Monday 5th December 2016

Oyegun Meets Saraki, APC Senators for Reconciliation Omololu Ogunmade in Abuja For the first time since the inauguration of the National Assembly on June 9, 2015, the leadership of the All Progressives Congress (APC) will today meet with the Senate leadership at the secretariat of the party in Abuja to lay the foundation for a renewed relationship.

THISDAY learnt last night that the move was part of the fresh arrangements to strengthen the renewed relationship between the executive and the legislature as well as the relationship between the party leadership and the leadership of the

National Assembly.

THISDAY was reliably informed last night that in this renewed move to bury the hatchet between the party leadership and the National Assembly, today's meeting will set the pace for a forthcoming meeting with the APC caucus

in the National Assembly.

The meeting will cement a fresh romance between the APC caucus and leaders of the ruling APC to be led by its National Chairman, Chief John Odigie-Oyegun.

It was further learnt that the planned meeting with

the leadership of the party and the National Assembly will hold before the National Assembly proceeds on Christmas and New Year break. A source privy to the information told THISDAY last night that the meeting would either take place before or after

States Meet to Consider Fresh Revenues Sources... Page 8

the presentation of the 2016 budget.

THISDAY further learnt that this fresh move was spurred by a piece of advice to the presidency that it was not enough for President Muhammadu Buhari to commence moves to build a better relationship with the Continued on page 8

Monday 5 December, 2016 Vol 21. No 7900. Price: N250

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Heritage Bank Safe, Sound, Profitable, Says Sekibo Not under criminal investigation by EFCC Saraki’s shares diluted from 11 per cent to less than 1 per cent

Joseph Ushigiale, Chika Amanze-Nwachuku and Obinna Chima Battling unrelenting social media attacks, suggesting insolvency, the Managing Director/Chief Executive

Officer of Heritage Bank Plc, Mr. Ifie Sekibo, yesterday said the commercial bank was safe, sound and liquid.

Sekibo spoke to THISDAY in Lagos and assured all Continued on page 8

Senate Begins Final Work on Economic Recovery Bills Today Omololu Ogunmade in Abuja The Senate will this week inch towards passing half of its historic and the much needed economic reform package as six of the 11 priority economic growth and reform

bills have been scheduled for public hearings between today and Thursday.

The legislation scheduled for public hearing today includes the National Development Continued on page 8

Gowon, Obasanjo, Shonekan, Osinbajo Pray for Nigeria at Villa Chapel Thanksgiving... Page 10

STRATEGISING FOR COMMON GOOD...

L-R: Governor of Sokoto State, Alhaji Aminu Tambuwal; Kebbi State Governor, Alhaji Atiku Bagudu; and Strategy Officer, Bill and Melinder Gates Foundation, Mr. Mark Suzman, during the Foundation and Governor’s Forum’s media event in Abuja weekend

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MONDAY, DECEMBER 5, 2016 • T H I S D AY

PAGE EIGHT

States Meet to Consider Fresh Revenues Sources Tobi Soniyi in Abuja

Determined to find a way to augment the shortfall in revenues accruing to them from the Federation Account, some states gathered in Enugu and considered creative ways to boost their revenue base.

The states, namely Enugu, Rivers, Delta and Lagos as well as the FCT, Abuja at

the Enugu meeting received training on resources mobilisation, responsive fiscal governance and participatory budget process for effective service delivery.

In order to generate more revenues from taxation and stem tax avoidance, the states agreed to put systems and strategies in place to ensure that their taxes work for the

people, especially the poor.

"We seek tax reforms that promote an ICT database system, fair representation, transparency and progressive tax laws, policies and practices (e.g. tax to service agreements) capable of addressing poverty and inequality," a resolution issued at the end of the training stated.

In this regard, participating

states commended the leadership already shown by Lagos State in this respect.

They also recommended the Lagos model to other states.

The states agreed to, as a matter of urgency, work out strategies for improving service delivery by transforming their internal processes and providing exemplary leadership to

the people.

They also agreed to develop smart strategies for formalising the informal sector, particularly the non-oil sector.

They called on governments to provide active support to both Small Medium Enterprises (SMEs) and large industries, especially in the area of value chain

development, in order to improve revenue mobilisation and fiscal independence.

Not less than 106 participants from Ministries, Department and Agencies (MDAs) from Enugu, Delta, Lagos and Rivers States attended the training which was organised by Oxfam in conjunction with the Enugu State Government.

sitting at plenary as a committee of whole.

Commenting on the progress being made on the passage of key bills, the Chairman of the Committee on Media and Public Affairs, Senator Aliyu Sabi Abdullahi, said: "Senate has been on a steady march to the complete passage of the bills which form our economic growth package before the end of the year. We have maintained all along that we would not rest until we did our part to end the recession, spur economic growth and bring relief to the people.”

The Senate’s economic strategy was unveiled on September 20 of this year by

Senate President Bukola Saraki.

The 11 bills were part of a wider list of recommendations to President Muhammadu Buhari’s administration on how the National Assembly could work with the presidency to end the recession, restore investor confidence and begin to reorient the Nigerian economy.

Key to much of the agenda is providing greater space in the economy for private sector participation, support for entrepreneurship and above all job creation.

Also commenting on the busy week awaiting the Senate, Saraki said: "This is a very important week for

the Senate. We have moved beyond partisanship and we have moved beyond rhetoric.

We are now in the realm where we have really worked to deliver something meaningful to the people of Nigeria.”

Senator Abdullahi concurred with the Senate president.

“People should really pay attention to the work the Senate has produced. The economic crisis provided the opportunity to work for long overdue reforms in government administration and accountability. The Senate seized upon the opening and now the country is on the verge of truly benefitting from the work of the National Assembly,” he said.

begin to experience a lot of negative press reports. This is more than a coincidence."

On Saraki’s status with the bank, he explained: "When our group of investors approached the owners of the defunct Societe Generale Bank of Nigeria (SGBN) and the Central Bank of Nigeria (CBN) to buy and resuscitate it, it was agreed that as core investors, we were allowed 80 per cent of the shares, the original owners, including Saraki were allowed 11 per cent and depositors had nine per cent.

"When we decided to go public through private placement, Saraki's shares were further reduced to 4 per cent and at the very last public offer his shares and those of his group of earlier investors further reduced to less than one per cent. This is because Saraki did not buy any additional shares to add to his portfolio and so his shares gradually have diluted to less than one per cent."

He also said the allegation that he was under investigation by the EFCC over money laundering was false, saying he had never been invited by the agency over such matter.

Sekibo, however, admitted that he had, alongside other banks' CEOs visited the commission in connection with the Nigerian National Petroleum Corporation (NNPC) FX account totalling $85 million previously lodged with Enterprise Bank, which they had acquired.

"That transaction happened in 2012, and as at 2012, I was not even an MD of a bank.

I couldn't have laundered money I was not part of,"

he explained.

On the bank’s alleged inability to fund the foreign exchange needs of its customers, the managing director said the situation was exaggerated.

"So, somebody saying if you don't sell FX, that means you are illiquid, it doesn't add up that way. Are my customers who have domiciliary accounts with me satisfied? Yes they are. Am I able to fund Letters of Credit (LCs) that are legitimate? Yes, I am. Am I able to give credit to customers that need them? Yes I am,” he said.

He added: "So, if I am doing all these, natural banking and traditional banking, where then is the illiquidity that anybody is talking about.

Naturally, when people hear that there is a problem, they rush to the doors of the bank and even the slightest service failures could make people believe it is true. But when you correct the service failure and naturally everything is going on well, then you ask, where is this story coming from?

"So, we are saying there is no such thing as illiquidity and we are not insolvent.

We are very liquid, we are meeting our obligation and we would continue to meet our obligations. No bank today can say every customer that comes into their banking hall, they can pay them all. And when you have a challenging situation like we have today, the chances are that there would be gaps here and there, but in the long-run, you meet your obligation and pay them, which is most important to the customers."

Sekibo threw more light on the allegation that his bank had been relying heavily on funding from the interbank market, saying the bank had never been out of the clearing house since it opened for business.

"In today's market, if I have to take money from bank B, I would give them treasury bills in replacement. It is a treasury play. If I say bank A, give me N1 billion, I must give bank A N1 billion worth of treasury bills. That is in lieu of cash. When I get my cash, I return back my N1 billon and collect back my treasury bills and keep. When they don't have, they would give me same treasury bills and I give them cash. That is what the interbank market is all about.

“Now, some banks have relationship with other banks that don't require them to give treasury bills, just the money.

We call that clean lines. As a new bank, I don't have a clean line with anybody. So, every bank that gives me N1, I give them corresponding treasury bills, which means I must be strong. So, while you call it borrowing, for us, it is a treasury play," he said.

between the party and Senate leadership.

There has been no love lost between Buhari, members of the National Working Committee (NWC) of the APC and Saraki since June 9, 2015 when he emerged as

the Senate president against the wish of his party.

As a result of the situation, the NWC of the party had never attempted to meet with the Senate leadership as well as the APC caucus in the Senate as the case should be.

SENATE BEGINS FINAL WORK ON ECONOMIC RECOVERY BILLS TODAY Bank of Nigeria Bill, which is intended to provide short, medium and long term financing to participating financial institutions for loans to small scale, medium and industrial enterprises in agro allied businesses, manufacturing, mining; and the National Road Fund Act to fund the rehabilitation and maintenance of the national road system.

Also, public hearing on the Federal Roads Authority Act, which is to manage the federal roads network so that it is safe and efficient, with a view towards meeting the socio-economic demands of the country; and the Customs and

Excise Reform Act, which seeks to reform the administration and management of the Customs Service for greater accountability and revenue generation, will hold the same day.

Tomorrow, Land and Marine Transport Committee will hold public hearing on the National Transport Commission Act. The legislation establishes a National Transport Commission as an effective, independent and impartial authority in the transport sector.

On Wednesday and Thursday, the Committee on Upstream Petroleum will hold public hearings on the Petroleum Industry Governance

Bill (PIB).

This long-awaited legislation will establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensures value addition and the internationalisation of the petroleum industry.

Procedurally, legislation is referred to the committee with the appropriate jurisdiction for it to hold public hearing after the bill has passed the first and second reading during the Senate plenary session.

Once the committee submits the public hearing report to the full Senate, the legislation is subject to a third reading, or final passage by members

HERITAGE BANK SAFE, SOUND, PROFITABLE, SAYS SEKIBO customers of the bank of the safety of their funds, promising that the young financial institution would not compromise on its quality services at all time.

The bank CEO, who also explained the involvement of the Senate President, Dr. Bukola Saraki, with the bank, said the politician’s shares had been diluted.

Sekibo also denied that he was being investigated by the Economic and Financial Crimes Commission (EFCC) for any crime, explaining that the anti-graft agency only called him to clarify a transaction by Enterprise Bank, which Heritage Bank acquired in 2014.

Clarifying the liquidity status of his bank, Sekibo said although the initial take-off of the Treasury Single Account (TSA) affected the liquidity level of the banking industry, the situation could not be termed illiquidity.

He explained: "We are strong as a financial institution, we have very good shareholders' fund, we are profitable and we would remain profitable.

Customers' deposits are safe and there is nothing wrong with the bank. We meet every obligation and we are a service company in the business of banking. The customer is priority and customers’ safety influences our decision and we are destined for great things.”

He said in spite of the harsh economic recession in the country that the banking industry had had its own fair share of its negative effects, Heritage Bank remained liquid and able to meet its obligations to its customers According to him, "It is not

true that we are illiquid, we have always been liquid.

It is true that the whole industry faced some form of liquidity challenge when we all moved monies into the Treasury Single Account. So, a customer makes a request overnight for N2 billion or N3 billion, and you tell him to allow you pay him over two days, and they shout, thinking it is illiquidity. It is not! It has to do with the management of your liquidity position.”

Sekibo protested negative media reports, particularly the social media that had given the impression that the bank was challenged.

"But we dare to say that since June that this negative press started and till today, our doors have not closed for one day,” he said firmly, adding: “Every customer that comes in, gets his money.”

Admitting that there were moments when payments were delayed for a few hours, he said this was normal in banking when liquidity had to be managed.

“Naturally, you gauge your inflows and outflows and know how to manage them. And if anybody would look at it, we have over this period because of the negative press, not that the negative press are true, raising people's anxiety, some took their money away from the bank, and when they found out that nothing happened to the bank, they brought back their monies,” he said.

Sekibo explained: "In that outflow period, over N300 billion left our system and came back into our system, because people have realised that it is all false. First, they

said the next bank the Central Bank of Nigeria (CBN) would take over was going to be Heritage Bank. It is not true!

The central bank cleared that issue. Again, some people believe that if you don't sell foreign exchange (FX) to them, then you are illiquid."

The Heritage Bank boss, who noted that FX scarcity is a general problem in the industry, stated that the fact that a bank was not able to source the amount of FX demanded by a customer, either from the central bank or other sources, did not mean the bank had liquidity problem.

Sekibo traced the bad press suffered by the bank in recent times to its acquisition of Enterprise Bank, but he insisted that the board of Heritage Bank had no regret for the transaction.

According to him, "We made a wise business decision to acquire Enterprise Bank and we have not regretted that decision because we have been able to leverage on the 160 branch network of the defunct bank. I must, however, add here that although the acquisition remains one of our remarkable business decisions, the challenge we have is with the people whom we inherited.

"When we acquired the bank, we ensured that we retained its workforce and integrated them into ours at a time we had just 11 branches.

We said after a year we would evaluate these staff and those who don't identify and can't fit into our overall business vision would have to go. We have concluded that now and each time we want to implement this key business decision, we

OYEGUN MEETS SARAKI, APC SENATORS FOR RECONCILIATION Senate leadership without involving the party leadership.

Besides Senate President Bukola Saraki visiting the Presidential Villa three times in one week, a rare development since his emergence as the Senate

president on June 9, last year, the Chairman of the APC Governors' Forum and Governor of Imo State, Owelle Rochas Okorocha, had recently visited Saraki in his office where he emphasised the need to chart a new course

within the party.

Okorocha had harped on the need to ensure unity of purpose among stakeholders in the party and forge a new relationship capable of overshadowing the hitherto estranged relationship

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T H I S D AY • MONDAY, DECEMBER 5, 2016

Gowon, Obasanjo, Shonekan, Osinbajo Pray for Nigeria at Villa Chapel Thanksgiving Tob Son y n Abu a Aso V a Chape yesterday organ sed ts annua end of the year thanksg v ng serv ce w th former Heads of State Gen Yakubu Gowon O usegun Obasan o and Ernest Shonekan n attendance The serv ce wh ch took p ace n the chape was a so attended by former V ce-Pres dent A ex Ekwueme former Ch ef of Genera Staff Rear Adm ra Eb tu Uk we Gen O ad po D ya and the host V ce-Pres dent Yem Os nba o Os nbao sa d the serv ce was an exc t ng t me to thank God for a he had done for the country dur ng the year "Today s a spec a thanksg v ng for the end of the year and as you have seen a the former pres dents and v ce-pres dents are here for the spec a thanksg v ng serv ce "They have been spec a y nv ted to come we a so expected former Pres dent Jonathan but unfortunate y he had to cance at the ast moment "So we are a extreme y exc ted that we have been ab e to br ng everyone together to thank God for our nat on and to g ve H m thanks for the great future ahead of us he sa d Gowon sa d he was de ghted to be at the serv ce w th other former co eagues and thanked Os nba o for fac tat ng h s attendance Gowon sa d he was more exc ted w th the ch dren who came a so to do the r thanksg v ng and prayed to God to b ess the ch dren n a spec a way He en o ned the ch dren to keep the fa th w th other Chr st ans and "to a ways make sure that we keep th s country one and together He urged Chr st ans to ove every N ger an n sp te of the r fa th fo ow ng the n unct on of Jesus Chr st to ove the r ne ghbour "Our ne ghbours are Chr st ans Mus ms trad t ona re g ons etc Whatever we do we make sure that we ve up to the expectat on of what Chr st expects of us he sa d Gowon prayed for Pres dent Muhammadu Buhar Os nba o the ent re pres dency and N ger ans and asked God to g ve the eadersh p the

As the wor d wa ts w th bated breath for the outcome of the on-go ng c n ca tr a of HIV vacc ne n South Afr ca sc ent sts n N ger a appear to have h t the bu eye n the search for the effect ve med ca cure for HIV/AIDS A research team at the M chae Okpara Un vers ty of Agr cu ture Umud ke (MOUAU) Ab a State ed by Prof Madu ke Eze be has been ab e to prove that Med c na Synthet c A um n ummagnes um S cate (MSAMS) wh ch t deve oped can cure HIV/AIDS The resu t of the c n ca tr a of the ant retrov ra efficacy of MSAMS n ma e and fema e HIV/AIDS pat ents was pub shed n the Br t sh Journa of Med c ne & Med ca Research 18(11) 1-7 2016 Art c e no BJMMR 29018 It was a so among the papers presented ast Wednesday at the Wor d V ro ogy Conference 2016 he d at Texas US Though Eze be cou d not attend the conference because of h s nab ty to ra se money for h s fl ght t ckets the organ sers ns sted that he sent a v deo presentat on wh ch was p ayed and app auded at the conference Speak ng w th ourna sts at the weekend on the apparent ukewarm att tude of N ger a s hea th author t es to h s med ca breakthrough the professor of Veter nary Med c ne sa d that s nce 2014 when he was ssued w th the nat ona patent r ght (Ref No NG/P/2012/639 2014) no further

Two-Minute Briefing NEWS Makarfi: PDP will Win in 2019 But I

Won’t Reveal Our Secret The Chairman of the National Caretaker Committee of the Peoples Democratic Party (PDP), Ahmed Makarfi, has expressed confidence that the party will win the 2019 presidential election. Makarfi said the secret on how to achieve the victory would not be divulged. In an interview with DailyTrust, during which he addressed various issues ranging from last weekend’s Ondo State governorship election ... Page 12

EDITORIAL Luggage Pilfering at Airports

12

NEWS

MONDAY, DECEMB ER

Makarfi: PD Won’t Reve P will Win in 2019 But I al Our Secre t ×ËÓÖ davids

gu dance to adm n ster the country accord ng to H s w The Sen or Spec a Ass stant to the Pres dent on Nat ona Assemb y Matters Senator Ita Enang thanked the v cepres dent and organ sers of the serv ce for br ng ng the past and present eaders to the serv ce He sa d the nat on was expect ng good ead from the eadersh p n the com ng year not ng that the event was meant spec fica y to thank God for he p ng the country to steer ts economy Enang sa d the year was a most gone and that the budget for next year wou d soon be presented "R ght now they are hav ng an appra sa of the ast year s budget and t s good to thank God and ask God s face as we move ahead he sa d Enang pred cted that God wou d ead the nat on h gher and greater n 2017 The pres dent a a de sa d that from h s nteract on w th the cha rmen and members of the comm ttees n charge of budget and finance at the

Nat ona Assemb y the r appra sa of the performance of the 2016 budget was good "The r appra sa dur ng the r overs ght showed that the mp ementat on was accord ng to p an as set out by Mr Pres dent and the eadersh p of th s country "I be eve t s go ng to be a ot much better th s year and at the end of t he added The Chap a n of the Aso V a Chape Pastor Sey Ma omo n h s message sa d thanksg v ng was an nunct on from God add ng that everyone n sp te of status must thank God n a c rcumstances Accord ng to h m thanksg v ng s an acknow edgement that God s a ve add ng that each t me the fa thfu g ve thanks they demonstrate the r fa th n God "As we thank God He w restore the good days to the nat on he sa d and pred cted that a t me sha come when peop e wou d queue n embass es to v s t the country

Pakistan, Russ ia Warplanes to to Sell Nigeria

PUTTING HEA DS

TOGETHER

Buhari Accu ses UN, Othe rs of Exaggera North-east ting Crisis in

T H I S D AY

•

2016

step had been taken to commerc a se t or get the nternat ona patent r ght

by N ger a “We Afr cans ack confidence n ourse ves � he amented add ng that the med c ne that he had d scovered to have ant retrov ra propert es s an o d med c ne wh ch had been n use “The on y sc ence we d d s that we d scovered that t has charges – negat ve and pos t ve and s nce HIV has pos t ve charges the MSAMS use ts negat ve charges to attract and destroy HIV� he sa d He sa d that HIV/AIDS had rema ned ncurab e because of the sma s ze of the v rus and mmune defic ency t causes hence any ant -retrov ra med c ne that cou d effect ve y tack e the prob em must be sma er (nano-part c es) Accord ng to h m part c es of HIV cou d be as sma as 110nm wh ch was why they eas y crossed phys o og ca barr ers to h de n ce s of the bra n bone marrow and testes wh ch ex st ng ant retrov ra med c nes w th b gger mo ecu es cou d not reach Eze be exp a ned “HIV destroys ymphocytes ( mmune ce s that c ear nfect ons from organs that are naccess b e to med c nes So noth ng was known that cou d term nate ts nfect ons (and) for that the nfect on was sa d to be n sanctuary �

The professor reasoned that s nce A um num-magnes um S cate (AMS)

mo ecu ar p ate ets (nanopart c es) are sma er (0 96nm) than HIV the nanopart c es cross phys o og ca barr ers to act on a body ce s But the snag was that AMS s not found as m nera depos ts n N ger a whereas there are arge depos ts of A um num s cate and magnes um s cate n the country both of wh ch are used as med c nes for treatment of an ma and human d seases So n order to get a purer form of AMS Eze be reacted the two med c na m nera s (A um num s cate and magnes um s cate) and the A um num magnes um s cate was born the synthet c med c ne that has now been proved to cure HIV/AIDS “We are us ng med c ne that s so sma that wherever HIV goes t can get there catch t and destroy t � he assured The efficacy of Eze be s synthet c med c ne s a ready generat ng nterest among med ca doctors and those that were nvo ved n the c n ca tr a have a ready o ned h s research team after us ng the drug to treat the r pat ents w th aston sh ng resu ts Interest ng y on the day Ezek e s research breakthrough was be ng presented at the wor d Vro ogy Conference n Texas he was a so mak ng a presentat on before the Senate of MOUAU It s now expected that the un vers ty author t es wou d take up the advocacy to recogn se and commerc a se th s mportant breakthrough n med ca sc ence by a N ger an

Buhari...an

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W

There should

ILFERING A T AIRPORTS to baggage

be efficient interna l control of access

storage space

pilferage that takes place at the as a result of collusion between airport must have arisen staff and the security agencies. the baggage handling individual cannot For instance, bag, walk throughgo from the foot of the one single aircraft, pilfer a and climb upstairs the apron, pass through all the points to the terminal away without building and being then stroll must be an “invisibleapprehended. Such an individual man� to achieve the feat. o end the pilfering should be proper of passengers luggage there and efficient of access to baggage internal control storage space; documen proper release processes tation of baggage acceptan ce and procedur of incoming es; automate and bags and 24/7 d recording supervision storage and of baggage release transactio plans in place ns. for remote monitoriAlso, there should be facilities; maximum ng of baggage penalty of discipline storage disengagement and communication of culprits found wanting; subsequent provision missed theirs gadgets to reach out to passenge of for collection rs who .

It is the responsib handling companie ility of FAAN to ensure that the in ensuring their s abide by the rule of engagement their facilities. sacked workers do not have It access to ensure that the is also the responsibilities of FAAN to sterile area of airside, is strictly the airport, which is the FAAN should inaccessible to unauthor ised persons. install effective conveyor belts cameras at the and should be reviewedthe luggage hall and theseroutes of the cameras and made inaccessib might distort le to those that the content Aside the foregoing as it had happened in the past. , the airport fully automate the system. This authorities should for airport staff to have minimalwould reduce the need luggage. A situation contact with passengers’ every time encourag where the conveyor belt breaks es the incidence down could concessio of pilfering. FAAN n conveyor belts the task of installing and maintaining in have track record the airport to handling compani within and outsideof maintaining highly technical es that facilities service at a minimalNigeria. The company will provide cost to other the stakeholders.

T

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AN LEADERS

AND THE ‘CURS

E’ OF POWER

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POLITICS THE MO N D AY D ISCOUR Living in H SE unger and Lo athing under Buha ri T H I S D AY

• MONDAY,

DECEMBER

5, 2016

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

That Presiden the generality t Muhammadu Buhari’s gove of the people is disturbing rnment has turned out and justifiably a sudden nigh so. Olawale tmar Olaleye write e to s

unfortunate

turn of events

he he influentia a market place l media is arguably Although The hitherto of various activities latent ingenuity . more or lessJonathan was amongst people is regularly of described saw this day coming,those who put to task with the way and his when he engage one another manner individu and the one badly damaged governm One of Buhar that eventual – trading als him ent solutions and i’s key Proverbs chapter even findingideas, suggesting was as a difference betweenly took over from campa weird jokes solace in some ign focuses however good and 24, verses go thus: “My Thanks to a that often depict their predicam standing to believed not to have evil, he he would was that the son, fear thou21 and 22. They majority of these give such the moral king and meddle ent. said their purpose the Lord and fix the not with by providin jokes; they serve to to have validly losta prophecy as he was Indee given to CHANG from the scorching the grounds g temporary office even when d, the econoeconomy. rise E; for their them that are to return relief not suddenly the alternativ calamity shall Today, the feelingeconomy my the best amongst e was clearly was bad at them both.� and who knoweth in the country disturbia. Perhaps, the Nigerian the ruin of With people.

The man, not what it the time but the hard-biti is one of encapsulthe ravaging hunger the Muhamm and loathing, ng the introductwho posted this on-line is presently. manifestation adu Buhari administ effect of under theated by confounding despond ory part: “Even added as Buhari inheri ration is a present administr us about APC, ency the Bible warned who saw this of the prophecy between feeling now ted an ailing our but we obviousl ation, the general inauspicious is one those Bible.� those who craved y don’t read tomorrow and and shock, arising of huge disappointment economy, suppo The second post, from chance of picturingthe change they sedly so which is more stood no what many thought was the realisation that from Jonath one of the campaign in vivid graphics It is eerie is in fact not recent, is a symbol of an, with the pictures of Presiden billboards bearing . change hope of is presently that some actually out. That is how they reckoned it would a the saw t quick happenin Buhari Vice-Pres disturbia what turn and sternly about g today and ident Yemi Osinbajo ! The All Progress Congress his deputy, given the right recovery campaign ives with one of their governance electing a man, whosewarned appears a (APC’s) idea of change medications the person,promises : ‘one failed option idea of have already and care or at the verythey reckoned was questiona who uploadedmeal a day’. Again, been embraced and a choice that admin “It is now that ble the may But former least, debatable, mostly istere image in error by the Two of some d. against. posts sense to me�, this picture is beginning added: people. Today, 19 month of the recently inability to President Goodluck Jonathan to make on the social make hard s after brush aside with two smiling emoticon ’s the and collective media seem trending assuming choices his pains. s to to capture office interest passed in national withheartrending state In other words, , the of the on the baton. a tinge economy is he was saying nation, Nigerian can first is a quoteof comic relief, typically.albeit an average on life suppo square mealshardly afford two, let alone from the Bible The with insuffi a day. What three in the book cient oxyge rt within an average is mostly possible of even Nigerian n to “one meal a day�, sustain it in family now is the promised government. coma No thanks to by the change Buhari, the APC CONT’D ON NEXT PAGE

Former president of Nigeria, Chief Olusegun Obasanjo cannot by any characterisation pass for a model.

And when he wears a pair of shoes made-in-Aba, the commercial city of Abia State, he would not be hitting the runway to model the shoes. But he has become a strong voice in the campaign to patronise locally made goods.That is the new thinking now F as Nigeria reels under economic recession. Page 20

Ikpeazu (1st

BUSINESS Report Reveals Further Rise of

EDITORIAL

LUGGAGE P

outh African President, Jacob versial figure.

Zuma, is politician has In the past few days, the a controCharacteristically, been facing maverick home front. lots the governme cleared Zuma He has severally of opposition from nt’s own of wrongdoi the tion after it faced calls for ments in Zuma’s ng, on the basis investigation was found resignapauperised out that he homestead that the improve246m rand reasons. It, their people has (ÂŁ13.73m) of of security however, remains were necessary for would rather than taxpayers on misused in his country security which included giving opportuni rather prefer to die to the to eight times home. The rule? For those construction be seen how ‘improvem in power ties to others total spending upgrade the estimated theatre, cattle of a visitors’ ents’ who argue home of Nelson amounted present-day enclosure, marquee power is as that Mugabe’s with fresh ideas to centre, value of securing new houses a prolonged hold area, extensive amphiThe discovery Mandela, South Africa’s for relocated for him, they result of the love and the paving, on required to first black president. is a blow to affection his need to be presidency improve secu relatives and a swimming President people held in high reminded that has rity. pool are Since the post-colon esteem by South Mandela was have his village lacksbeen characterised by Zuma, whose relinquished equally Africans and copious scandals. ial era, impunity of recklessne power after country home access to electricity or he still voluntaril ss have, no and astonishin While just Despite its potable project African y leaders’ penchantone term in office. water, Zuma’s demonstrates leaders. Though doubt, become the hallmark g acts was equally ticality of poverty audacious affluence. accused of for power, in most African democracy, of many uncanny arrogance insensitivity is quite Africa, the pracbut nations He less than a as most African in sharp contrast to democrati now operate of power dollar per day. frightening as most Africans without proper his neighbours were leaders act 34 out of a Perhaps more ordered to move and gross ments. c principles live on authorisat in defiance total niggling In The , of 49, African millions in of democrati home proportion public fund. ion, thereby costing governme countries account is that, with c engagepower for over Gambia, the current president of Zuma was of interest by nt for a greater 25 years but world. This, the Least Developed Countries also indicted has been in engaging his last week election. perhaps, explains has been fortunatel of conflict mind-boggling private architect (LDCs) in the as extreme why y 16.5m rand rejected poverty In hunger, who Zimbabw earned a in indicators such malnourishment, Zuma, a past (ÂŁ922,796) from high crime the country’s e, President Robert Mugabe, the project. rate, slums, homelessness, Zulu conservati Robben Island convict ruler since 1980. lack of opportuni and illiteracy diseases, 93, remains and a polygamo ve, is no alien opposed to abound in larger Various opposition ties, low productiv of rape and his prolonged us poverty situation merely became to scandal. He was quantity in to groups, ity strangleho contend exonerated is further compound the continent. corruption, with ld governments fraud, money-laupresident after more Zimbabweans serious nuisance. Sadly,on power, have had ed by the failure The across the continent than against him have continued a large natural and were dropped ndering and racketeerin 700 of economic indicators to properly material resources to live in abject chunk of his election on technical g charges This is partly keep pointing in for the commonharness human, poverty as socio-economic all Aside the many2009. Zuma also has the ground shortly before to a nation good of all. collapse. ranked amongwhy Nigeria, a famous on the brink image of a wives he The tragedy world oil exporter, the he also had randy of of the African African leaders poorest nations of the a child from had married since assuming man. is leaders, especially continent is world. need to the daughter situation in that most those who of a close friend. office, the people, the continent. wake up to the frightenin have continued have little or nothing of its education structure They need funny that to offer to toe the to shift focus g poverty in order to most of the facilitate wealth on the fashion a new leaders’ whose ignoble path. Is it not order that could stay in power Tayo Ogunbiyi creation. have Alausa, Lagos , Ministry of Informat ion and Strategy,

under Buhari The he influential media is arguably a market place of various activities.

The hitherto latent ingenuity of people is regularly put to task with the way and manner individuals engage one another – trading ideas, suggesting solutions and even finding solace in some weird jokes that often depict their predicament.

Thanks to a majority of these jokes; they serve their purpose by providing temporary relief from the scorching T economy. Page 16

FEATURES Made-in-Aba Products Excite Nigerians

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Zacheaus Somorin åÓÞÒ Ă‹Ă‘Ă?Ă˜Ă?ĂŁ ĂœĂ?ĂšĂ™ĂœĂž militants, because its human rights record Nigeria is expecting enough for a had improved the arrival blockade on of warplanes deals to be lifted. arms L-R: and helicopter Minister of it ordered from s Finance, Mrs. Under Mr. Femi Otedola; Kemi Adeosun; Russia, its latest Pakistan and governme the previous and Presiden Minister of Mohammed nt, the United terrorist and effort to counter had t, Dangote Group, State for Aviation, the VI hosted States militant activities, blocked arms

by Presiden Alhaji Air Marshal sales and t Muhammadu Aliko Dangote, at Senator Hadi Sirika; Sadique Abubakar ended training Chairman Forte a State Buhari at the said yesterday. of Nigerian troops, partly Oil Plc, Presidential Banquet in honour of over human Villa, Abuja...w King of Morocco, Nigeria is rights concerns eekend group Boko battling jihadist captured such as treatment of

Haram, insurgents. waged a seven-year which has Air in the northern insurgency declined Marshal Abubakar President Muhamm country aimed part of the procuremecomment on arms adu Buhari has said the nt issues planting for Islamic state. at creating an force the third Thousands have was receivingbut said his and internationreports by local row, been killed and necessary causing a major year in a Buhari faulted al humanitar more than two support from several agencies detailing ian the UN food crisis,� the findings million displaced. countries in Deputy terms of military of arm of the Humanitarian the UN and also added level of deprivatio high Coordinat the United It also faces some non-governmental more than 700 training. He said war-ravag or, Peter n Nations of his troops were crude-producingthreats in its undergoing organisations screamed that 100,000 ed North-east in the said in a statement Lundberg, raising people ern part concerns about will die due of the country heartland in Friday. training in Pakistan, the southern Lundberg’s to looming were exaggerate starvation food China, the Niger Delta, crisis alert followed year. A different next The president for the victims d.

United where South militants have a the seven-year said the United similar one issued group says of million Africa, Egypt, Kingdom, Nations a -long insurgency will die.� agency, UNICEF, by a sister oil pipelines. been blowing up the United and Russia and “We are concerned . in September humanitarian other private “So while States. loss of crude The subsequent UNICEF, which . about internation groups local and In a oil deliberately focuses on the blatant attempts to government output has hurt army separate statement, Nigeria’s hyping the are humanitarian assistance whip responder al humanitarian up a non-existe revenues. chief reminded of the crisis s including According to for financial level children and mothers, for mass starvation nt fear of captured terrorists the military that gains. more the The reproach must be treated by some aid United Nations have force chief said Reuters, the air in accordance than two million said agencies, done an immeasurable after the United came two days remained a type of with internationa people does the army and it was assisting adding amount of effort Nations warned l law, that trapped in navy in countering not provide hype that filling in that he wanted more than activities of five million Haram-controlled areas Boko the situation on a solution to existed, the gaps wherever they terrorists and military back to their to get the victims of the ground but while more it is not true about 400,000 militants. Minister Boko Haram barracks serious as children to do with face of Foreign in 2017. Chief of Army Affairs, Geoffrey calculations reports have indicated these Lieutenant General Staff coming food shortages in the risk of acute malnutritiwere at for operations 100,000 or even that financing on. year.

May that the Onyema, said in urged Tukur The agency government hoped said more than and abroad,� the presidentlocally will die because a million people all his command Buratai “A projected half of the children the United States ers to act people the governmen said. in conjunctio 5.1 The million president, is would unable t could die n with the will face serious within 12 months sell it to provide care according aircraft to fight at the Boko Haram and navy to rescue those air force shortages as unless urgent Premium Times, highlighteto camps. food measures abducted the conflict contradictions

by Boko Haram. were taken d risk of unexplode and “This d improvised concerned authorities. by the the claims madein some of responsibl country has a devices prevented e governme by different But humanitarian farmers his in a statement signed groups about the leadership of nt under by media aide, President Buhari, which Garba Shehu, the crisis. is doing a lot “In a recent instance, one to bring relief to the displaced people,� the statement said.

When passengers entrust their bags to the care of airlines, it is in the belief that they will move such luggage from the point of departure to the point of arrival, with no worry about their safety. Unfortunately, such has not been the case in Nigeria in recent years. Greed and job dissatisfaction seem to be at the centre of pilfering at the airports, yet there should be no excuse for this criminal behaviour.

S Page 15

POLITICS Living in Hunger and Loathing

5, 2016 Ëž T H

Ă?ĂĄĂ? ĂŽĂ“ĂžĂ™Ăœ D avidson Iriekpe thisdaylive.c n om, 08111 813081

Buhari to Atten d Summit in Daka Security r

Letters to the Editor

Osinbajo

on.iriekpen@

The Chairman of the National Caretaker Committe elsewhere.

Peoples Democrat e of the “Since he the central ic Party (PDP), I have neverleft as minister, are like government. They known Umar, we the chameleo Ahmed who n; they We will remain above board. expressed Makarfi, has have defected to the APC, to keep on changing colours. believe we party? We confidence participated the party will that concernin in anything political movement from The to win because are going of agents. didn’t submit the list anti-party activities Those who took party to another we have a one g the presidential win the 2019 court, us to that should new judiciary. It is far “There are PDP. election. bother anyone “I was disappointook place. those who more camp, the Sen. Ali Modu Sheriff responsive, Makarfi said is the movemen know ted by the we fair and just. just submitted result and how to achievethe secret on State) (defectors from Ondo in the last 12 months before t believe our mandate willI agents, which INEC the list of but if you what happened; an return would not be the victory one are one leg here and election. That should ask me accepted. to us. “Naturally, leg there. We bother anybody, and  divulged. you wouldn’t I am really botheredwhether “When we In an interview it is yet to come,â€? are not expect surprised State, there went to Ondo agents them to be effective walk towards 2019, I as we Daily Trust, with surprised . I am also not he said. were factors will tell you because the Despite losing at any movemen room and they he addressed during which now. person a I am not. When we had for complain the wanted was t central governme not ranging from various issues 2018 It is the movement in State election to APC, Ondo factors were within ts. Some standing Makarfi, of that for the election.the one PDP, which stand-alonnt in the Ondo State last weekend’s go back will bother me. Look, according to The Cable, stakeholders the control INEC should I think the future holds governorship while some said were to the PDP have considered did we lose? But e election election to when beyond the was big things recent court judgement it in general election when the were external, them. Some given of the party,the rebranding and power. During the first for his party. came, what and happened second years, the party the which we are “The future much ? So he was not Makarfi said people leeway to there were worried by election needs a stand-alone coming. But very bright. of the PDP is issue aware of. The internal change its agents if it so week’s defection last the movemen when did desired, “We relates a thereby party know to state politics with central escaping from of Idris Umar, that and other t that brought it’s not going to be a former minister, sharing everythinpower to mobilise some blames issues that are an easy task. We are to the All the party down occur? for virtually really of representa g there to Progressives passing through state-based. I really lack with “We tion at the polling a particular come up details. On externalwon’t go into units. or that of Congress (APC), history. should not forget the worst period you result, can ever other members when general but think of, but There factors, our election comes, we will recover,â€? candidate was finally want to join are those who Makarfi “Again, if you or associate cleared two days before look at the you are on your own; promised with there is no gang-up the election, video clip being circulated He also revealed. and to per se. If you by are on PDP was hopeful that the in two move around the state Jimoh Ibrahim, where he ground, the Ondo State of winning was days to cover grounds and gave reasons whyboasted ground, if you you are on a tall order. went to court, they are not, I election in court,governorship among others, am sorry. So no matter “Again, having difficulty IIndependent it is clear that it was intended the the election awarded to seen National Electorla to participa , we will continue APC. (NEC) Commission’s destabilise the PDP and “Well, Edo Tobi Soniyi Ă“Ă˜ prevent believing ting in elections, ĂŒĂ&#x;ÔË was manipula State, to me, submittedposition that the the candidate from campaignin that when it ted and taken So g. the list The comes Modu of to away. agents was general elections, statement Sheriff That is why by the party President Muhamm said the tribunal, we are at was a problem. spoken, through their side has will be different. the story adu Buhari having identified The will attend the Third Dakar security in Nigeria improved that if good and we believe partylaw stated that they were that the reason theycandidate, Asked why â€?

International as a priority were in sure work is done agents, not candidate he was that the for developm race Forum our was by hence they of a return counsel at the to prevent the ent, Buhari shared on Peace and Security to power in the vision were recognised ’s, PDP from winning. tribunal, prompted in 2019, he of the forum Senegal, from Africa in Dakar, finding a big question: . This blind and the dumb Even the that, it said: “If I tell you in December 5 will be like which a conclusion 6, 2016. can draw to security lasting solutions to challenges that very serious the secret of the disclosing A statement PDP and I won’t do by the Special continent, notably on the Adviser to that.� terrorism and violent the President extremism Media ad Publicity, on drugs, child and , piracy, Mr Femi Adesina, said human the forum, trafficking. convened by “In Dakar, President Macky the Nigerian Sall of Senegal with support leader will use the occasion from the his participatio n in the forum of to discuss African Union continue his active engageme to challenges onsecurity-related with nt political authorities the continent would be attended , on the

by African need for enhanced security leaders and cooperation in the region,� of regional representatives the and internatio statement added. organisations. nal The theme of the Adesina said Buhari would day forum is, Africa twoparticipate its Security and in Heads of State the Panel of Perspecti Challenges: tomorrow. ves for Effective Solution.

hen passenge rs entrust their bags to the care of airlines, it is in belief that they the will move such luggage from point of departur the point of arrival, e to the Unfortunately, worry about with no such has not recent years. been the case their safety.

Greed and job in Nigeria in the centre of dissatisfaction pilfering at the seem to be at no excuse for airports, yet there should this criminal be behaviour.

However, it must passengers’ luggage be noted that tamperin g with is not peculiar A recent CNN to Nigerian airports. report revealed United States how airport were workers in the they were being stealing from a luggage, unaware that to the report, recorded on a hidden camera. the Miami-D ade Police Departm According the camera following ent set several reports lers who check of missing by up in travelthat there were their luggage. The report stated 30,621 claims packed in checked of missing valuablesfurther luggage with , mostly JF Kennedy THE AIRPOR T AUTHORITIES Airport International in New SHOULD FULLY T H I S DAY THE SYSTEM AUTOMATE York topping the EDITOR DEPUTY EDITORS . list of airports REDUCE THE THIS WOULD the with MANAGING NEED most claims DEPUTY MANAGINGDIRECTOR AIRPORT STAFF FOR of DIRECTOR CHAIRMAN thefts from luggage.

EDITORIAL TO HAVE BOARD MINIMAL CONTAC EDITOR NATION’S But that cannot CAPITAL T WITH PASSENGERS’ a justification be LUGGAGE for what happens on our Findings revealed shores. that all it this nefarious T H I S DAY act is for such takes for a bag to fall prey N E W S PA P EDITOR-IN-C tive with “designer luggage to appear to ERS GROUP EXECUTIVE HIEF/CHAIRMAN so attraclogos� on DIRECTORS trailed by the criminals right them. Such bags will be to the conveyor from GROUP FINANCE DIRECTOR point and shortly the foot of the aircraft DIVISIONAL hall.

DIRECTORS before it reaches arrival On Novemb DEPUTY DIVISIONAL er 10, a FAAN DIRECTOR personnel was SNR. ASSOCIATE Aviation Security ASSOCIATE DIRECTOR arrested at the DIRECTORS (AVSEC) Airport, Kano CONTROLLE Aminu Kano RS for stealing $600 International The incident from a passenge GENERAL MANAGER confirmed the GROUP HEAD long held suspicion r’s bag.

ART DIRECTOR that any DIRECTOR,

Nigerian Scientists Prove Efficacy of Nano-medicine in HIV/AIDS Cure

Emmanue Ugwu n Umuah a

STARTERS

20

FEATURES

MONDAY, DECEMB ER

5, 2016 • T H

I S D AY

Acting Featur es Editor Charle s Ajunwa Email charle s.ajunwa@thi sdaylive.com

Made-in-Ab a Products Ex Emmanuel cite Nigerians

by NigeriansUgwu writes that there is a growing

demand for made-in-Aba products

right) presenting

some pairs

of made-in-A

ba shoes to ormer president Obasanjo, at his Hilltop Mansion of Nigeria, Chief Olusegun Obasanjo home in Ogun State...rece cannot by any through dint of hard characterisation ntly work by thousand artisans carved And when he pass for a model. a niche in s of made fin products by made-in-Aba, wears a pair of shoes Nigerian consume borne out of of Abia State,the commercial city rs was by petro-dol decades of opulence engender hitting the runway he would not lar ed be to model the and governme which made Nigerian he has become shoes. But people foreign goods nt to develop huge appetite to patronise a strong voice in the campaign and services. for that Aba artisans new thinkinglocally made goods. That It was so pervasive now is the and had to start developed inferiority economic recession as Nigeria reels under . ‘made-in-Italy’ inscribing ‘made-in- complex With his Brazil’ were designedor ‘made-in-Spain’ on shoes or ternational high profile national status, Obasanjo and and a survival strategy. produced in Aba. that of made-in’s appreciat inion said Mazi Johnson “It worked for us It was

by GovernorAba shoes delivered to him then,�

Okezie Ikpeazu Ike, a shoe manufact in Aba. “Our testimony which was own a urer huge people started could not be same shoes, the runway. achieved buying the bags that they to as Aba-mad enough, and "Governor, I can't thank on were referring e, thinking imported goods�. brothers andthrough you, I cannot thank you they were buying my my sisters who to adorn me Over the years have Aba has been attention. It and classic with these wonderfu decided yearning shoes made l, city fondly is believed that the commercfor own people,� in our land classy called Enyimba over 110, 000 president, like he said. Obviously, the by our City is home ial to shoes, bags, artisans engaged in believed that so many other Nigeriansformer in garment belts while over 50, 000 making out of Aba. high quality shoes were , never making. In Therefore wearing engage coming the attention 2002, Aba attracted crafted shoes a pair the hope of of the World Bank, which to the former from Aba became an eye of well a possible massive raised to fix the infrastruc about locallypresident and others still opener skeptical made products tural needs intervention then president are so comforta of the World of the city. The ble and they. "These shoes Wolfensohn Anybody watching are visited Aba and Bank, Mr. James me, no matter so good. then Finance or low, who in company how Minister, wants of the high Dr. Ngozi Okonjo-Iw to help went round of recession the industria quickly should Nigeria get out amazed at the of these shoes l clusters and eala call the makers burgeoning in Aba to make medium enterprise Obasanjo further micro, small was for them," and s. stated the Ariaria InternatioAt the ‘A Line’ section for made in in his testimoni Aba of al nal Market, saw for himself The reputatio shoes.

Wolfensohn the range of n of Aba as products, including the largest concentra finished leather the tion of micro, city with shoes and were created medium scale bags that small and artisans. He through the ingenuity sub-region wasenterprises in the West was told that of Aba African not an ascribed facing the MSMEs acquired through the major were the near problems sheer displaystatus. It was power. Indeed ity that over absence of of ingenuin most other electricity supply in manufacturingthe years exploded into Aba, like local Aside from cities in Nigeria, is epileptic. fabrication of of various products, including the Aba shoe makersnagging issue of power hub of Abia machine parts. This commerci State in South-eas the harbour al existence of t Nigeria has international in their minds an reducing the conspiracy aimed competiti at veness of the leather products finished to the artisans, made-in-Aba. Accordin the foreign manufacturersg

Unemployment in Nigeria The latest Purchasing Manag- ers’ Index (PMI) has revealed that the employment level index in Nigeria for November 2016 stood at 40.6 points, indicating declines in employment level for the twenty-first consecutive month.The report obtained on the Central Bank of Nigeria’s (CBN) website showed that the index declined at a faster rate when compared with the level in the preceding month. Page 5

T H I S D AY

• MONDAY , DECEMBER

5, 2016

BUSINESSW NIBOR OVERNIGHT 1-MONTH

R A T E S 11.5250 15.280

A S

3-MONTH 6-MONTH

17.6799 20.3732

A T

ORLD

23

Group Busine

ss Email chika.a Editor Chika Amanze-Nwa manzenwachuk wu@thisdaylivchuku e.com 0803329415 7

N O V E M B E R

NITTY 1-MONTH 2-MONTH 3-MONTH

13.2020 16.3877 17.4737

6-MONTH 9-MONTH 12-MONTH

3 0 ,

2 0 1 6

EXCHANGE RATE N305.25/ 1 US DOLLAR * *AS AT LAST FRIDAY

19.4674 21.4823 22.7290

Quick Takes

Foundation to Reward

PETAN 2016 OIL INDUSTRY AWARDS

L-R: Group Managing South East, Sterling Director, Nigerian Bank Plc, EmmanueNational Petroleum Technology Associatio Corporatio l Emefienim; n of Nigeria (PETAN), Lagos‌recently Executive Director,n (NNPC), Maikanti Baru; Bank-Anthony General Manager, Okoroafor, at Sterling Bank Plc, Kayode South South/ the PETAN 2016 Lawal, and Chairman, Oil Industry Achievem Petroleum ent Award/Din ner in

Report Reveals Further Rise in Nigeria of Unemploym ent

The Intafact Entrepreneurs Hero’s Foundatio 2016 edition of its Kickstart n has announced this week submitted outstandin Programme, for the where applicants would be rewarded. g and implementable who business The Governor Obiano will be of Anambra State, proposals the Chief Willie In a statement special guest of honour at cessful applicantsissued in Onitsha, it wasthe awards ceremony. stated that would be given their proposed the sucseed capital winners would business ventures or expand to either start up existing ones. a period of one continue to receive mentoring These year. and guidance The brewery for noted that the people to imbibe initiative was their businesse the culture of entreprenaimed at helping young s eurship and to build Highlighting from ideation to actualisat the credibility ion. tion board said of the selection process, the having been the winners would be deserving foundathoroughl of the seed applicants, numbering y screened from the beginning capital over were trained when the at the Chike 1,700, were pruned to the Okoli Centre ies and mentored 120, who for The 120 short-listeby Prof. Alex Ikeme andEntrepreneurial Studsubmitted their d applicants underwen Prof. Ngozi Anyikwa. t five days training by a panel of business proposals, by which and five judges. they were adjudged

Body to Reward

Writing Talents In recognition reward, JLF, a of creative writing as an invaluable nongovernmental announced a and not-for-pro talent worthy of writing According to competition tagged “JLF fit organisation has Writing Competitio a statement competition issued by n�. is in literature withinstituted for the purpose the organisers, “ the of the intent to of each competito evaluate and identifying talents maintain the Obinna Chima success The competiti r by selecting the best. on, which opened ECONO MY first week of a slower rate; in November December and The latest Purchasing supplier delivery

by January 20th, the results and , will close in the time improving Manag- related ers’ Index (PMI) 2017. The contest prices will be at a faster rate paper products; and ages, religion given appliances or social backgroun was said to be opened and componen that the employmehas revealed chemical support activities; in November 2016.

Participants ts. to all d. nt level index and pharmace The Manufactu in Nigeria for The remaining ring PMI stood utical products; the bible and are required to pick a story, four sub-sectors grew in write a synopsis stood at 40.6 November 2016 products; furniture and related at 46.0 index points in chapter or verse the order: cement; two weeks. The points, indicating into present ber 2016, indicating Novem- food, from textile, apparel, declines in judges day beverage leather or and would the a slowing shortlisted contestan employment footwear; paper tobacco products; future in each pick decline in the plastics for the twenty-fir level nonmetall products; ts would be given the best 6 synopses and their synopsis sector during manufacturing electrical& rubber products; and st consecutiv 2 weeks to fully month. in either of the e electrical ic mineral products; equipmen develop Short film, Full but a marginal review period, equipment; “At 46.9 index t.

The report fabricated length feature improvement metal film or Mini Series. points, production Central Bank obtained on the and products; primary metal compared with the previous level index the food, of Dana Air Secures manufacturing website showedNigeria’s (CBN) products. beverage & tobacco month level. Twelve for of the 16 sector declined sub-sectors None of Nigeria’s IOSA Certifica that the index for the eleventh declined at surveyed recorded domestic carriers, tion But it showed a faster rate International consecutiv month, but when that employ- declines in the review compared with Dana Air has Air Transport showed marginale passed the month Association Audit (IOSA) the level in the ment level in the cement in the following preceding month.

(IATA) Operation and sector remained suborder: com- improvement compared safety registry. it is now admitted into the index recorded with unchanged, puter and electronic products; the associatio al Safety Of the 16 while the sub-sectors, primary metal; n’s global This means that in recorded declines 14 products plastic and rubber petroleum and 2016. Ten manufactu October national carriers it can partner and code-shar sub-sector recorded coal products; in the folring lowing order: transportation sectors recorded decliningsube with other interother airlines and this also indicates computer and growth during the equipment electronic products; in that Dana Air in the IATA registry review products; ; furniture and related production level period. would join risk compared during the reputed to review and coal products; petroleum printing and to Also, the report related order: month in the following According to other airlines without IOSA have lower safety appliances indicated that support activities; nonmetall and componen primary metal; productio Mbanuzuo, ‘‘Our the Accountable Manager certification. ic & coal petroleum tion equipmen ts; transporta- employm n level, new orders, mineral products; fabricated admission into products; of t; printing and metal products; of our strict adherence ent level and the IOSA registryDana Air, Mr. Obi electronic products;computer & chemical material inventories raw is a confirmati to global and procedure transporta on declining at pharmaceutical products; and tion equipmen s, required of management and safety t; furniture textile, apparel, leather standards global carriers. “Getting the & IOSA certificati and footwear; the only domestic on is a double Continued for us, as we by the Nigerian airline to have passed on page 24 remain a similar audit conducted partners, The Civil Aviation Authority (NCAA), and Flight Safety its foreign Group.’’

Ecobank, Chi nese Firms on over Unremi tted Sales Pro Collision Course ceeds

SPORTS Saraki Lauds Falcons' 8th AWCON

SAA Takes Delivery

of A330-3

South African Eromosele 00 Abiodun five new leased Airways (SAA), has taken Aircraft delivery of its first Southern A330-300 wide-body jetliners, ECONO MY first of Two Chinese African operator becoming Airbus’s through Bank firms, Ningbo SAA’s A330-300 of Cgas Valve of Hangzho Company Limited supplied by the is configured the aircraft type. layout with 46 and Hangzhou companies the supplier’s bank while u, the suppliers seats in Business in a comfortable two-class through second transaction Tianlong Steel to Pure Light Auto the banks, seats. cabin Class and 203 Cylinder Company Products the importer their in Economy class accessories valued of Cylinder only Limited, are Limited in May this year.

The aircraft will could set to declare access the at the Accordin introduce new documents ing connectiv levels of onboard trade disputean international agreemen g to the trade $84,350.00 was made by sum of at the bank ity for SAA’s for the clearance Ningbo of comfort, includpassengers efficiencies Nigeria over with Ecobank Chinese t between the Cgas Valve Company the goods and enhanced for the airline. the Limited have after he must operating non- remittance bank’s alleged Nigerian suppliers and the done through Agricultur al bank value fully paid for the total of of Importer China, $112,166.0 (N52,718.020) the supplier’s of the goods. being an accrued0 by THISDAY, the obtained bank.

EcoBank Nigeria sales proceeds The Nigerian for the transactio payments receiving is the Chinwere importer, to a Nigerianfrom goods sold be handled bank used ns were to , also by Light Pure importer, alleged by the respective Auto Products, EcoBank took that Ejimofor Chinwere Mr. banks money Nigerian the of Pure the of both the supplier Light Auto and which importer and through his account with it from “One area of Products T H Iimporters S D AY . far in all the importing excess of the focus is to get The simmerin Limited.

THISDAY ËžMONDAY DECEMB naira documents oil equivalen g product dispute revealed investigat ER of between the 5, the t shipment would of the dollar payment ion up to 2016 that the first ions be delivered were supposed they Chinese firms bank and the action barrels per day two million to the trans- and of gas followed two to remit to through which importer the suppliers that is absolute separate shipment

by Hangzho cylinders was for the payments . critical in the s of gas u Tianlong cylinders Chinwere claimed very short term ly Cylinder Company Steel to the goods were to be made and accessorie that he suppliers � paid a total s valued amount of N6,675, at $27,816.00limited According to .

The Head of Investment, 840 million, the instruction done sent which the bank Africa Head of s to EcoBank Portugal, Citibank, CIB Nigeria by Mr. Miguel Azevedo Group Sports Continued on

Victory Senate President , Bukola Saraki, at the weekend congratulated the Super Falcons for emerging continental champions at the Africa Women Cup of Nations (AWCON) for the eighth time. Saraki in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, in Abuja, specifically commended the Falcons for retaining their championship in Africa. Page 61

MONDAYSPO Saraki Lauds Fa RTS lcons’ 8th AWCO Kalu: Super Eagles ‘ll foll N Victory ow up on page 24

Email duro.ik

Falcons’ feat

Special Athletes Dominate 2016 Nigerian Team Tombim Sports Award Through to Fina ls of NCC

Haruna Targets Top Five

61

Editor Duro Ikhazuagbe hazuagbe@t hisdaylive.co m

Omololu Ogunmad e in Abuja Lionesses of Senate President Yaounde as theCameroon in at the weekend , Bukola Saraki, boost tonic that will the Super Falconscongratulated the Eagles chances against Indomitab for emerging continental World Cup le Lions in the champions preliminaries.

Africa Women at the Kalu praised (AWCON) for Cup of Nations champion the African s for punishing Saraki in a the eighth time. the statement by hosts Special Adviser his President, right before their Paul Biya Publicity, Yusuphon Media and the main bowl of and inside Abuja, specificall Olaniyonu, in named a y commend after their stadium the Falcons for retaining ed Ahmadu Ahidjo. first leader, championship their He said: “I Falcons wonin Africa. got the Women’s drunk with joy. The myself Africa Cup of Falcons have wiped away our tears. in CameroonNations (AWCON) It is sweet vengeanc host team 1 after beating the than e, more AWCON title– 0 to retain the our what the Lions did to Eagles in the in Yaounde Saturday. on Cup. Cameroon Nations Reacting to the beat victory, Saraki three times in the CANNigeria said the victory grand finale, 1984,1988 come at a bettercould not have in and at home Lagos in 2000 albeit through “The record moment. very AWCON Cup win of the Falconsdubious means. The have done more Falcons has againby the Super that than clearly that with demonstrated finals,to the Lionesses. Four determination four defeats. we can surmount any obstacle and away in 1991, SouthHome confronting Africa in 2004, us as Namibia a nation,�

Saraki said. now in Yaounde.in 2014 and that through“I have no doubt The former “ team work single-mindedness Abia State and we can governor overcome our Super Eaglesbelieves the challenges.� present economic Indomitab will beat le Lions home the He also away and patriotism andcommended the Worldto pick the Russia 2018 Cup ticket. of the team sense of purpose L-R: “Bring on the crew while and their technical They Cameroonians. Ogba;President, Nigeria Football must suffer Chief Executive Federatio government calling for more in ,Emzor Pharmace n (NFF), Amaju Pinnick; Yaounde. Superhumiliation Chikwelu; and and private support to enable sector in a Chairman, Senate killer mood. Eagles are 2016 championa Super Falcons forward uticals, Dr. Stella Okoli, men and womenNigerian sports buckets Expect Committee s by Emzor in and Emzor Ambassa Minister of Sports, of tears next year, more excel in their Lagos... yesterday career. dor, Asisat Oshoala; Solomon Dalung;on Sports, Senator Obinna Douala to Mamfe, from at the reception Super Falcons Captain, Similarly, Pillar Bamenda for winning the AWC held in honour Rita as player of Sports, to Garoua. Vengeanc and Manager.

Orji Uzor Kalu, of the AWCON Omagbemi e is sweet�, he added. captained the She thus Super Falcons has described Super Championship Africa Women’s theKalu while commending Mahmoud El joins Egypt’s victory Falcons to their First of her team mates, Eucharia in 1991 when triumph over Falcons, singled Uche, Stephen Keshi Gohary and the the Coach Lionesses home they beat victory also led the team to majorly on players that out CAN as winners Florence Omagbem as coach. full Nigerian of have and away, i coach.and AWC as player and 4-0, 2-0. She went ahead blood in their to pick theFalcons have so far won veins. The other more laurels before relocating AWC a record two that Falcons to the the United 8 won startingtimes States. One 10 editions. Equatorial out of the 1991editio with Guinea the n is not listed who have won post 1998 when in twice relied CAF took over the tourname nt.

Defending champion Femi Solaja s Team singles Tombim is through Rangers FC on Saturday to the In what looks against based the Team of of Enugu won of the 2016 NCC Tennis finals Thomas Otu and League the Year Cup. first edition of like a repeat of the ahead teams, beat of the Dream award whichThe Abuja based team Emmanuel of Team Sunday Tombim whichit was Team expectedl Award in 2012,the Nigerian Sports Olympic FCT led Team football team. 6 proceedin 3-1 at the end of 6-4 to put the tie beyond 6-3, winning start got off to a of Team y went the way of the Nigerian men and women Flying Saturday with reach of their gs Saturday The the Tombim as Antelopes who to the Rio2016 Paralympics team 2015/2016 former national opponents. national champion won the Enugu Sports Club at the Moses Michael grabbed lead the one point dominated theParalympic Games Football Nigeria Professiona stretched the Michael besting , Moses Adegoke champion Sarah proved too by overpowe it needed l 5th edition of award as Kehinde strong ring Thomas Emmanuel of Team Sunday for Osaremen the a 32-yearLeague (NPFL) ended very first men’s reverse in the Otu 6-3, FCT in the first men’s 6-1. old jinx last winning match yesterday singles Ejike emerged Paul and Lucy the dismissing Airhunwhunde singles 6-2, 7-5.

Edwards then league in 1984. her in straight Former national Sportswoman Sportsman and paired Lovette Christopher .

Donatus In the champion, set of 6-2, 6-1. of the year Friday. last of the Journalist Category replaced Christian Edwards doubles to win the mixed Thomas Otu restored Team FCT Award, Moses parity with a 2-6, 6-2, beating Otu Paul who is already cramped out The duo also Praiz Faith 5-2 rtd (retired) guaranteed N2 million SuperSpor and of in the second Sunday win over cramping t was Sports Person won the Special TV In a clash 6-3, 6-1.

Journalist of awarded the Christian would play for third and of two Abuja- Paul. and Special of the Year (Men) Photo the Year; the in Lagos Dec place Sport Person The women’s Year (Women) of the award Journalist of the Year against the loser15 & Dec 16 Categorie singles semifinal went to Ayodele of the second won gold medal s. Paul Ojo s. in the men’s of Daily Sun, Lekan Power-lifting Okusan of while Ejike -65Kg category the The Nation emerged Olawale did as Print not Ajimotokan Journalist of only won gold in the 79kg, in Year. Olawale the Abuja 86kg and do well in Equatoria power-lifting Adigun of event respectivel61kg Top Radio emerged l Guinea as and by my the 2016 Paralymp y at Oche Odoh ics games, but Radio Journalist of as the Kabiru Mohammed a top five own standard, first cruised to the also set new the Year. has said is a benchma Haruna that of his two In commem Paralympic Record lead with he rk (PR) and World is quite possible,’ Vincent Torgah Haruna saidtitles. fifth edition oration of the top five finishis aiming for a Kano-bas after 54 holes ’ the unfazed lifting 136kg, Record (WR) by Special of the he at the ed player by the calibrewas Nigeria Masters at the recent Recognition award, Actuaries Equatoriafourth 3E Curiously, Harunasaid. of 138kg, andfollowed by a lift was players Award Open l Guinea missed almost organiserassembled by of a meltdown in in Abuja, but lift of 142kg. then a massive sportgiven to some deserving comesGolf Championship this year’s roster the round the closing that a cliff-edge s this year, personalit up this saw after that Coach of the he does not see insisting the third him wound up in was given out ies. The first 30th The Nigerianweek. position at +9 Coach Are Power-lifting team, Managem any threat to the League golfer professional ahead of Brazil’s Luisposition that will prevent over is one Martin Machado Coach of Feyisetan emerged recognitio ent Company him from par 297, five shots outside the Year, beating in international of the several automati earned him the last playing to his best. the lead. n of its great Coach Samson players due c spot reserved ‘’ I am aware job of arrive in Mongom turning to the players “My for Equatoria Nigerian OlympicSiasia of the League. around the Nigerian that the putting o that Monday for the ultimate and football team the event last competed at is deeperl Guinea Open field approaches were (Dream Team errant at year. field will be test where the The next Special VI) and Coach this year because the Masters But he insists Enugu Rangers playing Recognitio of Award is a huge plusbut my drive that last of the inclusion of new Coach Imama went to Nigeria n total cash prize of for the year’s outing Amapakabo. players, that I will few $100,000. sporting heroes first in Haruna, who but I don t Mongom consider relying on,� Haruna said.be Enugu Rangers’ among who rated is the 11th was an exception given o that as a threat. are The tourname player on the impressive his my game I will Chisom Egbuchul midfielder, 1985the Nduka Ugbade-l Nigerian profile nt that ed Order of Merit, against the play showcases Under-16 FIFA am emerged Footballer of said last night Open golf champion at the but not against course UK, players from World Cup that the he winning Year ahead Spain, Portugal, any particular Manchester of were representeteam. They preparedwas psychologically Equatorial Guinea. ship of player,’’ he said.

France, City starlet, Kelechi Nigeria and for the tourname In his maiden Iheanacho and d by two as he Haruna’s members countries will several other visit to the nt tiny country had sorted out of Wikki Tourist,Godwin Obaje Amapakaof the team, Imama points crumble undertendency to off formally tee his weak Cameroo that borders on while Enugu on bo the practice Thursday over finds himself pressure if he long n and Gabon Akpoborie. and Jonathan range. ‘’I am in a very the Presidential good shape 2014, Haruna finished in group on the in the leading Mongom Golf for the tourname in also come final day has o. It will Course, nt. I want to fourth position over be on under intense terrestrial television Sofitel Sipopo Malabo for the golf course scrutiny. first time as some of 72 holes The player shared the highlights will be broadcas on SuperSpo t rt.

League Cup

Finish at 3e Actua ries E’Guinea Golf

Open

T H I S D AY MONDAY DECEMBER 5, 2016

11

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MONDAY, DECEMBER 5, 2016 • T H I S D AY

NEWS

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

Makarfi: PDP will Win in 2019 But I Won’t Reveal Our Secret The Chairman of the National Caretaker Committee of the Peoples Democratic Party (PDP), Ahmed Makarfi, has expressed confidence that the party will win the 2019 presidential election.

Makarfi said the secret on how to achieve the victory would not be divulged.

In an interview with Daily Trust, during which he addressed various issues ranging from last weekend’s Ondo State governorship election to the rebranding of the party, Makarfi said he was not worried by last week’s defection of Idris Umar, a former minister, to the All Progressives Congress (APC), or that of other members elsewhere.

“Since he left as minister, I have never known Umar, who defected to the APC, to have participated in anything concerning the PDP. “There are those who we know (defectors from Ondo State) are one leg here and one leg there. We are not surprised. I am also not surprised at any movement now. It is the movement in 2018 that will bother me. Look, go back to the PDP when it was in power. During the first and second years, there were people coming. But when did the movement that brought the party down occur?

“We should not forget history. There are those who want to join or associate with the central government. They

Buhari to Attend Security Summit in Dakar Tobi Soniyi in abuja President Muhammadu Buhari will attend the Third Dakar International Forum on Peace and Security in Africa in Dakar, Senegal, from December 5 to 6, 2016.

A statement by the Special Adviser to the President on Media ad Publicity, Mr Femi Adesina, said the forum, convened by President Macky Sall of Senegal with support from the African Union to discuss security-related challenges on the continent, would be attended by African leaders and representatives of regional and international organisations.

Adesina said Buhari would participate in the Panel of Heads of State tomorrow.

The statement said having identified improved security in Nigeria as a priority for development, Buhari shared the vision of the forum in finding lasting solutions to security challenges on the continent, notably terrorism and violent extremism, piracy, drugs, child and human trafficking.

“In Dakar, the Nigerian leader will use the occasion of his participation in the forum to continue his active engagement with political authorities on the need for enhanced security cooperation in the region,” the statement added.

The theme of the twoday forum is, Africa and its Security Challenges: Perspectives for Effective Solution.

Pakistan, Russia to Sell Warplanes to Nigeria Zacheaus Somorin with agency report Nigeria is expecting the arrival of warplanes and helicopters it ordered from Pakistan and Russia, its latest effort to counter terrorist and militant activities, Air Marshal Sadique Abubakar said yesterday.

Nigeria is battling jihadist group Boko Haram, which has waged a seven-year insurgency in the northern part of the country aimed at creating an Islamic state. Thousands have been killed and more than two million displaced.

It also faces threats in its crude-producing heartland in the southern Niger Delta, where militants have been blowing up oil pipelines. The subsequent loss of crude oil output has hurt government revenues.

According to Reuters, the air force chief said it was assisting the army and navy in countering activities of terrorists and militants. Minister of Foreign Affairs, Geoffrey Onyema, said in May that the government hoped the United States would sell it aircraft to fight Boko Haram

militants, because its human rights record had improved enough for a blockade on arms deals to be lifted.

Under the previous government, the United States had blocked arms sales and ended training of Nigerian troops, partly over human rights concerns such as treatment of captured insurgents.

Air Marshal Abubakar declined comment on arms procurement issues but said his force was receiving necessary support from several countries in terms of military training. He said more than 700 of his troops were undergoing training in Pakistan, China, the United Kingdom, South Africa, Egypt, Russia and the United States.

In a separate statement, Nigeria’s army chief reminded the military that captured terrorists must be treated in accordance with international law, adding that he wanted to get the military back to their barracks in 2017. Chief of Army Staff Lieutenant General Tukur Buratai urged all his commanders to act in conjunction with the air force and navy to rescue those abducted

by Boko Haram.

are like the chameleon; they keep on changing colours. The political movement from one party to another that should bother anyone is the movement in the last 12 months before an election. That should bother anybody, and it is yet to come,” he said.

Despite losing the Ondo State election to APC, Makarfi, according to The Cable, said the future holds big things for his party.

“The future of the PDP is very bright. “We know that it’s not going to be an easy task. We are passing through the worst period you can ever think of, but we will recover,” Makarfi promised.

He also revealed that the PDP was hopeful of winning the Ondo State governorship election in court, having seen the election awarded to APC. “Well, Edo State, to me, was manipulated and taken away. That is why we are at the tribunal, and we believe that if good work is done by our counsel at the tribunal, we will remain above board.

We believe we are going to win because we have a new judiciary. It is far more responsive, fair and just. I believe our mandate will return to us.

“When we went to Ondo State, there were factors and room for complaints. Some factors were within the control of stakeholders while some were beyond them. Some were external, which we are much aware of. The internal issue relates to state politics and other issues that are really state-based. I really won’t go into details. On external factors, our candidate was finally cleared two days before the election, and to move around the state in two days to cover grounds was a tall order.

“Again, IIndependent National Electorla Commission’s (NEC) position that the submitted list of agents was by the party was a problem.

The law stated that they were party agents, not candidate’s, hence they were recognised. This prompted a big question: which party? We didn’t submit the list

of agents. Those who took us to court, the Sen. Ali Modu Sheriff camp, just submitted the list of agents, which INEC accepted.

“Naturally, you wouldn’t expect them to be effective agents because the person they wanted was not the one standing for the election. I think INEC should have considered the recent court judgement and given the party the leeway to change its agents if it so desired, thereby escaping from sharing some blames for virtually lack of representation at the polling units.

“Again, if you look at the video clip being circulated by Jimoh Ibrahim, where he boasted and gave reasons why they went to court, among others, it is clear that it was intended to destabilise the PDP and prevent the candidate from campaigning.

So the Modu Sheriff side has spoken, through their candidate, that the reason they were in the race was to prevent the PDP from winning. Even the blind and the dumb can draw a conclusion that very serious anti-party activities took place.

“I was disappointed by the result and what happened; but if you ask me whether I am really bothered as we walk towards 2019, I will tell you I am not. When we had a central government in the PDP, which stand-alone election did we lose? But when the general election came, what happened? So a stand-alone election needs a party with central power to mobilise everything there to come up with a particular result, but when general election comes, you are on your own; there is no gang-up per se. If you are on ground, you are on ground, if you are not, I am sorry.

So no matter the difficulty, we will continue participating in elections, believing that when it comes to general elections, the story will be different.”

Asked why he was that sure of a return to power in 2019, he said: “If I tell you that, it will be like disclosing the secret of the PDP and I won’t do that.”

PUTTING HEADS TOGETHER L-R: Minister of Finance, Mrs. Kemi Adeosun; Minister of State for Aviation, Senator Hadi Sirika; Chairman Forte Oil Plc,

Mr. Femi Otedola; and President, Dangote Group, Alhaji Aliko Dangote, at a State Banquet in honour of King of Morocco, Mohammed the VI hosted by President Muhammadu Buhari at the Presidential Villa, Abuja...weekend StatE HouSE

Buhari Accuses UN, Others of Exaggerating Crisis in North-east President Muhammadu Buhari has said the reports by local and international humanitarian agencies detailing the high level of deprivation in the war-ravaged North-eastern part of the country were exaggerated.

The president said the United Nations and other private humanitarian groups are deliberately hyping the level of the crisis for financial gains.

The reproach came two days after the United Nations warned that more than five million victims of Boko Haram face serious food shortages in the coming year.

“A projected 5.1 million people will face serious food shortages as the conflict and risk of unexploded improvised devices prevented farmers

planting for the third year in a row, causing a major food crisis,” the UN Deputy Humanitarian Coordinator, Peter Lundberg, said in a statement Friday.

Lundberg’s alert followed a similar one issued by a sister agency, UNICEF, in September.

UNICEF, which focuses on humanitarian assistance for children and mothers, said more than two million people remained trapped in Boko Haram-controlled areas while about 400,000 children were at risk of acute malnutrition.

The agency said more than half of the children could die within 12 months unless urgent measures were taken by the concerned authorities.

But in a statement signed by his media aide, Garba Shehu,

Buhari faulted the findings of the UN and also added some non-governmental organisations raising concerns about looming food crisis for the victims of the seven-year-long insurgency.

“We are concerned about the blatant attempts to whip up a non-existent fear of mass starvation by some aid agencies, a type of hype that does not provide a solution to the situation on the ground but more to do with calculations for operations financing locally and abroad,” the president said.

The president, according to Premium Times, highlighted contradictions in some of the claims made by different humanitarian groups about the crisis.

“In a recent instance, one

arm of the United Nations screamed that 100,000 people will die due to starvation next year. A different group says a million will die.”

“So while local and international humanitarian responders including the United Nations have done an immeasurable amount of effort filling in the gaps wherever they existed, it is not true as these reports have indicated that 100,000 or even a million people will die because the government is unable to provide care at the camps.

“This country has a responsible government under the leadership of President Buhari, which is doing a lot to bring relief to the displaced people,” the statement said.

T H I S D AY MONDAY DECEMBER 5, 2016

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14

T H I S D AY • MONDAY, DECEMBER 5, 2016

COMMENT

Editor, Editorial Page Peter Ishaka Email peter.ishaka@thisdaylive.com

Where Are The Buhari Boys And Girls?

Simbo Olorunfemi contends that the president is yet to take full charge of his government

I

recently had cause to speak to what I see as disconnect between the policy and politics of President Muhammadu Buhari and how that seems to be hampering the optimal performance of his administration. I made reference to the emerging Trump template, the two men to the right and left side of the president and how important it is to find that intersection between policy and politics. No area is that gap more manifest under the Buhari Presidency than how appointments - statutory and otherwise, are being made.

In a democracy, needless to say that the philosophical disposition, values and political orientation of people brought in to serve in government is key. The outlook and mind-set of a prospective appointee would be checked and should, unless waived for other reasons, reflect the outlook of the elected executive. In America, where the ideological divide even runs deeper than party lines, how liberal or conservative a prospective appointee is does matter in the scheme of things, especially with nomination to the Supreme Court by the president being one that can effectively colour or shape jurisprudence for many years to come. The coming of a new president heralds a shake-up of personnel in different offices. Donald Trump will be responsible for filling about 4,000 political appointments, 1,000 of them requiring confirmation by the Senate. The jostling going on within the Trump camp at the moment and Mitt Romney eating the humble pie is not over nothing.

It was with a similar air of expectation, and rightly so too, that many who supported the election of PMB looked forward to him taking office and making appointments. There must have been trepidation of sorts for those in the other camp, as well. But it seems they needed not to have been bothered. For some reason, rather than move swiftly to weed out those who had been in office in agencies and parastatals, some of whom were not content to be professional but got deeply involved in politics, the president chose to take his time. Even if when many got carried away as if there would be no tomorrow and compromised their offices, the president elected not to act.

It has turned out as a major unforced error on the part of the president. Some of those left behind must have done whatever they can to cover dirty tracks. It is evident that some of the masquerades have since changed gowns, some have melted into the background, singing today’s songs as if there was no yesterday. Yet, some are there operating anonymously, possibly sabotaging from within, to ensure that yesterday re-enacts itself as tomorrow. It is an own goal on the part of President Buhari, a telling one.

How do you explain that Dr Sam Amadi who represented the Peoples Democratic Party in a public debate and sat on opposite sides with Alhaji Lai Mohammed, even though his office was supposed to be non-political, was left at NERC until

Where are the Buhari ambassadors who ran and won converts for him? Where are those who embraced his philosophy and are eager to replicate that in the institutions of government? Where are his foot-soldiers working to actualise his objectives, speaking on his behalf, echoing his voice, decoding his silence to others and selling him to the people?

his term lapsed, allowing him to push through an increase in electricity tariffs he had held back under President Jonathan, even disingenuously announcing a ‘reduction’ in tariff as the elections approached? Even, our own Aunty Onyeka, with all the dancing alongside Mama Peace on campaign grounds, was not going to end her riotous tenure at the Women Development Centre until push became shove. Some saw her exuberant courtesy for President Buhari while on a visit as nothing more than hypocrisy. The tone of the letter she sent out on departure from that office left little doubt about her state of mind.

Madam Sally Mbanefo was said to have been seconded from Keystone Bank to the National Tourism Development Commission in 2013 for two years (She says four years).

Even with protests here and there about her performance which she probably saw as that of making the national flag a permanent dress code, she was only relieved of duties last week, via a letter in which though the Secretary to the Government of Federation claimed that her appointment was meant to be for two years, his own estimate put the terminal date as May, 2016 rather than May, 2015.

Unfortunately, some of those who occupy these offices at the moment are crooked pegs in irregular holes. In the face of inaction, some reports have it that some might have managed to arrange suspect regularisation of appointments and conversion in the dying moments of the Jonathan administration. Same men of yesterday are driving policies today from within, even when their politics is steeped in yesterday. The president might have been cautious not wanting to make the impression of arbitrariness by summary dismissal when he assumed office, but it took only one circular from Governor Akinwunmi Ambode to have a clean slate in Lagos, even though his was an intra-party transition.

Some will say does this really matter? It does. As I argued elsewhere, success as an elected leader, especially one with a mind-set and mandate to be disruptive, will be determined largely by his ability to find the balance and right intersection between politics and policy. We are told there are 541 government parastatals, commissions and agencies. The question is - Who are those manning them? Where are the Buhari boys and girls in his government? Where are the Buhari ambassadors who ran and won converts for him?

Where are those who embraced his philosophy and are eager to replicate that in the institutions of government? Where are his foot-soldiers working to actualise his objectives, speaking on his behalf, echoing his voice, decoding his silence to others and selling him to the people? Where are the Buhari Boys and Girls?

Olorunfemi works for Hoofbeatdotcom, a Nigerian Communications Consultancy

Nigeria`S Straying Teenagers Everyone must get involved in the moral education and redirection of our straying teenagers, argues Kenechukwu Obiezu

W

hen a 19- year- old boy recently fell afoul of the law by procuring abortion drugs for his 14- year- old girlfriend in Lagos, and was predictably docked, the malaise assailing Nigeria`s teeming teenagers fell under the harsh glare of judicial scrutiny.

When a society gleefully glides to the cellars of morality and those whose duty it falls to provide moral leadership and direction display apathy and even dereliction, work left undone and ills left unchecked become emboldened and begin to take trophies. This time around, it is some of our youngest, vulnerable and most impressionable minds that are ripe for the taking.

It has been a long time in coming and insidiously so. As society has opened up to modernisation and technology and parental guidance has waned, most teenagers have found themselves at a crossroads swayed by delightful but deleterious pleasures. The signs and scars are many and ubiquitous.

Teenage cultists and gangsters hold vast swathes of some states to ransom, teenagers fall prey to terrorists` recruitments, teenagers take to armed robbery and commercial sex work while an innumerable number

fall through the cracks of poor and porous education and educational institutions respectively.

The Nigerian society, assailed by corruption and a shocking moral erosion, has found itself grappling with a malaise that can have even more pernicious effects on the very fabric and foundation of the Nigeria society. It is the rapid loss of traditional values. Nowhere is this annihilation of traditional values gaining more space and success as in the bosom of the family. With more marriages crumbling and homes rocked and eventually broken, more and more casualties are churned out, immediately laying siege to the future of society which we rightly and presciently ascribe to our children who we watch pass on from one stage of life to the other. With most homes crumbling before children are sufficiently taught the basic mores of moral and civic existence, and some homes retaining only a semblance of stability while being completely dysfunctional, the very first layer of education and one which is the most critical is ruined. In our schools, especially in the public schools which accommodate most kids, the situation is darkly depressing.

Poor educational standards, scant resources and lose moral and civic education coalesce

into a nightmare hounding our kids. The result is what we see.

At the level of society, public figures and celebrities alike have scantily helped with the toxicity of the messages they send across, consciously and unconsciously to these vulnerable minds. Most teenagers are attuned to celebrities, especially musicians and in their music and lifestyle, they envision the sort of lives they want to live and lead; a life of fame and fortune.

The problem with this dream is that it is mostly shaped by celebrities who in their determination to peddle their wares suffuse their trade with incomplete and dangerous messages. They not only try to preen themselves into projecting what is mostly utopian, they also try feverishly to show that the paths are easy and laden with shortcuts. In elevating the idolatry of money and conjuring up the spectre of imaginary detractors and enemies, they do great harm to young, unguarded minds.

In a country where the national cake, and its sharing, has become a metaphor for politics, and wealth-while-in-office is elevated above service and patriotism, the rot indeed begins from the head and rapidly spreads to the rest of the body. With the front offices of the country and states

rapidly outdoing one another in the moral erosion sweepstakes, there is a dearth of moral direction and leadership. The descent into moral chaos having been ignored for so long has convulsed all parts of the Nigerian society creating cracks, wide enough to swallow vast swaths of the society. Our teenagers are its latest victims. The advent and proliferation of mobile technology, most marked by the ubiquity of mobile phones have ensured that reading, that noble exercise so helpful to the mind, is given less emphasis and time, and porn and other deleterious materials and news items are in rich supply .

As the aphorism which holds `that children are the leaders of tomorrow,’ is worn out in the face of interminable and forced political relevance by old and expired political war horses, the society must rise to the ills which confront its teenagers and children by extension, and reclaim the reins which the forces of chaos hold in a vice-like grip. From the home to schools to churches and all public spaces, everybody must get involved in the moral education and redirection of our straying teenagers, lest we bequeath the Nigeria of tomorrow to a ruthless culture of bacteria.

Obiezu wrote from Abuja

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T H I S D AY • MONDAY DECEMBER 5, 2016

editorial Luggage Pilfering At Airports

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There should be efficient internal control of access to baggage storage space

hen passengers entrust their bags to the care of airlines, it is in the belief that they will move such luggage from the point of departure to the point of arrival, with no worry about their safety.

Unfortunately, such has not been the case in Nigeria in recent years. Greed and job dissatisfaction seem to be at the centre of pilfering at the airports, yet there should be no excuse for this criminal behaviour.

However, it must be noted that tampering with passengers’ luggage is not peculiar to Nigerian airports.

A recent CNN report revealed how airport workers in the United States were stealing from a luggage, unaware that they were being recorded on a hidden camera. According to the report, the Miami-Dade Police Department set up the camera following several reports of missing by travellers who check in their luggage. The report stated further that there were 30,621 claims of missing valuables, mostly packed in checked luggage with JF Kennedy International Airport in New The airport authorities York topping the should fully automate list of airports with the system. This would the most claims of reduce the need for thefts from luggage. airport staff to have But that cannot be minimal contact with a justification for what happens on our passengers’ luggage shores.

Findings revealed that all it takes for a bag to fall prey to this nefarious act is for such luggage to appear so attractive with “designer logos” on them. Such bags will be trailed by the criminals right from the foot of the aircraft to the conveyor point and shortly before it reaches arrival hall.

On November 10, a FAAN Aviation Security (AVSEC) personnel was arrested at the Aminu Kano International Airport, Kano for stealing $600 from a passenger’s bag.

The incident confirmed the long held suspicion that any

Letters to the Editor

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pilferage that takes place at the airport must have arisen as a result of collusion between the baggage handling staff and the security agencies. For instance, one single individual cannot go from the foot of the aircraft, pilfer a bag, walk through the apron, pass through all the points and climb upstairs to the terminal building and then stroll away without being apprehended. Such an individual must be an “invisible man” to achieve the feat.

T T H I S DAY

editor IJEOMA NWOGWUGWU Deputy Editors BolaJI ADEBIYI, joseph ushigiale Managing Director Eniola Bello Deputy Managing Director Kayode Komolafe CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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

Editor-in-Chief/Chairman Nduka Obaigbena Group Executive Directors Eniola Bello, Kayode Komolafe, Israel Iwegbu, Emmanuel Efeni, IJEOMA NWOGWUGWU Group FINANCE DIRECTOR oLUFEMI ABOROWA Divisional Directors PETER IWEGBU, FIDELIS ELEMA, MBAYILAN ANDOAKA, ANTHONY OGEDENGBE DEPUTY Divisional Director OJOGUN VICTOR DANBOYI SNR. Associate Director ERIC OJEH Associate Directors HENRY NWACHOKOR, SAHEED ADEYEMO cONTROLLERs ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI General Manager Patrick Eimiuhi Group Head Femi Tolufashe Art Director Ochi Ogbuaku II DIRECTOR, printing production CHUKS ONWUDINJO TO SEND Email: first name.surname@thisdaylive.com

o end the pilfering of passengers luggage there should be proper and efficient internal control of access to baggage storage space; proper documentation of baggage acceptance and release processes and procedures; automated recording of incoming bags and 24/7 supervision of baggage storage and release transactions. Also, there should be plans in place for remote monitoring of baggage storage facilities; maximum penalty of discipline and subsequent disengagement of culprits found wanting; provision of communication gadgets to reach out to passengers who missed theirs for collection.

It is the responsibility of FAAN to ensure that the handling companies abide by the rule of engagement in ensuring their sacked workers do not have access to their facilities. It is also the responsibilities of FAAN to ensure that the sterile area of the airport, which is the airside, is strictly inaccessible to unauthorised persons.

FAAN should install effective cameras at the routes of the conveyor belts and the luggage hall and these cameras should be reviewed and made inaccessible to those that might distort the content as it had happened in the past.

Aside the foregoing, the airport authorities should fully automate the system. This would reduce the need for airport staff to have minimal contact with passengers’ luggage. A situation where the conveyor belt breaks down every time encourages the incidence of pilfering. FAAN could concession the task of installing and maintaining conveyor belts in the airport to handling companies that have track record of maintaining highly technical facilities within and outside Nigeria. The company will provide the service at a minimal cost to other stakeholders.

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.

Zuma, African Leaders And The ‘Curse’ Of Power

outh African President, Jacob Zuma, is a controversial figure. In the past few days, the maverick politician has been facing lots of opposition from the home front. He has severally faced calls for resignation after it was found out that he has misused 246m rand (£13.73m) of taxpayers on the upgrade of security in his country home. The total spending amounted to eight times the estimated present-day value of securing the home of Nelson Mandela, South Africa’s first black president.

The discovery is a blow to President Zuma, whose presidency has been characterised by copious scandals. While his village lacks access to electricity or potable water, Zuma’s country home project demonstrates audacious affluence. He was equally accused of uncanny arrogance of power and gross insensitivity as his neighbours were ordered to move home without proper authorisation, thereby costing government millions in public fund. Zuma was also indicted of conflict of interest by engaging his private architect who earned a mind-boggling 16.5m rand (£922,796) from the project.

Zuma, a past Robben Island convict and a polygamous Zulu conservative, is no alien to scandal. He was exonerated of rape and merely became president after more than 700 corruption, fraud, money-laundering and racketeering charges against him were dropped on technical ground shortly before his election in 2009. Zuma also has the image of a randy man.

Aside the many wives he had married since assuming office, he also had a child from the daughter of a close friend.

Characteristically, the government’s own investigation cleared Zuma of wrongdoing, on the basis that the improvements in Zuma’s homestead were necessary for security reasons. It, however, remains to be seen how ‘improvements’ which included construction of a visitors’ centre, amphitheatre, cattle enclosure, marquee area, extensive paving, new houses for relocated relatives and a swimming pool are required to improve security.

Since the post-colonial era, impunity and astonishing acts of recklessness have, no doubt, become the hallmark of many African leaders. Though most African nations now operate democracy, but in sharp contrast to democratic principles, most African leaders act in defiance of democratic engagements. In The Gambia, the current president has been in power for over 25 years but has been fortunately rejected in last week election.

In Zimbabwe, President Robert Mugabe, 93, remains the country’s ruler since 1980. Various opposition groups, opposed to his prolonged stranglehold on power, have had to contend with serious nuisance. Sadly, a large chunk of Zimbabweans have continued to live in abject poverty as all economic indicators keep pointing to a nation on the brink of socio-economic collapse.

The tragedy of the African continent is that most of its leaders, especially those who have little or nothing to offer the people, have continued to toe the ignoble path. Is it not funny that most of the leaders’ whose stay in power have

pauperised their people would rather prefer to die in power rather than giving opportunities to others with fresh ideas to rule? For those who argue that Mugabe’s prolonged hold on power is as a result of the love and affection his people have for him, they need to be reminded that Mandela was equally held in high esteem by South Africans and he still voluntarily relinquished power after just one term in office.

Despite its leaders’ penchant for power, in Africa, the practicality of poverty is quite frightening as most Africans live on less than a dollar per day. Perhaps more niggling is that, with 34 out of a total of 49, African countries account for a greater proportion of the Least Developed Countries (LDCs) in the world. This, perhaps, explains why poverty indicators such as extreme hunger, malnourishment, homelessness, diseases, high crime rate, slums, lack of opportunities, low productivity and illiteracy abound in larger quantity in the continent. The poverty situation is further compounded by the failure of governments across the continent to properly harness human, natural and material resources for the common good of all.

This is partly why Nigeria, a famous world oil exporter, is ranked among the poorest nations of the world.

African leaders need to wake up to the frightening poverty situation in the continent. They need to shift focus on the education structure in order to fashion a new order that could facilitate wealth creation.

Tayo Ogunbiyi, Ministry of Information and Strategy, Alausa, Lagos

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T H I S D AY • MONDAY, DECemBER 5, 2016

politics

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

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

Living in Hunger and Loathing under Buhari

That President Muhammadu Buhari’s government has turned out a sudden nightmare to the generality of the people is disturbing and justifiably so. Olawale Olaleye writes

Buhari...an unfortunate turn of events

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he he influential media is arguably a market place of various activities.

The hitherto latent ingenuity of people is regularly put to task with the way and manner individuals engage one another – trading ideas, suggesting solutions and even finding solace in some weird jokes that often depict their predicament.

Thanks to a majority of these jokes; they serve their purpose by providing temporary relief from the scorching economy Today, the feeling in the country is one of disturbia. Perhaps, the hard-biting effect of the Muhammadu Buhari administration is a manifestation of the prophecy between those who saw this inauspicious tomorrow and those who craved the change they stood no chance of picturing in vivid graphics.

It is eerie that some actually saw what is presently happening today and warned sternly about electing a man, whose idea of governance they reckoned was questionable or at the very least, debatable, mostly against.

But former President Goodluck Jonathan’s inability to make hard choices in national and collective interest passed on the baton.

Although Jonathan was amongst those who more or less saw this day coming, when he described his badly damaged government and the one that eventually took over from him as a difference between good and evil, he was however believed not to have the moral standing to give such a prophecy as he was said to have validly lost the grounds to return to office even when the alternative was clearly not the best amongst the Nigerian people.

With the ravaging hunger and loathing, encapsulated by confounding despondency under the present administration, the general feeling now is one of huge disappointment and shock, arising from the realisation that what many thought was a symbol of change is in fact not how they reckoned it would turn out. That is disturbia! The All Progressives Congress (APC’s) idea of change already appears a failed option and a choice that may have been embraced in error by the people.

Two of some of the recently trending posts on the social media seem to capture the heartrending state of the nation, albeit with a tinge of comic relief, typically. The first is a quote from the Bible in the book of

One of Buhari’s key campaign focuses was that he would fix the economy.

Indeed, the economy was bad at the time but not what it is presently.

Buhari inherited an ailing economy, supposedly so from Jonathan, with the hope of a quick recovery given the right medications and care administered.

Today, 19 months after assuming office, the economy is on life support with insufficient oxygen to even sustain it in coma

Proverbs chapter 24, verses 21 and 22. They go thus: “My son, fear thou the Lord and the king and meddle not with them that are given to CHANGE; for their calamity shall rise suddenly and who knoweth the ruin of them both.”

The man, who posted this on-line added as the introductory part: “Even the Bible warned us about APC, but we obviously don’t read our Bible.”

The second post, which is more recent, is one of the campaign billboards bearing the pictures of President Buhari and his deputy, Vice-President Yemi Osinbajo with one of their campaign promises: ‘one meal a day’. Again, the person, who uploaded the image added: “It is now that this picture is beginning to make sense to me”, with two smiling emoticons to brush aside his pains.

In other words, he was saying an average Nigerian can hardly afford two, let alone three square meals a day. What is mostly possible within an average Nigerian family now is the “one meal a day”, promised by the change government. No thanks to Buhari, the APC CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, DECemBER 5, 2016

politics/ the monday discourse L i v i n g i n H u n g e r a n d L o at h i n g u n d e r B u h a r i

President Buhari raising the hand of the APC governorship candidate in Ondo, Rotimi Akeredolu at its mother of all rallies before the November 26 election, which APC won

and their impossible change.

State of the Economy One of Buhari’s key campaign focuses was that he would fix the economy. Indeed, the economy was bad at the time but not what it is presently. Buhari inherited an ailing economy, supposedly so from Jonathan, with the hope of a quick recovery given the right medications and care administered. Today, 19 months after assuming office, the economy is on life support with insufficient oxygen to even sustain it in coma.

All known business – small, medium and the big ones have gone under. The forex is an embarrassment as all Nigerian credit or debit cards (except the dollar-denominated ones) are useless the moment you step foot outside the shores. Major Airliners have closed down and relocated to neighbouring countries. This isn’t the economy handed over to Buhari.

The naira is completely distressed and yet, government still blames the past, when it is clear now that the problem is not because of what Jonathan did but what Buhari has failed to do since he came onboard. The more you breakdown the problems of the Nigerian economy, the more they seem impossible to fix because of government’s obvious lack of vision and capacity. What better definition for clueless!

A Descent into the Arena Unfortunately, while government is yet to fulfill its first term mandate, the battle for 2019 has begun in earnest with all manners of scheming going on at different levels. Even more unfortunate is that the president may have descended into the area of real politics, all in the bid to consolidate his foothold on the polity but at the expense of development challenges. This is a dangerous trend, sadly.

The president’s resolve to step into the arena is likely to further rubbish his depleting popularity than helping to shore up any image or rating. Often, the second term ambition of those in power usually condemns all that they initially stood for, as they are likely to throw caution in the wind and go for broke.

For Buhari, however, it is better imagined than see it happen. It could signify a totally poor denouement.

The Growing Impunity The immediate past government of Jonathan was accused of many things, including its penchant for impunity. This propaganda, more or less, sold like wild fire and worked

in favour of the change movement, which promised to redress the imperfections of that inglorious era. Alas, Buhari’s government is worse off!

From the habitual disregard for court orders to the supremacist approach of the Economic and Financial Crimes Commission (EFCC) and the over-zealousness of the various security agencies, this government is calculatingly notorious for impunity.

While the immediate past put up some democratic face and feigned to respect the rule of law, this government careless about what anyone thinks. Its dictatorial disposition is akin only to the late Sani Abacha era and this impunity is growing worse every day.

With the crackdown on the Muslim Shiites, the Biafran agitators and continuous detention of some Politically Exposed Persons (PEP), mostly of the opposition party, against court orders – the impunity is such that has not been experienced in recent history.

The France President, Francois Hollande has just announced that he would not be seeking re-election.

That’s a much younger person, who understands global trending and political dynamics. He has seen the writing and could tell where it would end. Had Jonathan seen his humiliation ahead, he probably would have not thrown his hat in the ring. Even if he did, those goading Buhari on now goaded him on too. But it was their world against the people. Buhari can avoid this pitfall

At least, one thing is clear to all now in the fight against corruption: Buhari’s effort is not geared towards cleansing the system and ridding it of entrenched corruption as it were; it is clearly targeted at certain individuals with whom he’s had scores to settle.

The ongoing fight against corruption is evidently one of vendetta, victimisation and clear witch-hunting because it is clearly selective. What this means, therefore, is that the efforts so far put into this is in futility because by the time another governments takes stocks of the Buhari administration, it might turn out one of the most corrupt in the nation’s democratic experiments.

INEC’s Gradual Decimation Another worrisome development is the growing feeling or the assumption amongst the Nigerian people that the Independent National Electoral Commission (INEC) operates at the whims of the federal government. As a result, the belief that it is independent is a fluke. With an otherwise timid leadership of Professor Mahmood Yakubu, INEC has displayed apparent lack of capacity to take the nation’s electoral process to another level.

So far, its handling of all elections in the country has been less than noble. Even more worrisome was its handling of the Edo and Ondo States’ recent governorship elections.

Whilst it was believed to have hidden under the guise of security report of what never was to postpone the Edo election, allegedly to suit certain interests, pretending to be unaware of the meeting, where the advice was offered by the DSS and Police, its resolve to not postpone the Ondo election even for a week speaks a lot about a contaminated umpire.

There is no doubting the fact that INEC shares greatly in these blames. Whilst the Peoples Democratic Party (PDP) governorship candidate in Edo, Osagie Ize-Iyamu had hinted weeks earlier of plans to postpone the election on security grounds, INEC still lacked the decency to dispute his claims and played into their hands because it was true that the plan had been in the offing with no alternative because they did not envisage it would leak. The latter claims about security acting without informing it might have been part of the script.

And then, in Ondo, the role played by INEC was disappointingly ignoble. The fact that the commission could not even defend its own provisions says a lot about its susceptibility to manipulation as well as the willingness to protect its job as the current leadership

at whatever cost. The provision is clear that for any party to present a candidate for an election, INEC must witness the primary and approve of it.

In Ondo, it witnessed one and approved of it. But it did not witness the other. Yet, when a disoriented court affirmed a compromise candidate, it was quick to accept it because a court said so but could not defend the fact that its own provision does not allow it to accept a candidate produced at a primary it knew nothing about. It is double standards and this is because it is being tinkered with, no doubt. Therefore, the fear that this INEC as presently constituted could lead Nigeria to crisis in 2019 if care is not taken is founded after all.

Messy 2019 Extrapolations Clearly, the road to 2019 is crooked and paved with high wire treachery. With two elections gone the way of the ruling party, whilst Ekiti and Osun are now being considered the next targets, the battle for what shape the 2019 elections would assume might have begun.

For instance, the Ondo election provided an opportunity for gladiators within the APC to show strength and a clear demarcation of the existing camps. However, survival for 2019, moving forward, will be dependent on Osun and Ekiti, whose elections will come up in 2018. Apart from the plot to take over the structure of the party by decimating certain persons believed to be working against the mainstream interest in the party, there is also the resolve to start positioning the president for a second term in office.

To achieve this, one of the things likely to happen is the alleged plan to drop Osinbajo for yet another South-west candidate as VP, most likely a former governor and one of active foot-soldiers of the president for the 2019 project. The idea of dropping the VP may not be unconnected with the way and manner he emerged in the first place. And since there is a consensus in the main APC camp to decimate and cut off all links with their perceived enemies within, then, the VP might have to go as a collateral damage.

In fact, it would not be surprising to start seeing soon that his engagements in the activities of government will start to shrink with a view to gradually rendering him ineffective in the scheme of things and ultimately edging him out. It is no wonder therefore that when Buhari recently praised a CONT’D ON NEXT PAGE

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MONDAY DECEMBER 5, 2016 T H I S D AY

19

T H I S D AY MONDAY DECEMBER 5, 2016

The Chief of Army Staff, Lieutenant General TY Buratai, in an effort to boost the morale of the troops of the Nigerian Army, has conceived and launched the “Thank You for Your Service” Initiative.

The Director General of the Centre, Major General JGS Hamakim who is the driver of the Initiative and other top Military personnel were present at the Press Conference.

While this Initiative originated from the Nigerian Army, it will be a 100% private sector driven initiative, championed by the Nigerian people, as it is in other parts of the world.

The Chief of Army Staff recognizes that without the buy-in of the Nigerian people, this initiative cannot succeed, therefore he appeals to well-meaning individuals, Corporate organizations, Groups and indeed State Governments and self-funded Parastatals to join hands with the Nigerian Army and make this Initiative a success.

The objective of this initiative is to show the soldiers of the Nigerian Army that the Nigerian people are standing with them, and they support and appreciate their efforts and sacrifice for the nation.

The first scheme under this Initiative is the Water Project. The aim is to provide the Nigerian Army frontline soldiers with a continuous supply of 50 cl bottled water with a message that reads, “Thank You for Your Service”. This water is not for sale, as the cost will be borne by partners to the initiative.

The Initiative, which has already received support from TETFUND, Nigeria Customs Service, Lagos, Ebonyi and Enugu State Governments, with commitments from Abia, Nasarawa, Plateau, Borno States and other corporate organisations.

Speaking with the Press at the Nigerian Army Resource Centre, the Chief of Army Staff, Lt. Gen. TY Buratai, represented by the Chief of Civil Military Affairs (CCMA), Major General PJ Bojie, said, ‘While the private sector has shown commitment in supporting the efforts of the Federal Government to rebuild the Northeast region and rehabilitate the Internally Displaced Persons, it must also be recognized that it is the selfless service and sacrifice of the Troops of the Nigerian Army that has made it possible for the rebuilding and rehabilitation to take place. Therefore there is a need to say ‘Thank You’ to the Officers and Men of the Nigerian Army for their effort in bringing about the rebuilding and rehabilitation of IDPs in the Northeast and their selfless service in other security flash points across the country’.

The Chief of Army Staff called on all Nigerians, especially the Organised Private Sector to ‘partner the Nigerian Army ‘Thank You for Your Service’ Water Initiative to produce the needed table water that would serve as a token of appreciation for the selfless service and sacrifice of the soldiers of Nigerian Army’.

Contact: Nkem Agunwa-Okwuogu Thank You for Your Service Initiative 0803 155 0302, 0809 759 8806

Signed: Major General JGS Hamakim Director General Nigerian Army Resource Centre

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MONDAY, DECEMBER 5, 2016 • T H I S D AY

FEatures

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

Made-in-Aba Products Excite Nigerians Emmanuel Ugwu writes that there is a growing demand for made-in-Aba products

by Nigerians

Ikpeazu (1st right) presenting some pairs of made-in-Aba shoes to Obasanjo, at his Hilltop Mansion home in Ogun State...recently

F

ormer president of Nigeria, Chief Olusegun Obasanjo cannot by any characterisation pass for a model.

And when he wears a pair of shoes made-in-Aba, the commercial city of Abia State, he would not be hitting the runway to model the shoes. But he has become a strong voice in the campaign to patronise locally made goods. That is the new thinking now as Nigeria reels under economic recession.

With his high profile national and international status, Obasanjo’s appreciation of made-in-Aba shoes delivered to him

by Governor Okezie Ikpeazu was a huge testimony which could not be achieved on the runway. "Governor, I can't thank you enough, and through you, I cannot thank my brothers and my sisters who have decided to adorn me with these wonderful, classy and classic shoes made in our land by our own people,” he said. Obviously, the former president, like so many other Nigerians, never believed that high quality shoes were coming out of Aba. Therefore wearing a pair of well crafted shoes from Aba became an eye opener to the former president and others still skeptical about locally made products. "These shoes are so comfortable and they are so good.

Anybody watching me, no matter how high or low, who wants to help Nigeria get out of recession quickly should call the makers of these shoes in Aba to make for them," Obasanjo further stated in his testimonial for made in Aba shoes.

The reputation of Aba as the city with the largest concentration of micro, small and medium scale enterprises in the West African sub-region was not an ascribed status. It was acquired through sheer display of ingenuity that over the years exploded into local manufacturing of various products, including fabrication of machine parts. This commercial hub of Abia State in South-east Nigeria has

through dint of hard work by thousands of artisans carved a niche in finished leather products such as shoes, bags, belts among others. While the artisans were busy churning out their products, government was not looking their way and no conscious policy was formulated to encourage these local manufacturers. Even as Aba-made shoes, bags, belts and garments were making waves in other countries within the West African sub-region and even beyond, successive Nigerian governments did not take note.

Nigerians from other parts of the country contemptuously referred to Aba products as “Aba-made”, which was an expression of inferiority in comparison to imported goods. The contempt and neglect of Aba-

These shoes are so comfortable and they are so good. Anybody watching me, no matter how high or low, who wants to help Nigeria get out of recession quickly should call the makers of these shoes in Aba to make for them

made products by Nigerian consumers was borne out of decades of opulence engendered by petro-dollar which made Nigerian people and government to develop huge appetite for foreign goods and services. It was so pervasive that Aba artisans developed inferiority complex and had to start inscribing ‘made-in-Brazil’ or ‘made-in-Italy’ or ‘made-in-Spain’ on shoes that were designed and produced in Aba. It was a survival strategy. “It worked for us then,” said Mazi Johnson Ike, a shoe manufacturer in Aba. “Our own people started buying the same shoes, bags that they were referring to as Aba-made, thinking they were buying imported goods”.

Over the years Aba has been yearning for attention. It is believed that the commercial city fondly called Enyimba City is home to over 110, 000 artisans engaged in making shoes, bags, belts while over 50, 000 engage in garment making. In 2002, Aba attracted the attention of the World Bank, which raised the hope of a possible massive intervention to fix the infrastructural needs of the city. The then president of the World Bank, Mr. James Wolfensohn visited Aba and in company of the then Finance Minister, Dr. Ngozi Okonjo-Iweala went round the industrial clusters and was amazed at the burgeoning micro, small and medium enterprises. At the ‘A Line’ section of the Ariaria International Market, Wolfensohn saw for himself the range of finished leather products, including shoes and bags that were created through the ingenuity of Aba artisans. He was told that the major problems facing the MSMEs were the near absence of power. Indeed electricity supply in Aba, like in most other cities in Nigeria, is epileptic.

Aside from the nagging issue of power the Aba shoe makers harbour in their minds an existence of international conspiracy aimed at reducing the competitiveness of the finished leather products made-in-Aba. According to the artisans, the foreign manufacturers

of adhesives used in making shoes were hoarding high quality adhesives from Aba artisans. This, the artisans claim, affects the durability of the made-in-Aba shoes.

But now the tide of Aba-made finished leather products is in the upswing. Ikpeazu has been the driving force following his inauguration as the chief executive of Abia State in May 2015. Among his priority programmes was the rehabilitation of the decayed infrastructures of Aba and creating the enabling environment for made-in-Aba goods to thrive and compete favourably at the international market. In his inaugural address to the people of Abia State, Ikpeazu stated that “the time is ripe to use over 110, 000 shoemakers and 50,000 garment makers as a launching pad to enable Abia to truly become the undisputed SME capital of Nigeria.” He has not relented in his avowed mission to put Aba on its feet. The governor is now seen as the chief marketer of made-in-Aba goods. It was in the course of his marketing of Aba shoes at the 2016 Tony Elumelu Entrepreneurship Forum in Lagos, that the attention of Obasanjo was drawn. The interest of the former Nigeria president in Aba-made shoes was sufficiently aroused to the extent that he promptly made an order for size 42 of made-in-Aba shoes and specifically asked Governor Ikpeazu to deliver the shoes to him.

Ikpeazu and Obasanjo are not the only ones talking about made-in-Aba shoes. The President of the Senate, Senator Bukola Saraki is also canvassing for the acceptability and patronage of the locally made shoes and products. He confessed that he got fascinated with Aba shoes and other finished leather products at a trade fair for made-in-Aba goods staged in Nigeria’s capital territory, Abuja earlier in the year. Hitherto the Senate president like other members of the political class had little or no regard for locally made goods, not least made-in-Aba shoes. But he did not hide his

21

• T H I S D AY MONDAY, DECEMBER 5, 2016

FEATURES attitudinal change after what perhaps could have been his first direct exposure to Aba shoes and he promised to use legislative instruments to promote the locally made products. Last month when a delegation of Leather and Allied Products Manufacturers Association of Abia State (LEAPMAAS) visited him to express appreciation for the constant support he and the Senate have given to the Buy Made-in-Nigeria campaign, Saraki said that the necessary legal instrument has been put in place to strengthen the campaign. “Today, we have made it a national project,” he told the delegation from Abia, adding that the Senate had amended the Public Procurement Act “to give your efforts a solid legal backing that will ensure patronage for your products and that of other local manufacturers.

Saraki said that the House of Representatives will soon pass the same law, which according to him, would make it binding that “government agencies must necessarily and compulsorily patronise locally made goods. It has started with orders made for boots by the Army. If the Army is doing that, I also challenge all the other agencies to follow suit.”

The Senate president meant business as he challenged all the Senate committee chairmen “to ensure that all the other agencies, whether it is Air force, Navy, Customs, even the Road Safety, Civil Defence, National Youth Service Corps must follow suit.” The Nigerian Army actually demonstrated its readiness to patronise locally made products by making an order for the purchase of 50, 000 boots from Aba. To make other government agencies toe the same line, the Senate president said that patronage of made-in-Nigeria products would be included as part of the conditions to be fulfilled by government ministries, agencies and departments (MDAs) when they come to defend their 2017 budget. “They must show evidence that they patronise and purchase locally made goods,” he vowed.

Patronage of locally made products has become a huge national agenda because of the present economic realities. The federal government spends over N2 trillion (about $4.3 billion) annually for purchase of goods mostly foreign products.

According to Saraki, “the aim of the Senate is to ensure that a large chunk of the funds go into the pockets of Nigerian manufacturers.” It is certain that Nigeria can ill afford to sustain its voracious appetite for foreign goods with a floundering economy and scarce foreign exchange. Over the last one year, Nigeria’s national currency has lost its value to the United States dollar by as much as 150 per cent thereby driving the price of imported goods beyond the sky. This has made it very difficult for those Nigerians that delight in patronising foreign made goods, to sustain

Obasanjo (1st left) wearing a pair of made-in-Aba shoes...describes the shoes as 'classy and classic'

Delegation of Abia artisans led by Sam Hart (middle), take campaign for made-in-Aba leather products to Senate President, Senator Bukola Saraki (1st left), at the National Assembly Complex, Abuja...recently

The Nigerian Army actually demonstrated its readiness to patronise locally made products by making an order for the purchase of 50, 000 boots from Aba. To make other government agencies toe the same line, the Senate president said that patronage of made-in-Nigeria products would be included as part of the conditions to be fulfilled by government ministries, agencies and departments (MDAs) when they come to defend their 2017 budget

their appetite, especially in situation where local alternatives exist.

With the new thinking in government circle the creativity and persistence of Aba artisans is beginning to pay off. Over the years, they have continued to demonstrate their capacity to produce high quality products with little or no government encouragement. Increased patronage means a bigger challenge for the manufacturers of Aba shoes and leather products. Will the Aba shoe producers be able to meet up with the demands and also maintain high quality and standardisation of their products? The Abia State government has taken pro-active measures to ensure that the Aba shoe makers are not caught napping by the time their products come into high demand. Ikpeazu has taken 29 shoe makers on trade mission to Turkey where they were exposed to the technology of shoe and garment production. He said that he has taken steps to revive the Aba shoe and garment industry by exposing the shoe makers to the best standard practice and procuring the best equipment needed for automated production.

An industrial cluster for the producers of shoes, leather products and garments is in the offing. The governor said that the establishment of the industrial cluster was part of his administration’s five pillars of development, which include development of small and medium scale enterprises with emphasis on shoe, leather and garment industries.

Aba-made products have equally attracted the attention of non-governmental organisations

and international development partners such as the Department for International Development (DFID) of the British government.

These agencies have identified the potential of Aba-made products in efforts to eradicate poverty and reduce unemployment. To this end, a loan facility has been facilitated by Market Development in the Niger Delta (MADE), an intervention agency of the DFID aimed at encouraging manufacturing and standardisation of finished leather products in the commercial city of Aba. The relatively very low interest loan is provided by the Bank of Agriculture (BOA), the partnering bank, which is equally interested in playing a role in the efforts to grow the business of shoe and finished leather products in Aba. Ordinarily BOA would not provide loan facility for nonagriculture related products. The intervention manager, MADE, Dr. Adeyinka Abimbola said that leather product was a recent addition in the intervention programmes of the agency in recognition of the “hard work” of Aba artisans in the manufacturing of shoes, bags, belts and other finished leather products.

He said that even though MADE was not engaged in direct intervention, it decided to partner BOA to provide loan facilities for those involved in finished leather products because the bank offers the lowest interest rate. “Our joy is to see you grow to compete with global products and standards,” he told members of LEAPMAAS during the second phase of the loan disbursement ceremony.

Aside providing legal instruments to promote

made-in-Nigeria products, the political leaders would do more by demonstrating their love for local products. Both Ikpeazu and Senator Theodore Orji are shining examples of those practising what they preach. From head to toe their attire is completely made-in-Aba and their sartorial taste for locally made garments is a big boost to the campaign for locally made products. The wind of change is certainly going to impact positively on the production and commercial activities of Aba. The makers of shoes, bags and other finished leather products in Aba are bracing up for the expected explosion in demand for locally made products. But the president of LEAPMAAS, Mr. Okechukwu Williams assured that his members would be able to work harder and deliver the quantum of orders expected to roll in from government agencies, especially if the boots requested by the Army were made of high standard and delivered on time. Team leader of the made- in-Aba Project, Mr. Sam Hart, who led the delegation on advocacy to the National Assembly, assured the Senate president that “we shall continue to improve on the quality of made-in-Aba and indeed made-in-Nigeria goods.” While insisting that made-in-Aba products are of high quality, Hart stated that Aba was ready to play a pivotal role in the nation’s quest to end the over-dependence on foreign goods. “There is nothing that can be manufactured elsewhere which cannot be produced in Aba. We believe that with your support, we will go very far," he assured.

22

images

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu (l) and Chief Executive Officer, OVH Energy Marketing, Mr. Abayomi Awobokun, at the launch of a new Roadmap for the Petroleum Industry Code-Named, ‘Seven big wins,’ designed as the short- and medium-term priority programmes of the Ministry of Petroleum Resources in Abuja... recently

T H I S D AY • MONDAY, DECEMBER 5 , 2016

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

L-R: British High Commissioner to Nigeria, Mr. Paul Arkwright, Minister of Information and Culture, Alhaji Lai Mohammed and Minister of Women Affairs and Social Development, Senator Jummai Al-Hassan at the launch of the “Go Woman Go” Building Wrap organised by the British Council in Abuja...recently

L-R;; Head, Lagos Office, Consumer Protection Council, Mr Joshua Ngadda; Chief Executive Officer, Slot Systems Limited, Mr. Nnamdi Ezeigbo; Smartphones Business Lead, Lenovo Technologies West Africa, Mr. Manoj Rajasekharan and Marketing Manager, Lenovo Technologies West Africa, Mr Bolade Oyekanmi during the opening of Lenovo’s first brand store in Nigeria at Ikeja, Lagos....recently

R-L: President-General, Confederation of Moroccan Enterprises, Miriem Bensalah Chairman/CEO, Nigerian Economic Summit Group (NESG), Laoye Jaiyeola; and Director, Policy and Strategy, Nigeria Export Promotion Council (NEPC), Sidi Aliyu, at the Nigeria-Morocco business meeting in Lagos...recently FAITH OBOSI

L-R: Vice President, Lagos Zone/National Treasurer, Manufacturers Association of Nigeria (MAN), Reverend Isaac Ade Agoye; Executive Secretary, MAN, Mr. Joseph Emoleke; Managing Director, Nigerite Ltd, Mr. Frank Le Bris; and Quality, Safety, Health and Environment Manager, Nigerite Ltd, Mr. John Bamigboye during the award presentation to Nigerite Limited for emerging overall winner in the category of Best Kept Industrial Premises competition at the 49th Annual General Meeting of Manufacturers Association of Nigeria (MAN), Ikeja branch in Lagos....recently

L-R: Senior HR Business Partner, Standard Chartered Bank Nigeria Mrs. Ololade Ogungbenro; President and Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Professor Segun Ajibola and. Registrar/ Chief Executive, CIBN, Mr. Seye Awojobi , at the Official Presentation of Certificate of Accreditation to Standard Chartered Learning Academy by the Chartered Institute of Bankers of Nigeria in Lagos...recently SUNDAY ADIGUN

L-R: Country Director, Visa WEST Africa, Mr. Ade Ashaye; Adinistrative Judge, Lagos Division, Justice Opeyemo Oke; Director, Risk Services, Sub Sahara Africa Visa, Nita Omanga; and Director, Government Relations Visa West Africa, Bankole Falade , at the card fraud workshop organised by Visa West Africa for Lagos State Judiciary in Lagos...recently ETOP UKUTT

L-R: President, Warwick University Nigeria Alumni Association, Chuba Mbanefo; Guest Speaker, Ndidi Nwuneli; Past President, Warwick University Nigeria Alumni Association, Wole Obayomi; and Vice President, Yomi Audifferen, at the association’s 2016 annual reunion dinner in Lagos...recently PHOTO: ETOP UKUTT

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BUSINESSWORLD NIBOR Overnight 1-month

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Quick Takes Foundation to Reward Entrepreneurs

The Intafact Hero’s Foundation has announced this week for the 2016 edition of its Kickstart Programme, where applicants who submitted outstanding and implementable business proposals would be rewarded. The Governor of Anambra State, Chief Willie Obiano will be the special guest of honour at the awards ceremony.

In a statement issued in Onitsha, it was stated that the successful applicants would be given seed capital to either start up their proposed business ventures or expand existing ones. These winners would continue to receive mentoring and guidance for a period of one year.

The brewery noted that the initiative was aimed at helping young people to imbibe the culture of entrepreneurship and to build their businesses from ideation to actualisation.

Highlighting the credibility of the selection process, the foundation board said the winners would be deserving of the seed capital having been thoroughly screened from the beginning when the applicants, numbering over 1,700, were pruned to the 120, who were trained at the Chike Okoli Centre for Entrepreneurial Studies and mentored by Prof. Alex Ikeme and Prof. Ngozi Anyikwa.

The 120 short-listed applicants underwent five days training and submitted their business proposals, by which they were adjudged by a panel of five judges.

PETAN 2016 OIL INDUSTRY AWARDS

L-R: Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru; General Manager, South South/ South East, Sterling Bank Plc, Emmanuel Emefienim; Executive Director, Sterling Bank Plc, Kayode Lawal, and Chairman, Petroleum Technology Association of Nigeria (PETAN), Bank-Anthony Okoroafor, at the PETAN 2016 Oil Industry Achievement Award/Dinner in Lagos…recently

Report Reveals Further Rise of Unemployment in Nigeria Obinna Chima The latest Purchasing Managers’ Index (PMI) has revealed that the employment level index in Nigeria for November 2016 stood at 40.6 points, indicating declines in employment level for the twenty-first consecutive month.

The report obtained on the Central Bank of Nigeria’s (CBN) website showed that the index declined at a faster rate when compared with the level in the preceding month.

Of the 16 sub-sectors, 14 recorded declines in the following order: computer and electronic products; petroleum and coal products; appliances and components; transportation equipment; printing and

ECONOMY related support activities; chemical and pharmaceutical products; furniture and related products; textile, apparel, leather and footwear; paper products; nonmetallic mineral products; electrical equipment; fabricated metal products; primary metal and food, beverage & tobacco products.

But it showed that employment level in the cement subsector remained unchanged, while the plastic and rubber products sub-sector recorded growth during the review period.

Also, the report indicated that production level, new orders, employment level and raw material inventories declining at

a slower rate; supplier delivery time improving at a faster rate in November 2016.

The Manufacturing PMI stood at 46.0 index points in November 2016, indicating a slowing decline in the manufacturing sector during the review period, but a marginal improvement compared with the previous month level. Twelve of the 16 sub-sectors surveyed recorded declines in the review month in the following order: computer and electronic products; primary metal; petroleum and coal products; transportation equipment; furniture and related products; printing and related support activities; nonmetallic mineral products; fabricated metal products; chemical and pharmaceutical products; textile, apparel, leather and footwear;

paper products; and appliances and components.

The remaining four sub-sectors grew in the order: cement; food, beverage tobacco products; plastics & rubber products; and electrical equipment.

“At 46.9 index points, the production level index for manufacturing sector declined for the eleventh consecutive month, but showed marginal improvement compared with the index recorded in October 2016. Ten manufacturing subsectors recorded declining in production level during the review month in the following order: primary metal; petroleum & coal products; computer & electronic products; transportation equipment; furniture & Continued on page 24

Ecobank, Chinese Firms on Collision Course over Unremitted Sales Proceeds Eromosele Abiodun Two Chinese firms, Ningbo Cgas Valve Company Limited and Hangzhou Tianlong Steel Cylinder Company Limited, are set to declare an international trade dispute with Ecobank Nigeria over the bank’s alleged non- remittance of $112,166.00 (N52,718.020) being an accrued sales proceeds from goods sold to a Nigerian importer, Mr. Ejimofor Chinwere of Pure Light Auto Products Limited.

The simmering dispute between the bank and the Chinese firms followed two separate shipments of gas cylinders and accessories

ECONOMY supplied by the companies to Pure Light Auto Products Limited in May this year.

According to the trade agreement between the Chinese suppliers and the Nigerian Importer obtained

by THISDAY, the payments for the transactions were to be handled by the respective banks of both the supplier and the importers.

THISDAY investigations revealed that the first transaction of gas cylinders was

by Hangzhou Tianlong Steel Cylinder Company limited valued at $27,816.00 done

through Bank of Hangzhou, the supplier’s bank while the second transaction of Cylinder accessories valued at the sum of $84,350.00 was made by Ningbo Cgas Valve Company Limited done through Agricultural bank of China, the supplier’s bank.

EcoBank Nigeria is the receiving bank used by Pure Light Auto Products, the Nigerian importer and through which all the importing documents of the shipment would be delivered to the importer and through which payments for the goods were to be made to the suppliers.

According to the instructions sent to EcoBank Nigeria by

the suppliers through their banks, the importer could only access the documents at the bank for the clearance of the goods after he must have fully paid for the total value of the goods.

The Nigerian importer, Chinwere, also alleged that EcoBank took money from his account with it far in excess of the naira equivalent of the dollar payment they were supposed to remit to the suppliers.

Chinwere claimed that he paid a total amount of N6,675, 840 million, which the bank Continued on page 24

Body to Reward Writing Talents

In recognition of creative writing as an invaluable talent worthy of reward, JLF, a nongovernmental and not-for-profit organisation has announced a writing competition tagged “JLF Writing Competition”.

According to a statement issued by the organisers, “ the competition is instituted for the purpose of identifying talents in literature with the intent to evaluate and maintain the success of each competitor by selecting the best.

The competition, which opened in November, will close in the first week of December and the results and prices will be given

by January 20th, 2017. The contest was said to be opened to all ages, religion or social background.

Participants are required to pick a story, chapter or verse from the bible and write a synopsis into present day or the future in two weeks. The judges would each pick the best 6 synopses and shortlisted contestants would be given 2 weeks to fully develop their synopsis in either of Short film, Full length feature film or Mini Series.

Dana Air Secures IOSA Certification

One of Nigeria’s domestic carriers, Dana Air has passed the International Air Transport Association (IATA) Operational Safety Audit (IOSA) and it is now admitted into the association’s global safety registry.

This means that it can partner and code-share with other international carriers and this also indicates that Dana Air would join other airlines in the IATA registry reputed to have lower safety risk compared to other airlines without IOSA certification.

According to the Accountable Manager of Dana Air, Mr. Obi Mbanuzuo, ‘‘Our admission into the IOSA registry is a confirmation of our strict adherence to global management and safety standards and procedures, required of global carriers.

“Getting the IOSA certification is a double for us, as we remain the only domestic airline to have passed a similar audit conducted by the Nigerian Civil Aviation Authority (NCAA), and its foreign partners, The Flight Safety Group.’’

SAA Takes Delivery of A330-300 Aircraft

South African Airways (SAA), has taken delivery of its first of five new leased A330-300 wide-body jetliners, becoming Airbus’s first Southern African operator of the aircraft type.

SAA’s A330-300 is configured in a comfortable two-class cabin layout with 46 seats in Business Class and 203 in Economy class seats.

The aircraft will introduce new levels of onboard comfort, including connectivity for SAA’s passengers and enhanced operating efficiencies for the airline.

“One area of focus is to get oil production up to two million barrels per day that is absolutely critical in the very short term ” The Head of Investment, Africa Head of CIB Portugal, Citibank,

Mr. Miguel Azevedo

24

T H I S D AY • monDAY, DECEMBER 5, 2016

BUSINESSWORLD eport Reveals Further Rise of Unemployment in Nigeria

related products; fabricated metal products; nonmetallic mineral products; paper products; chemical & pharmaceutical products; and printing & related support activities.

“The appliances & components sub-sector remained unchanged, while the remaining five sub-sectors grew in the review period in the order: cement; food, beverage & tobacco products; electrical equipment; plastics & rubber products; and textile, apparel, leather & footwear. The new orders index declined for the eleventh consecutive month. At 45.1 points, the index showed an improvement and declined at a slower rate when compared to the 38.7 index points in October 2016.

Ecobank, Chinese Firms on Collision Course over Unremitted Sales Proceeds

liened from his account to purchase the dollar equivalent of $27,816.00 through the Central Bank of Nigeria(CBN) intervention window at the foreign exchange rate of N240 to a dollar in May, this year.

The amount, he said, was for the payment for the first shipment valued at $27,816.00.

The importer further claimed to have paid (liened) the sum ofN26,675,000 million to the bank to purchase the dollar equivalent of $84,350.00 through the CBN intervention window at the Forex market at N282 to a dollar as at then.

Chinwere said despite the fact that he complained that the initial agreed sum to be paid to purchase the forex was N24,500,000 the bank took additional N2,175,00 (liened from his account) without his authorisation.

The amount, he added, was for the payment of the second shipment of the goods.

However, Chinwere alleged that Ecobank has refused to remit the total amount to his suppliers over six months after he has fulfilled all the contractual obligations.

NIA Backs FG on Proposed $30bn Foreign Loan Ebere Nwoji Insurance industry operators, under the aegis of the Nigerian Insurers Association ( NIA), have thrown their support behind the federal government’s proposed $30 billion foreign loans to for the development expenditure especially in the face of infrastructural deficit in the country, saying the industry would be a prime beneficiary of the initiative.

The operators have also urged the federal government to speed up action leading to the release of over N5.4billion outstanding premium for this year’s group life insurance of its workers.

The Chairman, umbrella body of insurance underwriters in the country, the NIA, Eddie Efekoha, who stated these at his maiden press briefing in Lagos, said the proposed loan, is supposed to be applied to capital projects which the executors would definitely insure with their various firms.

Efekoha, who expressed optimistic that the proposed foreign loan would bring national rebirth, however, said the only thing government needs to do is to ensure that the money is channelled to reasonable projects for which it was meant and not to irrelevant projects.

He said if this happens, the insurance industry will be a major beneficiary, adding that up to one percent of the loan, which is $300m dollars at 400 exchange rate will go to insurance industry.

“If this comes to the industry, operators will give more people work, things will begin to reverse and there will be national rebirth”, he said.

According to him, government, should only be monitored to ensure that the money is applied in the right place and

Group Business Editor

AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

if this is done, there will be a major turnaround for insurance industry.

He also spoke on the delay by federal government in releasing over N5.4 billion premium for the group life insurance of federal government’s workers saying it is retrogressing the industry’s activities.

He said government is not fair to the industry and to its workforce for delaying the payment arguing after all that government is aware of the ‘no premium no cover’ regime in the industry.

He argued that while the government has continued to delay the release of the money, there is no evidence to prove that it has not lost any of its workers who are

the beneficiaries of the policy as he insisted that unless the premium is paid, no insurance firm will be held responsible for any compensation to any of the government’s workers that die or is permanently disabled during the period covered by the policy.

Section 4 (5), of the Pension Reform Act, 2014 states that “Every employer shall maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall be paid not later than the date of commencement of the cover.

But in the case of federal government workers, the group life insurance contract for the year expired since July and

Stanbic IBTC Pension Managers Limited (SIPML) has recorded almost N2trillion in assets in the past 10 years and has emerged as the country’s largest pension fund administrator by number of clients.

Chief Executive Officer of SIPML, Mr. Eric Fajemisin, who disclosed this in Lagos at the weekend, noted that the company’s shareholders funds was in excess of N14.5 billion.

He revealed that 80 per cent of the company’s assets allocation are in fixed income securities, mainly Federal Government of Nigeria bonds.

“Pension assets are not for very risky investments.

We don’t take unnecessary risk. We are committed to transparency, safety and liquidity,” Fajemisin stated.

Fajemisin assured stakeholders that the company would continue to set higher standards of service delivery

since then, agitations have been raging over its renewal by the general public while the media has been probing the reason for the delay.

Just recently, sources close to the Office of Head of Civil Service of the Federation, revealed that bureaucratic processes, contest for supremacy between the National Insurance Commission (NAICOM) and the Office of the Head of Service, leading to non-release of the projected N5.4 billion funds for premiums by the ministry of finance were responsible for the delays in renewal of the policy.

The source explained that the renewal had to go through processes, first the certification of the underwriters by the Bureau of Public Procurement (BPP),

secondly approval by President Muhammadu Buhari and lastly, request for release of funds by the federal ministry of finance.

He said already, the BPP, had certified 20 out of 21 insurance companies forwarded to it for the underwriting of the Group life insurance renewal of the civil servants, adding that though they had also written to NAICOM for confirmation but till date, NAICOM, has not responded.

However, he maintained that the Head of Service has no option than to go ahead with the list already certified by the BPP, which also was among the companies that NAICOM had already published in a newspaper advert as having been licensed by the commission.

MEDIA PARLEY

L-R: Chief Executive Officer, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin; Executive Director, Investments, Mr. Dele Sotubo; Executive Director, Operations, Mr. Steve Elusope; all of Stanbic IBTC Pension Managers Ltd at a media interactive session organised by the company in Lagos …recently

Stanbic IBTC Pension Managers Records N2trn Assets in 10yrs Goddy Egene

Chika Amanze-Nwachuku

NEWS

and ensure that retirement savings account holders derive maximum value from their contributions.

According to him, the company would continue to broaden and enhance its service channels to ensure efficient service delivery.

Speaking on the micro pension scheme, Fajemisin said that the scheme was designed to cover over 70 per cent of Nigeria’s working population in the informal sector. He explained that the scheme covers jobs that lack formal employer- employee relationships, adding that it is a long-term voluntary financial plan for people with irregular stream of income.

The SIPML CEO disclosed that the company would commence market sensitisation of the scheme in the first quarter of 2017 with the aim of bringing everybody on-board the pension scheme by accommodating those with irregular income flow.

Also, SIPML Executive

Director, Investments, Mr. Oladele Sotubo, said that about 11 per cent of the company’s assets was invested in the equities owing to current market realities.

Sotubo said that protection of assets was very critical to the company as well as quality of stock.

According to him, the nation’s bourse had not witnessed quality listing in the last four years, noting that, the company only invests in quality stocks.

In the same vein, SIPML Executive Director, Operations, Mr. Steve Elusope, said that there were untapped opportunities in pension funds management services.

He said the industry could play an important role in the nation’s economy in spite of the present recession if well developed, stating that poor adoption of pension scheme in the country remained a major threat to economic growth and development.

Jos Disco to Install over 100,000 Meters Seriki Adinoyi in Jos Jos Electricity Distribution (JEDC) Company Plc has said that it will install over 100,000 new smart meters before the end of 2016. This is as the company said it plans to install a total of 250,000 meters before the end of 2017.

Managing Director of JEDC, Alhaji Muhammed Gidado Modibbo, who disclosed this in Jos over the weekend while inspecting the installation exercise at the Lahol Top area of Jos south Local Government Area of Plateau state, added that the meters, unlike the conventional ones would be installed on the poles in order to ensure integrity of installation, and also to ensure that consumers don’t bypass the meters.

He added that the exercise is part of metering scheme the company launched earlier this year. “We had rolled out 180,000 meters in April, and between now and the end of December, we expect to install at least 100,000 additional meters.

“This time around, we are installing the meters on the

poles, and we do that for the integrity of installation and to ensure that people don’t bypass them. We believe that this would guarantee the supply of energy to our esteemed customers and would also ensure that customers pay for what they consume.

“One good thing about this smart meter is that consumption is remotely monitored and integrated on our data base.

More so, the meters are more reliable and dependable”, he added.

Admonishing consumers to be patient for the new improved electricity that JEDC is prepared to deliver to them, Modibbo urged them to partner the company in ensuring that the new improved meters are protected against vandals.

One of the residents of Lahol Top, the area where the installation is currently going on, Madam Elizabeth Dung commended the installation exercise, saying “we appreciate what JEDC is doing for us now because what we consume now is far less than the bill we were charged when we used the analogue meters.

25

T H I S D AY • monDAY, DECEMBER 5, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Rebounds after Six Weeks of Losses Goddy Egene and Nosa Alekhuogie

territory for the second day on Thursday as the NSE ASI appreciated marginally by 0.09 per cent to close at 25,265.08.

The positive run was sustained yesterday with the NSE ASI rising by 0.09 per cent to be at 25,265.08, while market capitalisation added N2.2 billion to close at N8.7 trillion.

However, analysts at Cordros Capital Limited said the marginal gains of the past two days , despite the huge sell-off experienced last month, do not point to sustainable recovery.

According to analysts at Meristem Securities Limited, performance of the market was driven mostly by bargain hunting on selected stocks and buy sentiments towards the oil and gas stocks, following OPEC’s decision to cut crude oil output by 1.2mbpd on Monday.

“We expect this trend to persist for the rest of the week,” they said.

Smiles returned to the faces of most stock market investors last week following rebound after six weeks of declining. The equities market had remained under heavy sell pressure, leading to decline in six consecutive weeks.

However, a renewed demand for oil/gas and banking stocks attracted the bulls to lift the Nigerian Stock Exchange (NSE) All-Share Index by 1.61 per cent to close at 25,740.83.

Similarly, market capitalisation closed higher at N8.855 trillion. All other indices finished higher during the week with the exception of the NSE Insurance Index that depreciated by 2.04 per cent while the NSE ASeM Index closed flat. The market had opened on negative note but closed in green after rallies in the last three days of the week, especially the 1.88 per cent gain on Friday that more than offset earlier losses.

According to analysts at Cordros Capital Limited, given that the macro worries that have kept investors away from the market still exist, “we attribute the gains of the last three sessions to: investors cherrypicking fairly priced, dividend paying stocks, ahead of year end and the announcement of OPEC’s output freeze deal, with Nigeria among countries exempted.”

Daily Market Performance Summary The equities market opened on negative note, extending its bear run that has persisted for weeks. On the first day of the week, the NSE ASI shed 0.06 per cent to settle at 25,318.41 following sell pressure which persisted on Zenith Bank (-2.2 per cent), Forte Oil (-5.0 per cent) and Access Bank(-2.5 per cent).

Market capitalisation went down

by N5.2 billion to close at N8.7 trillion However, market activity was mixed as volume traded increased 40.4 per cent to 202.4 million units while value traded declined 24.6 per cent to N1.6 billion. Sectorally, only the NSE Banking Index rose on the first day of the week.

The NSE Banking Index rose on account of buy sentiment in GTBank (+1.8 per cent) and Ecobank Transnational Incorporated (+3.2 per cent) offsetting losses in Zenith Bank(-2.2 per cent) and Access (-2.5 per cent).

Conversely, the NSE Insurance Index topped losers, dipping 1.1 per cent against the backdrop of losses in AXA Mansard (-4.8 per cent) and Custodian(-0.5 per cent) while the NSE Oil & Gas Index shedding 0.4 per cent as a result of price depreciation in Forte Oil (-5.0 per cent) and Oando (-4.8 per cent).

Similarly, the NSE Consumer Goods Index lost 0.01 per cent on the back of declines in UAC of Nigeria (-5.0 per cent) and Dangote Flour Mills Plc (-2.4 per cent).

The stock market maintained its downward trend on the second day of the week with the NSE ASI sliding 0.34 per cent to close at 25,233.42. The depreciation recorded in the share prices of Forte Oil, Dangote Cement, Oando, GTBank and Access Bank were responsible for the decline in the broad index.

But the volume and value of transactions appreciated by 152.72 per cent and 4.94 per cent accordingly.

There were 13 gainers and 20 losers on Tuesday. MOBIL emerged as the top gainer, having advanced by 10.2

to close at N241.89. The counter was followed by University Press Plc (+4.87 per cent), UAC-Property (+4.68 per cent), Total (+3.83 per cent) and AIICO (+3.51 per cent) in that order. Conversely, the losers’ chart, Forte Oil took the lead, shedding 9.7 per cent to close at N53.85. Other top losers included: Oando (-5.00 per cent), Transcorp Hotel Plc (-4.9 per cent), Fidelity Bank (-4.88 per cent), and Honeywell Flour Mills Plc (-4.31 per cent) .

According to analysts at Meristem Securities Limited, as anticipated, investors’ appetite for equities have remained subdued, thus mounting pressures on asset prices in the interim.

“We expect this trend to persist, albeit moderately, with the plausibility of an uptick in prices of stocks that have lost significantly since the inception of the bearish run,” they said.

On Wednesday the market rebounded, though marginally, after five consecutive days of losses.

Specifically, the NSE ASI appreciated by 0.03 per cent to close at 25,241.63.

The rebound resulted from bargain hunting as investors positioned in blue-chips across banking and consumer goods sectors.

At the close of trading 18 stocks appreciated compared with 16 stocks that depreciated. However, Mobil Oil Nigeria Plc maintained its number spot on the gainers’ table, rising by 10.2 per cent to close at 266.67 per share. The stock had gone up by the same margin on Tuesday.

Mobil Oil has maintained an upward trend following the announcement that Nipco Plc is to acquire 60 per cent stake in the company.

Mobil Oil Nigeria Plc on Tuesday said Nipco Plc would pay $301 million (about N91.805 billion) for the acquisition of the 60 per cent shares of ExxonMobil in the company.

Nipco had executed a Sales and Purchase Agreement with ExxonMobil on Monday 17th October, 2016 for

TOP TEN BROKERS(BY VALUE)

the acquisition of the 216,357,157 shares. And the Chairman/Managing Director of Mobil Oil Nigeria, Adetunji Oyebanji said Nipco is acquiring those shares for a consideration of $301 million subject to price adjustments for dividends and other factors.

The market remained in the green

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

3,654,633,509.20

CSL STOCKBROKERS LIMITED

2,829,327,024.55

14.11

GREENWICH TRUST LIMITED -BRD CHAPEL HILL DENHAM SECURITIES LTD - BRD

2,369,442,637.16 1,738,389,150.69

11.82 8.67

EFCPLIMITED

1,393,572,316.39

6.95

RENCAP SECURITIES (NIG) LIMITED

1,151,530,332.09

5.74

1,115,950,271.15

5.57

FBN SECURITIES LIMITED

814,589,886.62

4.06

INVESTMENTONESTOCKBROKERSINTLLTD-BRD

278,392,494.59

1.39

231,287,712.31 15,577,115,334.75

1.15 77.71

A.R.M SECURITIES LIMITED - BRD

READINGS INVESTMENTS LIMITED - BDR

TOP TEN BROKERS

(BY VOLUME)

BROKER GREENWICH TRUST LIMITED -BRD

18.23

AS LAST FRIDAY VOLUME

%VOLUME

3,287,005,764

66.30

CHAPEL HILL DENHAM SECURITIES LTD - BRD

394,472,710

7.96

STANBIC IBTC STOCKBROKERS LIMITED

210,129,965

4.24

EFCP LIMITED CARDINALSTONE SECURITIES LIMITED

113,559,419 95,731,720

2.29 1.93

MORGANCAPITALSECURITIESLIMITED

69,856,790

1.41

MERISTEM STOCKBROKERS LIMITED

59,058,081

1.19

RENCAP SECURITIES (NIG) LIMITED

51,119,860

1.03

CSL STOCKBROKERS LIMITED

50,668,011

1.02

FBN SECURITIES LIMITED

41,976,109

0.85

4,373,578,429

88.22

Market turnover At the close the week on Friday, investors traded 2.479 billion shares worth N9.988 billion in 12,059 deals compared with a total of 639.439 million shares valued at N6.455 billion that exchanged hands the previous week in 11,799 deals.

The Financial Services Industry maintained its number one spot on the activity chart with 2.369 billion shares valued at N5.305 billion traded in 6,590 deals; thus contributing 95.56 per cent and 53.12 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 33.630 million shares worth N2.758 billion in 2,222 deals. The third place was occupied by the Conglomerates Industry with a turnover of 32.939 million shares worth N41.190 million in 586 deals.

Also traded during the week were a total of 2,340 units of Exchange Traded Products (ETPs) valued at N39,848.85 executed in 15 deals, compared with a total of 25 units valued at N235.15 transacted last week in five deals. There was no bond traded last week. However, a total of 2,100 units of Federal Government Bonds valued at N1.838 million were transacted last week in two deals.

Gainers and losers Meanwhile, 27 equities appreciated during the week under review while 32 equities depreciated in price. Mobil Oil Nigeria Plc led with a gain of 55.1 per cent. Portland Paints and Products Nigeria Plc trailed, gaining 31.2 per cent, while Wema Bank Plc appreciated by 9.6 per cent. Cadbury Nigeria Plc, Oando Plc, Guaranty Trust Bank Plc and Okomu Oil Palm chalked up 9.5 per cent, 9.2 per cent, 9.2 per cent and 5.0 per cent in that order. Beta Glass Company Nigeria Plc, Eterna Plc and University Press Plc appreciated by 4.9 per cent, 4.9 and 4.8 per cent respectively.

Conversely, Neimeth International Pharmaceuticals Plc led the price losers with 12 per cent. Unity Bank Plc followed with a decline of 10.1 per cent, while Honeywell Flour Mills Plc shed 10 per cent. UACN Property Development Company Plc went down by 9.7 per cent just as Cement Company of Northern Nigeria Plc depreciated by 9.6 per cent. National Aviation Handling Company Plc, AXA Mansard Insurance Plc, Livestock Feeds Plc, African Prudential Registrars Plc and Dangote Sugar Refinery Plc went down by 9.4 per cent, 7.6 per cent, and 7.5 per cent in that order.

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BUSINESSWORLD

INSIDE BROAD STREET STATUS REPORT

ABCON Seeks to Engender Investor Confidence in Forex Market

A view of Lagos financial district

AKINWUNMI IBRAHIM

IMF Harps on Increased Investment in Infrastructure Obinna Chima The International Monetary Fund (IMF) has described investments in infrastructure as an important catalyst for economic growth.

This, according to the Fund, supports the delivery of public services, and connects citizens and companies to economic opportunities. It can also strengthen global growth and provide new economic opportunities for millions of people around the world.

IMF Deputy Managing Director, Tao Zhang, said this in a speech titled: “Meeting the Challenges of Growth and Infrastructure Investment,” obtained at the weekend.

He noted that investment in infrastructure was vital because globally, since the onset of the global financial crisis, growth has been too low, for too long and benefitted too few. He added that there was a growing consensus towards the need for more public investment.

“In advanced economies, the case for an infrastructure push is compelling. Public investment is at historic lows—it has steadily decreased from over 6 percent of GDP in the late 1960s to less than four per cent more recently. Further, there is a demand slack, and money is cheap.

“Meanwhile, in emerging and developing Asia, public investment has been stronger than in the advanced economies—averaging 8 percent of GDP since 2008. But as you know, there are still large and persistent infrastructure gaps. The World Bank estimates that over 660 million people do not have access to clean drinking water while 1.3 billion people live without electricity,” Zhang said.

He noted that if properly formulated, more public infrastructure investment may enhance, rather than weaken, fiscal positions as shown in many countries.

IMF research suggested that even debtfinanced investment could reduce public-debtto-GDP ratios because of the growth effects.

But that investment needs to be effective and

MARKET INDICATOR efficient.

“We estimate that, across countries, on average, about one-third of public investment is lost partly through waste, corruption or bad management. So improving the efficiency of public investment is essential—including for countries where fiscal space is limited.

Fiscal space is concerned with whether governments can raise spending or can lower taxes, without endangering market access and debt sustainability.

“In short, we need more public infrastructure investment. And more importantly, we need more, better, and smarter public infrastructure investment. The key is whether and how a good framework can be implemented for public infrastructure investment management and management of fiscal risks.

“First, why does public infrastructure investment need to be better managed?

Infrastructure investment is essential to create growth that is sustainable in economic, social, and environmental terms. Too much spending can be costly; too little can handicap growth. Therefore, given scarce resources, policymakers need to do a delicate balancing act: assess the advantages and disadvantages of choosing a particular project, and consider investment efficiency, volatility, regulation, and coordination. This requires public investment management.

“Second, why do we need fiscal risks management? There are decisions on how increased spending could affect future fiscal spending and sustainability. This requires management of fiscal risks. In particular, substantial risks need to be managed well in the widely-practiced public-private partnership (PPP) initiatives,” Zhang added.

However, he pointed out that public investment program involves risks that need to be managed carefully, adding that it was important

that future fiscal implications are carefully assessed and built into the project financing.

This might just sound like common sense, but too often it is forgotten, he said.

“A particular source of risk relates to Public Private Partnerships. As you know, these partnerships are very appealing when fiscal space is limited and public investment is hampered by inefficiencies. PPPs can increase that efficiency and provide value for money.

They can enable the government to focus on project outputs while shifting some of the risks to the private sector.

“Together with the World Bank and several other development partners, we have conducted PIMA pilots in 18 countries in various regions.

Governments find the assessment useful for shaping reform priorities, and donors value it as a guidepost for developing follow-up technical assistance.

“The second initiative concerns about managing the fiscal risks of public investment. In collaboration with the World Bank, we have developed the PPP Fiscal Risk Assessment Model. It has been developed as an analytical tool to quantify the macro-fiscal implications of PPP projects for debt and deficits.

“The tool generates the impact of a PPP on main fiscal aggregates, as well as sensitivity analyses to macroeconomic and project-specific changes. It also facilitates the identification of mitigation measures for fiscal risks. It can be used both for IMF and World Bank technical assistance, and by Ministries of Finance.

“Infrastructure investment can close investment gaps and catalyze growth. Given scarce resources, the challenge is to make this investment as efficient and effective as possible. The IMF is prepared to assist countries as they embark on investment programs—balancing the benefits and risks of infrastructure spending. We believe that our joint efforts can make a difference—to help countries become more efficient public investors, to the benefit of their citizens,” he said.

The Association of Bureaux De Change Operators of Nigeria (ABCON) has expressed its commitment to deepening professionalism among bureaux de change (BDC) operators in order to engender foreign investors’ confidence in the foreign exchange market.

Speaking at the South West zonal meeting of the association held in Lagos recently, ABCON President, Alhaji Aminu Gwadabe, said BDC operators should distinguissh themselves from parallel market operators by rendering efficient services and complying with all regulatory requirements.

He said while most of the pressure on the naira was due to problems of liquidity and confidence especially on the part of foreign investors, he averred that professionalism on the part of BDCs will help engender foreign investors’ confidence in the nation’s foreign exchange market.

“ABCON is committed to boosting foreign investors’ confidence in the Nigerian market, as this will help attract the much needed liquidity into the market and reduce pressure on the naira exchange rate,” he said.

He said: “You have to distinct yourselves from parallel market. We are the ones licensed to operate the business but we must prove this by distinguishing ourselves through the way we serve our customers.

“You know that before now, there were criticisms of BDCs but now we are the new bride of the regulators. To ensure that we sustain the renewed regulatory interest and confidence in BDCs, we have to ensure we comply with the necessary requirement and demonstrate professionalism in the way we do our business. I can tell you that the Central Bank of Nigeria (CBN) is even willing to expand our scope of business but this is conditioned to our willingness to increase our level of professionalism.”

Gwadabe advised BDCs not to limit their services to foreign exchange needs for Personal Travel Allowance (PTA).

He added: “Why is everybody just doing PTA, when you can do Mortgage, School fees, and medical expenses? You can do mortgage, medical and school fees on cash basis provided you don’t exceed $5000, and you ensure all the necessary documentation are provided.”

On the challenges experienced by BDCs in verifying Biometric Verification Numbers (BVNs) and the International Passports of prospective customers, Gwadabe assured the gathering that the association had commenced discussions with the management of Nigeria Interbank Settlement System (NIBSS) about providing a dedicated channel for BDCs to very BVNs and International Passports.

He however advised BDCs to be patient and continue to use the available channel to verify BVNs and the International Passports of customers. He said besides BVN verification, BDCs should ensure they deal with people they are familiar with, as this is necessary to ensure compliance with the Know Your Customer (KYC) requirement of the CBN. Gwadabe disclosed that the Association has set up a surveillance committee to monitor the activities in the BDC sector.

He said members of the association should help facilitate the work of the committee by providing information on any observed malpractice on the part of any operator.

T H I S D AY MONDAY DECEMBER 5, 2016

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T H I S D AY MONDAY DECEMBER 5, 2016

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BUSINESSWORLD

PERSPECTIVE

Heritage Bank: Targeting New Generation Against the backdrop of the clean bill of health given to Heritage Bank by the Central Bank of Nigeria, Nonsoh Awih examines its steady growth and concludes that the young bank has come of age The management team at Heritage Bank, one of Nigeria’s youngest banks, at inception of business in 2013, showed a clear and deep understanding of an industry with so many big, entrenched players, and made it clear that a new operator must, based on the bank’s mission, sculpt out a unique and appealing niche in the market. “Our vision is simple and clear; today, we might look quite new in the market, but our idea of what this bank should be is clear from day one. We want to be a bank that people will believe and we want to lead in the knowledge that generation banking is the way to go,” the bank’s leadership team said.

In less than two years, Heritage Bank signified its intention to join the big league when it bided, alongside other established players in the industry to acquire the defunct Enterprise Bank, then being overseen by the Assets Management Corporation of Nigeria (AMCON).

Against all expectations, the bank, under the expert guidance of Mr. Ifie Sekibo, its Managing Director, beat giants of the industry, including Fidelity, Skye, and Diamond, paying N65 billion for the acquisition of Enterprise Bank, within the time frame specified by AMCON. The acquisition was described as the single most significant event in the Nigerian banking sector in 2014. The acquisition of Enterprise Bank with its network of over 160 branches, over 177 ATMs, 57 Cash Centres and 2000 POS Terminals spread across major markets and commercial centres in the country transformed Heritage Bank from a regional to a national bank.

“Having secured all relevant regulatory approvals, we are pleased to announce the beginning of a seamless integration of both entities – Heritage Bank and Enterprise Bank – into a bigger and stronger financial institution that is positioned to play a big role in the much envisaged transformation of the nation’s financial sector in line with the country’s stature as Africa’s largest economy,” the bank announced in late 2014.

The bank’s 2015 audited financial statement, its first full operating year since its new acquisition, was an ample evidence of its commitment to that promise. It recorded gross earnings of N24.2 billion in the year under review, while its net interest income stood at N12.2 billion with a profit after tax of N1.1 billion. As a measure of growing confidence among the banking public, Heritage Bank was also able to attract N312 billion as deposits from customers during the period while its assets stood at N483.4 billion as at the end of 2015.

“This result is a testimony to the increased acceptability of Heritage Bank’s innovative products and services by the banking public. It is also a reward for the diligent commitment of the staff and management of the bank to

Sekibo our mission to create, preserve and transfer wealth across generations,” Sekibo said.

“The positive response to these efforts gives us assurance of improved financial performance in 2016 leading to enhanced returns to our investors,” he added, promising that Heritage Bank will reciprocate the patronage of customers and goodwill from stakeholders to further introduce new and bespoke services driven by cutting edge technology designed to empower businesses and individuals with opportunities to achieve economic prosperity.

A huge endorsement came for Heritage early this year when it was selected by the Central Bank of Nigeria (CBN) as its pilot partner to unveil, administer and manage the N3 billion Youth Innovative Entrepreneurship Development Programme, an initiative aimed at creating sustainable wealth and employment with focus on sectors such as Agricultural Value Chain, Cottage Industry, Mining and Solid Minerals, Creative Industry and Information and Communications Technology.

Its selection for the programme was no doubt based on the bank’s immense success in a similar initiative tagged Young Entrepreneurship Business Training Programme, YEBTP, it carried out earlier in the year in conjunction with the Centre for Values in Leadership, CVL. Heritage Bank empowered 100 aspiring start-up entrepreneurs under the initiative, which involved grooming, mentoring and financing. YEBTP demonstrates the bank’s commitment to using financial inclusion to boost entrepreneurship development, which is critical to its mission to create, preserve and transfer wealth across generations as defined in its blueprint.

This has led the bank to evolve different initiatives in support of SMEs and micro enterprises with the ultimate aim of helping Nigeria to build a resilient

economy. Heritage Bank raised the bar in the area of financial inclusion with its pilot ‘Corner Shop’ for traders and artisans of the Gbagada plank market, Lagos State as part of its Agent Banking Scheme. Under this initiative traders at the plank market have enjoyed financial services without having to go to a bank branch.

Then, there is also the bank’s pioneering portable POS solution named “PortaPOS” which was introduced in 2014. Its several distinct features include ability to accept all EMV Chip & PIN cards, MasterCard, Verve, and Visa cards. It is portable and light. It has long-lasting and rechargeable Li-Ion battery and syncs to phone and printer via Bluetooth technology. Heritage Bank’s Micro, Small and Medium Enterprises (MSME) Clinic offers holistic advisory services for SMEs in the area of business diagnostics, financial literacy, and entrepreneurship development among others.

Then, there is the innovative Heritage Bank Micro Small and Medium Enterprises Investment Protection Fund - a noncollateralized funding option fortified with insurance to take care of the default risk inherent in the SME scheme. The Fund, designed with the sole aim of enhancing the growth and rejuvenation of the MSME sector is indicative of the unique approach to SME funding in the country. With the scheme fully on stream, Heritage Bank now offers such services as idea fine-tuning, advisory, set-up, financials and customized product development and other support programmes, aimed at developing the survival and growth capabilities of the MESME entrepreneurs. It was through the scheme for instance, that the Bank supported famous musician, Dbanj’s KOKO AGROPRENEUR. Recently, Heritage Bank launched an exclusive biometric identity card for members of the Performing Musicians Employ-

ers’ Association of Nigeria (PMAN). The PMAN Membership Identification Card (PMBIC) aimed at driving accessibility, security, trust, convenience and cost effectiveness, which are the defining features of a new partnership blossoming between Heritage Bank and the bourgeoning Nigerian music and entertainment industry.

Renewable annually, the PMBIC will serve as the official PMAN identification card that qualifies the holder, as a genuine member of the association, and entitles the artiste to enjoy the myriad benefits and privileges due to registered members.

Heritage Bank is introducing

by December 1, 2016, a promo tagged ‘Happy Days promo’ to empower and reward its loyal customers. The promo, which is additionally designed to encourage savings at a time the nation is experiencing a downturn in the economy, will witness the emergence of a winner of a brand new car and a handful of millionaires from across the country. Every month, 12 lucky customers will be rewarded with 42-inch flat screen LED television. Customers who save up to N500, 000 by May 2017 will stand a chance of winning a brand new saloon car. All a customer needs to participate is to open or reactivate a Heritage Bank account with as low as N20, 000.

Heritage Bank has also focused on equity and project financing. In 2014, it financed projects in various fields, including Oil & Gas, Aviation & Haulage as well as public sector. Such projects include the successful financing of Forte Oil Plc’s acquisition of 100 brand new Mercedes Benz product delivery trucks for haulage, logistics and product transportation and the Project Finance Facility to PIPP LVI GENCO to set up a 6.5MegaWatts Power Generating Plant and a 25km Distribution Network to power Public Utilities in Lekki, Victoria

Island and Ikoyi, Lagos.

Also, between 2013 and 2014, it initiated various projects in the entertainment sector valued at over USD100 Million. In October this year, the bank initiated a N200 million loan facility for young graduates willing to go into small-scale businesses.

Heritage Bank’s Corporate Social Responsibility (CSR) records are sound. It donated to Lagos State Security Trust Fund (LSSTF), sponsored the Port Harcourt Amateur Golf Tournament now known as Heritage Cup Golf Tournament and recently sponsored an annual sporting event for secondary schools in Nigeria with the aim of discovering and rewarding talents. The project which is known as Skoolympics, is aimed at building a heritage of champions using Lagos State for the pilot scheme and has the African queen of the tracks and two-time Olympic medalist, Mary Onyali-Omagbemi as the Brand Ambassador.

The strides recorded by Heritage Bank in its relatively short time of existence have earned it series of commendations.

To the Chartered Institute of Bankers of Nigeria (CIBN), the foremost professional association of bankers in Nigeria, Heritage Bank’s continued deployment of innovative banking services and preference for quality workforce is a strong proof that professionalism still thrives in the Nigerian banking system. The Bank achieved another milestone in 2015 when it got the ISO/ INEC 27001:2013 certification award in recognition of its commitment to effective and secured financial system.

Heritage Bank, according to industry experts, set a record as the only bank in Nigeria to get the certification award in less than three years of operation thereby joining the league of foremost players in the sector, including the Central Bank of Nigeria, which are ISO/INEC 27001 compliant. The award was presented on behalf of the British government, to the bank in Lagos on Wednesday, 5th August 2015 by the Deputy High Commissioner of the United Kingdom in Nigeria, Mr. Ray Kyles. “It is not an easy task. This award remains a cornerstone of your reputation,” Kyles said while commending Heritage Bank for setting high standards in the financial industry.

The litany of commendations is clearly at variance with recent attempts to de-market Heritage Bank, which has been built into a stallion of resilience in the past three years. The good thing is that the industry’s regulatory body, the Central Bank of Nigeria, CBN through Isaac Okoroafor, its Director of Corporate Communication has since reiterated to customers and other stakeholders that Heritage bank remains one of the best managed banks in the country.

Awih, an economist wrote from Abuja

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BUSINESSWORLD

NEWS

Recession: Poultry Farmers Identify Ways to Grow the Economy Raheem Akingbolu The Poultry Association of Nigeria (PAN) has highlighted the inherent potential of the poultry sector; its growth potential and ideas to not only sustain the sector but to grow the nation’s economy.

Stakeholders in the sector stated this in Lagos while flagging off the Association’s annual event, National Poultry Show, scheduled to hold in Abeokuta this month.

The theme of the show is: “Sustaining the Poultry Industry in an Economic Recession”.

PAN National President, Dr. Ayoola Oduntan stated that the Poultry Show takes place yearly to showcase businesses within the Poultry value chain.

According to him, the show is

organised in furtherance of the activities making up the Poultry Industry Calendar, which usually commences with a summit at the start of the year before the Poultry Show.

Speaking on who should attend, the Chairman, Poultry Association of Nigeria, Lagos State, Mr. Bode Adetoyi, mentioned all businesses within the Poultry Value Chain including Poultry Farmers, Feed Millers, Egg and Chicken Sellers and also financial and governmental organizations and those involved in transportation within the poultry value chain will benefit greatly from the Show. There will exhibitors from Nigeria, Netherlands, Chine, India, Israel, Spain and England.

Earlier, Oduntan has emphasised that there is a vast array of employment opportunities lying within the Poultry value chain and the government and people must take it seriously to ensure that it is not only sustained but made to grow as Agriculture is truly the future.

In respect to the issue of high influx of imported poultry products, he stated: “We are dying, but with the support of everyone we can be very successful”. He further shared some highlights into the Chicken segment of the Poultry sector, between 600-700 Billion is being spent on smuggled chicken in Nigeria. Thankfully customs are working daily to see that this figure reduces. Nevertheless the

local production is still far behind in meeting the deficit that will occur when the smuggled chicken consumption, which has been found to contain harmful chemicals, is eventually stopped.

The eradication of imported poultry products in Nigeria will create hundreds of Billions in the economy in revenue and increase employment to almost 1million jobs within two years.

The government is trying in terms of support but it needs to be quicker he added.

In the same manner and in respect to feed production, the Chairman Poultry Association of Nigeria stated that “if feed millers are receiving raw materials, maize, soya at a high cost then it means that

the feed price already isn’t the making of the manufacturer, the entire cost of production will go up”. He pleaded with the government that as it is encouraging farm production of these raw materials it should ensure satisfaction of the local manufacturers’ usage before exporting as one cannot love Nigerians more than Nigerians.

The president also added that the organisation is quite concerned that they will get raw materials at a higher cost this year as a result of exportation of these critical raw materials and while that seems economically viable for the country in terms of foreign exchange it has a crippling effect on industries like ours that relies on these

raw materials. The federal government should ensure more production of these critical raw materials if it must export them so that there is enough for local industries to manufacture.

“This will help re-distribute wealth and create more wealth opportunities for Nigerians as a whole.

“Cost of Feed is actually a critical issue as this affects all aspects of the poultry production including eggs and chicken.

According to the Poultry Association of Nigeria, 10.3Billion eggs are produced in Nigeria annually, making Nigeria the largest producer of Eggs in Africa. However, looking at our population, this figure is still not enough”, he said.

EU, UNDP, Others, Endorse ‘Not in My country’ Campaign Raheem Akingbolu Not in My Country, the Pan-Nigeria campaign against retail corruption and an initiative of the Akin Fadeyi Foundation (AFF) has secured partnership with some foreign organisations, including the United Nations Development Programme (UNDP) and the United Nations Office on Drugs and Crime (UNODC).

The Founder/Executive Director of the foundation, Mr. Akin Fadeyi, disclosed in a statement

that the United Nations Development Programme and the United Nations Office on Drugs and Crime had thrown their weight behind the campaign.

He said the campaign was now being fully funded by the European Union.

Fadeyi said the partnership would go a long way to assist the foundation to achieve its objective of empowering civil society organisations in the country for anti-corruption campaign.

He said: “We are extremely

proud to announce that the United Nations Development Programme and the United Nations Office on Drugs and Crime, under the Project on Support to anti-corruption in Nigeria, which is fully funded by the European Union, have partnered with our nationwide campaign against retail and petty corruption ‘Not in my country.’

“This commendable support is coming after a strict short-listing processes and other global standard measures. We shall

be working in concert with other Civil Society Organisations (CSOs) who also bring on board various advocacy projects aimed at social reordering for a better society.”

Fadeyi expressed the belief that the support would further accelerate Nigeria’s quest to meet the global agenda for Sustainable Development Goals.

He added, “It will reawaken us as a nation, specifically against ingenious acts of citizen-corruption, poverty and

environmental unfriendly acts.

“We have such ambition to influence our social space which has suffered social corrosion and a depletion of societal core values with debilitating effects on our collective psyche.”

“Our projects are driven by enterprising, cerebral and young patriotic Nigerians who are selflessly committed to impacting their environment to shun retail and petty corruption; I believe this support will further accelerate our collective quest to meet the global most

valued agenda in Sustainable Development Goals (SDGs). It will reawaken us as a nation, specifically against ingenious acts of citizen-corruption, poverty and environmental unfriendly acts.”

Since the beginning of the year, Akin Fadeyi Foundation has creatively deployed one minute dramatic infomercial parodies to campaign against corruption in Nigeria through a citizen led initiative. This has been with the inclusion of toprate thespians in Nigeria.

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MONDAY DECEMBER 5, 2016 T H I S D AY

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T H I S D AY MONDAY DECEMBER 5, 2016

THE COMPANY FOR HABITAT AND HOUSING IN AFRICA SOCIETE POUR L’HABITAT ET LE LOGEMENT TERRITORIAL EN AFRIQUE

OFFICIAL

Nairobi, Kenya Tuesday 29 November 2016 PRESS RELEASE: INDEPENDENT INVESTIGATION OF ALLEGATIONS OF THE FORMER HEAD OF FINANCE The Board of Directors of Shelter Afrique, the Company for Habitat and Housing in Africa ("The Company") wishes to update our stakeholders on the progress made in dealing with allega ons that were made in September 2016 by the Company's outgoing Head of Finance, who was in the final month of his contract with the company.

Shelter Afrique is a Development Finance Ins tu on, headquartered in Kenya, dedicated to housing finance in African countries. Housing is a sector of increasingly acute importance for the social cohesion of the con nent. Its shareholders comprise 44 African States, the African Development Bank and the African Reinsurance Corpora on. The Company is subject to global scru ny of its importance and governance and is currently rated Ba3 by Moody's.

An independent forensic inves ga on which is being conducted by the Kenya office of a global firm of accountants and business advisers, Deloi e, is governed by the terms of reference which were approved by the Board within 5 days of the former Head of Finance's allega ons. The inves ga on commenced in early October 2016 and will culminate in a report to the Company's board of directors which will meet in early December 2016.

The inves ga on is being coordinated on behalf of the Board by the Audit, Risk & Finance Commi ee of the Board, which, in accordance with best interna onal prac ces, is chaired by an independent nonexecu ve director with speciality in audit, risk and finance.

The Board of Directors of Shelter Afrique wishes to reiterate its commitment to a transparent inves ga on and to take all appropriate ac ons arising therefrom which will serve to re-assure our stakeholders that Shelter Afrique's governance structures work as expected of an interna onal ins tu on of our importance and stature.

By Order of the Board Jean-Paul Missi Non-Execu ve Chairman

Page

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Tel: +254 20 2722305-9

Longonot Road, Upperhill P.O. Box 41479 (00100), Nairobi, Kenya Fax: +254 20 2722024 / 2721211 Email: info@shelterafrique.org Web: www.shelterafrique.org

...meeting Africa’s housing needs

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MONDAY DECEMBER 5, 2016 T H I S D AY

T H I S D AY MONDAY DECEMBER 5, 2016

35

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MONDAY, DECEMBER 5, 2016 • T H I S D AY

mARKET NEWS

NSE Delists Costain, Lennards, Premier Breweries, Three Others Goddy Egene and Nosa Alekhuogie The Nigerian Stock Exchange (NSE) last week delisted six companies following approval by the Quotation Committee of Council of the exchange.

The companies are: Lennards (Nigeria) Plc , P.S Mandrides & Company Plc; Premier Breweries Plc ; Costain (W.A)

Plc; Navitus Energy Plc and Nigerian Ropes Plc. Although the NSE did not give any reason for the delisting at the weekend, it had initially disclosed that some of the affected companies would be delisted due to recurring non-compliance with the listing requirements of the Exchange. The non-compliance was especially in the areas of timely and accurate rendition

T H E

of operational and financial accounts. There were also corporate governance issues.

It was gathered that before the delisting the NSE concluded and complied with the regulatory requirements in the delisting process, including issuance of necessary notices, forbearances, fair hearing and probation without any rectification from the affected company.

N I G E R I A N

Under compulsory delisting, the authorities at the NSE will at a specified date, after completion of the delisting process and approvals, delist the shares of the affected company without any further recourse to the position of the board or shareholders of the affected company.

Shareholders had in the past called on the NSE ensure investors are protecting, saying

STO C K

that whenever the NSE delists a company, investors would suffer.

The Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie had said that going forward, regulators ensure proper scrutiny of companies before listing and their ability to adhere to post- listing requirement.

However, the Chief Executive Officer of the NSE, Mr. Oscar

E XC H A N G E

Onyema had explained that the delisting of companies is to protect shareholders.

“I want to note that a number of shareholders said that we are not protecting their interest; in reality we are protecting them. I am making it very clear that you cannot be a listed company and stay for two or three years without providing your financial statement to the public,” Onyema said.

38

mondAY, december 5, 2016 • T H I S D AY

MARKET NEWS

Mobil Oil Shares Rise 55% in One Week on Renewed Demand Goddy Egene Holders of the shares of Mobil Oil Nigeria Plc last week witnessed an unprecedented jump in their investment following renewed demand for the equity at the stock market. The shareholders saw their investments surge by 55.1 per cent in five days. Specifically, the stock soared by N115.16 from N208.97 to close at N324.13 per share.

Although most of the oil stocks appreciation was in reaction to developments in the

global oil market where OPEC members reached an agreement to cut production by 1.2 million barrels per day, market operators said Mobil was bolstered by the decision of Nipco Plc to acquire 60 per cent equity stake in the firm.

While Nipco had executed a Sales and Purchase Agreement with ExxonMobil on Monday 17th October, 2016 for the acquisition of the 216,357,157 shares, there were some elements of doubt over the success of the deal.

However, more certainty

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

came in last Tuesday when the Chairman/Managing Director of Mobil Oil Nigeria, Adetunji Oyebanji said Nipco was acquiring those shares for a consideration of $301 million(N91.8) subject to price adjustments for dividends and other factors.

The Managing Director of Nipco, Mr. Venkataraman Venkatapathy had said the company considered this acquisition an important synergy.

“It is part of our strategic move to support Nipco’s

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 1-Dec-2016, unless otherwise stated.

continuous growth and expansion of its Nigerian retail footprint. We are confident of adding tremendous value to Mobil Oil Nigeria and likewise Mobil Oil will add a huge value to Nipco. In furtherance of this value addition, Nipco will continue to maintain the Mobil brand on its retail outlets as well as continue to blend and sell the Mobil brand of lubricants under Branding Licence(s) from ExxonMobil,” he said.

According to him, Mobil Oil will continue to run

as a separate, distinct and independent company ,from Nipco Plc, each with its own CEO who will report to its board of directors .

“In furtherance of this transition, Mobil Oil will continue to maintain the Mobil brand at its retail outlets as well as blending and selling Mobil brand of lubricants under branding licensee [s] from ExxonMobil. In essence Mobil Oil will continue as usual and therefore the change should be smooth and seamless,” he added.

Venkatapathy expressed profound gratitude and appreciation of Nipco to ExxonMobil for selecting the company as the preferred bidder for the acquisition of the shares.

We wish to give every assurance to ExxonMobil that having entrusted us with this invaluable asset (Mobil Oil), we will ensure full brand compliance with ExxonMobil’s global standards as well as rigorously sustain and follow ExxonMobil’s code of conduct/ethos and operational excellence,” he said.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Afrinvest Equity Fund 121.02 Nigeria International Debt Fund 220.28 ALTERNATIVE CAPITAL PARTNERS LTD Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price ACAP Canary Growth Fund 0.69 AIICO CAPITAL LTD Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price AIICO Money Market Fund ARM INVESTMENT MANAGERS LTD Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name ARM Aggressive Growth Fund ARM Discovery Fund ARM Ethical Fund ARM Money Market Fund AXA MANSARD INVESTMENTS LIMITED Web: www.axamansard.com; Tel: +2341-4488482 Fund Name AXA Mansard Equity Income Fund AXA Mansard Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Nigeria Global Investment Fund Paramount Equity Fund Women's Investment Fund FBN CAPITAL ASSET MANAGEMENT LTD Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name FBN Fixed Income Fund FBN Heritage Fund FBN Money Market Fund FBN Nigeria Eurobond (USD) Fund - Institutional FBN Nigeria Eurobond (USD) Fund - Retail FBN Nigeria Smart Beta Equity Fund FIRST CITY ASSET MANAGEMENT LTD Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Legacy Equity Fund Legacy Short Maturity (NGN) Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Growth Fund

100.00

aaml@afrinvest.com Offer Price Yield / T-Rtn 121.95 11.08% 221.55 10.07% info@acapng.com Offer Price Yield / T-Rtn 0.70 12.12% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

16.80%

enquiries@arminvestmentcenter.com Bid Price 11.89 280.42 21.68

Offer Price 12.25 288.88 22.33

Yield / T-Rtn -2.43% 0.33% -1.66%

1.00

1.00

16.05%

investmentcare@axamansard.com Bid Price 102.93

Offer Price 103.58

Yield / T-Rtn 3.25%

1.00 1.00 15.20% investmentmanagement@chapelhilldenham.com Bid Price 2.13 8.99 83.21

Offer Price Yield / T-Rtn 2.19 4.85% 9.22 -8.77% 85.34 2.59% invest@fbnquest.com

Bid Price 1,075.27 108.69 100.00 $101.61 $101.39

Offer Price 1,076.46 109.24 100.00 $102.39 $102.18

Yield / T-Rtn 4.94% 3.12% 14.46% 5.44% 5.22%

110.51

9.78%

109.04

fcamhelpdesk@fcmb.com Bid Price 0.90 2.54

Offer Price Yield / T-Rtn 0.92 0.00% 2.54 9.23% coralfunds@fsdhgroup.com

Bid Price 2,159.86

Offer Price 2,184.08

Coral Income Fund 2,083.67 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 -0.72%

2,083.67 10.13% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

15.21%

Vantage Balanced Fund

1.65

1.66

1.07%

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 11.66% Lotus Halal Fixed Income Fund 998.51 998.51 -0.15% 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 9.20 9.28 -5.93% Meristem Money Market Fund 10.00 10.00 14.36% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.04 1.05 5.31% PACAM Fixed Income Fund 10.38 10.45 4.19% 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 107.22 107.91 5.22% 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 9.37% 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 1,794.93 1,804.76 6.87% Stanbic IBTC Bond Fund 152.04 152.04 3.37% Stanbic IBTC Ethical Fund 0.74 0.75 -0.67% Stanbic IBTC Guaranteed Investment Fund 184.24 184.24 8.57% Stanbic IBTC Iman Fund 128.67 130.26 -4.92% Stanbic IBTC Money Market Fund 100.00 100.00 16.79% Stanbic IBTC Nigerian Equity Fund 7,310.63 7,406.51 1.71% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.14 1.16 8.85% United Capital Bond Fund 1.24 1.24 15.25% United Capital Equity Fund 0.67 0.68 -0.03% United Capital Money Market Fund 1.00 1.00 13.00% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 9.60 9.77 0.67% Zenith Ethical Fund 10.98 11.07 -4.14% Zenith Income Fund 16.93 16.93 5.52%

REITS

NAV Per Share

Yield / T-Rtn

11.58 122.98

3.99% 6.15%

Bid Price

Offer Price

Yield / T-Rtn

8.81 72.73

8.91 74.11

-8.00% -12.61%

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

2.48 7.09 11.62 15.36 127.80

2.52 7.17 11.76 15.56 129.80

8.58% 10.89% -6.02% -19.94% -

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

T H I S D AY MONDAY DECEMBER 5, 2016

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MONDAY DECEMBER 5, 2016 T H I S D AY

T H I S D AY MONDAY DECEMBER 5, 2016

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MONDAY DECEMBER 5, 2016 T H I S D AY

SKYE BANK PLC SCHEDULE OF SKYE BANK'S SALES FOR THE WEEK NOV 28 - DEC 2, 2016 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93

CUSTOMER NAME BROLLO PIPE AND PROFILE INDUSTRIES LIMITED ACME PACKAGING LIMITED HOME GROWN LIMITED NGOBROS & COMPANY LIMITED FOLAJIMI ASHIRU JACLIZ NIGERIA LIMITED GABROVIC NIGERIA LIMITED RASYLTA SERVICES LIMITED JO-MADUGU, AUGUSTINE EGBUNU BOBAN INVESTMENT LIMITED DE-SHALOM PHARM LAB NIGERIA LIMITED ALZICO LIMITED LEO AND CLEM ENTERPRISES WHITEDOTS INVESTMENTS LIMITED FOLD NIGERIA LIMITED BROSNA ELECTRICAL PRODUCTS LIMITED JAY EXPORT PVT LIMITED ADELARIN OLAGUNJU ADELARIN OLAGUNJU GABROVIC NIGERIA LIMITED NGOBROS & COMPANY LIMITED SOLTEC PRODUCTS LIMITED JIMBEST AUTO SUPPLY COMPANY LIMITED ARS NIGERIA LIMITED TRANSERVE DISC TECHNOLOGIES LIMITED ACHIME AND COMPANY ENTERPRISES FAS AGRO INDUSTRIAL COMPANY LIMITED SUNPLAST INDUSTRIES LIMITED MULIKAT IBRAHIM CHEMLAP NIGERIA LIMITED W.J. BUSH AND COMPANY NIGERIA LIMITED W.J. BUSH AND COMPANY NIGERIA LIMITED W.J. BUSH AND COMPANY NIGERIA LIMITED W.J. BUSH AND COMPANY NIGERIA LIMITED SUPREME POLYARN LIMITED INTERNATIONAL TOBACCO COMPANY PLC CELLOPACK INDUSTRIES LIMITED MARLEYSHREE PHARMACEUTICAL NIGERIA LIMITED MIMARATHON RESOURCES LIMITED MTN NIGERIA COMMUNICATIONS LIMITED EMERGING MARKET TELECOMMUNICATION SERVICES TRANSERVE DISC TECHNOLOGIES LIMITED KENVEE NIGERIA LIMITED PRAMANSONS GLOBAL COMPANY LIMITED MASHABROS &SONS LIMITED HANA PACKAGING LIMITED HANA PACKAGING LIMITED HANA PACKAGING LIMITED HANA PACKAGING LIMITED HANA PACKAGING LIMITED ALLIANZ LOGISTICS LIMITED ST PATRICKS HOSPITAL AND MATURITY CHIZZY NIGERIA LIMITED OLLA SYSTEMS LIMITED JUDDY BOLEMA INDUSTRIES LIMITED KIRANIL NIGERIA LIMITED GABROVIC NIGERIA LIMITED FRANKON MANUFACTURING CONCEPTS LIMITED JMG LIMITED JACLIZ NIGERIA LIMITED NUUB PHARMACEUTICALS &VETERINARY PRODUCTION LIMITED IBRAHIM MUHAMMAD SALASAR ENTERPRISES LIMITED OHUABUNWA GORDY ADIELE AL SAFWA TRAVEL AND TOURS LIMITED PREMIUM SEAFOODS LIMITED BUILDERS ENGINEERING COMPANY ALOKRISH LIMITED NUUB PHARMACEUTICALS &VETERINARY PRODUCTION LIMITED PELICAN VALUE CHAIN SOLUTIONS NIGERIA LIMITED MARLEYSHREE PHARMACEUTICAL NIGERIA LIMITED KHAIRAT PHARMACY $ VETERINARY COMPANY LIMITED MANAL NIGERIA LIMITED SKYE MASTERCARD SETTLEMENT SKYE MASTERCARD SETTLEMENT SKYE MASTERCARD SETTLEMENT SKYE MASTERCARD SETTLEMENT SKYE MASTERCARD SETTLEMENT SKYE MASTERCARD SETTLEMENT SKYE MASTERCARD SETTLEMENT SUNFLAG NIGERIA LIMITED PRISM STEEL MILLS LIMITED OLUKAYODE ABAYOMI ENITAN UMAR HASSAN WHITEX INDUSTRIES NIGERIA LIMITED CHIZZY NIGERIA LIMITED PAPERLAND INDUSTRIES LIMITED ARS NIGERIA LIMITED GEETA PLASTIC PRODUCTS NIGERIA LIMITED ECNU PHARMACEUTICAL COMPANY LIMITED ST. MAMA NIGERIA LIMITED STEADY CONTACT INTER LINKS LIMITED COBEF INTERNATIONAL LIMITED

ITEM OF IMPORT HOT ROLLED STEEL SHEETS IN COIL WHITE KRAFTLINER FOR PRODUCTION OF CORRUGATED PAPER CARTON CORRUGATED PAPER CARTON BABY DIAPER RAW MATERIAL LIVING EXPENSE PIPE SUPPORT MATERIAL CAT FISH FEED ALLUMINIUM MATERIALS TUITION FEES TUITION FEES PHARMACEUTICAL PRODUCTS AGRICULTURAL MACHINERIES PRIME MOVERS GX AND WATER PUMP MOTORCYCLE SPARE PARTS CALCIUM HYDROXIDE (LIMBUX) HEAVY DUTY INDUSTRIAL SAUSAGE LINE ELECTRICAL REGULATORS GLIE LAC MEDICAL BILLS MEDICAL BILLS CAT FISH FEED BABY DIAPER RAW MATERIAL PVC CLEAR SHEET ENGINE OIL RESINS MTS WHITE 1000/777 POLYCARBONATE RESINS AGRICULTURAL WATER PUMPS WP 30X POLYPROPYLENE POLYPROPYLENE HOMOPOLYMER TUITION FEES PVA FLAKES MIXTURES OF ODORFEROUS FOR PRODUCTION OF SOAP AND COSMETICS PRINTED LAMINATED PAPER INDUSTRIAL MACHINERY SPARE PART INDUSTRIAL PACKAGING MATERIALS- VIALS POLYPROPYLENE SPARE PART PLAIN (NON PRINTED)RIGID PVC BLOWN FILMS PHARMACEUTICALS CUSTOMIZED MANAGEMENT SERVER AND OTHER ACCESSORIES TRANSPONDER SERVICES INTERCONNECT FEE POLYCARBONATE RESINS KITCHEN WARES & HOUSEHOLD ITEM KITCHEN WARES &HOSEHOLD ITEM KITCHEN WARES &HOSEHOLD ITEM LLLDPE LOTRENE Q1018H LLDPE METALLOCENE RESIN 2010HE HPDE RESIN - GRADE H5604F HPDE RESIN - GRADE H5615F LDPE LOTRENE FE 8000 DREDGER TUITION FEES ETHYL ACETATE 50400KG SOFTWARE POLYPROPYLENE AND POLYSTYRENE GENERAL PURPOSE POLYSTYRENE SPLARENE CATFISH FEED NEW AUTO SPARE PARTS SPARE PARTS AND ACCESSORIES FOR GENERATING SETS PIPE SUPPORT MATERIAL VETERINARY MEDICINE TUITION FEES CLAYS FOR PURIFYING WASTE OILACTIVATED EARTH CLAY TUITION FEES BANK GUARANTEE CHARGES LC CHARGES POULTRY CAGE PHARMACEUTICALS PHARMACEUTICALS MECHANIZED POULTRY EQUIPMENTS PHARMACEUTICALS ALBANEET 250MG (ALBENDAZOLE) WOODEN BEAMS MASTERCARD SETTLEMENT MASTERCARD SETTLEMENT MASTERCARD SETTLEMENT MASTERCARD SETTLEMENT MASTERCARD SETTLEMENT MASTERCARD SETTLEMENT MASTERCARD SETTLEMENT SPARE PARTS FOR TEXTILE MILL SPARE PARTS FOR ROLLING MILLS TUITION FEES TUITION FEES CALCIUM CARBONATE SUPCAL PAINT PIGMENT UNCOATED PAPER RESINS MTS WHITE 1000/777 ARTIFICIAL RESINS, HIGH DENSITY POLYTHYLENE BLOW DRUGS AND PHARCEUTICAL PRODUCT VETERINARY PRODUCTS SPARE PARTS POLY VINYL CHLORIDE RAW MATERIAL

DATE OF SALES 28/11/2016 28/11/2016 28/11/2016 28/11/2016 28/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 29/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 01/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016

EXCHANGE RATE 305.00 305.00 305.00 305.00 315.00 306.25 306.25 305.75 306.25 306.25 305.75 315.00 315.00 315.00 315.00 315.00 305.75 306.25 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 15.00 315.00 315.00 315.00 305.50 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00 315.00

TOTAL

AMOUNT 25,000.00 15,000.00 5,000.00 25,000.00 4,450.37 25,000.00 14,000.00 25,000.00 3,132.00 2,832.81 13,200.00 30,000.00 15,000.00 15,050.00 21,600.00 25,000.00 11,800.00 5,035.19 1,464.81 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 30,000.00 10,000.00 509,850.00 10,000.00 7,594.00 20,150.00 142,039.00 30,184.00 9,724.00 18,053.00 22,467.00 13,533.00 37,033.85 5,372.15 50,000.00 10,000.00 12,500.00 400.00 40,940.00 19,351.00 60,000.00 89,420.00 93,183.75 41,792.50 41,792.50 13,520.25 10,000.00 6,862.63 16,500.00 20,000.00 20,000.00 30,000.00 3,973.27 20,000.00 20,000.00 20,203.48 15,000.00 2,500.00 19,579.62 10,000.00 899.10 2,431.90 100,000.00 39,000.00 10,000.00 26,000.00 20,000.00 5,000.00 25,000.00 31,697.30 36,095.05 44,284.23 48,692.55 169,037.10 52,679.71 ` 17,179.86 35,000.00 35,000.00 5,760.00 9,039.60 15,000.00 20,000.00 20,000.00 15,000.00 10,000.00 10,000.00 5,000.00 20,000.00 15,000.00

2,728,880.58

SCHEDULE OF SKYE BANK'S PURCHASES FOR THE WEEK NOV. 28 - DEC. 2, 2016 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14

SOURCE FIRST BANK AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS GT BANK AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

DATE OF FUND PURCHASE 28/11/2016 29/11/2016 29/11/2016 30/11/2016 30/11/2016 30/11/2016 30/11/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016 02/12/2016

EXCHANGE RATE 305.25 314.50 314.50 314.50 314.50 314.50 305.00 314.50 314.50 314.50 314.50 314.50 314.50 314.50

AMOUNT 50,000.00 44,791.46 483,295.50 400,000.00 500,000.00 500,000.00 50,000.00 5,638.95 197,808.86 1,000.00 787.50 69.44 200,000.00 200,000.00

TOTAL

2,633,391.71

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T H I S D AY MONDAY DECEMBER 5, 2016

45

46

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T H I S D AY MONDAY DECEMBER 5, 2016

47

48

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49

50

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T H I S D AY MONDAY DECEMBER 5, 2016

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Nigeria’s top 50 stocks based on market fundamentals

2-Dec-16

1-Dec-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 1-Dec-16

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

25,265.08 8.69

25,740.83 8.86

1.88 1.88

104.79 8.16

106.93 8.33

2.04 2.04

01 Dangote Cement Plc

160.00

154.00

3.90%

2,726,481,184,800.00

9.20

17.38

4.80

5.00%

3.64

02 Nigerian Breweries Plc

143.06

143.02

0.03%

1,134,337,173,037.28

4.03

35.46

3.76

2.52%

6.92

03 Guaranty Trust Bank Plc

23.49

22.80

3.03%

691,338,399,971.76

4.90

4.79

1.72

7.54%

1.40

820.00

810.06

1.23%

649,978,126,640.00

8.81

93.06

3.76

3.54%

20.60

05 Zenith Bank Plc

14.03

13.80

1.67%

440,492,807,817.58

3.91

3.59

0.93

12.83%

0.63

06 Lafarge Africa Plc

42.70

42.70

0.00%

194,494,307,287.00

-9.39

-4.55

0.91

7.03%

0.96

342.90

342.90

0.00%

189,730,106,327.70 -44.58

-7.69

2.44

4.64%

0.48

48.00

48.00

0.00%

181,598,220,000.00

0.69

69.35

2.74

0.10%

19.36

9.87

9.86

0.10%

181,110,070,492.05

0.68

14.59

0.31

6.28%

0.29

44.07

44.07

0.00%

174,978,923,373.15

0.03

1,507.19

2.45

2.95%

4.18

11 Access Bank Plc

5.50

5.45

0.92%

159,103,843,970.50

2.59

2.13

0.45

10.00%

0.36

12 United Bank for Africa Plc

4.32

4.31

0.23%

156,727,553,711.04

1.75

2.47

0.47

13.89%

0.36

Table 4 Top 5 Losers Stock

04 Nestle Nigeria Plc

07 Seplat Petroleum Dev. Co. Ltd 08 Unilever Nigeria Plc 09 Ecobank Transnational Incorporated 10 Presco Plc

13 Stanbic IBTC Holdings Plc

15.00

15.00

0.00%

150,000,000,000.00

2.04

7.37

1.07

0.67%

1.27

14 Guinness Nig Plc

89.00

89.00

0.00%

134,024,048,732.00

-3.06

-29.10

1.30

3.60%

3.40

15 Mobil Oil Nig Plc

324.13

294.00

10.25%

116,879,742,272.06

19.32

16.78

1.29

2.22%

6.31

16 FBN Holdings Plc

3.16

3.11

1.61%

113,429,125,222.72

0.21

15.23

0.21

4.75%

0.18

250.80

250.80

0.00%

85,152,076,719.60

38.02

6.60

0.32

5.58%

3.74

65.26

59.20

10.24%

84,999,916,781.78

3.31

19.74

0.55

5.29%

1.97

129.36

129.36

0.00%

82,866,769,357.68

-0.05 -2,832.18

0.89

1.70%

3.73

20 Dangote Sugar Refinery Plc

5.80

5.95

-2.52%

69,600,000,000.00

1.03

5.65

0.49

8.62%

1.12

21 International Breweries Plc

19.00

19.00

0.00%

62,590,736,320.00

0.02

843.25

2.35

1.32%

5.71

4.36

3.79

15.04%

52,470,938,377.84

-3.15

-1.38

0.21

17.20%

0.33

23 Flour Mills Nig. Plc

19.20

19.49

-1.49%

50,385,353,990.40

-1.19

-16.09

0.12

10.42%

0.51

24 Julius Berger Nig. Plc

35.00

35.00

0.00%

46,200,000,000.00

-2.95

-11.88

0.40

4.29%

2.43

25 Okomu Oil Palm Plc

38.01

38.01

0.00%

36,258,119,100.00

4.82

7.88

5.51

0.26%

2.25

26 U A C N Plc

16.20

16.15

0.31%

31,118,003,069.40

3.37

4.80

0.41

6.17%

0.41

0.71

0.70

1.43%

27,491,908,171.75

-0.47

-1.52

0.53

0.00%

0.37

33.00

33.00

0.00%

23,100,000,000.00

2.28

14.45

3.46

3.48%

13.50

29 Fidelity Bank Plc

0.79

0.80

-1.25%

22,880,442,696.68

0.39

2.04

0.15

20.25%

0.12

30 Wema Bank Plc

0.57

0.55

3.64%

21,987,445,666.17

0.06

9.57

0.43

0.00%

0.46

31 Custodian And Allied Insurance Plc

3.70

3.70

0.00%

21,762,897,521.50

0.76

4.85

0.60

3.78%

0.76

32 Diamond Bank Plc

0.92

0.90

2.22%

21,307,557,850.56

-0.29

-3.13

0.10

0.00%

0.09

33 Sterling Bank Plc

0.72

0.69

4.35%

20,729,101,050.72

0.29

2.50

0.19

12.50%

0.25

11.01

11.07

-0.54%

20,679,004,460.40

0.50

22.05

0.74

11.81%

2.02

35 FCMB Group Plc

1.00

0.99

1.01%

19,802,710,781.00

0.61

1.63

0.12

10.00%

0.11

36 Mansard Insurance Plc

1.72

1.71

0.58%

18,060,000,000.00

0.28

6.17

0.90

2.91%

0.86

37 National Salt Co. Nig. Plc

6.65

6.66

-0.15%

17,618,765,213.70

0.85

7.83

0.94

8.27%

2.38

38 Glaxo Smithkline Consumer Nig. Plc

14.15

14.00

1.07%

16,921,652,305.20

-2.98

-4.74

0.60

2.12%

1.93

39 PZ Cussons Nigeria Plc

15.20

15.20

0.00%

15,200,000,000.00

5.69

2.67

1.06

0.66%

0.41

40 Continental Reinsurance Plc

0.97

1.02

-4.90%

10,061,561,982.64

0.42

2.31

0.45

12.37%

0.54

41 Honeywell Flour Mill Plc

0.98

0.98

0.00%

7,771,593,704.84

-0.40

-2.42

0.16

16.33%

0.23

42 Skye Bank Plc

0.50

0.50

0.00%

6,940,150,705.00

-2.93

-0.17

0.04

60.00%

0.07

43 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

44 Unity Bank Plc

0.53

0.51

3.92%

6,195,349,109.26

-0.10

-5.17

0.10

0.00%

0.07

45 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

46 Cement Co. Of North.Nig. Plc

4.05

4.26

-4.93%

5,089,544,952.30

0.22

18.50

0.46

2.47%

0.47

47 AIICO Insurance Plc

0.59

0.59

0.00%

4,088,820,643.20

0.22

2.65

0.14

8.47%

0.40

48 UACN Property Development Co. Limited

2.23

2.23

0.00%

3,832,812,488.85

0.30

7.45

0.91

31.39%

0.11

49 Nigerian Aviation Handling Company Plc

2.21

2.32

-4.74%

3,589,523,437.50

0.15

14.62

0.45

9.05%

0.60

50 Fidson Healthcare Plc

1.46

1.46

0.00%

2,190,000,000.00

0.24

6.20

0.33

3.42%

0.34

17 Total Nigeria Plc 18 Forte Oil Plc. 19 7-Up Bottling Comp. Plc

22 Oando Plc

27 Transnational Corporation Of Nigeria Plc 28 Cap Plc

34 Cadbury Nigeria Plc

TOTAL

8,326,002,625,440.81

TOTAL MARKET CAP

8,855,113,806,377.24

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

94.02%

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

Close 2-Dec-16

Change %

Table 3 Top 5 Gainers Stock

Open 1-Dec-16

Oando Plc Mobil Oil Nig Plc Forte Oil Plc. Sterling Bank Plc Unity Bank Plc

3.79 294.00 59.20 0.69 0.51

Open 1-Dec-16

Cement Co. Of North.Nig. Plc Continental Reinsurance Plc Nigerian Aviation Handling Company Plc Dangote Sugar Refinery Plc Flour Mills Nig. Plc

Close 2-Dec-16

Change %

4.36 324.13 65.26 0.72 0.53

15.04 10.25 10.24 4.35 3.92

Close Change 2-Dec-16 %

4.26 1.02 2.32

4.05 0.97 2.21

-4.93 -4.90 -4.74

5.95 19.49

5.80 19.20

-2.52 -1.49

Positive momentum sustained for 3 consecutive days as week ends northward Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, December 2nd, 2016 ends on a positive note as stock market close green as market sustains bullish trend for three consecutive days. This was further highlighted by positive performance from the NSE subsectors: Banking, Consumer Goods and Oil & Gas (Save Insurance). Trading activities decrease in volume as 578.85 million shares worth of N1.35 billion in 2,258 deals exchanged hands today. This is a decrease from the 773.87 million shares worth of N1.91 billion in 2,334 deals which exchanged hands on Thursday. Topping in volume terms were Wema Bank Plc, Diamond Bank Plc and Access Bank Plc, while Wema Bank Plc and Nigerian Breweries Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with 1.88% (+475.75) increase to close at 25,740.83 from 25,265.08 the previous trading day. Market Capitalization appreciated in tandem to N8.86 trillion from N8.69 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with a higher increase of 2.04% to close at 106.93 from 104.79 recorded at the end of the previous trading day, while its market capitalization stood at 8.33 trillion from 8.16 trillion of the previous trading day.

A total number of 24 stocks gained on the bourse today while 13 stocks declined, 62 leaving stocks unchanged. Oando Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 15.04% to close at N4.36 per share. It was followed by Mobil Oil Nig. Plc with a gain of 10.25% to close at N324.13 per share. Others on the gainers list include: Forte Oil Plc, Sterling Bank Plc and Unity Bank Plc; while on the decliners’ list, CCNN Plc emerge with a loss of 4.93% to close at N4.05 per share. It was followed by Continental Reinsurance Plc with a loss of 4.90% to close at N0.97 per share. Others on the decliners list include: Nigerian Aviation Handling Company Plc, Dangote Sugar Refinery Plc and Flour Mills Nig. 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

T H I S D AY MONDAY DECEMBER 5, 2016

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MONDAY DECEMBER 5, 2016 T H I S D AY

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MONDAY DECEMBER 5, 2016 T H I S D AY

MONDAY, DECEMBER 5, 2016 • T H I S D AY

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NEWSXTRA

APC will Adopt Winning Strategies for Rivers Rerun Polls, Says Ganduje Don’t incite people to commit violence, INEC tells Wike

Onyebuchi Ezigbo in Abuja Ahead of the December 10, rerun elections for national and state assembly seats in Rivers State, Kano State Governor, Alhaji Abdullahi Ganduje, has said the leadership of the party will employing best hands to ensure it achieves electoral victory.

Speaking in a brief interview with THISDAY at the national headquarters of APC in Abuja, Ganduje who is heading his party’s campaign team for the Rivers polls, said the reason for the victories they recorded in recent elections was due to good planning.

He said APC had deployed great planners for the governorship elections in Edo and Ondo State which produce good results, adding that the party was strategising on how to replicate the feat in the Rivers re-run elections.

“We shall adopt strategies for Rivers election because we know it is a difficult terrain.

“We won the elections in Edo and Ondo States. It showed that APC as a party is a well established party and having well committed

members. We are great planners and we have the backing of the national headquarters of the party.

“Those who were involved in those elections were great planners and people are appreciating what is happening at the national level and what the state governors are doing.

“In Ondo State however, people are not appreciating what the state government was doing and people wanted a change and change has come,” he said.

Asked whether APC is not pushing for a one party state, and it that is good for this country, Ganduje said: “If one party system will evolve in appreciation of what the central government is doing, let it be. But I know that if is difficult.”

Meanwhile, the Independent National Electoral Commission (INEC) has warned political actors in the re-run legislative elections in the state, especially the state governor, Mr. Nyesom Wike, to desist from making inciting statements that could derail the election.

In a statement issued

yesterday by the Chief Press Secretary to the INEC chairman, Mr. Rotimi Oyekamni, the commission restated its determination to conclude the elections in Rivers State in a free, fair, and transparent manner on December 10.

It appealed to stakeholders to henceforth refrain from making pronouncements that could either overheat the state or instigate their followers to violence.

“The commission hereby restates its determination to conclude the elections in Rivers State in a free, fair, and transparent manner on the said December 10. The recent Edo and Ondo governorship elections eloquently speak of the feat that can be achieved if all stakeholders do the

needful.

“However, the commission condemns, in very strong terms, the relentless false allegations, provocative and dangerous comments being made by some political actors, especially Wike against the commission, all of which are capable of inciting people to commit violent acts that could derail the election.

“We appeal to stakeholders to henceforth refrain from making pronouncements that could either overheat the state or instigate their followers to violence. We also appeal to all the political parties and their supporters to abide by all the extant laws governing the electoral process.

“We wish to reassure all Nigerians that the commission will remain impartial and

committed to conducting credible, fair and transparent elections at all times,” said INEC. In obedience to court orders resulting from disputes over the 2015 general election, the INEC conducted re-run elections in Rivers State on March 19, 2016, to fill various seats in the National and Rivers State House of Assembly. Unfortunately, the outbreak of violence forced the commission to suspend the exercise.

At the time the elections were suspended, voting had ended in certain constituencies with the winners declared, whereas elections were also concluded in some areas but collation of results had not been completed.

INEC said in its statement

that certain unauthorised persons had put the commission’s officials under duress to declare results at some locations, while balloting did not take place at all in others.

According to the statement by the commission, in an effort to conclude the elections it held a stakeholders’ forum in Abuja on June 30 this year, where it was agreed that the elections be held on July 30, 2016.

However, “following persistent inflammatory comments by political actors in the state, an arson attack on the commission’s office at Khana Local Government Area on July 22, 2016 by unknown persons and credible security reports, it became impossible to hold the elections as planned,” it added.

REC: Elections to Hold in 1,840 Polling Units Ernest Chinwo in Port Harcourt The Independent National Electoral Commission (INEC) has said the legislative rerun election scheduled for December 10will hold in 1,840 polling units spread across the 23 local government areas of Rivers State.

The commission also denied recruiting cardcarrying members of the All Progressives Congress (APC) as ad hoc staff to prosecute the election as alleged by the state government.

The state Resident Electoral Commissioner (REC), Aniedi Ikoiwak, spoke when the executive members of the Rivers State Council of the Nigeria Union of Journalists (NUJ) led by the state Chairman, Omoni AyoTamuno, paid him a courtesy visit at the commission’s office in Port Harcourt.

Ikoiwak however stated that bulk of the voting on the election day will be in seven local government areas of the state, including Andoni, Akuku-Toru, Bonny, Etche, Ikwerre, Khana and Gokana.

He insisted that INEC is not recruiting ad-hoc staff for the election, saying that ad-hoc staff used during elections by the commission are brought in from the National Youth Service Corps (NYSC) and other federal agencies.

Ikoiwak said: “We want to make it clear that we have nothing to do with any political party. We have

where we collect our ad-hoc staff. It is very clear, we are not recruiting ad-hoc staff, that people will write application and so on.

“We collect them from the NYSC, from federal agencies and to compliment shortfalls, we collect students from the university. All the people who are being trained are either NYSC, or students or staff of federal agencies, including those from INEC. If we find out that there is any student who has affiliation with a political party, and we have the data clearly, such student will be dropped.

“That is why we challenge those who are saying it, to give us the list of those people and prove if they are not students or even if they are students, there are some who have affiliations with political parties. Yes, they are students and they have affiliations with political parties and it is proved, those ones will be dropped.”

Earlier, chairman of NUJ in the state, Omoni Ayo-Tamuno, said it was regretable that a number of journalists, who were carrying out their constitutional responsibility were attacked and wounded during the March 19, 2016 rerun election in the state.

He said, “Journalists have only their pen, they don’t wear bullet-proof jackets. The only thing we want is security for our members. During the last rerun election,our members were attacked and a car belonging to one of the was burnt.”

COMING TOGETHER FOR RAIL CONFERENCE L-R: Director of Rail Transport Services, Federal Ministry of Transport, Mohammed Babakobi; Managing Director, Planet

Projects Limited, Biodun Otunola; Ogun State Governor, Senator Ibikunle Amosun; Secretary-General, Union of African Public Transport (UATP), Yssoufou Cisse; Training Director, International Association of Public Transport (UITP), Kaan Yildizgoz; Head of Consulting, TfL, Michael Flynn; and Managing Director, GSTC Limited, and UITP Light Rail Consultant, Gradimir Stefanovic, during the first international rail conference in Lagos...recently

Anenih: MKO Abiola Would Still Be Alive Today If He Listened to Me Former Chairman, Board of Trustees (BoT), Peoples Democratic Party (PDP) Chief Tony Anenih, has said the persistent refusal of the acclaimed winner of the June 12 1993 presidential election, Chief MKO Abiola, to listen to his advice landed him in jail and ultimately led to his death.

The June 12, 1993 election annulled by Ibrahim Babangida.

Abiola was arrested and imprisoned after he declared himself president-elect, but he died in July 1998 on the day he was to be released on the back of the death of General Sani Abacha, the military ruler on whose orders he was jailed in the first place.

In his book, ‘My Life and Nigerian Politics,’ Anenih, according to The Cable, said he

advised Abiola against declaring himself president, but that he refused to listen.

He said the business mogul reached a secret agreement with Abacha, former head of state, to take over from Ernest Shonekan, interim president, but he fled the country when things were heating up, leaving his supporters behind.

He said when Abiola came back to the country, frustration drove him to declare himself president after his scheming to succeed Shonekan had failed.

Anenih, who was the national chairman of Abiola’s party, the Social Democratic Party (SDP), said the late businessman kept the leadership of the party out of his negotiations with the military.

“It is a pity indeed, that Abiola kept the leadership of the party away from his arrangement with Abacha to take over from Shonekan. If he had brought it to the notice of the leadership of the party, he would have been advised well,” he said.

“In a similar but not exactly identical set of circumstances, I had advised Abiola against declaring himself the president of this country when frustration arising from Abacha’s refusal to hand-over to him drove him into that extreme line of thought.

I spoke to him on telephone pointing out that the army was not there to back him up. He had no police support, and not even the immigration or customs would back him.

“It was clear to me that

the course of action to which Abiola was heading was not only going to be self-destructive, but also ruinous. He was played into the hands of the military and he offered himself as a sacrificial lamb by delivering himself to those who for various and obvious reasons, very much wanted him out of the scene.

“Abiola did not listen. The result of his line of action landed him in jail.”

“I wished he had listened to my advice not to declare himself president of this country. If he did, I believe he would, in all probability, still be alive today.

Frustration arising from the collapse of his scheming drove him into extreme step which, in the end, set up a chain of events that ultimately caused him his life.”

58

MONDAY, DECEMBER 5, 2016 • T H I S D AY

NEWSXTRA

Geometric Power will Generate 1,140 Megawatts in Six Months, Says Nnaji Christopher Isiguzo in Enugu Former Minister of Power, Prof Bath Nnaji, yesterday said in Enugu that his company, Geometric Power, was working in partnership with foreign firms to generate 1,140 megawatts in Aba, Abia State to boost power supply to South-east geo-political zone of the country.

Speaking in a forum organised

by Igbo Improvement Union, a socio-political pressure group in Enugu, the former minister said the first tranche of the power project, 140 megawatts power plant by Geometic would come on stream in the next six months in Aba courtesy of the intervention of the federal government to untangle the bottleneck that had hindered the project for a long time now.

Nnaji spoke as the Chairman of the House of Representatives

Committee on Power, Hon. Dan Asuquo, expressed optimism that the perennial challenges facing the power sector in the country would soon be a thing of the past by the time the tseveral sub-stations presently being reactivated across the country come on stream.

He, however, asked Nigerians to be ready to pay “for steady power because uninterrupted power supply is not cheap.”

Asuquo who spoke when the committee from the National Assembly embarked on inspection tour of Mbalano Sub-Station in Isikwuato Local Government Area of Abia State, among other substations within the South-east zone, also urged stakeholders in the sector and communities hosting NIPP facilities in the country to work together with a view to creating an enabling

environment for the execution of projects in the sector.

He asked beneficiaries of the ongoing power projects across the country to desist from demanding outrageous wayleaves and compensations from government and contractors handling projects in the country insisting that it had become imperative for all the hurdles threatening the delivery of uninterrupted power supply in the country to be cleared.

He underscored the need to clear all hurdles that would militate against the smooth delivery of projects being executed by the Transmission Company of Nigeria (TCN) whose managing director,

Onyeka Uwa, an engineer, was also in the delegation.

But on his part, Nnaji said: “The project, Aba integrated power project (Aba IPP), the issue that held it from coming on stream is being resolved with the full support of the federal government; the Minister of Power, the Permanent Secretary, President, the Vice President; they are working very hard to see that this thing is fully resolved. Once it is resolved, we think that within the next six months Aba should see power.”

He said his company is partnering with General Electric and Orascom of Egypt respectively to build

two separate 500 megawatts power plants in Aba to bring the total to 1,140 megawatts.

Nnaji said he has bought into a renewed campaign to repatriate the wealth of Igbo people scattered in all parts of the world back to Igboland.

He said that part of the effort was the coming together of 70 Igbo billionaires headed by former Managing Director of Diamond Bank, Dr. Pascal Dozie, to come up with a development plan for economic integration of South-east Zone to form the industrial hub of Africa.

According to Nnaji, move to attract Igbo business men home was already yielding results when the Chief Executive of

Coscharis Group, Chief Cosmas Maduka, heeded the call by Anambra State Governor, Willie Obiano, to return home and set up Coscharis Farms, the biggest agricultural endeavour in the zone currently.

In a remark, the coordinator of Igbo Improvement Union, Ugo Agballah, stated that Igbo need to focus more on economic independence than wasting so much time on politics, stressing that Nnaji had spent over $500 million on power projects in South-east, which he said is the largest single investment in the zone.

He said his group would partner Nnaji and his group for the development of the zone.

NNPC, Total Commence Gas Delivery to Alaoji Power Plant Ejiofor Alike Hope for improvement in power supply in Nigeria has been rekindled as the joint venture between the Nigerian National Petroleum Corporation (NNPC) and Total E&P Nigeria Limited (TEPNG) has commenced supply of gas to the Alaoji Power Plant, the biggest power station owned by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Project (NIPP).

The joint venture said in a statement yesterday that this development followed the completion and start up of the Obite-Ubeta-Rumuji pipeline (OUR pipeline) and the Northern Option Pipeline (NOPL) projects by the NNPC/ TEPNG Joint Venture.

The OUR Pipeline is a 42inch gas pipeline, extending 45 kilometres from Obite to Rumuji in Rivers State and will transport both domestic and export gas.

The NOPL project consists of a 50 km, 24-inch gas pipeline (together with two above ground installations) which starts at the Oil Mining Lease (OML) 58 in Rivers State and ends at the Owaza node in Abia State.

The NOPL has the capacity to provide up to 300 million cubic feet of gas to the Eastern Grid Domestic Gas market, with Alaoji Power Plant taking up to 100MMscf/d to generate electricity while other users of domestic gas take up the rest.

“The completion of these pipelines is an important milestone in the activities of Total in Nigeria. The NOPL is unique and strategic in meeting the Federal Government’s objectives of gas supply to the domestic market, ” said Nicolas Terraz, Managing Director/Chief Executive, Total E&P Nigeria

Limited.

These two critical gas infrastructures are part of the ambitious OML 58 Upgrade initiative to increase oil and gas production, improve integrity of the facilities and eliminate flaring from the mature onshore field.

According to the joint venture, the projects recorded remarkable achievements in terms of Nigerian Content Development, providing training and capacity for Nigerian youths in specialised skills and stimulating the local economy through the numerous contracts and employment opportunities created during and after the projects phase.

In addition, the projects have provided sustainable community development projects in the crucial areas of clean water and health care support infrastructure, roads, agriculture and small and medium enterprises.

A former Managing Director of Total Upstream Companies in Nigeria, Mrs. Elisabeth Proust, had told THISDAY that for a gas project of such magnitude to be economic in Nigeria, the price of domestic gas should be increased from its current level of $2.5 to $7 per million British Thermal Unit (BTU).

“We have invested in very huge pipeline onshore – 50 kilometres of 24-inch pipeline, starting from OML 58 to go to Imo River and to Alaoji.

Here, we are already in contract with the power plant at Alaoji. This is our first customer. We will be ready to deliver the gas by 2015. So, we are now in negotiation with other industries, not power plants, to provide them with gas.

My plan is that in 2017, we should produce and supply the gas through the pipeline,” she had said.

COURTESY VISIT

L-R: Director, Dorman Long Engineering Limited, Sanyade Okoli; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB),Simbi Wabote; Chairman, Dorman Long Engineering Limited, Dr. Timi Austen-Peters; and Director Monitoring, Nigerian Content Development and Monitoring Board (NCDMB), Tunde Adelana,during a courtesy call held at Dorman Long Engineering in Agege, Lagos....recently

Recovered Loot: Malami, Idris Risk Jail as SERAP Starts Committal Hearings The Socio-Economic Rights and Accountability Project (SERAP) has commenced committal to prison hearings against the federal government, AttorneyGeneral of the Federation and Minister of Justice (AGF), Mr. Abubakar Malami (SAN), and Accountant-General of the Federation, Alhaji Ahmed Idris, for refusing to obey the order of the court made on February 26, 2016, for them to provide the organisation with up to date information on the spending of recovered stolen funds since the return of democracy in 1999.

The information ordered to be released by Justice Muhammed Idris of the Federal High Court in Lagos include specific details on the total amount of recovered stolen public assets by governments since 1999; the amount that has been spent from the recovered stolen public assets and the objects of such spending; as well as details and location of specific projects on which recovered stolen public assets were spent.

The Form 49 “notice to show cause why order of committal should not be made” was filed at the Federal High Court, Lagos last week by SERAP’s Executive Director, Adetokunbo Mumui, “following the service on Malami and Idris of Form 48 contempt suit, and the certified true copy of the judgment.”

Mumuni said: “Despite the service of both form 48 and the certified true copy of the judgment on both the AGF and the Accountant-General of the Federation they have failed and/or neglected to acknowledge the judgment let alone obey it.

“It has become painfully clear since the judgment was delivered that this government has no plan to enforce it. It’s dismaying that a government, which builds its reputation on combating grand corruption has not embraced the enormous opportunities the judgment provides to open the book on what exactly happened to recovered loot.”

“It’s absolutely unacceptable

to take the court, which is the guardian of justice in this country, for a ride. A democratic state based on the rule of law cannot exist or function if the government ignores and/or fails to abide by Court orders,” Mumuni said.

The 69-page judgment in suit no: FHC/IKJ/CS/248/2011 signed by Honourable Justice Mohammed Idris reads in part: “Transparency in the decisionmaking process and access to information upon which decisions have been made can enhance accountability.

“Obedience to the rule of law by all citizens but more particularly those who publicly took oath of office to protect and preserve the Constitution is a desideratum to good governance and respect for the rule of law. In a constitutional democracy like ours, this is meant to be the norm.

“In respect of the SERAP reliefs on recovered stolen funds since return of democracy in 1999, the government had kept mute. Let me say that they have

no such power under the law.”

“There is public interest in public authorities and high-profile individuals being accountable for the quality of their decision making. Ensuring that decisions have been made on the basis of quality legal advice is part of accountability.

“I am of the view and do hold that the action should and does succeed in whole.

Documents relating to the receipt or expenditure on recovered stolen funds since return of democracy in 1999 constitute part of the information which a public institution and authority is obligated to publish, disseminate and make available to members of the public. The government has no legally justifiable reason for refusing to provide SERAP with the information requested, and therefore, this Court ought to compel the government to comply with the Freedom of Information Act, as the government is not above the law.”

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MONDAY, DECEMBER 5, 2016 • T H I S D AY

NEWSXTRA

NCAA Cautions Pilots against Unfavourable Harmattan Weather

FG fortifies security at airports after stowaway incident

Chinedu Eze

visual navigation extremely difficult or impossible.

To ensure continuous safe Where terminal visibility flight operations in Nigeria falls below the prescribed airspace and beyond, the weather minima, flights Nigerian Civil Aviation are bound to be delayed, Authority (NCAA) has diverted or cancelled, the issued an advisory circular, circular further indicated. and alerted pilots about the “Pilots are therefore hazards associated with directed to observe the current harmattan dust haze following forthwith: ensure prevalent in some part of that adequate departure, the country. en – route and destination The circular, which has weather information and gone out to the industry, briefings are obtained also offers guidance to from NIMET prior to flight help prevent incidents or operations; exercise maximum accidents caused by such restraint when adverse weather situation. weather is observed or forecast The agency said the by NIMET and ensure that current circular is in line flight operations are scheduled with the forecast earlier with adequate input from made by NIMET which NIMET to minimize delay indicated the occurrence of or cancellation of flight moderate to severe outbreaks operations,” the statement of dust during the period of said.

November 2016 to March 2017 While pleading with in the country, predicting that the travelling public for it would on many occasions understanding, and not reduce horizontal visibility to be lawless should the significantly. situation arises that flights In a statement signed by are to be delayed or cancelled, NCAA spokesman, Sam NCAA directs the flight crew Adurogboye, the agency said to adhere strictly to the it is pertinent to note that prescribed weather minima the effect of the harmattan is for each of the airports, as comparable to that of heavy violation would be viewed fog which may considerably seriously. reduce air-to-ground visibility.

Meanwhile, iop security Similarly, aerodrome officials from the Nigeria Air visibility may fall below Force (NAF), the Department the prescribed minima and of State Services (DSS), in severe conditions dust the Nigeria Police and the haze could blot out runway, Federal Airports Authority markers and airfield lighting of Nigeria (FAAN) Aviation over wide areas making Security (AVSEC) at the

weekend held an emergency meeting on how to fortify security at the nation’s airports.

THISDAY learnt that the federal government had ordered security upgrade at all airports, especially the international airports in Lagos, Abuja, Port Harcourt, Kano and Enugu.

Top security official told THISDAY yesterday that “we have set up a task force to upgrade security at the airports. We held an emergency meeting after the stowaway incident and we are reviewing activities of airport workers, especially at the airside of the airport and this include baggage handlers, security personnel, cleaners and others that have access to the sterile areas of the airports.”

Also, the acting General Manager, Corporate Affairs of FAAN, Mrs. Henrietta Yakubu, told THISDAY that the airside patrol has been intensified and all access points to the security restricted areas are now manned and properly controlled “to ensure unauthorised persons do not gain access to the airside.

“Airlines have been informed to take seriously the issue of guarding their aircraft, especially at night.

The AVSEC is on top of the situation.”

At a breakfast meeting held after the report of the stowaway incident in Lagos by aviation security experts, the Chief Executive Officer of Centurion Securities and former Commandant of Murtala Muhammed International Airport

(MMIA), Lagos, Group Captain John Ojikutu (rtd), accused NCAA of being responsible for the security infractions at the airports He therefore urged the regulatory authority to immediately review all the security profiles of the Murtala Muhammed Airport (MMIA), Lagos.

Ojikutu noted that the frequent stowaway incidents were giving Nigeria a bad name in aviation circles and that the frequency of its occurrence speaks a lot about the nature of security at Nigerian airports.

He lamented that there were too many entrances to Nigerian airports, which, according to him, people use to gain access to the airside of the airports and the aircraft, regretting that

most Nigerian airports don’t have perimeter fence.

However, spokesman of NCAA, Sam Adurogboye, agreed that stowaway incidents border on laxity of security apparatus at the airports, but it is not one agency’s responsibility to protect the airports. It is a collective responsibility.

“All agencies in aviation and, of course, airline operators have roles to play. It is an acceptable fact that safety of an aircraft lies with the owner and without shifting any blame, aircraft is parked at the airport owned and maintained by FAAN to which parking fees are paid by the airlines. It is true NCAA carries oversight functions but roles are clearly delineated,” Adurogboye said.

Jonathan’s Former Aide Starts New Political Movement Shola Oyeyipo Former Special Assistant on Public Relations to President Goodluck Jonathan, Dr. Sanya Awosan, has collaborated with some other politicians to setup a new political movement in Nigeria.

Speaking yesterday during the media presentation of the movement, the National Action Group of Nigeria (NAGON), held at the International Press Centre (IPC), Ogba, Lagos, Awosan lamented that the current political structure in the country only serves the interest of political elites.

According to him, “Today, many existing political parties can best be described as vehicles for promotion of selfish economic and social interest of very few at the expense of the greater percentage of the people.”

Insisting that the present political party system is incapable of moderating good governance that could bring abundance to a majority of the people, the former aide said those behind the movement hope to collaborate with Nigerians to bring about true democracy.

“The promoters of NAGON, having been active participants

in some of these political parties, have decided to come together to agitate and struggle for the enthronement of ethics, values and democratic principles in the Nigerian political system,” he said.

He added that the body would be conscientising Nigerians against enterprise political system, galvanising Nigerians to show more interest in local and national political affairs and encourage parties to subscribe to transparent conduct in governance Awosan also expressed support for the ongoing anti-corruption, suggesting that recovered loot must be transparently re-invested as he lent his voice to the call for the restructuring of the country.

Other participants at the event were Lagos Labour Party (LP) Chairman, Pastor Abiodun Popoola; the convener, 150 Million Nigerian for Change, Mr. Daniel Akinlami; member of the Ekiti State House of Assembly, Hon. Olugboyega Aribisogan; Peoples Democratic Party (PDP) chieftain in Ekiti State, Hon Sanya Adesua; Lagos PDP spokesperson, Mr. Ganiyu Taofeek; Apostle Jaiyeloa Joseph and others.

CSR IN ACTION

L-R: Managing Director/CEO, Sterling Bank Plc, Mr. Yemi Adeola; Popular Actress, Funke Akindele; and Executive Director, Sterling Bank Plc, Mr. Suleiman Abubakar, during the Sterling Environmental Makeover (STEM) national clearing exercise by the bank at Oyingbo Market in Lagos... yesterday

Police Avert Attack on APC Secretariat in Kaduna as Party Ratifies Sani’s Suspension John Shiklam in Kaduna The brewing crisis within the ruling All Progressives Congress (APC) in Kaduna State yesterday took a different dimension as some youths, alleged to be supporters of Senator Shehu Sani stormed the state secretariat to avenge an earlier attack on Sani’s constituency office on Saturday.

The hoodlums arrived the secretariat of the party along Ali Akilu Road at about 11a.m. just as the state officials were meeting to ratify Sani’s indefinite suspension announced last Thursday by his Tudun Wada ward 6, Kaduna South Local Government Area.

Sani who represents Kaduna Central senatorial district in the Senate, had been engaged in a running battle

with the leadership of the party in the state, although he has consistently alleged that Governor Nasir el-Rufai was behind his travails in the party.

A detachment of armed police who swiftly took over the party office were said to have dispersed the mob.

The acting state Secretary of the APC, Yahaya Pate, said at about 11a.m., “Some hired thugs put on T-shirts and face caps with Sani’s portrait and carrying sticks came to attack our exco and people at the state secretariat of the party.

“We had to alert the police which came and dispersed them and security was beefed up.”

Meanwhile, the state executives of the party has affirmed the indefinite suspension placed on the

senator.

Addressing journalists after the exco meeting, the state Publicity Secretary of the APC, Salisu Wusono, said the decision taken by Sani’s ward was in order.

“We as APC state executives, today confirm the resolution taken by his Ward 6 for the indefinite suspension. We are telling the general public and the world at large, we have confirmed the indefinite suspension of Sani by the APC Ward 6, Kaduna South Local Government,” he said.

According to him, Sani was being suspended for alleged “ betrayal of the party” as well as “attempts at causing divisions within the party in the state by sponsoring frivolous petitions and trouble making.”

Wusono also said Sani’s “adamant and perpetual

disrespect to party leaders by tarnishing their image and reputation with ridiculous allegations” and his alleged “continuous for refusal to show remorse for his action and seek forgiveness from any level of the party in the state “are the reasons for the suspension.

He added: “All these constitute serious offences against the party as captured

by Article 21, Section A, subsections i, ii, iii, v, vi and vii of the constitution” of the party.

Sani had also alleged that his constituency office along Junction Road was attack by sponsored thugs last Saturday.

One of Sani’s aides, Suleiman Ahmed, said the thugs who were armed, also vandalised the one room office and made away with mobile phones belonging to the staff.

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MONDAY DECEMBER 5, 2016 T H I S D AY

61

T H I S D AY ˾MONDAY DECEMBER 5, 2016

MONDAYSPORTS Saraki Lauds Falcons’ 8th AWCON Victory

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Kalu: Super Eagles ‘ll follow up on Falcons’ feat Omololu Ogunmade in Abuja Senate President , Bukola Saraki, at the weekend congratulated the Super Falcons for emerging continental champions at the Africa Women Cup of Nations (AWCON) for the eighth time.

Saraki in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, in Abuja, specifically commended the Falcons for retaining their championship in Africa.

Falcons won the Women’s Africa Cup of Nations (AWCON) in Cameroon after beating the host team 1 – 0 to retain the AWCON title in Yaounde on Saturday.

Reacting to the victory, Saraki said the victory could not have come at a better moment.

“The record win of the AWCON Cup by the Super Falcons has again demonstrated clearly that with determination we can surmount any obstacle confronting us as a nation,” Saraki said. “I have no doubt that through team work and single-mindedness we can overcome our present economic challenges.”

He also commended the patriotism and sense of purpose of the team and their technical crew while calling for more government and private sector support to enable Nigerian sports men and women excel in their career.

Similarly, Pillar of Sports, Orji Uzor Kalu, has described Super Falcons Africa Women’s Championship triumph over the

Lionesses of Cameroon in Yaounde as the tonic that will boost Eagles chances against the Indomitable Lions in the World Cup preliminaries.

Kalu praised the African champions for punishing the hosts right before their President, Paul Biya and inside the main bowl of a stadium named after their first leader, Ahmadu Ahidjo.

He said: “I got myself drunk with joy. The Falcons have wiped away our tears.

It is sweet vengeance, more than what the Lions did to our Eagles in the Nations Cup. Cameroon beat Nigeria three times in the CAN grand finale, 1984,1988 and at home in Lagos in 2000 albeit through very dubious means. The Falcons have done more than that to the Lionesses. Four finals, four defeats. Home and away in 1991, South Africa in 2004, Namibia in 2014 and now in Yaounde. “ The former Abia State governor believes the Super Eagles will beat the Indomitable Lions home and away to pick the Russia 2018 World Cup ticket.

“Bring on the Cameroonians.

They must suffer humiliation in Yaounde. Super Eagles are in a killer mood. Expect more buckets of tears next year, from Douala to Mamfe, Bamenda to Garoua. Vengeance is sweet”, he added.

Kalu while commending the Falcons, singled out Coach Florence Omagbemi

L-R: President, Nigeria Football Federation (NFF), Amaju Pinnick; Chairman, Senate Committee on Sports, Senator Obinna Ogba; Chief Executive ,Emzor Pharmaceuticals, Dr. Stella Okoli, Minister of Sports, Solomon Dalung; Super Falcons Captain, Rita Chikwelu; and a Super Falcons forward and Emzor Ambassador, Asisat Oshoala; at the reception held in honour of the AWCON 2016 champions by Emzor in Lagos... yesterday for winning the AWC as player and Manager.

She thus joins Egypt’s Mahmoud El Gohary and Stephen Keshi as winners of CAN and AWC as player and coach.

Omagbemi captained the Super Falcons to their First victory in 1991 when they beat the Lionesses home and away, 4-0, 2-0. She went ahead to pick more laurels before relocating to the the United States. One

of her team mates, Eucharia Uche, also led the team to victory as coach.

Falcons have so far won the AWC a record 8 out of 10 editions. Equatorial Guinea who have won twice relied

majorly on players that have full Nigerian blood in their veins. The other two times that Falcons won starting with the 1991edition is not listed in the post 1998 when CAF took over the tournament.

Special Athletes Dominate Team Tombim Through to Finals of NCC League Cup 2016 Nigerian Sports Award Femi Solaja In what looks like a repeat of the first edition of the Nigerian Sports Award in 2012, men and women of the Nigerian Paralympics team to the Rio2016 Paralympic Games dominated the 5th edition of the award as Kehinde Paul and Lucy Ejike emerged Sportsman and Sportswoman of the year last Friday.

The duo also won the Special Sports Person of the Year (Men) and Special Sport Person of the Year (Women) Categories. Paul won gold medal in the men’s Power-lifting -65Kg category while Ejike did not only won gold in the 79kg, 86kg and 61kg power-lifting event respectively at the 2016 Paralympics games, but also set new Paralympic Record (PR) and World Record (WR) by lifting 136kg, followed by a lift of 138kg, and then a massive lift of 142kg.

Coach of the Power-lifting team, Coach Are Feyisetan emerged Coach of the Year, beating Coach Samson Siasia of the Nigerian Olympic football team (Dream Team VI) and Coach of Enugu Rangers Coach Imama Amapakabo.

Enugu Rangers’ midfielder, Chisom Egbuchulam emerged Footballer of the Year ahead of Manchester City starlet, Kelechi Iheanacho and Godwin Obaje of Wikki Tourist, while Enugu

Rangers FC of Enugu won the Team of the Year award ahead of the Dream Team 6 Olympic football team. The Flying Antelopes who won the 2015/2016 Nigeria Professional Football League (NPFL) ended a 32-year old jinx last winning the league in 1984.

In the Journalist Category of the Award, Moses Praiz of SuperSport was awarded the TV Journalist of the Year; the Photo Journalist of the Year award went to Ayodele Ojo of Daily Sun, Lekan Okusan of The Nation emerged as the Print Journalist of the Year. Olawale Adigun of Top Radio emerged as the Radio Journalist of the Year.

In commemoration of the fifth edition of the award, Special Recognition Award was given to some deserving sport personalities. The first was given out to the League Management Company in recognition of its great job of turning around the Nigerian League.

The next Special Recognition Award went to Nigeria first sporting heroes among who are the Nduka Ugbade-led 1985 Under-16 FIFA World Cup winning team. They were represented by two members of the team, Imama Amapakabo and Jonathan Akpoborie.

Defending champions Team Tombim is through to the finals of the 2016 NCC Tennis League Cup. The Abuja based team which led 3-1 at the end of proceedings Saturday at the Enugu Sports Club grabbed the one point it needed in the very first men’s reverse singles match yesterday.

Christopher Edwards replaced Christian Paul who cramped out in the second

singles on Saturday against Thomas Otu and beat Sunday Emmanuel of Team FCT 6-3, 6-4 to put the tie beyond the reach of their opponents.

Moses Michael stretched the lead by overpowering Thomas Otu 6-3, 6-1.

Edwards then paired Lovette Donatus to win the mixed doubles beating Otu and Faith Sunday 6-3, 6-1.

In a clash of two Abuja-

based teams, it was Team Tombim which got off to a winning start Saturday with national champion, Moses Michael besting Sunday Emmanuel of Team FCT in the first men’s singles 6-2, 7-5.

Former national champion, Thomas Otu restored parity with a 2-6, 6-2, 5-2 rtd (retired) win over cramping Christian Paul.

The women’s singles

expectedly went the way of Team Tombim as former national champion Sarah Adegoke proved too strong for Osaremen Airhunwhunde - dismissing her in straight set of 6-2, 6-1.

Team FCT is already guaranteed N2 million and would play for third place in Lagos Dec 15 & Dec 16 against the loser of the second semifinals.

Haruna Targets Top Five Finish at 3e Actuaries E’Guinea Golf Open Olawale Ajimotokan in Abuja Kabiru Mohammed Haruna has said he is aiming for a top five finish at the fourth 3E Actuaries Equatorial Guinea Open Golf Championship that comes up this week.

The Nigerian professional golfer is one of the several international players due to arrive in Mongomo Monday for the ultimate test where the field will be playing for the total cash prize of $100,000.

Haruna, who is the 11th rated player on the Nigerian Order of Merit, said last night that he was psychologically prepared for the tournament as he had sorted out his weak points on the practice range. ‘’I am in a very good shape for the tournament. I want to

do well in Equatorial Guinea and by my own standard, a top five is a benchmark that is quite possible,’’ the Kano-based player said.

Curiously, Haruna almost missed this year’s roster after a cliff-edge 30th position ahead of Brazil’s Luis Martin Machado earned him the last automatic spot reserved for the players that competed at the event last year.

But he insists that last year’s outing in Mongomo was an exception given his impressive profile at the Open golf championship of Equatorial Guinea.

In his maiden visit to the tiny country that borders Cameroon and Gabon in 2014, Haruna finished in fourth position over Sofitel Sipopo Malabo golf course

as Oche Odoh cruised to the first of his two titles.

Haruna said he was unfazed by the calibre of players assembled by the organisers this year, insisting that he does not see any threat that will prevent him from playing to his best. ‘’ I am aware that the Equatorial Guinea Open field is deeper this year because of the inclusion of new few players, but I don t consider that as a threat. I will play my game against the course but not against any particular player,’’ he said.

Haruna’s tendency to crumble under pressure if he finds himself in the leading group on the final day has also come under intense scrutiny.

The player shared the

lead with Vincent Torgah after 54 holes at the recent Nigeria Masters in Abuja, but a meltdown in the closing round saw him wound up in the third position at +9 over par 297, five shots outside the lead.

“My putting and approaches were errant at the Masters but my drive is a huge plus that I will be relying on,” Haruna said.

The tournament that showcases players from UK, Spain, Portugal, France, Nigeria and several other countries will formally tee off on Thursday over the long Presidential Golf Course, Mongomo. It will be on terrestrial television for the first time as some of 72 holes highlights will be broadcast on SuperSport.

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MONDAY DECEMBER 5, 2016 T H I S D AY

61

T H I S D AY ˾MONDAY DECEMBER 5, 2016

MONDAYSPORTS Saraki Lauds Falcons’ 8th AWCON Victory

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Kalu: Super Eagles ‘ll follow up on Falcons’ feat Omololu Ogunmade in Abuja Senate President , Bukola Saraki, at the weekend congratulated the Super Falcons for emerging continental champions at the Africa Women Cup of Nations (AWCON) for the eighth time.

Saraki in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, in Abuja, specifically commended the Falcons for retaining their championship in Africa.

Falcons won the Women’s Africa Cup of Nations (AWCON) in Cameroon after beating the host team 1 – 0 to retain the AWCON title in Yaounde on Saturday.

Reacting to the victory, Saraki said the victory could not have come at a better moment.

“The record win of the AWCON Cup by the Super Falcons has again demonstrated clearly that with determination we can surmount any obstacle confronting us as a nation,” Saraki said. “I have no doubt that through team work and single-mindedness we can overcome our present economic challenges.”

He also commended the patriotism and sense of purpose of the team and their technical crew while calling for more government and private sector support to enable Nigerian sports men and women excel in their career.

Similarly, Pillar of Sports, Orji Uzor Kalu, has described Super Falcons Africa Women’s Championship triumph over the

Lionesses of Cameroon in Yaounde as the tonic that will boost Eagles chances against the Indomitable Lions in the World Cup preliminaries.

Kalu praised the African champions for punishing the hosts right before their President, Paul Biya and inside the main bowl of a stadium named after their first leader, Ahmadu Ahidjo.

He said: “I got myself drunk with joy. The Falcons have wiped away our tears.

It is sweet vengeance, more than what the Lions did to our Eagles in the Nations Cup. Cameroon beat Nigeria three times in the CAN grand finale, 1984,1988 and at home in Lagos in 2000 albeit through very dubious means. The Falcons have done more than that to the Lionesses. Four finals, four defeats. Home and away in 1991, South Africa in 2004, Namibia in 2014 and now in Yaounde. “ The former Abia State governor believes the Super Eagles will beat the Indomitable Lions home and away to pick the Russia 2018 World Cup ticket.

“Bring on the Cameroonians.

They must suffer humiliation in Yaounde. Super Eagles are in a killer mood. Expect more buckets of tears next year, from Douala to Mamfe, Bamenda to Garoua. Vengeance is sweet”, he added.

Kalu while commending the Falcons, singled out Coach Florence Omagbemi

L-R: President, Nigeria Football Federation (NFF), Amaju Pinnick; Chairman, Senate Committee on Sports, Senator Obinna Ogba; Chief Executive ,Emzor Pharmaceuticals, Dr. Stella Okoli, Minister of Sports, Solomon Dalung; Super Falcons Captain, Rita Chikwelu; and a Super Falcons forward and Emzor Ambassador, Asisat Oshoala; at the reception held in honour of the AWCON 2016 champions by Emzor in Lagos... yesterday for winning the AWC as player and Manager.

She thus joins Egypt’s Mahmoud El Gohary and Stephen Keshi as winners of CAN and AWC as player and coach.

Omagbemi captained the Super Falcons to their First victory in 1991 when they beat the Lionesses home and away, 4-0, 2-0. She went ahead to pick more laurels before relocating to the the United States. One

of her team mates, Eucharia Uche, also led the team to victory as coach.

Falcons have so far won the AWC a record 8 out of 10 editions. Equatorial Guinea who have won twice relied

majorly on players that have full Nigerian blood in their veins. The other two times that Falcons won starting with the 1991edition is not listed in the post 1998 when CAF took over the tournament.

Special Athletes Dominate Team Tombim Through to Finals of NCC League Cup 2016 Nigerian Sports Award Femi Solaja In what looks like a repeat of the first edition of the Nigerian Sports Award in 2012, men and women of the Nigerian Paralympics team to the Rio2016 Paralympic Games dominated the 5th edition of the award as Kehinde Paul and Lucy Ejike emerged Sportsman and Sportswoman of the year last Friday.

The duo also won the Special Sports Person of the Year (Men) and Special Sport Person of the Year (Women) Categories. Paul won gold medal in the men’s Power-lifting -65Kg category while Ejike did not only won gold in the 79kg, 86kg and 61kg power-lifting event respectively at the 2016 Paralympics games, but also set new Paralympic Record (PR) and World Record (WR) by lifting 136kg, followed by a lift of 138kg, and then a massive lift of 142kg.

Coach of the Power-lifting team, Coach Are Feyisetan emerged Coach of the Year, beating Coach Samson Siasia of the Nigerian Olympic football team (Dream Team VI) and Coach of Enugu Rangers Coach Imama Amapakabo.

Enugu Rangers’ midfielder, Chisom Egbuchulam emerged Footballer of the Year ahead of Manchester City starlet, Kelechi Iheanacho and Godwin Obaje of Wikki Tourist, while Enugu

Rangers FC of Enugu won the Team of the Year award ahead of the Dream Team 6 Olympic football team. The Flying Antelopes who won the 2015/2016 Nigeria Professional Football League (NPFL) ended a 32-year old jinx last winning the league in 1984.

In the Journalist Category of the Award, Moses Praiz of SuperSport was awarded the TV Journalist of the Year; the Photo Journalist of the Year award went to Ayodele Ojo of Daily Sun, Lekan Okusan of The Nation emerged as the Print Journalist of the Year. Olawale Adigun of Top Radio emerged as the Radio Journalist of the Year.

In commemoration of the fifth edition of the award, Special Recognition Award was given to some deserving sport personalities. The first was given out to the League Management Company in recognition of its great job of turning around the Nigerian League.

The next Special Recognition Award went to Nigeria first sporting heroes among who are the Nduka Ugbade-led 1985 Under-16 FIFA World Cup winning team. They were represented by two members of the team, Imama Amapakabo and Jonathan Akpoborie.

Defending champions Team Tombim is through to the finals of the 2016 NCC Tennis League Cup. The Abuja based team which led 3-1 at the end of proceedings Saturday at the Enugu Sports Club grabbed the one point it needed in the very first men’s reverse singles match yesterday.

Christopher Edwards replaced Christian Paul who cramped out in the second

singles on Saturday against Thomas Otu and beat Sunday Emmanuel of Team FCT 6-3, 6-4 to put the tie beyond the reach of their opponents.

Moses Michael stretched the lead by overpowering Thomas Otu 6-3, 6-1.

Edwards then paired Lovette Donatus to win the mixed doubles beating Otu and Faith Sunday 6-3, 6-1.

In a clash of two Abuja-

based teams, it was Team Tombim which got off to a winning start Saturday with national champion, Moses Michael besting Sunday Emmanuel of Team FCT in the first men’s singles 6-2, 7-5.

Former national champion, Thomas Otu restored parity with a 2-6, 6-2, 5-2 rtd (retired) win over cramping Christian Paul.

The women’s singles

expectedly went the way of Team Tombim as former national champion Sarah Adegoke proved too strong for Osaremen Airhunwhunde - dismissing her in straight set of 6-2, 6-1.

Team FCT is already guaranteed N2 million and would play for third place in Lagos Dec 15 & Dec 16 against the loser of the second semifinals.

Haruna Targets Top Five Finish at 3e Actuaries E’Guinea Golf Open Olawale Ajimotokan in Abuja Kabiru Mohammed Haruna has said he is aiming for a top five finish at the fourth 3E Actuaries Equatorial Guinea Open Golf Championship that comes up this week.

The Nigerian professional golfer is one of the several international players due to arrive in Mongomo Monday for the ultimate test where the field will be playing for the total cash prize of $100,000.

Haruna, who is the 11th rated player on the Nigerian Order of Merit, said last night that he was psychologically prepared for the tournament as he had sorted out his weak points on the practice range. ‘’I am in a very good shape for the tournament. I want to

do well in Equatorial Guinea and by my own standard, a top five is a benchmark that is quite possible,’’ the Kano-based player said.

Curiously, Haruna almost missed this year’s roster after a cliff-edge 30th position ahead of Brazil’s Luis Martin Machado earned him the last automatic spot reserved for the players that competed at the event last year.

But he insists that last year’s outing in Mongomo was an exception given his impressive profile at the Open golf championship of Equatorial Guinea.

In his maiden visit to the tiny country that borders Cameroon and Gabon in 2014, Haruna finished in fourth position over Sofitel Sipopo Malabo golf course

as Oche Odoh cruised to the first of his two titles.

Haruna said he was unfazed by the calibre of players assembled by the organisers this year, insisting that he does not see any threat that will prevent him from playing to his best. ‘’ I am aware that the Equatorial Guinea Open field is deeper this year because of the inclusion of new few players, but I don t consider that as a threat. I will play my game against the course but not against any particular player,’’ he said.

Haruna’s tendency to crumble under pressure if he finds himself in the leading group on the final day has also come under intense scrutiny.

The player shared the

lead with Vincent Torgah after 54 holes at the recent Nigeria Masters in Abuja, but a meltdown in the closing round saw him wound up in the third position at +9 over par 297, five shots outside the lead.

“My putting and approaches were errant at the Masters but my drive is a huge plus that I will be relying on,” Haruna said.

The tournament that showcases players from UK, Spain, Portugal, France, Nigeria and several other countries will formally tee off on Thursday over the long Presidential Golf Course, Mongomo. It will be on terrestrial television for the first time as some of 72 holes highlights will be broadcast on SuperSport.

Monday December 5, 2016

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Price: N250

MISSILE ALTON to NCC

“While we fully understand the public sentiments that would appear to have greeted the announcement of the new minimum data tariff introduced by the Nigerian Communications Commission (NCC), ALTON wishes to state that NCC intervened to set the data tariff floor in exercise of its statutory responsibility to promote healthy competition by periodically reviewing voice and data tariffs in the industry and ensuring the sustainability of the Nigerian telecommunications industry” –Association of Licensed Telecommunications Operators of Nigeria (ALTON) expressing dissatisfaction with the decision by the Nigerian Telecommunications Commission (NCC) to suspend the implementation of the new data tariff floor.

ABRAHAM E.NWANKWO GUEST COLUMNIST

Understanding Nigeria’s Debt Management Strategy

I

n the next five years or so, Nigeria’s economy will have substantially moved to a position of diversified exports and public revenue, maximum domestic satisfaction of aggregate demand and, self-sustainability. Under that condition, the appropriate public debt management strategy, with particular reference to the relative weights of the domestic and external components of the public debt portfolio, will be quite different from what it is today.

Implicit in this assertion is that the country’s debt strategy is being evolved along a development curve, which reflects the prevailing condition and the envisioned direction of the economy. The historical realities of the Nigerian economy have dictated four stages of public debt management strategy. But before outlining the four stages, it would be apposite to touch on the hypothesis of “original sin’’ in the economics of public debt management.

“Original Sin” The original sin hypothesis, first propounded

by Barry Eichengreen and Richardo Hausmann in 1999, and together with Ugo Panizza in 2002, describes a situation whereby most countries are unable to borrow abroad in their domestic currencies. It implicitly has two aspects international and domestic. The international aspect is concerned that domestic currency cannot be used to borrow abroad, arguably leading to currency mismatch, which causes macroeconomic and financial system instability.

The domestic aspect is concerned that many countries do not have developed domestic bond markets where they can borrow long-term at fixed interest rates in local currency.

An extension of the domestic aspect is that by developing a strong, local currency domestic bond market, a country will be able to attract investments in debt securities, without exposing itself to foreign currency liabilities, thereby arming itself with a viable alternative to foreign currency borrowing. The original sin hypothesis is useful for understanding the evolution path of Nigeria’s public debt management strategy.

First Stage In the early 2000s, Nigeria took a deliberate decision to develop a reliable domestic bond market as an alternative source of long-term borrowing by government and the private sector.

This was sequel to the country’s experience with unsustainable external debt and crisis which developed before the Debt Management Office (DMO) was established in October 2000, and the eventual exit from the odious Paris and London Club debts in 2005 and 2006.

Following this, the market made rapid and entrenched progress: bonds of up to 20 years; avoidance of monetary financing of fiscal deficits; high participation of non-bank public; a vibrant secondary market; success of corporate issues – about 23 issuances amounting to over N570 billion between 2010 and 2016. Accordingly, Nigeria succeeded in redeeming itself from the domestic aspect of the original sin.

Second Stage The achievements of domestic debt market development have been realised at a substantial

cost, which has been accepted in exchange for the overriding macro-social benefits of debt market sovereignty. It is natural that at the early stage of operation of the market, there would be freer room for mobilisation of funds.

Beyond this stage, rigidities, constraints and scarcities – arising from shallow savings culture, unimpressive development of subsectors of the financial market, high-cost economic environment –would begin to manifest, indicating the need to push out the possibility curve.

These forces have manifested as upward pressure on the yield on the domestic debt. Yet committed to the strategic objective, the country persisted on relying on domestic borrowing for a considerable number of years, despite relatively higher cost of domestic borrowing. This is the second stage in the debt management strategy and represents where the country was located from about 2014 into 2016.

Beyond financing established infrastructure needs, there is need to ensure that aggregate expenditure is of such quantum and composition to enable exit from recession. The challenges identified above will be largely addressed by medium-term macroeconomic and structural changes, which will result from the country’s economic recovery and growth plan. But this plan itself has to be appropriately and timely funded.

Third Stage The strategy in the third stage is necessarily derived from the realistic funding structure for the required investment. The first line is to encourage and incentive the private sector to undertake as much as possible of the investment, including through public-private partnership. Even when the private sector has made their maximum contribution, if we take into account the nature of targeted investments and the condition of the economy, it is reasonable to expect that the government will be responsible for at least 50 per cent of the total requirement. The preference would be for the public sector contribution to be in the form of non-debt capital. However, because of the enormous size of the overall investment, it is obvious that a substantial portion of the public sector investment will be funded from debts – if the government is to fully provide its expected contribution.

The decisive turnaround should be sufficiently achieved between the next five and seven years.

Until then, there should be a tactical shift towards external borrowing, so that the total public debt portfolio mix changes to accommodate a higher

In the early 2000s, Nigeria took a deliberate decision to develop a reliable domestic bond market as an alternative source of long-term borrowing by government and the private sector

share of external debt, significantly above the current share of 19 per cent. But this portfolio twist would be only a tactical manoeuvre aimed at fixing infrastructure and overcoming transitional constraints, prior to returning to the long-term position of domestic debt dominance because a strong economy will generate adequate savings for investment by both the public and private sectors.

It is noteworthy to add that this is the most dangerous and difficult stage of the debt management strategy progression. If the economy does not succeed in converting the external borrowings to domestic productive capacity and self-sustaining economy growth, with substantial diversified-export component, the resulting economic and social disruption will be unbearable. On the other hand, if the country shies away from taking the bold but calculated and explicitly-programmed step, it would be sure of sliding downwards. Success based on a bold and detailed plan is the only viable option.

Fourth Stage In the fourth and final stage, public borrowing will reverse the leaning established in the third stage: foreign currency borrowing could be completely or substantially avoided, on a sustainable basis.

There are two major sources of policy confidence for such a strategy. The first is that the emergence

of the Nigerian economy as a highly developed one will include as a component, a high rate and size of domestic savings and financial sector development, which will provide adequately and affordably for long-term borrowing by both the public and private sector. The second is that the national currency will have become strong and predictably stable. As a result, foreign investors will be satisfied to buy local currency denominated debts, whether they are issued in the domestic market or in the international market. At that stage, Nigeria will even be in a position to issue naira-denominated Eurobond.

It is important to emphasise that the essence of the advanced strategy is not that the country will not need or desire external holdings of its debt; rather, the essence is that external investors in the country’s debt instruments will do so in the form of local currency obligation. That means, that even with foreign investor participation, the country will not be exposed to foreign exchange risk. Another point worth emphasising is that even under this regime, the country is likely to choose to maintain foreign currency loan exposure of the multilaterals, such as the World Bank and the African Development Bank (AfDB).

But such will constitute a paltry percentage of the total public debt, whilst carrying relatively soft terms.

• Dr. Nwankwo is the Director-General of the Debt Management Office, Nigeria

“I LOST, BUT OUR PEOPLE WON…!”…

THAT’S US, SIR! AND EVERYBODY HAS BEEN PRAISING US SINCE THAT STATEMENT FOR BEING MAGNANIMOUS IN DEFEAT!

YEAH, THE GOVERNOR-ELECT DESERVED TO WIN! HE GAVE A BLOODY GOOD FIGHT, BUT THE FIGHT IS NOT OVER FOR US! WE HAVE TO PICK UP THE GAUNTLET!

...CONTESTANT CONGRATULATES GOVERNORELECT....

AH…THANK YOU, SIR! THAT’S WHY I CAME ALONG WITH SAN, OUR LAWYER SO YOU CAN FORMALLY INSTRUCT HIM TO SNEAK A LEGAL ATTACK ON THE WINNER!

OH, COME ON, WE’RE NOT GOING TO DESCEND TO THAT LEVEL! THE CHALLENGE BEFORE US IS TO GO INTO OPPOSITION TO FIGHT FOR OUR PEOPLE TO GET WHAT THEY’VE BEEN PROMISED!

...ASIWAJU CONGRATULATES GOVERNORELECT.....

THAT’LL BE THE DAY!

30-11-16

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