Monday 12th December 2016

CBN, Banks to Establish Fresh N30bn Special Fund To finance Agriculture, SME NDIC considers private sector driven alternative to AMCON

Obinna Chima The Bankers' Committee has resolved that the Central Bank of Nigeria (CBN) as well as deposit money banks

would jointly establish an Agriculture/SME Fund (AGSME Fund) from the contributions of a portion of their profit after tax (PAT) to finance the two critical sectors

of the economy.

According to the CBN Governor Godwin Emefiele, the modality for the fund, which will operate as an Equity Fund, will be worked

on by the Bankers' Committee and be communicated to the public in due course.

The initiative, expected to take off from January 1, 2017, coincides with moves by the

Nigeria Deposit Insurance Corporation (NDIC) working closely with the CBN to set up another resolution mechanism for cleaning up banks’ non-performing loans

(NPLs) when the terminal life of the Asset Management Corporation of Nigeria (AMCON) expires by 2023.

Continued on page 8

Emmanuel Declares Two-day Mourning for Scores of Dead Worshippers in Church Building Collapse… Page 10 Monday 12 December, 2016 Vol 21. No 7907. Price: N250

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Rerun Election: APC Wins Rivers South-East Senatorial District Wike kicks, insists PDP has won Rivers East and Rivers West Senatorial Districts 2 Policemen Killed, Army Deny Involvement in Malpractices IGP sad, orders investigation into killings Ernest Chinwo in Port Harcourt, Victor Ogunje in Ado Ekiti, Dele Ogbodo and Oghenevwede Ohwovoriole in Abuja

The Independent National Electoral Commission (INEC) has declared the All Progressives Congress (APC) candidate, Senator Magnus

Abe, winner of last Saturday's rerun elections in Rivers South East Senatorial District of Rivers State.

The declaration came as the

Nigerian military confirmed the death of two policemen during the election but denied involvement in any electoral malpractice as alleged

by the Peoples Democratic Party (PDP) and the state government.

Also confirming the death of the two policemen, the

Inspector-General of Police (IG), Mr. Ibrahim Idris, expressed his sadness at the Continued on page 10

2017 Budget Will Pull Nigeria Out of Recession, Says Buhari Urges Nigerians not to lose faith in his government Tobi Soniyi in Abuja President Muhammadu Buhari has appealed to Nigerians not to lose faith in the ability of his administration to make a difference in their lives, saying the 2017 Budget contains measures that will pull Nigeria out the current economic recession.

The president in his 2016 Eid-el-Maulud message to Muslim faithful, urged Nigerians not to despair as he was doing his best

to redress the situation, particularly with a number of policies he had embedded in the 2017 budget proposals, which he would lay before the National Assembly on Wednesday.

He said: "As we use the memorable occasion of this celebration to reflect on our current challenges, I urge you not to lose faith in the ability of this administration to make a difference in the lives of our people.

Continued on page 8

Twin Bomb Blasts Kill 3, Injure 17 in Maiduguri…Page8

CARING FOR THE DISTRESSED

Borno State Governor, Alhaji Kashim Shettima, consoles a female victim at the Maiduguri Specialist Hospital, after attacks by two Boko Haram female suicide bombers… Sunday

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Twin Bombs Kill 3, Injure 17 in Maiduguri Borno govt summons stakeholders to checkmate suicide attacks Michael Olugbode in Maiduguri and Daji Sani in Yola Two bombs detonated yesterday morning by two female suicide bombers at the gate of Maiduguri Monday Market, the biggest market in the Borno State capital, killed three persons and injured 17 others, officials of the National Emergency Management Agency (NEMA) have said. The dead were the bombers and one other person yet to be identified.

The incident, which occurred two days after a similar blast in Madagali, Adamawa State left about 45 people dead and 52 others injured, has forced the Borno State Government to convoke a stakeholders’ meeting to find ways of checkmating the resurgence of bombing in the state.

On its part, the Adamawa State Government has drafted over 70 health workers to Madagali to take care of the injured.

According to NEMA officials, the two teenage girls detonated explosive devices strapped around their waists at 8:50 am yesterday, rudely shocking the peace of the biggest market in the troubled state capital.

The officials said the casualty figure could have been higher, had the teenagers not been denied access

to the vicinity of the market by eagle eyed security details at the market.

The teenagers were said to have detonated the explosives strapped on them when they were accosted by security details attached to the market.

This was said to have resulted in a heavy bang, which left the two of them immediately dead and 18 others injured.

Speaking to journalists at the scene of the explosion, the Commissioner of Police, Borno Command, Mr. Damian Chukwu, confirmed the NEMA officials' account.

He said only the two suicide bombers died while 18 persons sustained various degrees of injuries, adding that the injured had been taken to Borno State Specialist Hospital, Maiduguri.

Chukwu said: "At about 0850hrs today (Sunday), two suicide bombers detonated IEDs strapped to their bodies

by Monday Market Roundabout; 18 persons sustained various degrees of injuries, and are currently at the State Specialist Hospital while only the suicide bombers died in the blast."

The spokesman of NEMA, Mr. Sani Datti, who had earlier confirmed that only two suicide bombers died in the explosion, later called THISDAY to explain that one of the 17 injured

victims of the explosion died in the hospital.

Meanwhile, the Borno State Governor, Alhaji Kashim Shettima, has summoned officials of all markets, motor parks, shopping complexes, football fields and other places of public gatherings in Maiduguri to an emergency security meeting with heads of security agencies and the civilian JTF today.

The stakeholders are expected to gather at the Borno Government House in Maiduguri, to discuss how to improve the security of the town and checkmate suicide bombing.

Shettima also visited the scene of the suicide attacks around the market and was at the Accident and Emergency ward of the Maiduguri Specialist Hospital where he commiserated with the survivors.

He was told that three persons among the injured were undergoing emergency surgery at the hospital's theatre.

The commissioner of police had informed the governor that the suicide attacks were carried out by two women in two close spots, both outside the Maiduguri Monday Market before 10am.

The police commissioner told the governor that beside the two suicide

Adamawa deploys 70 health workers in Madagali

bombers who died on the spot, one other person died among the 18 that were injured in the explosion.

Shettima after the visits said: "Tomorrow, we will be having an emergency security meeting involving management of all the markets, motor parks, shopping centres, football fields and other attack-prone areas and we will invite the Civilian JTF and of course our security officials so that we cross pollinate ideas and come up with some new measures that will strengthen our existing security structure around markets.

"We have been taking different steps as the insurgents change their ways, we will all meet and come up with measures that will not be made public.

This suicide attack is highly unfortunate, I condole and commiserate with the families of the victims. Insha Allah, we will always do the best we can to prevent this kind of blood bath."

The governor had in December 2014 ordered the barricade of most markets while youth volunteers under the Civilian JTF were posted to man security around markets in Maiduguri.

This will not be the first time the Monday Market would be targeted by the Boko Haram insurgents, they had at different times in the past used persons who concealed bombs and

pretend to be buyers of wares to attack the market.

The Adamawa State government has deployed over 70 health personnel to Michika General Hospital to render health services to victims of Friday's bomb blast in Madagali Local Government Area of the state.

Governor Mohammed Bindow disclosed this shortly after an emergency security meeting yesterday attended by all the security chiefs, noting that the meeting was meant to discuss the way forward especially the current security situation in Madagali.

"Government has mandated all medical personnel from that axis to provide health services to the victims, while a team of doctors and nursing students from the state capital have been drafted to the affected area," he said.

The governor called on good spirited individuals and organisations to donate blood to victims of the bomb blasts who are in need of blood.

According to him, "What is of most importantly needed by the victims in Michika General Hospital is blood.

I hereby plead with individuals and organisations to donate blood to the victims of the bomb blasts because some of them have been reported by doctors that they are in need of blood."

Bindow also directed traditional rulers and political leaders from Madagali Local Government Area to return to their bases and monitor the situation and report back to government on the spot assessment of the bomb blast in the area.

He said issues discussed at the security meeting was a skirmish between the military and the civilians in Ganye Local Government Area of the state and called on citizens to cooperate with the military to address the security challenge in the state.

He said there was a report that Boko Haram insurgents were planning to launch major attacks on citizens especially during this Yuletide periods of Maulu and Christmas, noting that people should cooperate with security agents as they might be searched before attending any function.

Bindow said people should be vigilant especially this Yuletide period and also report every suspicious movement in their localities to the security agencies in the state.

the Power and Aviation Intervention Fund (PAIF) and others and they have been fully disbursed.

"The one that you may be talking about is the micro, small and medium scale enterprises development fund (MSMEDF), where we have about N220 billion under that scheme, but so far close to N90 billion of the monies have been disbursed. But if you recall that these are loans to MSMEs, I can assure you that so many small businesses and farmers have accessed these funds. But we are ramping up and we would continue as usual to provide enlightenment for people to know they can access this scheme.

“That would also be the basis for which the AGSME Fund would be launched. In the next couple of days, we would release the guidelines for people to know how they can access this facility. But it is important for us to know that we are going to build a strong governance framework around the fund. The CBN would continue to provide intervention funds at single digit interest rates as usual."

According to the CBN governor, over the next few days, the Bankers' Committee would finalise the strategy, governance, framework, action plan and assign responsibilities for the implementation of its programme for 2017.

According to the NDIC boss, the new 'bad bank' to be established would be purely driven by the private sector. This, he said, became necessary as there had been complaints against using taxpayers' monies to bail out institutions.

"We are studying the need to establish what you may call AMCON Two; that is the second round of AMCON, which would be driven by the private sector. This is very important because we know what has happened. There are concerns about using taxpayers' money to bail out institutions.

"So, it is in line of the global best practice that we go back to the drawing board because our initial concept of AMCON in the early 90s was that it was going to be a joint venture between the private and public sectors' investors, so as to minimise the risk of using taxpayers' money to resolve the problem of buying and selling of bad loans.

"So, we have established a joint committee that would look into this and we hope that in the long run, we should be able to establish a second AMCON that would be private sector driven. Here, other investors can invest in it and the CBN, NDIC or the Finance Ministry can invest, so that going forward, buying and selling of bad loans would be under the control of that entity. That would pave the way for the gradual transition or folding up of the present AMCON." the NDIC boss explained.

In a related development, the Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, speaking in a telephone interview with THISDAY on the matter, advised the NDIC and central bank that instead of establishing "AMCON Two," they should allow the existing AMCON to metamorphose into the private sector-driven resolution vehicle.

"They should amend the existing AMCON Act instead of spending resources to establish another institution. That would also amount to wasting taxpayers' resources. We have learnt a lot from this AMCON. But what we need now is a private sector-driven AMCON that they said

they are proposing, but this current AMCON should be allowed to be transformed into that. Also, if it is going to be private sector, let only those who have experience be appointed into the board and not by patronage," the WAIFEM boss stated.

Continuing, Ibrahim assured the lawmakers that the corporation would continue to work with the CBN, to ensure that banks as well as depositors are well protected.

Furthermore, he said the regulators in the banking industry were doing all within their reach to support the federal government in steering the economy out of recession.

He said: "We would continue to do our very best to discharge our mandate. It has really been a trying period for us all. We know what is happening globally. Recession is almost everywhere and countries are doing all they can to take themselves out of recession.

"As you are aware, the federal government is doing all it can to ensure that policies and programmes are implemented so that we can really get out of recession as soon as possible.

"On our part, we would continue to supervise banks so that they continue to remain safe and sound. Without a safe banking system and indeed the financial services system, the economy cannot grow.

"As you pointed out, NPLs are on the rise, banks are weary and those who are taking loans are not willing to do so and we are more or less in a vicious cycle. During our recent quarterly meeting of the CBN and NDIC, we decided it is time for us to critically study the emergence of some unconventional products that have become prevalent globally in the financial landscape which would radically affect the banking system.

Here I am talking about digital banking."

In addition, Ibrahim said the emergence of Bitcoins was also an emerging risk that the regulators are also reviewing.

Earlier, the Chairman of the House Committee, Mr. Femi Fakeye, urged the NDIC and other regulators to continue to live up to their responsibilities.

Adamawa Deploys 70 Health Workers in Madagali

CBN, BANKS TO ESTABLISH FRESH N30BN SPECIAL FUND The Managing Director of NDIC, Alhaji Umaru Ibrahim, disclosed this during an oversight visit by members of the House of Representatives Committee on Insurance and Actuarial Matters to the corporation's office in Lagos.

Emefiele unfolded the new initiative on funding for agriculture and SMEs when he read the communique at the end of a two-day Bankers' Committee retreat titled: "Economic Recovery: The Role of the Banking Sector," in Lagos at the weekend.

Emefiele said the Sub-committee on Economic Development and Sustainability of the Bankers' Committee would coordinate the

execution of the programme and provide feedback to the central bank and the Bankers' Committee.

According to him, based on the feedback, the CBN would release the operational guidelines for the AGSME fund.

"By our estimation, take-off is January 1, but those projects would not be available until around March or April next year, after the banks' audited accounts have been presented to the public. Our initial experience is that you don't need more than N30 billion to start with," Emefiele said.

He said the Bankers' Committee recognises the potential impact of agriculture, manufacturing and SMEs

2017 BUDGET WILL PULL NIGERIA OUT OF RECESSION, SAYS BUHARI "The 2017 Budget proposals, which I will lay before the National Assembly on Wednesday, will contain measures that we are confident will get the nation out of its economic woods."

The president, while wishing all Muslims a happy and memorable celebration of the birth of the great Prophet, said through His (Prophet) teachings, particularly on peaceful living, tolerance, sobriety, generosity, sacrifice and honesty, and wisdom, the nation had gained immensely in building a harmonious and prosperous society.

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Buhari said the universal truth of the Prophet's values remained unchanged.

He said: "Against all odds, we have used these pillars of strength in securing a just and fair society, and our efforts are beginning to yield dividends in curbing terrorism, militancy, corruption and other crimes that devalue our humanity."

Buhari called on Nigerians not to allow the reality of the temporary challenges to undermine "our hope, reverse our collective will to succeed, or divide us".

Rather, Buhari said, it should remind us of "why we need to stay together, fight together and succeed together".

According to him, we all share a vision of a better Nigeria, and we will all share in the responsibility of building the country of our dreams.

He said: "As we look forward to 2017 with hope and huge expectations, let me assure you that with collective dedication and hard work, we will overcome the mountain of economic difficulties, and return our country to the path of prosperity."

The president described the occasion of the Prophet's birth as, "another period of celebration, and deep reflection".

"Celebration, because we are marking the birth of Prophet Mohammed (Peace Be Upon Him), and deep reflection, because it is another opportunity of pausing, taking a deep breath and reflecting on the current realities before us," he added.

as catalysts for rapid growth, job creation and poverty reduction to drive inclusive growth and development of the economy.

He said the committee fully supports President Muhammadu Buhari's economic goals.

However, responding to a question on why the need for a fresh initiative for SMEs' funding when there was the Small and Medium Industries Equity Investment Scheme (SMEIS), which used to be a voluntary initiative of the bankers' committee that required banks to set aside 10 per cent of their profit before tax (PBT) for equity investment and wasn't successful, the CBN governor explained: "You know in the past, we had the SMEIS fund where the banks contributed a portion of their profit, but that scheme was abandoned. So, we thought that this time that there is need to really stimulate growth and because we also know that having equity funds by investors, particularly local investors, has always been a thing in achieving the objective of agriculture and SMEs, we decided that the banks and the CBN would commit certain percentage of their funds to support this endeavour.

"The SMEIS fund was left in banks' provision accounts. But this time, once the profit of the banks, like in this case, their 2016 results, which would be out latest April 2017, they would provide the percentage we would agree from their PAT and the fund would be warehoused at the CBN. Hopefully, before or about that time, some of the projects that we contemplate would go under this fund would have been identified."

Furthermore, Emefiele clarified that previous intervention funds by the central bank had been effectively deployed to critical sectors of the economy, just as he dismissed the insinuation that the level of assessing the funds were low.

He said: "I will not say the level of assessment is low. It is important for us to understand that in the process of granting a loan, there has to be various forms of assessments to determine the viability of the project and to determine whether that project can pay up. So, we have the Commercial Agriculture Credit Scheme (CACS),

NDIC, CBN Mull Another 'Bad Bank' Resolution Vehicle after AMCON Meanwhile, NDIC has said it is working closely with the CBN towards setting up another resolution mechanism for cleaning up banks’ non-performing loans (NPLs) when the terminal life of AMCON expires in 2023.

Its Managing Director, Ibrahim, disclosed this during an oversight visit by the House of Representatives Committee on Insurance and Actuarial Matters to the corporation's office in Lagos.

Ibrahim, who said a joint NDIC and CBN committee has been established to work on the fresh initiative, added that the new institution would pave the way for the gradual folding up of AMCON.

T H I S D AY MONDAY DECEMBER 12, 2016

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Emmanuel Declares Two-day Mourning for Scores of Dead Worshippers in Church Building Collapse Francis Ndubuisi in Abuja and Okon Bassey in Uyo The Akwa Ibom State Government has declared a two-day mourning over the collapse of a church building that killed about 50 people and wounded hundreds of others.

The massive building of the Reigners Bible Church International, which was still under construction, collapsed during Archbishopric ordination of its founder, Akan Weeks, as Bishop last Saturday.

The state Governor, Mr. Udom Emmanuel, who attended the service as the special guest of honour with other top government officials, escaped death while some of his aides sustained injuries.

In a broadcast to the people of the state yesterday, Emmanuel described the incident as unprecedented in the history

of the state, saying: “The unfortunate incident has caused sorrow and tears and a very big pain in the heart.”

With the mood of the state, the governor declared yesterday and today as mourning days in honour of the dead and those injured by the collapsed building.

He directed that all flags be flown at half mast within the state, saying the two-day mourning period would be rounded off with a solemn assembly at the State Government Banquet Hall, Uyo by 4 pm today.

Emmanuel said the state government would bear the medical cost of all the injured, commending the medical team for their contribution to save the lives of those who were critically injured.

“Government will therefore set up a high powered panel of inquiry to ascertain the immediate and remote

causes leading to the collapse of the building with a view to forestalling the recurrence of the incident and bring to book persons found to have compromise professional standards in the construction of the building,” he said.

In Abuja, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, also expressed deep sadness over the incident.

In a message to Emmanuel and the people of the state, the minister said appropriate words failed him in expressing his very deep sorrow for the loss.

In the message, which was conveyed by his Special Adviser on Media, Mr. Akpandem James, the minister said he was greatly saddened by the news of the incident where scores of worshippers and guests were killed

and tens of others injured.

“My thoughts and prayers go to the Akwa Ibom State Governor, His Excellency, Deacon Udom Emmanuel, whom providence had spared in the disaster, the families of the victims of the disaster, and all the people of the state,” he said, adding: “My sympathy also goes to the pastorate and members of the Reigners Bible Church along Uyo Village Road. It is my fervent prayer that the Almighty comforts all those affected and helps to soothe their pains and heal their wounds."

Senate President, Dr. Abubakar Bukola Saraki, also sent soothing words to the victims and the injured yesterday.

"It is so sad that this incident claimed precious lives of innocent worshippers and injured scores of others," Saraki

said in a statement by his Special Adviser on Media and Publicly, Yusuph Olaniyonu, in Abuja, adding: "This was certainly an avoidable occurrence, the more reason relevant state and federal authorities should urgently launch an investigation to unravel the mechanical, environmental and human factors responsible for the incident.”

Also reacting, the Speaker of the state House of Assembly, Mr. Onofiok Luke, prayed God to comfort the bereaved families, the state and asked the people to gather in love, prayer and intercede over the situation.

Meanwhile, the authority of University of Uyo Teaching Hospital (UUTH) has refuted media reports claiming that 200 persons died.

A statement yesterday by the hospital signed by the Chief Medical

Director, Prof. Etete Peters, described the report as untrue, saying the hospital would not have released such figure of death when the casualty rate in the disaster was not computed.

However, the state Commissioner of Police, Mr. Murtala Mani, said yesterday that 27 persons had been confirmed dead while 37 persons were injured.

Also commiserating with the families of the victims, the commissioner representing Akwa Ibom State on the Board of Niger Delta Development Commission, Mr. Samuel Frank, described the incident as shocking and an unprecedented tragedy.

A statement by his Special Assistant on Media, Mr. Dan Etokidem, sympathised with the families of all departed ones and prayed for speedy recovery of those that sustained injuries.

high-powered investigation to unravel the circumstance surrounding his death."

On the DSP's orderly that allegedly died with his boss, Awunah said: "As we speak, we only know of the death of the DSP, because in a situation, where we have not seen the corpse of the orderly, we cannot declare him dead.

He could be missing."

The IG, Awunah said, was deeply worried and highly disturbed by the death of DSP Mohammed and any other officers who might have died while on official duty.

THISDAY learnt that DSP Mohammed and his team of 12 MOPOL-48 ran into a heavy gunfire attack at Omoku.

Assessing the performance of the police on the conduct and outcome of the election, the Force spokesman said: "The rerun election has been relatively free and fair, but the death of the officer has to be fully investigated and that is what the IG had just done.

SDP Accuses Buhari, APC of Institutionalising Violence

RERUN ELECTION: APC WINS RIVERS SOUTH-EAST SENATORIAL DISTRICT loss of the officers, ordering an investigation into the circumstances of the killings. The killers, he said, must be fished out and brought to justice.

But as the results of the Rivers East and West Senatorial Districts were awaited yesterday, Rivers State Governor, Chief Nyesom Wike, declared that the PDP candidates had won both elections based on results from polling units and called on INEC to release the results forthwith.

In an interactive session with journalists, Wike said the declaration of Rivers East Senatorial District result had never exceeded 24 hours in the past.

According to him, the result of Rivers East had been held down by the plots of INEC, the Army and the police to manipulate the results of Emohua and Ikwerre Local Government Areas for the purpose of concocting the senatorial results in favour of the APC. He said: "As I speak with you, they are doing everything possible to rewrite the result of Emohua Local Government Area to ensure that the APC wins."

The governor said that since the conclusion of voting, INEC had been playing pranks, moving collation back and forth from Emohua to Port Harcourt to create room for rigging.

"For now, all the collation officers have refused to be compelled to declare false results. As such, the collation officers have left and INEC has resorted to using her internal staff for the collation of results.

"Release Rivers East Senatorial District where Senator George Sekibo has won clearly. Release Rivers West Senatorial District where Senator Osinakachukwu Ideozu has won clearly. INEC should release Andoni/Opobo-Nkoro Federal Constituency where Abiante has won and Andoni State Constituency where Ikunyi Ibani has won clearly."

He described as unfortunate the deliberate use of the Nigerian Army to deny PDP agents access to collation centres, so that INEC staff could concoct results.

"It is most unfortunate that they will descend to the level of win at all costs," he said.

INEC has, however, said that for the second day running, it could not conduct elections in Akukutoru Local Government Area of the state because of violence and has rescheduled elections in the area to tomorrow.

Briefing journalists last night at INEC State Headquarters, Port Harcourt, INEC National Commissioner in charge of South-south Zone, Dr. Lecki Mustapha, said, “Yesterday, we tried to reset the elections in Akukutoru Local Government Area. We tried to do it today but there was just too much violence. The police advised that we withdraw. We are determined and confident that we will conclude the election tomorrow.

Announcing the results at the Rivers

South East Senatorial District Collation Centre in Bori, headquarters of Khana Local Government Area of the state, the Returning Officer, Professor Gideon Onukwuisi, declared Abe the winner of the election.

Onukwuisi declared that out of the 154,703 cast, 152,706 votes were valid while 2,627 were rejected.

He announced that Abe polled 125,938 votes while the candidate of the PDP, Mr. Olaka Nwogu, scored 25,394.

Addressing journalists shortly after the result was announced, Abe expressed satisfaction with the outcome of the election just as he dedicated his victory to God. He also praised his party supporters for having confidence in him and promised them better representation.

The candidate of APC for Khana/ Gokana Federal Constituency, Mr. Maurice Pronem, was also declared winner by INEC having polled a total of 68,219 votes to beat the PDP candidate, Dumnamene Deekor, who got 20,329 votes.

Some other results from the senatorial district shows that the APC candidate, Hon. Friday Nkeeh, was declared winner of Rivers State House of Assembly seat for Khana Constituency 2.

Nkeeh polled 15,000 votes to defeat Dinebari Loolo of the PDP who scored 4,000 votes.

Dr. Innocent Barikor of APC was also declared winner of the election with 24,624 votes in Gokana State Constituency.

APC’s Barry Mpigi was declared winner of Tai/Oyigbo/Eleme federal constituency, having polled 48,760 votes as against PDP’s Jacobson Nbina who got 11,737 votes.

In Rivers East Senatorial District, the results of six out of the eight local government areas have been released with the PDP in a comfortable lead.

RESULTS SO FAR LOCAL GOVT

APC

ETCHE 1,258 OBIO / 10,630 AKPOR OGU/BOLO 1,844 OKRIKA 1,352 OMUMA 3,052 PORT 9,618 HARCOURT EMOHUA – IKWERRE – TOTAL 27,754

PDP 6,926 29,282 4,578 2,944 5,606 28,305 – – 77,691

Results for Emohua and Ikwerre Local Government Areas were still being awaited as at press time.

There are, however, reports that soldiers and other security agents stormed the collation centre at Emohua and disrupted the announcement of

already collated results, an allegation which the army has denied.

The results for Rivers West Senatorial District has been scanty. Elections were put off at Akukutoru Local Government Area on Saturday because of violence and late arrival of materials. The rescheduled election yesterday was also inconclusive.

However, INEC announced that the PDP scored the highest number of votes in the senatorial rerun elections in Ogba/ Egbema/Ndoni Local Government Area (ONELGA).

The INEC Local Government Coalition Officer, Dr. Olorunshola Omodamirun, made the announcement at the INEC local office in Ahoada after the coalition of number of votes from 12 wards and 37 units in ONELGA. He said the PDP scored a total votes of 4,277 votes against the APC which got 1,435 votes.

Army Finds Dead Policemen, Deny Malpractices Meanwhile, the army has said it recovered the body of DSP Alkali Mohammed of Mobile Police Unit 48 who was beheaded along with his orderly.

The General Officer Commanding (GOC) 6 Division Nigerian Army, Maj. Gen. Kasim Abdulkareem, in a press statement in Port Harcourt yesterday also denied that the army was involved in illegal activities during the elections.

He noted: “These people allegedly accused soldiers of ballot box snatching, illegal escorts of some politicians, arrest and detention of voters during the general conduct of the elections. The weighty nature of these allegations could cause members of the public to view soldiers negatively, hence the need to adequately inform the general public on the true perspective. The public thus need to consider them as mere farce to garner public sympathy.

“The 6 Division, Nigerian Army remained apolitical in the conduct of the election. Its soldiers provided perimeter defence to ward off hoodlums and miscreants. Nigerian Army troops were in no way involved in any form of ballot box snatching, neither were they involved in the escort of politicians as alleged. They acted swiftly in response to security breaches in order to enforce the law, provide aid to the Nigeria police and other security agencies especially in areas like Abonema, Etche, Gokana, Ikwerre, Eleme, Tai, Khana and Omoku amongst others. Susceptibility of mentioned areas warranted providing security for the electoral officials, voters, international and local observers, in conjunction with other security agencies by soldiers for a peaceful election to thrive in the environment.

“These areas were rife with armed

men that engaged security personnel.

In Gokhana, armed hoodlums engaged the soldiers providing outer perimeter defence for the electorate. In Abonnema at 0730 hours today, there were 3 explosions that created bedlam. Subsequently, 11 NYSC members were abducted along with electoral materials. However, 10 of them were rescued two hours later by the soldiers while one was rescued about eight hours later.

“At Emouha, Mr Oblewaremu abducted five NYSC members with election materials in a Sienna bus.

The corps members were rescued while the suspect was handed over to the police. Several shooting were recorded in some communities such as Bodo, the home town of the Secretary to the State Government, B-dere and Mogho in Gokhana LGA, including snatching of ballot boxes. The most brutal incidence occurred at Idu Community near Omoku in Onelga where police patrol team was ambushed. In the ambush, 10 policemen scampered into the bush.

“The Mobile Police organised a rescue mission. Regrettably, the team discovered that DSP Alkali Mohammed of Mobile Police Unit 48 was beheaded along with his orderly. The patrol vehicle was taken away with weapons, three policemen escaped while five were missing in action.”

He noted that the attacks were reasonable evidence of violations of breach of law and order which portray the area as a flash point.

“Despite these barbarism, soldiers acted with civility and professionally guaranteeing peaceful election,” he said.

He emphasised: “Nigerian Army as a respected institution with constitutional responsibility to safeguard lives and property could not watch miscreants and hoodlums abducting, maiming and killing innocent citizens especially in senseless attacks on uniform personnel."

IG Sad, Orders Investigation IG Idris yesterday ordered the immediate investigation into the death of the Deputy Superintendent of Police (DSP), Alkali Mohammed, and others killed in the rerun elections, saying he was highly disturbed by the death of the officers.

Confirming the death of the DSP in a telephone interview with THISDAY, the Force Public Relations Officer (FPRO), Mr. Don Awunah, a Deputy Commissioner of Police, said the Force lost the DSP in the course of his official duty at the just concluded election.

On the other officers the police lost in the course of the election, he said: "We lost a DSP, though, we are still investigating what led to his death.

"The IG, has therefore, ordered a

Fayose Slams Buhari Reacting to the conduct of the Rivers State rerun election yesterday, the Ekiti State Governor, Mr Ayodele Fayose, regretted that the conduct of credible elections, which had been taken for granted by the 2015 presidential election, was becoming a scarce commodity under the watch of President Buhari.

“We thought that we have gone past this era of manipulated electoral process after the 2015 general election, which brought the APC and President Buhari to power, but the Buhari’s administration has taken us back to the Stone Age by merging his party, APC with the Independent National Electoral Commission (INEC), the police, military and other security agencies,” he said in a statement by his Special Assistant on Public Communications, Mr. Lere Olayinka.

Saying that with what was witnessed in Rivers State in the past two days, it was clear that Nigeria was under siege, adding that only the prompt intervention of the international community could save democracy from imminent collapse in the country.

He said it was worrisome that results announced at collation centres were markedly different from what were released at the polling units and accused INEC of colluding with the APC to thwart the wishes of the people.

Fayose described Buhari as a pretender, who had only paid lips service to the sustenance of democracy in the country, adding: “Any president that looks the other way while the rights of his people to freely elect their leaders is being snatched at gunpoint by his own party men is not worthy of being associated with democracy.”

Also reacting, the Social Democratic Party (SDP) accused Buhari and the APC of gradually institutionalising electoral corruption and violence in the country, saying their actions portend great danger for the nation.

Subsequently, it said it was discussing with other political parties on the possibilities of forming a mega party or working relationship with other parties.

The National Publicity Secretary of the SDP, Alhaji Alfa Mohammed, stated this while speaking with journalists in Abuja, after the inaugural meeting of "The Bridge’’, a socio-cultural and economic organisation of the people of the North-central geo-political zone.

“President Muhammadu Buhari must equally fight electoral corruption at the polling units or forget the on-going fight against corruption because the corruption at the polling booths is the worst form of corruption; the Buhari-led APC administration is fast institutionalising electoral fraud and violence in our nation,’’ the SDP stated.

The party said that the way APC bought votes in the recent governorship elections in Edo and Ondo States and the deployment of federal might to intimidate voters in Rivers State were capable of creating a huge gap between the electorate and elected officials.

It added that the implication of rigged elections was that since elected officials bought their way into offices they would not be accountable to the people, saying this portends great danger for the society and democracy.

SDP also said that with what happened in the recently concluded governorship elections in Ondo State, where money was allegedly used to buy votes, questioned the so-called anti-corruption war of the APC-led administration.

It said: "If elected officials buy their way into offices how do you hold them accountable? By buying your vote he also bought your conscience. This APC government that prides itself as an anti-corruption government is the one encouraging and leading this form of corruption (electoral corruption).”

To save democracy, the SDP said it was working with credible political parties with credible leadership on the possibilities of having like minds to form a mega political party towards 2019 general election. ‘’Very soon, we will be having a NEC meeting where we will constitute contact and mobilisation committees to pursue our objective of forming a mega political party,” he said.

T H I S D AY MONDAY DECEMBER 12, 2016

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MONDAY DECEMBER 12, 2016 • T H I S D AY

NEWS

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

PDP to Consider Proposal for New Political Party Sheriff vows to resist PDP membership of mega party Factions urged to embrace peace

Onyebuchi Ezigbo in Abuja

so that we can form another party.

Ali Sheriff wants a one party The Peoples Democratic Party state,” said the source.

According the source, the (PDP) will tomorrow and Wednesday meet to receive reports committee which was saddled of ad hoc committees set up to with the responsibility of reaching explore viable options for political to other parties, especially re-alignment preparatory for the members of APC desirous of teaming up with the PDP to 2019 general election.

The opposition party under form a new coalition is ready the leadership of the National with its preliminary report.

The sources said part of Caretaker Committee Chairman, Senator Ahmed Makarfi, had the recommendations of the inaugurated a committee known committee is for the PDP to as the “Strategy Review and Inter- amends its name by adding a Party Affairs Committee under the word to give it a new acronym.

The Inter-Party Affairs Chairmanship of Professor Jerry Gana to explore the possibility Committee is made up of 85 of the party aligning forces with prominent leaders of the PDP like- minds to actualise victory and has the former Speaker of at the next presidential election. the Rivers House of Assembly It was learnt that the Gana as its Secretary.

PDP’s move is apparently a committee immediately swung into action and set up 11 reflection of the new thinking syndication committees to reach among its key leaders who out and understudy modalities for having experienced frustrations the formation of a mega party to in resolving the differences with confront the ruling All Progressives factional National Chairman, Sheriff, are now looking for an Congress (APC).

However, THISDAY gathered alternative platform to belong.

According to sources at the at the weekend that following some initial moves made by secretariat of the Makarfi-led the committee and the mixed PDP in Abuja, the task of the responses it generated, the committee is to formally open leadership of the PDP has up the process of dialogue and scheduled a meeting with the consultations with other political committee to review reports of parties, including former members of the PDP who left to join the the committee.

A source close to the Gana APC with a view to building a committee told THISDAY that formidable platform.

But just as the Makarfi-led PDP one of the syndicate committees has recommended the floating of leadership is making moves in a new party by the mainstream the direction of joining forces to form a mega party, its arch-rival, PDP led by Makarfi.

He said there might be some the PDP faction led by Sheriff changes in the name of the party, has sworn to ensure that such adding that the proposal has a plan does not materialise, at received the endorsement of least with PDP being subsumed some founding fathers of the party. under a new party.

The Deputy National Chairman “The position of the committee is to harmonise with other parties of the faction, Dr. Cairo Ojougboh,

Lasun: Constitutional Review Committee Won’t Remove Immunity Clause Sheriff Balogun in Abeokuta The Deputy Speaker, House of Representatives, Hon. Yussuf Lasun, has said the ongoing constitutional review will not remove the immunity clause currently enjoyed by elected officials in the country.

Lasun who is the Chairman of the Constitutional Review Committee, disclosed this at the weekend while briefing journalists on the activities of the Constitutional review committee in Abeokuta, Ogun State capital.

He said if the immunity clause is removed, it would open floodgate of litigation against the individuals which he said would affect their performance.

The president, vice president, governors and their deputies currently enjoy immunity from persecution.

Lasun, therefore, explained that whatever offence an official enjoying can be brought against him after expiration of his tenure.

He explained that unlike the

previous alterations that were contained in the same document, each alteration this time will be presented in different bills for presidential assent.

This, he claimed, has taken care of the presidential veto against the entire effort.

He said some of the areas they are trying to alter include separating the office of the Attorney General from Minister of Justice.

He also said the committee would make the office of the Accountant General of the Federation a front line charge to make the office more efficient.

The deputy speaker also said financial autonomy for local government is being looked into. He however added that funds will only be provided for local government areas run by elected officials.

Another area, according to him, is how to include in the new constitution how to deal with electoral situation where a governorship candidate dies as was the case in Kogi State.

said last Thursday that the faction would resist attempt to surrender the registration certificate to INEC in order to form another party.

“We in the NWC are making all necessary arrangements to reposition our great party. We intend to return the party to the original owners, the grass roots.

“We encourage those who left the party to return. We are not going to allow our party to die.

We therefore will not submit our registration certificate to INEC in order to form another party.

“The politics of yesterday is very different from that of today.

There is no guarantee that today’s INEC will register you once you give up your certificate. So our task is to rebuild and reposition

the party,” he said.

Meanwhile, one of the founding members of the PDP, Alhaji Mohammed Rabiu Bako, has called on Sherrif and the Makarfi-led Caretaker Committees to sheath their swords and step aside in the interest of the party.

The former Commissioner under the Makarfi administration in Kaduna State made the call in a chat with some journalists in Kaduna on the state of affairs of the party and efforts being made to move the party forward.

He said the call had become necessary in view of the need for them to make sacrifices as the party is greater than any individual or groups, hence the call for speedy resolution

of the impasse so that the party would reposition itself for future challenges ahead.

“It is apparent that the two leaders are playing to the gallery with each trying to outsmart the other. This attitude is certainly and totally detrimental to the progress of our party particularly now that we are in the opposition.

It is not in the interest of our party for our leaders to throw tantrums at each other at the slightest opportunity thereby personalising the leadership of the party. As it is now, one would have expected that the Board of Trustee, our respected elders and governors would have taken full charge of the situation

by demanding the resignation of the leadership of the two warring camps so that normalcy will be restored in the affairs of our great party,” he said.

The elder-statesman emphasised that his call was with all sense of responsibility, having witnessed the dismal outcome of both the Edo and Ondo States gubernatorial elections being lost to this unwarranted fractionalisation.

“Sadly, we are currently witnessing defections of monumental proportions from a party that promises to wrestle power from the APC come 2019,” he added He called on all stakeholders of the party to urge

CHARITY WALK FOR IDPS

President , Dangote Group, Aliko Dangote, with his daughters, Mariya (left); Halima (second left); and Fatima, at the Dangote Women Network Charity Walk to seek support for internally displaced persons (IDPs) in the country....yesterday

FG Moves to Address Bottlenecks in Textile Sector James Emejo in Abuja The federal government has unveiled measures aimed at tackling some of the industrial constraints in the nation’s textile sector.

Part of the strategies being employed aim to from the drift of companies leaving the country and stop smuggling and counterfeiting-and prioritise patronage of made-inNigeria products by agencies of government .

The Minister of State, Industry, Trade and Investment, Hajia Aisha Abubakar, gave the hint at the weekend during a tour of textile factories in Kano as part of activities during the North-west Regional Customer Forum.

The forum, which was organised by the Bank of Industry (BoI) has as its theme: ‘The Role of Financial Institutions in driving the industrial development of a nation: A-Z of accessing BOI’s credit facility.’

Apart from this, the development finance institution has been at the vanguard of

reviving the once moribund sector, having approved loans to over 70 projects in the CTG value chain.

Abubakar toured the factories in company of the President of Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, the General Secretary of the National Union of Textile Garment and Tailoring Workers of Nigeria, Isah Aremu and the General Manager of BOI, Mr. Joseph Babatunde, among other dignitaries.

Speaking during the event, the minister said government had identified several issues including gas supply, smuggling and counterfeiting as constraints which would be addressed to revive the textile industry in the country.

She said: “Some of the issues we are trying to address are the issues of smuggling and counterfeiting.

Gas supply to the North. We are also trying to address the issue of patronage. On the issue of patronage, I am sure that by next year we will see more results because they also told

us that special interests have come forward to them.”

She urged the operators to articulate their thoughts on how to move the industry forward and ensure that the critical role of the sector in the nation’s economy is sustained.

She said some of the things textiles manufacturers were asking for were not in line with government thinking at the moment, added that there was the need for stakeholders to find a common ground that would ensure that stakeholders are accountable and responsible in order to achieve the needed growth in the industry.

Abubakar noted that the Export Expansion Grants (EEG) previously offered as incentives by government was grossly abused by stakeholders, adding that government was looking at bringing it back in an entirely different way for better and effective implementation.

She said: “You know the EEG was so much abused. The EEG is going to come back but it is going

to come back in a different way.

And I don’t know what is going to happen to what is outstanding.

We are trying to look at different ways to make it easy for those who have really done what they were supposed to do.

“A lot of verifications, a lot of audit is still on going for us to see what we can do because we generally believe in EEG. But the implementation of it has not been done well. There is no government that can do anything without incentives, so EEG is coming back.”

The minister visited five textile manufacturing plants including African Textile Manufacturing Limited, Nigerian Spinners and Dyerrs Limited, Tofa Textile Limited, Tertex Nigeria Limited, and Adhama Textile and Garment Industries Limited.

It was gathered that all the plants visited were under serious operational distress with some threatening to close down due to unfriendly business environment emanating from inconsistency in government policies among other issues.

T H I S D AY MONDAY DECEMBER 12, 2016

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T H I S D AY MONDAY, DECEMBER 12, 2016

COMMENT

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

UNLEASHING AFRICA’S FULL POTENTIAL

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The continent will realise its potential by entrenching democratic ethos and driving economic growth, argues Amina Mohamed

frica, the cradle of mankind and home to the youngest population in the world, has a historic opportunity to realise its full potential, in sharing our potential prosperity, by enhancing economic growth, promoting and entrenching democratic ideals. That is why I am so passionate to be running for the coveted African Union Commission (AUC) Chairperson.

It is time for the African Union to provide leadership. Africans of all walks of life are looking up to it. I also strongly believe our continent is at a turning point, a defining moment, when we must drive an agenda that realises a common vision of integration, cooperation, collaboration and committed leadership. It is Africa’s time; we cannot afford to miss this golden opportunity to put it at the centre stage of world politics and economics while improving the lot of our people and countries.

We already have a sound blueprint going forward as envisaged in the African Union’s Agenda 2063 – The Africa We Want.

This blueprint has a clear road map for implementation. One of the critical areas is achieving synergy of member states through collaboration among the eight regional economic groupings and AU’s strategic partners.

Africa’s markets must communicate with each other to harness trade and investment. Infrastructure deficit stands as an impediment towards this objective. We must secure seamless connectivity through people-to-people interactions, ICT and knowledge transfer throughout the continent. Hard infrastructure development should also be reinforced by more intra-Africa rail, road, air and water linkages.

Mwalimu Julius Nyerere once said: “Together, we the people of Africa will be incomparably stronger internationally than we are now with our multiplicity of unviable states.” It is no longer tenable to keep talking of our great potential. It is time to make the African Continent felt, heard and respected on the global scene. For this to happen, Africa must take greater responsibility of financing its development and programmes.

Such has been the agreement by our Finance and Planning Ministers since March, 2015. Domestic resource mobilisation is the assured strategic complement to foreign investment and official development assistance.

Focused leadership at the AUC will guarantee that this decision is fully implemented.

In order to increase the financial resources available internally, industrialisation and diversification remain pertinent. More specifically, we need to harness our blue economy and fast-track the mining

IT IS NO LONGER TENABLE TO KEEP TALKING OF OUR GREAT POTENTIAL. IT IS TIME TO MAKE THE AFRICAN CONTINENT FELT, HEARD AND RESPECTED ON THE GLOBAL SCENE

industry.

Africa has to build the capacity of our youthful population. In 2015, African Youth aged 15 – 24 years accounted for 19 per cent of the global youth population and projected to increase by 42 per cent by 2030. This is a demographic dividend to Africa’s prosperity. Women must also be fully enabled to play an inclusive role in all spheres of Africa’s development. Tapping into African talent will be the hallmark of my tenure. The collective success to Agenda 2063 lies in creating an indomitable human force to resolve Africa’s challenges.

Every African citizen deserves a life of dignity free from harm, in order to promote social justice and the realisation of their potential. I am optimistic that together we can continue to create a continent that not only embodies our pride and dignity, but also the hub for peace and stability.

Africa must also make its cultural diversity a cause for celebration.

Cultural exchange across the continent through education, travel and symposia. This will renew our Pan-African ideals especially among younger Africans.

Our continent has made significant strides in expanding access to education and better health care. In order to shelter our population from extreme want, we ought to explore skills diversification and universal health coverage.

Investing in value-addition through agro-processing will increase Africa’s global market share and attain collective food security and comparative advantage.

Going forward, we must remain in partnership with the rest of the world. Global challenges such as climate change will only be resolved through cooperation. However, Africa remains most vulnerable from effects of global warming. As such, we need to; take serious mitigation and adaptation measures, utilise indigenous knowledge to generate local shared solutions and build resilient communities in addition to our continued demands for climate justice.

Thus, united by the vision of an independent Africa working for better lives of all her people, it is now time for the AUC to foster the realisation of Africa’s full potential through transformative leadership harnessed by the AUC Secretariat.

Amb. Mohamed is the Cabinet Secretary for Foreign Affairs and Kenya’s candidate for the position of Chairperson of the African Union Commission

MAKING COMMON SENSE OUT OF THE CHANGE

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Bernard Ugorji argues that fiscal federalism, among other measures, could bring the country out of the woods

s I read Chimamanda Ngozi Adichie’s wake-up call to the Nigerian government captioned “Nigeria’s Failed Promises” and published in New York Times edition of October 18, 2016, it simply re-echoed the common sense of the change Nigerians desire and voted to achieve during the 2015 Presidential elections.

I recall that in December 1990 during my abode in Mubi Town of then Gongola State (currently Adamawa State) as a young National Youth Service Corps (NYSC) member with statutory primary assignment as a Mathematics lecturer in the Federal Polytechnic Mubi, I had the privilege of participating in the conduct of the gubernatorial and local government elections when the electoral method code-named ‘Option A4’ was being ‘live-tested’ for the first time in Nigeria’s history; and I did so seamlessly in a very remote village located about 7.5 kilometres east of Mubi Town. Then a young Christian of native Ibo speaking origin whose maiden visit coincided with this national assignment, I had no knowledge of the local Hausa language (having spent only few weeks prior to the elections) and also no knowledge of predominantly practiced Islamic religious doctrine within that environment but I was particularly relaxed, safe, focused, well-received and thus conducted my assignment diligently, without fear or favour, and devoid of the restrictions of associated language barrier; all in my full regalia as a member of the NYSC. And I felt fulfilled after contributing my own quota in nation- building (then of a country transiting from military dictatorship to democratic governance); and was conveyed to/fro Mubi town in a rugged, old model Land Rover Jeep.

That election and subsequent ones till 1993 presidential election were rated best free and fair elections in Nigerian history till that period.

Above was the typical experience of all Nigerian citizens across the entire nation, irrespective of state of origin, ethnicity, native language, religious inclination and academic standing. Nigerians as well as resident/ visiting foreigners moved and associated freely within the country despite prior 1966 – 1970 (pre-and-during the Nigeria-Biafra war) comparatively short-lived but devastating period.

Throughout my bachelor’s degree programme (from 1986) at University of Nigeria Nsukka where Chimamanda Ngozi Adichie reportedly lived with

parents, the maximum I paid annually for university hostel accommodation was N110 (in final year) compared to N90 per annum I paid during each of the first three years. Maximum cost per meal ticket was N1.50 for the best available meal which was nutritious and delicious. NYSC members received monthly allowance of N250 and from 1991, N350, which may be termed as then minimum wage; and they were reasonably comfortable. And the exchange rate remained much lower than N9.00 per US$1.00 till 1992.

Fast-forward to Nigeria of today and critically examine the disparity. NYSC members are killed in large numbers while serving during elections which are reportedly marred with violence. Mubi Town (formerly peaceful and habitable) had been reported as ravaged by the activities of Boko Haram, similar to other cities within the North-east region. According to a study conducted by Mercy Corps, Portland-Oregun, USA, it has been reported that conflict between the herdsmen and farmers, consistently leading to destruction of crops, animals and other valuables, cost Nigeria an estimated US$13.70 billion annually.

And this does not include the massive loss of lives resulting from each conflict.

On return to Nigeria, I met with a senior minister of very strategic ministry in terms of overall national development, in his office mid June 2016 and surprisingly there was no light in the entire building (apparently long before I arrived and even after my departure). Whilst the minister and I stayed in his office, I managed to make my investment-related presentation of national importance while straining my eyes to ensure at least minimal visibility. However, I noted that all computers and accessories were ‘down’.

Implicitly I feared that if urgent documentations were required, they would use the services of privately owned business centres around the secretariat complex and you can imagine the enormous risk should government classified documents be exposed publicly.

It is possible such incidents are often obtainable across various ministries, departments and agencies (MDAs) of government but it is not ‘out-of-the-box’ that a simple, cost effective, solution driven, solar-powered device could power computers and accessories (at no further cost) whilst electricity outage lasts.

It has been reported that about four foreign airlines (including most recently Abuja-bound Emirates) have pulled out of the Nigerian route in 2016, largely due

to harsh operating conditions which include inability to repatriate ticket sales proceeds, unavailability and/ or high cost of aviation fuel as well as poor infrastructure at airports. Local airlines (like aerocontractors) have also stopped operations.

Between 2015 till date, the naira has plummeted with exchange rate moving from N150 per US$1 to an unprecedented NGN500 per US$1 in 2016. The naira has finally been technically devalued.

In my opinion, a synopsis of current scorecard of Nigeria’s economy is thus enumerated. Figures are from National Bureau of Statistics (NBS), Central Bank of Nigeria (CBN) and other acknowledged sources. It is worthy of note that Nigeria enjoyed average 7% annual GDP growth rate between 2004 and 2014.However, following recession occasioned by Nigeria’s posted negative GDP growth rates of -0.36% and -2.06% in the 2016 first and second quarters respectively, foreign investment witnessed significant slump with inflows reducing to US$1.40 billion in the first half of 2016 compared to US$5.30 billion during same period in 2015.

Quarterly foreign investment into Nigeria had averaged US$1.348 billion between 2007 and 2016, climaxing in an all-time- high of US$3.085 billion in the fourth quarter of 2012, and record low of US$0.502 billion in fourth quarter 2015. Unfortunately too, by first quarter 2016, foreign investment outflows rose by an unprecedented 108.20%.

Nigeria’s GDP was US$510 billion in 2014. 2016 full year GDP forecast has been revised down from the 3% to -1.8% by CBN. This downward revision is partly due to rising inflation given that the budget was estimated based on projected inflation of 6% – 8% whereas by August 2016, inflation had risen to 17.60% and most recently, 18.30% as at October 2016.

From 2007 to 2016, core inflation rate in Nigeria averaged 9.69%, with a record low of 0.49% as at March 2008.

The nation’s external reserve has fallen to a 10-year low of US$24.30 billion as at October 2016 which represents 30% decline from October 2014 figure, reflecting the effect of lower oil prices, dwindling foreign investments and falling production volumes, and this is unfortunate for an import dependent economy.

Unemployment rate of 13.30% was recorded in second quarter 2016 up from 12.10% in first quarter, representing 10.644 million unemployed persons.

Meanwhile, youth unemployment increased to 24.00%. It is worthy of note that unemployment rate averaged 9.28% from 2006 to 2015, reaching an all time low of 5.10% in the fourth quarter of 2010.

To make common sense of the change desired

by Nigerians for which they voted in President Muhammadu Buhari- led administration during the 2015 presidential elections, government has to look into the following. Even if Nigerians do not wish to co-exist peacefully due to ethno-religious, cultural and political reasons, our leaders who have conscientiously and consistently preached their belief in one, indivisible Nigeria can apply simple logic to proactively, systematically and constitutionally engender continual peaceful co-existence.

Nigerians want true fiscal federalism. Apart from empowering the federating units to engender deepened national development, cost of governance will be drastically reduced and funds rechanneled to capital projects.

Government should establish an independent economic advisory team (made up of very diverse/ experienced experts and tested professionals) to formulate an economic blue-print for the government.

The two chambers of the National Assembly should be merged and legislative function made part-time at all levels of government. Legislative budget should be compulsorily made public.

Federal civil servants/public officers should compulsorily serve outside their region of origin (on a North/South basis) and rotational posting of five years except at the Federal Capital Territory (which should have equal representation). Islamic Imams and their counterpart Christian Pastors should follow same pattern. Private sector companies with national outlook/presence should post employees in line with equal regional/ethnicity percentage across all branches/locations.

All public/civil servants should access only the Nigerian public health services. Therefore, starting from Mr. President (such that even ear-related infection which we pray does not reoccur, has to be treated locally in the public health system); foreign medical trips for all public/civil servants should be banned. During elections, all public/civil servants should vote only in their respective states/places of residence/work.

Ugorji is an Investment Consultant for a Wall Street New York-based Investment Bank

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T H I S D AY • MONDAY, DECEMBER 12, 2016

EDITORIAL THAT THE NHIS MAY WORK

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There is urgent need to overhaul the National Health Insurance Scheme

he essence of setting up the National Health Insurance Scheme (NHIS) is to make health care service delivery accessible, affordable and cost-effective to the average Nigerian.

It is aligned with the intention of Universal Health Coverage (UHC) which, according to the World Health Organisation (WHO), is geared towards reducing the burden of costs on individuals and to drastically minimise out-of-pocket spending on healthcare for most Nigerians. Unfortunately, there has not been much success.

This is not because these target goals have not been met, the performance of the NHIS has not inspired much hope. Even the attempt to promote community health insurance to boost rural dwellers’ access to quality health care has not yielded positive outcomes. The only success in that regard remains the cooperative contributory scheme launched in some communities in Abuja.

In a recent peer review by the Global Advanced Research Journal WE STRONGLY RECOMMEND of Microbiology, MODIFICATION OF the authors pinEXISTING POLICIES TO pointed the various ENABLE ENROLMENT OF obstacles in the THE SELF EMPLOYED AND implementation of UNEMPLOYED AS WELL the scheme. It said that why about 82 AS IMPROVED COVERAGE AND QUALITY OF SERVICES per cent of enrolled respondents were WITHIN THE SCHEME aware of NHIS and preferred it to the- fee- for- service system, about 26 per cent were dissatisfied with the scheme.

According to the authors, sources of dissatisfaction included poor registration services, poor referral system, delays in receiving required services and unavailability or non coverage of some required services. It was statistically determined by the tool of analysis that there was a direct relationship between the percentage of enrollees and the poor health indices of the popu-

Letters to the Editor

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lace. “We strongly recommend modification of existing policies to enable enrolment of the self employed and unemployed as well as improved coverage and quality of services within the scheme,” report said.

It is in the light of the above existing gaps that the new NHIS Executive Secretary, Prof. Usman Yusuf recently challenged stakeholders to brace up, warning that he was ready to ditch any Health Management Organisations which failed to join the train of change.

“What we have here is not healthcare financing.

This is worse than fuel subsidy. I need to see monies returned by HMOs, through the NHIS that were not used. The waste I see, the impunity I see, and the political patronage I see makes me want to throw up”.

B 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

esides these challenges, there are other problems to contend with the nearly 10-year scheme. Instead, the NHIS scheme has over the years turned itself to a conduit pipe for HMOs and other cronies in government circles.

Sadly, there are also accusations that even the newly appointed NHIS Executive Secretary has been promoting nepotism by pushing aside competent hands within the agency only to bring his cronies on board.

The recent exchange between him and the Senate on the lopsided appointments made so far is a pointer to that discontent.

With several challenges confronting the scheme, we urge Usman to focus not on petty sectional politics but on how to achieve universal coverage. Usman should strive to leave a legacy of service by making the NHIS to work in the interest of all Nigerians. That only the public sector at the federal level has keyed into the scheme shows clearly that the scheme still has a long way to go.

The task before the new NHIS team is therefore enormous. First, there is need to overhaul the scheme.

The issue of abuse perpetuated by HMOs should be curtailed in all ramifications. And finally, there is an urgent need to expand its reach beyond the public sector to the private sector. It should be all inclusive.

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NIGERIAN ARMY AND OPERATION PYTHON DANCE

onald Trump, the United States’ President-elect is reported as boasting before tumultuous crowd of his American supporters who turned out at one of his very recent ‘thank you’ rallies that he has chosen as his Secretary of Defence a retired military general who goes by the name

“Mad-Dog”.

Incidentally, Mr. Trump’s penchant for crazy nicknames has an ally in the Nigerian Army under the current dispensation because of a number of code names assigned to specific internal security operations undertaken by the Nigerian Army.

In the North-east which is the epicentre of terrorism in Nigeria, the Nigeria Army has since launched a counter-terror operation called ‘Operation Lafia Dole’, meaning operation restore peace by all means. In the restive Niger Delta region where there has been a resurgence in bombing of crude oil pipelines, the Nigerian Army launched what it called ‘‘Operation Crocodile Smile’’.

In what perhaps has received widespread condemnation, the Nigeria Army has recently launched what it called “Operation Python Dance” in the very peaceful South-east of Nigeria.

Amongst the groups singled out by the army are the members of the Indigenous People of Biafra (IPOB); criminals and armed Fulani herdsmen. Why the army compared IPOB with violent criminals is mystifying and ludicrous. The army warned these groups to stop causing trouble or be ready to be crushed.

The one-month exercise which kicked off on November 27

would end on December 27, after which the army would be on ground to maintain peace in the various communities in the geo-political zone, it says.

Deputy Director of Army Public Relations of the 82 Division of the Nigerian Army, Colonel Sagir Musa, told reporters in Awka that the prevalent security issues such as robbery, kidnapping, abduction, herdsmen-farmers clashes and violent secessionist attacks, among others, would be the main focus of the exercise. Accusing IPOB of secessionist attacks is the greatest lie from the pit of hell.

But in his words, essentially, any group that threatened the security of the nation in the zone would be disarmed, adding that the exercise became necessary because of the rise in violent crimes during the Yuletide period.

Col Musa said that for the purpose of the exercise, there would be increase in the number of soldiers and check points in the zone, adding that troops would also be moving from one point to the other to maintain peace.

The commencement of this operation ‘Python Dance’ in the Southeast is coming exactly few days after the United Kingdom founded International Human Rights Group- Amnesty International indicted the Nigerian Army of killing through extra-legal means some 150 members of the peaceful and unarmed IPOB. With the disclosure and commencement of this so-called operation, a number of issues have arisen such as the gross inconveniences that have been imposed on commuters traveling within the South-east region or indeed those returning home from other parts of Nigeria during the Yuletide.

Again, there are reports that the prolonged traffic gridlock formed around the nearly half a century old River Niger Bridge because of the Operation Python dance in Onitsha, Anambra State has constituted grave threat to that only major bridge that links the Southeast of Nigeria with their other compatriots in other parts of Nigeria.

The Indigenous People of Biafra through its spokesperson has already accused the Nigerian Army of plotting to assassinate members of the peaceful agitators of self-determination.

The group whilst warning the people of Southeast to be wary of being caught unawares and eliminated by the military operatives engaging in operation python dance, has also launched what it called “Operation David Dance.”

The spokesman of IPOB said the Operation David Dance is symbolic as a way of passing a message that no amount of military threats and extra-legal killings can deter the members from consistently agitating through peaceful means, the self-determination of the Southeast.

But almost immediately the python started to dance in the South-east, the last group identified by the army, armed Fulani herdsmen have struck twice in Abia State in Arochukwu and Item, leaving in their wake, tales of deaths, and destruction.

The Nigerian Army which seems to be dancing only in the major towns of Southeast and causing spectacular nightmares for travellers could not prevent these dare devil attacks of armed Fulani herdsmen.

Emmanuel Onwubiko, National Coordinator, Human Right Writers Association of Nigeria

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MONDAY DECEMBER 12, 2016 T H I S D AY

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T H I S D AY • MONDAY, DECEMBER 12, 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

The Gambian Challenge

The sudden rejection of the recent results of the presidential election by the outgoing President of Gambia, Yahya Jammeh, poses a serious threat not only to the country but the entire West African sub-region. Shola Oyeyipo and Segun James write

Barrow with his supporters after his election as president.

H

is concession call was shockingly the news and not the fact that he was defeated in an election after 22 years of sitting tight in office. The world, Africa especially, had suddenly begun to see the outgoing President of Gambia, Yahya Jammeh through a different lens of positive connotations. He may not have been a bad guy after all, a majority was tempted to infer. But that was to last a few days before Jammeh manifested his true nature and bungled it all. In a dramatic twist of events, he rejected the results of an election, widely acclaimed to be free and fair and won by Adama Barrow. And yet, in a feat of momentary madness and weakness for power, he shocked the world.

The Gambia, Their Gambia Gambia, a predominantly tourism and farming-dependent nation, is one of the West African countries with peculiar political characteristics. Since she attained independence from the United Kingdom on February 18, 1965, the country has had just two leaders: Dawda Jawara, who ruled from 1970 till 1994 and Yahya Jammeh, who seized power in a coup that year as a young army officer.

Jawara, in his case, became the president, precisely on 24 April 1970, when Gambia became a republic within the Commonwealth, following a second referendum and he was seen to have subdued opposition to retain power.

He was re-elected five times. There was a

bloody coup attempt on his government on July 29, 1981, where an estimated 800 people were killed. It badly affected the economy amidst widespread allegations of corruption against those in government.

Eventually, in 1994, the Armed Forces

There is no doubting the fact that Gambia is in for a tough time that is not going away anytime soon. But before the development degenerates any further, the world must unite over the Gambian situation and fix this mess now. Should Jammeh get away with this daylight robbery, then, a new standard in democratic malfeasance might have been set and indeed, the whole of Africa

Provisional Ruling Council (AFPRC) took over power from Jawara and disbanded all forms of opposition political activities. It was then that Jammeh, who was the chairman of the AFPRC, was named as head of state at age 29.

Despite their protracted reigns, Gambia is renowned as a largely poor country, where about a third of the population lives below the international poverty line of US$1.25 per day. The country is home to only about two million people but reputed to be one of the places with highest unemployment rate in the world. Gambians feared and persevered under their two leaders for decades.

Jammeh has remained an unrepentant anti-gay. He was once quoted to have said to a crowd: “If you do it in the Gambia, I will slit your throat. If you are a man and want to marry another man in this country and we catch you, no one will ever set eyes on you again, and no white person can do anything about it.” This was cited in The New York Times of December 7, in its editorial tagged Jammeh as a “despot”. Jammeh, who has been in charge, amid global criticism, was quoted to have said he was prepared to stay in power for a billion years if that’s how long it took to execute his vision for Gambia.

The Man, Jammeh Born May 25, 1965, Jammeh, 51, has remained the President of The Gambia since the 1994 military coup. He was elected as President in 1996; he was re-elected in 2001, 2006, and 2011 until this 2016 election, where he was defeated by Adama Barrow. he conceded defeat on December 9, 2016, in a phone to Barrow and a few days later, rejected same on the grounds of “unacceptable abnormalities”.

Somewhere along the line in his government – in April 2006, the regime was unsettled by a coup attempt, following which 27 people were arrested. As a leader in the 21 century, Jammeh has been very unfriendly with the media . There have been cases of alleged human rights abuses hanging on his neck.

There are dozens of imprisonments, disappearances and unresolved murder cases.

The Counter-vision Though Jammeh looked forward to staying in office much longer, at least, going by his recent actions, his government met its waterloo when on December 1, 2016. He lost the presidential election to Barrow of the coalition. In what was already winning him commendation, the out-going president conceded defeat and said he would hand over power and leave office in January 2017.

The evolving political scenario, however, took a new turn last Friday when the outgoing president said on state television that he was rejecting the results of the election that ousted him, calling for new elections. He alleged irregularities, from transposed numbers in tabulation to missing numbers that he said left in question the results.

CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, DECEMBER 12, 2016

POLITICS

THE MONDAY DISCOURSE THE GAMBIAN CHALLENGE Very often, courts throw out presidential election petitions on procedural rules and technicalities, rather than the substance of the case. Kaaba highlights a number of technical knock-outs on petitions, including a 1997 one in Kenya, pitting challenger Mwai Kibaki against incumbent Daniel Arap Moi. At least 20 sitting presidents/prime ministers have been defeated at the ballot in Africa.

This list is just those sitting presidents, who were eligible to vie or ran for reelection, and lost. Kibaki’s case was dismissed because he had not personally served Moi with court papers. Kibaki served the petition through a notice in the Government Gazette, arguing that as president, Moi “is surrounded by a massive ring of security, which is not possible to penetrate”. But the court threw out the case on the basis of its improper service.

Few countries have suffered political earthquake so devastating, or have been less prepared for such a calamity as the Gambia as far as the consequencies of this election are concerned. The country of a little more than two million people has witnessed much political tribulations in the past. But the rejection of the election result may however break the tiny nation in fragments that would take a miracle to mend, most especially since the country is divided along religious line between the Christians and Muslims.

In the past, Jammeh, a Muslim cleric and former soldier has used religion to hold onto power. In order to placate the Muslim and retain their loyalty, Jammeh reduced the working days in the country from five days to four days, thereby making the country the only one in the world with a three day weekend beginning from Thursday till Sunday.

President-elect Barrow said Jammeh’s action is damaging The Gambia’s democratic credentials. He said he was not surprised by his change of heart and he assured the people that he would not allow the will of the people to be subverted.

“We are calling on Mr. Jammeh to respect the will of the people and will hold him responsible for anything that happens in this country and its people. We want Mr. Jammeh to honour his pledge to hand-over power to Mr. Barrow in January in the interest of peace and the well-being of this country”, he said.

Situation report from The Gambia as at press time had it that the situation was tense in the country. The government promoted 49 Army officers, Jammeh flew his family abroad, media houses and power switched off and soldiers are everywhere. He appears ready for war.

Fear of the Unknown Right now, in The Gambia, astrologers are probably not among those celebrating the country’s election result. Before the election, they probably would have assured outgoing President Jammeh that he would win the last presidential election without hassles. But he lost. And what’s more, they could also not have been able to predict his reaction when he conceded defeat and congratulated his opponent.

But barely a week after such an unprecedented action by an African dictator, who had ruled his country for 22 years, Jammeh truly rejected the results of the election and called for a rerun. He claimed to have rejected the outcome of the election he lost to Barrow, only days after he conceded defeat to him in a public address, followed by a phone call.

Unfortunately, the fresh announcement he made on state television threw the future of the West African country into doubt after the unexpected election results ended Jammeh’s 22-year rule. His conceded call and speech on state TV had prompted wild celebrations over the ending of a government that human rights groups accused of detaining, torturing and killing opponents.

“After a thorough investigation, I have decided to reject the outcome of the recent election. I lament serious and unacceptable abnormalities which have reportedly transpired during the electoral process. I recommend fresh and transparent elections, which will be officiated by a God-fearing and independent electoral commission,” he said. Jammeh’s announcement presented an unexpected and fearful challenge to the incoming Barrow administration, which was already grappling with how to take the reins of power and deal with the army that, for two decades, was loyal to the president.

The latest official figures gave Barrow a narrower win than initially announced – 43.29 per cent of the votes for Barrow and 39.64 for Jammeh. Voter turnout was at 59 per cent.

Tension in The Gambia Since the development, soldiers have been seen placing sandbags in strategic locations across the capital, Banjul on Friday, a development that triggered widespread unease among the already-spooked population, who had been panic-buying food before the vote, due to fear of unrest.

Opposition spokeswoman, Isatou Touray, on social media, criticised a “violation of democracy” and called for people to “remain calm, lucid, vigilant and not retreat.”

Already reactions have started following the U-turn made by Jammeh. The African Union called Jammeh’s rejection of the results “null and void” since he had already conceded defeat. “The Chairperson of the Commission strongly urges President Yahya Jammeh to facilitate a peaceful and orderly transition and transfer of power,” AU chief Nkosazana Dlamini-Zuma said, also calling on Gambia’s security forces to remain neutral.

The US state department said in a statement that Jammeh’s rejection of the results was an egregious attempt to undermine a credible election and remain illegitimately in power.

Senegal’s foreign minister, Mankeur Ndiaye, called for an emergency meeting of the UN Security Council and “solemnly” warned Jammeh not to harm Senegal’s interests or its citizens in Gambia.

Jammeh...It’s game over!

Senegal, which has Gambia’s only land border, and entirely surrounds the small riverside country, is a non-permanent member of the Security Council. Its army intervened in Gambia in 1981, during a coup.

A Recap of the Election The Gambian presidential election of 2016 was held on December 1, 2016 and in a surprise showing, opposition candidate Barrow defeated long-term incumbent Jammeh. The election marked the first change of presidency in The Gambia since a military coup in 1994, and the first transfer of power by popular election since independence from Britain in 1965.

Before the final results were announced, Jammeh graciously conceded defeat, shocking a populace that had expected him to retain power. The final official results showed Barrow winning a 43.3% plurality, achieving a 3.7% margin of victory over Jammeh’s 39.6% – with a third candidate, Mammah Kandeh, receiving 17.1% of the votes. Following the election, 19 opposition prisoners were released, including Ousainou Darboe, the leader of Barrow’s United Democratic Party (UDP).

There was widespread celebration of the result by the opposition, along with some caution over whether the transition would proceed without incident. The President of the Gambia is elected in one round by plurality vote for a five-year term.

Africa’s Many Examples of Jammeh Zambia’s President, Edgar Lungu won re-election by a close margin (50.35%) of the vote) over his closest challenger, Hakainde Hichilema who polled 47.67%. Hichilema’s United Party for National Development (UPND) rejected the result, saying it would file an appeal in the Constitutional Court.

The opposition accused election officials of fraud during the counting.

In a statement, Hichilema said the ruling Patriotic Front (PF) had “effected a coup on Zambia’s democratic process”. Over 130 people were arrested following protests against the result. But Lungu’s victory was very much in line with the broader trend in African elections.

Data from the African Development Bank (AfDB) and Africapedia examining presidential election results from 1960 to 2016 shows that

incumbents or ruling party candidates in Africa win with no contestation 60% of the time.

In a quarter of presidential election results, there is some contestation that ends up in either a political standoff or coalition government.

In 15% of cases, incumbents have lost and accepted defeat without putting up a fight.

This includes ruling party nominees, who lot and conceded, such as Uhuru Kenyatta, who was the ruling party candidate in 2002, but was defeated by opposition candidate Mwai Kibaki.

The working paper from AfDB, which collates data on presidential and parliamentary elections in Africa since 1960, indicates “incumbent regimes tend to win elections they organise with a 71% probability.” When the incumbent loses, the analysis shows they tend to reject the results. Seventy-nine per cent of incumbent losses have been contested by the regime.

The data also shows that challengers tend not to contest election results when incumbents are declared the winner, putting up a challenge to election results only 12% of the time. There’s a good reason they don’t bother to go to court. No court in Africa has ever overturned a presidential election result in favour of the challenger. Judgments have always favoured the incumbent candidate, the candidate sponsored by the ruling party, or the presumptive winner.

In fact, just one judicial ruling has ever reversed announced results and that was Cote d’Ivoire in the wake of the 2010 elections.

But its effect was actually the same as other decisions that uphold disputed elections – the court found in favour of the incumbent President Laurent Gbagbo, who was believed to have clearly lost the election. Still, even getting a lousy judgment is something that not all challengers will have the opportunity to chase.

Tanzania seems to be the only African country with a constitutional provision that actually bars its judiciary from hearing challenges to presidential elections. In Article 47 (1), the Tanzanian Constitution categorically states: when a candidate is declared by the Electoral Commission to have been duly elected in accordance with this article, then no court of law shall have any jurisdiction to inquire into the election of that candidate.

For Jammeh, It’s a Tough Call From all indications, religion is going to play a heavy role in the battle for the soul of the Gambia. His opponent is a Christian.

African leaders have been somewhat mute since Jammeh made his turnaround on the election results, but when history comes to assess African leaders’ response to the situation in the Gambia, it may judge them negatively.

Mr. Morenikeji Saliu, a Lagos-based legal practitioner, said “Nigeria in particular must rise to the Gambian challenge as it did in Sao Tome and Principe during the time of Chief Olusegun Obasanjo as president, thereby saving democracy and stopping coup plotters from getting powers through the barrel of the gun.”

This sentiment was also shared by Alhaji Ibrahim Olawepo from Omu-Aran in Kwara State, who said a former Nigerian president, Dr. Goodluck Jonathan, has set a standard by conceding defeat, an unprecedented action which African leaders must not allow to be destroyed by the likes of Jammeh.

“President Muhammadu Buhari must stand up to this challenge as long as we call ourselves the leader of Africa. We must stop “stay put” leaders, who have lost elections and are bent on perpetuating themselves in office forever.”

If the president visits his twitter page frequently he would have seen the multitude of protesters reacting to his utterance. One of such is Magufuli Wa Pombe, who said: “Africa kills her sun! This is what Yahya Jammeh has just done to the continent. Sad for Africa!

According to Chuka Umanna, “A message to defeated Gambian President Yahya Jammeh: respect your people, respect democracy, and go. We’ve had enough of dictators in Africa” On her part, Diane Abbott said: “Gambian leader, Yahya Jammeh rejects election result.

Worrying, Gambia’s future looks uncertain now while Sam Phatey asked defeated president: “You said it was the will of Allah and that you will never question Allah. Why are you questioning Allah now?”

There is no doubting the fact that Gambia is in for a tough time that is not going away anytime soon. But before the development degenerates any further, the world must unite over the Gambian situation and fix this mess now. Should Jammeh get away with this daylight robbery, then, a new standard in democratic malfeasance might have been set and indeed, the whole of Africa, beyond the shores of the western sub-region will pay for it.

T H I S D AY MONDAY DECEMBER 12, 2016

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MONDAY, DECEMBER 12, 2016 • T H I S D AY

FEATURES

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

Chairman Innoson Group, Dr. Chukwuma (in light blue dress) presenting the IVM G12 series to Chief of Army Staff, Lt. Gen. Tukur Buratai, at the tactical headquarters of Operation Lafiya Dole at Maimalari Barracks, Maiduguri, Borno State

Innoson Committed to Equipping Military A recent donation of special military vehicles by the chairman of Innoson Group, Chief Innocent Chukwuma, to the military and other related security organisations, brings to reality a burning desire after the abduction of Chibok school girls to contribute towards the end of the insurgency in Nigeria, writes Kasie Abone

E

ntering his office on April 15, 2014, a day after the Boko Haram insurgents attacked and kidnapped over 200 students of Government Girls Secondary School, Chibok, Borno State and took them on a long harrowing journey into the Sambisa Forest, Dr. Innocent Chukwuma wore a distant and pensive look. He barely said a word of welcome to my utter surprise. I had earlier secured an interview appointment for that day with this Nnewi-born innovator and entrepreneur who has continued to delight Nigerians with his ingenuity before the incident and had arrived Enugu the night before to keep the appointment. So, why wasn’t I welcome? I wondered while sitting facing him.

Looking beyond me with his gaze fixed on a TV screen fitted on the wall directly facing his desk he said, with that faraway look on his eyes “look at those innocent school children; What offence did they commit by going to school?” I was forced to look back to the direction of the noise from the TV if at least to find out what could be the cause of his concern. Right there was a live telecast of the ugly incident of yesterday on CNN news. “Those children could have been my children. I could have sent one of my daughters to that school to study.

What offence did they commit just by going to school? Are they the cause of Nigeria’s problem? Are they part of the policy makers?

Why would anybody hold them responsible for the challenges the country is passing

through? Questions and more questions,” he asked to nobody in particular.

But what can we do? It’s all government fault and responsibility. I chipped in. His response made me shift my blame game position. In an emotion laden voice he interjected, “We can do something. All of us can do something. Kasie, you are a journalist; you can do something. We can all join hands to save these girls and stop future occurrence of this type of attack on our children.”

In fact, with that mood I felt a tinge of

In designing the IVM G12 series we are guided by the urgent need to rescue our remaining daughters who are held captive in harrowing conditions inside the bowels of the notorious Sambisa Forest.

Those vehicles can enter any part of Sambisa Forest no matter how difficult the terrain

regret and guilt for not feeling enough the pulse of the nation at the time for keeping the interview appointment. But I had a duty.

Though the interview eventually held but I must confess I traded cautiously not to irk further his already bad state of mind.

Two years down the line, Dr. Chukwuma has demonstrated that he can indeed do something to end the cankerworm called Boko Haram that has been making life miserable for Nigerians especially those from the North Eastern part of the country. His indigenous auto company, Nnewi-based Innoson Vehicle Manufacturing (IVM) made history again when he delivered some military vehicles to the Chief of Army Staff, Lt. Gen. Tukur Buratai at the tactical headquarters of Operation Lafiya Dole at Maimalari Barracks, Maiduguri, Borno State. His action was in response to the troubling need to address the dearth of equipment that had hindered military operations in their fight to contain the extremists. Recall that the soldiers had once threatened to down tools for inadequate provision of weapons to fight the insurgents.

In a phone conversation, Dr. Chukwuma not only affirmed the cheering news to THISDAY but added that the IVM G12 series wholly designed for military operation has the ruggedness and capacity to penetrate any part of Sambisa Forest without difficulties. “Yes, it is true that we delivered some military vehicles to the Nigerian Army.” To emphasise the singular reason for designing such vehicle he continued, “in designing the IVM G12 series we are

guided by the urgent need to rescue our remaining daughters who are held captive in harrowing conditions inside the bowels of the notorious Sambisa Forest. Those vehicles can enter any part of Sambisa Forest no matter how difficult the terrain.”

Reacting to the development in a telephone conversation, Major Kanayo O. Okafor (rtd), described Innoson’s gesture as a welcome development. In his words “What Innoson did was splendid. I was excited to hear it.

That is what the military needs at this time because the military is stretched because they have been fighting many wars. In the history of Nigeria’s military there is no time they have been so stretched. There are so many theatres of operations that overstretch men and resources especially with the economic recession Nigeria is passing through at this time. Apart from during the civil war, the resources of the military have never been as stretched as they are now. Again, operational zones are far from each other and so they require a lot of resources. So, what Innoson and his team have done is a welcome development and coming from no other person than Dr. Chukwuma himself, a detribalised patrotic Nigerian is not a surprise.”

Described as a highly mobile and tactical pick up van with double reinforced shock absorber, the IVM G12 series was also designed with great strength and ability to cope with military functions especially in our North-east terrain.

It was learnt that Innoson management

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T H I S D AY • MONDAY, DECEMBER 12, 2016

FEATURES

Chief of Army Staff, Lt. Gen. Tukur Buratai (1st right) inspecting the IVM G12 series built by Innoson

One of the miltary pickup vehicles built by Innosson

Dr. Chukwuma (in light blue dress) demonstrating how the IVM G12 series functions

Chief of Army Staff, Lt. Gen. Tukur Buratai, test running the IVM G12 series

Chief of Army Staff, Lt. Gen. Tukur Buratai (left) and Dr. Chukwuma, at the event had prior to the formal presentation, sent sample design of the vehicles to the Army Chief for test running. The military drivers who test ran the vehicles attested to their superb off road performance highly suitable for their military operations across the difficult terrain and dangerous environment they operate from.

Buratai who described Innoson boss in glowing terms, praised his company’s visionary efforts in manufacturing locally made vehicles that can serve the specific needs of the military. He assured him that the military will keep fate with the partnership deal entered with IVM in producing special purpose vehicles for

Chief of Army Staff, Lt. Gen. Tukur Buratai (left) and Dr. Chukwuma, flanked by other military officers. their military operations.

It would be recalled that in order to successfully prosecute the war against insurgents in the North-east geopolitical zone of the country, Innoson Vehicle Manufacturing (IVM) earlier signed a Memorandum of Understanding (MoU) with the Nigerian Air Force for research, development and promotion of spare parts for its fighter jets to sustain joint activities as well as maintenance of the Nigerian Air Force Air Assets and other associated Aerospace Ground Equipment (AGE). Innoson is equally collaborating with the Nigerian Army authority for the manufacture and supply of armored and bullet-proof vehicles.

The latest efforts at equipping the military in the fight against insurgency was no doubt a further demonstration of Chukwuma’s uncommon passion and unshakable commitment to the unity, progress, peace and prosperity of all within the Nigerian nation by consistently researching and developing spares, tools and equipment towards providing the desired support to government in their efforts to end their devastating menace of the notorious Boko Haram insurgency in the North-east of Nigeria; a menace that has brought untold hardship, economic strangulation not just for that region by which has transcended the Northern boundaries to the length and breadth of this country in recent times.

Buratai who described Innoson boss in glowing terms, praised his company’s visionary efforts in manufacturing locally made vehicles that can serve the specific needs of the military. He assured him that the military will keep fate with the partnership deal entered with IVM in producing special purpose vehicles for their military operations

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IMAGES

T H I S D AY • MONDAY, DECEMBER 12 , 2016

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

LL-R;; Head, Corporate Banking RMB Nigeria, Taiwo Shote; Financial Controller, Boulos Group, Claude Macaron; CEO Rand Merchant Bank,Nigeria,,Michael Larbie;; Senior Transactor, Corporate Finance RMB Nigeria, Kemi Owonubi and Group CEO, Boulos Group, Riad Baloukji during RMB Nigeria’s Client Appreciation evening. in Lagos...recently ABIODUN AJALA

L-R; lnitiator, Consumer Rights Awareness Advancement &Advocacsy lnitiative, Moses llgbrude; Guest Speaker/ Group CEO, Jl Holdiings Ltd, Johnson lkube and Diirector, Marketiing, Standard Organisationn of Nigeria, Mrs Cynthiia llfeagwu at the Seminnar nn Consumer Rights Awareness Advanccement & Advcacy llniitiative in Laagos...recently

L-R:Partner, Tax and Regulatory Services, Deloitte West Africa, , Mr. Seye Arowolo; former CEO, Deloitte, Mr. Adeniyi Obe; former Governor of Cross River State, Mr. Donald Duke; Chief Executive Officer, Deloitte West Afria, Mr. Fatai Folarin and Managing Director/CEO, UAC Foods, Mr. Chidi Okoro, at the 2016 annual alumni cocktaIl/ lecture of Deloitte in Lagos.. recently ETOP UKUTT

L-R: Head, Life Retail Division, Leadway Assurance Company Limited, Mr. Obafemi Adebayo; General Manager, Life, Leadway Assurance Company Limited, Mr. Tinashe Muyambo; Leadway Assurance Annuitants, Mrs. Theresa Johnson; Mr. Opeyemi Ogunmilade and Annuity Business Development Manager, Miss. Olufunmilayo Balogun, during the Leadway Assurance end of the year party for its Annuitants at Ikeja, Lagos...recently.

l-R; Business Operations Manager, Olx, Goodluck Ikporo; Brand Marketing Manager, Fife Aiyesimoju, Secretary of the Women Voluntary Organisation,/Founder,, Modupe Cole Memorial Child Care, Rev Adebayo AdeyemiCole; and, Country Manager, OLX, Lola Masha during the courtesy visit by OLX Management team to Modupe Cole Memorial Child Care where the team painted the Vocational section and also donated food items to the Memorial Child Care at Akoka, Yaba....recently

L-R; The Managing Director, Nigerian Bottling Company Limited (NBC), Mr. George Polymenakos; Chairman, Board of Directors, (NBC), Ambassador Segun Apata; and the Regional Director ,Coca-Cola Hellenic bottling company limited, Mr. Zoran Bogdanovic at the company’s 65th Anniversary Cocktail held in Lagos …recently SUNDAY ADIGUN

L-R: Sandtex Brand Manager, Busola Onamusi,, Arc.Muhammad Danmaraya, Sandtex Franchise Partner;Alh. Labaran Halliru, and Sandtex Regional Sales Manager , (North), Remi Adepoju, at the opening of Sandtex Experience Centre ,Gwarzo Road, Kano...recentlly

L-R: Managing Director/CEO, Union Bank Plc, Mr. Emeka Emuwa; Chairman, Mr. Cyril Odu; and Company Secretary, Mr. Somuyiwa Sonubi, at the bank’s Extra Ordinary General meeting in Lagos…re.cently

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

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

Quick Takes Farmcrowdy.com Online Portal Debuts

MERITORIOUS AWARD

L-R: President, Institute of Credit Administration (ICA), Dr. Adetunji Oyebanji; Executive Director, Hertiage Bank/representative of Managing Director, Mr. Jude Monye; and Registrar/Chief Executive Officer, ICA, Prof. Chris Onalo, at the ICA’s Nigeria Credit Industry Awards in Lagos…recently

Proposed BOI Scrapping: NLC, MAN, CIBN, Others Warn of Dire Economic Consequences for Nigeria Chika Amanze-Nwachuku The Nigeria Labour Congress (NLC), an umbrella organisation for trade unions in Nigeria, the Manufacturers Association of Nigeria (MAN), as well as the Chartered Institute of Bankers of Nigeria (CIBN) have warned against the current move by the Senate to scrap the Bank of Industry (BOI).

A bill for an Act to establish the National Development Bank of Nigeria (NDBN) to replace the BOI and other development finance institutions was sponsored by Senator Ibrahim Gobir (APC, Gombe-East).

Specifically, the bill, which has passed second reading at the Senate is seeking the merge of the BoI, the Bank for Commerce and Industry and the National Economic Reconstruction Fund,

ECONOMY to form the NDBN. Gobir had explained that the rights, interest, obligations and liabilities of the three development finance institutions would be assigned to and vested in the new bank (NDBN).

However, at a public hearing organised by the Senate Committee on Banking, Insurance and Other Financial Institutions on the establishment of the NDBN, the NLC kicked against the scrapping of the BOI, citing its immense contribution to Nigeria’s economic growth and stability, particularly the development of small and medium enterprises (SMEs), the main engine of economic growth and development.

A member of national executive council of the NLC,

Comrade Issa Aremu, who spoke on behalf of the Congress, posited that rather than scrap the BOI, an institution with proven record of performance, the bank should be strengthened to perform better. ‘’It is important that we have a bill to strengthen these institutions rather than doing away with them. So from the point of view of labour, when we hear of dissolution of BOI, it is a bit scary and you know there are a lot of frustration in the land, Aremu said.

He said: ‘’I want to bear witness today that BOI has been thinking outside the box to help intolerance of our industries including the small scale industries. I say so because I am also from textile industry which we know is facing a lot of challenges. There was a time in Nigeria in which we used

to be third largest producer of textile in Africa, today we are beaten to it by small countries like Mauritius, Kenya because they are adding value to cotton value chains creating more jobs, but I know that with the effort of BOI, we have been making effort for recovery and talking of thinking outside the box.’’

He recalled that the biggest textile mill possibly in West Africa, UNTL, which is based in Kaduna was closed down in 2007 owing to issues ranging from smuggling, lack of electricity and financing, which was a critical issue. He said there wasn’t long term funding for the industry because the commercial banks believe in short-term lending at multiple interest rate.

Continued on page 24

Report Faults Massive Internet Shutdown in Africa Emma Okonji A first edition report released

by Paradigm Initiative Nigeria (PIN), with focus on digital rights in Africa, titled “Choking The Pipe: How Governments Hurt Internet Freedom On A Continent That Needs More Access”, has blamed various African governments for shutting down the internet in their regions.

The report, which was released at the recently concluded Internet Governance Forum in Guadalajara, Mexico, builds on PIN’s earlier work that profiled each year over the last two years, the status of digital rights in Nigeria, and

ECONOMY features information about the status of digital rights in 30 African countries, including five countries in Central Africa (Cameroon, Chad, Democratic Republic of the Congo, Republic of the Congo and Gabon); seven East African countries (Burundi, Ethiopia, Kenya, Rwanda, South Sudan, Tanzania and Uganda); four countries in North Africa (Algeria, Egypt, Morocco and Tunisia); nine West African countries (Benin, Cote d’Ivoire, Gambia, Ghana, Mali, Mauritania, Niger, Nigeria and Sierra Leone) and five countries in Southern Africa (Angola, Botswana, Mozambique, Zambia

and Zimbabwe).

PIN’s Programme Assistant, in charge of ICT Policy, Tomiwa Ilori, and a Digital Rights in Africa report team member, stated that, “the year 2016 has shaped up to be the year of Internet shutdowns in Africa, with numerous documented cases of shutdowns recorded across the continent. This is in addition to an increasing number of legislations and policies that violate digital rights; and arrests of numerous bloggers, journalists and citizens who exercised their right to freedom of opinion and expression online.”

He added that “a common trend for Internet shutdowns

across the continent has been government orders to private telecommunications and Internet companies to cut off citizens from the Internet, and this shows that private businesses – including global businesses working in countries where they respect citizen rights – still act, in many cases, at the behest of governments across Africa.”

Another member of the PIN Digital Rights in Africa report team, Babatunde Okunoye, said: “2016, however, was not just about African governments’ actions to constrain Internet freedom. It was also very much about how citizens fought back Continued on page 24

Farmcrowdy.com, Nigeria’s first digital agriculture platform, has been launched to offer new ways for Nigerians to participate in agriculture, using online technology.

Speaking at the launch in Lagos recently, the Co-founder and CEO of Farmcrowdy.com, Onyeka Akumah, said by partnering Farmcrowdy to own a minimum farm space, it is now possible for Nigerians across the world to commit an agreed sum to starting and completing a farming cycle. In doing so, the farm partner is able to sponsor a farmer in one farming cycle thereby empowering the farmer, expanding their farm operations, participating in the drive to end food scarcity and making use of 50 million hectares of arable farm land in Nigeria that is currently under-utilised according to the World Bank.

The Farmcrowdy.com platform allows farms partners to sponsor any farm of their choice including maize farms, poultry farms (broiler), cassava farms and tomato farms. The farm partners then gets bi-weekly updates about their farm progress including pictures and videos from the farmers. Also, farm partners can visit their farms if they wish to at any point in time to learn about the farmer they have partnered with and the farm products they are working on.

According to Akumah, the company has acquired over 1,000 hectares of farmland in the South-eestern part of Nigeria especially in Oyo and Ogun states as it launches the initiative.

“Withonefarmerworkingononehectareperseason,thismeansthat we have provided a platform to engage a minimum of 1,000 farmers with Farmcrowdy. Our goal is to secure 10,000 hectares around the eastern parts of Nigeria and the Lakaji Corridor in other to make use of dams and irrigation facilities in these areas,” Akumah said.

Rwand Air to Continue Service in Nigeria

Rwandan national carrier, Rwand Air has reinforced its commitment in Nigeria and said that it would continue to operate from the country despite the present economic challenges, which it considered temporary.

The East African airline said instead of contemplating withdrawing its services from the region’s most populous country, it is rather consolidating on growing its frequency in Nigeria that has remained a veritable market for the airline.

The assurance was given at the weekend by the management of the airline in its headquarters in Kigali, thus denouncing insinuations that the airline may be withdrawing services to Nigeria.

The airline said such reports are a misrepresentation of the facts on ground concerning its operations in Nigeria.

“RwandAir has no intention of withdrawing its operations to and from Nigeria; rather, it has all intentions of growing in frequency and capacity in this market that it has been serving for the past five years.

Emirates Introduces New Menu for Yuletide

Emirates Airlines has introduced special Christmas menu across cabin classes The Middle East airline announced at the weekend that it has ramped up its product offering both on board and on the ground for a superior travel experience.

The airline disclosed that the special menu would be in addition to the wide variety of cuisine available on board and features holiday favourites such as roasted TURKEY and Yule log cakes, adding that he festive offering reflects Emirates’ commitment to providing regional and seasonal menus using fresh ingredients of the highest quality across its network.

These Christmas meals are available for customers travelling from Dubai to Australia, Europe, the United States or the United Kingdom and will be served throughout December.

Customers travelling in Economy Class can enjoy Rolled turkey buffé served with cranberry jus lié, mashed potatoes, chicken sausage and seasonal vegetables. For desserts, customers will be served Festive Chocolate Pudding with spiced ginger custard.

Those travelling in First and Business Class would start with a poached king prawns with Marie Rose sauce and fennel with lemon and herbs and enjoy a main course of rolled turkey buffé served with chestnut stuffing, cranberry jus lié, pumpkin mash and brussels sprouts with turkey rashers and cream.

“If BOI were not a wellmanaged institution, Dangote wouldn’t have gone into partnership with it to establish a N10bn MSME Fund. ” Acting Managing Director of BOI,,

Waheed Olagunju

24

T H I S D AY • MONDAY, DECEMBER 12, 2016

BUSINESSWORLD PROPOSED BOI SCRAPPING: NLC, MAN, CIBN, OTHERS WARN OF DIRE ECONOMIC CONSEQUENCES FOR NIGERIA

According to him, the BOI in conjunction with UNIDO United Nations Industrial Development Organisation worked out a long time financing for the industry.

He said: ‘’It was initially N100billion and the attraction of this fund was that it was single digit interest rate 5-6% and long-term repayment.

On account of this financial intervention, UNTL came back in 2010 and with direct jobs of about 1,500 jobs, it’s still in existence today.

CONTINUED ON PAGE 30

REPORT FAULTS MASSIVE INTERNET SHUTDOWN IN AFRICA

and stood up to defend their rights. In response to the spate of Internet surveillance and shutdowns across the continent, citizens across African countries increasingly took up the use of circumvention tools and led efforts that challenged the action of their governments.”

He further stated that Internet shutdowns and violations by the governments across Africa turned out to be the source of enduring power for African citizens to mobilise in order to defend their rights. The evidence, from observing the incidents of Internet shutdowns and violations across the continent, suggests that governments got away with encroaching on rights only to the extent citizens allowed them to do so.

Oluwaseun Ajayi, a Google Policy Fellow resident at PIN and member of the Digital Rights in Africa report team, stated that: “This report, which focuses on the year 2016, recognises the importance of citizen vigilance and lawful action against the constraining of Internet freedom across the continent and gives a brief account of the legislative and policy environment around Internet freedom, highlights incidents around breached Internet Freedom, and provides information about the telecommunications space in Africa.”

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

How FG, CBN Policies Cripple Activities at Nation’s Ports Eromosele Abiodun The recent hike in the import duties of vehicles and rice as well as the introduction of a fish quota system by the administration of former President Goodluck Jonathan are taking a toll on activities at the nation’s ports, THISDAY investigation has revealed.

Also, the restriction of 41 items from accessing the official foreign exchange window by the Central Bank of Nigeria (CBN) is said to have scaled down activities at the nation’s sea ports.

Indications that Nigeria was on a journey to recession came early this year when the National Bureau of Statistics (NBS) announced that the country recorded a decline of N793.5bn in the first quarter merchandise trade to close at N2.72trillion from N3.51trillion in the fourth quarter of 2015, the first time in the last seven years.

The bureau had attributed the decline in the first quarter activity to a sharp drop in both import and export trade.

Recent data from the Nigerian Ports Authority (NPA) on activities at the ports showed that 341 vessels entered Nigeria in September 2016, the lowest in nine months and a fall from 400 recorded in August 2016.

According to the NPA, cargo throughput dropped from 6.3 million metric tonnes in January this year to 5.6 million in September, which is also the lowest in the year.

The statistics also showed that a total of 3,347 oceangoing vessels have called Nigeria so far this year, estimated at about 100,152,274 metric tons. The breakdown showed that the Lagos Port Complex

Apapa received 318 vessels in the third quarter as against 301 in the second quarter. Tin Can Island Ports received 406 vessels in third quarter, against 368 in the last quarter; Rivers Ports, 80 ships against 84 in the previous quarter; Onne received 152 vessels against 163; Calabar Port, 51 against 52; while Delta Port received 132 against 109.

Consequently, the industry has lost no fewer than 5,000 jobs and over N30billion revenue in the space of one year.

Industry experts who spoke to THISDAY blamed the drop in cargo volume and huge loss of revenue by port and terminal operators on the ’’anti-trade policies of the federal government.’’

These policies, they stated, have also made the country unattractive to investors.

The National President, National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Mr. Lucky Amiwero said the current hike in import duty on vehicles in 2014/2015 from 10 per cent to 35 per cent with an additional surcharge of 35 per cent, bringing the total tariff to 70 per cent, has negatively impacted operations at the port and led to massive revenue and job loss.

He said the arbitrary import duty hike led to the diversion of vessels carrying vehicles to the ports of neighbouring West African, thereby boosting operations in those ports – especially

the Port of Cotonou – at the expense of Nigerian ports.

The development, he added, has also negatively affected the operations of dockworkers, licensed Customs agents, freight forwarders, truckers and others.

THISDAY investigations showed that break bulk terminals at the ports are struggling to pay their bills and meet their financial obligations to the NPA due to the plethora of banned products and the hike on import duties on others.

For instance, the hike in import duty on rice, the restriction imposed on the importation of fish and on cement are all taking a huge toll on the income of the break bulk terminals as their revenue has dipped by over

60 per cent. The imposition of 100 per cent import duty on rice and an additional 10 per cent levy have had the most debilitating effect on the break bulk terminals as handling of rice cargo accounts for more than half of their revenue.

Director, Research and Advocacy, Lagos Chamber of Commerce and Industry (LCCI), Vincent Nwani, said, “There must be an urgent review of the CBN’s policy on the restriction of access to foreign exchange placed on 41 items, as about 16 of the total items in the list, serve as critical raw materials for intermediate goods produced in Nigeria, especially as the country lacks the capacity for optimal production of the items.”

WOMEN OF SUBSTANCE

L-R: : Financial Treasurer and Member, Board of Trustees, Mrs. IduOkwuosa; Ex- officio and Member, Board of Trustees, Mrs. Theresa Odogwu; Past National President and Member, Board of Trustees, Mrs. Anthonia Obi-Ezeani; Chairperson, Board of Trustees, Chief (Mrs.) Carol Ufere; President, QRC Alumnae Association, Mrs. Chizor Malize at a press conference organised recently by the Queen of the Rosary College (QRC), Onitsha Alumnae Association towards the institution’s 75th Anniversary...recently

NAICOM Introduces New Insurance Product Distribution Channels

STACO Insurance Paid N1.445bn Claims in Third Quarter

Stories by Ebere Nwoji

STACO Insurance plc, said it paid a total of N1.445 billion clams in third quarter, 2016.

This showed 9.1 percent increase in the quantum of claims paid by the company in the same period in 2015.

Disclosing this in a statement obtained by THISDAY, the Corporate Affairs Manager of STACO Insurance, Dr. Tunde Odeyemi, said the above figure represented 9.1percent increase in claims paid by the company during the year under review, compared with the corresponding period of 2015 during which the sum of N1.324billion was paid as claims.

“The 2016 claims figure showed that N596.55 million was paid on Fire business as against N436.38 million paid in 2015, this is the class of business with the highest claims paid, said Odeyemi.

He gave further break down of the claims paid by the company during the year, saying next to fire insurance in the quantum of claims paid was General Accident class of business, where the sum of N389.96 million was paid on claims as at the third quarter

The insurance industry regulatory authority, the National Insurance Commission ( NAICOM) has introduced new channels of distribution for the industry.

This is coming barely four months after the commission banned the use of alternative distribution channels in the sale of insurance products.

Prior to the ban, insurance industry operators, in addition to the use of insurance brokers as traditional distribution channels, have been partnering the banks through Bancassurance, and mobile telephone network operators in the sale of their products.

But the commission, at the weekend, announced that it has created new distribution agencies tagged: “Referral Partners/Agents” for distribution of insurance products in the country.

According to the commission, the channels will see the commssion integrating and involving many organisations to be partners/agents of insurance companies in the distribution

of insurance products across the country.

“To this end, the commission has created new distribution agencies to be known as “Referral Partners/Agents”.

These channels will entail integrating and involving many organisations to be partners/ agents of insurance companies in the distribution of insurance products across the country”, said the commission.

In a statement made available to THSDAY, Head, Corporate Affairs of NAICOM, Rasaaq Salami, said the initiative is expected to create opportunities for individuals and regulated corporate entities to play a vital role in the insurance distribution chain to access and reach the largely underserved majority of the Nigerian population without being exposed to any liability.

According to him, the draft guidelines to ensure seamless operation of the initiative are ready for exposure after which it will be issued as an operational guideline.

He said the commission will meet with relevant regulatory agencies and professional

bodies to discuss the modus operandi and benefits inherent in the new initiative.

Speaking on the need for the new channels ,salami said: “Inadequate insurance distribution channels has been roundly identified as one of the major challenges of deepening insurance penetration in the country and the commission believes that expanding the channels of distribution will go a long way in bridging the gap of insurance awareness and penetration in Nigeria.”

He said when implemented, the new initiative will not only achieve the desired increase in insurance penetration, but would contribute to the federal government’s drive to create employment and wealth in the economy.

NAICOM had few months ago suspended all financial activities concerning bancassurance and use of channel partners in insurance product distribution by insurance operators insisting that henceforth every insurance product distribution channel must be licenced by the commission.

of the year, while total claims of N197.32 million and N119.83 million were paid on Marine and bond respectively.

He further said the sum of N82.70million and N46.10 million were paid on Oil and Gas business and Motor business respectively amongst other claims.

Odeyemi, assured the company’s customers of its commitment to prompt payment of claims.

The Head, Finance and Accounts of the Company Mr. Jaiye Fatungase stated that the company’s strength lies with its passion for high standards and prompt settlement of claims.

He said STACO Insurance, within the period under review, successfully increased its shareholders fund to N3.626 billion as against N3.409 billion reported in the corresponding period of last year, Fatungase, said, adding, STACO Insurance will continue to grow its shareholders fund to enable it play bigger in the insurance industry and particularly in the Oil and Energy sector of the economy.

25

T H I S D AY • MONDAY, DECEMBER 12, 2016

BUSINESSWORLD

MARKET REPORT

Equities Market Sustains Positive Momentum on Bargain Hunting Goddy Egene and Nosa Alekhuogie

The most actively traded sectors were: Financial Services (119.8 million shares), Consumer Goods (22.81 million shares) and Conglomerates (12.6 million shares), while the three most actively traded stocks were: Diamond Bank (80.27 million shares), International Breweries (16.46 million shares) and Transcorp (11.4 million shares).

The equity market maintained its positive momentum on Friday as the NSE ASI rising by 0.31 per cent to close at 25,817.69 points due to appreciation in the in the share prices of Forte Oil, ETI, UBA, Nigerian Breweries and GTBank.

The Nigerian equities market last week sustained the positive momentum to close higher for the second consecutive week. After six weeks of negative trend, the market rebounded the previous week, rising by 1.61 per cent on renewed demand for oil/gas and banking stocks.

The market maintained an upward swing for the second week as most investors took positions in undervalued and fairly priced stocks, after the selloffs experienced in November. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (NSE) ASI closed 0.30 per cent higher at 25,817.69, while market capitalisation ended at N8.883 trillion.

Apart from Tuesday that market was controlled by the bears, leading to a decline of 0.28 per cent, the market was green during the remaining four days. The market gained marginally on Monday (0.01 per cent), but finished stronger with gains of 0.25 per cent and 0.31 per cent on Thursday and Friday respectively.

Also, majority of the sector indices finished higher than their opening level, except the NSE Consumer Index which fell by 0.78 per cent and NSE Industrial Goods Index, which shed 3.33 per cent.

The NSE Oil & Gas Index led the gainers with 7.74 per cent. The NSE Banking Index followed with a gain of 0.51 per cent, while the NSE Insurance Index rose by 0.44 per cent.

Daily Market Performance Summary The market opened on a positive note, though marginally as the NSE ASI rose by 0.01 per cent to close at 25,743.03 .The appreciation recorded in the share prices of Forte Oil, Total Nigeria, Oando, Transcorp and Zenith Bank were responsible for that day. The total value of stocks traded on the first day was N3.14 billion, up by 133.14 per cent from N1.35 billion recorded the previous Friday, while the total volume of stocks traded was 175.05 million in 3,048 deals. The marginal growth in the index indicated that profit taking was imminent.

Performance across sectors was mixed as two indices appreciated while three declined. The NSE Oil & Gas Index led the sector gainers, improving 3.6 per cent on account of gains in Total(+10.1 per cent) and Forte (+10.2 per cent) while the NSE Consumer Goods Index went up by 0.05 per cent due to positive sentiment toward Nigerian Breweries (+1.4 per cent).

Conversely, the NSE Industrial Goods Index depreciated by 1.5 per cent to lead the losers following sell-offs in Lafarge Africa Plc (-4.2 per cent). The NSE Insurance and Banking indices followed with decline of 1.2 per cent and 0.5 per cent in that order.

After four days of positive performance, profit taking set in on Tuesday, pulling the NSE ASI down by 0.28 per cent to close at 25,671.23.

Similarly, market capitalisation went down by same margin to be at N N8.83 trillion. Losses in Guinness Nigeria (-5.0 per cent), Dangote Cement (-1.5 per cent) and Nestle Nigeria (-1.2 per cent) influenced the negative performance.

However, the oil stocks defied the

bears, closing higher. Consequently, the NSE Oil & Gas Index appreciated by 2.8 per cent due to sustained interest in Total (+10.2 per cent) and Forte Oil (+10.2 per cent). Similarly, the NSE Banking Index closed positively, rising by 0.1 per cent.

On the contrary, persistent sell offs in Guinness (-5.0 per cent) and Nestle (-1.2 per cent) dragged the NSE Consumer Goods Index 0.8 per cent southwards. Also, the NSE Industrial Goods Index fell 0.6 per cent on the back of price depreciation in Dangote Cement (-1.5 per cent). The total value of stocks traded stood at N2.49 billion, invested in 189.41 million shares.

The bulls returned on Wednesday to reverse the negative trend of the previous day. Specifically, the NSE ASI went up by 0.01 per cent to close at 25, 673.80 points, while the market capitalisation added N2.6 billion to close at N8.8 trillion. Price appreciation in Forte Oil (+10.2 per cent), Guinness (+3.1 per cent) and Nestle (+0.6 per cent) lifted the market into the green zone.

Activity level was mixed as volume traded rose 35.0 per cent to 255.7 million units while value traded slid 16.6 per cent to N2.1 billion respectively.

Sectorally, the NSE Oil & Gas sustained the lead with a gain of 0.6 per cent on gains by Forte Oil Plc. The NSE Insurance Index rose by 0.5 per cent, just as the NSE Banking Index rose marginally by 0.01 per cent.

Conversely, the NSE Consumer Goods Index fell 0.4 per cent on account of sell pressure on Nigerian

Breweries (-1.0 per cent) while the NSE Industrial Goods Index closed flat.

The market remained in the green territory on Thursday as investors took position in bellwether stocks trading at attractive prices. As a result, NSE ASI grew 0.25 per cent to

TOP TEN BROKERS(BY VALUE)

25,739.18. In the same vein, market capitalsiation added N22.5 billion to close at N8.69 trillion, following gains recorded by Mobil, Forte Oil, Oando, GTBank and FBN Holdings.

Investors traded 165.99 million shares valued at N1.27 billion, down by 38.8 from N2.08 billion the previous day.

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

4,775,626,826.07

22.46

RENCAP SECURITIES (NIG) LIMITED

4,095,732,636.54

19.26

EFCPLIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD

1,701,425,692.71 1,219,788,207.99

8.00 5.74

SIGMASECURITIESLIMITED

1,190,197,796.88

5.60

LAMBETH TRUST & INVESTMENT CO. LTD

738,299,191.81

3.47

FBN SECURITIES LIMITED

637,100,673.07

3.00

FUNDVINE CAPITAL & SECURITIES LIMITED

620,654,449.91

2.92

A.R.MSECURITIESLIMITED-BRD

604,722,114.08

2.84

CSL STOCKBROKERS LIMITED

424,399,704.45 16,007,947,293.51

2.00 75.28

TOP TEN BROKERS

(BY VOLUME)

BROKER STANBIC IBTC STOCKBROKERS LIMITED

AS LAST FRIDAY VOLUME

%VOLUME

213,103,664

11.91

211,543,473

11.82

RENCAP SECURITIES (NIG) LIMITED

119,059,547

6.65

CARDINALSTONE SECURITIES LIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD

114,020,083 112,366,063

6.37 6.28

GREENWICH TRUST LIMITED -BRD

A.R.MSECURITIESLIMITED-BRD

67,341,630

3.76

DUNN LOREN MERRIFIELD LIMITED

55,056,233

3.08

EFCP LIMITED

51,217,227

2.86

APEL ASSET LIMITED - BRD

50,969,145

2.85

MORGAN CAPITAL SECURITIES LIMITED

43,210,160

2.41

1,037,887,225

58.00

Market turnover Meanwhile, market turnover stood at 894.759 million shares worth N10.629 billion traded in 13,418 deals compared with 2.479 billion shares valued at N9.988 billion that exchanged hands in 12,059 deals the previous week.

The Financial Services Industry led the activity chart with 695.612 million shares valued at N2.542 billion traded in 6,978 deals. With this performance, the sector contributed 77.74 per cent and 23.92 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 71.988 million shares worth N5.956 billion in 2,362 deals. The third place was occupied by the Conglomerates Industry with a turnover of 56.868 million shares worth N112.727 million in 717 deals.

During the review week, investors traded 2,850 units of Exchange Traded Products (ETPs) valued at N355,162.85 executed in 21 deals, compared with a total of 2,340 units valued at N39,848.85 transacted last week in 15 deals the previous week.

However, like the previous week, there was no bond traded last week.

Gainers and losers The price movement chart showed that 27 equities appreciated in price last week same number of the stocks that appreciated the previous week.

However, 36 equities depreciated as against 32 stocks that declined the previous week, while 112 equities remained unchanged lower than the 116 equities recorded in the preceding week.

Forte Oil led the price gainers with 62.8 per cent, trailed by Portland Paints and Products Nigeria Plc with 26.5 per cent. Transcorp Plc chalked up 19 per cent, while FBN Holdings Plc garnered 10.7 per cent.

Total Nigeria Plc, Fidelity Bank Plc and Livestock Feeds Plc went up by 10.1 per cent, 8.8 per cent and 8.3 per cent in that order. Other top price gainers are: Honeywell Flour Mills Plc (8.1 per cent); African Prudential Registrars Plc( 7.4 per cent); and N.E.M Insurance Plc (5.4 per cent).

On the contrary, Guinness Nigeria Plc led the price losers with 12.4 per cent, trailed by Neimeth International Pharmaceuticals Plc, Avon Crowncaps Plc and Lafarge Africa Plc with 9.1 per cent respectively. UACN Property Development Company Plc went down by 8.7 per cent, while Vitafoam Nigeria Plc and Diamond Bank Plc declined by 8.7 per cent and 7.6 per cent respectively. Wema Bank Plc, Stanbic IBTC Holdings Plc and Unilever Nigeria Plc shed 7.0 per cent, 6.6 per cent and 6.2 per cent in that order.

26

T H I S D AY • MONDAY, DECEMBER 12, 2016

BUSINESSWORLD

INSIDE BROAD STREET STATUS REPORT

Strong Financial System Vital in Promoting Economic Growth, Says Heritage Bank CEO Obinna Chima

A view of Lagos financial district

AKINWUNMI IBRAHIM

Overnight Lending Rate Falls Sharply on Cash Inflow Obinna Chima The overnight tenor of the Nigerian Interbank Offered Rates (NIBOR) dropped sharply to an average of 3.9 per cent on Friday from 10 per cent a week ago following an injection of naira liquidity into the banking system.

A total of N454 billion in debt refund to state governments and matured treasury bills entered the system last week, raising liquidity and pushing down borrowing cost among lenders Reuters disclosed.

Traders said the central bank sold around N115.68 billion worth of open market operations treasury bills between Wednesday and Thursday, but the market remained sufficiently liquid to keep rates at below double digits.

In the same vein, last week the central bank paid owed monies to state governments, which improved liquidity as did N49 billion distributed from Nigeria’s oil savings excess crude account.

Meanwhile, analysts at Afrinvest West Africa Limited have pointed out that considering the relatively high liquidity level in the system, sentiment in the Treasury Bills (TB) market was largely bullish all through the week as investors took advantage of the attractive yield environment.

Buy interest was noticed across all tenors but with more interest in shorter tenured bills while average TB yield stood at 19.2 per cent on Tuesday and declined to 18.8 per cent on Wednesday. Following a spike in liquidity on Thursday, buy sentiment on TB strengthened further as average yield further declined to 17.8 per cent on Friday.

“All through the week, investors’ interest remained centered on shorter tenored T-bills and this is expected to continue in the coming

MARKET INDICATOR week, especially given the current system liquidity and closure of T-bills primary market for the year,” Afrinvest stated.

Lending rates could trade flat this week, traders said, as firms and banks close activities for the end of the year.

Bond Market Review Activity level in the bond market remained soft during the week as investors continued to favour shorter tenored instruments (T-bills) which currently offer attractive yields.

Nevertheless, performance of the bonds market was positive as average yield pared week-on-week across benchmark instruments to settle at 15.8 per cent on Friday.

Similarly, the FGN Eurobonds enjoyed buying interest during the week as average yield across all instruments declined from 6.4 per cent on Tuesday to close the week at 6.3 per cent with the JAN 2021 instrument being the pest performer. Performance of the Corporate Eurobonds was equally bullish as ACCESS 2017 and FIDELITY 2018 instruments fell 0.2% and 1.3% week-on-week respectively.

In the coming week, the DMO will conduct its last Bond auction for the year 2016. The instruments on offer are: JUL 2021 (N30 - 40bn on offer), JAN 2026 (N20 - N30bn on offer) and MAR 2036 (N30bn - 40bn on offer). “ In our view, the trend witnessed in the previous three consecutive bond auctions in which instruments were under allotted on account of higher range of bids will likely persist at the December auction. November 2016 Inflation report due for release this week will drive sentiment. Investors will be looking

to see the pace of month-on-month Consumer Price Index (CPI) growth in setting trading strategy for next year. We project a flattish month-on-month movement but still expect Inflation rate to accelerate on year-on-year basis due to low base effect,” Afrinvest added.

Forex Review and Outlook There was no new development in the foreign exchange market last week as the CBN maintained its daily $1.5 million intervention at a pegged rate of N305/$. Thus, the interbank spot rate was flat at N305/$ Liquidity however remained a bottleneck to performance of the FX market with spread between interbank and parallel rates ranging from N180/$ to N170/$.

Meanwhile, the parallel market remained volatile with exchange rate on the street opening at N484/$ (relative to N482/$ the preceding Friday), but depreciated to N485/$

by Friday.

Amid sustained concerns by investors about the direction of foreign exchange policy and the absence of decisive policy actions to restore confidence in the Nigerian economy, a former deputy governor of the CBN, Mr. Kingsley Moghalu noted in an article published

by Financial Times during the week that restoring transparency in the market and a phased approach to structural reforms are key priorities for the central bank and other economic managers.

At the FMDQ OTC derivatives market, the value of FX futures opened contract increased by $73.2 million to $3.8billion from $3.7billion in the previous week. Strong interests were observed in the NGUS JUN 2017, NGUS JUL 2017 and NGUS AUG 2017 contracts which traded at N276/$, N272/$ and N269/$.

The Managing Director/Chief Executive Officer of Heritage Bank Plc, Mr. Ifie Sekibo stressed that a strong financial system plays vital roles in financing economic projects and activities that can promote economic growth and development.

The bank CEO also pointed out that efficient provisioning of credit has a positive effect on output and employment opportunities while a low level of financial development and its attendant inefficient private sector credit system distorts economic growth.

Sekibo said this in a speech he presented on the occasion of the Institute of Credit Administration’s (ICA) award held in Lagos recently. To this end, he noted the banking sector, of which Heritage Bank is part of, helps to make credit available by mobilising surplus funds and channelling such funds in form of credit to investors who have brilliant ideas on how to create additional wealth in the economy but lack necessary capital to execute the ideas.

He stressed that the present challenges being faced by the economy comes with opportunities for investment in various segments of the economy.

According to Sekibo, Heritage Bank combines the age long wisdom of traditional banking conservatism with innovative technology, partnership and market intelligence to drive its business.

“Heritage Bank currently serves its customers through our over 160 bank branches which we call ‘Experience Centres’ all over Nigeria.

The bank is structured to cater to the needs of customers across various segments and these are served by our business groups.

“We also utilise various strategic alliances and partnerships with international institutions all over the world to ensure that we provide financial services to all our customers. Our recently concluded business combination with the erstwhile Enterprise Bank Limited has further expanded our franchise and provided an opportunity to reach more customers with the Heritage Brand,” he said.

Furthermore, he noted that the Nigerian corporate market consists of large locally and foreign owned/multinational companies with well-defined organisational structures and turnover over above the MSME threshold of N500 million in assets. These corporate organizations cut across various sectors of the economy raging from Telecommunications, Oil and Gas, Transportation, Manufacturing, Fast Moving Consumer Goods (FMCG), Real Estate and Construction. Corporate entities usually have a range of financing needs such as treasury services, investment banking and advisory services, credit financing and international trade services. These are sophisticated operators which require sound and up to date financial solutions to meet their needs locally and internationally.

The operations of this segment of Nigeria’s economy constitutes a large portion of credit requirements from the banking sector and continues to remain a key contributor to policy formulation and various economic round tables across the country, he said.

“The scarcity of foreign exchange currency has dwindled import businesses in the country.

This has made most importers delve into export.

According to economists, export business is one of the ways to get out of the current economic situation of the country.

“The bank has also identified opportunity in this space which is as a result of the intervention fund of up to N500 billion that has been provided by the government through the Nigerian Export Import Bank (Nexim). This fund is solely for export related businesses. The scheme gives room for start-ups and existing businesses to participate in the export business,” Sekibo explained.

T H I S D AY MONDAY DECEMBER 12, 2016

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ANALYSIS

Automobile Import Ban through Land Borders: Threat or Trophy?

The recent announcement on the ban on importation of vehicles through land borders may have been music to the ears of a segment of the automobile sector, but auto dealers say it has no benefit in the long term for government and the common man. Crusoe Osagie and Eromosele Abiodun report

On Monday, December 5, the federal government announced the prohibition of importation of vehicles, new and used, through land borders.

This was contained in a statement issued by the Nigeria Customs Service (NCS) Public Relations Officer, Mr. Wale Adeniyi.

The statement said there was a presidential directive restricting all vehicle imports to Nigerian Sea Ports only and the order would take effect from January 1, 2017.

According to Adeniyi, “The restriction on importation of vehicles follows that of Rice, whose imports have been banned through the land borders since April 2016. Importers of vehicles through the land borders are requested to utilise the grace period up till December 31, 2016 to clear their vehicle imports landed in neighbouring ports.”

The government may have, with this restriction, acceded to one of the requests made by Nigerian Automotive Manufacturers Association (NAMA) to ease their operations.

The Chairman of NAMA, Mr. Tokunbo Aromolaran, had last week stated that manufacturing has been tough in this environment for the reason that specific attention has not been paid to, “Our own peculiarities. All the people that we compete against operate in an environment that makes it easy for them to access the things they need to put together to add value to their various environment, but here, you have to build your own power station, roads, water system, coming through the port is a hell, inflation affects us too, at 21 per cent, and when you put all these together, the cost of production is naturally higher.”

Aromolaran, who is the Managing Director of VON Automobiles Limited, said if the government wants to encourage the auto sector then, “there should be preferential policies to ensure that people, who are getting Nigerians employed and assisting to put food on the table in millions of homes, should be encouraged to grow and grow faster. When they get past that threshold, then they can compete with anybody. Now, we are not able to compete and that is why it is easier to import. For those who prefer to import, it is easy business. Nigerians are suffering; we are seeing people working in other countries while our own people are walking in the streets.”

He said if not that VON was strong enough; they would have been down-sizing by now because, “there is no business. But we have taken a stance that we will keep our workers because we have spent millions training them and it does not make sense to invest in people and let them go.”

He added: “Right now, we are bleeding. That is why working in manufacturing in this country right now is not the best situation you can have.

We are hoping that government looks at the policy again that surrounds manufacturing, let’s have some preferential interest rates, let’s look at the foreign exchange allocation to allocate to sectors that generate something back for the country.

We spend a lot of money paying for invisibles, most of our dollars pay for things nobody sees, and if they are not there we wouldn’t miss a thing. But there are those things that add value to us and if we can look at our policies again and redirect them, Nigeria will be better for it.”

Aromolaran noted that the preferential duties

given to auto manufacturers through the Auto Policy should be improved upon, explaining that, “for those of us who assemble either from completely knock down or semi knock down, government, through the Auto Policy, has put in place preferential duties; it was part of the suggestions we made to encourage local production. That has helped so far, but we need to carry it further, the reason being that if we don’t achieve the volumes, then what we want in terms of lower prices will not manifest and what we are hoping is that Nigerians would be channelled towards buying locally produced cars, which means less of cars that have been used by other people for 10-15 or more years abroad; we are not second-class people; Nigerians are proud, hardworking people; they should have the opportunity to also buy brand new cars when they have worked hard in their lives.”

He said: “If the policy can be made wholesome, there is no need having a duty rebate alone, they must give us a wholesome environment where we can thrive, then the government will enjoy the benefit of it.”

Dealer Knock Policy However, major car dealers in both new and used vehicles who did not want their names mentioned for fear of backlash from government knocked the policy saying that it will have devastating impact on ordinary Nigerians and the economy.

They said the policy will have the most impact on used cars, the segment of the market where most Nigerians operate.

According to the dealers, the decision is not

good for the sector and will make it difficult for Nigerians to own cars.

“The policy is the product of poor thinking.

How can a government crush the biggest segment of a sector?

“They are taking these decisions without even consulting the real stakeholders and operators of the sector. Instead they are using consultants and professors from the universities to make decision on a sector they know only a little about.

“Also, government is thinking only about revenues and they are mortgaging economic growth,” they said.

The dealers also noted that the decision was also taken in the interest of a small segment of the auto industry claim to be auto manufacturers but in fact are not manufacturing any cars in Nigeria.

“Only Innoson is doing some level of automobile manufacturing in Nigeria. All the others are at best just fixing lights, bumpers and trunk and they call it manufacturing.

“Ask any of these so called auto manufacturers to show you their assembly lines and you will see that they are adding zero value. For one Korean auto dealer if you investigate them, you will see that their vehichle service area is much larger than their so called auto assembly plant.

“To have a modest auto assembly plant you need nearly a billion dollars investment, which none of them can afford to make in the country at the moment.

Customs Take a Stand Speaking on the plans put in place to enforce CONTINUED ON NEXT PAGE

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BUSINESSWORLD

ANALYSIS

AUTOMOBILE IMPORT BAN THROUGH LAND BORDERS: THREAT OR TROPHY? the policy, The Public Relations Officer, Nigerian Customs Service (NCS), Seme Command, Taupyem Sechang said: “We are increasing our intelligence and surveillance capability. With better coordinated intelligence, enforcement is easier.

We are leaving no stone unturned including checking the ECOWAS Trade Liberalisation Scheme (ETLS) to ensure goods manufactured outside the sub regional bloc are not smuggled under the scheme’s cover.”

On the plan to stop smuggling, he said: “Under our new Comptroller we have evolved an unrelenting round the clock anti smuggling approach. We are doing it successfully on the ban on rice. Automobiles will not be different.

Seme is now the most difficult place to smuggle.

Perpetrators are seeking alternative routes in other borders and they are not finding it easy.

We hope to deploy more officers strategically and we have started with the yuletide approaching.

“The Customs Area Commander (CAC) insists on uncompromising discharge of all directives from our Comptroller General (CGC) and the government. Enforcing ban on motor vehicles import through the borders will not be different here in Seme border. Why are we here? Part of our function is to fight smuggling. Smugglers are risk takers and they should expect massive seizures and arrests if they dare our resolve.

Enforcement is one of our key functions here.

Our preventive anti-smuggling drive is causing economic havoc in a neighboring country.”

He also stated that the policy will not impact negatively on customs revenue given the experience from the ban on importation of rice through the land borders.

Furthermore, he said: “When a ban was placed on rice importation through the border, everyone thought revenue will drop drastically. The CAC and his team deployed tact and intelligence in blocking all possible areas of revenue leakage. In November we surpassed our target by ensuring collection of all revenue due to government. We facilitate legitimate trade without compromising national security. Volume of trade in Seme is higher than that of any other border and we will continually maximise duty collection. Whatever revenue target the government sets for us in 2017, we will pursue it as achievable feat.”

He also warned that anybody shipping Nigerian bound car from Benin Republic is taking a serious economic risk stressing that, “more than ever before, we are set for more sustained enforcement.”

Tough Times for Importers Meanwhile, while the federal government’s decision may have gladden the hearts of members of NAMA and ship owners, some importers who have relied on the Benin Republic borders to bring vehicles into the country are not happy.

Some importers who spoke to THISDAY want the decision rescinded because of the economic situation in the country at the moment. An importer, Eze Chukwuyem, posited that the policy is coming at the wrong time, “stressing, this is the worst Christmas present one can ever have.

After spending money in the festive period what can we do in January when the policy will take effect?” Another importer, Friday Aigbiremolen who sells used cars at Berger urged the federal government to have a rethink because enough vehicles are not being manufactured locally to fill the gap for the imported ones when the policy takes effect.

According to him, “How many vehicles are being manufactured locally? All they do here is assemble cars, again how many Nigerians can afford brand new cars with their salaries and the economic situation in the country. You cannot just wake up and say all cars must come into the country through the seaport. Most Nigerians can only afford cars brought into the country through land borders because they are cheaper.”

Benin Republic Groans It is not just Nigerian importers and smugglers that will feel the pinch, the federal government policy banning vehicle importation into Nigeria through land borders will further tighten the Benin Republic economy already groaning due to similar ban on rice importation.

THISDAY had exclusively reported recently that rice worth over $3 billion destined for the Nigerian markets are stuck in various warehouses in Benin Republic due to federal government refusal to allow its importation through land borders and fierce customs anti smuggling drive.

TOP 10 CAR BRANDS IN NIGERIA

1

2

3

4

5

1 TOYOTA:

Toyota is the most famous and most loved brand in Nigeria with models like the Camry, Corolla, Land Cruiser and much more.

BMW:

2 HONDA:

With a variety of models like the Accord, Civic, Pilot and many more, Honda has secured a lasting presence in the Nigerian auto market.

The Bayerische Motoren Werke which means Bavarian Motor Works in English , is another brand known for its durability in Nigeria.

Howevder, owning one is a pocket pincher especially when it needs a part replaced.

3 KIA:

Founded in South Korea, KIA is one of the fastest rising brands in Nigeria.

6

7

8

9

10

The annual routine of importing rice into the neighbouring country from July to December to make massive sales in Nigeria during yuletide has hit a brick wall this year as Controller General of Customs, Col. Hameed Ali (RTD.) has insisted that his men tighten the frontiers.

From January most of the cars landing in the Cotonou Port meant for Nigerian use will also be stuck.

THISDAY checks revealed that Seme Customs is set to deploy officers in the vehicle seat unit into full anti smuggling and legitimate trade facilitation functions.

There are fears in Cotonou that by January over 7000 unit of cars will be in the popular car markets.

Seme Border as Transit Point Nigeria shares major border frontiers with Benin Republic at Seme Border (Lagos), Idiroko (Ogun), Shaki (Oyo), Chikanda (Kwara) and other smaller openings. Prominent among them is Seme, where the highest volume of trade and largest smuggling opportunity exists because of its easier access to Lagos, Nigeria’s commercial capital city.

Seme Border, which hitherto was a major transit point for foreign rice importation and smuggling also became a no go area for the commodity as almost daily seizures of 50kg bags of it have taken a good portion of the government warehouse .

A recent visit to Benin reveals that most of the warehouses where the bagged rice were kept before shipment into the country are now battling for space.

Some consignments of imported rice into the small West African country that had no space at the usual and popular stores were moved to makeshift storage areas and are exposed to rains, weevils and other unhygienic forms of storage.

Popular warehouses no longer receive rice shipments as thousands of bags earlier delivered to them since July could not be evacuated into Nigeria as planned and as the usual case in previous years.

Popular Cherika warehouse in Akpakpa near Cotonou with a capacity to hold 25,000 bags is fully loaded with Thailand rice with no hope of evacuating them into Nigeria except government relaxes its policy disallowing rice imports through border or customs softening their round the clock enforcement in Seme.

Defezi warehouse close to the Cotonou Port with is filled with over 40,000 units of 50kg bags of Indian and Thailand rice. Defezi got occupied earlier due to its proximity to the port but was not evacuated as the owners could not risk entering Nigeria with it.

Cica warehouse in Missebo area of the Cotonou outskirts that suffered lack of patronage in the past due to distance from Seme border and bad road presently has over 15,000 bags.

Some are getting molded, caked with their

4 HYUNDAI :

Known as the second brand under the Hyundai Motor Group.

Like Kia, is known for being a top car brand used officially in Nigeria.

5 MERCEDEZ BENZ:

At one time in Nigeria, every family that could afford two cars, had a Mercedes Benz as the other car.

The brand is known for its durability.

Mercedes Benz is still one of the highest selling brands in Nigeria.

6 NISSAN:

With the models like Maxima, Altima, Murano , Nigerians have taken a liking to the Japanese automobile brand and are showing it by purchasing the latestmodels on a yearly basis.

7 VOLKSWAGEN: (VW): Since the time of the beetle, Volkswagen (VW) is a brand that has been saluted in many ways especially with its durability.

bags torn and quantity reduced while under storage in several odd arrangements endlessly awaiting shipment into Nigeria.

While hope of smuggling them into Nigeria gets dim by the day, there is a conscious efforts at attempting the smuggling of the commodity without using bags.

The unwholesome methods requires pouring grains of rice into various compartments of vehicles like the booths, bonnets, inner part of the doors, under the seats and other spaces meant for spare tyres and tools.

Sources disclosed that attempts to try bringing in some hundreds of bags failed as the trial smuggling bags ended up inside the customs warehouse in Seme and Idiroko as seizures.

The seized rice, some of which are closed to expiring and unwholesome for human consumption have become bad and unqualified for donation to Internally Displaced Persons (IDP) camps as was done in the recent past.

Over 37,000 bags of rice have so far been seized in Seme and Idiroko between January and September 2016 with a recent clamp down on 13 vehicles at a go in the Ogun State area all laden with smuggled rice.

At the major stores, a downturn of business activities has hit various traders and workers who make brisk businesses from rice coming into Nigeria.

From the owners of the rice to the transporters, loaders, landlords and operators of warehouses, there is a general lull as it has been a season of stockpiling without transiting.

They expressed frustration not mainly with the government policy but more on what they described as Seme Customs lack of cooperation.

Customs Stand on Ban The Nigeria Customs Service had in an October 2016 press statement reiterated government’s ban on rice importation through the borders.

The statement signed by Adeniyi, reinforced its resolve to protect government’s attempt to improve local rice capacity.

Part of it read: ‘’We like to reiterate the position that importation of Rice remains banned through our Land Borders, and we have the commitment of Partner Government Agencies and Stakeholders to enforce this restriction. While this restriction is in force, Rice imports through the Ports are still allowed subject to payment of extant charges.

“It is equally important to restate the confidence of the Nigeria Customs Service in the ability of Nigerian Rice Producers to fill the existing sufficiency gaps in the supply of the product. The Service has noted with satisfaction the ongoing Rice Revolution undertaken by many state governments, and strategic interventions by federal government agencies.

“The Service is convinced that the bumper harvests expected from these efforts will address the supply gap in 2017. It is our belief that continuous waste of scarce forex on a commodity

RANGE ROVER: The brand has been around since 1978, the model Range Rover spiked the brand to this list. The Land Rover Company is owned by the Indian company Tata Motors which in turn forms the Jaguar Land Rover (JLR) group.

8

FORD and CHEVROLET : When you see these cars on the streets of Nigeria, the all American power shows their own influence.

Ford is the fifth highest brand sold in the world and the second in the US..

9 10 that can be produced locally makes no economic sense, most especially at a period of recession.

The Service will therefore advocate a total Ban on Rice Importation into Nigeria with effect from 2017.”

Loud Cries in Benin THISDAY investigation revealed that there are loud cries in Benin over what is going on at Seme and other borders. A respondent simply identified as Mr. Sewanu said things have taken a turn for the worse as their opportunities tied to bringing rice into Nigeria have been stalled.

Sewanu said: “You can see we are idle here because rice is not entering Nigeria through Seme Border. Now they have added vehicles, this means that we can’t work. Each day we come here, it is in prayer that the customs should cooperate with our bosses so we can have jobs to do to survive.

“By this time of previous years, thousands of bags of rice enter Nigeria from here and more ships will be discharging at the Cotonou Port on daily basis. But this year is different, nothing is working. Seme Customs people have spoiled the business for us. We don’t want to take the risk of transporting rice through any other border because Lagos is the largest market.

Once you enter through Seme, you are already in the market. ‘If this continues, we may die of hunger. Benin customs in Krake cooperate with us but the Customs in Nigeria are our only headache. We want the Controller removed. He is making things difficult, “Sewanu lamented.

A visit to the border showed smooth processing of imports into Nigeria. Also, the banks have become a beehive of activities as people rush to pay for customs duties for items not on Nigeria’s import prohibition list.

While the stockpiling of imported rice continues to increase in Cotonou and neighbouring towns, there may never be a market for them as they face the risk of either being expired or going bad due to poor storage condition.

STOAN Hails FG Just like NAMA, the Seaport Terminal Operators of Nigeria (STOAN) has commended President Muhammadu Buhari for banning the importation of vehicles into the country through the land borders.

STOAN Chairman, Vicky Haastrup, while reacting to the ban announced by the federal government penultimate Monday said the move, if well implemented by the Nigeria Customs Service, will reduce the smuggling of vehicles into Nigeria and revive the operations of RollOn-Roll-Off (RORO) terminals in the country.

RORO terminals are specialised port terminals that handle all types of vehicles.

Haastrup asked the government to take a step further by scrapping the high import duty regime imposed on vehicles by the administration of CONTINUED ON NEXT PAGE

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ANALYSIS

AUTOMOBILE IMPORT BAN THROUGH LAND BORDERS: THREAT OR TROPHY? former President Goodluck Jonathan in 2013.

“We are confident of the ability of President Muhammadu Buhari to turn the economy around.

The earlier ban on importation of rice and now of vehicles, through the land borders is a welcome development. We are happy that the President has listened to our appeal to reverse incongruous policies inherited by his government from the former administration and which have deprived Nigerian ports of cargoes to the advantage of the ports of neighbouring countries. In addition to this ban through the land borders, we appeal to the President to return the import duties on vehicles to 20 per cent from the prohibitive 70 per cent tariff imposed by the former administration.

“The reversal to the old tariff will serve as an incentive for Nigerians to import legitimately through the seaports and make appropriate payments to government. This will boost revenue collection by the Nigeria Customs Service. It will also lead to the return of lost jobs at the affected ports. We also appeal to Customs officers at the border posts to support the Federal Government and the NCS leadership by ensuring that no smuggled vehicle finds its way into the country through the land borders from 1st January 2017 when the new policy is expected to come into effect, ”Haastrup said.

Haastrup said since 2014 when the 70 per cent hike in the tariff of imported vehicles came into effect, Nigeria had lost 80 per cent of its vehicle cargo traffic to the ports of neighbouring countries.

“Since the high tariff was introduced, importers have resorted to landing their vehicles at the ports of neighbouring countries and smuggling them into Nigeria without paying appropriate duties to government. This amounted to huge revenue loss to Customs. The policy also led to loss of more 5,000 direct and indirect jobs at the affected port,” the STOAN Chairman said.

Impact of Smuggling Smuggling severely harms the economy of a country in multidimensional ways. It undermines the local industry, discourages legal imports and reduces the volume of revenues collected from duties and levies by the state. Unfortunately a parallel underground economy has taken roots in Nigeria.

A major proportion of the revenue to be collected by the federal government is being lost, over and above the adverse impact that the smuggled items cause to local industry. Obviously this cannot be done without connivance of the corrupt officials including those in the law enforcement agencies and everyone is aware of it but no action is being taken.

Markets and Shops across the country are flooded with smuggled goods of any and all descriptions. Smuggled items through the Seme, Idiroko, Katsina, and Yobe borders form a major part of the informal economy volume of which ranges between 50 to 60 per cent of the formal economy. Smuggling has assumed an alarming proportion and turned out to be a parallel economy, which is depriving the country of its rightful levies including excise and customs duty worth hundreds of billions of naira.

As a result of the activities of smugglers, thousands of industrial units have been rendered sick, due to the availability of smuggled goods in open markets. Smuggling has now become a routine part of all economic activities in Nigeria

NEW VEHICLE SALES BY SEGMENT

Community of West African States (ECOWAS).

Some of these treaties encourage free movement of people without addressing its harmful effects.

Often, this freedom of movement undermines the economy of other countries through unbridled smuggling of goods.

“All in all, the World Bank report should be seen as a roadmap for designing new strategies for our country’s trade policy initiatives with neighbouring countries. This is crucial because inability to adequately check smuggling into Nigeria can undermine both national and economic security of the country, with attendant broad political implications.”

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38%

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23%

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17%

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16%

10

05

0

Small Car

SUV

which hardly raises any eye brows nor stirs the slightest fear of the law. Nigeria is facing the challenge of measuring and countering enormous revenue leakages and black money — its size estimated to be three time the regular economy.

Illegal Importation of Goods Meanwhile, a report by the World Bank on the level of illegal importation of goods into Nigeria from neighbouring Benin Republic and other West African countries showed the alarming rate of smuggling and the impact on the nation’s economy.

Experts believe this should be a major concern to the federal government and the agencies responsible for management of the nation’s economy. According to the World Bank, an astonishing $5 billion (N1.45 trillion) worth of assorted goods are smuggled into Nigeria through Benin Republic alone every year.

This amount represents about 15 per cent of total smuggled goods through that border. The World Bank report also claims it has enough evidence that over $400 million (N116 billion) representing about 25 per cent of the total current annual revenue collected by the Customs Service is lost through nefarious smuggling across the sub-regional borders.

The report, which was prepared by two of the World Bank’s leading experts on the African Transport Unit also noted that smuggling into Nigeria will further hamper the operational efficiency of the Customs Service and cause more revenue losses if urgent steps are not taken by government to tackle it. It advised a liberalisation of trade policies which encourage smuggling across the borders.

Experts told THISDAY that the report is troubling but not surprising, considering the

PUP

6%

Large Car

CV

increasing rate of smuggling across our borders, especially along the Benin republic axis.

“A combination of factors accounts for this unhealthy trend. One of them is the high cost of clearing goods in our ports and the laxity of enforcement of anti-smuggling laws by those charged with responsibility in the country. It is not unkind to say that the integrity of some of the customs and immigration officials statutorily charged with policing our borders is suspect.

Many compromise their positions. Bad eggs among them are more concerned with lining their own pockets than checking smuggling activities, thereby denying government muchneeded revenue.

“Therefore, the World Bank report should not be ignored. It should be treated as a wake-up call to address systemic difficulties in checking smuggling through the Benin Republic borders, and others in the region. In this regard, information exchange is vital. This has become crucial because available statistics reveal that 13 per cent of traffic of goods from the port in Cotonou, the capital of Benin Republic, is destined for Nigeria, while about 75 percent of the containers that land at the Cotonou Port are headed for our country.

“We also believe that the current rate of smuggling through the West African sub-region is encouraged by tariff differentials. This has made it more economically viable for importers to patronise other ports in the sub-region rather than Nigerian ports. Government should seriously look into the problem with a view to formulating better policies to redress the situation, “said a top player in the maritime sector who do not want his name in print.

He added: “Also, government should take a hard look at some of the treaties of the Economic

Mis-invoicing of International Trade It is not just smuggling that is destroying developing economies. Terrorism, human trafficking, and drug smuggling have long painted a gritty picture of crime in the developing world. However, new details are coming to light about another much less visible form of crime and its adverse effects on developing countries. Fraudulent financial transactions, in particular the misinvoicing of international trade transactions, are having a significant impact on most African economies.

According to a report published by Global Financial Integrity (GFI) on misinvoicing and the Impact of Revenue Loss, the misinvoicing of international trade transactions has allowed for the fraudulent movement of at least $60.8 billion in and out of the five African countries alone between 2002 and 2011.

Misinvoicing is a form of trade-based money laundering that includes the over and understatement of import and export values on official forms and records. Firms engaging in international trade in developing countries often conduct these fraudulent transactions in order to evade tariffs and taxes, collect additional export-related tax credits and subsidies, or move large amounts of capital in and out of countries illegally.

Misinvoicing can typically be as simple as altering the values on the books for a given transaction. For example, a firm may understate the value of an import shipment in invoices and records in order to pay lower tariffs or overstate the value of an export shipment in order to gain more export credits and subsidies than the shipment actually earned.

Experts believe catching those that engage in misinvoicing is typically difficult for developing countries. “Often times misinvoicing can be performed effectively by making very small augmentations to the prices of common goods.

If a firm augments the value of its goods by only one or two dollars per unit, even the best customs officers would be unlikely to notice it, and the benefits of such an augmentation could still add up significantly in large volumes.

“However, this is only trade misinvoicing in its mildest form. In many cases, firms engaging in misinvoicing and other forms of money laundering send their transactions through anonymous shell companies in tax havens and developed countries in order to further disguise their activities, allowing them to augment values much more as the important details of the transactions disappear without a trace behind a shield of secrecy and anonymity, “said National President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Lucky Amiwero.

PROPOSED BOI SCRAPPING: NLC, MAN, CIBN, OTHERS WARN OF DIRE ECONOMIC CONSEQUENCES FOR NIGERIA Now many other factories also took advantage of that and when we did the validation assessment of this effort, close to about 10,000 jobs were saved, not only saved but few other jobs were also created.’’

He reasoned that for an institution like the BOI that has been tested over the time, the right thing to do is to make the law that will strengthen it further and not to scrap it. ‘’I want to recommend here that whatever the discussion will be like I think we should try and recapitalise BOI further to make it more effective to do more further interventions.

I think it is important that we strengthen it further for further performance and I think from the point of view of labour our submission here is that, let the BOI stay and let it be further strengthened for further activities that will add value for small scale enterprises and even medium scale enterprises with the view of creating jobs, which I’m very sure this government is gladly committed to.’’

Speaking in the same vein, the Vice President of the Trade Union Congress (TUC), Comrade Olusoji Salako faulted the move to repeal the bank.

He recommended: ‘’If there

are issues with the BOI why don’t we do a restructuring or strengthen it, or if there are legal issues why don’t we correct them rather than dissolve them.

Do not change a winning team that ye not be responsible for subsequent travails.’’

On his part, a representative of the Manufacturers Association of Nigeria, Dr. Ajayi Kadiri noted that the BOI has been functioning and delivering on its mandate within the available funding capacity. He said the bank has had funding challenges and MAN has been in the forefront of advocating for its recapitalisation.

‘’Going through the proposed bill, we can hardly see any value addition to be derived or achieved by the NDB that is not already being rendered by the BOI; neither is there any difference from what the BOI is licensed to carry out.

The BOI has so far carried out these services to the satisfaction of stakeholders, including the business community.

Similarly, the First Vice President, CIBN, DR. Uche Olowu declared that the BOI should be allowed to continue to function as a separate entity. ‘’We have reviewed the act; our view lies on the facts that

in a football team you don’t change a winning striker, it is our view that BOI should be allowed to function the way they are because they have been tested and done properly especially in the retail space and therefore should be allowed to function and also the fact that if you do consolidate them, the liabilities will further depress the financials and like the BOI Acting MD noted, because of the way they have performed their ratings especially the Moody’s and Fitch ratings has kind of given them that attitude to maybe raise some funds, that will also emit them

in the International space.

Earlier, the acting Managing Director of BOI, Waheed Olagunju, who highlighted some of the bank’s interventions as well how the bank has been able to mobilise resources domestically, said, the Bank has continued to wax stronger such that it was appointed to manage the CTG fund of N100billion.

He said: ‘’State governments too started to partner with BOI; we have raised over N18billion under our partnership with state governments. The private sector too; Alhaji Aliko Dangote, the richest man in Africa, he does not play with his money. “

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T H I S D AY • MONDAY, DECEMBER 12, 2016

BUSINESSWORLD

NEWS

Data Science Nigeria Promises to Develop Young Talents Young Nigerians in their hundreds participated in the maiden workshop for the Data Science Nigeria aimed at positioning the country to benefit from the growing global importance of data and data science in proffering solutions to the myriads of human challenges.

Speaking at the workshop in Lagos recently, the convener and moderator of the event, BayoAdekanmbi, a C-Level Executive with MTN Nigeria, informed the audience that the initiative, a professional-led approachis designed to train and mentor young Nigerians through face-to-face, virtual online classes, project-based support and holiday boot camps.

The ultimate intent of which is to raise a special breed of entrepreneurs who will set up data science based businesses and attract foreign exchange to the nation.

He disclosed that the initiative is a give-back project premised on what he has learnt across the world especially during his recent one-year PhD research sabbatical inthe UK, India and America.

“India is already tapping into the Data Science space and I believe Nigeria can become Africa’s data science outsourcing destination with our brilliant

undergraduates, graduates and young analysts with degrees in Engineering/Sciences and other numerate subjects”.

According to him, data and data science will become the oil of the 21st century and Nigeria must join the league of countries that will be positioned for comparative advantage in data science. The workshop assembled leading lights in Data Science to mentor participants as panelists.

These includeNgoziDozie of OneFi Nigeria, Dr. Femi Oyenuga of Oracle, SeunOnigbinde of BudgIT and IyinoluwaAboyeji, Founder, Andela while a US-based Nigerian leading data scientist and IBM Distinguished Engineer/Chief Data Scientist, Dr. Uyi Stewart inspired and motivated the audience with his presentation titled: Leveraging Data Science to enable Nigeria Leapfrog” The panel analyzing the growing importance of data science submits that countries, organizations and individuals need to make smart and sharper decisions, to do these “they need data and data scientists”.

According to them, data science is the potpourri of information and insights intelligently brought together to add value to human life. This can be done by study-

ing pattern over time in a bid to build intelligence.

However, to become proficient in data science, both soft and technical skills are needed.

These include natural curiousity, communication, romance with data and attention to details. Attention to details is critical, emphasized the Aboyeji (Andela) unfortunately, not many Nigerians are good at this, he said, “the world is still a secret, you make money by identifying those secrets and proffering solutions to solve the challenges”.

Delivering his keynote, Dr. Uyi who currently holds 10 patents in the US, said, “Nigeria is at the tipping point with two choices open to her: investing in infrastructure or invest in data which is technology that will bring about transformational change through killer applications”.

“Investing in infrastructure will only bring about incremental change, this is where most of us are right now” said Dr. Uyi “If we decided to invest in infrastructure we choose to compete with the Chinese, we have to maintain the structure unfortunately, we do not have maintenance culture. We can achieve progress through data not infrastructure”, he submitted.

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BUSINESS/MONEYGUIDE

Expert Seeks Policies on Affordable Housing for Nigerians Obinna Chima The General Manager/Chief Executive Officer of Skyfield Property Development Limited, Mr. Emeka Ekeh has called on the federal government to initiate policies that lead to the provision of affordable houses to Nigerians.

Ezeh said this during a ceremony to handover the facility management activities of the Skyfield Apartment at Yaba, Lagos to Mu-Delta Gamma Limited recently.

Ezeh, who expressed concern over the high cost of real estate also called for the regulations to make mortgage finance accessible at cheaper rates for firms and individuals.

“Construction finance is not easy to come by. We would like for the government to assist by making it easy to secure construction and mortgage finance. Real estate is expensive and with the way the economy is, not too many people have the purchasing power to go into it.

“So, government should partner with individuals and corporate bodies in ensuring that that dream

of every Nigerian to own a house is met. They should make the National Housing Fund (NHF) more effective. The turnaround time of any NHF application should be shorter and the government can assist in that. People need houses, so government should provide the enabling environment to ensure that housing is affordable,” Ezeh explained.

Speaking on the facility being handed over, the Skyfield boss said about a decade ago, apartment was constructed by his company with the strong financial backing of its parent company, Brent Mortgage Bank Limited because of the need to provide a unique and cozy mini living quarters for students and the working class in Nigeria who wish to tap into the immense potentials the Yaba environment affords.

The apartment, he said is centrally located and easy to access from various points in Lagos state and aims to ease the challenges of securing affordable short-let accommodation for business men and women, business executives, up-andmobile entrepreneurs and the

generality of the populace in and out of Victoria Island, Ikoyi, Lagos Island, certain locations within Lagos mainland as well as outside the state and abroad.

“The relationship between Skyfield Property Development Limited with Mu-Delta Gamma Limited became necessary by the need to provide proactive and quality facility management services to customers of The Apartment through effective and world-class practices.

“Mu-Delta Gamma Limited will serve as a technical partner whose concern will be to maintain the practical utility of the physical infrastructure to ensure it supports the core activity of Skyfield Property Development Limited as well as the group,” he added.

The facility management firm will also be required to perform an economic function concerned with ensuring the efficient use of physical resources by controlling cost; perform a strategic function concerned with the forward planning of physical infrastructure resources to support the development of the group and reduce risk; among others.

CPC, Others Harp on Passage of Consumer Protection Bill Ugo Aliogo The Consumer Protection Council (CPC) and other stakeholders are championing the passage of the Federal Competition and Consumer Protection bill by the National Assembly.

According to the stakeholders, the bill, when passed into law would ensure that consumers are well protected from monopoly and cartel in the production of goods and services.

Speaking at the Consumer Rights Awareness Advancement and Advocacy Initiative (CRAAAI) Annual National Summit/Award on Fair Competition in Nigeria Market, in Lagos, the National Chairman of CRAAANI, Igbrude Moses, noted that the bill has passed second reading on the floor of the house and anticipated that

it would be passed into law by February, 2017.

He lamented that unlike in the US where the anti-trust laws was highly operational to prevent monopoly and cartel, in Nigeria the rights of the consumers were not protected, adding that producers play on the intelligence of the consumers.

Moses called on consumers to understand their rights in the market place and stand by it, stating that it would prevent undue exploitation from producers, while making governments and manufacturers more responsive to them.

“Today’s forum is aimed at educating the consumer and also for them to engage with the regulators in order to find out the best way the law can be effective to the consumer.

When the law is passed, it will

give consumers the power to determine the quality of the product to purchase in the market,” he explained He expressed confidence that the involvement of all stakeholders in continuous efforts of enlightenment, and education awareness would create a sure way of enhancing the rights of the consumers.

In his goodwill message, the Director-General of Standard Organisation of Nigeria (SON), Osita Aboloma, noted that consumer confidence is assured because all goods manufactured in the country must meet specified standards, adding that SON recently adopted the Standard on Quality Management-Customer satisfaction-guidelines for business to consumer electronic commerce transactions to address e-consumer rights.

KPMG Highlights Key Factors in Companies’ Board Composition Uzoho Peter KPMG Nigeria, has highlighted five key factors business organisations should take into consideration in the composition of their board of directors for effective corporate governance and optimal performance.

In a survey carried out by the KPMG’s Audit Institute, on “Building a Great Board Composition,” conducted in 46 countries, including Nigeria, covering over 13 sectors and industries, with over 2,300 directors and senior executives as respondents on what really makes up a great board in terms of boardroom composition, the company observed that the composition of the board of an organisation was critical.

It stressed that, giving the environment being operated in-the complexities and the challenges in today’s business environment, the composition

of the board must align with the strategy of the company.

Highlighting other key findings of the 2016 survey”, at a press conference in Lagos, Partner and Head, Audit Services, KPMG, Mr. Tola Adeyemi, said the second factor was technology, noting that technology was becoming such a big issue in businesses today, such that when looking at the composition, it’s important that those to be selected have the right technological skills to cope with the challenges of the environment.

He said the third finding was that there were significant barriers in ensuring effective board performance which he said was confirmed by the interviewed boards, who acknowledged that they were not doing those things they needed to be doing properly- making sure that you have succession planning in place; having a robust board evaluation; and making sure

that you have the right sort of tenure limits.

“In addition to that they also said, finding people with the right experience and the right range of skills is also one of the barriers that exist today,” he said.

“The forth point is that in order to ensure that we have the right board composition, we really need to make sure that we are having robust discussions around your succession planning.

When we probed further, it was interesting to note that more than half of our respondents acknowledged that on the board, there was either little or no discussions happening about our succession planning, or the approach to succession planning was on an ad-hoc basis so that when a director comes up for retirement, that’s when they start thinking about who to replace him rather than doing it on a sustained basis.

Broad street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JUNE 2016 Broad Money (M2)

21,684,965.22

-- Narrow Money (M1)

9,125,933.16

---- Currency Outside Banks

1,379,187.93

---- Demand Deposits

7,746,745.22

-- Quasi Money

12,559,032.07

Net Foreign Assets (NFA)

7,105,663.47

Net Domestic Assets(NDA)

14,579,301.76

-- Net Domestic Credit (NDC)

24,318,143.03

---- Credit to Government (Net)

2,893,190.01

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

5,004,677.26

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

-2,111,487.25

---- Credit to Private Sector (CPS)

21,424,953.01

--Other Assets Net

-9,738,841.27

Reserve Money (Base Money)

5,370,199.87

--Currency in Circulation

1,684,725.89

--Banks Reserves

3,685,473.98 • Source - CBN

MANAGED FUNDS Initial Price (N)

Buying Price(N) 1,660.29

1,685.29

1,000.00

11,002.32

11,326.67.11

Stanbic Balanced Fund Stanbic IBTC NEF

Selling Price

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

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

OPEC DAILY BASKET PRICE AS AT 8 DECEMBER 2016 The price of OPEC basket of fourteen crudes stood at $50.04 a barrel on Thursday, compared with $50.22 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

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MONDAY, DECEMBER 12, 2016 • T H I S D AY

MARKET NEWS

Eterna Plc Returns to Profitability, Rewards Shareholders with Dividend Goddy Egene and Nosa Alekhuogie After several years of poor performances, Eterna Plc has returned to profitability with the management promising to take the company to higher levels in the years ahead.

Chairman of the company, Michael Adeojo, who made the promise at the company’s

annual general meeting (AGM) held in Lagos, stated that the worst days for the company were over.

He announced that the company recorded a turnover of N92.06 billion for the year ended December 31, 2015, compared with N82.3 billion recorded in 2014.

The company’s gross profit witnessed steady growth from

T H E

N2.4 billion in 2011 to N3 billion in 2015. Consequently, the company rewarded the shareholders with a dividend of 25 kobo per share, ending several years of being without dividend.

“Our bottom line has remained strong averaging N1.35 billion in the periods of 2012 to 2015. I am pleased to inform you that our company’s net

N I G E R I A N

assets has continued to grow year- on –year, as the company has been able to plough back its profits into increasing trading portfolio and investments in new business areas.

“As a result, our shareholders’ funds have increased from N5.4 billion in 2011 to N9.68 billion in 2015. You will recall that our company was one of the companies in Nigeria that issued bonds

STO C K

with options through Daewoo Securities (Europe) Limited in 2009. I am pleased to inform you that the bonds have now been fully redeemed and all negative pledges in respect of the bonds have been vacated,” he said.

Adeojo said he was confident that the company’s performance would be sustained as new strategic initiatives would be

E XC H A N G E

implemented in current and subsequent years adding that this will lead to improved financial performance.

However, he said the company’s business is exposed to diverse risk, including not limited to fluctuation in crude oil prices, fluctuation in foreign exchange prices, illiquidity of foreign exchange and financing risk.

38

mondAY, december 12, 2016 • T H I S D AY

MARKET NEWS

Nigerian Energy Sector Fund Pays Investors N51 Coupon Goddy Egene The Nigeria Energy Sector Fund (NESF), a closed-end investment vehicle quoted on the Nigerian Stock Exchange (NSE) has declared a coupon payment of N51 per note to unit holders for the financial year ended March 31, 2016.

The coupon translates to 9.23 per cent at the current market price of N552.20 per note.

Over the last three years, the fund has delivered an average return of 10.74 per

cent to unit holders in terms of coupon payments as against a negative return of 15.05 per cent in the stock market during the same period.

For instance, in 2015, despite the impact of severe diminution incurred on investments in some oil and gas stock due to weak performance, the fund delighted unit holders with a N35 coupon per note distribution. This translated into 6.33 per cent yield as against a negative return of 17.36 per cent in the stock market. Also in 2014, unit

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

holders earned N92 coupon per in terms of coupon payments note, which translated into a that is second to none in the yield of 17 per cent compared industry.” to a negative return of 16.14 According to him they kept per cent in the stock market their investment philosophy during the period. and adopted sound investment Commenting on the methodology to continue to impressive returns achieved sustain the fund`s performance. by the NESF in the last three “The adoption of the years, the Group Managing improved and optimal Director of SCM Capital, who appropriate asset allocation is the Fund Manager said, Mr. strategy has been key to the Gaventa Otono said: “The fund performance,” he said. since inception has continued to On future expectation, witness significant growth and the fund manager restated its delivered value to unit holders resolve to aggressively manage

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 8-Dec-2016, unless otherwise stated.

and take advantage of emerging opportunities in the economy despite the current economic recession which offers both opportunities and challenges to fund managers.

While reassuring on its potential to generate competitive returns on investment, the Otono urged discerning investors, who are driven by the passion to earn regular income, to take advantage of the enormous opportunities available to invest in the Fund in order to earn consistent income.

The fund is constituted under a Trust Deed with United Capital Trustees Limited as the trustees and UBA Global Services Limited as the custodian to the fund.

The fund, which was created

by Nigeria Energy Sector Fund Plc has SCM Capital as the fund manager. It was created to mobilise investible funds from individuals and corporate entities both domestic and foreign for investment in the Energy sector of the Nigerian economy.

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 122.78 Nigeria International Debt Fund 220.78 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 0.70 AIICO CAPITAL LTD Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price AIICO Money Market Fund ARM INVESTMENT MANAGERS LTD Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name ARM Aggressive Growth Fund ARM Discovery Fund ARM Ethical Fund ARM Money Market Fund AXA MANSARD INVESTMENTS LIMITED Web: www.axamansard.com; Tel: +2341-4488482 Fund Name AXA Mansard Equity Income Fund AXA Mansard Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Nigeria Global Investment Fund Paramount Equity Fund Women's Investment Fund FBN CAPITAL ASSET MANAGEMENT LTD Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name FBN Fixed Income Fund FBN Heritage Fund FBN Money Market Fund FBN Nigeria Eurobond (USD) Fund - Institutional FBN Nigeria Eurobond (USD) Fund - Retail FBN Nigeria Smart Beta Equity Fund FIRST CITY ASSET MANAGEMENT LTD Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Legacy Equity Fund Legacy Short Maturity (NGN) Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Growth Fund

100.00

aaml@afrinvest.com Offer Price Yield / T-Rtn 123.76 12.71% 222.11 10.33% info@acapng.com Offer Price Yield / T-Rtn 0.70 13.06% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

17.39%

enquiries@arminvestmentcenter.com Bid Price 12.20 285.61 22.14

Offer Price 12.57 294.23 22.81

Yield / T-Rtn 0.10% 2.19% 0.41%

1.00

1.00

16.07%

investmentcare@axamansard.com Bid Price 105.60

Offer Price 106.26

Yield / T-Rtn 5.93%

1.00 1.00 15.37% investmentmanagement@chapelhilldenham.com Bid Price 2.13 9.04 83.23

Offer Price Yield / T-Rtn 2.19 4.85% 9.28 -8.22% 85.36 2.61% invest@fbnquest.com

Bid Price 1,078.30 109.38 100.00 $103.29 $103.07

Offer Price 1,079.49 110.03 100.00 $104.07 $103.80

Yield / T-Rtn 5.21% 3.79% 14.46% 7.12% 6.88%

112.82

12.07%

111.32

fcamhelpdesk@fcmb.com Bid Price 0.91 2.55

Offer Price Yield / T-Rtn 0.92 0.55% 2.55 9.53% coralfunds@fsdhgroup.com

Bid Price 2,157.96

Offer Price 2,182.06

Coral Income Fund 2,088.95 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 -0.81%

2,088.95 10.41% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

15.17%

Vantage Balanced Fund

1.66

1.68

1.66%

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 11.99% Lotus Halal Fixed Income Fund 1,001.32 1,001.32 0.13% 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 9.31 9.39 -4.84% Meristem Money Market Fund 10.00 10.00 14.98% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.04 1.06 5.68% PACAM Fixed Income Fund 10.40 10.48 4.39% 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 107.70 108.39 5.69% 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 1.24 1.24 9.61% 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 1,805.19 1,815.17 7.48% Stanbic IBTC Bond Fund 152.48 152.48 3.67% Stanbic IBTC Ethical Fund 0.75 0.76 0.67% Stanbic IBTC Guaranteed Investment Fund 184.88 184.88 8.95% Stanbic IBTC Iman Fund 129.29 130.90 -4.45% Stanbic IBTC Money Market Fund 100.00 100.00 17.06% Stanbic IBTC Nigerian Equity Fund 7,382.31 7,479.82 2.71% 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 1.15 8.34% United Capital Bond Fund 1.24 1.24 16.27% United Capital Equity Fund 0.68 0.69 1.18% 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 9.74 9.89 1.95% Zenith Ethical Fund 11.00 11.09 -3.98% Zenith Income Fund 16.99 16.99 5.87%

REITS

NAV Per Share

Yield / T-Rtn

11.58 123.19

3.99% 6.33%

Bid Price

Offer Price

Yield / T-Rtn

8.89 74.01

8.99 75.40

-7.17% -11.08%

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

2.57 7.09 11.83 15.05 127.31

2.61 7.17 11.93 15.25 129.31

12.45% 10.89% -4.52% -21.54% -

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.

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

ECOWAS Chairperson: President Jammeh’s U-turn on Election Result Unacceptable AU and UN calls for respect of the peoples verdict

Alex Enumah in Abuja The President of the Republic of Liberia and Chair of the ECOWAS Authority of Heads of State and Government, Mrs. Ellen Johnson Sirleaf, has described President Yaya Jammeh’s rejection of the outcome of the Gambia’s general election as unacceptable and capable of threatening the peace in the entire West African sub-region.

She remarked that gone are the days when people chose to accept outcome of elections only when it favours them and reject same when it favours the opposition, warning that appropriate measures would not fail to be meted out to defaulters under regional, continental and global charters and treaties.

Her remarks were contained in a statement issued, expressing her deep concerns about current developments in the Islamic Republic of the Gambia.

She insisted that the will of the Gambian people, freely expressed in exercise of their franchise, must be respected by all without precondition.

“This includes President Jammeh and officials of his government,”

she said.

The ECOWAS Chairperson, identified with the joint statement issued by the African Union, ECOWAS and the United Nations, noting that the action leaves no doubt that the reversal in the position of President Jammeh is totally unacceptable.

“In this twenty-first century, leaders have no room for selectivity - to accept only outcomes which give a mandate to lead and deny a result which withdraws that mandate, especially when election procedures and modalities are similarly applied. ‘’Our common commitment to the precepts in the Charters and Treaties of these regional, continental and global institutions are binding and prescribe consequences for non-compliance’’, President Sirleaf emphasised.

The ECOWAS Chairperson concluded with a plea to President Jammeh to do the right thing and take actions to facilitate a smooth and peaceful transition in the Gambia, respecting the election results which reflect the freely expressed will of the Gambian people.

She noted that the Gambian

president’s initial and principled position of acceptance of these results have already been lauded by all in the global community, including herself as the mark of enlightened leadership and patriotism.

President Sirleaf made a similar appeal to the President-elect, Barrow and members of the opposition to exercise restraint, underscoring that they too have a responsibility to act maturely in the interest of preserving peace and calm in their country. She also called on

the people of The Gambia to remain calm and peaceful. Meanwhile, President Sirleaf has sent a special message to President Jammeh of The Gambia to accept the election result.

Earlier, The President of the ECOWAS Commission, the Chairperson of the AU Commission and the Special Representative of the United Nations Secretary General to West Africa and the Sahel had in a joint statement expressed deep concerns on the development and urged the government and its agencies to act

responsibly in the current situation.

“It is fundamental that the verdict of the ballots should be respected, and that the security of the president -elect Adama Barrow, and that of all Gambian citizen be fully ensured,” they stressed.

They also expressed strong support for the call by the Senegalese Government for an emergency meeting of the United Nations Security Council, to mid-wife a peaceful transition and orderly handing over of power from the outgoing administration to the

president-elect within constitutional deadlines, in accordance with the Gambian electoral laws.

ECOWAS, the AU and the UN in the joint statement further urge all Gambian stakeholders including the elected leadership, the armed forces, political parties and civil society organisations to reject violence and peacefully uphold the will of the people as clearly expressed through the ballot box.

They also call upon the Gambian Defence and security forces to live up to their republican duties.

Donald Trump Rejects CIA Russia Hacking Report President-elect Donald Trump has rejected as “ridiculous” a CIA assessment that Russian hackers tried to sway the election in his favour.

He told Fox News the Democrats were putting out the reports because they were embarrassed at the scale of the election defeat.

On Friday, CIA officials told US media they had concluded that Russians hackers were trying to help Mr Trump.

Russian officials have repeatedly denied the hacking accusations.

Mr Trump said it might have been Russia but it was impossible to know.

“They have no idea if it’s Russia or China or somebody sitting in a bed some place,” he said.

President Barack Obama has ordered a complete review of the hacks, which targeted emails at the Democratic Party and the

emails of a key aide to presidential nominee Hillary Clinton.

The contents of the emails, passed to Wikileaks and posted online, were embarrassing to the Democrats and shook up the presidential campaign.

Senior Republicans have now joined Democrats in calling for a full investigation.

Republican Senator John McCain, chairman of the Senate

Armed Services Committee, said in a joint statement on Sunday with top Democrats that the CIA’s report “should alarm every American”.

He said in an interview that the congressional investigation should be more thorough than the one ordered by the White House.

In October, US government officials pointed the finger at Russia, accusing it of meddling in the campaign to undermine the electoral process.

T H I S D AY • MONDAY, DECEMBER 12, 2016

47

Nigeria’s top 50 stocks based on market fundamentals

9-Dec-16

8-Dec-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 8-Dec-16

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

25,739.18 8.86

25,817.69 8.88

0.31% 0.31%

106.97 8.33

107.24 8.35

0.25% 0.25%

01 Dangote Cement Plc

160.00

160.00

0.00%

2,726,481,184,800.00

9.20

17.18

4.74

5.06%

3.60

02 Nigerian Breweries Plc

145.00

142.05

2.08%

1,149,719,628,760.00

4.03

35.32

3.75

2.53%

6.89

03 Guaranty Trust Bank Plc

23.34

23.24

0.43%

686,923,723,088.16

4.90

4.72

1.70

7.65%

1.38

810.00

810.00

0.00%

642,051,564,120.00

8.81

91.92

3.72

3.58%

20.34

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

14.50

14.50

0.00%

455,249,159,897.00

3.91

3.65

0.94

12.63%

0.64

Table 3 Top 5 Gainers

340.00

342.90

-0.85%

188,125,506,420.00

-44.58

-7.69

2.44

4.64%

0.48

Stock

9.94

9.60

3.54%

182,394,539,077.10

0.68

14.53

0.31

6.31%

0.29

08 Lafarge Africa Plc

38.82

40.90

-5.09%

176,821,288,264.20

-9.39

-4.36

0.87

7.33%

0.92

09 Unilever Nigeria Plc

45.00

46.00

-2.17%

170,248,331,250.00

0.69

69.35

2.74

0.10%

19.36

10 Presco Plc

41.87

44.07

-4.99%

166,243,873,874.15

0.03

1,507.19

2.45

2.95%

4.18

11 United Bank for Africa Plc

4.39

4.35

0.92%

159,267,120,553.58

1.75

2.46

0.47

13.95%

0.36

12 Access Bank Plc

5.39

5.45

-1.10%

155,921,767,091.09

2.59

2.13

0.45

10.00%

0.36

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Seplat Petroleum Dev. Co. Ltd 07 Ecobank Transnational Incorporated

13 Stanbic IBTC Holdings Plc

14.00

14.00

0.00%

140,000,000,000.00

2.04

7.12

1.03

0.69%

1.23

106.23

96.37

10.23%

138,362,567,571.69

3.31

26.44

0.74

3.95%

2.64

15 FBN Holdings Plc

3.50

3.53

-0.85%

125,633,524,772.00

0.21

16.48

0.23

4.39%

0.20

16 Guinness Nig Plc

77.90

77.90

0.00%

117,308,689,845.20

-3.06

-25.75

1.15

4.06%

3.01

17 Mobil Oil Nig Plc

305.00

307.15

-0.70%

109,981,554,910.00

19.32

16.73

1.28

2.23%

6.30

18 Total Nigeria Plc

276.05

276.05

0.00%

93,725,003,103.85

38.02

7.99

0.38

4.61%

4.52

19 7-Up Bottling Comp. Plc

130.00

129.36

0.49%

83,276,747,190.00

-0.05 -2,832.18

0.89

1.70%

3.73

20 Dangote Sugar Refinery Plc

6.08

6.08

0.00%

72,960,000,000.00

1.03

5.80

0.50

8.40%

1.15

21 International Breweries Plc

18.05

18.05

0.00%

59,461,199,504.00

0.02

843.25

2.35

1.32%

5.71

4.16

4.26

-2.35%

50,064,014,599.04

-3.15

-1.31

0.20

18.16%

0.31

23 Flour Mills Nig. Plc

18.50

18.49

0.05%

48,548,387,959.50

-1.19

-15.34

0.11

10.93%

0.48

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

40.00

38.01

5.24%

38,156,400,000.00

4.82

7.88

5.51

0.26%

2.25

0.85

0.88

-3.41%

32,912,847,811.25

-0.47

-1.89

0.65

0.00%

0.46

16.50

16.50

0.00%

31,694,262,385.50

3.37

4.77

0.41

6.21%

0.41

0.86

0.84

2.38%

24,907,823,695.12

0.39

2.20

0.16

18.82%

0.13

33.26

34.00

-2.18%

23,282,000,000.00

2.28

14.88

3.57

3.38%

13.90

3.70

3.60

2.78%

21,762,897,521.50

0.76

4.72

0.58

3.89%

0.74

11.15

11.15

0.00%

20,941,952,746.00

0.50

22.33

0.75

11.66%

2.05

32 Wema Bank Plc

0.53

0.55

-3.64%

20,444,467,022.93

0.06

8.90

0.40

0.00%

0.43

33 FCMB Group Plc

1.03

1.02

0.98%

20,396,792,104.43

0.61

1.70

0.13

9.62%

0.12

34 Sterling Bank Plc

0.70

0.69

1.45%

20,153,292,688.20

0.29

2.43

0.19

12.86%

0.25

35 Diamond Bank Plc

0.85

0.83

2.41%

19,686,330,622.80

-0.29

-2.90

0.09

0.00%

0.09

36 National Salt Co. Nig. Plc

6.80

6.80

0.00%

18,016,180,970.40

0.85

7.90

0.95

8.20%

2.40

37 Mansard Insurance Plc

1.71

1.65

3.64%

17,955,000,000.00

0.28

5.89

0.86

3.05%

0.82

38 Glaxo Smithkline Consumer Nig. Plc

14.00

14.00

0.00%

16,742,270,832.00

-2.98

-4.69

0.60

2.14%

1.90

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

1.00

1.00

0.00%

10,372,744,312.00

0.42

2.38

0.47

12.00%

0.55

41 Honeywell Flour Mill Plc

1.06

1.06

0.00%

8,406,009,517.48

-0.40

-2.40

0.16

16.49%

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

0.51

0.50

2.00%

6,825,196,508.52

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

-4.97

0.09

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

4.04

4.04

0.00%

5,076,978,174.64

0.22

18.45

0.46

2.48%

0.47

47 AIICO Insurance Plc

0.57

0.59

-3.39%

3,950,216,553.60

0.22

2.56

0.14

8.77%

0.39

48 Nigerian Aviation Handling Company Plc

2.18

2.18

0.00%

3,540,796,875.00

0.15

14.62

0.45

9.05%

0.60

49 UACN Property Development Co. Limited

2.03

2.13

-4.69%

3,489,062,489.85

0.30

7.12

0.87

32.86%

0.10

50 Fidson Healthcare Plc

1.39

1.39

0.00%

2,085,000,000.00

0.24

6.20

0.33

3.42%

0.34

14 Forte Oil Plc.

22 Oando Plc

26 Transnational Corporation Of Nigeria Plc 27 U A C N Plc 28 Fidelity Bank Plc 29 Cap Plc 30 Custodian And Allied Insurance Plc 31 Cadbury Nigeria Plc

TOTAL

8,349,768,265,498.04

TOTAL MARKET CAP

8,883,255,385,686.80

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

93.99%

Close 9-Dec-16

Open 8-Dec-16

Forte Oil Plc. Okomu Oil Palm Plc Unity Bank Plc Mansard Insurance Plc Ecobank Transnational Incorporated

Close 9-Dec-16

Change %

Change %

96.37 38.01 0.51 1.65 9.60

106.23 10.23% 40.00 5.24% 0.53 3.92% 1.71 3.64% 9.94 3.54%

Open 8-Dec-16

Close Change 9-Dec-16 %

Table 4 Top 5 Losers Stock Lafarge Africa Plc Presco Plc UACN Property Development Co. Limited Wema Bank Plc Transnational Corporation Of Nigeria Plc

40.90 44.07 2.13

38.82 -5.09% 41.87 -4.99% 2.03 -4.69%

0.55 0.88

0.53 -3.64% 0.85 -3.41%

Trading week ends on a bullish note as ASI gains 0.31% Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, December 9th, 2016 ends on a bullish note as stock market closed green today. This was further highlighted by positive performance from the NSE subsectors: Banking, Insurance, Consumer Goods and Oil & Gas. Trading activities decreased in volume as 108.53 million shares worth of N1.64 billion in 2,512 deals exchanged hands today. This is a decrease from the 165.99 million shares worth of N1.27 billion in 2,485 deals which exchanged hands on Thursday.

Topping in volume terms were Nigerian Breweries Plc, Mobil Oil Nigeria Plc and Nestle Nigeria Plc, while FBNH Plc, GTB Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with 0.31% (+78.51) increase to close at 25,817.69 from 25,739.18 the previous trading day. Market Capitalization appreciated in tandem to N8.88 trillion from N8.86 trillion of prior trading day.

Similarly, the Thisday BGL 50 Index followed suit with an increase of 0.25% to close at 107.24 from 106.97 recorded at the end of the previous trading day, while its market capitalization stood at 8.35 trillion from 8.33 trillion of the previous trading day.

A total number of 22 stocks gained on the bourse today while 14 stocks declined, 75 leaving stocks unchanged. Forte Oil Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.23% to close at N106.23 per share. It was followed by Okomu Oil Palm Plc with a gain of 5.24% to close at N40.00 per share. Others on the gainers list include: Unity Bank Plc, Mansard Insurance Plc and Ecobank Transnational Incorporated; while on the decliners’ list, Lafarge Africa Plc emerge with a loss of 5.09% to close at N38.82 per share. It was followed by Presco Plc with a loss of 4.99% to close at N41.87 per share. Others on the decliners list include: UACN Property Development Co. Limited, Wema Bank Plc and Transnational Corporation Of Nigeria 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

48

MONDAY DECEMBER 12, 2016 T H I S D AY

MONDAY DECEMBER 12, 2016 • T H I S D AY

49

EID-EL-MAULUD MESSAGES...

EID-EL-MAULUD MESSAGES...

Dogara, Others Greet Muslims Call for Unity, Humility The Speaker of the House of Representatives, Hon. Yakubu Dogara has greeted Nigerian Muslims on the occasion of the Eid-el-Maulud festival to mark the celebration of the birth of Prophet Muhammed.

Dogara, in a statement issued yesterday, urged Muslims to use the occasion of the remembrance and celebration of the birth of Prophet Mohammed to imbibe and promote the virtues of humility, love, peace, harmony and mutual co-existence which the prophet exemplified.

He also called for prayers for Nigeria to overcome its current economic challenges. “Maulud Nabiyy is a special period that calls for sober reflections and special prayers to the Almighty for our leaders at all levels for God’s wisdom and guidance. We must also put aside our ethnic, religious and political differences and come together to build a more united and peaceful country,” Dogara added.

Tambuwal Sues for Peace, Tolerance

Sokoto State Governor, Aminu Tambuwal, yesterday urged Nigerians to put aside all differences and collaborate with one another to build a united and peaceful nation.

This was contained in a message to commemorate this year’s Eid-el-Maulud issued in Sokoto by his spokesman, Malam Imam Imam.

He urged Nigerians to imbibe the teachings of Prophet Muhammad (SAW) and strive to live with one another in peace and harmony.

“Same way the birth of the Prophet in Mecca ushered in a new dawn for humanity, Nigerians should view the occasion of this year’s Maulud Nabiyyi as an opportunity for a new beginning.

“As a nation, we will make progress towards the realisation of our shared vision of a strong, united and prosperous nation if our people imbibe the Prophet’s lessons of peace, tolerance, honesty, selflessness, sincerity, justice, equity and peaceful co-existence,” the statement read.

The Governor to this end, rejoiced with Nigerians, especially the Muslim faithful, on the occasion of Eid-el-Maulud.

Tambuwal assured the people of Sokoto of his determination to promote religious tolerance and peaceful coexistence among all citizens.

He added that his administration made the provision of social amenities a top priority, and will continue with its policies so as to ensure rapid development of all sectors of the state.

L-R: Senate President, Dr. Abubakar Bukola Saraki, Kwara State Governor, Dr. Abdulfatah Ahmed; and Senator representing Kwara South senatorial district,Dr.RafiuIbrahim,duringtheofficiallaunchofRafiuIbrahimBilalFoundationinOffa,KwaraState...yesterday “All Muslims must strive to promote peace across the world, for that was the ideal Prophet Mohammad lived for”.

Bello reassured the people of Kogi State of his readiness to defeat poverty and underdevelopment in the state. He said civil servants would soon start to appreciate his civil service reforms in the state.

Ayade Felicitates with Muslims, Urges Amosun Calls for Value Support for Buhari Cross River State Governor, Senator Ben Ayade, has enjoined Muslims Reorientation in Nigeria to use the occasion of the birthday of Prophet Muhammed to preach and show love to one another.

In his goodwill message signed by his Senior Special Assistant on Media and Chief Press Secretary, Mr. Christian Ita, marking this year’s Eid-el-Maulud, the governor said: “May this wonderful occasion of the birthday of the Holy Prophet Mohammed bring about love, peace and prosperity to our beloved country, Nigeria.

As we celebrate the holy Prophet’s birthday, your prayer for the peace and unity of our dear country is needed now more than ever before.”

While urging Nigerians to rally round President Muhammadu Buhari to pull the country out of the current recession, Ayade said: “As committed faithful, let us harness our creative energies, our love for one another towards the development of the country by aligning with our President, Muhammadu Buhari to help Nigeria pull through recession.”

According to the governor, “As we celebrate, we must not be unmindful of the lessons of Eid-el-Maulud, which is love , peace and devotion.

As true Moslems, “You have always demonstrated good examples by exhibiting the true teachings of Muhammed, I want to, therefore, urge all Muslim brothers and sisters across the country to continue to join hands with people of other faith to preach peace, love and unity which our country desperately needs.”

He entreated the Almighty Allah to fill the hearts of Moslems with love, even as they celebrate in peace.

Bello Urges Dedication, Sacrifice.

Kogi State Governor, Alhaji Yahaya Bello, has urged the people of the state to live a life of dedication and excellence in the spirit of the birth of Prophet Mohammed.

The governor who made the call in a message through his Chief Press Secretary, Petra Akinti Onyegbule, to mark this year Eid el-Maulud, said Nigerians must dedicate their lives to the “pursuit of good, justice and equity.” Bello said Prophet Mohammad led an exemplary life of dedication, equity and justice, saying, “The best birthday gift to Prophet Mohammad is for all to strive to build an egalitarian society where equity, justice and fairness are the cornerstones.”

He said he would continue to lead Kogi State with the fear of Allah, admonishing the people to fear Allah and avoid anti-social practices that could jeopardise the “peace and well-being of the society.”

“I urge all Kogites and Nigerians to imbibe the spirit of Prophet Mohammad by promoting peace and stability in the society. In a time like this, leaders must eschew selfishness and contribute to the well-being of the people.

Ogun State Governor, Senator Ibikunle Amosun, has urged the Muslim Ummah in Nigeria to learn from the exemplary lifestyle of Prophet Mohammed. The governor stated this yesterday in an Eid-el-Maulud message signed by his Senior Special Assistant on Media, Mr. Adejuwon Soyinka. He urged the Muslim Ummah in Nigeria to always learn from the peaceful lifestyle of complete obedience to Allah, exemplified by Prophet Muhammed in all that they do. “Whether in political, social, economic or religious circles, our lifestyle need to reflect that of the Prophet Muhammed,” governor Amosun said.

He added: “If Nigerians, irrespective of ethnic or religious differences would learn from the values and ethos exemplified by the life of Prophet Muhammed, this country would be a better place for all of us.” The Ogun State governor also seized the occasion to call on all Nigerians to shun acts of violence and disobedience to constituted authorities while urging all to rededicate themselves to the task of nation building.

Ambode: Pray for Peace, Progress in Nigeria

Lagos State Governor, Mr. Akinwunmi Ambode, yesterday called on Muslims to offer special prayers for greater peace, unity and continuous progress of Nigeria, as they join their counterparts across the world to celebrate Eid-el-Maulud, which is the birth of Prophet Mohammed. The governor, in a statement signed by his Chief Press Secretary, Mr. Habib Aruna, enjoined Muslims to follow the exemplary leadership of the Holy Prophet by promoting peaceful existence.

While imploring Nigerians to shun ethnic, political and religious differences and work towards building a safer and better Nigeria, Ambode said the celebration of the birth of the Prophet should renew the faith and bond of unity as one people and one nation irrespective of diversity.

“On the occasion of the commemoration of the birth of the holy Prophet, it is imperative to reflect on his teachings and uphold his legacies of unity, integrity, peaceful coexistence and love for one’s neighbour, which are indispensable in our quest for meaningful development and the profitable management of our diversity,” he said. The governor also urged Muslim to internalise the virtues of honesty, selflessness, charity, tolerance, good neighbourliness, justice, equity and fairness which Mohammed (PBOH) preached, saying such will go a long way to engender national development.

“I want to seize this occasion to urge all Nigerians to commit themselves to making a greater effort to imbibe these qualities and values as they celebrate the Prophet’s birth”.

“I wish all our Muslim brothers and sisters in Nigeria and Lagos in particular a happy Eid-el-Maulud”, he said.

Pray for Great, New Nigeria, Orji Tells Muslims

As Nigeria Muslims join their counterparts the world over to mark the festival of Eid-el-Maulud, Senator Theodore Orji has called on the Islamic faithful to pray for the emergence of a new Nigeria with leaders imbued with great ideas that would make the nation a global brand. The senator who represents Abia Central in the National Assembly, made the call in his good will message to the Muslims, saying they should in humility ask the Almighty God to intervene in the affairs of our nation given the many challenges facing the country. “Knowing what Eid-el-Maulud represents, our Muslim brothers and sisters should therefore use the occasion to pray for innovative ideas that will enable us break new grounds that the world would take notice of and celebrate the same way it celebrates the birth of Prophet Mohammed,” he said.

In the statement issued by his media adviser, Mr. Don Norman Obinna, the senator, who is also the immediate past governor of Abia State, noted that as a religious people Nigerians should never relent in praying for the good of the nation and those running its affairs.

According to him, supplication for the well being of Nigeria, “when granted by Allah will not only earn the country and her citizenry respect but also position her among the leading countries of the world”. He felicitated with the Muslim faithful in their celebration and urged them to emulate the life of Prophet Mohammed whose birth is the reason for the celebration.

Glo Congratulates Muslims

Telecoms giant, Globacom, has congratulated all Muslims in the country as they celebrate Eid-el-Maulud, the birthday of Prophet Mohammed. In a goodwill message issued in Lagos at the weekend by the company, Globacom urged Muslims to celebrate the occasion with optimism and hope for a better tomorrow.

The company also urged the Muslim Ummah to use the celebration of the birthday of Prophet Mohammed to continue to pray for the country to victoriously scale through the current economic recession.

It noted that the economic situation in the country can be overcome through hard work, commitment to good virtues and persistent prayers to the Almighty who has the power to return Nigeria to the path of economic growth. “We in Globacom wish to congratulate our Muslim brethren on this unique occasion and urge them to use the period to pray for the rapid economic recovery and peace of the nation,” the message said.

Globacom called on Muslims to remember that the birth of Prophet Mohammed was heralded with peace and goodwill to all men. It therefore called on the faithful to take advantage of the celebration to extend hands of fellowship by sharing good tidings with all, especially the less privileged. The message noted that in Nigeria, like in most parts of the world, Eid-el-Maulud provides an opportunity to show love to families, friends, neighbours and businesses. It said the special occasion is also used by families and friends to bond and communicate through voice calls, SMS and numerous data services.

Globacom urged Muslims to take advantage of the company’s array of products and services for their communication need at all times. The Muslim feast of Eid-el-Maulud will be celebrated this year on Monday, December 12

50

MONDAY DECEMBER 12, 2016 • T H I S D AY

NEWSEXTRA

FG in Secret Talks with N’Delta Militants Despite Failure to Formally Name Negotiating Team Emmanuel Addeh in Yenagoa Despite its reluctance to officially set up a negotiating committee to hold talks with militants in the Niger Delta, the federal government has continued discreet talks with the belligerent groups in the region, THISDAY learnt yesterday.

It was gathered that at least three meetings had taken place in the last few months between the militants and federal government emissaries coordinated by the National Security Adviser (NSA), Major General Mohammed Moguno (rtd).

The backroom discussions, which have incorporated other smaller aggrieved groups, are continuing, it was learnt, just as there is growing anxiety among elders and leaders in the region over the inability of the government at the centre to formally name its team of negotiators about six weeks after their meeting with President Muhammadu Buhari.

All the meetings between the agitators and the office of the NSA, THISDAY was informed, took place in Abuja, after the Joint Task Force (JTF), a special security outfit fighting militancy in the area, cleared and certified the various groups which have attacked oil installations since the beginning of the year.

A source close to the goings-on

between the government and the agitators, said government agents reached out directly to the groups instead of going through third parties to learn first hand the underlying reasons for the several attacks on the oil infrastructure aside the ones publicly voiced by the warlords.

To avoid the complaints of exclusion that has continued to trail the amnesty programme, the government was said to have gone beyond only the known violent groups like the Niger Delta Avengers (NDA) and the Niger Delta Greenland Justice Mandate (NDGJM) two groups that have publicly claimed responsibility, to reach out to smaller groups.

But the source added that to avoid making the meetings an “all-comers-affair,” the security agents subjected the groups to serious scrutiny which ensured that ‘portfolio militants’ were screened out.

According to the source, most of the issues being discussed still bordered on the 16-point demand by the Pan Niger Delta Forum (PANDEF), led by Chief Edwin Clark.

However, it was gathered that the Iduwini Volunteer Force (IVF), one of the groups operating along the coasts of South-western Delta State and North-western Bayelsa State, in the last meeting with the

office of the NSA, insisted that one of the conditions for peace should be the direct payment of 13 per cent derivation to the source of the oil, the communities, rather than the state government.

The group reportedly told the government negotiators that it was an aberration to pay the derivation funds to the state governors who were hardly accountable to the oil producing communities in the Delta.

The IVF, led by one Commander Johnson Biboye, it informed, maintained during one of the meetings that the part of the constitution that set aside the 13 per cent derivation specifically said that the monies should be paid directly to the source of the natural resource and not the states where they are found.

Confirming the discreet

discussions between the parties, the source said: “We have been meeting and interfacing with the government through the office of the NSA. We have told them that the last amnesty programme did not carry many genuine groups along. So, after clearance, several groups have been meeting with them, though there is no definitive conclusion on the discussions.

“As far as you are cleared by the JTF, and they (security agencies) know you have antecedents, you are allowed to be part of those they are talking to.

But we have also told government to be consistent.

“If they want peace, let them follow through with the withdrawal of soldiers from the creeks. They cannot be looking for peace and deploying soldiers to harass innocent people at the

same time,” it added.

On how the talks were progressing, it said that though the federal government has not made any particular concession, it had agreed in principle to allow the Marine University in Okerenkoko, Tompolo’s town to continue as originally planned by the government of former President Goodluck Jonathan.

Meanwhile, there has been growing unease among elders and leaders of the region who met with President Buhari on November I, to table the demands of the Niger Delta, it was learnt.

Many of those involved in the peace committee, including Chief Clark, in a meeting in Delta State at the weekend, were said to be unhappy over the refusal of the government to formally inaugurate it’s team of negotiators.

Also, the King of Twon Brass, Bayelsa, Alfred Diette-Spiff, on the margins of an event which held in Yenagoa, told THISDAY that the committee was patiently waiting for the federal government to officially announce its team.

He said he was sure that the government was serious about achieving peace in the region and called on the militants to maintain the ceasefire that has prevailed for weeks.

“Of course, the federal government has to be sincere because they have no choice in the matter.

“The federal government realises and appreciates what the elders are trying to do. So, it is a matter of letting the tempers of agitators and the people cool down before starting the dialogue,” he said.

Dana Air Denies Plane Crash Report Nigeria’s domestic carrier, Dana Air, yesterday denied reports that its aircraft was involved in an accident.

“Our attention has been drawn to a report insinuating that a Dana plane crashed somewhere in Lagos on Sunday, December 11, 2016.

“We wish to state unequivocally that the report is entirely false and malicious, as it carries pictures and report of the previous incident.

“At Dana Air, the safety

and comfort of our guests and crew is a major priority to us and we will continue to adhere strictly to all local and international regulations in the delivery of safe, reliable and world-class air transport.

“We also regret any inconveniences this may have caused our teeming guests, and we assure them that the issue is being investigated,” the airline said in a statement signed by its spokesman, Okwudili Kingsley

TOWARDS A BETTER ABIA STATE

L-R: Senator Enyinnaya Abaribe; Abia State Governor, Dr. Okezie Ikpeazu; Guest Speaker/Editor THISDAY Newspapers, Ijeoma Nwogwugwu; and President, Abia Think Tank Association, Mazi Sam Ohuabunwa at the Abia Think Tank Association’s seventh annual lecture and dinner with the theme; ‘Beyond Politics; Re-directing Abia Economic Development Paradigm’ in Lagos....yesterday Sunday Adigun

Buhari Not Excluding Ndigbo, Ngige Replies Ohanaeze Christopher Isiguzo in Enugu Irked by claims by the apex Igbo socio-cultural organisation, Ohaneze Ndigbo that President Muhammadu Buhari’s administration was anti-Igbo, Minister of Labour and Employment, Dr. Chris Ngige, yesterday in Enugu dismissed the claim, insisting that the president was not promoting politics of exclusionism against Ndigbo.

Ngige equally disagreed with those asking the President to change his economic team as a result of their alleged inability to steer the country out of economic recession.

According to the minister, those propelling the calls for change of economic team are job seekers who were not favoured in ministerial appointment.

Ngige spoke with journalists at the Annual Convention and 2016 Graduation Ceremony of Skill Acquisition Students of Bina Foundation, funded by Sir Chris Atuegwu and his wife, Lady Ifeoma Atuegwu.

The former governor of Anambra State said contrary to the statement

purportedly made by Ohanaeze that Ndigbo were being excluded, President Buhari’s antecedents show that he loves Ndigbo.

He warned Ndigbo to stop engaging in politics of alienation, but instead, to embrace other parts of the country with open hands.

“I am sure the statement did not emanate from Ohanaeze. It is the personal opinion of the Secretary General, Dr Joe Nwaorgu, my personal friend. Ohanaeze has a means of expressing its views in a press statement by the President General and such a statement must emanate from Imeobi (inner caucus).

“When you go to Buhari’s antecedents, you see his love for Igbos. His Brigade Commander was an Igboman. After the war, he did not kill Prisoners of War. He brought back his classmates, J.C. Ojukwu and the other man from Ojoto in Anambra State. He is a good man. He keeps to himself.

He is disciplined in office.

“He doesn’t drink. He doesn’t smoke. He is a man who does any work efficiently. He has Igbo friends. It is wrong to say that Igbos didn’t vote for him in 2015. There was no voting across Igboland. It

was vote allocation.

“I don’t want to join issues with him (Nwaorgu). I have held various positions in Ohanaeze before him.

I championed Aka Ikenga. His Igboness is not stronger than mine.

It is still very early. We should stop crying over spilt milk.

“We got 20 pounds after the war. We should leverage on our prosperity, industrial spirit, ingenuity and propensity for work to forge ahead. We need political fitness and diplomacy and we will not be left behind.

“Former Vice President, Alex Ekwueme, has done a lot in successive constitutional conferences on the zoning structure and regional cooperation. I have always espoused that at Aka Ikenga. We do it and the rest shall be added unto us,” Ngige said.

He noted that there was an understanding that the presidency would go round and Ndigbo could get their turn by embracing other parts of the country with open hands and not politics of alienation.

On the calls for a new economic team to steer the country out of recession, Ngige said the calls were propelled by job seekers and echoed

by their friends in the media.

The minister argued that this country entered recession a long time ago before the Buhari government came on board but nobody noticed it because of the huge foreign reserves accumulated by former President Olusegun Obasanjo, which has now shrunk to $21billion as a result of the crash in oil prices.

“Under the previous administration, the oil price was about $115 per barrel and the country exhausted its 2.2 million barrels daily quota of crude oil export. But when this government came, the price of oil dropped to as low as $30 per barrel. It later came to $50 per barrel, but because of activities of those blowing up oil pipelines in Niger Delta, we could not export our daily quota of 2.2 million barrels. We are now exporting about 1.2 million barrels.

“Nigeria is a mono-cultural economy. Oil provides about 95 percent of our revenue. So, you can see that under this administration, our revenue reduced drastically because of the slump in oil prices and activities of those blowing up pipeline. So, you find a situation

where the supply of money cannot meet the demand. This is elementary economics. When the supply cannot meet the demand, there is disequilibrium. You can see the slide. So, nobody should blame the economic team. If you bring new people, they will still see the same circumstances.

“On the other hand, if you look at members of the economic team, Udo Udoma, the Minister of Budget is eminently qualified.

Being a former Special adviser to a Minister of Petroleum, he knows about the crude oil business that basically provides all our earnings as a country. He was Senate Committee Chairman on Appropriation.

“The Minister of Finance, Kemi Adeosun is a banker but she has a degree in economics. What else are they looking for? Of course, the Vice President heads the economic team. He is a lawyer, but he heads it by virtue of office he occupies as Vice President.

“As Vice President under President Goodluck Jonathan, Namadi Sambo headed the economic team. He is not an economist. Alhaji Atiku Abubakar

headed economic team. He is not an economist. It is those who lost out in the ministerial appointment who are propelling this call to change the economic team and their friends in the media are echoing it” Ngige said.

The Minister however advised Nigerians to see the ongoing recession as opportunity to curb wastages arising from importation of food and other items that have local alternatives.

Ngige disclosed that he now eats local rice and wondered why Nigeria should be squandering billions of naira in importation of foreign rice from Indonesia.

On the proposed plan by federal government to borrow $30 billion, Ngige explained that “we are now in recession in Nigeria and unnatural happenings beget unnatural solutions.”

“China is embracing us economically. We need cheap loans. Investors from China are coming with projects, offering Nigeria projects that they can do with counterpart funding. We bring 20 percent, they bring 80 percent.

Through this way, we will come out of recession” Ngige said.

MONDAY DECEMBER 12, 2016 • T H I S D AY

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Saraki: National Assembly to Amend Constitution to Include Magistrates as Judicial Officers Ibrahim Shuaibu in Kano The National Assembly has pledged to push for the amendment of Section 318 of the 1999 Constitution for magistrates to be included as judicial officers.

The Senate President, Bukola Saraki, made the remarks when the National President of the Magistrates Association of Nigeria, Saidu Safiyyanu Umar, visited him in Abuja.

According to a statement signed

by Umar and made available to THISDAY in Kano yesterday, Saraki disclosed that amending the section would enable the magistrate court to earn more respect as well as enable them to handle certain cases to reduce the workloads at the Federal, states and the Federal Capital Territory (FCT) High Courts.

“I agree with you entirety that section 318 of the Constitution of the Federal Republic of Nigeria especially the definition section should be amended to include magistrates as judicial officers,” the statement said.

He stressed the need magistrates to have pension commission for judiciary and called for the establishment of an agency that would be in charge of pensions

and gratuities for all judicial officers in the country.

According to him, the agency should be called the National Judicial Service Pensions Board to be funded through deductions from monthly allocations of the various judiciaries, adding that there are equivalent bodies for army, navy, police, customs, immigration and prison officers.

On retirement age controversy of the judicial officers, the Senate President said although he agreed that magistrates should have a retirement age slightly below those of high court judges, but this has to be deliberated and inputs have to come from the public before an agreeable age is accepted.

Earlier in his speech, the President of the Magistrates Association of Nigeria, Umar, noted that despite the fact that magistrates perform judicial functions and are not merely peripheral in the judicial arm of government, they are lumped with the broad spectrum of the civil service under the consolidated public service salary structure.

Umar noted that the resultant effect is that the magistrates are the lowest paid among all the sectors that make up the administration of criminal justice which comprises the courts, the police and prison service.

“Although we are aware that the National Assembly cannot legislate on the salaries of the states magistrates but the magistrates in

the FCT are federal officers for whom the National Assembly can legislate.”

The president said as soon as

the federal magistrates in Abuja get their salaries adjusted, it would be easier for them to engage the state assemblies through dialogue

to ensure the passage into law their own salaries at various states.

He appealed to the Senate President to, while passing into

law the proposed bill, to make provision to enable magistrates get to level 17, because right now, they hear and conclude over 70 cases.

Shiite Leader Blames Politicians for Inciting People against Members The leader of the Islamic Movement of Nigeria (IMN) popularly known as Shiite sect in Sokoto State, Sheikh Qasimu Omar, yesterday blamed politicians for inciting residents against their members, saying the group had no plans whatsoever to organise a procession or Joint African General Meeting in Sokoto state.

Speaking with journalists in his residence in Sokoto at the weekend, Umar said the Shiite sect was not planning to conduct procession in

commemoration of the Maulud (birthday of prophet Mohammed) in the state. He described the wicked rumour as the antics of selfish politicians who were bent on creating disaffecting among the citizens of the state.

Umar lamented that unscrupulous politicians were bent on inciting the people against the Shiite sect in order to achieve their sinister motives.

“We believe this is a plot by politicians to create disaffection

in the polity and give license to people to attack and even kill our members.

“The Commissioner of Police visited me two weeks ago and I told him that we have no plan to organise any Joint African General Meeting in Sokoto and that we have the right as citizens to worship the way we want in line with our doctrine.

“They don’t have the right to stop us from conducting our worship.

In fact, the Izalat sect conducted

an African congress in Sokoto last month and nobody stopped them.

“If they don’t want us to celebrate Maulud today let them say it. Are we not Nigerians, don’t we have any right to worship the way we want. Why are they trying to stop us?,” Umar queried.

He called on the public to disregard the rumour, saying members of the sect would not embark on procession to commemorate the Eid-elMaulud.

SexualViolence, Most Serious Crime against Women John Shiklam in Kaduna The Justice for All (J4A) has identified sexual violence as the most serious crime affecting women and girls in Nigeria.

It, however, regretted that despite the magnitude of the problem, there were limited facilities to help victims of sexual assault in addition to the fact that only a few of such cases were prosecuted with very few convictions.

Speaking at the opening of a one day workshop in Kaduna, the coordinator of the J4A, Bob Arnot said the programme has supported the establishment of Sexual Assault Referral Centres (SARC) in eight states of the federation to handle rape cases.

The states include Lagos, Enugu, Niger, Akwa-Ibom, Jigawa, Kaduna, Kano and Yobe.

He said the Lagos centre known as Mirabel centre is located at the Lagos State

University Teaching Hospital (LASUTH) is managed by partnership for J4A and provides forensic medical examination, counselling and other support services to victims of sexual violence.

Similarly, he said the Enugu Centre known as Tamar centre is managed by Women’s Aid Collective (WACOL) and is located in the premises of the Family Support Programme unit of the Enugu State Ministry of Gender.

According to him, the success of SARC has demonstrated the critical role it can play as a platform for collaboration among many agencies and groups that are fighting against sexual violence.

Arnot said further that SARCs work closely with the Juvenile Women’s and Children’s Units (JWCU) from J4A established Model Police Stations across Lagos, Enugu and Niger states where police and social workers are encouraged to undertake joint investigations.

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MONDAY DECEMBER 12, 2016 • T H I S D AY

NEWSEXTRA

House C’tee Queries PENCOM for N693m Expenditure Damilola Oyedele in Abuja The Public Accounts Committee (PAC) of the House of Representatives has queried the management

of the National Pension Commission (PENCOM) over the expenditure of N693 million without proper documentation to back it up.

The query was based on the

DFID, MADE to Hold Workshop for Farmers in Niger Delta The Department for International Development (DFID)-funded programme, Market Development in the Niger Delta (MADE) and the Foundation for Partnership Initiatives in the Niger Delta (PIND), will tomorrow hold a one-day workshop for large plantation and smallholder farmers in the nine states that make up the Niger Delta region.

The workshop, which is billed to hold in Benin, the Edo State capital, will focus on interactive activities of large plantation and smallholder farmers in order to explore possible commercial relationships.

The MADE Team Leader, Mr. Tunde Oderinde, told journalists in Abuja yesterday that the workshop was necessitated by the recent inclusion of palm oil in the list of prohibited items banned by Central Bank of Nigeria (CBN) and the need to create huge opportunities for local integrated plantations to supply industrial palm oil.

Oderinde said the demand for crude palm oil and palm oil based products in Nigeria outweighs local supply, as there was a large shortfall in supply of about 400,000-600,000 metric tonnes which is being

bridged by imports.

He said the outcome of the workshop, which is organised in conjunction with the Foundation for Partnership in the Niger Delta (PIND), will strengthen the capacities of the farmers and ensure adequate supply of information, inputs and services to smallholders as well as awareness on Round Table on Sustainable Palm Oil (RSPO) requirements.

He further added that MADE and PIND were interested in facilitating engagement between the smallholder farmers in the Niger Delta and the large integrated plantations and ensuring discourse on RSPO, thus, the reason for the workshop.

Oderinde further added that immediate short term opportunities exist for large plantations to source for the critical raw material (Fresh Fruit Bunches-FFB) from smallholder farmers, for which adherence to the RSPO principles by smallholder farmers is key.

He explained that the workshop would include presentation on types of linkage models, introduction to RSPO principles and criteria and interactive activities of large plantation and smallholder farmers in order to explore possible

2019: Retired Generals, Politicians in North-central Form New Coalition Oghenevwede Ohwovoriole in Abuja Key personalities in the Northcentral geo-political zone of the country, including retired army generals, politicians, former government officials and others, have formed a new coalition known as “The Bridge’’ amid unfolding political events in the country.

At the inaugural meeting of the coalition with representatives from all the states in the zone, Joseph Waku, a former senator who represented Benue North West senatorial district from 1999-2003 under the platform of the Peoples Democratic Party (PDP), emerged Chairman, while Hon. Amusa Amanga emerged the Secretary.

Mr. Yusuf Yagbagi, who is the ChiefCconvener, in his opening speech, said the formation of The Bridge marks another milestone in their journey to have the first ever meeting of the group to inaugurate its board of trustees.

According to him, “We have realised that for too long now, we have been talking to ourselves; it is now time we talk to one another.

Those walls that we have built around us, that make it possible for others to come; divided and conquered us, must give way so that we can stand on a united front, politically, economically and culturally.

“Our loud call to every one of

us is to break our walls, use the rumbles to build bridges across and unite.”

He added that the vision of the new coalition is to make the people of North-central zone a united, peaceful, prosperous people and a home to all its nationalities irrespective of sex, religion or status. ‘’The Bridge was created out of our desire for a better Northcentral’s role in the present day Nigeria. We have realised that with the abundant human and natural resources in the zone we still lag behind; therefore the need to have an umbrella body that can speak with one voice for the interest of the zone,’’ the convener stated.

On his part, the former DirectorGeneral of the National Orientation Agency (NOA), Mr. Mike Omeri, said his wealth of experience in public office would assist in taking the organisation to greater heights.

“Right now, I am working for the interest of Nigerians, and with the human resources available in the North-central and the rich agricultural output from the region, we will harness them and make the region and Nigeria great,’’ Omeri, one of the conveners of the coalition said.

Some of the personalities who attended the meeting include, Senator Yusuf Nagogo, Prof. M V Sylvester, Gen. Abdulmalik H Giwa (rtd), Hon. Sam Gyang, Sam Ibrahim and others.

2012 Report of the Office of the Auditor General of the Federation.

The report noted that the sum of N10.6 million swas paid

by PENCOM, as renumeration and benefits, into the account of a deceased staff, three months after his demise, even though the account was supposed to have been frozen immediately after the death.

The report also observed that the sum of $1,860,799,27 was paid to an Indian company for a risk management communication contract without advertisement of bidding in contravention of

the 2007 Procurement Act. The commission, at the meeting with PAC, was unable to provide evidence of tax deduction, or remittance to the Federal Inland Revenue Service (FIRS), on the contract to the Indian firm.

PAC members expressed displeasure following the discovery of payments amounting to N693,583,15.69, incurred as stated in paragraph 9.7c of the report without payment vouchers to support such payments.

The Chairman, Hon. Kingsley Chinda, directed that all payment vouchers for

expenditure between January and December 2012, and board approvals should be submitted to the committee.

Similarly, the PAC queried the Director General, Mrs. Chinelo Anohu-Amazu, for some expenditure since the beginning to 2016.

A source at the meeting told THISDAY that the sum of N1,313,326,625 was paid to PENCOM staff between January to December 2016.

The money was specified as allowances for mobile telephone calls, housing

and furniture, and was being paid on a monthly basis.

The source added that N10.5million was paid to one Aisha Mustapha, as ‘car grant’ without a board resolution and approval to back it up.

Anohu-Amazu was directed to provide the list and details of the commission’s staff, and all documentation that back the provision of the allowances, and car grant.

Chinda, when contacted, told THISDAY that the committee was still meeting with PENCOM on the other queries raised in the Auditor General’s report.

CONDOLENCE VISIT

Akwa Ibom State Governor, Mr. Udom Emmanuel (left), in chat with the Senate Minority Leader, Senator Godswill Akpabio, during a condolence visit on the governor at Government House, Uyo...yesterday

CPC OrdersVIP Express Tourism to Refund N25m to Aggrieved Customers James Emejo in Abuja Citing gross violation of rights, the Consumer Protection Council (CPC) has ordered VIP Express Tourism Limited to refund over N25 million to 63 aggrieved subscribers of its holiday packages.

The order, which was signed by its Director General, Mrs. Dupe Atoki, was the outcome of its investigation into the operations of the company, following complaints alleging gross abuse of consumers’ rights against the company.

The council’s investigation was informed by the multiplicity of consumer complaints, concerning the quality of service provided

by VIP Express Tourism Limited and in particular allegations that consumers of its services had been pressurised, manipulated or deceived into contracts for the provision of vacation accommodation services VIP Express Tourism Limited is into hospitality business through which it enlists subscriptions from the public with the promise of facilitating subscribers’ holiday destination desires after their completion of agreed payments.

According to the Council,

“VIP Express Tourism Limited purchases timeshares on behalf of its members but once the member signs on to any of its packages, the contract cannot be rescinded neither can the member get a refund of monies paid because ab initio members were made to waive their cancellation rights upon signing the contract.”

It explained further the company’s business practice, which is designed in such a manner that “after a 90-minute presentation, prospective clients must immediately execute a 10-page contract and endorse 17 clauses containing a non-rescission clause and a non-refund clause, without the benefit of legal counsel, financial or other advise and in circumstances that do not afford the client time to consider the offer, is unscrupulous, obnoxious and exploitative.”

CPC alleged that the company’s operational method was predatory and that its business practice in which consumers were pressurised to unwittingly sign off their legal rights to rescind or get a refund of monies paid was unethical and exploitative.

The council contended that,

contrary to what has been obtainable in VIP Express Tourism Limited’s business operations, international best practice allows for cancellation of timeshare.

The council disclosed that its investigation substantiated various allegations of violations of its enabling Act, arguing that “the complainants having paid various sums of money to the respondent at various times are entitled to a refund, because the contract is obnoxious, unscrupulous, exploitative and therefore cannot be enforced against them”.

CPC, therefore, directed the company to, within 30 days of the receipt of the order, refund the total sum of N25,062,223 to the aggrieved consumers, and that “in the event of default pay interest thereon at the prevailing bank interest rate for any day of default until final liquidation.”

The council also ordered the company to within the same 30 days “review its contract agreements by removing the clauses that waive the consumers right to rescind the contract and get a refund and submit same to the council for review”, and that the agreements must “specify

the time within which prospective subscribers may rescind the contract and be entitled to refund”.

It also directed VIP Express Tourism Limited to “ensure full disclosure of all material facts in all documents to prospective subscribers to enable them make informed decisions”; refrain from the use of unscrupulous and obnoxious methods of persuasion to get customers to sign contracts; and to desist from the use of predatory systems to get the consumers.

CPC also ordered the company to “provide a written consumer complaint and redress policy with specific provisions regarding cancellation, reservation, refund of subscribers’ monies” and to submit same to it for approval within 30 days of the receipt of the order and post same on its website.

“The council in a statement by Deputy Director, Public Relations, Abiodun Obimuyiwa also directed the company to “present written assurances in line with Section 10 of the CPC Act that it would refrain from a continuation of any conduct which is detrimental to the interest of consumers of their services.”

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T H I S D AY • MONDAY, DECEMBER 12, 2016

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Oshoala, Iheanacho, Iwobi, Others for Glo-CAF Honours

Duro Ikhazuagbe

2016 African Women Cup of Nations (AWCON) winner with Super Falcons, Asisat Oshoala, is among five Nigerians nominated in other categories for honours at the Glo-CAF African Football Awards taking place in Abuja on January 5, 2017.

In the list released yesterday by Confederation of African Football (CAF), Oshoala was listed alongside South African Janine Van Wyk, Ghanaian Elizabeth Addo and Cameroonians Gabrielle Aboudi Onguene and Raissa Feudjio Tchuanyo for the Women’s Player of the Year.

Oshoala won the award in 2014, alongside being named Youth Player of the Year. Cameroonian Gaelle Deborah Enganamouit was named Women’s Player of the Year 2015.

Super Eagles’ forwards, Kelechi Iheanacho and Alex Iwobi were among players nominated for honours at the Glo-CAF African Football Awards.

In the category of Most Promising Talent, Iheanacho was listed with fellow Nigerian Oghenekaro Etebo, Guinean Naby Keita, Elia Meshack of DR Congo and Ramadan Soby of Egypt.

Iheanacho scored in four consecutive matches for the Super Eagles against Mali, Luxembourg, Tanzania and Zambia, and has been impressive for his English Premiershi team, Manchester City, for whom he scored in the UEFA Champions League last week. Etebo was the hero of Nigeria’s bronze medal feat at the Olympics in Brazil, scoring four goals in the 5-4 thumping of Japan.

The Youth Player of the Year list was headed by Arsenal of England star Alex Iwobi, who scored Nigeria’s first goal of the 2018 FIFA World Cup race, away to Zambia in Ndola in October.

He contests with Ghanaians Eric Ayiah and Sandra Owusu-Ansah, Ivorian Franck Kessie and Mali U20 ace Sidiki Maiga.

Florence Omagbemi, the only person to have won the Women Africa Cup of Nations as captain and coach, contests for Coach of the Year with DR Congo’s Florent Ibenge, Uganda Coach Milutin Sredojevic, Nacer Sandjak of CAF Confederation Cup winners MO Bejaia and Pitso Mosimane of CAF Champions League winners Mamelodi Sundowns.

Nigeria’s Super Falcons will battle for Women’s Team of the Year with Cameroon, Ghana, South Africa and Zimbabwe, while Nigeria’s U-23 team, bronze winners at the Olympics, will tug with DR Congo (CHAN winners), Senegal, Guinea Bissau and Uganda (the last two for qualifying for 2017 AFCON).

Guinea Bissau is making her debut while Uganda is back among the elites of African football after 38 years.

Sundowns, Bejaia, TP Mazembe, Zamalek and Zesco United compete for Club of the Year, while Gambian Papa Gassama, Egyptian Ghead Grisha and Senegalese Malang Diedhiou are in the race for Referee of the Year. Incidentally, Gassama handled the Nigeria/Algeria 2018 FIFA World Cup qualifier in Uyo while Grisha was in charge of the first qualifying match away to Zambia in Ndola.

Oshoala

Iheanacho

Iwobi

NPFL SUPER 4

Eguma Pleased with Rivers United’s Win over Wikki Rivers United’s Technical Manager, Stanley Eguma, has expressed satisfaction with his side’s 1-0 win over Wikki Tourists in the Nigeria Professional Football League (NPFL) Super 4 Tournament yesterday.

An early opportunistic strike by Ivoirian marksman, Guy Kuemian was all the Port Harcourt club

needed to inflict on Wikki, their only defeat in the competition.

Eguma spoke about the importance of the win as well as the psychological effect the pre-season tournament will have on his side.

“The ability of my players to defend the 1-0 lead until the end of the game showed character on their part.

“It was good for us to win and

we hope it will motivate the team ahead of the commencement of the new season.

“We hope this will instill a winning mentality in the team and also help the coaches to assess the team’s strengths and weaknesses,” Eguma was quoted as saying on the official website of the club.

United lost their first game of

the competition 0-2 to Enugu Rangers but bounced back to beat FC Ifeanyiubah 2-0 in their second game.

Yesterday’s win over Wikki means the ‘Pride of Rivers’ amassed six out of a possible nine points and will be crowned champions of the Super 4 if Enugu Rangers fails to beat FC Ifeanyiubah in the last game.

StarTimes Broadcasts Special Olympics Nigeria Celebrates 2016 World AIDS Day FIFA Club World Cup Games Live StarTimes Nigeria, popular pay TV platform has commenced exclusive broadcast of the 2016 FIFA Club World Cup officially known as the FIFA Club World Cup Japan 2016 to its viewers in Nigeria starting December 8 to December 18.

The all-champions football tournament, currently in its 13th edition, is a FIFA organised international club football tournament between champion clubs from each of the six continental confederations, as well as the national league champion from the host country. The tournament will be hosted by Japan and beamed live on StarTimes sports channels including sports focus and world football.

Yesterday, AFC battled Club América on StarTimes Sports Focus channel while Mamelodi Sundowns will face winner of the clash between Japan and Auckland City by 11.30am.

On Thursday December 15, Real Madrid will play winner of AFC v Club America by 11.30am. All the matches are available on StarTimes world football channel 254 or 245.

Startimes Nigerian viewers can enjoy sizzling sporting entertainment and actions on StarTimes World Football Channel 254 or 245, sports

focus or other StarTimes sport channels” said StarTimes’ Head of Public Relations, Israel Bolaji.

It was fun and excitement as Special Olympics Nigeria at the weekend hosted a series of activities in an effort to mark the World AIDS Day 2016. The initiative, supported by Exxon Mobil, partnering grassroots soccer, deploys soccer as an effective platform for bringing together and providing young Nigerians

FCMB Reiterates Commitment to Sports Devt as COPA Lagos Ends First City Monument Bank (FCMB) Limited has restated its commitment to support initiatives geared towards youths, sports and overall national development.

The assurance was given by the Group Managing Director/ Chief Executive of the Bank, Mr. Ladi Balogun, at the closing ceremony of this year’s COPA Lagos Beach Soccer competition yesterday.

The soccer fiesta, organised by Kinetic Sports Limited and sponsored by FCMB for the sixth consecutive year, was held at Eko Atlantic Beach, Victoria Island, Lagos.

Switzerland emerged champion of this year’s competition after defeating Nigeria 8-3. The highly colourful and entertaining competition also featured Enyimba Football

Club and Pepsi Academy.

According to Mr. Balogun, the Bank’s interventions in the area of sports are aimed at developing the minds, body and abilities of the populace, especially youths, to contribute significantly to the growth of the country’s tourism sector.

“The COPA Lagos Beach Soccer Tournament provides a platform to bring our customers, Nigerians, soccer fans, families, local and international soccer beach players and other stakeholders together in an atmosphere of relaxation, excitement and bonding which are very important to healthy living and nation building. This tournament has become one of the most exciting events not just this festive season but during the year,’’ stressed the FCMB CEO.

especially people with intellectual disability with relevant information about HIV/AIDS prevention and treatment, as well as basic life-saving skills.

The event which held at the Igbobi College, Yaba had in attendance tens of intellectually disabled children participating in unified soccer tournaments, family health forum, health talks with demonstrations, HIV and malaria tests plus provision of

available treatment, voluntary counselling, award of medals and distribution of mosquito nets.

This is part of the ExxonMobil HIV/Malaria Initiative which Special Olympics Nigeria has been implementing in Special schools/centers including some regular schools in Lagos State. The Initiative involves working with Partners, to educate our athletes on HIV and malaria through a medium of sports.

According to Special Olympic Nigeria’s National Director, Naomi Saliu-Lawal, “the World.

AIDS day programme is part of our outreach to promote good health, prevent the spread of HIV\AIDS through awareness and medical test carried out on our athletes. We thank our corporate partners who have made this event a success and look forward to their continued support as we go on”.

L-R: Representative of the Minister of Youth and Sports, Alhaji Ahmed Shuaibu Gombe; Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta; President of the Nigeria Tennis Federation, Sani Ndanusa; Chief of Staff, to EVC NCC, Mr. Usman Malah during the 2nd semi final match of the 2016 NCC Tennis Cup which held in Abuja National Stadium, Saturday

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MONDAY DECEMBER 12, 2016 T H I S D AY

T H I S D AY MONDAY DECEMBER 12, 2016

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Price: N250

MISSILE Fayose to FG “How can anyone tamper with the security aides of a state governor without his consent?

How can the chief security officer of a state governor be changed without the consent of the governor? Isn’t it now clear that they actually want to kill Governor Wike before the Saturday elections?” – Ekiti State Governor Ayodele Fayose accusing the federal government of planning to assassinate Rivers State Governor Nyesom Wike following the withdrawal of Wike’s chief security officer ahead of last Saturday’s elections in the state.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Haba DMO, Except If Your Own Figures Are Wrong “If you disperse people from the arena where opinions are expressed, they only go to converge at the cellar where revolutions are born” Old Sage s a rule, I do not join issues with my readers.

The reason is because as a democrat, I believe that everyone is entitled to his own views and opinion. Besides, being human, I can be wrong sometimes and would appreciate to be corrected. I do not believe in muscling my way through debates. I am therefore, quite comfortable with people disagreeing with me. I actually encourage it because it is only when ideas contend with one another that superior solutions can emerge.

In response to my last piece on the $30 billion loan proposition by the federal government, the Debt Management Office (DMO) took up paid adverts in many national dailies titled “Dangerous Misinformation by Mr. Alex Otti: Re: $30 billion Loan: Are You For Real?”

If not for the obvious misrepresentation of facts by the DMO in the rejoinder, I would not have responded. The response became more compelling because in accusing me of misinforming readers, DMO made misleading statements about the debt stock of the country. It is more interesting because I was quoting DMO in my numbers and I duly acknowledged it as my source. I had said that “According to the Debt Management Office, DMO, Nigeria has external borrowing of $11.26b as at the end of June 2016”. I then went ahead to add the above number to $12.71 billion being the dollar component of the domestic debt of the 36 states of the federation to arrive at total dollar debt stock of circa $24 billion. The next stage was to recognise the domestic dollar-denominated debt component of $37.48 billion outstanding against the federal government, thus bringing the grand total dollar debt to about $62 billion.

DMO on the other hand had argued thus, “It is completely false to state that external debt of states…was USD12.71billion. The DMO has transparently published the total external debt of the federal government, states and the FCT….which was $11.26b. For emphasis, the published external debt belongs to not only the FGN, but also to the states. Accordingly, Mr. Otti’s addition of USD12.71b and $11.26b to get $24b is a strange and speculative arithmetic” Unfortunately, these numbers came from the DMO itself, www.dmo.gov.ng, and they remained on that website as at the time of going to press. Where DMO got it wrong was that it misinterpreted my reference to the debt stock of states as external. I had rightly acknowledged the $11.26 billion as external debt. I then proceeded to add the dollar component of the states’ domestic debts which are actually denominated in dollars to get $24 billion.

Finally, I added the federal government’s domestic debt which is also denominated in dollars to get the total dollar debt of about $62 billion. There is no denying the fact that both the external debt and the dollar denominated domestic debt will all be paid back in foreign currency.

Even if for any reason, the domestic creditors become so nice and want to receive their payments in naira, it would be strange if they will also give concession on exchange rate. So, for clarity, I restate that based on the numbers from DMO, we have debts of about $62 billion hanging around our neck which are actually denominated in foreign currency. Should we concede that the only debt repayable is the external debt component of $11.26 billion thereby getting a complete write-off of the entire domestic foreign currency debt of over $50 billion, I do not see how that would significantly change the argument I made in the write up.

On the issue of floating rates, the DMO once again misunderstood my point. I had acknowledged that the DG of DMO had said that the rates will be around 1.5%

A

Minister of Finance, Kemi Adeosun pa to which I added, “but I am certain he was referring to concessional rates from multilateral agencies”. It is therefore incorrect to insinuate that I had indicated that multilateral debts are normally priced at floating rates.

In fact, my reference to floating rates and LIBOR was on the Eurobond. Again, talking about current yields on Eurobond, DMO again missed my point. My reference to the yields that our current bonds of 2011 and 2013 are commanding in the secondary market was not to show that it was impacting negatively on our economy as claimed in the response. DMO’s comment that “the movements of their yields in the secondary market have nothing to do with Nigeria’s debt service obligation” is therefore superfluous. At least, I should know how this market works. What was apparently lost on the DMO was that I had said that given the high yield of the existing bonds, fresh issues would attract higher rates. This is sensible as the yield is a pointer to the rating of fresh issues. I do not expect that there would be disagreement on the fact that our circumstances and fundamentals have worsened since the last Eurobond issue and these would be taken into consideration in pricing fresh issues.

The DMO also took me up on the diversification of foreign exchange earnings. It had this to say: “Unfortunately, even where Mr. Otti managed to state something true, instead of concocted or speculative, he failed to move to the next logical level. For example, he said ‘We need to diversify our foreign exchange earning capacity from the challenged oil to boost our foreign exchange revenue base’ But: he failed to say how you can diversify the forex base without addressing the huge infrastructure deficit to ensure higher productivity and competitiveness, he did not say how the huge infrastructure deficit will be funded, he did not say how big the required investment is and how much of this must come from the public and private sectors, respectively; he did not say where the government will get enough revenue to provide its share of the required investment’.”

When I read the tirade above, I jokingly asked: “If the DMO wants me to answer all these, what will it be doing?” On a serious note, I had written extensively on most of the questions posed by the DMO in my previous interventions and would encourage the DMO to read them. In my columns of September 12 and September 29, 2016, on the Diversification of the Economy, I had argued that while we needed to diversify from being a mono product economy, we needed to be wary of promoting primary products of agriculture and solid minerals. My argument was that we should deliberately encourage value addition in forms of processing, packaging, storage and exports of these commodities. The kernel of the debate was that commodities are susceptible to the same fate as oil, even to a larger degree, given that oil producing countries have OPEC to weigh in to protect prices. I concluded by arguing that we should promote

education, research and development, innovation, skills, knowledge, science and technology, entrepreneurship and intellectual property as the ruling economies of the world are knowledge economies and not “luggage economies” a la Segun Adeniyi.

On infrastructure, I had been an unrepentant apostle of government spending massively to provide infrastructure for industrial production and good quality of life for the populace. I had argued in my two-part series “Chop Your Money 1&2” published on April 25, and May 9, 2016 respectively and another write-up titled “When and How to Spend the Money You Do Not have”, published on May 23, 2016, that we must spend a lot of money to deal with the present infrastructural decay. I had contended that it was more useful to spend our money on building roads, railways, refineries, power, hospitals and schools than save money in foreign bank accounts for which we do not get so much as interest, but also lose the benefits of having the much required infrastructure in place. Even in the write-up in contention, if DMO had read through properly, it would have noticed that I had answered the “how big” question thus, “According to the IMF, Nigeria needs to spend no less than $140b in the next decade to bridge the infrastructure gap in the country” Given this position, no one can sustain the accusation that I did not say how big the required investment is.

The DMO ends with a rather curious credit to itself for the healthy and welcome debate on the borrowing plan of government because according to it, it ‘democratised’ public debt knowledge. Given the age of the agency, one can understand that it was not there when a similar debate was called by the military government of General Ibrahim Babangida in the mid 80s as it wanted to access the IMF loan. The heated debate ended with the government throwing out the move to take the loan. I strongly believe that it would serve the government positively to encourage honest debate to enable it appreciate the opinion of Nigerians on this loan. It should not be hijacked by any government agency, not even the DMO.

It is interesting that in spite of the invectives, the DMO ended up attacking tangential comments and left untouched, the fundamental arguments made in my write-up. In my opinion, the issues to address would include how the $30 billion request was derived. Yes, we need several times that number to address our infrastructure deficit, but most lenders must pay attention not just to what the borrower needs, but his capacity to pay back. Even if the loan was interest-free one cannot wish away the capacity to repay. I had also contended that any loans we would take must be within an overall expenditure framework.

Luckily, we have the MTEF/FSP (2017-2019) approved by the Federal Executive Council (FEC), upon which I relied to do my analysis. On the basis of the analysis, I arrived at numbers ranging from a conservative $10.5 billion, through a moderate $12.9 billion to an aggressive $14.52 billion, as the additional external debt we can take, given the assumptions of the framework itself. I actually expected that the DMO would fault my analysis on the basis that it was too aggressive. DMO had set a new debt template of 60:40 internal to external ratio to encourage a private sector driven economy. My analyses assumed a 50:50 ratio arising from the numbers I picked from the 2016 budget. If I applied the new template set by the DMO, the numbers would reduce to a range of $9.45 billion to a maximum new borrowing of $13.01 billion.

All said and done, I think we need to take another look at the framework, the amount we want to borrow, our capacity to pay back and the other issues that have been raised here and elsewhere. The government can only be the winner when things are done properly.

Government agencies will also do well to encourage those who have some suggestions to make towards any issue of national importance, as no one has monopoly of knowledge. Finally, we must understand that the message is always more important than the messenger.

Permit me to use this opportunity to wish my readers, the DMO included, a merry Christmas and a happy New Year all in advance.

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