rights and autonomy; care in emergencies and breach of professional standards, etc 12. Nurses on duty who have been found to be drinking alcohol or who steal drugs intended for patients or who sell items to patients or who are indecently dressed are all engaging in acts constituting misconduct. In Columbia, a Nurse who danced just for few minutes to pop music and filmed herself while in the middle of an operation, was sanctioned after she posted the video online.

Role of Nurses Historically, Nurses are generally conceived to be handmaidens or subordinates to medical doctors so much so that, with regard to expert evidence, Doctors used to serve as a voice for Nurses until the late 1970’s and early 1980’s when the court changed the status in the case of MALONEY V WAKE HOSPITAL SYSTEM & AVET v MC CORMICK (262SE, 2D 680 North Carolina 1980) where the court held that “the role of the Nurse is critical to providing a high standard of health care in modern medicine. Her expertise is different from, but no less exalted than that of the physician.” In Young V Board of Hospital Directors (#82-429 Florida 1984) the court held that a Psychiatrist

"IT IS AN UNETHICAL FOR A NURSE TO LABEL AND STIGMATISE A PATIENT WITH THE DISEASE OR AILMENT AFFECTING HIM. FOR EXAMPLE, DEPICTING THE PATIENT WITH NAMES SUCH AS ‘THAT MAN WITH PROSTATE, ‘HIV MAN’ OR ‘BREAST CANCER WOMAN’ IS AN ABUSE OF THE NURSING PROFESSION"

was not familiar with the daily practices of a Psychiatric Nurse and therefore, could not testify to a deviation from nursing standard.

In addition to the various nursing code of ethics and the constitutionally guaranteed fundamental human rights provided under the Law, the ideal is that Nigeria should endeavour to emulate the redress mechanisms outlined under Article 2 of the European Convention on Human Rights which empowers each State through its legislative and administrative framework, coupled with an effective judicial system, to make regulations compelling public or private hospitals to take appropriate measures to protect patients’ lives and hold those responsible accountable. In DODOV v BULGARIA (No. 59548/00/2008), the European Court of Human Rights indicted the failure of supervision of a nursing home staff, who could not account for the disappearance of the applicant’s sick mother who had Alzheimer's.

Conclusion In conclusion, members of the public should not shy away from reporting any breach of ethics or professional misconduct committed by a Nurse (whether in private or public hospitals) to the Nurses and Midwifery Council of Nigeria for appropriate sanctions. It is common to see some Nurses referring to themselves as Doctors. This is totally wrong. Although in reality, Nurses and Midwives do carry out simple operative techniques or handle delivery cases, they can do so if they tell their patients they are Nurses and not Doctors, but they must ask for permission or consent to do so, while obtaining the backing of their hospital in the process. For example, in the UK, a Nurse was reported to have helped remove an appendix in the presence of a Surgeon. So far the Doctor is convinced that the Nurse is competent and that what is done is in the best interest of the patient. In ROYAL COLLEGE OF NURSING v DEPARTMENT OF HEALTH & SOCIAL SECURITY (1981) 1 ALL ER, 545, it was held that the “Doctor has responsibility for the whole abortion process and he is in charge of it throughout. It is he who decides what is to be carried out and that the Nurse’s action is done under his written instructions.”

It is submitted that professional ethics would be the Nurse’s guiding principle and practice where she will be bound by the code of conduct and ensure that the best interest of the patient is protected. For according to Lord Denning in ROE v MINISTER OF HEALTH (1954) 2 QB, 66, “we must insist on due care for the patient at every point.”

Oluwatomi Ajayi, Legal Researcher &

22.11.2016

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MY BRIEF BY SKB STEPHEN KOLA-BALOGUN

stephenkolabalogun@yahoo.com

Why Acting CJN must Hit the Ground Running

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ast week, President Muhammadu Buhari was reported to have said through his media aide Mr. Femi Adesina, that the war against corruption was always going to be tough and gruelling, but that more insidiously, those who are being accused of corruption are using the formidable arsenal of wealth they have accumulated over the years, to viciously fight the government in its determined resolve to bring an end to corruption in Nigeria once and for all.

The judiciary, the main arm of government saddled with this responsibility of tackling the challenge of ending corruption, ushered in a new era of its own recently, when Honourable Justice Walter Samuel Nkanu Onnoghen was sworn in (albeit in an acting capacity) as the 20th Chief Justice of Nigeria (CJN). Honourable Justice Onnoghen who is 66 years of age, was before his appointment already a serving Justice of the Supreme Court. He was sworn in on Thursday, November 10th, 2016 at the Presidential Villa, Aso Rock, Abuja by President Buhari, following his recommendation by the National Judicial Council (NJC).

Many have questioned why his appointment should be in an acting capacity, arguing that in recent times all past CJNs were substantively appointed by past Presidents and Heads of State. Some have mischievously argued that Honourable Justice Onnoghen was appointed in an acting capacity because he is from the Southern part of Nigeria, and that in modern times, ever since Honourable Justice Ayo Gabriel Irikefe succeeded Justice Sodeinde Sowemimo in 1985 the position of CJN has been the exclusive preserve of the North, most notably- (Mohammed Bello 1987 – 1995, Muhammad Lawal Uwais 1995 – 2006, Salihu Moddibo Alfa Belgore 2006 - 2007, Idris Legbo Kutigi 2007 – 2009, Aloysius Iyorgyer KatsinaAlu 2009 – 2011, Dahiru Musdapher 2011 – 2012, Aloma Mariam Mukhtar 2012 – 2014, Mahmud Mohammed 2014 – 2016). Curiously, the next in line to Honourable Justice Onnoghen is Honourable Justice Ibrahim Tanko Muhammad (another Northerner).

As compelling as these facts may seem, I profoundly disagree with the conspiracy theorists.

However, the Judiciary is going through a challenging period of its own at the moment, both in terms of fighting corruption on the bench and in terms of some of the spurious judgements handed down in recent times, many of which cannot stand the test of scrutiny. The Presidency itself has not been of much help in recent times, with several partisan appointments, leaving many to question whether or not the President would have immediately confirmed the appointment of Justice Ibrahim Tanko Mohammad, had it been that he was next in line.

Section 231 of the 1999 Constitution (as amended) states that the Chief Justice of Nigeria is appointed by the President subject to confirmation by a simple majority of the Senate. A Justice of the Supreme Court is also appointed by the President on the

Acting Chief Justice of Nigeria, Hon. Justice Walter Nkanu Onnoghen, JSC

recommendation of the NJC subject to approval by a simple majority of the Senate (last week, the Senate confirmed the appointments of two new Justices to the Supreme Court namely: Honourable Justice Amina Augie and Honourable Justice Ejembi Eko without much ado or any fuss). Under Section 231(4) if the office of CJN is vacant or the incumbent is unable to perform the functions of his office, the President shall appoint the most senior Justice of the Supreme Court to act in that capacity for a period not exceeding three months without the approval of the Senate. This is what the President appears to have done in appointing Honourable Justice Walter Onnoghen as acting CJN. However Section 231(5) states that except on the recommendation of the National Judicial Council, an appointment pursuant to the provisions of subsection (4) above shall cease to have effect after the expiration of three months from the date of such appointment, and the President shall not re-appoint a person whose appointment has lapsed. In other words, Honourable Justice Onnoghen position as acting CJN will automatically come to an end on February 10th, 2017 unless he is once again recommended by the NJC to fill the substantive position of CJN. The irony of this situation is that Honourable Justice Walter Onnoghen apart from being acting CJN, is by his position also acting Chairman of the NJC. He is therefore in a unique position to forward his name yet again to the Presidency for confirmation as CJN. This highlights once again the

folly of having a serving Justice of the Supreme Court serve as Chairman of the NJC. In this instance the acting CJN is in a position to influence his own recommendation as substantive CJN and this confirms why the CJN ought not to be the Chairman of NJC. There are too many instances where the position of CJN and Chairman of the NJC come into direct conflict with each other and breach the rules of natural justice particularly that of nemo judex in causa sua – (no man should be a judge in his own cause). With time, the 1999 Constitution should be amended to make a retired Supreme Court Judge Chairman of the NJC. In any case, it is highly unlikely that the NJC will for any reason break with convention, by appointing the Judge next in line as a possible successor instead of Justice Onnoghen, as the substantive CJN. Honourable Justice Onnoghen at 66 years of age still has about 4 years before he is due to retire. That is more than enough time for him to begin to initiate a comprehensive reform agenda necessary at all levels of the judicial hierarchy.

Apart from eliminating corruption from the bench, the acting CJN also needs to focus on justice delivery by not only ensuring that judgements are delivered on time, but also ensuring that judgements at various hierarchies of the Nigerian Judicial System can stand the test of scrutiny.

A good example is the crisis that has engulfed the gubernatorial elections in Ondo State. The All Progressives Congress (APC) before the Federal High Court, Abuja where Mr. Oluse-

"THE PRESIDENCY ITSELF HAS NOT BEEN OF MUCH HELP IN RECENT TIMES, WITH SEVERAL PARTISAN APPOINTMENTS, LEAVING MANY TO QUESTION WHETHER OR NOT THE PRESIDENT WOULD HAVE IMMEDIATELY CONFIRMED THE APPOINTMENT OF JUSTICE IBRAHIM TANKO MOHAMMAD, HAD IT BEEN THAT HE WAS NEXT IN LINE"

gun Abraham, one of the aspirants who contested the primaries, is challenging the nomination of Mr. Rotimi Akeredolu (SAN). The problem is compounded in the Peoples Democratic Party (PDP) where both Mr. Jimoh Ibrahim and Eyitayo Jegede (SAN) are laying claims to the party’s ticket with the Independent National Electoral Commission (INEC). In the PDP case, Justice Okon Abang of the Federal High Court in Abuja had recognised the Ali Modu-Sheriff faction of the party in the South-West in a judgment delivered in June. In that judgement, Justice Abang ordered INEC to include Ibrahim as the PDP candidate for the November 26th governorship election.

Instead of challenging the ruling, the Jegede faction filed a fresh suit at a State High Court in Akure. The Court granted an ex parte order restraining INEC from removing Jegede’s name as the PDP candidate for the election.

In the circumstances, INEC decided to comply with the judgment of the Federal High Court and ignored the ex parte order of the Akure High Court. It was at that stage that Jegede decided to seek leave to appeal against the judgment of Justice Abang.

Even though he has been granted leave to appeal, Jegede may not likely know his fate in court before the election on November 26th unless the appeal is given exceptional accelerated hearing by the Supreme Court, since the Court of Appeal adjourned the matter sine die. Already the Makarfi led faction of the PDP, through its spokesman, Prince Dayo Adeyeye, has called on INEC to postpone the Ondo gubernatorial election for about 3 weeks, pending the outcome of the litigation.

These are just a few of the problems the newly appointed acting CJN is likely to encounter, in his new elevated position and he needs to hit the ground running. He needs to convince Nigerians that he has what it takes to reform the Judiciary, so that it can yet again be regarded as the last bastion of hope of the common man.

It is not easy to restore lost confidence and our administration of justice system is in much need of reform.

There is no doubt that Honourable Justice Walter Onnoghen will need to be bold, but does he really have any other choice? Ironically judicial powers extend, notwithstanding anything to the contrary in the Constitution, to all inherent powers and actions of a Court of Law, and to all matters between persons, or between government or authority and any person in Nigeria and to all actions and proceedings relating thereto, for the determination of any question as to the civil rights and obligations of that person. It does not however extend to any issue or question stated in Chapter II of the Constitution on the Fundamental Objectives and Directives, and Principles of State Policy set out therein, none of which is justiciable, being only declarations of intent. So much therefore for Section 15(5) of the Constitution which states that: “The State shall abolish all corrupt practices and abuse of power”. This means the intent rests squarely on the shoulders of the acting CJN. That is quite a burden on his shoulders, if he is indeed hitting the ground running.

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22.11.2016

The NBA Section on Business Law hosted a dinner in honour of two of its Council members, Funke Agbor and Seni Adio, who were recently elevated to the rank of SAN. The event took place last Thursday at the George Hotel, Ikoyi, Lagos. Below are some of the personalities at the event photos: Sunday Adigun

Mr. Olumide Akpata with two of the new silks, Mrs. Funke Agbor SAN and Mr. Seni Adio SAN

Mr. Asue Ighodalo, Banwo & Ighodalo, Mr. Olumide Akpata, Templars, and Mr. Gbenga Oyebode, Aluko & Oyebode

L-R: Honourable Femi Gbajabiamila, Editor THISDAY Lawyer, Mrs. Onikepo Braithwaite and Mr. Seni Adio SAN, one of the new silks

Mrs. Funke Agbor SAN and Mr. Sola Adepetun, Partner, Adepetun, Caxton Martins, Agbor & Segun

Chief Bolaji Ayorinde SAN (left) and Mr. Tunde Ajibade SAN

Mrs. Funke Adekoya SAN and Professor Fabian Ajogwu SAN

Mr. Sylvanus Ogwemoh SAN and his wife, Priscilla Ogwemoh, Managing Partner, Olisa Agbakoba Legal

L-R: Mr. Niyi Adegbonmire SAN, Mr. Bola Alokolaro and Mr. Fubara Anga

Mrs. Biola Otufale and Mr. Ayuli Jemide

L-R: Mr. Mike Igbokwe SAN, Chief Anthony Idigbe SAN and Professor Fabian Ajogwu SAN

Mr. Dapo Olanipekun SAN (left) and Mr. Asamah Kadiri

L-R: Mr. Osaro Eghobamen, Mr. Chijioke Okoli, a member of SBL also recently elevated to the rank of SAN and Mr. Alex Mouka

25

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

BUSINESSWORLD

INDUSTRY

Oluba: International Trade Can Reposition the Economy The Managing Director, ValueFronteira Limited, Dr. Martin Oluba, discusses the ECOWAS Trade Liberalisation Scheme and the importance of commerce to the nation’s emergence from the current economic recession. He spoke to Crusoe Osagie. Excerpts: What impact will enhanced importation have on the nation’s economy?

Generally, focus on export is not particularly superior. I think part of the problem Nigeria has had over the years is having a leadership that can combine these things in such a way that we’ll leverage the resources that we have, to both export those things that we can produce and also to import those things that we need.

And when we talk about importation here, it covers the entire gamut; science and technology, human capacity to develop, etc. So, broadly speaking, none is superior to the other. Imports can play a very crucial role at this stage because we need the right manpower. We need the right technology and the right quality of innovation to come out of the present situation. Economics is all about exchange, you want to give out what you have to be able to get what you need. The cumulative problem, as I said earlier, has been the inability of the leaders to harness what we have, leveraging, for instance, oil that we have had for a long time and other factors or resources such as land, minerals like columbite, tin, and forests, timber, livestock, cash crops and all of that, to leverage all of this is some way to get what we need. And when we say getting what we need in terms of importation, we’re talking about the right quality of technology, and even human resources, because when you talk about imports it appears it’s only commodities. We need the right quality of human resources to help us to identify even the things that we need, and how we can combine them in such a way that we can improve on the prosperity of the people that live in Nigeria.

What is responsible for the low intra-Africa trade?

As at the end of 2015, the National Bureau of Statistics (NBS) said that capital importation into Nigeria was approximately 9billion dollars.

However, 65% of this amount came from only the United States of America and the United Kingdom. There are so many reasons why African countries trade more with foreign countries than among themselves, but I can talk about a few. If you look at a typical case of Nigeria, the demand pattern shifted when we had the oil boom, so elitist consumption patterns came in and you wouldn’t easily get things produced in Africa.

The natural tendency was, therefore, with this money in our hands, far in excess of what we normally have, where do we get the kind of lifestyle that we have chosen for ourselves? It’s outside of the continent! So, that’s typically why you have more of that. But that has to change, not necessarily because they are bad but because there are alternatives here. We need to leverage the natural resources we have.

But some economists also cite the existence of trade barriers within ECOWAS. Could that be why ECOWAS came up with the ECOWAS Trade Liberalisation Scheme as a way of smoothing trade relationships among countries in the sub-region?

It’s normal and typical to have barriers. But then again, it is also the norm within blocs to find ways of taking out these barriers. The global tendency is to liberalise trade as much as possible so that nations could trade with each other with fewer restrictions. Just last year, the total value of imported products from all the other 53 African countries into Nigeria was one hundred, and in ECOWAS, for instance, a lot of that has been done under the ECOWAS Trade Liberalisation Scheme (ETLS) which was intended to remove non-tariff and tariff barriers to trade among member-states. But then again, you find them in different blocs. Even the ETLS is copied because it’s the norm globally. And it presents a whole lot of benefits for Nigeria as a country and for the whole of Africa as a continent.

Would the ETLS place one country at an

those who work in the ports, to let them know about the advantages that these offers, and communicate same to Nigerians. For instance, let me go back to the issue of tobacco. If for instance, you farm 10 hectares of vegetables, you will not get as much foreign exchange as you would get if you farm 10 hectares of tobacco. Now if you have that in mind, what you do is to have a policy that tells you, hey, go there, plant more of this, if you export it you are going to do more for your economy.

What role do you think the ETLS can play in checking illegal cross-border flow of goods?

There are a lot more that can be done beyond just ETLS because ETLS itself, for instance, is not like a magic wand. Countries also need to do a lot more in terms of checking their borders and retraining those who work at their borders. There is need for re-sensitisation. In fact, countries can even partner in capacity building in these areas. All of that, I think, will help check smuggling.

Oluba advantage over the others in terms of benefits derivable from the scheme?

No, it doesn’t. All countries in Africa as far as I know are endowed with varieties of natural resources. So it is left for them to go back and see what it is that they have, see how they can develop it and take advantage of the ETLS. For instance, for those within the ECOWAS sub-region, Nigeria, for instance has arable land. It can grow cash crops such as vegetables and tobacco. Of course, tobacco is one of the world’s top foreign exchange earners. In the first quarter of this year Zimbabwe earned $246 million in tobacco. You can imagine if we take such advantage. Zimbabwe is a small country, if we do twice what Zimbabwe is doing we’ll probably be having more than $1 billion in a year in tobacco. We can also earn revenue from forestry and solid minerals mining. We can do all sorts of other mineral resources. So countries need to go back and prepare themselves to enjoy the incentives that ETLS offers.

Some argue that trade among African countries can never be equitable what’s your take?

Talking about equitable trade among African countries, the fact is, we are all endowed with virtually the same kind of mineral resources; every African country has its own resources that it can take advantage of. Trade becomes unfair when maybe you are more advantaged, say, technologically, such that I depend on you to exist. But it doesn’t apply that way for most African countries. Yes, there could be some disparities in terms of trade but if you net everything across the board you discover there is no inequity. But again, policymakers in different countries have a role to look at what they have. Take manufacturing, for instance; let me again refer to the tobacco value chain. In the tobacco value chain, you see that there is an opportunity for massive agricultural production; that’s at the production level. You grow tobacco leaves and they can be sold to anybody; all they need to do is make some additional input and then turn them into their own brands.

These are opportunities for improving on the leaves domestically in Nigeria to produce the cigarette brands. So, each country looks at what it has and decides, and I think there is a company, Phillip Morris, that is trying to do something in that direction. I think part of what they are planning to do is to expand

the agricultural production. Of course, there are inherent advantages in that, because when you build capacity to grow tobacco on a large scale, there are other things that come with it, like mixed cropping. So people who have the advantage to grow tobacco should also naturally have a capacity to grow, say, vegetables, yam and other things Do you think trade liberalisation, such as we have in ETLS, can reduce poverty and boost the Nigerian economy?

“Like it’s often said, ‘we need trade, not aid.’

This tells the entire story. Trade prospers both the seller as well as the buyer. So, for a country exporting, it offers prosperity, while the country importing, it also brings prosperity.” Also, you need to have good policies that enable you to harness what side of the trade that you are in.

Of course, when we say side, you should be on both sides anyway; it depends on what you’re offering and what you are getting.

So, it should ordinarily lead to prosperity for all and reduce poverty. First, ETLS will stimulate economic activities, promote trade among member-states, and once you promote trade, it should ordinarily lead to the creation of more jobs. What the ETLS ordinarily will do is expanding the market that is available. Nigeria has some advantages. The advantage Nigeria has is, one, the sheer size of its human resource.

Two, the sheer size of its natural resources. It has natural resources in virtually every aspect of factor categorisation – in minerals, it has columbite, tin, iron, steel, uranium, so many, including the ones that are being discovered every day. If you go to forestry, the same thing.

If you go to livestock, the same thing. If you go to agronomy, the same thing. Nigeria has all of that, and if you put all these on the table, it has a whole lot to offer and the country can actually leverage the ETLS to push these to the ECOWAS market. Of course, that doesn’t mean it is going to be shutting out other countries.

As I said, each country goes back to prepare itself to play equitably in the market.

Are Nigerian companies well-placed to tap into the opportunities inherent in the ETLS? I think Nigeria still has a lot to do to increase awareness, to sensitise industries and in fact to sensitise even the stakeholders within the entire ETLS implementation chain, including

If you are to outline the benefits of trade liberalisation, what would they be?

If you, for instance, use the ETLS as a case study, let us single them out. For instance, government is a stakeholder in the process and that is basically why they decided on it.

What is government interested in? Government wants to ensure that it can kill smuggling; government wants to protect the private sector in these countries. Part of what it wants to do is to reduce the price un-competitiveness of products within the intra-ECOWAS region.

That way, the first is that the ETLS, which is like the flagship for liberalisation within the sub-region, helps to protect the revenue that government typically loses through smuggling and through dumping. Number two, it gives the private sector producers the advantage of price competitiveness. Number three, there is enormous capacity building in all of that.

Number four, there is enormous prosperity that goes with it. For instance, the ETLS expands market; it gives market access. Once you have market access, one of the things that go with it is the demand pressure on manufacturers.

That pressure on manufacturers forces you to employ more, to buy more equipment, to expand on your processes.

Again, one of the things trade liberalisation does is, it enhances capacity and improves on standards across the board. It helps to improve on products standards. You know, one of the things often mentioned as partly responsible for unfair terms of trade is that they say the standards of products from Africa are not too good. Liberalisation helps you to work on your standards and that’s one of the things you bring to the market – enhanced standard. In fact, all that are embedded in that value chain, there are expansions within that value chain across the board. All of these are multi-advantages for various stakeholders including government, the private people, and the community itself, the community of people, because everybody benefits.

In other words, if Nigeria taps properly into the opportunities presented by ETLS will it be able to get out of recession quicker?

I have mentioned tobacco here, and I have to mention it again. Let’s do a simple calculation.

If Zimbabwe within the first quarter of this year could make $246 million, Nigeria can double that capacity very easily in tobacco production. It’s very simple. And then, not only in tobacco, there are many more products that you can identify.

And this is not rocket science, all you need to do is to engage with local farmers/producers and they will roll out this. I don’t know whether other investors that are interested in that area are also doing the same, but I understand that Phillip Morris has a programme to provide free extension services and interest-free support to local farmers.

26

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

BUSINESSWORLD

INDUSTRY

FG Steps up Policies, Initiatives to Address Real Sector Challenges Crusoe Osagie The federal government has stated its commitment to policies, initiatives and programmes to address the challenges facing manufacturers in the country.

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, explained that such initiatives include the implementation of the Nigeria Industrial Revolution Plan (NIRP), National Enterprise Development Programme (NEDEP), harmonisation of quality infrastructure and certification, reforms in the power sector, review of the trade, industrial and investment policies.

According to him, the ministry is almost through with the review of the Export Expansion Grant (EEG) and ensuring an improvement on ease of doing business, maintaining these policies are geared towards stimulation socio-economic development in the country.

Enelamah who was represented by an acting Director in the ministry, Mr. Francis

Alaneme, during the 45th annual general meeting of the Manufacturers Association of Nigeria (MAN), Apapa branch in Lagos, tagged “Economic recession and the future of manufacturing in Nigeria” said the government is not unmindful of the challenges facing the manufacturing sector, saying that the present administration fully understands the role of manufacturing in economic development.

“More than ever before, government is committed to the wellbeing of the sector because it is the most viable option towards our economic renaissance as a nation. In this regards therefore, the focus of government is to build an industrialised economy that is strongly based on locally available resources,” he said.

He added that success of initiatives geared towards economic development cannot be achieved without the support and commitment of the Organised Private Sector (OPS), pointing out the need for all and sundry to look inward and

harvest locally resources in order to consolidate its effort to deliver on the change agenda of the federal government anchored on economic diversification.

Also speaking at the event, the president, MAN, Dr. Frank Jacobs, said the sector is passing through difficult times and would require manufacturers to be creative to remain in business. He advised manufacturers to key into the resource-based

industrialisation policy the federal government has adopted, pointing out that the policy will help to reduce the demand for forex to import essential raw materials for production which he said has been a major challenge in recent times.

He said the resource based industrialisation policy which involves the utilization of the nation’s abundant natural resources in producing products

that the country needs would not come without a cost, urging manufacturers to retool existing technologies and production processes.

He pointed out that government has a lot to do to make the new orientation of a resource-based industrialisation policy successful, advising that government should create attractive incentives for investors who would engage in the processing

of the abundant agricultural and mineral resources from primary produce to secondary or intermediate products.

“This would go a long way in attracting potential and current manufacturers into the use of local raw material inputs. In the meantime, government has to look for viable options of making forex available for manufacturers as we must remain in production,” he said.

LCCI Unveils International Commercial Dispute Resolution Centre Crusoe Osagie The Lagos Chamber of Commerce and Industry (LCCI) has launched an international commercial dispute resolution centre, Lagos Chamber of Commerce International Arbitration Centre (LACIAC) to provide tailored dispute management solutions, assisting businesses in the resolution and management of disputes in the country.

The president, LCCI, Mrs. Nike Akande, explained that LACIAC is a very dependable platform for the settlement of commercial disputes in Nigeria and beyond, saying that this move would attract more investors into the country due to its speedy process of dispute settlement.

Akande during the launch of the new initiative, said investors are more comfortable with Alternative Dispute Resolution (ADR) than the conventional court processes, pointing out that with adequate support, LACIAC will play a significant role in the promotion of Nigeria as an arbitration hub on the African continent.

“I therefore encourage all members of the LCCI, and indeed the entire business community to incorporate the LACIAC arbitration clauses in their contracts,” she urged.

She noted that LACIAC is hinged on its ability to develop a reputation as a world class arbitration centre, maintaining that the establishment of the international dispute resolution centre will attract many international arbitration cases to Lagos.

She added that the primary mandate of the chamber is the promotion of interests of the business community in the country, saying that the chamber recognizes the adverse and often disruptive impact of disputes on projects and transactions while pointing

out the need for an efficient system to resolve commercial and regulatory disputes.

“This is the Lagos Chamber of Commerce Arbitration Committee that is being launched today, because this launch is well over due because we have seen many cases taken to court and not decided in real time.

This is why we have initiated this dispute resolution centre to shorten the period of dispute settlement,” she said.

Also speaking at the event, the Chairman, LACIAC, Board of Governors, Mr. Babatunde Fagbohunlu, said the LACIAC operates on the fundamental philosophy that arbitration and ADR mechanisms are components of an overall strategy aimed at effective disputes management.

He said the initiative will facilitate training support to corporate in-house lawyers, risk managers and outside counsel to develop capacity in disputes avoidance and disputes management.

“We have been doing this for a while, but now introducing a new philosophy by deploying structures, the laws, and institutions. The message the Lagos Chamber of Commerce and Industry (LCCI) is trying to send out here is that we must begin to look into the laws and institutions, the legal framework itself. We must as a continent settle commercial dispute within the continent.

There is a need for a regional cooperation that necessary must involve institutional, constitutional and legal reform,” he said.

He bemoaned that the World Bank has consistently published in their report in the past decade, to rank African countries low in its ease of doing business report, saying the low ratings was due to lack of certainty with which contracts can be enforced.

LAGOS FASHION AND DESIGN WEEK

L-R: Chairman Style House Files/Lagos Fashion and Design Week, Tokunbo Akerele; Minister of State for Industry, Trade and Investment, Aisha Abubakar; and Head MSME Banking, Sterling Bank Plc, Omolara Akinfolarin at the Lagos Fashion and Design Week 2016 X-Retail … recently

Orji: Patronisng Made in Aba KPMG Holds FinTech Summit Products Promotes Diversification Today of Economy Emmanuel Ugwu, Umuahia Efforts aimed at diversifying Nigeria’s economy would yield good results with patronage of made in Aba products instead of spending scarce foreign exchange on goods that have local alternatives, Senator Theodore Orji has said.

To this end, the Senator who represents Abia Central in the National Assembly urged ministries, departments and agencies (MDAs) as well as security agencies to start looking inwards and patronise locally produced goods.

Orji, who was a former governor of Abia state, made the call when he received a delegation of Leather and Allied Products Manufacturers Association of Abia State (LEAPMAAS) led by the senior special assistant to the governor on public communications, Mr. Sam Hart.

According to a press release issued by the senior media adviser to the Aba Central Senator, Orji, was desirous of contributing to efforts to re-position Aba to play a major in enhancing the nation’s economy by encouraging Nigerians to cultivate the habit of appreciating and patronizing locally made products.

Aba, the commercial nerve

centre of Abia state is reputed for making of high quality shoes, bags, belts and other leather products as well as ‘ready made’ cloths.

Orji therefore stated that when MDAs and security agencies patronise made in Aba products entrepreneurship and excellence would be encouraged in Enyimba city thereby empowering local producers, create jobs for youths and save the scarce foreign exchange.

The Abia Central Senator, who delights in dressing in made in Aba products, urged all MDAs to emulate the Nigerian Army , which recently placed an order for 50,000 pairs of made in Aba boots.

In his remarks, Hart promised that Governor Okezie Ikpeazu was deeply involved in promoting made in Aba products and ensuring that the products are made to international standard.

Meanwhile, the second phase of Senator Orji’s scholarship scheme is scheduled to kickoff next month with a target of producing 240 graduates from Abia Central in various fields. The scheme which kicked off last year with 60 beneficiaries drawn from the six local governments that make up Abia Central targets both intelligent and indigent undergraduates.

Nosa Alekhuogie

One of the leading providers of tax, audit and advisory services in Nigeria, KPMG is set to host its first ever FinTech summit in Nigeria.

The summit is slated to hold on the 22nd of November 2016 at the Eko Hotel Convention Centre with its theme being - “The FinTech Disruption – Understanding the Value Proposition”.

The Head, Advisory services practice, Mrs. Bisi Lamikanra made this disclosure during a press briefing at its Head office in Lagos recently.

She revealed that FinTech is an increasingly important area to drive growth in the financial service industry and also, drive financial transactions in the non- financial service industry adding that the focus areas for the summit are next generation payments, lending and financing, financial inclusion, wealth management and personal finance, insurance, blockchain, and cyber security.

She said: “ We expect FinTechs to challenge the status quo in areas like insureTech and wealthTech.

Globally, banks are investing in the exploration of potential opportunities for application of Blockchain in financial services - beyond crypto-currency and we expect to see similar trends in the local market.”

Also, Partner and Head,

Financial Services Technology, Boye Ademola however noted that one of the aims of the summit is to share how FinTechs add value to differnt stakeholders in the economy. it is an international event with Fintechs from Nigeria, Africa, Asia, Switzerland amongst others in attendance.

He further added “ FinTechs are technology based organisations that develop solutions which position them to compete against or collaborate with Financial Institutions in the delivery of financial services.

They aim to develop innovative solutions to existing challenges such as financial inclusion, access to credit, personal finance management, access to insurance etc.

The emergence of FinTechs in Nigeria can be attributed to a surge in e-commerce, smartphone penetration and strong affinity for technology adoption within the teeming youth population.

We are seeing an emergence of FinTech players especially in the areas of payments, lending and crowd funding solutions.

More recently, we have also seen some growing interest in insurance and blockchain.

FinTech start-ups are well positioned to enable, compete or collaborate with players in the financial services industry in the efficient delivery of services.”

27

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

BUSINESSWORLD

PERSPECTIVE

Proposed $30bn Loan: Avoiding the Eurobond Curse

Uche Uwaleke examines the pros and cons of federal government’s resort for external borrowings

The federal government’s plan of seeking foreign loans to ramp up development expenditure in the face of huge infrastructure deficit and declining international reserves appear justified in the light of the findings of a study by Foster and Pushak, cited in the 2016 IMF article IV Consultation report on Nigeria, to the effect that the country requires capital spending of about US$14 billion a year for over a decade to close identified infrastructure gaps. This is as good as committing all the federally collected revenue each year to capital projects with no provision for recurrent expenditure! Against the backdrop of this stark reality and the increasing cost of servicing domestic debt, the resort to external borrowing stands to reason. At least, it is a better option than increasing the rate of Value Added Tax or selling government stakes in critical National Assets.

Be that as it may, the sources of the foreign loans should be of vital consideration given the fact that the country’s debt crisis prior to 2005 was more from external than domestic debts.

Section 41 (1a) of the Fiscal Responsibility Act 2007 provides that ‘’government at all tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with low interest rate and with a reasonable long amortization period ’’ while Section 41(2) provides that ‘’notwithstanding the provisions of subsection 1(a) and subject to the approval of the National Assembly, the Federal Government may borrow from the capital market’’. While the National Assembly awaits details of the proposal to procure foreign loans by the federal government, the breakdown of the US$29.96 billion facility which is already in the public domain shows ‘’proposed projects and programmes loan of US$11.274billion, Special National Infrastructure projects US$10.686billion, Eurobonds of US$4.5billion and Federal Government budget support of US$3.5billion“.

It is the Eurobond component that stirs some concern due to its non-concessional nature. By definition, Eurobonds are international bonds issued outside the country in whose currency its value is stated. They represent a means of diversifying sources of development finance.

Unlike concessional loans which are often tied to a particular project and procurement source, Eurobonds issuances come with few conditions attached, allowing governments more control over where they channel the funds.

This discretionary feature can be abused by corrupt governments thereby turning the loans to a curse instead of a cure. Also, Eurobonds, like most debt instruments, attract transaction costs which reduce the final amount the issuer collects and unlike multilateral and bilateral loan agreements which are often on concessional terms, Eurobonds carry significantly higher borrowing costs especially when issued by a mono-product country like Nigeria that is highly susceptible to external shocks. In view of the enormous downside risks, borrowing

Adeosun

through the Eurobonds window make timing of the issue an important consideration. With the economy still in the woods, accessing the international capital market at this time will be costly for Nigeria and result in what has been dubbed the ‘’Eurobond curse’’ in finance literature. This curse arises from the increasing burden on the issuer of servicing a debt procured on unfavourable terms (at a very high cost) in a desperate attempt to overcome economic challenges.

It is a fact that the country’s ratio of external debt service to government revenue is low compared to indicative thresholds or even that of peer countries but this narrative is bound to change if a US$4.5 billion Eurobond component is added to the external debt stock between now and 2018. According to data obtained from the Debt Management Office website, Nigeria’s external debt stock as at 30th June 2016 of about $11.26 billion comprises US$7.99 billion from Multilateral sources (representing 70.96 per cent), US$1.77 billion Bilateral (or 15.72 per cent) and US$1.50 billion Eurobonds which translates to 13.32 per cent. In spite of the low size of Eurobonds relative to the other two sources, the cost of

actual external debt service payments in the first quarter of 2016 was highest for Eurobonds which took up 38.8 per cent with Multilateral and Bilateral sources accounting for 36.7 per cent and 24.5 per cent respectively. To further underscore this point, as at October 31 2016, the closing prices and yields of Nigeria’s 10-year Eurobond (2013-2023) were US$97.146 and 6.912 per cent respectively. It is instructive to note that the yield of this US$500 million Eurobond at issue was 6.625 per cent and given the inverse relationship between bond prices and yields, the increasing yield and lower price is a reflection of the waning investor confidence in Nigeria.

In January 2011 when Nigeria issued a US$500 million debut Eurobond which was aimed in part to establish a benchmark yield curve in the global market, and in 2013 when another US$1 billion bonds were raised from the international capital market, the country was not in a recession -little wonder these issues were oversubscribed. Today, market conditions are far from favourable. A study on African Eurobonds conducted by Deutsche Bank in November 2015 observed as follows: ‘’while the challenging economic backdrop has

not prevented new issuance, it has resulted in higher yields. Those countries that did issue in 2015 had to offer significantly higher yields than previously. For Zambia and Ivory Coast, primary market yields increased by 70 bp and 100 bp respectively, and for Ghana, even by 260 bp to 10.75% in relation to the last issues in 2014. Angola, the only debut issuer in 2015, had to offer a yield of 9.5%. Yields increased also on secondary markets, with the increase being highest for commodity exporters with weakening fiscal and/or external fundamentals such as Zambia, Gabon, Ghana and Nigeria’’.

In Oct 2015, the ‘Pulse Newsletter’’, a Ghana based publication, reported that Ghana was abandoning the issuance of US$1.5 billion Eurobond after a failed roadshow in Europe which saw only few investors signifying interest in buying the bonds at exorbitant interests rates of 11 percent much higher than the coupon rates of 8 per cent and 8.5 per cent for the country’s last two billion dollar- bond issues.

Clearly, the present market conditions are not conducive and so the proposed US$4.5 billion Eurobonds issuance over the next three years will involve significantly high costs given the economic challenges facing the country which will take some time to overcome. The IMF expects Nigeria’s GDP to contract by 1.7 per cent in 2016 and slowly recover in 2017, growing by 0.6 per cent. In the event of lowerthan-expected GDP growth and weakening domestic currency, the country will have a huge challenge servicing the Eurobonds. Again, interest rates in US may go up post President Obama era. It will be recalled that Donald Trump, the Republican presidential candidate, at the first presidential debate in September had accused the Federal Reserve Chairwoman Janet Yellen, of “doing political things” by keeping interest rates low. When interest rates in the US eventually rise, the burden of servicing new Eurobonds will become worse.

According to the Debt Sustainability analysis report by the DMO, the maximum amount that Nigeria can borrow for the fiscal year 2017 is US$22.08 billion with new external borrowing accounting for US$16.56 billion.

The other components of the proposed loan excluding the Eurobonds amount to over US$25 billion. If the government is positive about obtaining concessional loans from multilateral sources such as the World Bank and the African Development Bank as well as from Bilateral sources like the EXIM Bank of China and the Japan International Cooperation Agency, then every effort should be made to fast track access to these cheap funding sources and shelve for now the idea of obtaining commercial credits in order to escape the Eurobond curse already afflicting many sub-Saharan African countries.

- Uwaleke, is an Associate Professor and Head, Banking & Finance department Nasarawa State University Keffi, Nasarawa State

Umana Secures Malaysia’s Support for Oil & Gas FZs The Managing Director of the Oil and Gas Free Zones Authority (OGFZA), Mr. Umana Okon Umana has said that the nation’s oil and gas free zones should be Nigeria’s first ports of call for foreign direct investments because the Authority has mouth-watering incentives and benefits to investors who set up businesses in the oil and gas free zones.

Speaking to the Malaysian High Commissioner, Lim Juay Jim, during a visit to the Malaysian High Commission in Abuja on Friday, Umana said the benefits for investors include zero tax from federal, state and

local tax authorities; zero levies and rates (that is no corporate tax, withholding tax, value added tax and capital gain tax); 100% foreign ownership; 100% repatriation of profit and dividends; 100% repatriation of foreign capital investment.

He said other benefits to the investor include streamlined documentation that makes for fast-tracking of all business transactions.

Umana explained to High Commissioner Jim that there were functioning and vibrant oil and gas free zones in Onne, Rivers State; Warri in Delta State and Apapa in Lagos,

adding that the OGFZA was developing additional oil and gas free zones in Brass, Bayelsa State; Ikpokiri, which is contiguous with Onne in Rivers State and Ibaka in Akwa Ibom State.

He told the High Commissioner that the new oil and gas free zones being developed in Brass, Ibaka and Ikpokiri, including the developed ones in Onne, warri and Lagos, presented viable and irresistible opportunities for investors to take advantage of and become part of the profitable history of Nigeria’s oil and gas industry.

He said there were opportuni-

ties for the development of infrastructure such as roads and power plants to provide dedicated electric power for the oil and gas free trade hubs.

Umana also explained that attractive opportunities for downstream industries like refineries, manufacturing of pipes for the oil and gas sector and other related industrial goods as well as infrastructure existed for investors in the free zones, adding that the oil and gas Authority was willing to partner with any investors using the publicprivate partnership (PPP) model to achieve its mandate

and business plan. He said the success recorded in the Onne free zone derived from the PPP business model.

High Commissioner Jim expressed joy at the visit and the presentation made by the chief executive of the OGFZA, promising to visit the OGFZA headquarters with a delegation of Malaysian investors to explore investment opportunities in keeping with the strong historical and economic ties between Nigeria and Malaysia.

High Commissioner Jim explained that Malaysia has for long seen Nigeria as the

economic hub of Africa, explaining that it was Nigeria’s economic weight that made Malaysia to relocate its Africa trade mission from Nairobi to Lagos. He said though Nigeria was currently going through a recession, Malaysia expects the country to bounce back soon.

Umana was accompanied on the visit by the head of trade and investment at OGFZA, Adamu Kontagora; head of legal department and company secretary, Barr. Abduwasiu Sule and Maurice Etim, Chairman of Aurum Energy Maritime and Construction Limited.

28

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

PROPERTY & ENVIRONMENT Nations Take Forward Global Climate Action at 2016 UN Climate Conference

The need to fast-track and make the Paris Agreement on climate change irreversible was reinforced at the Conference of Parties COP22 on climate change in Marrakech, Morocco, reports Bennett Oghifo

C

ountries accelerated global climate action across a broad range of areas at the 2016 UN climate change conference as they fast-tracked the political and practical aims of the historic Paris Climate Change

Agreement.

Announcements linked to GCA events at COP 22 include: 19 African Capital Markets Authorities and Exchanges, accounting for 26 African countries, have signed and endorsed the Marrakech Pledge for Fostering Green Capital Markets in Africa. According to statements from the forum’s secretariat, “multi-billion and multi-million dollar packages of support for clean technologies; building capacity to report on climate action plans, and initiatives for boosting water and food security in developing countries were also among the many new announcements and initiatives launched.”

Meanwhile, governments set a rapid deadline of 2018 to complete the rule book for operationalising the Paris Agreement to ensure confidence, cooperation and its success over the years and decades to come. Businesses, investors, cities and local governments also issued new climate change commitments, adding to the thousands announced in the run up to the Paris climate conference last year. For example, a club of subnational governments, the Under2 Coalition, who have committed to reduce their emissions by at least 80 percent by 2020, announced their membership has grown to 165. The combined GDP of these 165 members is close to $26 trillion – a third of the global economy – and cover a population of around one billion people living in North America, Europe, Latin America, Africa and Asia.

The Climate Vulnerable Forum a group of more than 40 vulnerable nations, released a declaration that strengthens the call to limit global temperature rise to as close to 1.5 degrees Celsius as possible.

Their Marrakech Vision commits these countries to various ambitious aims, including achieving 100% renewable energy between 2030 and 2050.

Several countries – Canada, Germany, Mexico and the United States – announced ambitious climate strategies out to 2050, reflecting the long-term goal of the Paris Agreement to achieve climate neutrality and a low-emission world in the second half of the century.

Patricia Espinosa, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), said, “The landmark Paris Agreement set the course and the destination for global climate action. Here in Marrakesh, governments underlined that this shift is now urgent, irreversible and unstoppable.”

This new era of implementation and action for climate and for sustainable development was captured in the Marrakech Action Proclamation.

“I would like to pay tribute to the Government of Morocco and the President of the Conference, Mr. Salaheddine Mezouar, for their remarkable success. COP 22 has been what it needed to be, a COP of action that has accelerated progress under the Paris Agreement across finance, new initiatives, ambition and solidarity between nations and across Continents,” she said.

Mr. Mezouar, President of the 22nd Conference of the Parties (COP 22), said, “The Kingdom of Morocco is fully engaged in the success of this COP and will energetically carry out its role as President. At the outcome of the last fifteen days, our vision has been consolidated and we are working to make concrete progress and to carry out breakthrough actions from now until the end of 2017.

“It will be necessary to respect the commitment of $100 billion dollars from now until 2020.

Faced with the magnitude of what is required for dealing with the impacts of climate change, turning billions into trillions is indispensable.

2017 must be the year of large scale projects, of mobilizing finance, and accessing financial facilities that will be necessary for adaptation,” he added. Ms. Espinosa added, “During COP 22, the strength, the support for and the robustness of

Technology...

During COP 22, governments learned that in 2016 over 30 projects for cutting emissions with technology transfer objectives were approved by the GEF, with $188.7 million in GEF funding and $5.9 billion in co-financing.

Gender...

Fifteen years after the first decision on women and gender under the UNFCCC at COP 7 in Marrakech, governments took another important step towards achieving their goals on gender balance and gender-responsive climate policy by agreeing an extended work programme that includes civil society, businesses and others.

Indigenous Peoples...

COP 22 took first steps in making the local communities and indigenous peoples platform operational which was established last year in Paris. This marks a new era of addressing the concerns and needs of indigenous peoples in the climate process. Once operational the platform will allow for an exchange of experiences and sharing of best practices on mitigation and adaptation and ultimately lead to more climate actions.

Minister of Environment, Amina Mohammed

the Paris Agreement was furthered underlined, with nine more ratifications received at the UN in New York and the promise of many more to come. Nations reaffirmed that the agreement is in their national interests and a key catalyst to a better, more prosperous future for their citizens.”

COP 22, hosted by Morocco’s King Mohammed VI, saw almost 500 Heads of State or Government and Ministers attend. It also witnessed the first meeting of the Paris Agreement’s top governing body following early entry into force of the Paris Agreement on 4 November.

At the close, Fiji was announced as the host of the 2017 UN climate conference, with Germany assisting the Pacific island nation by holding it in Bonn.

Key Outcomes and Initiatives...

Rule Book A crucial outcome of the Marrakesh climate conference was to move forward on writing the rule book, or operational manual, of the Paris Agreement. The agreement calls for a significant boost of transparency of action, including for measuring and accounting emissions reductions, the provision of climate finance, and technology development and transfer. It also includes work to design the adaptation communications, which is the primary vehicle under the Paris Agreement to share individual adaptation efforts and support needs.

Countries pressed forward on this and set a fast track date of 2018 for completion. Countries have already built the foundation for this by peer assessing each other’s actions to cut emissions through a transparent process that began in 2014.

Multilateral Assessment...

At COP 22, seven developing countries presented updates and opened themselves to examination by their peers on how they are moving to a low carbon economy.

This fits into delivering a system for monitoring, verifying and reporting actions and opens the door to greater ambition under their climate action plans, called Nationally Determined Contributions (NDCs).

Capacity-building Initiative for Transparency...

During COP 22, the Global Environment Facility (GEF), a multilateral funding arm, announced a Capacity-building Initiative for Transparency backed by 11 developed country donors providing $50 million-worth of funding.

NDC Partnership...

Implementation of climate action plans also received a boost from the launch of the NDC Partnership – a coalition of developing and developed countries and international institutions working together to ensure countries receive the technical and financial support they need to speedily meet their climate and sustainable development goals.

Progress by Governments...

Governments made progress across key areas of climate action, including climate finance, adaptation, capacity building, technology and gender-responsiveness. This is an overview: Climate finance...

Countries pledged more than $81 million to the Adaptation Fund, surpassing its target for the year. Countries pledged over $23 million to the Climate Technology Centre and Network, which supports developing countries with climate technology development and transfer.

As the implementation arm of the Technology Mechanism, the CTCN is a key institution to enable nations realize their commitments under the Paris Agreement. The Green Climate Fund (GCF) announced the approval of the first two proposals for the formulation of National Adaptation Plans: Liberia for $2.2 million and Nepal for $2.9 million. Another 20 countries are expected to have their proposals approved soon with up to $3 million each. Overall, the GCF is on track to approve $2.5 billion worth of projects Adaptation...

The Adaptation of African Agriculture initiative, which includes 27 participating countries, showcased how water, soil, climate risk management, funding of small farmers and the Sustainable Development Goals (SDGs) are being addressed with an overall aim of advancing adaptation.

Loss and Damage...

A new five-year framework under the Warsaw International Mechanism on Loss and Damage (WIM) will deal with impacts that are not addressed through planned adaptation, including displacement, migration and human mobility and comprehensive risk management.

Capacity building...

In another show of accelerated climate action, countries operationalized the Paris Agreement’s Paris Committee on Capacity Building. It will help build capacity for climate action in developing countries. The members have been elected and the committee will take up its work in May 2017.

Water...

The Water for Africa initiative, established by the Kingdom of Morocco and supported by the African Development Bank was launched at COP 22, aiming to render justice to Africa through the adoption of a specific action plan that will mobilize different international political, financial and institutional partners.

The three alliances for basins, megacities and businesses, created at COP 21, which today represent more than 450 organizations worldwide, signed a common commitment to mobilize jointly their partners, identify and disseminate good practices and support the development of new projects.

Others Initiatives Launched...

UNEP launched a new global initiative, The Global Peatlands Initiative, which aims to reduce global greenhouse gas emissions and save thousands of lives by protecting peatlands, the world’s largest terrestrial organic soil carbon stock. The initiative will mobilize governments, international organizations and academia in a targeted effort to protect peatlands, which contain almost 100 times more carbon than tropical forests. The Solar Impulse Foundation launched the World Alliance for Clean Technologies as a legacy to the first ever solar flight around the world.

Its goal is to federate the main actors in the field of clean technologies to create synergies, give advice to governments, and promote profitable solutions to the world’s most pressing environmental and health challenges.

The first ever private adaptation and resilience investment vehicle, the Marrakech Investment Committee for Adaptation Fund is a $500 million fund launched in partnership with The Lightsmith Group, based in the United States, BeyA Capital, based in Africa, and the Global Environment Facility. Over the next four years, the MENA Climate Action Plan aims to nearly double the portion of World Bank financing dedicated to climate action, taking it to around $1.5 billion per year by 2020.

Momentum for Change at COP 22...

The UNFCCC secretariat’s Momentum for Change initiative hosted a series of special events at COP 22 from 12 to 17 November.

These events celebrated the 2016 Momentum for Change Lighthouse Activities with inspiring videos, photography, roundtable discussions, an exhibition space and an evening award ceremony.

The Momentum for Change Lighthouse Activities are some of the most innovative, scalable and replicable examples of what people are doing to address climate change – these events celebrated these solutions.

29

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

PROPERTY & ENVIRONMENT

‘Stakeholders Hypocritical about Affordable Housing’ Major stakeholders in the nation’s housing sector that can ensure the availability of affordable housing are not practicing what they preach, Dele Martins, Managing Director of HFP Construction Company, has said.

“To be honest the topic of affordable housing is one that has been much talked about in Nigeria but when it comes to implementation is shrouded in extreme hypocrisy by the main stakeholders who can make it happen, whether they are from the private or public sector or indeed the financial sector.”

Mr. ‘Dele Martins, Chief Executive Officer, HFP Construction company stated this in a keynote address on provision of affordable housing delivered at the new corporate identity launch of Knightstone Properties Ltd and its ambassador unveiling event in Lagos, recently Martins said, “In my humble opinion the challenges of providing affordable housing in Nigeria are very well known and have been rehearsed over and over again to the extent that I rather doubt there is anything new to add. The challenges highlighted below are therefore not original to me and are listed more by way of reminder of the issues that need to be addressed with sincerity if we are serious about tackling the massive housing deficit we have in Nigeria and in particular the provision of affordable housing.

“The latest figures available indicate that Nigeria has an estimated population of 170 million people which is growing by approximately 2.8% per annum (source: World Bank). It is also estimated that there is an 18-million-unit deficit in housing stock and that Nigeria needs to build approximately 700,000 housing units annually if we are to make a noticeable impact on the deficit. Presently, we are barely building a 100,000 housing units annually.

“The true scale of the housing deficit challenge can be gleaned from the fact that it is estimated that 108 million Nigerians are ‘homeless’ based on an average family of six people per housing unit. “ Several factors, he said have been adduced by analysts and experts in the real estate and allied sectors for the absence of affordable housing in Nigeria, including: Unfavourable government policies, lack of mortgages for potential buyers and unstable investment environment; Difficulties and lack of transparency associated with acquiring affordable land for the development of affordable housing, as well as, the bureaucracy associated with obtaining title documents to acquired or transferred land; and Exorbitant cost of consent and other fees associated with the transfer of Land.

He said other factors included, unavailability and difficulty of accessing affordable mortgages for the purchase of houses by individuals; bureaucracy and difficulties associated with obtaining building and other regulatory

approvals for the construction of affordable housing; the high and escalating cost of building materials and over dependence on imported building materials.

Non-alignment of the interests of the various stakeholders particularly the developers, commercial and mortgage banks on the one hand and the intended beneficiaries of affordable housing on the other. The former wants to maximize profit whilst the latter wants housing that is cheap, decent and affordable; Unstable and unfavourable exchange rate policies; Absence of fiscal incentives by Government to make affordable housing development attractive; Lack of provision by Government of the primary infrastructure required to support the development of affordable estates including roads as well as access to water and electricity; and Indiscipline and corruption in the implementation of affordable housing schemes.

“I have no doubt that more items can be added to the above list but for present purposes it gives us an idea of what issues need to be tackled,” he said.

According to him, the importance of housing to the citizenry is underscored by the fact that it is mentioned immediately after Food on the list of needs of man.

“If we are to succeed in our claimed quest for the provision of affordable housing to the citizens of Nigeria and in particular low income earners there is an urgent need for governments at all levels to approach the subject holistically, sincerely and a great deal of commitment.

“Governments at all levels need to lead the formulation of a comprehensive policy designed with the input of all stakeholders, and implemented with zeal and vigour at all levels. At the heart of every policy must be the interests of the target beneficiaries of affordable housing.

“In essence there is a need to work to a predetermined answer starting from a clear definition of what constitutes affordable housing not only in Nigeria as a whole but in each sub-region or division of Nigeria. What is affordable in Lagos State may constitute luxury in Oyo State and what is affordable in Badagry will differ from what is affordable in Ikorodu and each case depends on the prevailing socio-economic conditions in each locality or sub-division.

“After determining what is affordable for each locality or region an appropriate design of house should now be made to fit the benchmark for the relevant area. As much as possible the construction materials to be used should come from the locality or region in which the affordable housing is to be constructed so that employment is generated for the local people and cost of construction fits the relevant local profile. In fact, local artisans and contractors should be encouraged to form themselves into cooperatives to bid for the supply of local construction materials.”

Brains & Hammers Partners LEGEND for Fiber Deployment in Abuja Estates Bennett Oghifo Brains & Hammers is collaborating with LEGEND, is an exclusive multi-media brand to equip over 3,000 houses in Abuja with future-proof fiber-to-thehome, which will open up a new world of possibilities for owners and residents of these properties. With Fiber in the home, a house can become a smart home through the ‘Internet of Things (IoT)’, where devices in the home are connected to the internet and are able to send and receive data, said officials of the companies.

Over the last few years, Brains & Hammers have revolutionised the real estate industry in Nigeria, by delivering unique, beautiful, yet highly functional buildings that are truly value for money – the perfect mix of superior design, exquisite craftsmanship and price.

LEGEND, is an exclusive multi-media brand that offers

Premium cable TV entertainment, unlimited Internet access, local and international voice calls, automated home management & security services, all on the same connection; an innovation in multimedia services, powered by fiber-optic technology infrastructure.

“Imagine being able to remotely control your lights and AC equipment before you come home? To get remote access to cameras in your home to see what the kids are up to? To play music wirelessly across different rooms with access to international radio and music stations? What about streaming and downloading as much content as you want on a ultrafast internet connection with no buffering? All these and more are made possible by Fiber-optic connectivity, which delivers truly unlimited internet, premium video content, call services and more on a single connection. “This deployment

will be the largest Fiber-to-thehome rollout in Sub-Saharan Africa and heralds a new era of better living for Nigerian homeowners. The Executive Director of Brains and Hammers, speaking of this partnership, says: “Brains & Hammers constructs houses with only the utmost attention to detail, creating buildings and communities that become reference points in the industry – both for individual homeowners and the industry at large. Professionally, our aim is to be a benchmark for the entire residential construction industry.

We aim to be the real estate developer that other developers emulate, both in terms of our actual end products, and of our management/business approach.”

LEGEND is a product brand of Suburban Fiber Company, a company that maintains strong foundations in the Nigerian multi-media space, with over a decade of pioneering and

successful operations. The CMO of Suburban Fiber Company, Gabriel Gab-Umoden, speaking on the partnership, says: “The Legend brand offerings are second to none in Nigeria, with a reliable network, superior entertainment and ancillary services all offered at price points that are accessible to a broad spectrum of the market.

We have successfully rolled out our services to thousands of homes and satisfied customers, and we are eager to deliver true broadband to more Nigerian homes at such a large scale.”

The project is expected to commence in August 2016 and will be swiftly rolled out in all Brains & Hammers estates across the Abuja metropolis. With this landmark achievement, fiberoptic connectivity will become part of the blueprint for estate developments in the country going forward, as Nigeria looks to leap frog other developing nations in this regard.

L-R: Executive Director, Knightstone Properties Ltd, Mr. Akinola Akande; Managing Director/CEO, Knightstone Properties Ltd, Mr. Adeniyi Adams; Brand Ambassador and Nollywood star, Knightstone Properties Ltd, Bukky Wright; and Lead Engineer, Knightstone Properties Ltd, Olajide Ogundare at the new corporate identity launch of Knightstone Properties Ltd in Lagos... recently

Fine and Country International Realty Refined Investor Series Holds Today Fine and Country International Realty 2016 edition of the Refined Investor Series (RIS) holds today and will focus on ‘Unlocking Smart Real Estate Opportunities During a Recession’.

This unique platform will be chaired by Mrs. Bola Adesola, MD/CEO of Standard Chartered Bank, along with other leading stakeholders. The Refined Investor Series is a real estate thoughtleadership series targeted at high net-worth investors, economic influencers, real estate developers, property enthusiasts and aspiring investors.

Coming on the heels of Fine and Country West Africa’s 8th anniversary in Nigeria, this year’s event is scheduled to hold on Tuesday, November 22, 2016, 9am - 2pm at the Wheatbaker Hotel, Ikoyi, Lagos State. The theme for the event is - “Out of the Box”: Unlocking Smart Real Estate Opportunities during a Recession.

The Refined Investor Series will generate high level conversations on smart real

estate investment strategies and opportunities in the Nigerian, UK and global property market, during a period of recession and transition.

Some of the highlights and interesting conversations to be expected at the upcoming Refined Investor Series 2016 edition are: ‘An Economic Melt Down or an Opportunity to Re-Invent? What is the impact of the economy on real estate?

“Are we having an economic meltdown or an opportunity to re-invent true value and a sustainable real estate market that creates wealth for real investors and users? What is the impact of financial and economic policies on the real estate market, and where are the unique opportunities?

Which investors are best suited for the out-of-the-box opportunities? What are the best ways and when is the best time to unlock these creative opportunities?

They will also discuss ‘The Economics of Definitions: How They Affect Valuation

and Perception of Value.

“With an increasing number of residential properties being represented as luxury, and in the commercial space, most offices being offered as Grade A Prime Offices, there is an increasing need for real estate investors/occupiers to understand what exactly they are getting, what matters most and what constitutes luxury residential property or prime Grade A office. How do these factors affect valuation and perception of value?”

‘Pricing Strategies for Real Estate in a Volatile Economy’ in also on the platform. “How Investors price prime offices and residential properties in a recession and volatile economy? Are there practical strategies apart from price wars for commercial landlords to ensure that the increasing stock of prime offices and premium residential do not remain on the proverbial shelf for longer than is necessary? What is the right pricing strategy in the current market? What are the

real drivers of residential and commercial leasing decisions?

What do corporate tenants really care about?”

Other topics are: ‘Emerging New Cities: Urban cities or ghost towns in the making? “What is the future of Middle class urban residential living? Where are the opportunities? How do investors get to access them and what’s the best way to get maximum value from new urban cities or projects? Are there well thought through?”

‘Real Estate Value Enhancers’: The economics and politics of design specifications and how they affect facilities management & service charge. “What are the real risks and benefits of investing or living in a multi-owner residential development? What are the real facts and figures behind service charges in both residential and commercial properties and how can they be managed efficiently while preserving asset value and user experience? What’s the role of legal documentation in preserving real estate wealth?”

30

TUESDAY NOVEMBER 22, 2016 T H I S D AY

T H I S D AY TUESDAY NOVEMBER 22, 2016

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TUESDAY NOVEMBER 22, 2016 T H I S D AY

TUESDAY NOVEMBER 22, 2016 • T H I S D AY

INTERNATIONAL

33

email:foreigndesk@thisdaylive.com

Pope Extends Power to Forgive Abortion to Catholic Priests Pope Francis has extended indefinitely to all Roman Catholic priests the power to forgive abortion, a right previously reserved for bishops or special confessors in most parts of the world.

Francis, who has made a more inclusive and forgiving Roman Catholic Church a characteristic of his papacy, made the announcement in a document known as an “apostolic letter” after Sunday’s close of the Church’s “Holy Year of Mercy”.

He said he wanted to “restate as firmly as I can that abortion is a grave sin, since it puts an end to an innocent life” but “there is no sin that God’s mercy cannot reach and wipe away when it finds a repentant heart seeking to be reconciled with (God)”.

Francis had already temporarily granted the power to all priests to give what is known as “sacramental absolution” for abortion during the Holy Year, from Dec. 8 to Nov. 20, but the solemn tone of his words in Monday’s letter suggested that change would last for at least the rest of his papacy.

“I henceforth grant to all priests, in virtue of their ministry, the faculty to absolve those who have committed the

sin of procured abortion. The provision I had made in this regard, limited to the duration of the Extraordinary Holy Year, is hereby extended ...,” he said.

In Roman Catholic teaching, abortion is such a serious sin that those who procure or perform it bring automatic excommunication on themselves as they are knowingly committing a sin the Church considers grave.

In the past, only a bishop or a designated special confessor of a diocese could grant absolution for an abortion and lift excommunication. Although bishops in some dioceses in developed countries such as the United States and Britain had already delegated this authority to parish priests, the old practice was still in effect in most of the world. At a news conference, Archbishop Rino Fisichella, who oversaw Holy Year activities, said the new norms applied to all Roman Catholics involved in an abortion, including the woman and medical staff.

He said that the absolution granted by any priest would also trigger the simultaneous lifting of excommunication.

Previously in many places in the world, even if the

absolution was granted by a priest, it was the bishop’s task to lift that.

Fisichella said canon (Church) law would now have to be changed to reflect the pope’s letter.

Papal pronouncements of a pastoral or administrative nature and which do not touch basic Church doctrine are included automatically canon law updates. Fisichella rejected suggestions that some people could see the move as putting abortion on the same level as lesser sins.

“There is no type of laxness here,” he said, repeating the pope’s words that while abortion was very grave, there was no sin that could not be touched by God’s mercy. In a document last year, Francis described the “existential and moral ordeal” faced by women who have terminated pregnancies and said he had “met so many women who bear in their heart the scar of this agonizing and painful decision”.

In the letter, the pope, the first from Latin America, also said the Church would hold a yearly “World Day of the Poor” on a Sunday in November to bring more attention to the world’s neediest.

34

TUESDAY NOVEMBER 22, 2016 T H I S D AY

Advertorial

T H I S D AY TUESDAY NOVEMBER 22, 2016

35 Advertorial

36

T H I S D AY •TUESDAY, NOVEMBER 22, 2016

BUSINESS/MONEYGUIDE

FG: 2017 Budget Proposal Almost Ready Uzoho Peter The federal government has stated that of the N6.06 trillion that was budgeted for the 2016 fiscal year, it has spent about N3.577 trillion as at September, 2016.

This, it said translated to a 79 per cent performance recorded by the budget. In a keynote speech at the KPMG CFO’s Forum in Lagos yesterday, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, also revealed that the 2017 Appropriation Bill was almost ready.

However, the minister who was expected to speak about the 2017 budget proposal declined making comment on that, saying it was because the document had not been submitted to the National Assembly.

“The good news is that it is almost ready,” he said.

“We are almost through with our consultations with the National Assembly on the Medium Term Expenditure Framework, and the outlines

of the 2017 Budget, and will soon be submitting it to the National Assembly for their consideration.

“Without giving anything away, I can assure you that the Budget will be targeted at stimulating private sector investment. The government believes that it is only by partnering with the private sector that we can propel the economy out of recession and onto the path of sustainable growth,” he added.

Commenting further on the 2016 budget, Udoma said in addition to the total of N2.44 trillion so far released for capital expenditure, non-debt recurrent and servicewide vote expenditure, a total of N1.138 trillion had also been paid out in domestic and foreign debt service expenditures, saying this included the N44 billion transferred to the Sinking Fund to retire maturing obligations.

Udoma, disclosed that to date, budget personnel cost and debt service obligations had been fully met, noting that, additionally, government has done reasonably well in the challenging

circumstances with respect to capital expenditure.

“It is noteworthy that the total amount of N753.6bn already released for capital expenditure in 2016 is the highest in the nation’s recent history, even in the era of high oil prices.

“Indeed, the capital releases to date exceed the aggregate capital expenditure budget for 2015 of about N700billion, inclusive of capital expenditure in statutory transfers. “Despite fiscal challenges, government is committed to meeting its debt obligations while funding critical sectors to enable government to function smoothly, as we continue to work out lasting solutions to the issues of revenue shortfalls”.

The minister also highlighted the Nigeria’s Economic Recovery and Growth Plan (NERGP) 2017 -2020, saying “all these reforms and initiatives, and many more, most of which will be reflected in the 2017 Budget, are being brought together in a single document to be called Nigeria’s Economic Recovery and Growth Plan (NERGP).”

Udoma

MARKET INDICATORS

FRC Releases Rule Nine for Auditors The Financial Reporting Council of Nigeria (FRCN) in its determined effort to entrench transparency and probity in the nation’s financial sector has released Rule 9 bordering on the application of International Standard on Auditing (ISA) 701, which hinges on the need for Independent auditors to communicate Key Audit Matters (KAM) in their report.

In a statement by the Executive Secretary of the FRC Mr. Jim Obazee, the release of the “Rule 9” was in accordance with sections 8(2) and 53(2) of the Financial Reporting Council of Nigeria, Act No. 6 2011, (FRC Act, 2011).

According to Obazee, the scope of the rule 9 which hinges on the application of ISA 701 deals with the auditor’s responsibility to communicate key audit matters in the auditor’s report, adding that it was intended to address both the auditor’s judgement as to what to communicate in the auditor’s report and

the form and content of such communication.

He stated that the purpose of communicating key audit matters was to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed.

He further explained that communicating key audit matters provides additional information to “intended users” of financial statements to assist them in understanding those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements of the current period.

He added that communicating KAM could also assist “intended users” in understanding the entity and areas of significant management judgement in the audited financial statements.

Obazee noted however that communicating KAM in the auditor’s report was not substitute for existing disclosure

requirements by the Council among others: Disclosures in the financial statement that the applicable financial reporting framework requires management to make, or that are otherwise necessary achieve fair presentation; Auditor expressing a modified opinion when required by the circumstances of a specific audit engagement in accordance with ISA 705 (Modifications to the opinion in the Independent Auditor’s Report- Revised); Reporting in accordance with ISA 570 (Going ConcernRevised) when a material uncertainty exists relating to events or conditions that may cast significant doubt on any entity’s ability to continue as a going concern; or a separate opinion on individual matters.

He maintained that Independent Auditors shall comply with provisions of ISA 701 for audits of financial statements and shall take effect on Decembers 15, 2016.

MONEY AND CREDIT STATISTICS 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

2,893,190.01

---- 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

The Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar 111 has commended the Governor, Central Bank Nigeria (CBN), Mr. Godwin Emefiele for the Anchor Borrowers’ Programme (ABP).

Speaking at the inauguration of the dry season wheat farming and distribution of wheat seeds as well as other farm inputs to farmers under the Anchor Borrowers’ Programme in Isa Local Government Area of Sokoto State recently, the Sultan appreciated the CBN for making the dry season farming possible with its support of funds for the programme saying that the Bank’s commitment is worthy of celebration at all times. Alhaji Abubakar maintained that the Anchor Borrowers’ Programme is the key to ensuring food security for the nation.

A statement further quoted the

Sultan to have said there was need for partnership between governments at all levels to evolve solution to end the farmers and herdsmen crisis.

Sultan Abubakar III gave his assurance that government can count on his support in tackling the incessant crisis between the two groups.

The Kebbi State Governor and Chairman of the Presidential Task force on Rice and Wheat, Alhaji Abubakar Atiku Bagudu said tremendous success had been achieved since the launch of the Anchor Borrowers’ Programme by President Muhammadu Buhari on November 17, 2015 in Birin-Kebbi.

The Sokoto State Governor, Aminu Waziri Tambuwal said the state with an estimated population of about five million, almost 85 per cent of the population are engaged in farm-

ing as their main occupation.

The former Speaker of House of Representives said the crux/ objective of agriculture in Sokoto State is to reduce poverty and achieve sustenance farming to help cater for the well being of the farmers.

Emefiele in his remarks said the commendation should be directed to President Muhammadu Buhari for showing focus and commitment in diversifying from oil and gas to agriculture and reduce heavy reliance on imported food into the country.

Emefiele commended the Sokoto State for the purchase and distribution of farm inputs to the farmers at highly subsidised rate.

The CBN Governor assured that with the Sokoto State meeting its equity counterpart funding, the state will access the N220 billion Commercial Agriculture Credit Scheme (CACS).

• Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Sultan of Sokoto Hails Anchor Borrowers’ Programme

(MILLION NAIRA)

JUNE 2016

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

13.1030 (Yield % ) • Monetary Policy Rate - 14%

OPEC DAILY BASKET PRICE AS AT FRIDAY, 18 NOVEMBER 2016 The price of OPEC basket of fourteen crudes stood at $42.33 a barrel on Friday, compared with $42.83 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

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

Nigeria’s top 50 stocks based on market fundamentals

7-Nov-16

4-Nov-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 4-Nov-16

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

26,981.60 9.29

26,887.54 9.26

-0.35% -0.35%

112.08 8.73

111.66 8.69

-0.38% -0.38%

Close 7-Nov-16

Change %

01 Dangote Cement Plc

172.43

172.43

0.00%

2,938,294,691,844.15

9.20

18.73

5.17

4.64%

3.93

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

21.86

22.57

-3.15%

643,365,577,836.64

4.90

4.46

1.60

8.10%

1.31

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

05 Zenith Bank Plc

14.79

14.80

-0.07%

464,354,143,094.94

3.91

3.79

0.98

12.17%

0.67

Table 3 Top 5 Gainers

06 Lafarge Africa Plc

54.88

54.88

0.00%

249,973,011,332.80

-9.39

-5.85

1.17

5.47%

1.23

Stock

361.00

361.00

0.00%

199,745,022,993.00 -44.58

-8.10

2.57

4.41%

0.51

48.50

50.00

-3.00%

183,489,868,125.00

0.69

70.07

2.76

0.10%

19.56

9.80

9.81

-0.10%

179,825,601,907.00

0.68

14.49

0.31

6.33%

0.29

10 Presco Plc

43.85

43.85

0.00%

174,105,418,423.25

0.03

2.44

2.96%

4.16

11 Stanbic IBTC Holdings Plc

17.00

17.00

0.00%

170,000,000,000.00

2.04

8.35

1.21

0.59%

1.44

Table 4 Top 5 Losers

5.48

5.55

-1.26%

158,525,284,537.88

2.59

2.12

0.45

10.04%

0.36

Stock

119.70

119.70

0.00%

155,906,988,029.10

3.31

36.20

1.01

2.88%

3.61

4.27

4.30

-0.70%

154,913,577,394.94

1.75

2.44

0.46

14.05%

0.36

15 Guinness Nig Plc

86.00

84.00

2.38%

129,506,384,168.00

-3.06

-28.12

1.25

3.72%

3.28

16 FBN Holdings Plc

3.05

3.05

0.00%

109,480,643,015.60

0.21

14.70

0.21

4.92%

0.18

17 Total Nigeria Plc

315.88

315.88

0.00%

107,248,157,871.56

38.02

8.31

0.40

4.43%

4.71

18 7-Up Bottling Comp. Plc

150.86

150.86

0.00%

96,639,462,162.18

-0.05

1.04

1.46%

4.35

6.12

6.20

-1.29%

73,440,000,000.00

1.03

5.96

0.51

8.17%

1.18

190.00

190.00

0.00%

68,513,099,780.00

19.32

9.83

0.75

3.79%

3.70

19.00

19.00

0.00%

62,590,736,320.00

0.02

843.25

2.35

1.32%

5.71

4.30

4.33

-0.69%

51,748,861,244.20

-3.15

-1.36

0.20

17.44%

0.33

23 Flour Mills Nig. Plc

19.70

19.70

0.00%

51,697,472,583.90

-1.19

-16.51

0.12

10.15%

0.52

24 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

25 Okomu Oil Palm Plc

47.00

47.00

0.00%

44,833,770,000.00

4.82

9.74

6.82

0.21%

2.78

26 U A C N Plc

18.60

18.60

0.00%

35,728,077,598.20

3.37

5.52

0.47

5.38%

0.47

27 Transnational Corporation Of Nigeria Plc

0.91

0.92

-1.09%

35,236,107,656.75

-0.47

-1.95

0.67

0.00%

0.48

28 Fidelity Bank Plc

0.89

0.89

0.00%

25,776,701,265.88

0.39

2.30

0.17

17.98%

0.14

29 Diamond Bank Plc

1.06

1.11

-4.50%

24,550,012,306.08

-0.29

-3.61

0.12

0.00%

0.11

30 Cadbury Nigeria Plc

12.95

12.95

0.00%

24,322,716,418.00

0.50

25.94

0.87

10.04%

2.38

31 Custodian And Allied Insurance Plc

3.93

3.93

0.00%

23,115,726,286.35

0.76

5.15

0.63

3.56%

0.81

32 Wema Bank Plc

0.59

0.57

3.51%

22,758,934,987.79

0.06

9.90

0.44

0.00%

0.48

33 Sterling Bank Plc

0.79

0.83

-4.82%

22,744,430,319.54

0.29

2.75

0.21

11.39%

0.28

32.40

33.75

-4.00%

22,680,000,000.00

2.28

14.18

3.40

3.55%

13.25

35 FCMB Group Plc

1.10

1.10

0.00%

21,782,981,859.10

0.61

1.80

0.13

9.09%

0.12

36 National Salt Co. Nig. Plc

7.71

7.71

0.00%

20,427,169,894.38

0.85

9.08

1.09

7.13%

2.76

37 Mansard Insurance Plc

1.89

1.98

-4.55%

19,845,000,000.00

0.28

6.78

0.99

2.65%

0.94

38 PZ Cussons Nigeria Plc

18.00

18.00

0.00%

18,000,000,000.00

5.69

3.17

1.26

0.56%

0.48

39 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

40 Continental Reinsurance Plc

1.02

1.07

-4.67%

10,580,199,198.24

0.42

2.43

0.48

11.76%

0.57

41 Honeywell Flour Mill Plc

1.17

1.17

0.00%

9,278,331,259.86

-0.40

-2.89

0.19

13.68%

0.28

42 Skye Bank Plc

0.57

0.57

0.00%

7,911,771,803.70

-2.93

-0.19

0.05

52.63%

0.08

43 Unity Bank Plc

0.60

0.61

-1.64%

7,013,602,765.20

-0.10

-5.85

0.11

0.00%

0.08

44 Wapic Insurance Plc

0.52

0.50

4.00%

6,959,023,891.04

0.18

2.89

0.89

5.77%

0.42

45 Cement Co. Of North.Nig. Plc

4.94

5.23

-5.54%

6,207,988,164.04

0.22

22.57

0.56

2.02%

0.58

46 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 UACN Property Development Co. Limited

2.80

2.80

0.00%

4,812,499,986.00

0.30

9.36

1.14

25.00%

0.14

48 Nigerian Aviation Handling Company Plc

2.68

2.68

0.00%

4,352,906,250.00

0.15

17.74

0.54

7.46%

0.73

49 AIICO Insurance Plc

0.60

0.63

-4.76%

4,158,122,688.00

0.22

2.69

0.14

8.33%

0.41

50 Fidson Healthcare Plc

1.20

1.20

0.00%

1,800,000,000.00

0.24

5.10

0.27

4.17%

0.28

07 Seplat Petroleum Dev. Co. Ltd 08 Unilever Nigeria Plc 09 Ecobank Transnational Incorporated

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

19 Dangote Sugar Refinery Plc 20 Mobil Oil Nig Plc 21 International Breweries Plc 22 Oando Plc

34 Cap Plc

TOTAL

8,693,926,482,572.73

TOTAL MARKET CAP

9,288,178,398,540.30

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

93.60%

Close 7-Nov-16

Open 4-Nov-16

Wapic Insurance Plc Wema Bank Plc Guinness Nig Plc

0.50 0.57 84.00

Open 4-Nov-16

Cement Co. Of North.Nig. Plc Sterling Bank Plc AIICO Insurance Plc Continental Reinsurance Plc Mansard Insurance Plc

5.23 0.83 0.63 1.07 1.98

Change %

0.52 0.59 86.00

4.00% 3.51% 2.38%

Close Change 7-Nov-16 % 4.94 0.79 0.60 1.02 1.89

-5.54% -4.82% -4.76% -4.67% -4.55%

Market starts week bearish with 0.35% loss Market pulse on the Nigerian Stock Exchange (NSE) today – Monday, November 7th, 2016 ended bearish due to waning investors’ risk appetite. This was further highlighted by negative performances from the NSE Sub sectors: Banking, Insurance, Consumer Goods and Oil & Gas. Trading activities decreased in volume as 115.04 million shares worth of N1.16 billion in 2,963 deals exchanged hands today. This is a decrease from the 151.85 million shares worth of N1.21 billion in 2,903 deals which exchanged hands on Friday. Topping in volume terms were United Bank for Africa Plc, Guaranty Trust Bank Plc and Zenith Bank Plc, while Guaranty Trust Bank Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with 0.35% (-94.06) decrease to close at 26,887.54 from 26,981.60 the previous trading day. Market Capitalization depreciated in tandem to N9.26 trillion from N9.29 trillion of prior trading day.

Similarly, the Thisday BGL 50 Index followed suit with a decrease of 0.38% to close at 111.66 from 112.08 recorded at the end of the previous trading day, while its market capitalization stood at 8.69 trillion from 8.73 trillion of the previous trading day.

A total number of 10 stocks gained on the bourse today while 18 stocks declined, 71 leaving stocks unchanged. Wapic Insurance Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 4.00% to close at N0.52 per share. It was followed

by Wema Bank Plc with a gain of 3.51% to close at N0.59 per share. Others on the gainers list include: Guinness Nig Plc, while on the decliners’ list, CCNN Plc with a loss of 5.54% to close at N4.94 per share. It was followed by Sterling Bank Plc with a loss of 4.82% to close at N0.79 per share.

Others on the decliners list include: AIICO Insurance Plc, Continental Reinsurance Plc and Mansard Insurance Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

38

T H I S D AY •TUESDAY, NOVEMBER 22, 2016

MARKET NEWS

FMDQ OTC Lists First Memorandum Money Market Fund Goddy Egene and Nosa Alekhuogie FMDQ OTC Securities Exchange listed the pioneer memorandum money market fund, The Greenwich Plus Money Market Fund. The fund is managed by Greenwich Asset Management Limited.

Commenting on the listing, Managing Director/CEO of FMDQ, Mr. Bola Onadele.

Koko commended the fund manager on its choice of securities exchange for the memorandum listing and reiterated the exchange’s commitment to facilitate growth and development in the Nigerian debt capital market (DCM).

“In presenting an attractive and efficient platform for issuers/fund managers to list their money market and fixed income mutual funds, FMDQ,

as a front-line regulator and an information repository, provides governance and ensures continuous disclosure/dissemination of key information on all funds listed on its platform, thus, improving information transparency whilst promoting credibility of the funds towards a more globally competitive DCM,” Onadele said.

In his comments, Managing Director of Greenwich Asset

Management Limited, Mr. Dayo Obisan, said: “Our choice to list the Greenwich Plus on FMDQ as the first collective investment scheme on its platform is a deliberate strategy to promote the transparency and visibility of the fund, and be the pioneer mutual fund that would encourage others to be listed.

The Greenwich Plus recorded the highest level of subscription at its Initial Public Offering (IPO)

after subscribers demonstrated confidence in the Greenwich brand by over-subscribing to the IPO by 44.85 per cent. The Fund remains open and its core objectives are to achieve a competitive rate of return and generate a steady stream of income for unit holders.”

Also speaking the Group Managing Director of Greenwich Trust Group, Mr. Kayode Falowo said the IPO

and subsequent listing of the fund is a great feat in view of recent economic and financial market conditions.

“Being the first mutual to be listed on this great platform, FMDQ, is remarkable for us all in the Greenwich Trust Group.

We believe that the 48 per cent oversubscription attests to the confidence investors have in the capability of the fund manager, Greenwich Asset Management.

DAILY STOCK MARKET REPORT T H E

N I G E R I A N

STO C K

E XC H A N G E

39

T H I S D AY • TUESDAY, NOVEMBER 22, 2016

MARKET NEWS

FMDQ Admits N7.96bn Sterling Investment Management SPV Plc Bond Goddy Egene The Sterling Investment Management SPV Plc N7.965 billion Series 1, 7-Year 16.50 per cent Fixed Rate Unsecured Bond, under the Sterling Bank Plc N65.00 billion Debt Issuance Programme, has been listed on the FMDQ OTC Securities Exchange.

Speaking at the listing ceremony in Lagos yesterday, Vice President & Divisional Head, Marketing & Business Development at FMDQ, Ms.

Tumi Sekoni, congratulated the issuer for successfully raising N7.96 billion from the Nigerian debt capital market (DCM), notwithstanding the current economic climate.

She noted that the listing would contribute to the growth of the Nigerian corporate bond market, invariably injecting renewed confidence into the DCM. According to her, FMDQ Listings & Quotations Service was continually refined and tailored to provide, among others, a unique opportunity

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

for issuers to raise the profiles of their issues and access a deep pool of capital, thereby meeting their long-term funding needs even as investor confidence is promoted through the availed transparency, information disclosure, price formation and visibility.

In his comments, Executive Director, Finance and Strategy, Sterling Bank Plc, Mr. Abubakar Suleiman said the last time the bank accessed the bond market was in 2011. He expressed his

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 18-Nov-2016, unless otherwise stated.

elation at the confidence placed in the institution by investors who participated in the offer despite the current volatility in the Nigerian financial market.

He acknowledged FMDQ’s contribution to the growth of the Nigerian DCM by facilitating active secondary market trading, and opined that the Bank was offering greater value to its esteemed investors by listing on FMDQ to enhance the liquidity of the bonds.

Following the presentation

to the sponsor of the bond on FMDQ, According to the Partner at Constant Capital Partners Limited, the lead issuing house in the transaction, Mr. Niyi Omojola stated that the company crafted a unique, innovative investment structure which enabled the Sterling SPV Bond share in the same investment grade rating as Sterling Bank Plc, enlarging the range of potential investors in the bond.

The innovative structure, he

explained, protects investors by providing Federal Government of Nigeria bonds-backed credit enhancement while investing in the Tier II Note of Sterling Bank Plc. “This innovation has allowed investors benefit from an enhanced rating, while providing Tier II capital to Sterling Bank Plc,” Omojola said.

He added that Stanbic IBTC, Vetiva Capital Management and SCM Capital acted as joint issuing houses to the issue.

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 120.45 Nigeria International Debt Fund 219.39 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 0.67 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 121.30 10.52% 220.53 9.61% info@acapng.com Offer Price Yield / T-Rtn 0.68 9.40% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

16.54%

enquiries@arminvestmentcenter.com Bid Price 11.95 280.47 22.13

Offer Price 12.31 288.93 22.80

Yield / T-Rtn -1.94% 0.35% 0.37%

1.00

1.00

15.47%

investmentcare@axamansard.com Bid Price 103.86

Offer Price 104.51

Yield / T-Rtn 4.19%

1.00 1.00 13.92% investmentmanagement@chapelhilldenham.com Bid Price 2.12 9.03

Offer Price 2.18 9.26

Yield / T-Rtn 4.37% -8.37%

82.91

85.03

2.22%

invest@fbnquest.com Bid Price 1,070.50 109.28 100.00 $101.44 $101.24 107.59

Offer Price 1,071.62 109.83 100.00 $102.21 $102.01

Yield / T-Rtn 4.51% 3.66% 13.88% 5.26% 5.07%

109.04

8.32%

fcamhelpdesk@fcmb.com Bid Price 0.91 2.53

Offer Price Yield / T-Rtn 0.92 0.55% 2.53 8.77% coralfunds@fsdhgroup.com

Bid Price 2,168.49

Offer Price 2,193.14

Coral Income Fund 2,071.68 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 -0.32%

2,071.68 9.51% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

15.19%

Vantage Balanced Fund

1.64

1.65

0.38%

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 11.32% Lotus Halal Fixed Income Fund 996.86 996.86 -0.31% 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 9.14 9.22 -6.56% 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 1.05 1.07 6.80% PACAM Fixed Income Fund 10.35 10.42 3.86% 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 107.74 108.47 5.75% 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 9.01% 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 1,795.16 1,805.15 6.88% Stanbic IBTC Bond Fund 151.10 151.10 2.73% Stanbic IBTC Ethical Fund 0.75 0.76 0.67% Stanbic IBTC Guaranteed Investment Fund 183.05 183.05 7.87% Stanbic IBTC Iman Fund 131.33 132.96 -2.95% Stanbic IBTC Money Market Fund 100.00 100.00 16.42% Stanbic IBTC Nigerian Equity Fund 7,349.79 7,446.25 2.25% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.14 1.15 8.29% United Capital Bond Fund 1.25 1.25 15.71% United Capital Equity Fund 0.67 0.68 -0.83% 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 9.38 9.54 -1.62% Zenith Ethical Fund 11.02 11.12 -3.75% Zenith Income Fund 16.82 16.82 4.87%

REITS

NAV Per Share

Yield / T-Rtn

11.58 122.93

3.99% 6.11%

Bid Price

Offer Price

Yield / T-Rtn

8.52 72.89

8.62 74.27

-11.01% -12.42%

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

2.49 7.08 11.69 15.61 128.55

2.53 7.16 11.79 15.81 130.55

7.73% 10.73% -6.83% -18.64% -

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.

40

TUESDAY NOVEMBER 22, 2016 • T H I S D AY

NEWSEXTRA

Senate Vows to Reject Proposal to Punish People for Holding FX CBN distances self from amendment, says no plan to confiscate FX in dom accounts Omololu Ogunmade and James Emejo in Abuja The Senate has expressed shock at a recommendation by the Nigerian Law Reform Commission for a review of the Foreign Exchange Act in order to empower the Central Bank of Nigeria (CBN) to jail people for up to two years or fine them

20 per cent of the amount of the foreign currency in their possession for more than 30 days.

The Senate, in a statement yesterday in Abuja by its spokesperson, Senator Aliyu Sabi Abdullahi, stated that with its focus on boosting investors’ confidence in the nation’s economy, such move as proposed by the commission

Buhari will Not Be Alone in 2019, Presidency Replies Galadima Tobi Soniyi in Abuja The presidency has dismissed suggestions that the masses will desert President Muhammadu Buhari in 2019 as unfounded and utterly ridiculous.

The Senior Special Assistant to the President on Media and Publicity, Mr. Garba Shehu, in a statement said ordinary Nigerians were the backbone of Buhari’s mandate and the only reason he ran for the office was to protect them against the rapacious merchants of corruption, who had held Nigeria back for decades.

Reacting to the allegations by a former Congress for Progressives Change (CPC) member, Alhaji Buba Galadima, that Buhari would be abandoned by the people in 2019, Shehu said Galadima’s calculation and prediction was utterly confused and misleading.

He said the masses were solidly behind Buhari because he was not stealing their money and their future.

He said: “The president’s enormous goodwill remains ever strong because the people are convinced the president is acting in their best interest, despite the temporary unintended consequences of reforms.”

According to him, Buhari is far from isolation.

He said Buhari enjoyed a very strategic relationship with ordinary Nigerians.

He said: “This relationship is as solid a the proverbial rock. If Buba Galadima thinks that because

he has no role and no job in this government that means president is isolated he is putting himself up to ridicule.”

He said Galadima cannot speak for the masses as far as their steadfast loyalty to Buhari was concerned.

While acknowledging that Galadima was entitled to advance his own political agenda, Shehu said Galadima didn’t have the right to decide for ordinary voters.

He recalled that Galadima’s disagreement with Buhari was based on principle. He explained that Buhari is committed to level playing field and would not want anyone to link his name to injustice.

The presidential media aide said Galadima’s disagreement with Buhari started in 2011 when a group within the party, orchestrated an organizational mess by which the CPC embarked on the imposition and substitution of candidates for cash payments at the expense of those duly and democratically elected.

He said Buhari was embarrassed by the incidents and complaints about the imposition and substitution of candidates, adding that he, as a democrat, would not suppress the will of the people to please selfish interests.

He said: “Consequently he dispensed with the service, such as they are, of Buba Galadima; ran and won the 2015 Elections without them. Let Buba Galadima go to his constituency, stand for election and see what will happen to him.”

Banigo Urges Police to Investigate Rape of 15-year-old Girl in Rivers

Condemns sudden release of suspects Ernest Chinwo in Port Harcourt Worried by the spate of rape cases in parts of the state, Rivers State Deputy Governor, Dr. Ipalibo Harry Banigo, has called on the police to step up investigation into the alleged gang rape of a 15-year-old girl, Chidera Amajor, at Abirima Community in Oyigbo Local Government Area.

In a statement at Government House, Port Harcourt, Banigo said there was the urgent need for the police to launch full-scale investigation into the matter in order to bring perpetrators of the inhuman act to justice to serve as deterrent to others.

The deputy governor expressed worry over the sudden release of the

suspects by the police, stressing that the action was counterproductive as it would encourage rapists to be on the rampage in the state.

She called for the enforcement of relevant laws of the land against rapists by the relevant agencies of government as a conscious effort to sanitise the society of rape-related cases.

Banigo also called on nongovernmental agencies (NGOs) and civil society organisations to speak out and join forces with government towards reducing the high incidence of rape cases in the society.

She also advised those who take delight in raping under-aged girls and women to desist from the act, describing it as “Sin against God and humanity.”

that would deter investors from making free entry and free exit from the economy would be rejected by its members.

“The measure is disruptive and counter-productive, threatening to undermine many of the reform efforts already underway in the legislature and by government ministries intended to boost investors’ confidence.

“The Senate would never pass such a punitive and regressive proposal. Overall, some of the commission’s recommendations have many sound attributes and could help Nigeria’s investment climate.

“We believe the CBN should have the authority to regulate the forex market and determine the exchange rate policy as already enshrined in its enabling Act. “A market-oriented exchange rate policy is the best recipe for guiding the operations of the foreign exchange market. This will ensure the supremacy of market mechanisms in efficiently allocating the scarce forex resources,” the Senate stated.

It said it would continue to work with the executive to halt

the worsening recession and return to economic growth.

A draft published on the website of the commission revealed that the government is seeking to amend the Foreign Exchange Act. According to the draft, the central bank will gain more power to control in and outflow of foreign currencies, especially the dollar in the wake of a foreign currency crisis.

It also proposes up to a two-year jail term or a fine of up to 20 per cent of the amount being held for up to 30 days.

In addition to the proposed amendment, in recent weeks, there has been a major clampdown on dealers of forex in the black market.

Last week, officials of Department of State Services (DSS) arrested hawkers of foreign currency in Kano and Anambra. Prior to that, DSS officials raided and arrested currency dealers in Lagos and Abuja.

The proposed changes by the commission are intended to help control capital flows and prevent forex from being taken out of the country.

The proposed changes that were posted on the commission’s website,

state that “the amendments are necessary for effective monitoring and control, and to ensure probity in foreign-exchange transactions in Nigeria”, as the existing law on foreign exchange is currently “narrow in scope”.

Last September, the Senate spearheaded an economic agenda to pass key reform legislations to promote economic growth through greater public sector participation, boost investor confidence and create jobs Also in June, the CBN was cheered for loosening its control over the exchange rate policy in a bid to encourage investors to return to Nigeria and prevent capital flight.

Hopes were high after the Nigerian government finally allowed the naira to float, as recommended by domestic and international investment advisors.

Currently, however, the markets do not reflect a loosening of CBN control over the forex market, leading to the emergence of multiple exchange rates, the Senate said in the statement.

However, the central bank said yesterday that it had

nothing to do with “rumours” of a planned amendment to the Foreign-Exchange Act to allow for imprisonment of anyone who holds foreign currencies, particularly dollars for more than 30 days.

CBN, in a statement by its acting Director, Corporate Communications, Isaac Okoroafor, said in line with its mandate, it was committed to safeguarding the international value of the country’s legal tender currency, the naira.

The central bank also expressed ignorance of the proposed clause recommending a jail term for or a fine of 20 per cent of the amount for any holder of foreign exchange in cash.

Okoroafor said: “To the best of my knowledge, the Central Bank of Nigeria has not proposed any bill seeking to arrest and jail persons holding foreign exchange for more than 30 days.”

The CBN further denied suggestions that it was planning to confiscate funds in domiciliary accounts of individuals, maintaining that any such claim was false.

CAPACITY BUILDING FOR FINANCIAL OFFICERS

L-R: Group Chief Financial Officer, Flour Mills of Nigeria Plc, Mr. Jacques Vauthier; Chief Financial Officer, Access Bank Plc, Mr. Seyi Kumapayi; Minister of Budget and National Planning, Senator Udoma Udo Udoma; National Senior Partner, KPMG, Mr. Kunle Elebute; Partner/Head, Audit Services, KPMG, Mr. Tola Adeyemi, at the KPMG Chief Financial Officers’ Forum in Lagos....yesterday Etop Ukutt

Do Not Let PDP Die, Staff Beg Judiciary Onyebuchi Ezigbo in Abuja Staff of the Peoples Democratic Party (PDP) under the auspices of PDP Staff Welfare Forum has urged on the nation’s judiciary to rescue the party from hatchet men whose intention is to decimate it.

The concerned staff appealed to the Chief Justice of Nigeria (CJN), the National Judicial Council (NJC) and the judiciary in general to rise in defense of democracy to save Nigeria from becoming a one- party state and rescue the PDP from Senator Ali Modu Sheriff and his fellow undertakers.

Briefing the media yesterday at the national headquarters of the party, the staff expressed their

displeasure on “the unholy and malicious activities of Sheriff in collaboration with the ruling party, the All Progressive Congress (APC) and the federal government to eliminate the PDP. The forum said the APC-led federal government found in Sheriff a willing tool to destabilise the strongest opposition party in the country in order to cover up the non performance of the APC and failure to deliver on its campaign promises to Nigerians.

“It is a known fact that the internal crisis that began in our party after the May 21, 2016 National Convention in Port Harcourt, Rivers State is now fueled and powered by the APC-led federal government using all the apparatus of state to

silence our party and its leaders.

“This is in addition to the closure of the national secretariat of our party, shorting us out of office for over five months now, even when the Federal High Court in Port Harcourt, Rivers State in July 4, 2016 ruled that the May 21, 2016 National Convention that produced the Senator Ahmed Makarfi-led National Caretaker Committee was legally constituted and also legitimised the committee as constitutional.”

According to the staff, the action of the APC-led administration has betrayed its strong and passionate appetite to bury the PDP The PDP staff lamented that

the APC-led federal government refused to obey the judgment of the Federal High Court in Port Harcourt, Rivers State, it was quick to obey and execute all orders or judgments ‘purchased’

by Sheriff from Justice Okon Abang’s court.

“It is unheard of for a ruling party to shutdown the secretariat of an opposition party in a democratic society under whatever guise. The continues denigration of democracy since the APC took over in May, 2015 is gradually withering all tenets of the rule of law and good governance. Nigeria today has become a laughing stock under this administration in the committee of nations.”

TUESDAY NOVEMBER 22, 2016 • T H I S D AY

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NEWSEXTRA

There is No Crack in APC, We are Working as a United Family, Says Akeredolu Afenifere endorses APC candidate AD alleges plot to clampdown on leaders, members James Sowole inAkure and Ugo Aliogo in Lagos The Ondo State All Progressive Congress (APC) governorship candiate in the November 26, gubernatorial election, Oluwarotimi Akeredolu, has respond to insinuations from quarters that the APC is divided due to perceived cracks caused by some aggrieved members in the party.

This came as the Afenifere Renewal Group, a pan-Yoruba social cultural organisation, has thrown their weight behind Akeredolu, saying he is the best man for the job.

Fielding questions from journalists shortly after paying a courtesy visit on Akeredolu in Lagos to endorse him, the Chairman Afenifere Renewal Group, Chief Wale Oshun, said the group had always kept its tradition of endorsing the most competent candidates in all elections held in the South-western part of the country.

Oshun said: “Certainly we are here to endorse him. Akeredolu has been one of us, he is one of us, he is an activist, a tested progressive and he strongly believes in the welfarist principles of the founders of the Afenifere.

“What is important at this stage is that he is the one that believes in the ideology of the political philosophy of Yorubaland. One that believes in the principle that had been laid down by the late Chief Obafemi Awolowo.

“He is not just claiming it, we can identify and affirm it. He had been one of us and his party had deemed it fit to allow him to run as the candidate and because he is the best in the circumstance to rule the state. We believe we should give him our open support.

“We have played this critical role in many elections held in Southwestern, Nigeria and we believe this should not be an exception.

And we wish him well and we are praying for him. He has worked hard and we hope almighty God will answer our prayers for him.”

He said given the fact that the position of a state governor is a highly exalted position, there is bound to be a stern opposition in the race, urging the electorate to use their votes to install the best candidate as their governor.

Oshun said the APC is already providing purposeful leadership in the states they are ruling in the region, saying “ that is why we will want to have APC added in Ondo State to the four we have before in Lagos, Ogun, Osun and Oyo States.”

Also speaking, the APC candidate in Ondo State, Akeredolu said his party is working as one political family in the state to clinch victory in the gubernatorial polls scheduled to hold on Saturday.

The former president of the Nigerian Bar Association (NBA) said contrary to insinuation that some chieftains shunned his mega rally they are working together.

He said: “All of us in APC are working together now. We all working together as a party.

Even Segun Abraham has come out to ask his supporters to come and work for APC He said so without mincing words that he has not left APC. The only thing he said which he has a right to it is that he has a matter in court and its alright the only any judgment in that regard can bring forth any fruit is for APC to win general election. He is with us. “ The only person for instance who left is Olusola Oke and was never a member of our party. He came after we had election for President Muhammadu Buhari.

He just rush in thinking he can capitalise on the use of money to swing people to his side when he failed he decided to opt out.

And he went to another party.

Somebody who spent 16 years in Peoples Democratic Party (PDP), 16 years as a conservative cannot one day wake up and become a progressive. It is not possible. So he has to opt out of the progressive group to be on his own. He is the only person that left no other person joined him.

Daily Independent, Sun Nominate Wike Man of theYear 2016 In appreciation of the superlative performance of Rivers State Governor, Nyesom Ezenwo Wike, the Independent Newspapers Limited and Sun Newspapers have nominated him as the “Man of the Year 2016.”

In a letter conveying the nomination of Governor Wike as the “2016 Man of the Year,” Managing Director of Independent Newspapers Limited, publishers of Daily Independent , Mr. Ted Iwere, wrote: “In nominating you, the selection committee considered the pragmatism, commitment and courage exhibited by you since your assumption of office.

Worthy of note is the restoration of the activities of both the state legislature and judiciary.

“In addition, your government has been small and medium enterprise (SME) friendly, empowering no fewer than 3,5000 small business owners.

The massive construction and rehabilitation of roads,

including the Operation Zero Potholes intensified by your government, continue to improve the movement of people, goods and services on the state’s network of roads.”

The Independent Newspapers Limited also pointed out that it recognised the improvement of internally generated revenue under the leadership of Wike.

They wrote: “It is for the foregoing reasons that we have bestowed on you the richly deserved award of Independent Newspapers Limited Man of the Year Award 2016. The award ceremony for this historic event is scheduled for January 21, 2016.”

Also, the Sun Board of Editors has voted Wike as winner of the 2016 Governor of the Year.

In a statement by its Managing Director/Editor -in-Chief, the Sun Newspapers said the governor was unanimously selected for his infrastructural revolution since assuming office.

Harping on the insinuation that some chieftains shunned his mega rally, he said: “I have said we are together and am sure we are still together. Governor Abiola Ajimobi still called me yesterday. He came back into the country yesterday, his deputy was with us at the rally. The deputy came. We also heard information that Bola Ahmed Tinubu is still abroad attending to his health and I don’t believe that because people are not there that they are not part of the party.”

Meanwhile, the Alliance for

Democracy (AD) yesterday raised the alarm that a cabal within the presidency had given order to the Department of State Services (SSS), Nigeria Police Force and officers of Nigeria Intelligence Agency (NIA) to as from today (Wednesday) arrest notable leaders and front liners in Ondo State.

The security operatives according to a chieftain of the party, Akindele Adeyi, had been instructed to arrest some leaders including but not limited to the Director General of the Olusola Oke Gubernatorial

Campaign Organisation, Mr Bola Ilori. “The sad experience of the aftermath of 1983 governorship election in the then Ondo state brings to fore the divisive and violent tendencies been orchestrated

by APC. “We issue a passionate appeal to all Nigerians to prevail on President Muhammadu Buhari to give free and fair playing ground to the citizens and residents of Ondo state to elect their governor and desist from intentions and motives capable of re-echoing the ugly

phrase, “Wild wild West” “The problems bedevilling the current administration spring from insurgency to terrorism, restiveness and militancy, kidnapping, infrastructure deficit, recession, poor educational standards and the baggage of unfulfilled electoral promises which is enough task worth the attention, commitment and concentration of any serious president who initially has vowed to change the fortunes of all Nigerians within his four year mandate”, he said.

CONDOLENCE VISIT

L-R: Lagos State Governor, Mr. Akinwunmi Ambode, Daughter of the late Chief Rasheed Gbadamosi, Mrs. Kunbi Osinnoiki; his wife, Tinuade; sons, Abimbola and Sharif, during the governor’s condolence visit to the family at their Ikorodu residence....Sunday

Rivers Polls: Former Senator Accuses Dogara of Furthering PDP Agenda Damilola Oyedele in Abuja A former senator from Rivers State, Magnus Abe, has accused the Speaker of the House of Representatives, Hon. Yakubu Dogara, of furthering an agenda of the Peoples Democratic Party (PDP) through a committee hearing investigating the circumstances that led to the killing of 34 persons in February 2016, in the state.

He therefore disclosed his intention not to honour the invitation of the House Committee on Army, which continued on Monday.

This is as the Civil Liberties Organisation (CLO) called on the House to caution the Nigerian

military against harassment and brutalisation of civilians ahead of the December 10, 2016 re-run election into National and State Assembly seats in Rivers State.

Abe who is contesting for a seat in the Senate in the rerun polls, accused the PDP of using the National Assembly to tilt the political scales in its favour in Rivers State, even though it is the minority party.

In a strongly worded letter addressed to Dogara, Abe said the petition which informed the hearing, was an attempt by the PDP to influence public opinion in order to secure undue advantage in the upcoming rerun elections.

“Thus far, actions of the House of

Representatives are tailored towards achieving a clear political advantage for the Peoples Democratic Party…

This latest hearing instituted by your office is just another desperate attempt to embarrass the Nigerian Army in furtherance of the PDP agenda. If that werenotthecase,what is the point of inviting me and Hon. Barinaadaa Mpigi, theAPC candidates in the rerun elections.Are we soldiers?

The Peoples Democratic Party in Rivers State has already instituted a narrative to link theAPC to the activities of soldiers and you have now been recruited to provide the visual images for the PDP campaign in Rivers State,” the letter read.

Abe described the hearing as an abuse of the powers of the

House, adding that it becomes more painful as Dogara was elected on the platform of the APC, but has not given attention to petitions by APC members to his office. “…but every action of the House of Representatives as announced

by Governor Nyesom Wike is implemented to the letter. For the first time in the history of our country, members of the house of assembly elected on the platform of a political party are denied the right to participate in the affairs of the Rivers State House of assembly.

Their constituencies are denied representation simply because they voted for APC. This has elicited no response whatsoever from your office.

Shell in Court over Niger Delta Oil Spill Claims London’s High Court has begun a four-day hearing over Nigeria’s claims against Royal Dutch Shell and its subsidiary SPDC. They are accused of environmental damage caused by oil pollution.

Two legal claims have been brought to the court on behalf of over 40,000 Nigerians.

The Nigerian community of 2,335 people, mostly fishermen, say their environment has been devastated by oil spills in the past five years.

Another community which consists of roughly 40,000 people claim repeated oil spills from Shell’s pipelines have not been cleaned up.

In 2011 the United Nations

Environmental Programme (UNDP) exposed massive levels of pollution caused by oil spills from Shell pipelines in the Ogoniland region of the Niger Delta.

Shell insists the areas have been heavily impacted by crude oil theft, pipeline sabotage, and illegal refining. According to the company, those were the primary sources of pollution across the Niger Delta.

Under Nigerian law, the company isn’t required to pay compensation for spills caused by sabotage or theft.

The oil major argues that only its subsidiary should be held liable and that the cases should be heard in Nigeria where the incidents took

place.

“The Bille and Ogale communities have chosen to bring these claims in the UK instead of in Nigeria, whose laws govern our operations. We believe that allegations concerning Nigerian plaintiffs in dispute with a Nigerian company [SPDC], over issues which took place in Nigeria, should be heard in Nigeria,” said Shell in a statement.

Last year, the company paid out about $80 million to compensate another Niger Delta community, admitting the spills were caused by operational failures.

In May, Nigeria’s federal government filed a $6.5 billion

claim against Shell on behalf of 350 communities in the Delta and Bayelsa regional states.

The oil-rich Niger Delta has generated billions of dollars for the energy company over the past 60 years. Nigeria was one of its most productive areas for crude in 2015.

Home to 20 million people and 40 different ethnic groups, the Niger Delta is the largest wetland in Africa and contains one of the highest concentrations of biodiversity on the planet. The unique ecosystem also has more species of freshwater fish than anywhere else in West Africa.

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TUESDAY NOVEMBER 22, 2016 • T H I S D AY

NEWSEXTRA

FG Gives JAMB Go Ahead to Adopt Different Cut-off Points for Tertiary Institutions Asks board to publish unutilised admission slots To abolish Maths, English as compulsory requirements for admission into certain courses Paul Obi in Abuja Following the approval by the board of the Joint Admissions and Matriculation Board (JAMB) to enable tertiary educational institutions to set up different cutoff point, the federal government yesterday gave the nod for universities, polytechnics and colleges of education to proceed with their own cut-off mark as against the unified 180 mark.

The Minister of State for Education, Prof. Anthony Anwukah, said government had thrown its weight behind JAMB’s decision to abolish the uniform cut-off marks for admission into all tertiary institutions in the country, given that the current policy lacks fairness, equity and logic.

He explained that the federal government was in full support of the decision of the board to introduce discriminatory cutoff marks for admissions into Nigerian universities, polytechnics and colleges of education.

The minister gave his nod after a one-day interactive forum with Chief Executives under the ministry today in Abuja.

According to Anwukah, “It does not make any sense subjecting candidates who are seeking admission into universities, polytechnics and colleges of education to the same cut-off marks when the durations and contents of their courses are radically different.”

He informed the gathering that government had directed JAMB to consult widely with relevant stakeholders to come up with new and separate cut-off marks for university admission, polytechnics and colleges of education which will take effect in the next academic session – 2017/2018.

The minister restated that the responsibility for admission into tertiary institutions rest solely with the Senate or the Academic Boards of such institutions. In the case of universities, Anwukah said: “Senate admits, Senate graduates, full stop.”

Also, the minister has ordered JAMB to publish in full, the list of unutilised admission slots into all universities, polytechnics and colleges of education on a courseby -course basis at the end of the first leg of admission process to enable students and or parents

take full advantage of existing admission vacancies in institutions where such vacancies exist.

This, according to him, “will prevent a situation where some institutions have more than the number of students they need, while others can hardly fill their quota.”

Anwukah also used the opportunity to advise parents not to keep their wards at home for the simple reason that they have not gained admission into an institution or course of their choice, explaining that it is better to have their children in school while they await admission into

their school and courses of choice.

Permanent Secretary of the ministry, Dr. Folashade Esan, further tasked heads of agencies in the ministry to key into the new policies, as government remain committed to ensuring proper implementation of its agendas.

In presentation earlier at the meeting between the Minister of State for Education and Chief Executives of Agencies under the Ministry, JAMB Registrar, Prof. Ishaq Olarenwaju Oloyode informed the minister that the notion generally being held that the carriage capacity of Nigerian universities is far below

the number of candidates that qualify for admission is wrong.

Oloyode said the fact that 1.5 million candidates have sat for JAMB does not translate to 1.5million qualifying for admission, explaining that only those with the requisite 180 cutoff marks can be considered for admission, adding that even out of those who make 180, a significant number may not have five credits required for varsity admission.

Oloyode decried the situation where candidates are required to produce credits in mathematics for them to be admitted to read law, English or French, describing

such requirements as unnecessary bottlenecks.

The professor argued that no one needs a credit in mathematics to read law, English or French in the United Kingdom or France, where we copied our system, maintaining that what we need is to increase the carriage capacity of varsities in those courses and not to create irrelevant obstacles.

The JAMB boss said the best Senior Advocates of Nigeria (SAN) today might not necessarily have passed mathematics; neither could the English or French professors in our varsities have had mathematics.

Arepo Residents Protest A FourMonths Black out, Unfriendly Billing Tired of being in the darkness, residents of Arepo Community in Ogun State, yesterday marched to the head office of Ikeja Electricity Distribution Company, at Alausa, to protest over three months power outage. The protesters, who blocked the main entrance of the office, also expressed their concern over outrageous billings being experienced by members of the community.

To drive home their grievances, they blocked the main entrance of the company, displaying placards with inscriptions such as “Enough of Ikeja Electric excuses’. Save Arepo from Darkness’, and ‘Ikeja Electric is a fraud.’

Some of the inscriptions also read: ‘Fashola must sack IE’, NERC please come to our aid’, Restore our light’, Say no billing without power supply’ and “Journalists Estate says no Vice-President 1, Arepo Central Community Development Association (ACCDA), Nasir Salau, who led the protesters, told newsmen that they came to register their grievances against the company.

Salau said the Arepo community had been without power supply in the last three months without any message from the company.

He said the community had written several letters to the management of IE without any response.

“Despite the outage, the management keeps bringing estimated bills to us monthly. We are here to tell them that enough is enough, we have brought with us letters to register our grievance and will no longer tolerate outrageous billings and the management should fix our supply,” he said.

Speaking in similar vein, Chairman, Journalists’ Estate Development Association, Phase 1, Mr. John Ajayi, said the tyranny of IE and the high handedness of its officials in resolving identified electrical faults most of the time, have become intolerably intolerable.

He stated that despite the fact that the entire Arepo community will not have light for several months, yet, IE officials keep bringing outrageous bills monthly, thereby subjecting residents to undue extortion.

Ajayi, who identified electricity as an essential commodity in a modern society called on relevant authorities to come to the aid of his people by compelling the power supply company to do the right thing and stop giving excuses.

Also, Kuti Odukunle, who represented the Arepo Business Owners, said many businesses in Arepo community were folding up due to power outage in the area.

Odukunle said companies were spending close to N300,000 monthly to power their generators as a result of the outage.

“Some of the companies have started to downsize their staff because they cannot cope with the outage.

“Once they bring electricity, in a day or two, they will start distributing outrageous bills.

“They are using force to collect this outrageous bill by giving us light for one or two days. To resolve the issue, we want them to meter all the houses in the community so that we will be able to pay as we use.

“More businesses will collapse if the outage continues; that’s why we are here to complain so that justice can be done,” he said.

RUBBING MINDS

L-R: Sokoto State Governor, Aminu Tambuwal; Yobe State Governor, Ibrahim Gaidam; and Imo State Governor, Rochas Okorocha, in a chat during the first Progressive Governors’ legislative parley in Kano ....yesterday

Terrorism: Military to Curtail Civilian Casualties, Collateral Damage in Conflict Situations Senator Iroegbu in Abuja The Chief of Defence Staff (CDS), Gen. Abayomi Olonisakin, has said the military is setting up measures to curtail the level of civilian casualties and collateral damages incurred during conflict situations, especially the ongoing counter-terrorism and counterinsurgency operations in the North-east as well as Niger Delta.

Olonisakin who was represented by the Chief of Administrations, Defence Headquarters (DHQ), Rear Admiral Augusto Dacosta, disclosed this in Abuja yesterday, during a two-day High Level Inter-Agency Dialogue on Strengthening Civilian Protection Policy and Practice organised in collaboration with the Centre for Civilians in Conflict (CIVIC).

He said protecting civilians during conflicts is important as it, facilitates post conflict development assistance, integration and also creates a conducive atmosphere for humanitarian organisations to operate in the conflict areas.

“In the context of Nigeria’s current counter-terrorism/counter-insurgency operations in the North-east and South-south regions, despite the best intentions of our men and women in uniform, incidental or accidental harm to innocent civilians can occur.

It then becomes instructive to factor in civilian protection in our planning, training and actual operations,” he said.

According to him, the implementation of civilian protection measures would better position the military to achieve the objective of restoring security, while minimising casualties among their personnel and preventing incidental harm to civilians.

Against this backdrop, Olonisakin urged the armed forces and security agencies to continue to evolve civilian harm mitigation policies, practices and procedures for their operational guidance.

He however, noted that the solution should be national and comprehensive covering both combat and internal security operations, reflecting Nigerian

realities while borrowing from global best practices.

To this end, the CDS said the dialogue aims at “presenting the executive with a national policy on civilian protection and harm mitigation during all military/ security operations in accordance with global best practices and design tools and processes that would be reinforced through constant training and practice, civilian harm mitigation through our operations.”

He said it would also provide the security forces with realistic scenariobased training on civilian harm mitigation based on the lessons learned in both the North-east and Niger Delta operations.

Earlier, the Director of CivilMilitary Relations (DCMR) DHQ, Maj-Gen. Richard Duru, said the observance of human rights and rule of law by the military are sacrosanct with democratic ideals.

Duru however, clarified that protection of civilians in conflict includes not only human rights protection but measures that

also prevent abuse, exploitation, intimidation, illegal detention and extra-judicial killing, while ensuring people in need or in desperate conditions are treated humanely.

“These challenges can be overcome if personnel are adequately trained, tutored and guided on the protection of civilians in conflict and harm mitigation,” he said.

In a related development, Olonisakin who was represented by the Chief of Training and Operations (CTOP), Maj-Gen. Ahmed Mohammed, at the opening ceremony of Collateral Damage/ Targeting Training Course called for the protection of civilians.

He said: “Collateral damage remains one of the challenges encountered in ongoing kinetic operations to further isolate the insurgents and deny them freedom of action.

“While efforts are being made to avoid collateral damages, techniques for mitigation vary depending on the theatre of operation and the service involved.”

TUESDAY NOVEMBER 22, 2016 • T H I S D AY

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CRIME&PUNISHMENT Police Nab Football Academy Owner for Raping Teenage Boys Chiemelie Ezeobi The Lagos State Police Command, yesterday arrested a 49-year-old man, Frank Darlington, the owner of a football academy at the Agege area of Lagos, for allegedly rapping three 18-year-old boys.

The suspect was arrested after one of his victims reported the matter to his mother that his anus was all bruised and was paining him.

When the mother asked him when it started he narrated how the academy owner and his football coach sodomised him through the anus.

The alarmed mother immediately reported the matter at the Agege Police Station where the Divisional Police Officer (DPO) ordered an investigation into the matter and Darlington was arrested.

Darlinton who admitted sleeping with the boys since July last year,

claimed to have stopped after he discovered that his action was affecting his boys performance.

He said: “I am the owner of Soccer World of Football in Agege.

I have been coaching many boys in the area. Before recruiting them into the academy, the boys are expected to register with the sum of N3000.

“This allows them the use of the academy jerseys. I don’t know what came over me. I usually have my bath with the boys after every training exercise. So one day, I started fiddling with some of the boys private part.

“I later invited one of the them to my house where I had sex with him. I discovered that one of them had stopped coming for training.

One day I went to their house to find out why he has been staying away.

“His mother told me that he was sick when I went to their house.

Two days later I saw him playing

with other boys in another team.

Trouble started when I tried to woo him back to my academy. I did not know that the boy had reported the matter to the police.”

One of his victims, name withheld, narrated how the coach lured him to his house from where he had canal knowledge of him.

He said: “One day after our training programme, coach invited me to his house. I met two other boys in his house, but he asked them to leave when I arrived. When they left, he asked me to take off my cloth. He even threatened to kill me if I refuse.

“When I was to leave, he told me not to tell anybody and that if I do I will die. I later told my mum when I could no longer bear the pains in my anus.”

The Lagos State Commissioner of Police, Fatai Owoseni, who paraded the suspect said he would soon be charged to court.

...Advise Tinted Glass Car Owners to Obtain New Permit The Ebonyi Police Command has said it will start impounding and prosecuting drivers of vehicles with factory fitted tinted glasses who have not obtained the newly approved permit.

Its Public Relations Officer, George Okafor told the News Agency of Nigeria (NAN), in Abakaliki yesterday that the new permit, with unique security features, was to prevent hoodlums from using such vehicles for crimes.

According to him, the new permit contains bio data of the car owner which includes the photograph, finger prints, name and date of birth, among others.

“The Inspector General of Police (IG), Ibrahim Idris, on assumption of duty as the new IG, left no one in doubt on his readiness to fight crime

to standstill, hence he came up with the idea of computerised tinted glass permit.

“The idea is to enable the police have vital information about persons being issued with the tinted car permit which will assist in checking usage of such cars for crimes.

“Many suspects have been known to hide inside tinted glass cars to commit heinous crimes and this is what the police want to checkmate,” Okafor said.

He said the command had carried out sensitisation and enlightenment campaigns through radio and television jingles as well as advertisements.

He said the online registration and issuance of the permit, done at the command headquarters, were free and urged motorists with factory

fitted tinted glass to obtain the permit.

“Both the online registration and issuance of the permit are done at our headquarters here and I want to use this opportunity to advise people who use tinted car glasses who have not obtained the new one to do so.

“We have created enough awareness on the issue and the police want cooperation of the affected people in this regard since security business is everyone’s business,’’ he said.

The spokesman assured of the commitment of the police in maintaining the peace, law and order during the ember period.

He said criminals would have no place to operate in the state before and during the Christmas period.

Society for Family Health

INVITATION TO PRE-QUALIFY FOR SELECTION AS HAULAGE COMPANY Society for Family Health, Nigeria (SFH) is an indigenous non-governmental, non political and non-profit organisation that supports the Nigerian Government's efforts in public health interventions. SFH activities focus on Child Health, Family Planning, HIV & AIDS, Maternal and Reproductive Health and Safe Water Systems.

SFH distributes health commodities through its supply chain system to its wholesalers spread across the country to support its programme implementation. We currently engage the services of a third party for warehousing services for storage of commodities.

These storage facilities are located in 23 towns across the country. These are; Aba, Abuja, Ado-Ekiti, Oshogbo, Akure, Bauchi, Benin, Calabar, Enugu, Gombe, Gusau, Ibadan, Ilorin, Jos, Kaduna, Kano, Lagos, Markudi, Onitsha, Owerri, Port Harcourt, Sokoto and Yola.

SFH invites responses from interested and qualified organisations that provide long distance haulage services to be engaged for a fixed term contract.

Objective of Service: To deliver efficiently, commodities in the right quantity and quality using “Good Distribution Practice” concept.

Specific Activities: SFH engages the services of haulage companies for the movement of its commodities, promotional and educational materials etc. from the central warehouse located at Ota, Ogun state (Departure point) to the twenty-three (23) third party depots across the country. We engage various sizes and types of trucks including 10tons, 20tons, 25tons, 30tons, insulated, refrigerated, open-body and closed-body. Type or size of truck used at any time is dependent on the nature of shipment. Occasionally multiple or more locations are combined along same route. SFH may also engage the haulage trucks for reverse logistics and for inter depot transfer of commodities.

SFH intends to retain the services of between three (3) and five (5) haulage companies for a period of two (2) years. Organisations interested in providing these services are expected to send their proof of eligibility as described below.

Eligibility / Pre-qualification requirements: To be eligible for consideration, interested companies must submit tender documentation that MUST include ALL the following: A.

Profile of the organisation including i. a copy of evidence of Company registration with the Corporate Affairs Commission, ii. physical address of organisation (including list of branches), iii. key contacts (website, email, and telephone)

B.

Organogram of the management structure including curriculum vitae or staff profile for the key personnel directly involved.

C.

Army Releases Fresh Poster of Wanted Boko Haram Suspects

Demonstration that they have been engaged in similar and large haulage activities for more than one year, in most of the locations mentioned above. Kindly include any of the following; award letters, service completion certificates, purchase orders, delivery notes and waybill endorsed by third party.

D.

Evidence of financial management systems (must include any available audited account).

Michael Olugbode in Maiduguri

E.

A Copy of company's Current Goods-In-Transit Insurance (that insures up to N100 million worth of goods).

F.

Tax Clearance Certificates for 2012, 2013 and 2014

Chief of Army Staff (COAS), Lt. Gen. Tukur Buratai, yesterday in Maiduguri, Borno State, unveiled the poster carrying photographs of 55 most wanted Boko Haram members, including their supposed leader, Abubakar Shekau.

The posters, with the inscription, written in English, Hausa and Kanuri languages, is the third edition of such a phone numbers which the public could easily call or text to indicate which of the characters in the numbered photographs they know or have information about.

Displaying the posters at the headquarters of Operation Lafiya Dole, Buratai, recalled that the first and second editions comprising 202 terrorists were launched last year.

He pointed out that many terrorists in the first and second editions were either identified, arrested or killed during operations.

Burutai added that the new

pictures also comprise some of the other insurgents already in the past editions but not arrested, saying they were now included for emphasis.

According to him, members of the public who have any credible information on any of the wanted terrorists should call any of the phone numbers printed on the posters, noting that the information given would be treated discreetly and professionally.

“I am appealing to the public to come out with information that would assist in the arrest of these terrorists. “The 55 Boko Haram members declared wanted have their faces on the poster. The members of the public should look at the poster very well and report appropriately,” he further appealed.

The army chief noted that the troops have recorded milestone victory in the ongoing counterinsurgency operations as the militants are already defeated, with hundreds of them laying down their arms to surrender.

“The Nigerian army and

indeed the military, as the symbol of our nationhood, is determined to eliminate the remnants of the insurgents. We will never allow the repeat of the past bloody havoc wrecked on the populace by the insurgents. Nigerians can indeed acknowledge our ability to stand and defeat the terrorists due to countless changes and improvements in terms of safety as well as security,” he said.

Buratai, who commended the Nigerian army for keeping to the desired task of defeating the terrorists, implored the troops not to be discouraged in case it suffers casualty occasioned by the insurgents through ambush.

The army chief said: “We cannot afford to lose the fight because we are better trained and equipped in every capacity.

The whole nation is behind us as well as the president. So let us remain steadfast in this noble cause. Be courageous; we must degrade and defeat the terrorists entirely, and this job must be done because we must make our country men and women proud.”

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TUESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Cage Eagles or Get Sacked, FECAFOOT Orders Broos

Duro Ikhazuagbe with agency report

The Cameroun Football Federation (FECAFOOT) is believed to have given an ultimatum to the Indomitable Lions to beat the Super Eagles in next year’s World Cup qualifier or Head Coach, Hugo Broos, may lose his job.

After two back-to-back draws against Algeria and Zambia, Cameroun football authorities appear to have become nervous of their chances of making the trip to Russia 2018 from the Group B of the World Cup qualifier where Nigeria is in the driver’s seat on maximum six points.

Cameroun is on two points with both Zambia and Algeria trailing on one point each.

Broos himself seems to indirectly acknowledge this order from the FECAFOOT and has called Lions’ away trip to Nigeria August next year a crucial and decisive game that is likely going to determine the progress or otherwise of the team.

“However, we know that the matches against Nigeria will be decisive. We will have to win to have another chance to go to the World Cup. We have eight months to prepare, ” observed the gaffer to local media in Cameroun yesterday.

With a valuable away point from Algiers on Match-day I of the qualifiers, the Lions succumbed to a Collins Mbesuma opening shocker in Yaounde a fortnight ago when they played hosts to Zambia.

Lions squandered many chances and were oft caught on the back foot peddling back into their part of the field until they were able to get an equalizer to share the points.

Broos is now determined to find a way to balance Lions’ attack without committing too many men forward.

When facing Nigeria this balance will be of uttermost importance as the Eagles showed against Algeria. The West Africans always talented, seem

under German coach Gernot Rohr to have also developed the mental part of their game, and that should be a big worry to all their group opponents.

In the last three outings under Rohr, Nigeria has remained composed while seeking to score and calm after taking the lead.

The new look Eagles play unruffled and have yet to trail in any of the aforementioned games and the Lions will seek not so much as to score quickly

in Nigeria, but score first.

At home the tactics will change and their attack will start as soon as the anthems end.

It won’t be easy but Broos

is counting on two things. He has enough time to prepare and the Central Africans in football have always been a thorn in the flesh of the Eagles.

L-R: President, Athletics Federation of Nigeria (AFN), Mr. Solomon Ogba, Managing Director, Access Bank Plc, Mr. Herbert Wigwe, Lagos State Governor, Mr. Akinwunmi Ambode, Managing Director, Seven-Up Bottling Company Plc, Mr. Sunil Sawhney and Consultant to Lagos City Marathon, Mr. Bukola Olapade at the press conference to announce the second edition of Lagos City Marathon in Government House Alausa, Ikeja on Sunday.

Odoh Relishes His Nigerian 50,000 Athletes to Participate in 2017 Masters Win in Abuja Lagos City Marathon Olawale Ajimotokan inAbuja Oche Odoh produced a clutch of pars en route to a bogey-less round of 71 to win the Nigeria Masters on the West Africa Golf Tour by two shots at IBB International Golf and Country Club, Abuja at the weekend.

He made 17 pars and a solitary birdie on Hole 14 for a total of +4 over par 292 to stalk Vincent Torgah, who finished two strokes outside the lead.

On the whole, though there were few sparkling moments in the contest, it was special for Odoh as he put a gloss on an outstanding year, coasting to his fifth official victory on the schedule this year.

Torgah, the 54-hole joint leader, who played in the last three-ball with Daniel Pam and Kabiru

M. Haruna, handed Odoh the momentum after he bogeyed the par 5 16th.

The Ghanaian could not reproduce his third round feat of 67 and closed with a 74 for an aggregate of +6 over par 294 to finish in second position.

Half-way joint- leader, Haruna, Gboyega Oyebanji and Michael Ubi finished in tied for third position at +9 over par 297. Oyebanji, who has dogged by a hand injury for most of this year, shot a final round 76.

First round leader, Pam and Elisha Markus settled for a tied for sixth at +11 over 299, while Yahaya Liman finished eighth, a stroke further back at 300.

The Camerounian pair of Nlarep Issa and Desire Ebela finished in ninth and tenth place respectively.

Lagos State Governor, Mr. Akinwunmi Ambode disclosed on Sunday that no fewer than 50,000 athletes from across the world are expected to participate in the second edition of Access Bank Lagos City Marathon billed to hold on February 11, 2017.

Governor Ambode, who stated this at Lagos House in Ikeja while addressing a world press conference on the marathon, said necessary logistics have been put in place to make the event hugely successful, and as well promote the tourism potentials of the State.

The governor said about 33, 753 runners including 65 elite marathoners from different parts of the world and over 100 local elite runners participated in the 2016 edition held on February

6 this year, while the marathon was adjudged as one of the best in the world.

He said the government was working to ensure that the 2017 edition of the Lagos City Marathon billed to hold on Saturday, February 11, 2017 would see a major improvement compared to the maiden edition.

Ambode said that as a result of the success of the maiden edition, several individuals and corporate organisations have contacted the organisers of the marathon to partner towards ensuring a successful tourney, adding that it would go a long way to engage and empower thousands of Lagosians in various sectors.

The governor said that the 2017 edition, would also feature the top ten men and women marathoners

in the world, who would also be joined by many gold label, silver label and bronze label marathoners from different parts of the world.

He said the appearance fees for gold label runners is $50,000, silver label $20,000 and bronze label $10,000, adding that invited local and foreign elite runners would be paid 50 per cent of their appearance fee now and balance up when they arrive Lagos for the tourney.

UCL FIXTURES TONIGHT

CSKA Vs Leverkusen Copenhagen Vs Porto Monaco Vs Tottenham D’Zagreb Vs Lyon Sevilla Vs Juventus Leicester Vs Brugge Sporting Vs Real Madrid Dortmund Vs Legia

M T N / K A D U N A P O LO 2 0 1 6

EL-Amin Bags 13th Georgian Cup Title The 2016 edition of the MTN Kaduna International Polo Tournament came to a pulsating end with high flying EL-Amin walking away with the most prestigious trophy of the tournament: the Georgian Cup. The Kaduna-based team defeated neighbours, Abuja Guards Rubicon, 10-8 in a tense final game to win the Georgian Cup, the oldest polo trophy in Africa, for the 13th time. El-Amin also won the Argentine Ambassador Cup in the competition.

El-Amin’s winning streak was however brought to an end after they suffered a shocking defeat from a selected MTN side in the Sardauna Cup played in honour of the late Premier of Northern Nigeria, Sir Ahmadu Bello.

The glittering EL-Amin Cup, also

a major trophy in the competition, was carted away by Katsina Gobarau who saw off stiff challenge from 25 other participating teams.

They snatched a 7-4 victory against former champions, Bauchi Kari in the final.

In other games, Kaduna Sublime defeated three other teams to win their first ever Emir of Katsina Cup title while Sadiq Wali’s Terra P&E’s side from Kano finished runners up.

Interestingly, it was the Kano team’s first attempt at the tournament’s second most coveted prize.

Kano Titans, yet another Kano State based team, defeated Amana Insurance from Kaduna in a hotly contested final to win the NCC Cup.It was not all gloom for Kaduna state though as Kaduna Insurers surged past BSC team from Yola in their final clash, to win the

Kere Ahmed Cup. Speaking of the team’s success, the Patron of the El-Almin team, Mohammed Babangida praised the gallantry of the players for the victory and also appreciated their fans for their unflinching support.

He said: “Winning the Argentine Cup and Georgian Cups took a lot of hard work and commitment so I want to appreciate my team for making this happen. We also want to say thank you to our fans and supporters because they got us to where we are today,” he said.

Also speaking was the Sponsorships & Events Manager, MTN Nigeria, Okundola Bamgboye, who praised the winners for their sportsmanship and discipline. Bamgboye also congratulated the organisers of

the tournament for a successful competition.

In his words: ‘I want to specially appreciate the government, our royal fathers, Kaduna Polo Club, polo enthusiasts and most especially the good people of Kaduna State for their loyalty to the MTN brand and for making this tournament the biggest and the most glamorous polo event in the country,” he declared in his closing remarks.

Dignitaries in attendance at the grand finale included the Life Chairman of Nigerian Polo Federation (NPF), HRH Emir of Katsina, Alhaji Abdulmumuni Kabir Usman, Lamido Adamawa, HRH Alhaji Muhammadu Barkindo Musdafa, Emir of Keffi HRH Alhaji Shehu Mussa(111) and Kano, Alhaji Kabir Tijjani Hashim, the Dan Isan Kano.

Former Vice President and Life Vice President of Nigeria Polo Tournament, Atiku Abubakar (right) and Nura Suleiman, Captain of Dokaji Farms Polo Team, winner of the Atiku Abubakar Cup at the Keffi Polo Tournament in Keffi, Nasarawa State... last weekend

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Price: N250

MISSILE APC to PDP

“APC calls on INEC to ignore PDP’s bizarre request and concentrate on delivering a free, fair, credible and transparent ballot on election day. The PDP in continuation of its wild conspiracies on the Ondo governorship election has also accused the APC of colluding with the judicial system, INEC and security agencies to ‘manipulate’ the outcome of the Ondo State governorship election.” – The All Progressives Congress (APC) opposing the call made by the Peoples Democratic Party (PDP) on the Independent National Electoral Commission (INEC) to shift the Ondo State governorship election date to allow it settle its internal crisis.

BENMURRAYBRUCE MAKING COMMON SENSE

ben.murraybruce@thisdaylive.com

You Don’t Need an Office to be Great

T

he office or position a man has is not as important as the man holding an office or position. No office can make you great if you are not yourself great. This is the lesson we learn from Donald Trump’s ascendancy.

Everybody who was anybody in the establishment thought that Hillary Clinton would defeat Donald Trump because she had held several offices and because she was more mainstream that Trump. Moreover, she was backed by a popular incumbent president and had an almost infinite amount of funds to promote her candidacy.

But she and the rest of the world did not count on the phenomena that Donald Trump was.

Trump did and does not need an office to be great.

He is great enough just by being himself and through what he has accomplished without having access to public office.

Without having been ever elected once, he was already a household name in America and a name that commanded influence. His natural instincts for things is frequently more accurate than the opinions of experts though at the beginning it may seem controversial. And we are seeing a similar thing happening in Nigeria right under our noses. Without an office or any type of formal authority, former President Goodluck Jonathan is turning out to be one of the most popular, if not the most popular politician in Nigeria and perhaps Africa.

Like Trump, the more the present administration unleashes its media hound dogs to sully his reputation with odious tales of corruption the more his profile and popularity continues to rise. As the senator representing the former president, I sometimes find myself going to his facebook and Twitter profiles and I tell you authoritatively that Nigerians have turned his profiles to a shrine for praise and hero worship!

And one would think that this phenomenon would be restricted to persons of southern origin, but no. The amount of persons from the north who wax poetic on his profile is more than surprising. I urge you to go there and confirm what I am saying.

The fact is that as at today, the absence of any office or position has had no negative impact on the popularity of former President Jonathan. On the 20th of November, 2016 which was his birthday, Dr. Jonathan virtually broke the Internet. He was the trending subject on that day. Yet he took out no full page advertorials and asked his associates to refrain from doing so.

The only other politician who has been able to achieve a similar feat to the best of my knowledge is General Ibrahim Badamasi Babangida whose popularity initially nosedived after June 12, 1993 but steadily picked up in the years after General Sani Abacha’s death.

Look at the tumultuous crowd that came to welcome the former leader at Sokoto when he went to condone with the family of the late Sultan Ibrahim Dasuki. That type of turnout is unprecedented for a non election year. And not only did Sokoto people turn out in large numbers to welcome the Face of Democracy in Africa, they bore large banners saying ‘Come Back Baba Jonathan!’

And then somebody somewhere said the crowd was rented! Whoever said that does not understand what is going on in present day Nigeria. No rented crowd will come out carrying such banners in the full glare of riot policemen knowing that anything could happen and human life is too precious. No! That was pure unadulterated love from Sokoto to Otuoke!

The fact remains that Nigerians have now been married by two husbands and they can tell which is the better of the two!

Other than Nigeria, I cannot imagine another nation

Trump that will devalue its currency, increase fuel price and electricity tariffs and yet leave its minimum wage the same! Jonathan did not do that. Before he partially removed the subsidy on petrol on January 1, 2012, he had increased the minimum wage of the Nigerian worker. That is a humane leader. A leader that cares.

Under former President Jonathan, the minimum wage of N18,000 could get you $120 or two and a half bags of rice or pay your electricity bill for a year.

Today, the same amount can only get you $42 and is not enough for even one bag of rice. Nigerians now feel shortchanged by change. But the worst is the constant blaming and whining.

Leaders have no right to blame others. Blaming is only for those who lack power to change things not for those voted into power to change things! An opposition party can blame, but when they become the ruling party they lose the prerogative to blame and take the initiative to fix. Sometimes I say to myself, if only Nigerian politicians prepare for governance the way they prepare for elections we would have had the best government in the world!

But back to former President Jonathan. I sincerely believe that any further action by the present administration in any direction seen as persecuting Dr. Jonathan would only just increase his popularity to levels of sainthood. The song and dance of blame-itall-on-Jonathan was okay for a while, but after about six months into the life of the song, hunger began to remove the scales from the eyes of Nigerians. Hunger is a great motivator and recession is no respecter of tribe, religion or region.

The Democrats took White working class Americans for granted but Trump did not and though the mainstream media and everybody else were telling Hillary how popular she was, she and her party could not believe it when hurricane Trump swept them off their feet.

Let our leaders learn from America and put their acts together. Dr. Goodluck Jonathan is not the reason why the present government has not succeeded. Rather the Buhari administration has not succeeded because its focus is on taking down Jonathan rather than taking itself up. Taking someone down can be a very risky venture because the only way to take someone down is to go down with them!

Omokri said Trump would go all the way while the American said he was not going anywhere. I joined the conversation by saying that Trump is a phenomenon and no one knows how far he will go.

Today, I sit here writing this piece pleasantly stunned that what the mainstream media, what the establishment and what the powers that be said could never happen has happened due to this phenomenal man’s belief in himself when others did not believe in him. I have met Trump one on one before and what I clearly remember about him is that he is a White and younger version of former President Olusegun Obasanjo. The two of them can be brash and outspoken but they always seem to come out on top by some sort of divine arrangement that makes whatever they do turn out for the best even if it began with controversy.

More similarities between the duo is that they both undeniably have an insatiable taste for women and beautiful ones at that! Then again, they are both men who have succeeded in business and, even though they were political outsiders, they extended their business success to politics. And even though there is a lot of anxiety in the Black world and especially Nigeria, I believe that a Trump presidency would be better for Africa and Nigeria than a Hillary administration.

For one, Boko Haram are now afraid. Very afraid!

This is a man that is not afraid to use the word radical Islamic terror and to declare to all who care to listen that he will be their nemesis. Nigeria needs such a partner!

We are spending way too much of our resources on fighting terrorists. We need a big strong hand to help us fight them. A hand that will not be afraid to sell us weapons and will not make us grovel before it is willing to help us destroy our enemies who want to destroy us.

But secondly and very importantly, Nigeria is an oil producing nation and though I believe that it is

what is between the ears of our people that will make this nation great, we still need foreign exchange and Hillary’s plans for alternative energy was not going to see the price of oil go up anytime soon. But Trump won in Texas because the oil industry knows that they have a friend in him, and any friend of Texas big oil is a friend of Nigeria.

And forget about all that talk about immigration reform. Trump will not stop Nigerians from entering the US. The US needs Nigerians more than Nigerians need the US. Without Nigerian healthcare professionals, the US health industry would collapse overnight. Neither Trump or Hillary wanted that. Trump’s rhetoric was directed more at Mexican immigrants because of the immediate threat posed to the US by illegal immigration from Mexico.

Having said that let me add that the last similarity between Trump and former President Obasanjo is that they both look not very intelligent, but their looks betray their vast knowledge and deep wisdom. You meet them and size them up by their looks and end up underestimating them.

But when they reach into their reptilian brain and come out with strategies it becomes too late to do what you should have done. I am glad that Trump won and I cannot wait to see how he will change the world positively. But one thing is clear, any politician who underestimates the role of social media in the battle to win the hearts and minds of the people is a politician that is going the way of the dinosaurs.

Social media and particularly Twitter was the weapon Trump used to fight the mainstream media. Social media is the ultimate form of democracy in that it gives the underdog a vehicle to amplify his or her voice against a biased media that wants to suppress it.

• Murray-Bruce is the founder of the Silverbird Entertainment Group and the senator representing Bayelsa East

Like Trump Like Obasanjo On the morning of Saturday the 20th of February, 2016, I was having breakfast at Eko Hotel with a friend of mine, Reno Omokri, and one of the top Democratic Party strategists in the US and an argument ensued.

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