Wednesday 14th December 2016

Senate Accuses NNPC, NPDC of Failing to Remit $3.487bn to Federation Account Orders immediate remittance, constitutes c’ttee to probe corporation Omololu Ogunmade in Abuja The Senate yesterday accused the Nigeria National Petroleum

Corporation (NNPC) and its exploration and production subsidiary, Nigerian Petroleum Development Company (NPDC), of

willful misappropriation and for criminally withholding public revenue to the tune of $3.487 billion.

It also accused NPDC of

lifting crude from divested oil wells – Oil Mining Leases (OML) 65, 111 and 119 – to the tune of $1.847 billion, of which it paid a

paltry $100 million to the Federation Account.

The Senate equally said that the non-remittance of proceeds from the

sale of crude oil started before the advent of this administration and had Continued on page 6

Buhari, ECOWAS Leaders Meet Jammeh, Insist He Must Step Down… Page 9 Wednesday 14 December, 2016 Vol 21. No 7909. Price: N250

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Rivers Rerun: PDP Wins Additional House, State Assembly Seats…

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24 Hours to Budget Presentation, FG Submits Revised MTEF Plans to fund budget with recovered loot, funds from oil licensing round Targets N10tn revenue in 2017

Omololu Ogunmade in Abuja Less than 24 hours before the presentation of the 2017 budget, the executive arm yesterday submitted a revised 2017-2019 Medium Term Expenditure Framework

(MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly.

In the new document, the government increased the projected N6.866 trillion 2017 Continued on page 6

Malabu Oil Deal: No Conclusive Evidence Yet Against Adoke, Alison-Madueke, Says AGF Dogara wants power privatisation revisited

Damilola Oyedele in Abuja The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), has said there is no conclusive evidence to suggest that the former Minister of Justice, Mr. Mohammed Adoke,

his Petroleum and Finance Ministry counterparts, Mrs. Diezani Alison-Madueke and Mr. Olusegun Aganga, were fraudulently involved in the $1.092 billion controversial Malabu oil deal.

He however acknowledged Continued on page 6

THE KID’S GLOVES TREATMENT FOR JAMMEH Justice Ademola, Wife Arraigned, Get Gambian President, Dr. Yahya Jammeh, welcoming the President of Ghana, Mr. John Dramani Mahama and President Buhari, to the high level ECOWAS joint mission in Gambia yesterday on the transition of power after N100m Bail on Self-Recognition… Page 10 Muhammadu the country’s presidential election

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page six Malabu Oil Deal: No Conclusive Evidence Yet Against Adoke, Alison-Madueke, Says AGF that the payment of the money into an escrow account by the former ministers, instead of the Consolidated Revenue Fund, was illegal.

Speaking yesterday before the House of Representatives ad hoc Committee on the Alleged Corruption, Malpractices and Breach of Due Process in the Award of Oil Prospecting Licence (OPL) 245, Malami also confirmed that Adoke “has not made himself available”, even though he had presented written submissions to the Justice Ministry on the Malabu transaction.

The committee is chaired by Hon. Razak Atunwa.

OPL 245 was awarded to Malabu Oil and Gas Limited belonging to a former Petroleum Minister, Chief Dan Etete, in the 1990s.

However, after the award of the oil block, a legal dispute arose between Shell and Malabu over the ownership of the oil asset believed to hold several hundreds of millions in crude reserves.

The dispute was not

eventually settled till 2012, when the Goodluck Jonathan administration called the parties to reach an out-of-court settlement over the ownership of the oil block.

On this basis, Shell, Agip and Total paid $1.092 billion into a designated escrow account to farm into oil block. Of the $1.092 billion, it is believed that about $600 million was paid to Etete by the federal government, raising eyebrows about the propriety of the transaction.

Speaking on the Malabu oil deal at the House yesterday, Malami said: “One thing I have to bring to your notice is that the investigation is ongoing.

I cannot with certainty jump to the conclusion of an indictment. The investigation is from different perspectives because of the criminality, breach of contract and associated elements.

“What I am saying in essence is we are at the stage of investigation and indeed even those that were presumably considered to have played

a role are equally being given opportunities to make presentations.”

Malami added that it was difficult to be precise as to whether the investigation had reached the point of prosecution, even though the possibility of prosecution had not been ruled out.

He however assured the committee that any persons indicted in the Malabu probe would face the wrath of the law.

Speaking earlier, the Speaker of the House of Representatives, Hon. Yakubu Dogara, said OPL 245 has a long running history and had been the subject of many investigations, hence the need to put a finality to the matter.

“The failure by previous administrations to take the necessary steps to resolve the disputes associated with OPL 245 has attracted the searchlight of international anti-corruption and money laundering watchdogs which has portrayed Nigeria as unserious in its fight against

corruption,” he said.

On another issue, Dogara also called for the privatisation of the power sector to be revisited due to the absymal situation in the sector since the unbundling of the Power Holding Corporation of Nigeria (PHCN) and the transfer of the successor companies in 2013 to the private sector.

Speaking at the investigative hearing into the federal government-secured bond of N309 billion to finance the shortfall in the Nigerian electricity market, Dogara said there had been no positive report from the electricity sector since the privatisation process was concluded.

He observed that the average duration of uninterrupted supply in the country was about six-eight hours a day, with crazy estimated bills issued to exploit consumers, while metering remains low.

“This is in addition to the absence of improvement in generation capacity despite the increase in tariffs in February 2016.

ASSISTANCE FOR THE VICTIMS…

Akwa Ibom State Governor, Mr. Udom Emmanuel (right), receiving a cheque yesterday in Uyo, Akwa Ibom, from the Speaker of the Akwa Ibom State House of Assembly, Rt. Hon. Onofiok Luke, on behalf of members of the state assembly in support of victims of the Reigners Bible Church building collapse

Senate Accuses NNPC, NPDC of Failing to Remit $3.487bn to Federation Account continued under the current administration unabated.

It said the acts were perpetrated with impunity to the extent that between January and August this year alone, NPDC allegedly lifted crude amounting to $344.442 million without following due process.

Moving a motion through a point of order yesterday, Senator Dino Melaye (Kogi West), who said it was worrisome that the two agencies had been lifting crude oil without recourse to transparency, added that NPDC had since 2013 been lifting crude from divested oil wells OML 61, 62 and 63 to the tune of $3.487 billion without remitting it to the Federation Account.

He also accused NPDC of failing to pay royalties and other taxes.

The Senate therefore mandated the NNPC and the NPDC to immediately remit monies obtained on behalf of the federal government to the Federation Account and also tasked the Group Managing Director of NNPC,

Baru Maikanti, to ensure compliance with this directive with immediate effect.

It also tasked the NNPC “to as a matter of urgency forward to the National Assembly its yearly estimate for repairs and pipeline operations and maintenance for appropriation”.

Concerned about the continuing practice of withholding part of crude oil sale proceeds by NNPC for use in pipeline repairs and product losses, Melaye said: “It is curious that despite the much trumpeted anticorruption stance of the current administration that this level of corruption could still be nestled and tucked in by highly placed individuals is derisive of the entire anti-corruption fight.

“The Senate observes that the said amount so far withheld illegally can build about 11 world-class teaching hospitals, fully equipped to cutting edge machinery of about 200 beds in Nigeria, six health care centres in each of the 774 local government areas of the country, and added

on the national power grid 4,000MW of electricity.

“The Senate further observes that this amount, if remitted into the Federation Account, would have had an immediate and significant impact on the economy by bringing down the cost of the naira instantly and boosting the federation reserves appreciably.”

Melaye insisted that the amount allegedly being withheld from the Federation Account could address “the needs of internally displaced persons (IDPs) in the North-east 9.9 times over”.

He also said the total amount the agencies had so far withheld exceeded the joint venture cash calls value for the year 2016, adding that the figure was more than government’s disposable investment plan in 2016.

Supporting the motion, Senator Mao Ohuanbunwa described the acts of the two agencies as nothing but an infringement on the 1999 Constitution, which he said provides that funds generated by such agencies must be paid

into the Consolidated Revenue Fund (CRF) account.

According to him, keeping such a huge amount of money in private pockets at such a time when Nigeria is experiencing a recession and with prevalent poverty is unacceptable.

He appealed to his colleagues to ensure that the matter was taken very seriously.

Also contributing to the motion, Senator Adeola Olamilekan (Lagos West) lamented the degree of misappropriation of revenues by the agencies, adding that the allegation was factual.

Olamilekan further said depriving the nation of the whooping sum of almost $4 billion by the two agencies at the time government was seeking to borrow $30 billion must not go unpunished.

The matter was referred to the Joint Senate Committee on Petroleum (Upstream, Downstream) and Finance for investigation. The committee is expected to report its findings to the Senate on January 9.

“In spite of all these, we have reports that the cumulative market shortfall has risen to over N700 billion as of date. This trend escalates at the rate of about N25.6 billion monthly, based on NBET’s (Nigeria Bulk Electricity Trader) August 2016 Electricity Market Payment Report,” Dogara said.

Chairman of the House Committee on Power, Hon. Dan Asuquo, in his address acknowledged that the Ministry of Power and NBET had proposed the bond to turn around the abysmal situation in the power sector.

“It is pertinent to note that we wonder what role the Nigerian Electricity Regulatory Company (NERC) is playing in this whole process.

“If N309 billion is injected into the market today, it would only reduce the exposure from N700 billion to N391 billion.

“According to NBET’s August 2016 published electricity market payment report, the bleeding would continue at the rate of N25.6 billion monthly.

“So, does this solve the primary bleeding of the electricity market?” he asked.

The Permanent Secretary of the Ministry of Power, Mr. Louis Edozien, in his presentation to the committee, said the N309 billion bond, backed with promissory notes, would provide the critical needed funding for the sector, and resolve a significant proportion of the liquidity challenges being experienced.

He urged the House to back the bond.

“It would be in the public interest if the House supports NBET to complete the design of the product and expedite its implementation,” he said.

24 Hours to Budget Presentation, FG Submits Revised MTEF budget to N7.298 trillion. It also predicated the budget on an exchange rate of N305/$, from the initial N290.

Whereas it retained the 2.2 million oil production volume and $42.50 per barrel oil benchmark, the executive arm also increased domestic borrowing from N1.072 trillion to N1.253 trillion.

It, however, reduced foreign borrowing under the revised MTEF from N1.336 trillion to N1.067 trillion.

It also increased aggregate capital expenditure from N1.939 trillion to N2.243 trillion and raised recurrent non-debt from N2.5 trillion to N2.629 trillion, but put its revenue target at N10 trillion. Recurrent expenditure was revised to N1.66 trillion.

The executive is also projecting a budget deficit of N2.3 trillion in 2017 as against N2.4 trillion in the 2016 budget.

While appearing before the Joint Senate Committee on Finance and Appropriation, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said the government had opted to increase the budget projections from N6.9 trillion to N7.3 trillion because Nigeria could only end the recession if more money is pumped into the economy.

He also said the 2017 budget would be financed through an early licensing round, royalties, promissory notes, and loot recoveries.

Udoma said the federal government would award new oil licences, review the current joint venture arrangements with oil companies, marginal oil fields and mount pressure on revenue generating agencies to exceed expected targets.

According to him, of the N10 trillion revenue target, N5 trillion would be generated from the sale of crude oil, while the balance of N5.06 trillion would be generated from non-oil receipts.

He said non-oil revenue would come from corporate and company taxes, Nigeria Liquefied Natural Gas (NLNG) Company, stamp duties, capital gains tax, value added tax (VAT), customs, excise, fees, surcharges on luxury items,

special levies and federal government independent revenue.

Udoma added: “I know N7 trillion seems larger than N6 trillion. But in actual dollar terms, the 2017 budget is smaller. We have had challenges in revenue generation in funding the 2016 budget, so we are trying to get to the bottom of revenue generating agencies in order to raise more money.

“On independent revenue expected from revenue generating agencies, we need to work with the National Assembly. The issue of 80 per cent of operating surplus is a problem that must be paid to the Consolidated Revenue Fund. We need to work with the National Assembly to review certain clauses of the law. We need to be more imaginative and creative in order to get out of the problem that we have with revenue generating agencies.

“We want to issue a presidential order to ensure that revenue generating agencies are unable to spend money, except the payment of salaries until their budgets are passed.

“We want to be more engaging in the Niger Delta to ensure that there is peace in order for us to produce more crude oil. We will be increasing the amount for the Amnesty Programme to the old figure. It is important to engage the people in the Niger Delta region.”

TOP GAINERS NGN NGN SEPLAT 34.85 374.85 FORTEOIL 10.88 117.11 CHAMPBREW 0.23 2.61 DANGFLOUR 0.29 4.09 OANDO 0.28 4.44 TOP LOSERS NGN NGN AVONCROWN 0.06 1.14 PORTPAINT 0.11 2.18 UNIONBANK 0.21 4.26 MANSARD 0.08 1.63 FIDSON 0.06 1.33 HPE Nestle Nig Plc ₦810.00 Volume: 376.698 million shares Value: N2.411 billion Deals: 2,885 As at 13/12/16 See details on Page 46

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T H I S D AY WEDNESDAY DECEMBER 14, 2016

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Starters

Inauguration Blues: Why Pop Stars Won’t Play for Trump Reports from the US suggest Donald Trump is struggling to find A-list stars to perform at his inauguration.

But when President Barack Obama was inaugurated in 2009, he was serenaded by Beyonce and Aretha Franklin. During his stay in the White House, he’s had audiences with the likes of Rihanna, James Taylor and Kendrick Lamar.

Donald Trump might not be so lucky. According to US news website The Wrap, Trump's inaugural committee is scrambling to find stars who are willing to play at his swearing-in ceremony on 20 January 2017.

“They’re calling managers, agents, everyone in town to see who they can get and it’s been problematic,” an unnamed source told the site.

Grammy-winner John Legend, who has been a guest of the Obamas several times, says he is “not surprised at all”.

“Creative people tend to reject bigotry and hate,” he told the BBC. “We tend to be more liberalminded. When we see somebody that’s preaching division and hate and bigotry, it’s unlikely he’ll get a lot of creative people that want to be associated with him.”

“I would never do it,” agrees Swedish star Zara Larsson, speaking at the BBC Music Awards.

“A lot of artists out there have been very pro-Hillary and anti-Donald.

So I would never do it and most other smart people wouldn’t do it.”

Despite their reservations, Trump’s campaign appeared to have scored a victory last month, when they announced one A-list star would be taking part in the celebrations.

“Elton John is going to be doing our concert on the mall,” said Anthony Scaramucci, a member of the presidential inaugural committee, claiming that Mr. Trump would be the first president to enter the White House with a pro-gay stance.

But almost as soon as the comments

Trump

were made, Sir Elton issued a strongly-worded rebuttal.

“Incorrect. He will NOT be performing,” wrote his publicist, making liberal use of the caps lock key. “There is no truth in this at all.”

Since then, the names bandied around have been much lowerprofile - from rap-rock rascal Kid Rock to Achy Breaky country star Billy Ray Cyrus.

However, The Wrap claims Trump’s team is still holding out for a Bruno Mars or Justin Timberlake. The situation has become so critical that they are allegedly breaking with protocol to offer artists an appearance fee.

“They are willing to pay anything,” said their source, suggesting that a six-figure sum would be within reach.

This has been flatly denied by the spokesman for the Presidential Inaugural Committee, Boris Epshteyn, who said: “No one with any official position at, or official relationship with, the presidential committee is engaging in the conduct described.”

But even if a fee were offered would anyone accept?

“I don’t think I would take the money on that one,” says US pop star Adam Lambert, the part-time front man of Queen, who is a passionate advocate for LGBTQ rights.

“I don't think I’d be endorsing that. They might struggle.”

Rick Astley, the 80s pop legend who is currently enjoying an unexpected career resurgence, is less forthright.

“Depends how big the cheque was!” he laughs, before expressing reservations about Trump’s presidency.

“Politically, the whole world’s been shaken this year - and that was the icing on the cake,” he said.

“But whether it was Donald Trump or anybody else, I’m not sure I’d want to go and play at the inauguration of an American president. I don’t think that’s a place for a British artist to be, to be honest.”

One exception could be Matt Goss - the former Bros front man, who has had a successful second career with his Las Vegas residency.

But despite holding an honorary captaincy in the US Army - making Trump his incoming commanderin-chief - Goss says he’ll give the inauguration a miss.

“I’m very proud that I live there and proud of my residency in Vegas but, politics aside, I wasn’t impressed by the lack of civility. I would bow out of that one gracefully.”

Then, just as it seems no one in the music world harbours a secret ambition to play for the president elect, we bump into Matt Healy, lead singer of The 1975.

Yes, he said, he would sing at the inauguration… but on one condition.

“I’ll do it if they give me cash up front,” he said. “Then watch what would happen. It would be a riot.”

So what’s his price?

“What do I want? Well, he’s got gold seatbelts in his plane - so at least a million quid.”

NBS: 68.5% of Households Own Their Houses James Emejo in Abuja Over 68.5 per cent of households own the houses they dwell in compared to 16.6 per cent of households who live in rented homes, a new survey by the National Bureau of Statistics (NBS) has revealed.

It further showed that although 63.6 per cent of households live in homes with three or more rooms, the quality of the building materials remained poor.

It added that countrywide, more than 59.3 per cent of households have electricity for an average of 35.8 hours per week, of which 86 per cent of urban households have access to electricity compared to only 41.1 per cent of rural households.

The report, Living Standards Measurement Study (LSMS) Integrated Surveys on Agriculture General Household Survey Panel 2015/2016, is a publication by the NBS in collaboration with the Federal Ministry of Agriculture and Rural Development and the World Bank.

It seeks to among other things, develop an innovative model for collecting agricultural data, inter-institutional collaboration, and comprehensive analysis of welfare indicators and socio-economic characteristics.

Essentially, the GHS-Panel is a nationally representative survey of 5,000 households, which are also representative of the geopolitical zones (at both the urban and rural levels).

The report stated that rudimentary farm implements, including hoes and cutlasses, are considerably more common than modern tools such as tractors and pickup trucks.

The survey, which also collected information on households’ access to information and communication technology (ICT) and patterns of usage, found that about 89 per cent of Nigerians have access to a mobile phone, adding that access to the internet was more prevalent in urban areas than in rural areas – the most common uses being to send and receive emails.

On consumption patterns, it stated that oil and fat products along with grains and flours are the most commonly consumed food items with over 96 per cent of households consuming food items in these groups.

The survey also showed that soap and mobile recharge cards are the most common non-food items consumed by households, with close to nine out of 10

households reporting soap purchases and 78.3 per cent reporting expenditures on recharge cards.

Essentially, mobile recharge cards accounted for the highest national mean expenditure, with a monthly average household expenditure of N17,413.

The report added: “Households were also asked about their experience with food security and their history of economic shocks. Similar to findings in Wave 2, reported food shortages from this wave are seasonal, with January and February posing the biggest risk of food insecurity.

“Twenty-six per cent of households reported having to reduce the number of meals taken in the past seven days, with urban households more likely to have reduced their meal intake than rural households (29.8% versus 24.1%).

“Major shocks that negatively affected households include: increase in the price of food items (12.4%), death or disability of a working household member (5.7%), increase in the price of inputs (3.6%), and non-farm enterprise failure (3.1%).

“The most common coping mechanisms reported included receipt of assistance from family and friends (24%) and reduction in food consumption (23.6%).”

Two-Minute Briefing News Rivers Rerun: PDP Wins

Additional House, State Assembly Seats The Independent National Electoral Commission (INEC) yesterday announced more results from last Saturday’s rerun legislative elections in Rivers State.

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EDItorial Plight Of Bakassi People

Except the Nigeria and the Cameroonian authorities scale up efforts at addressing the myriad of challenges confronting residents of Bakassi Peninsula, the people of the area mihjy become stateless soon, said the UNHCR. Page 15

politics Obla: Now on the Receiving End

Davidson Iriekpen likens the travails of a prosecutor of the Economic and Financial Crimes Commission, Godwin Obla, to what successive chairmen of the commission had suffered in the hands of the federal government.

Page 18

features Preserving the Sanctity of

Marriage To promote excellence in marriage and family life, the Women ofValour, in collaboration with Harriet Newlife Foundation, started an initiative to celebrate exceptional Nigerian Christian women whose marriages serve as an inspiration…

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business FMDQ Facilitates N341tn

Transactions in Fixed Income Market in Three years FMDQ OTC securities Exchangehas facilitated transactions worth N340.98 trillion in the fixed income securities and currency market within three years,THISDAYchecks have revealed.

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citystrings Abakaliki: From a Glorified

Village to a Sprawling City Benjamin Nworie writes that Abakaliki, the capital of Ebonyi State, has witnessed tremendous renewal since Governor David Umahi assumed office Page 32

INTERNATIONAL Trump Announces ExxonMobil’s

CEO, RexTillerson as Secretary of State United States’ President-elect DonaldTrump yesterday announced the nomination of ExxonMobil’s Chair- man and chief Executive Officer, RexTillerson…

Page 48

sports Super Falcons Plan Protest to

FEC over Unpaid Allowances After days of going back and forth over their unpaid allowances, the Super Falcons, have concluded plans to embark on a peaceful protest to the seat of power…

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Wednesday December 14, 2016 • T H I S D AY

9

NEWS

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

Rivers Rerun: PDP Wins Additional House, State Assembly Seats Probe Amaechi, security agencies, party tells Buhari Police blame disgruntled elements for violence, insecurity

Ernest Chinwo in Port Harcourt, Onyebuchi Ezigbo and Dele Ogbodo in Abuja The Independent National Electoral Commission (INEC) yesterday announced more results from last Saturday’s rerun legislative elections in Rivers State.

In the results released, the candidate of the Peoples Democratic Party (PDP) in the Andoni/Opobo/ Nkoro Federal Constituency, Hon. Awaji Abiante, was been declared winner.

INEC’s Returning Officer for Andoni/Opobo/Nkoro Federal Constituency, Professor Iheanacho Ekwuni, who announced the result, said Abiante scored 10,729 votes to defeat the candidate of the All Progressives Congress (APC), Mr. Dressman, who scored 7,366 votes.

Also, INEC yesterday declared the PDP candidate for Andoni Constituency in the state House of Assembly, Hon. Ikuinyi-Owaji Kobani, as the winner of the legislative rerun election in Andoni local government area of the state.

The Returning Officer, Professor Ofekwe, said Ibani scored 16, 234 votes to defeat his APC counterpart, Gilbert Sampson Egopp, who scored 16,134 votes.

With the new results, out of the five federal constituency results released, the APC has three seats while the PDP has won two seats.

Also, of the seven state constituency results released, APC won in three while PDP won in four constituencies.

However, the Rivers State Commissioner for Urban Development, Hon. Chinyere Igwe, who was accused by the APC of having fake result sheets at the Rivers East Senatorial District Election Collation Centre at the Port Harcourt City Council, has denied involvement in any election malpractice.

Igwe, who served as PDP agent at the centre, said at a press conference at the Ernest

Ikoli Press Centre yesterday that he was abducted by the Special Anti-Robbery Squad on the directive of APC agent at the centre.

“Ordinarily, I shouldn’t be here but for the infantile outburst of Dakuku Peterside, who alleged that I, Chinyere Igwe, forged electoral materials. Unfortunately, Peterside was playing a script written and directed by Chibuike Rotimi Amaechi yesterday,” he said.

Recounting his experience, Igwe said: “While we were seated at the City Hall, Port Harcourt City Local Government secretariat, where INEC officials were about collating the result of Emohua Local Government Area, before the declaration of the results for Rivers East senatorial district, the script as written by Amaechi was playing out. Amaechi was at the other end of Moscow Road, closer to Produce House, because people saw him but we said he cannot come in here.

“Then, SARS came into the hall and the APC agent, Nnamdi Wuche, was directing. He pointed at my direction; look at him there, arrest him and take him away. I was between the devil and the deep blue sea.

“At the end of the day, they took me from SARS to the SCID and SCID investigated. They found out the election result copy that I had was correct both in signature and serial number with the result sheets INEC used to declare the results of the election.

“So, the question now becomes who is telling the truth? Is it Peterside and Amaechi that are deceiving Rivers people, Nigerians and the world at large or Chinyere Igwe who is committed to the dictates of democracy?”

When asked what should be done since both the PDP and the APC were disputing the results, Igwe, said as a lawyer, he believe calling for cancellation was defeatist.

“Aggrieved parties should take advantage of the provisions

Buhari, ECOWAS Leaders Meet Jammeh, Insist He Must Step down Tobi Soniyi in Abuja The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, has said President Muhammadu Buhari arrived Banjul, The Gambia, yesterday to meet with the country’s President, Yahya Jammeh, who lost the presidential election penultimate week.

According to him, Buhari, who arrived together with President Ellen Johnson-Sirleaf of Liberia, the current Chairperson of the Authority of Heads of State and Government of ECOWAS, and President Ernest Bai Koroma of Sierra-Leone, were received at the airport by Gambia’s Vice-President, Isatou Njie-Saidy.

The statement said the out-going President of Ghana, John Mahama, who had earlier arrived Banjul, would join the other West African leaders to meet President Jammeh at the CoCo Ocean Resort and Spa, Banjul.

Jammeh had earlier conceded defeat in the election, after a 22year rule, but recanted a week later, asking for fresh polls to be conducted by a “god-fearing and independent electoral commission.”

Adesina said Buhari and the ECOWAS leaders would discuss the ensuing impasse in The Gambia with Jammeh, and insist on the sanctity of the electoral process, and respect for the wishes of the people.

They would also ask their host to respect the constitution of his own country, and maintain the inviolability of an electoral process that had been concluded, and in which he had admitted defeat, and congratulated his main challenger.

The statement said the leaders would also meet the Presidentelect, Adama Barrow.

The statement said Buhari was expected back in Abuja yesterday.

of the Electoral Act and go to the tribunal,” he said.

The leadership of the PDP, has demanded an investigation into the alleged malfeasance by some top government functionaries, security agents and some staff of the INEC during the just concluded re-run election in Rivers State.

The party which observed a minute silence in honour of those who lost their lives during the December 10 re-run legislative elections in Rivers state, before proceeding with a press conference, described the level of infractions by security agents and staff of the INEC as unprecedented.

The Chairman of the National Caretaker Committee, Senator Ahmed Makarfi who addressed a press conference yesterday in Abuja in company of other party leaders said the PDP is demanding that officials of the INEC who compromised their job, and aided in massively rigging the re-run elections must be brought to book by the commission.

Also, he he said men of the

Nigerian Police Force, who were used to rigging the elections must be investigated, and possibly expelled from the Force by the Inspector General of Police, adding that similar sanctions should be meted out to the erring military and the DSS men.

“We call on President Muhammadu Buhari, to immediately call his minister, Amaechi, and some other top functionaries of his government to order, to desist from further actions capable of truncating democracy in Nigeria. No group of persons must be seen to be above the laws of this country.

“Men of the Nigerian Police Force, especially the SARs, who were used to rig the elections must be investigated, and possibly expelled from the Force by the Inspector General of Police. Ditto for the military and the DSS,” he said.

Senator Makarfi who served as governor of Kaduna state for eight years said that the PDP-led administration had left behind a vastly improved electoral system

such that INEC became truly independent in name and fact; “a process that the APC richly benefitted from in the 2015 general elections.

“Most tragically, Nigerians are confronted with inefficient, chaotic, violent and unsatisfactory electoral system, practices and environment since the inception of the current APC government on May 29, 2015.

“The governorship election in the single state of Kogi was declared inconclusive. The governorship election in the single state of Bayelsa was also declared inconclusive and had to be repeated after several postponements. The governorship election in Edo State was also postponed for inadequate preparation, threat of violence and the breakdown of law and order.

“When eventually the election was held it was marred by unspeakable level of violence perpetrated by members of the military, the police force and the DSS on behalf of the APC,” he said.

Likening the incidents during the Rivers poll to the mayhem in

the 1964 election and the Western Regional election of 1965, Makarfi, said the Rivers re-run election witnessed the brazenly violent and uncouth behaviour of Nigerian soldiers, police officers and state security personnel who became overnight agents of the APC. He said the state re-run elections have served as a test case on what to expect in the 2019 general election, adding that we must all be prepared to protect our votes and defend democracy in general .

“They snatched ballot papers at gunpoint, stuffed ballot papers at gun point, chased away PDP poll agents at gun point, barricaded collation centres and denied entry to critical stakeholders, including INEC officials at gun point and filled result sheets at gun point.

“We address you today because our hard-won democracy is under grave threat. This threat is conceived, planned and executed by some elements within the current APC-led governments at both national and

Cont’d from pg 51

Embattled

A judge of the Federal High Court, Justice Adeniyi Ademola; and his wife, Olabowale, during their arraignment for money laundering before an Abuja High Court..... yesterday

Six Months after, Buhari Appoints New AuditorGeneral Senate confirms five NPC commissioners

Omololu Ogunmade in Abuja

Six months after former AuditorGeneral of the Federation, Sam Ukura, bowed out of service, President Muhammadu Buhari yesterday asked the Senate to confirm Anthony Mkpe Ayine as his successor.

Ukura had on June 5, 2016, proceeded on terminal leave in accordance with civil service procedure.

Buhari, in a letter addressed to Senate President Bukola Saraki and read on the floor of the Senate,

said Ayine’s appointment was in compliance with Section 86(1) of 1999 Constitution (as amended).

He urged the senators to treat the appointment with dispatch.

The letter read: “Section 86(1) of 1999 Constitution of the Federal Republic of Nigeria, as amended, states that the Auditor-General for the Federation shall be appointed by the president on the recommendation of the Federal Civil Service Commission subject to confirmation by the Senate.

“In line with this constitutional requirement, the Federal Civil

Service Commission has recommended Mr. Anthony Mkpe Ayine for appointment as the Auditor-General for the Federation. The curriculum vitae of. Ayine is herewith attached.

“I have accepted this recommendation and hereby present the nomination of Ayine for confirmation by the Senate. While hoping that this request will receive the usual expeditious consideration of the Distinguished Senators, please accept, Mr. Senate President, the assurances of my highest regards.”

Also yesterday, the Senate

confirmed the appointments of fine nominees as commissioners for National Population Commission (NPC).

The confirmed nominees are Benedict Ukpong (Akwa Ibom), Gloria Izonfuo (Bayelsa), Kupchi Iyanya (Benue), Haliru Bala (Kebbi) and Eyitayo Oyetunji (Oyo).

The confirmation was the aftermath of the presentation of the report of the Senate Committee on National Identity Card and National Population Commission by its Chairman, Senator Suleiman Hunkuyi.

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Wednesday December 14, 2016 • T H I S D AY

NEWS

Justice Ademola, Wife Arraigned, Get N100m Bail on Self-Recognition Alex Enumah in Abuja A Federal High Court judge, Justice Adeniyi Ademola, and his wife, who are both currently facing

High Court granted the defendants bail on self-recognisance in the sum of N50m each.

He also ordered that the defendants submit their international passports and other travelling documents with the registrar of the court.

Justice Ademola and wife were yesterday arraigned before the High Court on an amended 11-count perpetrators to serve as a deterrent charge bordering on gratification, to others. abuse of office and illegal possession She added that the commission of fire arms. particularly condemned the killings They pleaded not guilty to the that took place during the elections, charges. saying such political violence After taking the plea, counsel dishonoured peaceful coexistence. to the first defendant, Dr. Onyechi Ovrawah stated further that Ikpeazu (SAN), informed the court “The rights to life remains a crucial of a motion on notice dated and foundation of all human rights and filed on December 8, 2016 for the should not be undermined under bail of the first defendant and urged any circumstance,” adding that “the the court to grant it. professionalism and performance Similarly, counsel to the second of security agencies in safeguarding defendant, Mr. Robert Clarke (SAN), any electoral process deserves also informed the court of the bail particular attention.” application of his client.

She said the commission would Responding, the prosecution continue to work with relevant counsel, Segun Jegede, said he stakeholders to ensure effective had no intention of opposing the investigation and accountability application. He however urged the for all crimes of election-related court to impose the conditions violence.

corruption and illegal possession of fire arms charges were yesterday granted bail by a High Court of the Federal Capital Territory (FCT).

Justice Jude Okeke of the FCT

NHRC Asks FG to Prosecute Electoral Offenders in Rivers Tobi Soniyi in Abuja The National Human Rights Commission (NHRC) has called on the federal government to bring to justice individuals and groups who perpetrated criminal activities including electoral violence in the just-concluded legislative re-run elections in River State.

The acting Executive Secretary of the commission, Mrs. Oti Ovrawah, made this call while reacting to the recent report of killings and other acts of repressive violence that trailed the conduct of legislative re-run elections in the state.

She urged the government to take bold steps against electoral accountability by ensuring the arrest and prosecution of all

in line with Section 162 of the Administration of Criminal Justice Act (ACJA) that will guarantee that the defendants attend their trials.

Some of the conditions listed included: the defendants must not attempt to evade trial nor try to influence, interfere with or intimidate witnesses. They must also not attempt to conceal or destroy evidence.

He also requested the court to order that the defendants be made to deposit their international passports and other travel documents with the court registry until the case is concluded.

However, Ikpeazu while expressing satisfaction with the position of the prosecution, he urged the court not to go beyond the terms of the administrative bail previously granted to the first defendant by the complainant (Department of State Services, DSS).

According to him, the defendants were not only granted bail on self-recognition, the complaint, in granting the administrative bail, did not require the first defendant to deposit his passport or other documents as condition for the

administrative bail. He referred the court to Section 165(1), 167(2) of the ACJA. He assured the court that if the defendant, while still in possession of his international passport did not jump bail, then he would not do so now.

He said the first defendant will enter an undertaking to make himself available for the trial in the same manner he availed himself for the arraignment.

Ikpeazu added that the first defendant had fulfilled all conditions imposed by the complainant and urged the court to grant the applicant’s bail on self-recognisance.

The counsel to the second defendant aligned himself with the first defendant. He, however, stressed that asking for the passport of the second defendant may hinder her from performing her duties as the Head of Service of Lagos State.

The counsel while expressing confidence that his client would be available for her trial, added that for the avoidance of doubt, the court may ask her to give an undertaking that she will not evade trial.

In considering the application, Justice Okeke stated that the prosecution did not deny the administrative bail granted the defendants.

He also observed that the prosecution did not oppose the application, nor did it file a counter-affidavit contravening the averments of the defendants in their applications.

He further held that by not filing a counter-affidavit, the prosecution had concluded its investigation of the matter.

While stating that the offence with which the defendants were charged were bailable, he held that though the requirement for the submission of passports and other travel documents were not required for the administrative bail, the court however cannot overlook it.

He, therefore, granted them bail on self-recognition in the sum of N50 million each and ordered that their international passports and other travel documents be deposited with the court registrar.

The matter was adjourned till January 18, 2017 for commencement of trial.

NCC to Senate: Non-adoption of Data Price Floor is a Disaster Waiting to Happen Dele Ogbodo in Abuja The Executive Vice Chairman, of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, yesterday said the nonadoption of a data price floor in the telecommunication industry is a whirlwind that would do all the stakeholders no good.

The EVC made the disclosure, when members of the Senate Committee on Telecommunications, led by Senator Gilbert Nnaji, paid him a courtesy visit at the NCC headquarters in Abuja.

According to Danbatta, it had become imperative that stakeholders agree on appropriate price floor on data for the good of the industry, adding that a proper cost based study would soon be concluded by the commission.

In their remarks, the Senate commended the EVC for placing national interest above all other interests, especially regarding the steps taken so far to sanitise the telecoms industry.

On the fine paid by MTN, the Senate noted the commission’s handling of the MTN’s N1.04 trillion fine though later reduced to an

acceptable amount by both parties, adding that the recent outcry over the planned increase on data tariff, which the commission suspended was also commendable.

“We will like to commend President Buhari for putting a square peg in a square hole with the appointment of Professor Danbatta as the EVC of the NCC. Within the past one year, the agency has brought sanity into the telecom sector by promptly addressing all regulatory issues.

“Each time we invited the leadership of the agency to the National Assembly, they honoured our invitation and responded to our inquiries, particularly during the MTN issue, and of recent the data price floor.

“They have acted in national interests and Nigerians see NCC as being on their side” said the Senate through the Senate Committee on Communications.”

The committee urged NCC to make details of its 2017 budget available on time to enable members go through and approve to avoid the delay occasioned by the 2016 budget.

EFCC Withdraws Charges against Former FCT Minister Tobi Soniyi in Abuja The Economic and Financial Crimes Commission (EFCC) yesterday withdrew the five-count charge it filed against former Minister of the Federal Capital Territory (FCT), Bala Mohammed.

The charge marked CR/43/2016 was filed before the High Court of the Federal Capital Territory (FCT) sitting in Gudu.

When the case came up yesterday for his arraignment before Justice Abubakar Talba, the prosecution counsel, Mr. Larry Peters, applied to withdraw the charges on the

grounds that the commission would like to put its house in order. Counsel to the former minister, Chief Chris Uche (SAN), did not oppose the application.

Consequently, the charges were struck out by Justice Talba.

The former minister had also filed a motion for bail. The former minister who was last week released on bail upon order of court after weeks in custody, was in court with many relations,well-wishersandsympathisers.

He was arrested and detained since October 24, 2016, when he went to honour an invitation by the commission.

August visitor

L-R: President, Wells Farm, Benin-City, Capt. Hosa Okunbor; former President, Chief Olusegun Obasanjo, Edo State Governor, Mr. Godwin Obaseki, during the former president’s visit to the governor in Government House, Benin-City....yesterday

Ndume: Senate will Not Rubber Stamp MTEF, External Borrowing Plan Ndubuisi Francis in Abuja Senate Majority Leader, Senator Alli Ndume, has assured Nigerians that the upper legislative chamber will not rubber stamp the Medium Term Expenditure Framework (2017-2019) and the Medium Term External Borrowing plan recently submitted

by President Muhammadu Buhari.

He promised that the parliament would thoroughly scrutinise the fiscal documents to guarantee utmost benefit to the nation, declaring that the days where the parliament was seen as mere rubber stamp were over.

Ndume, who stood in for the Senate President, Bukola Saraki, spoke when a civil society organisation, Centre for Social Justice (CSJ), presented copies of its review of the MTEF and Medium

Term External Borrowing Plan.

He expressed deep appreciation for CSJ’s efforts at reviewing the documents, and the subsequent presentation of copies to the Senate, applauding the exemplary conduct of the non-governmental body.

According to him, the timing of the presentation could not have been more auspicious than now when the upper chamber had already referred the MTEF and the Fiscal Strategy Paper (FSP) to the relevant committee.

He observed that the huge gaps and contradictions in the MTEF, which were pointed out in the CSJ review had justified his earlier position that the fiscal document as originally presented was ‘empty.’

Ndume, who promised to personally read through the CSJ

review and recommendations, thanked the organisation for its professional, selfless and non-partisan service to the nation.

Ndume lamented that lack of planning had brought the nation to its present state, and assured that things would be done differently under an administration that is anchored on ‘change.’

He also promised that the recommendations proffered in the CSJ review would be considered on their merit.

In his remarks, the Lead Director CSJ, Eze Onyekpere, said his organisation reviewed the MTEF (2017-2019) as presented by Buhari by noting areas of concern, strength and weaknesses, with a view to providing the National

Assembly with a clear template for the legislative approval of the document.

“It was also reviewed in the light of the FRA (Fiscal Responsibility Act) including the procedural issues, previous macroeconomic forecasts and their results. extant macroeconomic indicators and prevailing social and economic conditions. The report ended with conclusions and recommendations.

“We therefore urge the Senate to ensure that future MTEFs are presented on time (end of second quarter in each financial year, contains sufficient information, statistics and data which justify its macroeconomic and other projections; and priorities are tied to high level national development plans and policies, “ he said.

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Wednesday December 14, 2016 • T H I S D AY

NEWSextra

Court Orders Defreeze of Fayose’s Account, EFCC Appeals Judgment LGs caretaker committees illegal, says ex-NBA scribe Victor Ogunje in Ado Ekiti A Federal High Court sitting in Ado Ekiti yesterday ordered the Economic and Financial Crimes Commission (EFCC) to lift the restriction placed on some accounts belonging to Governor Ayodele Fayose in a new generation bank.

The court also set aside an earlier order of a Federal High Court, Lagos empowering the EFCC to freeze two accounts domiciled in the new generation bank.

The court consequently ordered the anti-graft commission to immediately defreeze the two accounts belonging to the governor without further delay, on the account that it did not follow due process in freezing them.

The EFCC on June 21, 2016 froze the two accounts having allegedly contained a sum of N2.99billion out of the N2.3 billion arms money allegedly drawn by the governor from the office of the former National Security Adviser, Col Bello Dasuki (rtd), to prosecute his governorship election in 2014.

The highly devastated Fayose had through his lawyer, Mr. Mike Ozekhome approached the court and sought the enforcement of his fundamental rights, which involved the de-freezing of the two accounts.

Delivering his judgment, the presiding judge, Justice Taiwo Taiwo, said the rights of the governor had been unconstitutionally infringed upon, considering the circumstance of his office.

Justice Taiwo declared that apart from the immunity which

Fayose currently enjoys as a sitting governor under Section 308 of the Constitution, it was wrong for the EFCC to have gone ahead to seize his two accounts in apparent perpetuity without first investigating him or making him a party.

He averred that rather than the EFCC freezing the governor’s accounts directly through the third party who did not enjoy any mandate from him , the governor himself ought to have been first investigated and brought into the picture.

The judge described Fayose as “a genuinely deprived person who rushed to the court to seek constitutional protection,” the judge thereby gave a mandatory order the de-freezing, unblocking and ma ke operational the two accounts by the respondents.”

He said it was also the duty of any presiding judge to protect the said constitution and its interpretations whenever the need arises.

“The plaintiff is entitled to be heard before his property or money can be seized, doing otherwise will amount to denying him fair hearing and constitutional rights,” he said.

The judge however refused to grant other relief sought by the governor, including a perpetual injunction restraining EFCC or its agents from further tampering with his property, and another one asking for payment of N5billion as exemplary damages.

“This court will not shield any person from due investigation and since police cannot be stopped from investigating a crime, same goes

for the First Respondent so as not to whittle down its functions,” the judge said.

EFCC lead counsel, Mr. Rotimi Oyedepo, was absent at the court but Fayose’s lead counsel, Ozekhome in his reaction described the judgment as the best to be so made the EFCC in history, saying it would checkmate the agency against years of brazen arbitrariness and excesses.

However, the EFCC has promised to appeal the verdict.

A statement by its Head of Media and Publicity, Wilson Uwujaren, said the commission, would await the certified copy of the ruling.

“It is important to point out that this order contradicts another order by Justice M. B Idris of the Federal High

Court, Lagos which gave the commission the nod to freeze the accounts pending the conclusion of investigation.

“This order from a court of coordinate jurisdiction was not set aside by Justice Taiwo. In spite of this, the commission has taken immediate step to appeal the order by Justice Taiwo.”

Meanwhile, a former General Secretary of the Nigerian Bar Association (NBA), Mr. Obafemi Adewale, has said the recent judgment on the dissolution of democratically-elected local government officials in Ekiti State, the Supreme Court has again reaffirmed illegality in the use of caretaker committees to run the existing 774 councils in the country.

Adewale, who was the counsel to the plaintiff in the case, spoke

in Ado Ekiti on the implications of judgment, maintaining that the trend which was prevalent among many states of the federation was ultra vires to the spirit of the Constitution.

He contended that any law enacted by any state House of Assembly that gave power to a state governor to appoint caretaker committee is at variance with the provision of the 1999 Constitution as amended in section seven thereof.

Adewale, who was the counsel to the dissolved council officials, urged state governors that are still promoting appointed loyalists in the councils to, “as of necessity take immediate steps to ensure that elected local government structure are put in place.”

“The assertive judgment of the Nigeria’s highest court will

automatically stop the impunity demonstrated by many state governors who upon assumption of office dissolve democratically elected local government officials, just because they are not from the governor’s political party.

“In the same manner that the former governor of Ekiti State, Dr. Kayode Fayemi dissolved elected council officials on October 29, 2010\ which has now been reversed by the apex court.”

The ex-NBA scribe affirmed that the Supreme Court’s verdict implies that using caretaker committee or arbitrarily dissolving elected council officials is a fundamental breach of the constitution on the part of governors who sworn to uphold the tenets of the law and such is punishable as provided for by the same constitution.

Another Nigerian Army Lt. Col. Killed by Suspected Boko Haram Terrorists Another senior Nigerian Army officer has been killed by suspected Boko Haram militants.

The officer, O. Umusu, a Lieutenant Colonel and Commanding Officer, 118 Task Force Battalion in Borno State, was killed alongside his security details, by an Improvised Explosive Device in an ambush Monday evening.

Military insiders according to Premium Times, said the officer and his men were returning from Maiduguri to their location towards Baga. The incident happened between Sari and Gudumbali.

Their remains were evacuated to 7 Division Medical Services and Hospital, our sources said.

This is the fourth lieutenant colonel the army is losing in two months.

The affected officers were Lt. Col K Yusuf (October 16, 2016), Lt. Col Abu Ali (November 4, 2016), Lt. Col B. U. Umar (November 15, 2016) and Lt. Col O. Umusu (December 12, 2016).

Another officer, Lt. Col K Yusuf, went missing in action and the army is still searching for him.

The spokesman of Operation Lafiya Dole could not be reached immediately to comment for this story.

Meanwhile, Nigerians have been mourning Mr. Umusu on Facebook.

A childhood friend, Funsho

Yusuf, said: “I have known Lt Col Otos Umusu since the age of 11.

He has always been a courageous and highly resolute man. We have been good friends for over 25 years.

Otos as he is fondly called was responsible for channeling supplies to our troops in the frontlines for a few years.

“He was promoted last year and became a commanding officer of one of the units combating insurgency in North-east Nigeria.

I interacted with Otos two nights ago till around 3a.m. on Saturday.

I remembered him throwing a jibe at me for not visiting his more volatile location in Madagali during my recent tour of the North-east.

“He also raised his observation on the fight against insurgency being intensified in the media rather than on ground. I looked into his eyes with sympathy as I appreciated his selfless sacrifice and those of our other troops who are fighting with limited resources.

“To be honest, I usually pray in my heart we see again whenever I parted ways with anyone serving in North-east Nigeria. I was heartbroken to hear about your passing this morning. You are a hero and should never be forgotten, I pray to God almighty to give your family the fortitude to bear your loss. You shall certainly rest in peace my Colonel.”

Entrepreneurship development

L-R: Chairman of the occasion, Prof. Pat Utomi; Guest Speaker and Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah; and Founder, Nigeria Entrepreneurship Summit and Honoris (NESH), Mr. Emeka Ugwu-Oju, during NESH evening with the minister in Lagos....yesterday Mubo Peters.

Blame Onu Not Presidency for Marginalisation, Okorocha Tells Ebonyi APC Benjamin Nworie in Abakaliki The Chairman of the G All Progressives Congress (APC) Governors’ Forum and Imo State Governor, Rochas Okorocha, has chided the Minister for Science and Technology for not living up to his expectations in attracting democratic dividends to the party in Ebonyi State.

Okorocha’s reaction was sequel to the complaints by the stakeholders in the state that they were being schemed out from the employment and empowerment programmes of the federal government and inability to pay the rent of the party’s secretariat.

Okorocha noted that it was shocking and unbearable that Ebonyi State has a full fledge

minister and the party could not pay N5million rent in the state.

The governor, who came on a familiarisation visit admonished the party members not to blame the president for sidelining the party in the state, noted that the appointment of Onu into the Federal Executive Council (FEC) was to attract government presence to the party in the state.

Represented by the Deputy Speaker of the Imo State House of Assembly, Hon. Ugonna Ozurigbo, he promised hat all the issues raised would be addressed as soon as possible.

“The main aim of governance is to help people around you.

I am the Deputy Speaker of Imo State House of Assembly is to help people around me.

To use the position and help

others. In the 36 states of the federation, we have 13 major ministers and Ebonyi is one.

It is bad that Ebonyi APC has such high profile minister and you are still complaining of marginalisation from the federal government.

“Our visit will definitely address these issues. We are here to know your problems and complaints. Ebonyi State should join hands and build APC to avoid being a minority in the South-east. APC is waxing stronger and stronger, Okorocha said The state chairman of the party, Hon. Ben Nwobashi noted that the leadership tussle which had factionalised the party has been resolved by the national secretariat of the party, who sent delegation to come and register new members

in the state.

Nwobashi said: “We had a team that was sent by the national secretariat to come and register new members and issue of leadership was presented and my humble self is still the chairman of APC in Ebonyi and my deputy remains Pastor Eze Nwachukwu Eze.” A chieftain of the party and National Coordinator of Buhari/Osibanjo Initiative for Demonstrating Change, comrade Chinedu Ogah expressed optimism that the visit has authenticated Nwobashi as the chairman of the state.

Ogah noted that Buhari has remembered Ebonyi people but “we are selfish in the sense that most of our men don’t want to allow others after the people have suffered for them.”

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Wednesday December 14, 2016 • T H I S D AY

NEWS

Uyo Disaster: CAN Commiserates with Akwa Ibom Govt, Bereaved Families, Victims The leadership of the Christian Association of Nigeria (CAN) has commiserated with the people and the government

of Akwa Ibom State on the tragedy that took place inside the Reigners Bible Church, Uyo at the weekend which

Former Daily Trust MD Presents Book Today The former Managing Director of Daily Trust Newspaper, Alhaji Isiaq Ajibola, will publicly present his book tilted: ‘Journalism and Business: My Newspaper Odyssey today at the exhibition hall of Yar’Adua Centre, Abuja.

Drawing analogy from his personal experience in the media industry in the last 26 years, the book examines the Nigeria newspaper industry in the last two decades in the context of its political and economic development.

The about 200 pages book is divided into 12 chapters. It also examines the interrelationships between the departments in a newspaper organisation.

More importantly, the book discusses the the future of the newspaper industry in the light of competition between online and hard copy sales.

According to the a statement issued by Abdulmalik Suleiman,

the head of media committee of the book presentation, the ‘Foreword’ to the book is written by Mallam Adamu Adamu, current Minister of Education, while the ‘Preface’ is written by Uncle Sam Amuka- Pemu,the Publisher of Vanguard Newspaper. The book will be reviewed by Azubuike Ishiekwene, Editor in Chief, The Interview Magazine and will be formally presented by Mallam Bashir Yusuf Ibrahim, Chairman of the Peoples Democratic Movement of Nigeria. The Chairman of the occasion is former governor of Kogi State, Capt Idris Ichala Wada, while other dignitaries earmarked for roles include Professor Ode Ojowu, former Special Assistant to President Obasanjo on Economic Matters, Mr. Sam Nda-isaiah Chairman, Leadership Newspaper and Isa Aremu ,Vice President, the Nigeria Labour Congress.

led to the death of scores of the worshippers.

According to reports, the horrific incident happened during the ordination of the General Overseer of the church as a Bishop when the church roof under construction collapsed on the worshippers and guests including the state governor, Udom Emmanuel and several people died while many sustained injuries.

CAN in a statement laments the disaster and tasked every Christian to identify with the victims through prayers, gifts and condolence visits.

“We identify with the victims of the tragedy, we pray for

their quick recovery as we are asking God to console and comfort all the bereaved.

It is very unfortunate that the devil struck when the whole world is getting ready for the celebration of the Birth of the Saviour, Jesus Christ, who came to destroy the work of the devil.

“We thank God, Governor Emmanuel, who himself narrowly escaped with his life in the tragedy and we welcome his prompt intervention when he said the state government will hold an inquiry to investigate if anyone compromised building standards.”

CAN recalled the tragedies of building collapses being

experienced in the country and called on the relevant agencies to rise up to the building disasters with a view to putting a permanent solution into them.

“It is no more news that buildings often collapse in the country as a result of contractors using sub-standard materials coupled with lack of building approvals or a thorough supervision by the relevant agencies.

“We call on the Society of Engineers and other relevant bodies to rise up to the menace of building with sub-standard materials in Nigeria which have led to demise of thousands of

innocent people. Until severe sanctioned are met on those who are responsible, they may not be able to stop their satanic antics.”

CAN which appeals to Christians all over the world to join “us in praying for the victims and the bereaved of the disaster” also prayed for the leadership of the church for the grace to overcome the unfortunate incident.

The statement, signed by the General Secretary of the body, Rev Musa Asake, also advised churches to discourage the idea of holding worship service inside a building under construction to avoid a repeat of the avoidable tragedy.

Biafra: Court Okays Shielding of Witnesses as IPOB Kicks Alex Enumah in Abuja A mild drama ensured yesterday at the Headquarters of the Federal High Court in Abuja as supporters of the Indigenous People of Biafra (IPOB) clashed with security operatives attached to the court over a ruling of the court that protects witnesses from public view in the case against IPOB leader, Nnamdi Kanu, and three others.

Kanu, Chidiebere Onwudiwe, Benjamin Madubugwu and David Nwawuisi, are currently facing an amended 11-count charge bordering on treasonable felony, illegal possession of fire-arms as well as terrorism.

They pleaded not guilty to the charges.

Consequently, their counsel, Ifeanyi Ejiofor, applied for their bail, which the prosecution vehemently opposed.

However, trial judge, Justice Binta Nyako, denied the defendants bail on the grounds that what they are being accused of is a serious offence.

She ordered that they be remanded in prison pending the determination of the matter.

Justice Nyako, however, ordered an accelerated trial of the matter.

Prosecution counsel however prayed the court to protect its witnesses, stating that a lot of them are afraid to testify in the open.

Delivering ruling on the application yesterday, Justice Nyako granted the request of the federal government that the witnesses can testify with their faces shielded from the public and their names also coded since they are security operatives.

“I hereby ordered that the names of the prosecution witnesses who are security

operatives should appear in combination of alphabets and such witnesses will be given screens which will be provided by the court.

“The defendants and their counsel will be able to see the witnesses who will be given special access to and from the court,” the judge held.

The decision however did not go down well with the defendants as they and their supporters openly expressed anger over the court’s decision.

Right there in the dock, Kanu and his co-defendants vehemently told their counsel in the open court that they were opposed to the court’s ruling. The move resulted to a rowdy session as their supporters joined in the uproar, giving security operatives a hard time to contain.

The situation further degenerated outside the court’s premises as it turned into a freefor-all when security operatives prevented some of the leaders from addressing the press.

The federal government had earlier requested that all testifiers be shielded from the public.

It also prayed the court not to reveal the identities of witnesses in any record of the proceedings.

But, the defendants opposed the application on grounds that such request would amount to a gross violation of their rights to fair hearing.

“We vehemently oppose secret trial of the defendants. They were accused in the open; we also request that they be tried in the open. The defendants need to see those testifying against them eye-ball-to-eye-ball,” Kanu’s lawyer, Ifeanyi Ejiofor submitted.

The matter has been adjourned till January10, 11 and 12, 2016 for commencement of trial.

An evening with professional colleagues

L-R: Deputy President, Nigerian Council of Registered lnsurance Brokers (NCRIB), Mr. Shola Tinubu; Managing Director, Mutual Benefit Assurance Plc, Mr. Segun Omosehin; President, NCRIB, Mr. Emmanuel Kayode Okunoren; and Managing Director, Mutual Benefits Life Limited, Mr. Femi Asenuga, at the 216 NCRIB Members’ Evening sponsored by Mutuall Benefits in Lagos....yesterday Abiodun Ajala

NNPC: FG’s Special Petroleum Force Takes off in 2017 Crude oil sales dropped by $26m in October Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) has disclosed that a specialised petroleum force which the federal government said it would set up to secure crude oil and gas assets in the Niger Delta region would eventually take off in 2017.

The corporation however did not state exactly what month the specialised force would take off, but noted that it was targeting a zero vandalism of oil and gas assets facilities in the region in 2017.

It stated this in its October 2016 monthly financial and operations report which was released yesterday in Abuja.

“The Niger Delta Greenland Justice Mandate attacked Nigerian Petroleum Development Company (NPDC) 32-inch pipeline crude oil delivery line at EffurunOtor in Ughelli South Local

Government Area of Delta State to thwart the ongoing reconciliation between federal government and Niger Delta Community.

“Federal government is planning to establish a specialised petroleum force, comprising of coastal patrol teams, Niger Delta subsidiary police, and other paramilitary set-ups to ensure zero vandalism in 2017,” said the corporation in the report.

NNPC stated that notwithstanding some reduction in pipeline sabotage in the country, the development has however continued to reduce the government’s revenue from the sector.

According to it, “In October, 2016, there was 56 per cent drop in the number of pipeline vandalised point relative to September, 2016 (from 179 vandalised points in September to 101 in October).

“NNPC has been operating

in a challenging environment which limits its aspiration to profitability. This 15th publication of NNPC monthly financial and operations report indicates a trading deficit of N16.85 billion as against September, 2016 trading deficit of N17.18 billion.

“The marginal improvement was due to improved petroleum products sales and enhanced cost control across the group.

Factors that still drag NNPC performances include force majeure declared by Shell Petroleum Development Company (SPDC) as a result of vandalised 48-inch Forcados export line amongst others.”

The corporation said it was in need of Nigerians’ support especially in areas of security and infrastructure integrity, adding that a favourable business environment will allow the NPDC to reverse almost N20 billion monthly revenue it currently loses to

vandalism.

On export oil and gas revenue, the corporation stated that it recorded a $25.76 million drop in the month under review.

“A total export sale of $105.74 million was recorded in October, 2016. This is $25.76 million lower than the preceding month’s performance. Crude oil export sales contributed $21.40 million (or 20.24 per cent) of the dollar transactions compared with $86.80 million contribution in the previous month. Also the export gas sales amounted to $84.34 million in the month,” it explained.

The report equally stated that in spite of the government’s liberalisation of the downstream petroleum sector, and intervention to ease oil marketers’ access to foreign exchange, the NNPC remained the major importer of petroleum products, especially petrol into the country.

T H I S D AY WEDNESDAY DECEMBER 14, 2016

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T H I S D AY WEDNESDAY, DECEMBER 14, 2016

COMMENT

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

Correcting The Mistakes Of 2015 Sonnie Ekwowusi writes that Nigerians should vote wisely in 2019

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n the last two weeks, President Muhammadu Buhari’s perplexing administration has been the subject matter of public discourse in different national and international fora. Particularly attracting severe criticisms is President Buhari’s poor handling of the economy. Amid deteriorating living conditions, Nigerians are still asking the same rhetorical questions: Where do we go with this government? What is the way out? In his article with the title: “What has gone Wrong for Nigeria’s President Buhari,” Editor-in-chief of the Daily Trust Mannir Dan Ali, regrets that Buhari’s ascendancy to political power in 2015 as a civilian president after a fourth attempt was greeted with fanfare but unfortunate after 18 months in office he has not shown with concrete deeds the direction his government is going.

Most Buhari’s critics admit that he inherited a sick country. They also admit that he came to power at a time of falling oil prices and economic recession. But what still baffles them is that he is not applying the real medicine that would bring about a true healing. Right now there is so much hunger and hardship in the land. The Emir of Kano Muhammadu Sanusi 11 is obviously not tired of pointing out the fundamental wrongs in the Buhari government. Apart from openly condemning Buhari’s forex policy corruption, the Emir has appealed to the Buhari government to jettison its anti-people policies making life difficult for the average Nigerian.

Characteristically, former President Olusegun Obasanjo has said that President Buhari is not living up to expectation. Last week, the leaders of the various Christian and Islamic groups in Nigeria openly said the policies of Buhari government had led to loss of jobs, closure of companies and “massive” hunger in Nigeria The rift in the ruling party All Peoples Congress (APC) has compounded President Buhari’s leadership problems.

A new political party to be headed by Atiku Abubakar is said to be in the offing. Membership of the new party comprises mostly the estranged APC members. Many will seek political power in 2019 under the new party. So, there is a big crack in the APC. The wrangling and in-fighting among APC stalwarts which almost marred the recently concluded Ondo State gubernatorial election illustrate the big crack in the party. What is the main cause of the crack? Disagreement on the formula to be used to share the spoils of office. Some interest groups and power brokers in the APC especially those from the South-west are unhappy. They argue that the APC alliance that was originally meant for the mutual benefits of the Yoruba people and Fulani North is now skewed in favour of the Hausa Fulani alone to the marginalisation of the Yorubas. For example, the group that calls itself the Oodua Nationalist Coalition (ONAC) (I hope this is a genuine group) argues that most Yorubas voted for the APC because they wanted a change but Buhari’s lop-sided political appointment in favour of the Hausa Fulani has shown that there are deliberate efforts to create

Amid deteriorating living conditions, Nigerians are still asking the same rhetorical questions: Where do we go with this government? What is the way out?

a cult of Hausa Fulani and impose it on the Yorubas and others. “Why has the Yoruba people suddenly become the new target? The desire of the Fulani is to conquer and dominate, nothing more. Having failed to subdue the Yoruba energy through years of military repression, skewed electoral politics is now the new weapon of the conquest….” writes ONAC. In response to ONAC, Femi Fani-Kayode was quoted as saying: “Did ONAC and Tinubu not know all this about the Fulani when they supported Buhari? We warned them and told them that all this would happen but they convinced half of our people in the South-west to vote for Buhari…I personally warned Tinubu and Aregbesola but they would not listen. Now it has all exploded in their faces and they are wailing and complaining….”

The irresistible conclusion to be drawn from the above is that fundamental mistakes in 2015 are begging for correction. First, the APC was mistaken as a political party built on a solid rock that will tower above all and outshine all. Now it has become obvious to all that the party is built on sand. The APC is not different from the usual “you-chop-and-I-chop” political parties that thrive in Nigeria. The APC is not different from the winner-takes-all political parties. This explains the in-fighting tearing the party apart at the moment. Wife of the President Aisha Buhari detected this much earlier and spoke out but not many listened to her. Another 2015 mistake: Most voters who voted for Buhari in the last presidential election mistook him for the Buhari they knew in 1984. Now it has dawn on them that the present Buhari is different. That is why Mannir Dan Ali is itching to know what is wrong with Buhari he thought he knew.

The great lesson here, for me, is that the Nigerian voters should learn to vote wisely in 2019. The voters should learn to be more discerning.

They should not be carried away by sheer fanatical impulse and sentiments. If this were a country where voters use their heads and hearts during election, none of the failed politicians responsible for the abject poverty in Nigeria would be voted back to power in 2019.

While waiting for 2019 to correct the mistakes of 2015, life should be made to go on in Nigeria. Under the Jonathan government many at least managed to put food on the table. But today that is becoming an impossible dream. For example, Christmas is here yet many Nigerian families will not celebrating this Christmas. Why? No disposable family income. Therefore President Buhari should seek advice across board on how to bring back life to many frustrated and distressed people in Nigeria. After all, Nigerians are not expecting a magical solution to Nigeria’s myriads of problems. They simply want to live. They expect some positive pro-people policies that will cushion the effects of their sufferings in Nigeria.

A Case For The Devolution Of Power

Devolution of powers will enable the federating units harness their comparative advantages for the benefit of the economy, argues Ugochukwu J. Amasike

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ecently a bill seeking to grant states control over mineral resources within their domain passed the second reading in the House of Representatives. The bill titled “A Bill for an Act to alter the Constitution of the Federal Republic of Nigeria, 1999, to vest the control of the revenues derived from minerals, mineral oils, natural gas in, under or upon any land In the States of the Federation and for Other Related Matters” seeks to give much needed realism and impetus to Nigeria’s quest for economic and revenue diversification. The truth is that if Nigeria is to make progress economically and achieve its goal of a sustainably diversified economy and revenue base, then it must reform its political-economic institutions in order to reflect its socio-economic realities and the legitimate aspirations of the different ethnic nationalities that have voluntarily congregated to constitute the federation known as Nigeria.

The current quasi-unitary system we currently practice is essentially a system of bondage that has shackled Nigeria’s economic potential, via the subjugation of its federating units nay states, which otherwise should be the engine and propellers of Nigeria’s march to economic development. Nigeria is currently enmeshed in a recession for which many reasons have been adduced to explain the cause. Of all reasons so far adduced, the most factual and resonating has been that aside the mismanagement and corruption of past administrations, Nigeria remains unhealthily saddled with a deleterious mono-product economy, which is a result of the stifling political and economic system we currently practice. A system that places premium not on productivity and innovation, but on doctored population figures and other Machiavellian schemes designed for the purpose of securing a larger chunk of revenue from the corruptly-termed and dwindling “national cake”.

The reasons for this distasteful state of affairs can be traced to the fiscal provisions contained in our military dictatorship-authored 1999 Constitution which created an anti-development framework that unhealthily endowed the government at the centre with all economic power, in direct contravention of the

most basic tenets of federalism, which presupposes the broad distribution of economic rights and powers within a federation. Thus, by virtue of the provisions of the 1999 Constitution, the government at the centre, otherwise known as the “federal government”, which was intended to be an agency of the Nigerian people, assumed the status of a patronising feudal over-lord, and simultaneously rendered Nigeria’s constituent nay federating units redundant, transforming them into dependent serfs who depend on Abuja for their subsistence.

It is this aberration and legacy of despotic military rule that the proposed bill currently before the National Assembly seeks to remedy, by seeking the devolution of economic powers to Nigeria’s federating units to enable them to harness their varied comparative advantages for the overall benefit of the Nigerian economy, as was obtainable under the Republican Constitution of 1963. The 1963 Constitution being a true people’s constitution provided for the healthy and broad distribution of economic power to then regional governments and provided incentives that encouraged the active participation of the then regions in the task of bolstering and sustainably expanding the Nigerian economy.

An example of an incentive the 1963 Republican Constitution provided can be found in Section 140 (1) of the 1963 Republican Constitution which reads thus: “there shall be paid by the Federation to each region a sum equal to fifty percent of the proceeds of any royalty received by the Federation in respect of any minerals extracted in that region; and any mining rents derived by the Federation from that region.”

The incentive of retaining 50% of ‘any royalty’ received by the federation in respect of any mining rents or minerals extracted from a particular region, amongst other incentives, and the equitable distribution of economic power engendered the active participation of the regions in growing the national economy via the harnessing of their comparative advantages. This ensured that the Nigeria of 1963 had a substantially diversified economy and revenue base that was not susceptible to the vagaries of the volatile and cyclical energy market on which present day

Nigeria depends.

It is pertinent to also note that the 1963 Constitution aided in ensuring social cohesion. There were no “resource-control” agitations, no attacks on mining facilities, no pipeline vandalism, no militancy, and this was simply because the equitable fiscal provisions of the 1963 Constitution gave the regions and their people a sense of ownership, of both the resources and the facilities domiciled in their region. This is in stark contrast to the provisions of the 1999 Constitution which makes the government at the centre the “feudal lord and owner” over all resources located upon and beneath the ancestral lands of societies that pre-date the “Federal Republic of Nigeria”, and this as we all know has led to unrest and agitations that have continued to hamper our quest for a truly united and prosperous Nigeria.

It is interesting to also note that in spite of the glaring flaws of our current political-economic system, there are those who opine that Nigeria’s underdevelopment has little to do with the unjust and tragically flawed nature of Nigeria’s political-economic system. They insist that our problems are essentially a function of “poor leadership”. They further assert that all Nigeria needs to reach the Promised Land is “repentance and a change of heart” on the part of our political elite, and the people. The proponents of this school of thought have however failed to ask themselves WHY Nigeria has continually been afflicted with “poor leadership” over the years. Is Nigeria and are Nigerians accursed of God? Are all Nigerians avowed corruption-lovers? The answer to this question is rather obvious. Nigeria’s corrupt political-economic system, as a matter of course, births “poor leadership”, in the same manner as a goat cannot give birth to a lion, neither can an unjust and flawed political-economic system give birth to responsible and accountable leadership.

The few instances of good governance Nigeria has recorded since the coming into force of this present political-economic system have been nothing but anomalies. This is because the Nigerian state does not have the required mechanisms needed to incentivise or replicate such isolated and rare instances of

good governance. There is nothing that incentivises responsible and accountable leadership in Nigeria.

For an average Nigerian elected or appointed public official to muster the will to do the right things he or she must be somewhat of a zealot, with significant political leverage and a singular determination to do what is right and legal, in spite of systemic limitations.

Whilst appreciative of the critical need for good and purposeful leadership, it is humbly submitted that the long-suffering people of Nigeria can not continue to depend ad infinitum on the emergence of anomalies.

We must as a people, nay as a nation, create the requisite political-economic institutions and systems that incentivise good governance, engender social cohesion and advance the economic well-being of all our people, irrespective of the political party or person in power. We must design a system that makes it impossible or at least extremely difficult for the lowest denominators in our polity to emerge as our leaders; and only the reformation of our current political and economic systems will enable that.

Sadly, the twin reasons of greed and fear have been the primary motivations for the reluctance to reform our political-economic systems, and devolve power to the federating units. Greed on the part of the corrupt vested interests in Nigeria who profit from our flawed political-economic system, and thus seek its perpetuity; and an irrational fear on the part of Nigeria’s self-appointed Praetorian guard who imagine that the emergence of economically-liberated and empowered federating units will lead to the disintegration of Nigeria. What these groups seem not to appreciate is that nothing threatens Nigeria’s corporate existence today, more than our strife-generating, flawed political-economic system, which has severally lent itself to the service of ethnic-champions, and highly-placed kleptomaniacs, and has consequently ensured the widening of our fault lines as a nation, as exemplified by the growing lack of social cohesion in Nigeria. The separatist agitations, ethno-religious conflicts that dot our landscape are all testaments to the failure of our current systems and glaringly illustrate the need for urgent reforms.

Amasike, a Lawyer, wrote from Lagos

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editorial Plight Of Bakassi People

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The government could do more for the nervous and displaced people of Bakassi Peninsula

xcept the Nigerian and the Cameroonian authorities scale up efforts at addressing the myriad of challenges confronting residents of Bakassi Peninsula, the people of the area might become stateless soon, said the United Nations High Commission for Refugees (UNHCR).

“Those who were living there claimed to be Nigerians. Those people, today, are displaced and they may find themselves in a situation where they may not be in a position to prove their legal links with their country Nigeria and may not also be able to prove such links with Cameroon which would expose them to being stateless,” said the UNHCR Representative to Nigeria and ECOWAS, Angele Dikongue-Atangana.

Yet it would be dangerous to downplay the pain of Bakassi people, who evidently have been short-changed.

Nigerians in the Peninsula have accused Cameroonian authorities of violating the terms of the agreement by forcibly giving their communities Cameroonian names, denying them economic rights, and imposing discriminatory taxes.

But Nigeria too is not performing its obligations under the treaty since the Crucial issues and agreement provides questions relating to that our country must orderly transition and ensure that inhabiteconomic empowerment ants of the Peninsula and resettlement of who opt to settle in the people of Bakassi Nigeria are “provided particularly those who the necessary means and measures to do have opted to return to Nigeria have not been so.”

With the increasadequately addressed ing violence in the area that has in recent weeks led to several deaths, the “Bakassi Strike Force”, a militant group in the Niger Delta, has pledged to lay down arms only on condition that the concerns of Bakassi returnees were addressed under a scheme mediated by international observers. “Our grievance against the federal government has to do with the way Nigeria ceded our ancestral land to Cameroon without recourse to the feelings and rights of the people

Letters to the Editor

to self-determination. Under the Green Tree Agreement, there were steps to be taken to ensure that the fundamental rights of the returnees were protected but the government has not fulfilled its obligations”, said a spokesman for the group.

Indeed, from every indication, all that the people of Bakassi are asking for is some care from their country.

“At the moment, crucial issues and questions relating to orderly transition and economic empowerment and resettlement of the people of Bakassi particularly those who have opted to return to Nigeria have not been adequately addressed by the federal government”, says Mr. Femi Falana, SAN. We agree.

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TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

An Open Letter To President Buhari

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ir, it is with a feeling of melancholy that I write this open letter to you due to the loss of lives, high level of negligence, poor conditions of living and inhuman treatment that serving youth corpers are usually subjected to in the various “death traps” called NYSC Camps across the

nation.

Sir, fresh in my mind is the death of Ifedolapo Oladepo (Kano NYSC Camp) and Ukeme Monay(Zamfara Camp).

This is a pointer that all is not well with the scheme.Hence urgent and decisive step must be taken to arrest this ugly trend.

Sir, it is encouraging that you have ordered a probe to ascertain the cause(s) of their deaths but given the nature of the system we operate and my experience so far,I do not have or share in the illusion that anything meaningful will come out of the probe. Sir, if at all you are inclined to probe anything,what I think you should probe is the allegation levelled against some NYSC officials and some power drunk soldiers for their corrupt, unethical practices,high handedness and I don’t care attitude towards the youth corpers.

Sir, there is no doubt that the scheme has been of immense benefits to the Nigerian youths and the nation at large as it has afforded us the opportunity to meet, socialise and rub minds with other well meaning Nigerians across the country thereby helping in building healthy relation-

ome five years ago, at the meeting of the Cameroon-Nigeria mixed Commission and Follow -up Committee on the Green Tree Agreement, United Nations former Secretary General, Mr. Ban Ki-moon, commended both countries for their commitment to peacefully resolving the border dispute. It would seem the compliments came rather too early. As things stand today, anger among the Bakassi people has boiled over, leading, (even if just to attract headlines) to a recent declaration of some form of autonomy. But their situation is indeed dire.

Following a recent official visit to the Bakassi internally displaced camp, the Director General, Cross River State Primary Health Care Development Agency (CRSPHCDA), Dr. Betta Edu, wrote on her Facebook wall: “I have not been myself since yesterday. I was taken through 10 ‘fresh’ graves of mothers and children at the camp…honestly, the simple question that ran through my mind was ‘where did this people go wrong? Do they deserve this? They took their land, their oil, their source of livelihood (fishing), their identity, their pride…everything. Yet there was a Green Tree Agreement. Those who made the agreement and got the billions sleep in beautiful houses while these young men, women and children continue to die.”

Given that the least we can do is to show solidarity with the Bakassi people, we appeal to the federal government to cater for their needs and ensure that the people are properly resettled.

ships and friendships. It has also inspired some of us to discover our hidden talents.

However sir, I want to bring to your notice that the scheme as it stands today is nothing to write home about.

It has become a death trap to our youngsters. Let me also inform you that the scheme due to the uncertainties that surrounds it is now one of the leading causes of untimely deaths amongst youths.

Your Excellency, if this letter ever gets to you, please consider implementing all of the demands contained in this letter. One, housing allowance for all corps members or provision of suitable houses for them; insurance for all corps members of not less than one million naira each; payment of a minimum of #60,000 allowance by the government or employers based on the nature of the job; the NYSC scheme should be made optional and the demand for the presentation of NYSC certificate before employment should be banned; replacement of the so-called military punishment called drilling with talent and cultural displays; and provision of adequate security and health care services.

Please sir, use your good offices and see to it that all of these demands are met . If for any reason any of these demands cannot be met, I am of the humble opinion that the NYSC scheme should be suspended or scrapped.We are tired of sacrificing our lives all in the name of serving our uncaring fatherland.

Julius O.Samuel,juliussamuel144@gmail.com

Lautech Strike: A Call For Help

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adoke Akintola University of Technology (LAUTECH) Ogbomoso, Oyo State is one of the most prestigious tertiary institutions in Nigeria. Co-owned by Osun and Oyo States, the university, in her earlier years shone as one of the best state universities in this country, having won an award to prove it.

But this great university is on the verge of losing its recognition, as it is plagued by an industrial action embarked upon by the Academic Staff Union of Universities (ASUU) LAUTECH chapter, a strike which is nearing six months.

As a result of this, some students of the university took to the streets of Ogbomoso recently in a peaceful protest to demand the reopening of the instituion for normal activity, following a fruitless meeting held on December 7, 2016 by the management.

But unfortunately, the peaceful protest turned gory, like a scene in the movie ‘Sarafina’, as the men of the Nigerian Police Force (NPF) came out

to harass the students and chase them off the streets, denying them the right to demand their rights as citizens of this country, a right we paid for and so should enjoy-our right to quality education. The security operatives went as far as opening fire on innocent students, shooting not tear gas, but live bullets, injuring many and arresting some. For what offence exactly?

Education is our right, our university has been shut down for months and we are lagging far behind our schedule and so we plead with our governors: Governors Abiola Ajimobi of Oyo State and Adesoji Aregbesola of Osun State, including other principal officers of the university - Otunba Ajibola Tinubu (Chancellor), Dr. A.S. Gbadegesin (Vice-Chancellor), Rev. J.A. Agboola (Registrar), and others to, as parents, consider our future and reopen LAUTECH for us, and for the Nigerian Police Force to release our friends and colleagues whom they have captured, and to stop killing us.

Morim Ayobami Paul,paulayobami1998@gmail.com

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Midweekpolitics

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

THE NEWsMAKER

Obla: Now on the Receiving End Davidson Iriekpen likens the travails of a prosecutor of the Economic and Financial Crimes Commission, Godwin Obla, to what successive chairmen of the commission had suffered in the hands of the federal government

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fter detaining him for two weeks, a former prosecutor with the Economic and Financial Crimes Commission (EFCC), Mr. Godwin Obla (SAN), was penultimate week arraigned before a Lagos High Court. His offence was the allegation that he bribed a Federal High Court judge, Justice Rita Ofili-Ajumogobia with the sum of N5 million to influence him. The said sum was alleged to have been transferred to one Nigel & Colive Limited, to which Ajumogobia is said to be the sole signatory. It was alleged to have been made in order to influence a public officer in the exercise of her official duties.

But Obla had since denied the allegation, saying the payment he made on May 21, 2015 to the company, Nigel & Colive Nigeria Limited, was for the purchase of building materials for his construction site in Abuja. He further clarified that at that material time of the said commercial transaction and till date, he had no privy knowledge that Justice Rita Ajumogobia had any interest whatsoever in the company.

A bewildered Obla said he was shocked to be confronted with the allegation of possible bribery to Justice Ajumogobia ostensibly in return for judicial favours. He insisted that there was no foundation or basis whatsoever for making any such payments. He acknowledged that Justice Rita Ajumogobia was his classmate 33 years ago and has always been his friend but that he had minimal professional contact with the Judge.

According to him, the records would indicate that in all her years at the Bench, the only matter he had before her was the case of FRN v.

Raymond Omatseye, which commenced in 2010 and terminated in 2016, wherein he acted as a prosecutor for EFCC. “For the record, I re-state that the only matter in which I have ever appeared as a lawyer before her Lordship, Justice Rita Ajumogobia was in Charge No: FHC/L/C/482C/10 between FRN v. Raymond Omatseye, whose trial commenced by a criminal charge dated 22 December, 2010 before another Court and was later re-arraigned before her lordship, Justice Rita Ajumogobia on an amended 27 count charge dated January 16, 2013.

“I acted as prosecutor for the EFCC and the trial culminated in the conviction of Mr. Raymond Omatseye in the judgment delivered by the court on 20 May 2016. Importantly, the conviction of Mr. Raymond Omatseye was very significant in the fight against corruption and was widely celebrated as the first conviction ever secured by the EFCC under the Public Procurement Act 2007,” he explained.

He alleged that notwithstanding the diligent and successful prosecution and conviction, the EFCC for whom he acted and who has deemed it a matter of public interest to make this bribery allegation has neither settled expenses he incurred over a six year period in prosecuting this matter nor paid any professional fee whatsoever in respect of the said matter.

Obla said he was at a loss as to why on earth he would be obliged to pay out bribe to Justice Rita Ajumogobia for judicial favours since the only case he had ever taken before her court was as a prosecutor on behalf of EFCC in a criminal charge, which terminated in a landmark conviction for EFCC. “It is inconceivable that I paid a bribe on behalf of or for the benefit of EFCC to her lordship, Justice Rita Ajumogobia or any other person,” he said.

The senior advocate alleged that all the lawyers, who were interrogated at the EFCC office in respect of alleged various payments to judicial officers were all granted bail on self-cognisance except him. He described it as a mystery that

It then became curious that the same EFCC, which lauded the conviction of Omatseye has now made a complete volte face to allege that the conviction was secured as a result of “perversion of justice,” moreso as no indication had been given as to whatever motivation Obla might have had to pay a bribe to secure a conviction on a supposedly watertight case presented by the EFCC

Obla...learning the hard way

after his meritorious service to EFCC in various capacities, particularly as prosecutor in no less than 40 cases involving the economic and financial crimes and securing convictions, for which his bill of charges continues to lie unsettled at EFCC, the present leadership has elected to treat him with disdain and needlessly detained him in its custody, without the benefit of doubt.

Obla, for the five years was prosecuting for the EFCC. He was moving from one part of the country to another and from one courtroom to another, prosecuting corruption-related cases for the EFCC. But as soon as Ibrahim Magu was appointed to head the anti-graft commission, the table turned. He became the hunted.

First, he was severally invited over his role in the Halliburton bribery scandal, where he was appointed by the former Attorney General Federation and Minister of Justice, Mohammed Bello Adoke, as one of the lawyers to help the country negotiate the plea-bargain with the companies involved in the scandal for which they recovered the sum of $200million and got commendations from the federal government.

When it seemed the anti-graft commission could not establish a prima facie case him, the allegation of bribing Justice Ajumogobia came. He successfully prosecuted the case the anti-graft commission filed against a former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Raymond Omatseye and got him convicted after five years of legal battle.

The conviction was hailed in many quarters as very significant in the fight against corruption and celebrated as the first conviction ever secured by the EFCC under the Public Procurement Act 2007.

On May 27, 2016, the acting Chairman of the EFCC himself, while speaking at the launch of the “Clean Hands Against Corruption Campaign” at the Eagle Square, Abuja, alluded to the conviction of Omatseye as one of the “140 convictions the anti-commission had secured in six months.”

It then became curious that the same EFCC,

which lauded the conviction of Omatseye has now made a complete volte face to allege that the conviction was secured as a result of “perversion of justice,” moreso as no indication had been given as to whatever motivation Obla might have had to pay a bribe to secure a conviction on a supposedly watertight case presented by the EFCC. Perhaps, what the EFCC did not carefully examine before filing the charges against Obla is that by alleging that he attempted to “pervert the course of justice” in the case of Federal Republic of Nigeria v. Raymond Omatseye, was it (EFCC) contending that the accused person ought not to have been convicted, and instead discharged and acquitted? If that is the case, it raises pertinent questions about the investigatory and prosecutorial modus operandi of the commission as to whether it randomly embarks on prosecutions where it believes the suspect is innocent, while proceeding to waste precious public funds in the process.

Other questions begging for answers are: are bribes no longer paid for something in return?

Even if it were true that the sum of N5million was paid by Obla into Justice Ajumogobia’s account, how can the payment of the said amount more than one year before the date of delivery of judgment in the case of Federal Republic Of Nigeria v. Raymond Omatseye constitute or be interpreted as a bribe? The payment in question was allegedly made on May 21, 2015 while judgment was delivered on May 20, 2016 – exactly one year after.

Recently, Obla’s prosecutorial competence as an EFCC prosecutor was affirmed by the Lagos Division of the Court of Appeal in the case of Federal Republic of Nigeria v Hon. Adeyemi Sabit Ikuforiji CA/L/1046C/2014, which he prosecuted on behalf of the EFCC at the Federal High Court to the Court of Appeal respectively.

While ruling on the appeal he filed at the appellate court recently, the court set aside the ruling of a Federal High Court that cleared Ikuforiji, a former Speaker of the Lagos State House of

Assembly, and his Personal Assistant, Oyebode Atoyebi of allegations of money laundering.

The appellate court in a unanimous judgment set aside the verdict of the trial judge, Justice Ibrahim Buba, holding that the EFCC had established a prima facie case against the former Speaker to require him to enter a defence to the charge brought against him.

With shoddy treatment of Obla, many are quick to ponder the fate of other prosecutors for the commission. This question undoubtedly flows from the supposition that a prosecutor, who seeks to be diligent, professional and unrelenting against several politically-exposed persons at great personal expense, may eventually find himself on the receiving end of the EFCC’s brutish and ruthless use of power.

A few of the commission’s external prosecutors, who spoke with THISDAY on account of anonymity had expressed disappointment over the unfair treatment being meted out to Obla and grave concerns about their own fate.

Another potentially dangerous outcome of the humiliation, is the leeway it establishes for any person, who was convicted of sundry crimes after a tortuous legal process to allege prosecutorial misconduct.

This prospect, many believe, is likely to usher in an unprecedented wave of allegations that prosecutors now routinely invest themselves in the purchase of convictions for the EFCC or that prosecutors are motivated by a personal desire to secure conviction against accused persons in exchange for the payment of bribes, even if grievous bodily harm would be caused to the accused persons.

This will undoubtedly cast a pall of doubt over all the convictions the EFCC has recorded since its formation, no matter how well-founded in law all such convictions might be.

Thus, to many analysts, the travail of Obla in the hands of the EFCC is synonymous with what successive chairmen of the commission had suffered in the hands of the federal government.

Apart from Ibrahim Lamorde, whose tenure was not renewed, others, Nuhu Ribadu and Farida Waziri were removed from office with scorn despite their efforts and contribution to the fight against corruption in the country.

One of the possible fallouts of the EFCC recent posturing may be increased prosecutorial apathy among prosecutors, who, being conscious of the penchant of the commission for “using and dumping” prosecutors in such an ignominious fashion, may think twice about making personal sacrifices on behalf of the commission.

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Perspective

El Rufai and the Unrest in Southern Kaduna (Part 2)

The lingering insecurity in Southern Kaduna suggests that Governor Nasir el-Rufai would have to embrace a more concerted and realistic approach, writes Femi Fani-Kayode

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enator Danjuma La’ah, the Senator representing the good people of Southern Kaduna continued. He said: “I wish to state that these statements are not only unfortunate, callous, insensitive, crude and demeaning of his office and intelligence, it throws him up as a bigot and hater of Southern Kaduna and we are holding him as an accomplice in the ongoing genocide in Southern Kaduna.”

He went on to say that according to the Leadership Newspaper of 4th December, 2016 under the headline: “Foreigners Behind Southern Kaduna Massacre”, Governor Nasir El-Rufai stated that some of them (Killer Fulani) were from Niger, Cameroon, Chad, Mali and Senegal, adding, “Many of these people were killed, cattle lost and they organised themselves and came back to revenge.

“We got a group of people that were going round, trying to trace some of these people in Cameroon, Niger Republic and so on to tell them that there is a new governor, who is Fulani like them and has no problem paying compensations for lives lost and he is begging you to stop the killing.

“In most of the communities, once that appeal was made to them, they said they had forgiven. There was one or two that asked for monetary compensation. They said they have forgiven the death of human beings, but want compensation for cattle. We said no problem, some we paid.”

Senator La’ah maintained that there was never in a time in 2011 that Fulani from Mali, Niger, Chad, Cameroon, Mali and Senegal were killed in Southern Kaduna with their cattle. He added, “This is a silly and an absurd lie. Southern Kaduna is not a junction of these countries. So how could they have all converged on Southern Kaduna on their usual migration back home? The Governor just invented this lie to make excuse for his imported murderous Fulani kindred to continue their extermination of our people and the occupation of our lands.

“As the main political leader and representative of Southern Kaduna at the federal level, despite many overtures of trying to meet with the governor over the insecurity in my zone with no success, he has never deemed it fit to inform me of these actions so as to seek my views and that of my constituency over the matter.

“This is a very curious development, especially as I was able to make the Senate to pass a resolution asking the federal government to declare a State of Emergency on Security in Southern Kaduna last month. I expected him to cash-in on that, using his connection with the President and Commander-in-Chief. But, he was obviously not concerned.

“In the light of the above, the federal government, especially the Nigeria Intelligence Agency, NIA, the Directorate of State Services, DSS, the Directorate of Military Intelligence, DMI and sundry agencies should look no further for the solution to the unrelenting killings in Southern Kaduna.

“Governor Nasir el-Rufai should also state how much of Kaduna State scarce resources have been moved to these killers and whether he has the authority of the law to so spend the money on enemies of Southern Kaduna and Nigeria. “El-Rufai should also be investigated to find out if these moneys were not further put into the buying of more arms and the recruitments of more killers, who we strongly believe, are also jihadists.

“Though he has ferried much undisclosed amounts of money to murderers, I am pleading with Kaduna State indigenes and residents to ask why he has stubbornly refused to render basic assistance of rebuilding of even a home, or any form of monetary assistance to the surviving victims in Southern Kaduna.

Most are still left without food and shelter despite the modest assistance that some of us, churches, NGOs etc have continued to render from time to time.”

The statement therefore called on the people of Southern Kaduna to use every available legitimate means to defend their lives, properties and communities.

El-Rufai...a factor in the crisis

“History will not forgive our generation if we succumb to threats and blackmail and fail to defend ourselves and get wiped out.

As Senator of the beleaguered area, I cannot support that we become sitting ducks each time they come killing. Again, if El-Rufai will not defend us, let us defend ourselves.”

I can feel the deep hurt and pain behind the words of Senator La’ah and I wholeheartedly concur with his submissions. The people of Southern Kaduna are going through hell and they certainly deserve better.

The sheer disdain and utter contempt that Governor El Rufai has for them can also be reflected in a television interview that he gave a while back in which he described the massive Christian population of Kaduna state of being only 30 per cent whilst he claimed that the Muslims were 70 per cent. This is false. The fact of the matter is that at least 50 per cent, if not more, of the people of Kaduna State are Christians but it does not serve the governor’s purpose to acknowledge or publicly admit that.

What a tragedy this is for both him and the good people of Kaduna. His continuous resort to the use of religion in order to divide and rule the people of his state and to suppress and subvert the religious faith and legitimate aspirations of the Christian community and the minority Shiite Muslims will lead to nothing but even more division and chaos.

Let us hope that my friend and brother Governor Nasir El Rufai listens and retraces his steps rather than issue threats and go on the offensive against those that have found the courage to tell him the bitter truth.

Let us hope that he remembers that real friends always speak truth, no matter how unpalatable that truth may be, to those that they care about and love and they do not tolerate or condone their vainglorious excesses or treat them like infallible demi-gods.

Permit me to conclude this contribution by quoting a large portion of my dear friend and brother Chief Yinka Odumakin’s latest column titled ‘El Rufai: An Accesory After The Fact To Murder’ (Vanguard Newspaper, 6th December 2016). As brilliant, courageous and forthright as ever, after quoting El Rufai’s exact words and his entire interview verbatim Odumakin wrote inter alia: “You would have thought this was Mallam Ibrahim Shekau (the leader of Boko Haram) talking and not a governor who swore to protect the lives of the citizens of his state.

The statements credited to the governor can only be fully appreciated when situated within the complaints of the Southern Kaduna People’s Union, SOKAPU, about the palpable indifference of the Federal and Kaduna State governments to their plight in the hands of Fulani killers.

The Leadership Newspaper of of 17th October 2016 quoted the group as saying through its President, Solomon Musa that the killings in Godo Godo, Jama’a and Sanga

local government areas were successfully carried out by terrorist herdsmen because the government has abandoned the entire people of Southern Kaduna to be “maimed, raped, brutalised, killed, slaughtered and destroyed.”

“Godo Godo communities once again came under very fierce, terrifying, brutal, savage and barbarous attack by Fulani herdsmen without provocation of any nature from Saturday 15th October, 2016 to Sunday afternoon. This is despite the frantic calls for help from the beleaguered villagers to those constitutionally saddled with the task of safeguarding their citizens.”

According to SOKAPU, the barbarians wreaked maximum havoc and destruction by killing uncountable number of lives of our people is unacceptable.

“So far, the locals have been able to identify not less than 40 corpses aside from the several other corpses burnt beyond recognition.

Virtually all houses have been burnt in Godo Godo.

Property worth hundreds of millions were destroyed, while crops have been grazed by cattle and the rest destroyed by the invaders.

The savagery and barbarity of the attack is beyond belief. Yet, governments at the Federal and State levels appear quiet and noncommittal. We have been abandoned, deserted and neglected,” he said.

The SOKAPU President, who likened the killings in Southern Kaduna to that of the Rwandan genocide, said “the Tutsis were abandoned, deserted and neglected during the Rwandan genocide in 1994 until over 800,000 Tutsis were brutally massacred by the Hutus. This is the scenario that is taking place in Southern Kaduna. We are being killed, slaughtered and decimated by Fulani Herdsmen, yet it will appear to our people that the government has failed, refused or neglected to intervene decisively to end the carriage.

As a peaceful people we have spoken, we have carried out peaceful protests, we have appealed and pleaded for intervention by the authorities, yet our appeal and plea have appeared to have fallen on deaf ears. It will appear to our people that government is not concerned, moved or bothered by the carnage and pogrom in Southern Kaduna,” he said.

SOKAPU further regard it a national shame and an indictment of the state government’s commitment to security issues in Southern Kaduna that about seven villages in Godo Godo chiefdom are now completely deserted after being ransacked, burnt and the people killed. “More nauseating is the added fact that in villages like Ninte, Akwa, Ungwan Anjo, and Antang – where the people had been sacked from their villages, the armed herdsmen have permanently taken over the villages and boldly grazing their herds on the farms of the villagers. With thousands of people who have been displaced, the current attacks can only add to that number if the State Government does not muster up the will to urgently

address the ongoing genocide in our zone.

“Security personnel are posted to the main highways only; from April to date, there does not appear to be any form of intelligence gathering, any form of surveillance, any form of proactive measures to forestall future occurrences; any form of intervention by government.

“From April to date, neither NEMA nor SEMA has not seen it fit to rehabilitate, resettle or to bring any kind of relief materials to the victims of the attacks in the area. No relief materials, no IDP camps; no protection for our villages. What have we done to deserve this?

Is it because of who we are? Why have we been abandoned, deserted and neglected? Will this have happened if it is elsewhere? Are we part of Kaduna State? Are we part of Nigeria?

If we are not, we then deserve our state and our nation. We can stand on our own,” they asked.

“In view of the fact that Boko Haram has been degraded; cattle rustling was brought to an end in Kamuku forest and Zamfara State by the joint action of several states and the Federal Government, we call on both the State Government and Federal Government to place greater premium on human lives by carrying out decisive and combined operation to halt the genocide immediately in order to assure the people that we are indeed part of Kaduna State and Nigeria,” they said.

Can anyone fault SOKAPU with the insensitive, bigoted and reckless comments of the state governor? The Yoruba talk of the man who returned from the war front and boasted he killed six people at the war front and his friends asked if he was that dexterous. He answered them by entering the nearest Buka where he devoured six wraps of pounded yam, washed it down with six bottles of beer before proceeding to the “ayo” game centre where he won six games.

Some critical issues came out of El-Rufai incendiary remarks. The first is that the official lie that the Fulani herdsmen who have been terrorising Middle Belt and Southern communities are from without Nigeria has been repeated. This is to give the nauseating impression that government is helpless as if Nigerians who commit crimes in other lands are not punished outside Nigeria.

The second issue is that of the clash of civilisations which makes the Nigerian crisis unresolvable unless we embrace cultural democracy. El-Rufai says because he is Fulani like the herdsmen, he had no difficulty in cutting deals with them by paying bribes to people he should be dragging before the law.

It was from that mindset he also revealed he had compensated them for their cattle killed five years ago while he cannot even clean the fresh wounds of Southern Kaduna who are not his ethnic stock.

Perhaps, the greatest revelation from this leakage is a subtle reminder of the warning ElRufai gave on his Twitter account four years ago on the killing of any Fulani “We will write this for all to read. Anyone, soldier or not that kills the Fulani takes a loan repayable one day no matter how long it takes”(11:51 am,15 July,2012). He must have been grinning from ear to ear as he signed the cheque to the herdsmen when he was satisfied they have taken enough “revenge”.

Will the people of Southern Kaduna not proceed to the International Criminal Court now that there is an Accessory who has confessed to knowing the murderers and exchanging money with them? Victims of these Fulani herdsmen in the Middle Belt and Southern Kaduna should follow suit!”.

Chief Odumakin and SOKAPU have said it all. I need say no more. May the souls of all those that were cut short in the killing fields of southern Kaduna and indeed throughout our nation by these rampaging foreign monsters and alien beasts rest in peace and may the Lord of Hosts, the Ancient of Days, the God of the Armies of Israel and He that answereth by fire avenge them speedily and comfort their families and loved ones.

-Fani-Kayode, a former Minister of Aviation, wrote from Abuja

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WEDNESDAY, DECEMBER 14, 2016, • T H I S D AY

FEatures Preserving the Sanctity of Marriage

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

To promote excellence in marriage and family life, the Women of Valour, in collaboration with Harriet Newlife Foundation, started an initiative to celebrate exceptional Nigerian Christian women whose marriages serve as an inspiration and sign-post for families, Peace Obi reports

L-R: Founder, Harriet Newlife Foundation/Women of Valour Global Ministry, Lady Lovett Obiakalusi, the recipient, the Golden Woman of the Year award, Mrs. Faith Nebechukwu Debekeme, her husband, Pa. Mr. Teekee Debekeme and Mr. Benjamin Obiakalusi, at the annual Valiant Women Awards ceremony in Lagos, recently

S

ince the world began, change has been a constant experience for man. It has brought along with it, the good, the bad and the ugly.

And man's life has equally been greatly influenced by the power of change, thus giving rise for man's insatiable demand for knowledge and more recently the struggle for power for a firmer control of his world and the affairs. Exposed to avalanche of information and knowledge, man feels empowered enough to exercise unflinching authority in some issues.

And as the year goes by, the world gets more sophisticated and the quest for man to do things differently becomes more intense, thus leading to abandonment of not just some age-long traditions, but he seeks alteration to rules of nature and in some cases, moves to reinvent the wheels. And among the old traditional institutions affected by modernisation is marriage. In recent times, marriage has come under the attack of sophistication, advanced knowledge and quest for a shift from assumed stereotypes to a more modern approach to love and companionship.

Marriage, ordained by God for the primary purpose of companionship between a man and a woman, is today threatened to its foundation; as the demand for alternative routes to companionship and raising of family continues to receive society’s nod. And the only institution ordained by God to fulfill this divine purpose is today wrongly perceived and gradually disregarded.

Piqued by the rate of divorce, number of single parenting which seems to be in vogue and in the light which marriage is seen by the present generation, a marriage

The Valiant Women Awards was conceptualised to celebrate exceptional Nigerian Christian women, who have been courageous in promoting excellence in marriage and family life.

Those who have made significant contributions to advocate, educate and communicate the marriage institution as a veritable platform that can help sustain the sanctity of the society and the country at large

counsellor, Mrs. Lovett Obiakalusi through her project, Valiant Women Awards has risen to champion the cause of restoring the sanctity of marriage and family system.

In a maiden edition of the Valiant Women Awards, a project put together by the Women of Valour Global Mission in collaboration with Harriet Newlife Foundation, four women were honoured along with a man for their contributions in promoting good family life.

Speaking at the award ceremony which held at the prestigious Sheraton Lagos Hotel, recently, the President of the organisation and initiator of the award, Obiakalusi, lamenting over societies' quick embrace of ungodly principles, said that people now have little regard for the honour and sanctity of marriage as God designed it to be.

Described as appalling the adoption of same sex marriage, the crave for western ways of life, cohabitation of unmarried people, the counsellor noted that immoral practices have continued to gain acceptance and approval of the society. Obiakalusi whose vision is to preserve the oldest institution created by God, hinted that the Valiant Women Awards is to celebrate women who have held on in spite of obstacles to their marriages being exemplary, role models for others to emulate.

Stating that the award recipients will serve as an inspiration and sign-posts for families, Obiakalusi said, "they exemplify the core values of love, respect, submission and being committed to restoring the dignities of families and promoting God ordained

plan and purpose for the family institution.

"The Valiant Women Awards was conceptualised to celebrate exceptional Nigerian Christian women, who have been courageous in promoting excellence in marriage and family life. Those who have made significant contributions to advocate, educate and communicate the marriage institution as a veritable platform that can help sustain the sanctity of the society and the country at large. It is the search for outstanding women who are living and performing their roles in marriage/family with God’s principles, trusting that when such women are recognised, the dignity of the family/ marriage will be restored.

"We are here to celebrate four women and a man who have in their ways contributed to the society either by sustaining their marriages, performing heroic feats and affecting positively the society through selfless contributions. We have searched and identified these women of honour and when you read about their achievements you will agree with us that they are indeed women of substance, worthy of emulation and women who have lived their lives for the greater glory of the marriage institution.”

Enumerating on the place of good family life in nation building, Obiakalusi said that family is a unit of the community, which in turn culminate into a nation. "The values placed on the marriage institution by our creator when adhered to produces great nations, bringing forth men and women of

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WEDNESDAY, DECEMBER 14, 2016, • T H I S D AY

features

Dignitaries cutting the Valiant Women Awards 2016 anniversary cake

Mrs. Busola Jegede, Valiant Woman of the Year 2016 being presented with her award

Representative of Late Dr. Mrs. Stella Ameyo Adadevoh receiving the post-humous Heroine Award for Courage and Sacrifice

The unveiling of the Valiant Woman Magazine

integrity, honour and patriots who direct and steer the world for the benefit of mankind,” she said.

The Guest Speaker, Pastor Mrs. Bosede Ogunlana, speaking on the topic ‘Finding Joy in the Journey’, re-emphasised the urgent need for harmonious living among couples.

Stating that just as the benefits of good family life are to the children, the family and the nation are huge, so also are the consequences of cantankerous relationship.

Speaking further, Ogunlana noted that marriage is a journey that can be blown by different storms and that no marriage exists without a challenge. "Various storms can blow on a marriage; it can be the storm of ignorance, childlessness or infidelity.

Realise that there is no marriage without a challenge, but challenges are for the champions."

Advising couples to show enough commitment towards building a Godly home with mutual respect for each other, the marriage counselor said that every man wants his respect and absence of it could lead to infidelity on his part. "Every man wants to be treated like a king and when he is not getting it at home, he goes elsewhere.

"So, to find joy in your marriage, you

pay. People pay with divorce, heartbreak, separation and the children are left to fend for themselves at times and to go through some emotional turmoil. Every child does better if he is brought up under a home full of love and peace; where there is understanding.”

The high point of the evening was the award of Valiant Woman of the Year to Mrs. Busola Jegede. In her citation, it was read that she was being recognised for her contribution in helping women identify business opportunities as well as package them for better success. Jegede, a chartered Accountant and a counselor , is said to have deep understanding of family and marital issues and had impacted positively in building and restoring marriages. She is the founder of Daughters of Destiny Interdenominational Fellowship among many others. Others recipients include, Mrs. Ada Cecilia Ozoadibe, Role Model of the Year, and Late Dr. Mrs. Stella Ameyo Adadevoh, honoured with post-humous Heroine Award for Courage and Sacrifice while a special recognition award was given to Mr. Elisha Attai for promoting women through his women leadership development initiative.

With a pleasant delight and applause among guests, the Golden Woman of the Year Award was announced to Mrs. Faith Nebechukwu

have to be resolute and you have to get knowledge. The more you know in life, the more you will grow and better your life will be. Know this, one way or the other, everybody pays for what he does not know.

“But in marriage, the currency we use in paying for our lack of knowledge is much.

It is so expensive that people don't want to

Every man wants to be treated like a king and when he is not getting it at home, he goes elsewhere. So, to find joy in your marriage, you have to be resolute and you have to get knowledge. The more you know in life, the more you will grow and better your life will be

Debekeme (86), a retired nurse, civil servant and business woman who resides in Benin City, Edo State. The octogenarian has been married for 58 years to Mr. Teekee Debekeme (89) from Bayelsa State. In her citation, she was said to have sustained her marriage through submission and unflinching love for her husband despite having just one female child in a society that lays a lot emphasis on number of children and particularly on male child. She was also reported to have mentored women of all ages and inspired them with her life stories, testimonies and wisdom.

When asked how she has been able to keep her marriage, Mrs. Debekeme further reeled out some of her guiding principles to include, "Never pretend always be yourself; a wife must build up her family; a wife must be tolerant, forgiving and be ready to overlook many things. A wife must put God first in all things; a wife must listen to her parents – do not meet and marry any man just because you are in love among many other advices.”

Dignitaries that graced the event include, Mrs. Huldah Erumaka, Special Guest of Honour, Mrs. Clara Okoro, Mrs. Taiwo Dimeji-Jojolola, Charles O’ Tudor and many others.

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images

THISDAY •WEDNESDAY DECEMBER 14, 2016

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

L-R: Chairman/Chief Executive, Channels Television, Mr John Momoh; his wife, Olusola; Chairman, Dangote Group, Alhaji Aliko Dangote; and the Minister of Information and Culture, Alhaji Lai Mohammed, at the 21st anniversary of Channels Television in Lagos...recently

L-R: District Governor, Lion Clubs International District 404B-1, Nigeria, Mr. Waheed Kadiri; President, Abeokuta Choral Lions Club, Mr. Olujimi Adekunle Desmond; and wife, during the presentation of Adekunle as Millennial President in Abeokuta…recently

L-R: Regional Director, Lagos, First City Monument Bank (FCMB), Mrs. Bukola Smith; one of the winners at the grand finale draw of the “FCMB Millionaire Promo Season 3”, Mrs. Jennifer Iwuchukwu; Sole Administrator, Alimosho Local Government of Lagos State, Hon. Ganiyu Quadri; and Divisional Head, Retail Banking of FCMB, Mr. Olu Akanmu, during the Lagos regional draw of the promo at Akowonjo, Lagos State...recently

L-R: Sustainable Development & AiS Manager, Guinness Nigeria, Osita Abana; Assistant Director, CDS, National Youth Service Corps (NYSC) Lagos, Victoria Akowonelehin; Corporate Relations Director, Guinness Nigeria, Sesan Sobowale; Camp Director, NYSC Lagos, Akhamie Priscilla; and Schedule Officer, DRINKIQ, Ezinne Uguru, at the DrinkiQ Responsible Drinking training programme at the Lagos NYSC Orientation Camp, Iyana Ipaja, Lagos...recently

L-R: Head, Private Education and Special Programmes, Ministry of Education, Mrs Ajoke Gbeleyi; Principal/CEO, Olashore International School, Mr Derek Smith; and CEO, African Brand Review, Mr Ayodele Joseph, at the 2016 Primary School Conference and Awards in Lagos...recently

L-R: Chief Executive, Stanbic IBTC Nominees Limited, Mr. Akeem Oyewale; Executive Director, Business Development, Nigerian Stock Exchange, Mr. Haruna Jalo-Waziri; member, Governing Council, Chartered Institute of Bankers of Nigeria, Mr. Abdulrahman Yinusa; and Deputy Managing Director, Stanbic IBTC Bank, Dr. Demola Sogunle, during a forum on custody services organised by Stanbic IBTC in Lagos...recently abiodun ajala

L-R: Permanent Secretary, Lagos State Ministry of Establishment and Training, Mrs Folashade Ogunaike; her countrpart in the office of the Deputy Governor, Mrs Yetunde Odejayi; Deputy Governor of Lagos State, Dr. Idiat Oluranti Adebule; founder, Women in Successful Careers (WISCAR), Mrs. Amina Oyagbola; and keynote speaker, Rear Admiral Itunu Hotonou (rtd), at the WISCAR end of the year mentoring and leadership event at Onikan, Lagos...recently

L-R: Chairman, Governor’s Commission on African Affairs, Maryland, Mr Kenny Oreagba; President, NIDOA Maryland, Patience Ndidi Key; and Executive Director, Vomoz Communications, Mr Oluseyi Abayomi, during the NIDOA DMV end of the year celebration in Maryland, United States…recently

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T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

BUSINESSWORLD R ates NIBOR OVERNIGHT 1-MONTH

as

at

D ecember

NIBOR 4.150% 15.8625%

3-MONTH 6-MONTH

18.3916% 21.0554%

NITTY 1-MONTH 2-MONTH

11.4397% 16.8358%

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

9 , 3-MONTH 6-MONTH

2 0 1 6 17.1394% 19.7842%

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

Quick Takes UBA Unveils ‘Cashless December’ Promo

The United Bank for Africa Plc (UBA) has announced the commencement of its annual end of year campaign, Cashless December. This year’s edition has been themed “25 Days of Awesomeness,” through which the financial institution seeks to reward cashless living.According to a statement from UBA, customers who use UBA internet banking or cards stand a chance to win amazing prizes such as cash, Beats by Dre headphones, DSTV explorer with subscription, loads of airtime and shopping vouchers.

“To participate, a customer needs to use internet banking for funds transfer, airtime top up and bill payment. Non cash transactions at the ATM and in-store/online card usage will also make a customer eligible. New customers who wish to participate can download the UBA internet banking app from app stores or obtain a UBA debit or prepaid card instantly at any business office. The promo is from December 1 to December 25, 2016. “Now in its fourth season, UBA Cashless December initiative considers the fact that the increase in economic activities towards the end of the year predisposes people to cash thereby putting their money and personal safety at risk,” the statement added.

Speaking on the promo, UBA’s Group Head, Consumer Banking, Dr. Yinka Adedeji, said: “Going cashless this season is not only convenient but safe. We are interested in the total wellbeing of our customers and want to ensure that every form of risk associated with moving cash is eliminated.

FOR EFFECTIVE COMMUNICATION

L-R: Minister of Communications, Mr. Adebayo Shittu; member, Senate Committee on Communications, Senator Muhammad Ubali Shittu; Deputy Chairman, Senator Solomon Adeola; Permanent Secretary, Federal Ministry of Communications, Mr. Sunny Echono and CEO, MTN Nigeria, Ferdinand Moolman, after the minister’s meeting with members of the Senate Committee on Communications, Nigerian Communications Commission (NCC), Minister and the operators, in Abuja…recently

FMDQ Facilitates N341tn Transactions in Fixed Income Market in Three years Goddy Egene FMDQ OTC Securities Exchange has facilitated transactions worth N340.98 trillion in the fixed income securities and currency market within three years, THISDAY checks have revealed.

FMDQ OTC was licensed by the Securities and Exchange Commission (SEC) in 2013 as an OTC securities exchange and self-regulatory organisation to run the fixed income trading platform and organise the market to international standards.

THISDAY checks showed that the coming of FMDQ OTC has significantly boosted the fixed income market leading to N340.98trillion transactions within three years. This shows an average yearly transaction of N114 trillion, which is a significant improvement on

CAPITAL MARKET N39.693 trillion recorded a year before the platform commenced operations.

An analysis of the yearly transaction data obtained from FMDQ OTC showed that N103.57 trillion was recorded in 2014, which rose to N137.43 trillion in 2015. However, it dropped to N99.98 trillion so far this year, apparently due to the challenges in the foreign exchange market.

A further analysis of the transactions indicates that Treasury Bills accounted for the highest value of N113.29 trillion, followed by repurchased agreements/buy buy-backs, which recorded N83.86 trillion.

Foreign exchange accounted for N72.81 trillion, while federal government bonds recorded N25.92 trillion. Foreign exchange

derivatives accounted for N23.02 trillion just as unsecured placements/takings recorded N17 trillion among others.

With a “mission to empower financial markets to be innovative and credible in support of the Nigerian economy,” a vision “to be number one in Africa in the fixed income and currency market by 2019, FMDQ OTC is seen as a revolution in the financial sector.

Managing Director/Chief Executive Officer of FMDQ OTC, Mr. Bola Onadele.

Koko had always assured that stakeholders should expect better deal from the platform in the years ahead.

According to him, having succeeded in turning around the market, the next move is to bring more innovations that will benefit all stakeholders and make the platform more attractive to issuers and investors.

The FMDQ OTC recently set up the Debt Capital Market Development (DCMD) Project to ensure the effective implementation of the recommendations drawn its debt capital market (DCM) workshop in 2015.

According to the exchange, the resolutions from the workshop have been translated into the Nigerian DCM Transformation Roadmap to be executed through the DCMD Project.

“The DCMD Project, having received the unrivalled support of the apex regulator, SEC, was officially launched during the Commission’s third Quarter Capital Market Committee Meeting, on November 24, 2016. Its focus on identifying and implementing quick-win strategies that would transform the Nigerian DCM into a worldclass, properly functioning DCM Continued on page 24

Bank CEO Seeks Support for Nigeria’s Import Substitution Strategies Obinna Chima The Managing Director/Chief Executive Officer of Rand Merchant Bank (RMB) Nigeria and Regional Head, RMB West Africa, Mr. Michael Larbie has called on bank customers and investors in Nigeria to support the federal government import substitution and backward integration policies.

Larbie said this during an interview on the sidelines

BANKING of an event organised by the bank to appreciate its clients for their support in the outgoing year. He urged clients to take advantage of the federal government policies of the support of the financial institution’s support.

“We think the increased focus on the import substitution strategies and backward

integration of the federal government are important and should be supported. As an organisation, we are ready and willing to support clients that embrace that. 2016 has been a challenging year obviously with Nigeria falling back into a recession.

“We had to contend with foreign exchange (FX) shortages, inflation has been on the rise and as result we have experienced negative

real interest rate. So, in summary, 2016 has been a very challenging year. As a result, it has impacted the broader economy and our clients in general,” he explained.

Larbie disclosed that clients are increasingly beginning to take naira loans rather than foreign currency loans due to the FX scarcity.

The bank CEO urged investors to adopt long-term Continued on page 24

South-east Summit Holds December 22

As part of efforts to build peace and engender progress and development throughout Nigeria’s southeast region, the maiden South-East Economic & Security Summit (SEESS 2016) - has been convened for 22nd December 2016 at the Enugu State Government House.The summit, which is an initiative of the SEESS Group - a non-governmental organisation made up of top business, military, political, religious and community leaders from Nigeria’s southeast region – has the full commitment and support of the governors from the five southeastern states, and is endorsed by the federal government. Speaking on behalf of the Group, a former Minister of Power and current Chairman of Geometric Powers Limited, Professor Barth Nnaji, was quoted in a statement to have said: “We are grateful to His Excellency, the Governor of Enugu State, Rt. Hon. Ifeanyi Ugwuanyi, for graciously accepting to host the Summit, and to all the other Governors from the southeast for backing the initiative. Their collective support underlies the huge significance of the Summit not only for the region but for the entire nation.”

He disclosed that SEESS 2016 was aimed at addressing real issues affecting the peace and development of the southeast, proffering practical solutions and initiating a definitive course of action with pragmatic delineation of roles towards fast-paced economic and secure advancement of the region. In his words: “This Summit will not be a mere talk-shop; it will be a meeting where specific problems are defined.

Visa Wins Award

Visa Incorporated has been announced by the Brand Journalists’ Association of Nigeria (BJAN) as the ‘Best Card Payment Scheme in Nigeria’. This announcement was made at the 4th Annual BJAN Marketing Awards. This year’s awards began with a conference themed: “Mobile Money in Nigeria: Challenges, Opportunities and Threats,” which addressed the challenges of this platform and finding lasting solutions to create effective mobile money programs in the country. Speaking at the awards’ presentation, the Country Manager for Visa West Africa, Ade Ashaye said: “We are excited to receive this award for Best Card Payments Scheme in Nigeria and it is an honor to be recognized by the Brand Journalists Association in Nigeria. Visa’s aim has always been to replace costly, inefficient forms of payment with more secure, convenient and reliable ways to pay and be paid. “Visa improves lives and livelihoods, foster opportunities and strengthens economies through its efficient and secure digital payments solution which aligns to the financial inclusion plans of the Federal Government of Nigeria and the Central Bank of Nigeria.

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

President Muhammadu Buhari

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BUSINESSWORLD FMDQ Facilitates N341tn Transactions in Fixed Income Market in Three years by 2020 drawing strongly from SEC’s 10-year Nigerian Capital Market Master Plan (NCMMP), with the DCMD Project seeking to fast-track the realisation of the DCM initiatives in the NCMMP,” FMDQ said.

It added that the vision of the DCMD Project is also aligned with the Financial System Strategy (FSS) 2020 initiative, which is aimed at making Nigeria one of the top 20 economies in the world by 2020.

Bank CEO Seeks Support for Nigeria’s Import Substitution Strategies investment strategies because of the seeming uncertainties in the economy.

Larbie said the slowdown in the economy also affected the performance of his institution.

He added: “Clients are increasingly beginning to take naira loans, whereas they would have taken dollar loans. So, we did take advantage and we did benefit from that. The FX strategy impacted some of our manufacturing clients who had to operate at less than their desired capacity as a result of the lack of FX for raw materials. Some had to ration their raw materials so as not to shutdown their plants. So, that summarizes 2016. Again, we want to put that behind us and look forward to 2017.

“In 2017, there certainly would be a few things that we are looking out for.

Firstly, I described 2016 as a challenging year, but it is also a transition year for the new government. So if you think about when the new government was put in place in terms of the cabinet and when the budget was approved, we really didn’t have a full year of budget implementation. So, that did not help the economy as much, coupled with low crude oil prices. Also, the reduced crude oil production volume had its impact.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

NEWS

Discos Allege N10 Loss on Every Kilowatt Hour of Power Sold Chineme Okafor in Abuja

The 11 electricity distribution companies (Discos) in Nigeria’s electricity supply industry have said that they are currently losing an average of N10 on every kilowatt hour (kwh) of electricity they distribute to homes and offices in their networks. The Discos also claimed that they have been unable to borrow funds to invest in their networks because of the deficit status of their respective balance sheets.

Speaking in Abuja through their association – the Association of Nigerian Electricity Distributors (ANED), the Discos equally stated they would want the government to legally recognise the current electricity market shortfall as a deferred income which could help them re-engineer their balance sheets to be bankable.

The Executive Director, Advocacy for ANED, Mr. Sunday Oduntan explained that the current shortfall had reached N809.8 billion, and that the Discos have been operating on deficit for a long time now.

“No Disco is making any profit in this sector now. No Disco has less than N10 loss today on power supplied to consumers. We are struggling with cost recovery,” said

Oduntan.

He further said the pegging of capital expenditure in the tariff at N20 billion was a challenge to the Discos because they would not be allowed to spend more than that annually on capital projects. Oduntan explained that with such capital expenditure peg, the Discos would be unable to conclude their metering plans

in the sector, as well as expand their network reach.

“Our capital expenditure is capped at N20 billion per annum. What that means is that whatever we spend outside of this in a year, it is our business and not recognised in the tariff for that period.

“Tell me how we will provide meters and transformers and

expand our networks. Meter cost money, how can we get money when we cannot borrow because our businesses are not bankable and we are carrying deficits,” he noted.

He further explained: “If you look at the difference as regards tariff, the same quantum of energy which may sell for N10 had by June increased to

N18 from December 2015 to June 2016. What that means is that the invoices to us for quantities supplied have increased, and that is why publications by NBET without explanation can be factual but misleading as they have not told Nigerians that costs have increased while the Discos have not increased tariff.”

SUCCOUR FOR SMES

L-R: Director, Enterprise, Development and Promotion, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Wale Fasanya; Director General, Dr. Dikko Umaru Radda and Director, Industrial Development, Federal Ministry Industry Trade and Investment, representing the Minister, Mr. Adewole Bakare, during the launch of the Credit Information Portal for micro, small & medium enterprises (MSMEs), by SMEDAN, in Abuja...recently

Stanbic IBTC Highlights Importance of Custody Services Goddy Egene Deputy Chief Executive, Stanbic IBTC Bank, Dr. Demola Sogunle, has stressed the need for more awareness on the role of custodianship as a critical component in the capital market value chain and development of the Nigerian economy.

Sogunle stated this at a forum organised by Stanbic IBTC Nominees Limited, the custody subsidiary of Stanbic IBTC Bank Plc in Lagos to facilitate the building of a more robust market for custody services in Nigeria to support economic growth.

According to him, the level of awareness on how to harness the benefits of custodianship remains low in Nigeria.

“The need for excellent custody services in Nigeria

remains strong. This is particularly driven by the impetus in cross-border investment activities, which we are wellpositioned to provide. As the leading non-pension custodial firm in Nigeria, Stanbic IBTC provides a steady guide for clients in having the confidence that their assets under the custody of Stanbic IBTC are well-protected,” Sogunle stated.

He remarked that aligning Nigeria with the rest of the world in money market and fixed income securities was a major factor that led to the appointment of custodians by the Central Bank of Nigeria (CBN), adding that the adoption of international best practices will enhance transparency in money market operations in the country and cause an attendant lift in investors’ confidence,

which will in turn enhance growth of the financial services industry.

“Stanbic IBTC will continue to help financial services in Nigeria become even more sophisticated and robust to attract further investments into the country,” he added.

In his remarks, the Chief Executive, Stanbic IBTC Nominees Limited, Mr. Akeem Oyewale, said the imperative of placing assets under custodianship cannot be over-emphasised.

He explained that it is in recognition of the vital role of custodians in protecting clients’ assets that regulators such as the CBN have regulations that ensures that non-proprietary assets of banks are kept with duly licensed custodians, whilst the National Pension Commission (PenCom) also

ensures that pension assets are kept with licensed Pension Fund Custodians (PFCs) in line with the Pension Reforms Act. “The insurance industry regulator has also directed insurance assets to be kept with custodians. All these efforts are designed to protect investors’ funds and boost confidence in the system,” Oyewale said.

He added that advances in technology have enabled custodians to expand product solutions well beyond their traditional roles of settlement and safekeeping to reporting on and monitoring fund investment portfolios, which is consistent with increasing demands on corporate governance, as well as the increased accountability expected of fund managers and/or trustees.

Stanbic IBTC Nominees

Limited, he said, will not rest on its oars in delivering value to customers as well as prospects.

“The company, which holds custodial assets on behalf of clients of Stanbic IBTC Bank, will continue to leverage the expertise, technology and experience of the Standard Bank Group, to which Stanbic IBTC belongs, to deliver sustainable shareholder value to its clientele,” he said.

Meanwhile, the Executive Director, Capital Markets, Nigerian Stock Exchange, Mr. Haruna Jalo-Waziri, who commended Stanbic IBTC for organising the event, said it needed to be emphasised that the capital market is an enabler of wealth creation, which is vital for sustainable economic growth.

Govt Urged to Operationalise FTZ in Borno Town to Check Insurgency Executive Secretary of Africa Free Zones Association, Chris Ndibe, has advised the federal and Borno state governments to consider developing the free trade zone (FTZ) at Banki, a border town between Borno State and Cameroun.

He said in an interview with THISDAY that if the FTZ had been in operation, Boko Haram insurgency would not have happened. Ndibe suggested that putting it into operation as quickly as possible will stem further tendencies to engage in violent activities as more youths would be engaged in

gainful employment.

Noting that the Borno State government didn’t do much with regards to operationalising the FTZ, he advised that greater efforts be invested in that direction.

He also wants concession of Tinapa and Kano free zones to commence in earnest while all other free trade zones in the country should be reactivated.

To achieve this seamlessly, he suggested the involvement of private sector investors to partner the government.

Ndibe also urged the government to revisit the act

establishing the free trade zones authority, noting that having been set up by a 1992 Act, the enabling legal framework is overdue for review. He said in some climes, such acts are reviewed every five years.

According to him, that of Nigeria shouldn’t be different.

He also spoke on the report of a workshop held in Calabar which extensively discussed the need for a separation of regulations function of the board from management function in the running of the free zones scheme. According to Ndibe, the communique from the

workshop stated that incentive for the zones should be aligned with other laws to avoid conflict.

Some of the resolutions are as follow: Create a governance achievement with business setting in mind and that knowledgeable persons and free zones experts to form members of board of the Free Zones Authority; the Nigeria Customs Service and other relevant agencies should be directed to evolve a processing system which recognises free zone as a one-stop shop where bureaucracy is minimised and commercial activities fast-

tracked; lack of trust between Customs and Free Trade Zone Authorities has affected the growth of the free trade scheme.

Ndibe stated that AFZA was against the establishment of NIDZA “for it has nothing to do with FTZ or oil and gas trade zone.”

He added: “The Nigerian National Petroleum Corporation, through its Nigeria Content, should develop appropriate synergy with the free zones in order to ensure that their activities promote the achievement of significant local content in the oil and gas industry.”

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NEWS

Eko Disco Boosts Distribution Capacity with 100 New Transformers Stories by Ejiofor Alike As part of its efforts to ensure that its customers do not celebrate Christmas and New Year in darkness, the Eko Electricity Distribution Company (EKEDC) has acquired 100 new 500KVA transformers to replace the failed transformers in its network.

Speaking recently when he showed journalists the transformers at the company’s mega store in Ijora, Lagos, the Managing Director and Chief Executive Officer of EKEDC, Mr Oladele Amoda said the 100 transformers would be added to 38 transformers that were previously acquired to replace all failed transformers in the company’s network.

According to him, some of the company’s transformers are no longer in good working conditions.

He said with the current inability of the Eko Disco and other power companies to access credit from the banks, the company’s directors intervened personally to obtain loan from Zenith Bank on behalf of the company for the acquisition of the transformers.

“We will not like any of our customers to celebrate Christmas or New Year in darkness. That was why we quickly approached our directors because there is no way Eko Disco can access credit from the banks. So, our directors went to Zenith Bank to actually take a loan on our behalf for us to get 100 Nos 500KVA transformers and the 38 we had acquired, so that within the next two weeks, we will replace all the failed transformers in our system so that the affected customers will not celebrate Christmas in darkness,” he said.

“This is part of our customer care activities. Customer is the reason why we are in business and the only commodity we sell is electricity. It is only the customers that electricity and we can’t get electricity from the grid and keep. So, we have to distribute,” he added.

Amoda however added that the company expects her customers to reciprocate this gesture by paying their bills promptly.

He also urged the communities who will benefit from the transformers not to see them

as public property but as their own so that they can help the company to safeguard the transformers against vandalism by unscrupulous elements.

“We cannot continue to invest huge sum of money into network improvement like we are doing and some people will be allowed to vandalise such equipment,” he said.

Speaking on the company’s rollout of free prepaid meters, Amoda stated that the company signed a partnership agreement with Huawei of China, adding that the company currently has over 100,000 prepaid meters in stock for distribution to customers.

“We have commenced bill reconciliation and verification exercise tagged Eko CARE (Eko Customer Account Reconcilliation Exercise). This is a way of repackaging energy audit to give it a caring face. Customers with wrong connection leading to energy theft can come to us on their own for rectification without being penalised. Those who wait till we discover meter by-pass or energy theft will be penalised,” Amoda explained.

CSR: Marine Platforms Donates 100 Mini Libraries to Kaduna State An oil service company focused on providing diverse services to the upstream sector of the oil and gas industry, Marine Platforms Limited has donated 100 mini libraries to schools in Kaduna State as part of its Corporate Social Responsibility (CSR) project.

Speaking to journalists on the project at the weekend, the Chief Financial Officer (CFO) of the company, Mr. Baji Nyam said the gesture was to ameliorate the sufferings of the children in the northern part of the country in acquiring education from public schools, stressing that the books will improve the reading culture of the pupils. He said the company had identified the north as lacking in basic education and decided to intervene because “if you educate a child, the impact is great.”

According to him, the company had approached Lola Shoneyin’s Foundation as a consultant on how to improve the quality of education in the north and she advised the company to work

towards improving the reading culture in the area.

“We donated 100 mini libraries among the primary schools in Kaduna State. The pledge was made in November 2015. We worked hard to deliver on our promise but there was a delay in delivering because of logistic challenges and the problem of accessing foreign exchange. But we worked with the Kaduna State Government to identify the kind of books and Lola went round the world to source for the books,” he explained.

According to him, the company spent £29,700 and N13,824,050 on the project, which was completed recently with a presentation at the Sheikh Abubakar Gumi School in Tudun Wada.

“We all should revamp the quality of education in Nigeria.

The quality of education we got in public schools in those days is no longer available,” he added.

According to him, there are inherent dangers if the privately educated children continue to

receive top quality education at the expense of public educated children, adding also that the development would continue to widen economic gaps.

Apart from Kaduna, which has benefited in the area of education from his company, Nyam said the two communities that surrounded Onne Port in Rivers had also benefitted from the company in several other ways.

“Marine Platforms operates in deep water. Most of our services are run out of Onne and Lagos Ports.

We have done CSR for the two communities that surround Onne Port. We donated 50 life jackets for one of the communities. We are providing training to 25 cadets from the Maritime Academy in Oron to have life experience in our vessels.

The fleet in Marine Platforms is not old vessels. We provide subsea engineering services. Human divers end in 200 metres of water but we use Remotely-operated vehicles (ROVs) to work in 3 kilometres of water depth,” he explained.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Brand Your People for Likeability I remember the first time I needed to ensure that the proposals we were sending out had the right quality of photographs. You know how you need to showcase the team that will be working on a project for which a lot of money will be paid for and needing to ensure that you build trust and likeability for the team based on how they present themselves and looked.

I had some opposition within the organisation because some people could not understand why we needed to spend so much money, time and a lot of paraphernalia to just take pictures. They felt it was a waste of valuable time, because time was money and they did not like all the fuss that went into the whole process.

The photographer we brought at the time was also a perfectionist who wanted everything done in a particular way to get the best results. The first time I saw her output I had to look for her, because I did not know her. What caught my attention was the quality of her pictures. At that time, I felt she was the best and the one that could showcase my team and make them “shine” to increase their appeal and likeability. Before then as an organisation, we were used to the “cut and nail” type of photographers.

So getting and paying for her service was a battle, but very worthwhile.

It was essential that we got the best in showcasing the team, which enhanced our proposals.

I am sure many of us have received proposals and seen pictures of those to work on the projects and been discouraged by the unpolished and unappealing way the proposed team looked. This may not have been the case and usually is not, but the problem was the team or

NCDMB Backs Solewant’s $15m Africa’s Largest Coating Plant The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote has charged the international oil companies (IOCs), and the Nigerian independents to patronise local capacity to reduce costs of projects in the oil and gas industry.

Speaking at the recent inauguration of Solewant’s $15 million coating plant in Port Harcourt, Rivers State, which is rated as the largest in Africa, Wabote also urged the operators to utilise Solewant’s pipeline coating solution, which he said was the first project to be inaugurated by him a month after he resumed office.

Wabote said the inauguration of the plant was a landmark in the annals of local content drive under the Nigerian Oil and Gas Development Content Develop-

ment ( NOGICD) Act as the facility offers multi-layered high technology coating solution to the industry at a time that operators and the other stakeholders are in dire need of innovative and efficient pipe coating systems to mitigate the high incidence of pipeline failures due to ageing, corrosion, mechanical defects, pressure surges, and stress and third party intrusions.

He argued that most of the pipelines in Nigeria need outright replacement or more innovative coating solutions to enhance their integrity and prolong their design lifespan, adding that most of them were installed either in the 1960s or 1970s even though the lifespan of a pipeline by gas and oil pipeline standard (GOST) in Nigeria is 33 years.

He explained that the nation’s

pipelines are part of the critical national asset and requires coating to prevent corrosion.

“Corrosion prevention is a way to guarantee smooth and uninterrupted flow of oil and gas to the locations, where they get exchanged for money. Coating saves billions of dollars spent on corrosion control and management,” he said.

“We will like to see more plants spring up in Nigerian to manufacture or assemble vital oil and gas equipment components in Nigeria. This is the very essence of the local Content Law. It will be very fulfilling see to the commissioning of other plants like this very one because this is the only way we can help government at various level to create jobs to tackle the acute youth unemployment in the country,” he explained.

Neglecting to brand your people for likeability can make you lose millions of Naira.

Many organisations are now conscious of this fact and are working toward ensuring that they have a particular kind of people to showcase their brands

organisation did not go the extra mile to brand its people. Neglecting to brand your people for likeability can make you lose millions of Naira.

Many organisations are now conscious of this fact and are working toward ensuring that they have a particular kind of people to showcase their brands. Professional Services and banking professions that traditionally need to build confidence in their customers because of the advice they need to give or the money they need to take try to factor this requirement into their hiring process. But I am not sure they always succeed. I have had reason to question the quality of their people from my interactions with them on this requirement.

Likeability goes beyond the way you look.

It starts with your looks but if not backed by other attributes you need to instil in your people, you will not go very far and this can sometimes be detrimental to your brand. You do not want people deriding your organisation and making snide remarks that “all they have are their looks and no substance.”

I am sure some of you are asking, so what does likeability mean? I was asked the same question when I discussed this topic. So we checked for the synonyms and antonyms for clarity. Synonyms for likeability are: attractive, appealing, engaging, amiable, good (technical ability), winning, charming. The antonyms are: unattractive, disagreeable, cold, unfriendly, unpleasant, not good (poor technical ability).

As you can see from the above, likeability goes beyond looks and organisations need to ensure that they infuse these qualities in their people, and make them more likeable. Additional questions you have, may be, “how do we teach somebody to be charming or appealing? Actually, you can and there are ways to do it. It is important that these traits are imparted because the impact of likeability on sales, branding and customer acceptance cannot be underestimated, as well as the fact that the likeability of a company begins at its most basic level – the employees who have the power to make or destroy a brand.

How clients feel about a particular individual employee affects the way they feel about the whole organisation. This means, if you are a service provider, your employee’s behavior good or bad, affects your reputation and brand, because if your employees who provide first hand service are just not likeable for various reasons it affects patronage, sales and growth. This is because, usually the first person your customers meet may be your employees and not you the owner of the organisation.

You hear people say I will not be using this product or service again, not because the product isn’t normally stellar, but because the employees they interacted with were just not likeable.

The bottom line is, if you want to be an organisation that is branded likeable, you need to start ensuring that you either hire for likeability or train your people to exhibit these vital characteristics and attributes from the gate house to the Ivory Tower.

- Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012

TeL: 08090158156 (text only)

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ANALYSIS

Unlocking Financing Opportunity for SMEs Obinna Chima supports the proposed initiative to enhance capital to small and medium scale enterprises Small and medium scale enterprises (SMEs) play a major role in most economies, particularly in developing countries.

SMEs contribute up to 45 percent of total employment and up to 33 percent of national income (GDP) in emerging economies, according to a report by the World Bank.

These numbers are significantly higher when informal SMEs are included. According to estimates, 600 million jobs will be needed in the next 15 years to absorb the growing global workforce, mainly in Asia and Sub-Saharan Africa.

In emerging markets, most formal jobs are with SMEs, which also create four out of five new positions. However, access to finance is a key constraint to SME growth, as without it, many SMEs languish and stagnate.

Indeed, SMEs are less likely to be able to secure bank loans than large firms; instead, they rely on internal or “personal” funds to launch and initially run their enterprises.

Clearly, 50 per cent of formal SMEs don’t have access to formal credit. The financing gap is even larger when micro and informal enterprises are taken into account.

Overall, the World Bank report indicated that approximately 70 per cent of all micro, small and medium scale enterprises (MSMEs) in emerging markets lack access to credit. While the gap varies considerably between regions, it’s particularly wide in Africa and Asia. The current credit gap for formal SMEs was estimated to be $1.2 trillion; the total credit gap for both formal and informal SMEs as high as $2.6 trillion.

Furthermore, a World Bank Group study suggests there are between 365-445million micro, small and medium enterprises in emerging markets: 25-30million are formal SMEs; 55-70 million are formal micro enterprises; and 285-345 million are informal enterprises. Moving informal SMEs into the formal sector can have considerable advantages for the SME (for example, better access to credit and government services) and to the overall economy (for example, higher tax revenues, better regulation). Also, improving SMEs’ access to finance and finding solutions to unlock sources of capital is crucial to enable this potentially dynamic sector to grow and provide the needed jobs.

For Nigeria, the significant drop in crude oil revenue has compelled policy makers to continue to fashion out strategies to support the non-oil sectors, with increased focus on SMEs and the agriculture sector.

In fact, a recent country assessment report on Nigeria by the International Monetary Fund (IMF), showed a sharp decline in imports contributed to a modest recovery in Nigeria’s external current account balance in the first half of 2016. Although the report indicated that Nigeria’s exports declined by 14 per cent in the first half of 2016, it also revealed that imports fell more than proportionately by 25 per cent in the first half of this year, compared to the same period last year.

To this end, in other to ensure that the gains recorded are enhanced, the Bankers’ Committee recently 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). The initiative is expected to take off from January 1, 2017. The modality for the fund which would operate as an Equity Fund, will be worked on by the Bankers’ Committee and will be communicated in due course.

The CBN Governor, Mr. Godwin Emefiele, who unfolded the new initiative at a Bankers’ Committee retreat 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

Emefiele

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 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.

Looking Back Despite the new initiative by the Bankers’ Committee, there have been concerns about the likelihood of the scheme making the desired impact when the then Small and Medium Enterprises Equity Investment Scheme (SMEEIS), a voluntary initiative of same Bankers’ Committee approved at its meeting in 1999, was largely adjudged as unsuccessful then.

The SMEEIS then was also established in response to the federal government’s concerns and policy measures for the promotion of SMEs as vehicles for rapid industrialisation, sustainable economic development, poverty alleviation and employment generation. The scheme then required all banks in Nigeria to set aside 10 percent of their PAT for equity investment and promotion of small and medium enterprises. It was agreed then that the 10 per cent PAT to be set aside annually should be invested in small and medium enterprises as the banking industry’s contribution to the federal government’s efforts towards stimulating economic growth, developing

local technology and generating employment.

The funding to be provided under the scheme was to be in the form of equity investment in eligible enterprises, to reduce the burden of interest and other financial charges expected under normal bank lending, as well as provide financial, advisory, technical and managerial support from the banking industry which covers very legal business.

But Anochie U. and and Ude D. (2015) pointed out that SMEEIS did not realise its full objectives because among other challenges, the “conditions attached to the loans itself made it impossible for their objectives to be attainable.

For instance, according to bankers’ committee Revised (2005), the enterprise must be a registered limited liability company with Corporate Affairs Commission (CAC) as well as comply with all the relevant regulations of the company and allied matters act, the owners of these SMEs find it difficult as a result of the huge funds attached to registering under CAC. “Most of these SMEs operate from the rural areas which also put them off the current trend, as a result of communication facilities, access road, and cost of transportation, also demands from the association to which they (SMEs) must register with in order to be recognised.”

Nonetheless, Emefiele assured that proposed initiative ensure that previous challenges do not resurface.

“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 endeavor.

“The SMEEIS 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,” the CBN governor assured business owners.

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.

“I will not say the level of a 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), 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 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 strong governance framework around the fund. The CBN would continue to provide intervention funds at single digit interest rates as usual,” Emefiele said.

Therefore, it is expected that the initiative, if properly structured and fully implemented, would enhance access to credit by SMEs in Nigeria, set the pace for industrialisation of the economy, increase output, generate employment, diversify the revenue base, and above all, increase foreign exchange earnings.

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analysis

Promoting a Better Environment through CSR

Sterling Bank Plc is taking a fresh look at ways of preserving the environment by committing to projects that promote environmental sustainability, writes Goddy Egene

Sterling Bank staff cleaning the environment

Given the dwindling resources of the governments, both at the federal and state levels, it is becoming difficult for government to provide all the needs of the citizenry. This is why some corporate organisations have taken it upon themselves to assist in the provision of some of those needs. Most times, the assistance comes in form of corporate social responsibility (CSR).

Besides, right thinking organisations understand that their operations and the societies in which they conduct their businesses are in a symbiotic relationship. Hence, they see CSR as core to their business existence because a company is only as successful as the communities where it operates.

For Sterling Bank Plc, the protection, preservation, cleaning, and beautification of the environment remain a priority. Its efforts in this direction have earned it recognition locally and internationally.

As a responsible organisation, the lender believes that the government has a major role to play in fixing the myriad of problems in every community. It also thinks private organisations and business enterprises can partner the government in solving societal problems, especially as it concerns the environment.

The bank has CSR initiatives that are tailored towards meeting these needs of the society. Over the years, it has supported initiatives aimed at identifying and promoting the preservation, protection and beautification of the environment.

The bank works in collaboration with public institutions – state and local governments – to create a better environment.

These initiatives have made Sterling Bank’s name synonymous with the environment, earning it both local and international accolades.

The reason for this is simple: the environment remains part of the Bank’s CSR focus.

From its waste management partnership with the various waste management authorities in over 15 states of the federation, its tree planting activities with target to plant a million trees in the next one year to checkmate desertification and deforestation; nationwide environmental cleaning exercises under its Sterling Environmental Make-Over (STEM) initiative, Sterling Bank has indeed given a new meaning to the concept of CSR in the country.

The Executive Director, Sterling Bank, Abubakar Suleiman, explained that these projects were meant to create positive impact on the environment and society at large.

Suleiman said: “We want to keep on doing the small things while we plan the big audacious ones. Each time you reach out to a child, mentor a troubled teen or join street sweepers to clean the streets, you are part of an unstoppable force to make our world a better place and that is what we want to

achieve with this exercise. What Sterling Bank is doing is to preserve lives. When you look at primary healthcare, you will observe that the Bank sees life preservation as key to the growth of the society.”

Waste Management Partnership The former Chief Executive of the Lagos State Waste Management Authority (LAWMA), Ola Oresanya captured Sterling Bank’s strides on the environment and the lender’s long-standing partnership with the Lagos State Government thus: “Sterling Bank supports our clean up exercise and also has its own initiatives in the area of environmental cleanliness. If you are going to talk about a cleaner environment, you cannot but mention Sterling Bank as one of the prominent organisations that has been at the forefront of environmental cleanliness not only in Lagos but in all the locations where it has businesses through its nationwide periodic national cleaning exercises. On an annual basis, they give us 25,000 units of uniforms for our cleaners and highway managers. CSR initiatives cannot be better than that.”

According to him, the success story of LAWMA in the last five years could be ascribed to the support received from Sterling Bank, adding the bank is a major partner of the agency.

Oresanya hailed the bank for taking a major risk by putting its name and logo on the outfits of a government institution for individuals often considered to be at the lower cadre of the society.

“We really appreciate that. Not many banks would take this risk. It is a bank that believes so much in us; they believe in our strategy, and they have taken all the risks to make sure that they support us, and we have no regrets,” he said.

Explaining further, Suleiman said the lender always ensures that it prioritises those whose job it is to clean the environment and invests in ensuring that they are protected. To achieve this, the Bank executed the initiative of producing uniforms for highway managers and street sweepers to protect against disease in the discharge of their duties and the elements. The materials are also reflective to ensure the sweepers are easily visible from a distance during the day and in the night, significantly reducing the potential for unnecessary accidents.

Pioneering in Lagos state with the relevant waste management agency, LAWMA and being in partnership for over eight years, the bank has extended this environmental sustainability partnership to several other states including Abia, Ekiti, Enugu, Kaduna, Ogun, Rivers, Oyo, Osun, Abuja, Anambra, Kano, Kwara and Delta states through the

provision of this protective kit.

“Sterling Bank as a responsible corporate citizen will continually engage in initiatives that will protect the environment, especially those that are connected to the protection of lives through its renowned partnership with agencies of government responsible for the promotion of a clean environment and good health among Nigerians,” he said.

Staff join cleaning exercise (#STEM) Apart from providing the right working tools for the various agencies responsible for the cleaning of the environment, the staff of Sterling Bank on a quarterly basis, carry out a nationwide environmental cleaning exercise as part of its Sterling Environmental Makeover (#STEM) series. The exercise, which is part of the CSR initiative of the bank focused on environmental sustainability aims at promoting a clean environment and good health among Nigerians.

In Lagos alone, staff of the bank working in collaboration with officials of LAWMA have cleaned locations such as Oshodi Motor Park, Ikeja, Ladipo Market, Mushin Main Market, Ajegunle and just recently Oyingbo market and other locations considered dirty in other parts of the country. In most cases, people around such locations also joined Sterling Bank staff in the exercise.

“Sterling Bank came up with the national cleaning exercise in 2013 in furtherance of its core purpose of enriching lives. Since then, the Bank has continually engaged in the initiative to promote a healthy environment and lead other organisations and corporates in the drive to ensure a sustainably clean environment in various communities across the country through its renowned partnership with relevant government agencies,” the bank disclosed.

Commenting at a recent cleaning exercise at Oyingbo main market, Suleiman said: “We are here to make a statement, to show the whole world that we care for their wellbeing. We are doing same in other parts of the country. Health is wealth and Sterling Bank as a responsible corporate citizen of this country must demonstrate the value it has placed on human lives. Let’s bring back the dignity in labour and the pride associated not only with cleanliness but with cleaning. Like everything else with real meaning, it will be at the expense of something else, it will be a sacrifice.”

Tree Planting Asides cleaning the environment and in support of the federal government’s plan to slow down desertification, Sterling Bank has also commenced the planting of over one million trees across the country planned to span the

next one year starting with the North Eastern part of the country.

The lender had last August, flagged off the tree planting project in Plateau, Bauchi and Gombe states. The initiative was one of the solutions to cushion the effects of desertification in the country in line with the United Nation’s Sustainable Developmental Goals (2016-2030) for environmental preservation, and a way of challenging other private institutions to support the initiative.

“Desertification is the process of fertile land transforming into desert typically as a result of deforestation, drought or improper/inappropriate agricultural practices. Desertification impacts directly or indirectly on all aspects of human life and the environment including the ecological, health, geo-chemical, hydrological and socio-economic facets,” the bank said.

Statistics have shown that a quarter of the earth’s surface is threatened by desertification and out of the 909,890 km2 of the country’s land area, about 580,841 km2 accounting for 63.83 per cent of total land is impinged on by desertification.

Suleiman added that extensive cultivation, deforestation, overgrazing, cultivation of marginal land and bush burning have been identified as major causes of desertification.

“Sterling Bank has decided to join the train because desertification has done a lot of damage to the local economy as it has made farming impossible in affected areas leading to high cost of food items and hunger for farmers and their families. Apart from causing floods leading to poor water supply, desertification in affected areas ultimately leads to poverty. Without food and water, it becomes harder for people to thrive, and they take a lot of time to try and get the things that they need,” he said.

“It was also based on the fact that research has shown that tree planting is a tested solution to stemming the tide of desertification.

There is a need to increase awareness on desertification at local, national and global levels. The challenge posed by desertification remains a significant global ecological and environmental problem that must be checkmated and planting and protection of indigenous trees and shrub species coupled with the introduction of sustainable agriculture practices are veritable solutions,” that bank added.

According to the bank, it is willing to work with relevant stakeholders with similar priorities in ensuring that the challenge of desertification is effectively addressed and conclusively dealt with to promote a better environment for the nation’s economy and to ensure environmental sustainability in line with the sustainable development goals.

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Owolabi: Economics of the Finishing Sector is Squeezed by Few Projects Closures Michael Owolabi, an investment banker-turned-interior design entrepreneur, runs IL Bagno, a homegrown firm that specialises in high-end interior finishes. Ahead of IL Bagno’s launch of its new state-of-the-art Abuja outlet, he spoke with Chineme Okafor on how the industry he operates in has been faring during the economic downturn.

Excerpts: 12 years in the business now, are you able to access the pace of this industry from your perspective?

When we started, what we do now was considered mere trading and therefore not a real profession. If you wanted to buy bathroom products, they will tell you to go to Orile or Coker Markets in Lagos, but we took the business and service to a higher level.

We provided a different customer experience and then convenience and high quality value to clients. Back then, we were almost the only ones doing this, but today, I can point you to more than 10 companies that are in the same business trying to compete with varying degrees of success.

It is interesting for me to see that change and the competition has become interesting.

It has helped us to innovate and keep our thinking caps on. A lot of capital has also come into the industry.

It would be nice to know your name and the entity you represent?

My name is Michael Owolabi. I work for IL Bagno as the Chief Excutive Officer (CEO), a job I have had for 12 years now.

What’s IL Bagno’s trading interest?

We primarily do bathrooms but over the last few years, we have diversified into other design solutions like kitchens, lighting and tiles. It is now all about end-to-end interior solutions.

How have you fared so far in this trade?

It has been fulfilling and challenging as well.

We know the problems of doing business in Nigeria, you know it is difficult to find good staff, cost of borrowing is high, importation is tough because of delays at the port, road and rail infrastructure is not what it should be and so transporting goods from one end of the country to the other is very difficult.

Moving containers for instance from Lagos to Abuja is very difficult and one is frequently on edge when goods are being moved. You have to pray all the time.

You identified forex as one of your challenges, could you be specific?

We import all the goods we sell and therefore need FX. As anyone knows, access to FX is very difficult today, the rates are very high and it is more difficult to sell, this high dollar rate has led to reduced sales and it is a challenge we are trying to overcome. Import volumes have dropped, sales volumes have also dropped.

Prior to now, what were the operational indices like?

To be honest with you, I can only say to you that they were better and just to give you an instance, we are probably just running about 50 per cent of Year-to-Date (YTD) budget for this year and that is because of the high FX rate and recession.

Everybody points to electricity as their business challenges, is this the same with you?

Sure, as far as business in Nigeria is concerned power and road infrastructure are key issues.

In an office like this, we require constant electricity supply in our showrooms and to have a good working environment. When you have to rely on generators and diesel, it is difficult to operate.

I already talked about the challenges with our road infrastructure because we move stocks from place to place. Our ports are in the south and we have to bring goods up north. Every time we put a container on the road, we have to almost pray and fast until they arrive and it should not be like that if we had a functional rail system. We could put them on trains and get them here on time almost without incident.

These are the issues that make doing business more challenging in Nigeria.

Does this suggest your losses are almost every time?

Clearly not every time; I am talking about the fact that accidents happen and we have had breakages and lost money. It is not every time but often given the nature of our business. We sell products that are fragile and in the bumps of the journey breakages happen. Fortunately we have not lost entire container shipments as some others have.

How do your insurance firm and indeed

Are you able to estimate the capital base of this industry now?

No, that will be a difficult task to do or speculate.

Owolabi

the insurance firms in Nigeria measure up to these cases?

The insurance industry in Nigeria like the banking industry is very well developed, our goods are insured really but when a customer pays you for goods, he does not want money back, he wants products. When our goods arrive in Nigeria and get damaged and the insurance person writes us a cheque, we have ended up where we started. Yes, it reduces the pain but don’t forget we started with money but we want goods not money and so the insurance is there but does not solve the problem. We have to start the import cycle again and what is the assurance that they won’t break again and you start all over. The issue really is not the insurance but that we want the goods to arrive where and when they are supposed to arrive.

How are you operating in a recessed economy like Nigeria’s?

We are operating like everybody else, the recession is not peculiar to us. It is certainly more difficult but people understand and appreciate the value we bring. To anyone with a project, we provide high quality products, installed appropriately and this what people pay for but because of the recession, there are fewer projects.

Our challenge is not convincing people to buy, the challenge is that there are fewer projects out there. Also, quite a number of people are buying goods of lower quality as a compromise because of the recession but that is not a big enough challenge to us, the challenge is that half of the projects that should be built have been shut down.

How have you fared with the Customs in a regime that is reportedly averse to corrupt practices?

Frankly, I have never had problems with the

Customs in terms of reported overzealousness or corrupt practices, people talk about it but I have not experienced or dealt with such personally.

The challenge we have is delay at the port because of the number of supervising agencies.

If a container arrives, why can’t we get it in two to three days and that is my challenge, why does it take about a week or two? In most cases, the minimum is 10 days and you are going from desk to desk dealing with several agencies.

I know government has tried to reduce the number of agencies at the port but I hear it has gone back to what it was, and so those are the challenges in terms of the bureaucracy.

If you have your documentations intact, why does it have to take this long?

We usually estimate between 30 to 45 days from when goods leave Europe to when we actually get them in our warehouse and consider that shipping time is only about 20 days, why does it take another 15 days or sometimes more to clear it, those are the questions we have.

The government is trying to shore up its earning by taxing luxury goods, do your products fall into this category?

I don’t know what luxury goods are, what we sell are high quality goods and I therefore don’t see them as a luxury. We sell products that people require to build homes, offices and hotels.

In my mind, when people say luxury goods, I think of jewellery and diamonds and things like that, in our case, we sell things that you need for construction. If you want to build a good hotel today, you have to buy quality bathroom fittings because you cannot build a hotel that is supposed to last for 40 years or more if you don’t buy high quality products, and so that is what we do, we sell high quality products for people who want to build structures that will last.

On competition, how have you being able to hold on to your market share?

I won’t let go of my market secrets but if you look around the showroom we have put up in Abuja, you will know that no one has this kind of showroom in Nigeria. We continue to distinguish ourselves as leaders in the industry, when we opened our showroom in Lagos eight years ago, no one had that kind of showroom and people have tried to copy it but in terms of space, I think we still have the largest display capacity in Nigeria.

We continue to stay ahead and we have also diversified. I think we are the only company in Nigeria that offers end-to-end solutions for any project that you do. We can take any projects and finish it.

How expansive is your operation in the country?

We have physical locations in Abuja and Lagos. We have partners in Port Harcourt and we are establishing relationship in Kano.

Why are there no Nigerian-made products in your showrooms?

We have the plans but much more needs to be done. Nigeria is not yet an industrial powerhouse. Industrialisation cannot happen without power, rail network, etc. This will come with time.

You are opening your Abuja showroom soon, what’s different about it?

We are formally commissioning the building on December 15, and our trade partner – Alter Ego, is also opening its outlet here. They offer interior design services and have heeded our call to come into Nigeria to invest, they brought their money to invest and have partnered with us, we are excited that this is happening because for many years we asked our partners to come into the country to invest and Alter Ego is the first to heed to this call.

What is your next big plan going forward?

We are considering backward integration.

We are thinking seriously about setting up a factory to produce sanitary wares if we find the right environment and investors. That is what we are looking to do but we will leave the specific details out for now.

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Group Life Insurance: Who Will Bell the Cat? With a few days to the end of the year 2016, the federal government is yet to release N5.4 billion for the payment of group life insurance premiums for its workers, throwing up the question as to who is causing the delay, writes Ebere Nwoji The delay, by the federal government, to release the N5.4billion budgeted for the payment of group life insurance premium for its workers in 2016, is a source of worry to the insurance industry as recently pointed out by the chairman, Nigeria Insurers Association, (NIA) Eddie Efekoha.

NIA is the umbrella body of insurance underwriters in Nigeria.

Indeed, the delay, not only distorts the industry’s business plans, programmes and activities for the 2016 fiscal year especially in the face of the ‘no premium no cover’ regime, it also goes contrary to government’s promise of leading by good example in payment of premium for Insurances of its assets and life cover for its work force.

The most disturbing part of it is that this delay is fast becoming the culture of the government as every year, instead of renewing contract with insurance firms concerned in January, the government will wait until last quarter of the year and when it pays, it may pay partly, leaving the other part hanging.

In the course of the delay, some workers whose families were supposed to benefit from the compulsory group life insurance policy, lose their lives, raising the question on how government settles such defendants.

Indeed, this same nonchalant attitude over employees’ welfare especially in the group life insurance arrangement, is not only displayed by government but also private sector employers.

But why government’s case is worrisome to the industry is because the industry looks upon the same government for the enforcement of the compulsory insurances.

Findings by THISDAY on the causes of the delay to renew the policy for the year which expired since July, showed that bureaucratic bottlenecks and power tussle between the office of Head of Civil Service of the Federation and the National Insurance Commission ( NAICOM) was the main cause of the delay.

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

Every employer shall maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall be paid not later than the date of commencement of the cover. But in the case of federal government workers, the group life insurance contract for the year expired since July and since then, agitations have been raging over its renewal by the general public while the media has been probing the reason for the delay

Minister of Finance, Kemi Adeosun

But in the case of federal government workers, the group life insurance contract for the year expired since July and since then, agitations have been raging over its renewal by the general public while the media have been probing the reason for the delay.

According to THISDAY’s findings, the renewal had to go through processes, first, the certification of the underwriters by the Bureau of Public Procurement (BPP), second, the approval by President Muhammadu Buhari and lastly, request for release of funds by the Federal Ministry of Finance.

According to a source close to the office of Head of service of the federation, the BPP, had certified 20 out of 21 insurance companies forwarded to it for the underwriting of the Group Life Insurance renewal of the civil servants, adding that though they had also written to NAICOM for confirmation but till date, NAICOM has not responded.

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

Furthermore, he stated that though the Head of Service has commenced processes for the renewal of insurance of federal government assets, it has decided to conclude that of the Group Life Insurance in order not to over burden the government with so many requests for funds.

According to the source, there is no other problem regarding the policy renewal but government is just going through some processes.

He recalled that in February, this year, government published an advert inviting insurance

practitioners to apply and that took six weeks.

After six weeks submission, it took government some time to process all their papers and after it had shortlisted those it wanted, it needed certificate of no objection from the Bureau of Public Procurement.

“After the response was received, we had to write to Mr. President for approval. So, since the day we got that approval from Mr. President, we’ve continued with the processes of making sure that the perfect thing is done before we present to the Ministry of finance for payment. There is money for it, it is in the appropriation and nobody had told us that there is no money to pay for it.

“It is usually N5.4 billion annually for civil servants. That’s the figure and that had been recurring for the last three or four years. For this current one, I think we shortlisted 21 insurance companies and BPP gave us certificate of no objection for 20. And we can only work with those approved by the BPP and that approval has been confirmed by Mr. President, said the source.”

On the relationship between the office of the Head of Service and the NAICOM, he maintained that the role of NAICOM begins and ends in advisory capacity as the apex regulator of the insurance sector and adviser to the government agencies on insurance matters.

He explained that though NAICOM could advise it, it is not bound to accept such advice as long as the processes of engaging under writers were in tandem with the law.

“NAICOM is regulating the industry. That is the insurance companies, the underwriters and brokers. They are the one registering them, they are the one giving them their licenses and they only act as adviser to the government agencies like the Head of Service. Their role ends with

advisory. As long as we make sure that those we are using are those licensed by NAICOM, we think we have done due deligience. And they cannot and will not say that we have not consulted them.”

Speaking further, he said when somebody is acting as an adviser, there is a limit to the advice. “If you’re my adviser, you can give me some advice and I can take or leave the advice. It is my responsibility to make sure that I act in tandem with the law. The office of the Head of Service is aware of the law and we are applying that to the letter.

He said government, has engaged the highest authority of NAICOM and they cannot deny that, adding, ’ “our day to day running of that program, I don’t think that anybody or any law said that we should leave that to NAICOM to do for us. If that is their expectation, I’m sorry I don’t share that view.”

But recently, at his maiden press briefing in Lagos, the NIA chairman, Eddie Efekoha, had expressed worry over the issue saying that both parties should remember that it is money meant for the industry that is being held bound.

He advised the two parties to take the right steps that will ensure fast release of the money to the benefit of both the industry and the workers.

Also industry stakeholders are of the view that as industry regulator and government adviser on insurance, NAICOM is in the best position not to dictate but to guide government on the best approach to the group life insurance and from feelers, NAICOM wished government could speed up action in the release of the fund.

This being the case, the stakeholders are Continued on page 30

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INSURANCE

Group Life Insurance: Who Will Bell the Cat? of the view that the office of Head of service, should at this time let go every claim of power and supremacy and rub minds with NAICOM to persuade ministry of finance to release the money and should ensure that families of workers who lost their lives within the period the fund for the premium was not released are adequately compensated.

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

But in the case of federal government workers, the group life insurance contract for the year expired since July and since then, agitations have been raging over its renewal by the general public while the media has been probing the reason for the delay.

The Group Life Insurance is one of the compulsory insurance policies slated for enforcement by the National Insurance Commission under its Market Development and Restructuring initiative (MDRI).

Among all other compulsory insurances, the group life insurance seems to hold a lot for Nigerians from all walks of life because it is the last hope for the Nigerian workers and their families. As such, much hope is placed on this particular policy by both the workers, the pension industry that established it and the insurers who administer the policy.

To the average Nigerian worker, the group life insurance stands as the last resort for his dependants when he is no longer there as the breadwinner of the family to provide new hope for the family.

To the insurers, premium from the group life insurance is looked upon as a major boost to the annual premium income of insurance firms.

Little wonder why insurers scramble for government group life policy as if it is the end of life and even go as far as engaging in price wars and rate cutting if only to grab their own portion of the business.

But as important as this particular policy is, it has suffered worse abuse even more than the Efekoha third party motor insurance. This is so because the workers for whom it is meant for are totally condition of service.

The result is that right now, only the governignorance of their rights in the group life policy while the employers who suppose to patronise ment and few non-governmental organisations the policy are totally unwilling to include it obey the group life law, throwing up the question as one of the benefits to be enjoyed by their as to who should act on behalf of the helpless workers to secure their right on the policy. employees.

Few years back, federal government, had The situation is worsened by the fact that the policy falls in between the insurers and stated its resolve to strengthen the Group Life the pension fund managers therefore argu- Insurance Scheme in order to make it more ment on whose responsibility it is to enforce effective and achieve the desired objectives. it among the operators also causes the deal but the pathetic thing is that the workers who are totally ignorance of their rights in this regard are at the receiving end.

A former chairman of Pension Fund Operators of Nigeria (PenOp), Misbahu Yola had lamented that the failure of insurers to release proceed from group life policy and unwillingness of some employers to pressurise insurers to release the benefits often constitute problem to payment of benefit to families of deceased employees, this goes to explain that the delay by government to release premium on the group life insurance for its workers also affects payment of their retirement benefits by their Pension Fund Managers.

Also the former Commissioner for insurance, Mr. Fola Daniel, once told journalists that the group life insurance is a product of pension industry therefore it is not the duty of insurers to enforce it but that of National Pension Commission.

Though he later said that both PenCom and NAICOM would design collaborative effort at enforcement, the issue of whose core duty it is to enforce the group life insurance has remained a major setback to its implementation.

THISDAY, recalls that PenCom had at one time or the other, set up some recovery agents to monitor and recover funds from employers that are withholding employees’ contributory pension fund but nobody has thought of how to compel employers to institute the group life insurance for their employees.

The result of this is that Nigerian workers have been left at the mercy of their employers especially the private sector employers who obviously do not want to hear about the group life insurance scheme.

Indeed, many see it as extra and unnecessary expenses to their organisation and bogus

I want to appeal to the Federal Government for the release of premium on group life for the year 2016 as it stands, no premium has been paid for the policy this year. This situation has made many insurance companies to discountenance claims under the year in review of the now existent ‘No premium no cover.’This, as we are all aware, is to the displeasure of some beneficiaries especially to those who died in active service.

The impression many of them have is that the insurance industry is insensitive to their plights, a situation that creates serious image smear for the industry

The then Head of the Civil Service of the Federation, Alhaji Bukar Goni Aji, gave this promise when he declared open a three-day seminar for desk officers of the scheme from all the Ministries, Departments and Agencies of the Federal Government in Minna, Niger State.

Although government was silent on the issue of making the group life insurance scheme more effective through the conferment of necessary punitive powers on the National Insurance Commission (NAICOM) as demanded by insurance managers, the time is ripe to enforce this particular policy.

From available records, only federal government complies with the scheme with some lapses observed in its implementation as is seen in the current delay in the release of the funds for this year. Other lapses in implementing the policy include undertaking the risks which in turn delays settlement of claims to deceased families when claims occur, undervalue of premium payable on the scheme by the insurers themselves.

Although in recent years, insurers had rolled out their drum in celeberation of success so far recorded in the collection of group life premium from government in the face of ‘no premium no cover policy, the delay to release the premium this year up to December, shows that government is again slacking in payment of the premium.

There are indications that sometimes, money to pay the premium will be released but government officials in charge of insurance will keep such huge funds in their accounts for interest to be accumulated for them before they will pay it.

Observers have feared that in the face of ‘no premium no cover’ being implemented by the National Insurance commission, such act may backfire in the event of risk in form of death or disability of any of the beneficiary employees as insurance firms will not listen to any excuses.

This being the case, insurers should not sit tight looking at the money meant for their business lying idle somewhere, they should stand up, disturb government to pay the premium making use of their lobby team.

Expressing concern about the series of unethical practices in the administration of group life

insurance, former President of Nigeria council of Registered Insurance Brokers (NCRIB), Mrs. Laide Osijo, said though government has cleared previous years’ bill, the outstanding premium for 2016 is unhealthy for the insurance industry.

She said: “I want to appeal to the Federal Government for the release of premium on group life for the year 2016 as it stands, no premium has been paid for the policy this year.

“This situation has made many insurance companies to discountenance claims under the year in review of the now existent ‘No premium no cover.’ This, as we are all aware, is to the displeasure of some beneficiaries especially to those who died in active service. The impression many of them have is that the insurance industry is insensitive to their plights, a situation that creates serious image smear for the industry.”

Osijo said.

The Group Life Assurance Scheme is a statutory creation by virtue of Section 9(3) of the Pension Reform Act, 2004 which requires that all employers of not less than five employees must maintain life assurance policy in favour of each employee for a minimum of three times of the employee’s emolument per annum. The Scheme provides that, in the event of death of any serving officer, his or her next of kin would be given a relief equivalent to three times the annual total emoluments of the deceased, in addition to the normal entitlement of the deceased officer after service.

But aside federal government employees and few others working with big corporate organisations, no Nigerian worker can boast of having been assured by his employer of adequate arrangement for group life insurance by his employer. The employers are riding on the ignorance of their employees on their right in this regard to deny them of the group life insurance entitlement. Findings by THISDAY showed that because many employees and their dependents are ignorance of their right in group life assurance, where an employee of an organisation dies in active service, the best the organisation does is to deep hand in the pocket and give any small amount of money to the dependents .The amount could be as small as N100,000 or N50,000 after which the dependants will not make any effort to demand for the deceased’s group life insurance right.

For employees with permanent disability, many, because of their ignorance, do not request for it whereas such workers do not have money to take care of themselves or pay their hospital bills for the injury. In some situations, the best the organisation does is to settle their hospital bill for the injury and leave the employee to his fate for the rest of his life.

This has been affecting not only the employees but the insurance industry negatively.

Former Managing Director Royal Exchange Assurance Mr. Moukwunye lamenting on the negative effect on insurers said the insurance industry is losing a lot from non enforcement of the group life insurance scheme. For him, no effort is being made to enforce the scheme; as a result, the employers are having their way at the expense of the employees and the insurance industry. He narrated his experience during one of his visits with his team to an Ikeja based manufacturing firm in search of group life insurance business. According to him the moment he mentioned the need for group life insurance arrangement for the staff of the manufacturing firm, the admin manager frowned his face asking him whether he has come to put the organisation into trouble and quickly answered “we don’t do that here please.”

According to him, when he pressed further, he was told that the company has made arrangement with some insurance companies for their managers. Arguing that the pension Reform Act 2004, which established the group life insurance scheme for workers did not make it the exclusive of managers, Moukwunye called on the federal government to ensure proper enforcement of the group life insurance scheme to close leakages currently being suffered by insurers and give Nigerian workers better hope.

On its part, the industry regulatory authority, NAICOM, said the decree setting it up did not confer it with necessary enforcement and punitive powers.

NAICOM said it has no power to go round and shut down businesses that failed to put in place adequate group life insurance for its workers. The commission, however said when the new insurance act is signed into law, such problem will be addressed.

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T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

BUSINESSWORLD

perspective

Stock Markets for Real Economies: A Strategic Approach to Capital Markets Devt in Africa Kingsley Chiedu Moghalu Capital and Capitalism: The Strategic Context There are three conditions for the success of capitalism in any society. These conditions exist in the industrialized countries of the Western world and (increasingly) in those of rising Asia.

With very few exceptions, they do not yet exist in Africa’s economies. These conditions are: (a) property rights, (b) innovation, and (c) capital.

The order in which I have mentioned them is no accident.

Regarding capital, the fact that it is scarce in our continent means that we are practicing capitalism without capital. Can we succeed as capitalists then?

Enter capital markets. We know that efficient financial systems, of which capital markets are an important part, are a necessary condition for sustained growth and economic transformation.

But the link is not that straightforward, and we are not always certain at which point finance facilitates growth. Does finance come before growth or follow it?

There are other structural factors in any economy that are as important, if not more important, than finance. One of these factors is whether property rights exist and are respected in an economy, in the form of freehold ownership of land titles that can be turned into capital, or whether the state keeps this potential in abeyance by appropriating freehold title to land and leasing out land occupancy to citizens, as is the case in many African countries today. Another factor is that of production, which is unleashed by innovation.

The mass production of goods and services, based mainly on innovation, combined with property rights, is what enables capital as the third tier of capitalism to reach its true potential.

Even as regardscapital, there is the fundamental question of whether or not an economy in and of itself generates enough capital through taxation (for public finance).

Efficient channels for accessing credit need to exist, because finance may be available but has not been turned into extensive credit. We know that access to credit is far easier in countries with highly developed systems of property rights.

And we know that access to credit is hard in countries with shallow financial markets dominated by banks. There may also be problems with the cost of credit as a result of weak infrastructure such as electricity, monetary policy decisions in response to inflation, or weak transmission channels for monetary policy.

Nevertheless, we know that greater financial depth, in which there are high ratios of total financial assets to national income or output, creates higher levels of productivity and thus income per person. We know, also, that more advanced financial structures in which there is a migration from banks, which produce mainly short-term credit, towards non-bank financial intermediaries and on to capital markets (which can provide longer term finance) are essential for transformation. This does not mean that African countries should rush into establishing stock markets. We have about 26 stock exchanges in Africa today, but with few exceptions we must wonder to what extent they have contributed to structural economic transformation in the absence of pre-qualifying factors. One of those factors is the existence of productive real economies.

African countries need to think carefully about capital markets, and about the stage in a country’s economic and financial development at which such markets become useful. Failure to do so is why many stock markets in Africa face challenges such as illiquidity, very few companies listed, or dominance by a few companies. It is true that stock markets help companies with good potentials but limited funds grow by raising capital relatively cheaply. They also help to mobilize local savings, create liquidity and improve corporate governance while contribute to the development of the private sector.

But premature stock market development also poses risks. One major risk is that it could lead to a culture of financialization if it precedes the establishment of basic real economies. “Paper wealth” becomes an alternative to more predictable types of capital formation. Strong regulatory institutions are also required. Stock market crashes

•Stock market flotations are used smartly as a means to avoid cronyism in the privatization of state owned companies. Again, this is one approach to ensuring inclusive economic growth.

It avoids the many problems and failures of privatization in Africa, which have tended to turn into elite and crony affairs. These privatizations nevertheless remain necessary where states have not been able to run enterprises efficiently and profitably.

•Risk is well managed to prevent stock market crashes. Examples of risk management include the rules enacted by the Central Bank of Nigeria placing limits on margin lending for stock purchases during the banking sector reforms after the global financial crisis. Others include measures such as circuit-breakers that can suspend stock trading where prices collapse beyond a certain threshold.

SEC DG Mounir-Gwarzor

in countries with strong economic fundamentals are rare, and when they occur do not have the same kind of impact as they would in developing economies with structurally unsound economies.

Nigeria’s stock market crash in 2008, in the wake of the global financial crisis, is a case of too-rapid stock market development at the time that was based on unsound fundamentals.

On the other hand, in countries like Nigeria, Egypt, Morocco and Tunisia that, according to Accenture’s Tipping Point Index rankings of financial market development in Africa now have “forging ahead” financial markets (as distinct from well- established financial services markets such as South Africa and Mauritius), the capital market can address the problem of excessive reliance on the banking system for capital formation and access to credit. Nigeria’s banks, for example, provide more than 90 per cent of financial needs in the country, overshadowing the potential roles of the capital market and other financial markets.

How Stock Markets Can Create the Wealth of Nations Against this background, I believe that stock markets can help create national wealth if: •They are based mainly on a foundation of a real economy. The absence of underpinning real economies is why many stock exchanges in Africa face severe liquidity problems. This real economy is what gives a stock exchange the valuation, stability, and the scope to have a high ratio in relation to a country’s GDP. It is only in South Africa today, among African countries, that we see this requirement fully met. The valuation of the Johannesburg Stock Exchange is 300 per cent of the country’s GDP. The Nigerian Stock is approximately 18 per cent of Nigeria’s GDP. •There is financial literacy and education.

Literacy levels about capital markets in Africa remain very low. This hampers economic development in two ways. First, it constricts the knowledge of opportunities that capital markets can offer to companies especially, but individuals as well, and so inhibits the development of a mature private sector-led economy. Second, this situations means that even when individuals invest in capital markets, they are unaware of, and so cannot manage, the downside risks by making well-informed investment judgments.

•Major foreign investments are required to go public on the stock exchange. This is an approach that involves an exercise of sovereignty, not in a manner that is unfriendly to markets, but to ensure that markets and foreign investments serve not just the purposes of investors but the domestic economy as well in a win-win scenario.

This should be a selective approach that should be guided by the nature and type of foreign investment in question.

•There is balanced ownership in stock market equities between local and foreign investors. Now, this is not to be achieved by discouraging free flows of capital from foreign investors into African countries. Rather, it should be achieved through other means such as encouraging increased local investment by individuals, creating enabling environments for the listing of local firms, including small and medium enterprises that meet appropriate thresholds, and the listing of privatized state owned firms.

This balance is important not just for inclusive growth but also for financial stability, as foreign institutional investors tend to be skittish and take a flight to safety in response to developments in their home economies or those in developing countries in which they are invested. One of the reasons for the stock market crash in Nigeria in 2008 was that foreign portfolio investors owned over 65 per cent of the equities traded on the Nigerian Stock Exchange at the time. When they exited in response to the global financial crisis, the market tanked. It is noteworthy that even in a market as globalized and developed as the Johannesburg Stock Exchange, the level of foreign ownership of equities is 40 per cent. I believe this is an appropriate weight of ownership allocation.

Fundamentals for Capital Market Development The fundamentals to which we should aspire in a strategic development of capital markets include, therefore: •Pursue industrialisation before creating capital markets, or do so at the same time. While many African countries have embraced the development of capital markets without thinking it through in terms of the fundamentals, it is not too late to pivot to aligning economic development in the real sector and services with the strategic fundaments for strong capital markets going forward.

This means that in countries with significant manufacturing and service sectors, it is necessary to begin to find and nudge companies with the appropriate profiles towards listing on exchanges.

Educating entrepreneurs on the pros and cons of listing for their companies and their growth prospects will be critical to achieving this shift.

•Ensure inclusive growth through a sectoral balance in the stock exchange, avoiding the dominance of a few companies and sectors, as well as more listings of SMEs. This has to be a conscious effort of doing business, regulatory and government policy effort, as well as the leadership of securities exchanges in African countries. In Nigeria today, for example, the NSE is dominated by three groups of companies, almost equally to the ration of one-third each: banks, consumer goods companies, and the Dangote Group. This is an unhealthy balance, and needs to be redressed with proactive policy measures, the education of business owners and entrepreneurs, and incentives.

•Reflect shifts in the global and African regional and national economies, for example by encouraging the floating of technology-based companies on stock exchanges. It is not all African countries that will successfully create a strong industrial sector. Especially for some relatively smaller countries such as Rwanda, the services

sector, especially hospitality, and the IT sector in which the country is working to become a regional and continental hub, can provide a boost for the development of capital markets.

The role of IT innovation and businesses in the continent is increasing markedly, and is a huge potential future growth path. Capital markets development should reflect this by encouraging of IT companies especially financial technology companies on exchanges.

•Create regional exchanges. There are several African countries whose economies, on their own, are unlikely to generate enough liquidity for a vibrant bourse. Regional exchanges are the way to go, and African nations should focus on policy reforms that remove the impediments to such regional listings, and development the political will to accept reality and abandon a national-pride perspective in this aspect of governance and economic management.

•Seriously expand and improve intra-African trade, and formalize the significant flows of informal trade between neighboring countries.

Africa’s level of intra-continental trade, very low at 11 per cent companied to other continents, needs to improve dramatically for capital markets to boom in a sustainable manner. This is a strategic shift in trade architecture that will drive up the volume of economic activity in many African countries, which in turn will provide a strong foundation for capital markets development.

•Develop and deepen the bond market to fund infrastructure. Africa’s infrastructure financing deficit is about $75 billion annually. If anyone thinks all of this financing can come from the West and Asia, think again. Deepening capital markets with robust bond markets is an immediate task for the larger markets in Africa such as Nigeria, South Africa, Egypt, and the East African countries of Kenya, Uganda and Tanzania.

•Re-examine the potential roles of pension funds and other African institutional investors.

Many pension funds in Africa are precluded or discouraged from investing in equities. This approach calls for a re-think, but with appropriate risk management. There are also other products in capital markets such as exchange traded funds (ETF) and real estate investment trusts (REITS) that offer good investment potentials for pension funds. It is especially necessary to link pension funds to the bond markets as a way to raise finance to the continent’s infrastructure needs.

Conclusion I have sketched out a number of issues to provide a strategic context in which we should think as we work to develop the capital markets in many of our countries and regions in the continent. As we go into detailed discussions on various aspects of capital market development at this conference, I hope we can keep these dimensions of the challenge we face in our minds. We must keep in mind that, just as the love of money, not money itself, is the root of all evil in biblical ethics, it is not capital markets, but seeing them as ends in themselves rather than as means to the real end of economic development and transformation, that is our real problem. We must therefore begin to think of capital markets and other financial markets as part of a much larger construct: that of a development agenda in which participants create value and create wealth not just for themselves, but also the wealth of nations. Absent this mental framework, it is all vanity, and just a merrygo-round of money making money for a very few, while the millions of our citizens trudge on with their daily struggles.

Moghalu , a former Deputy Governor, Central Bank of Nigeria is Professor of Practice in International Business and Public Policy, The Fletcher School of Law and Diplomacy, Tufts University Medford, Massachusetts, USA. He delivered this speech at the 20th Annual Conference of the African Securities Exchanges Association (ASEA), Kigali, Rwanda on November 28, 2016

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T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

EDUCATION Pacesetters School Unlocks Students’ Innovative, Entrepreneurial Skills As the country seeks alternative sources of revenue to overcome the current recession, students of Pacesetters Group of Schools, Abuja recently demonstrated that Nigerian youths have the potential of salvaging the country if given the right environment, and encouragement; just as the Chairman, Kenneth Imansuangbon described education as the only way out of recession. Uchechukwu Nnaike reports

Imansuangbon (left) with parents and other management team of the school unveiling the products made by the students

Youth unemployment has always posed a challenge to the Nigerian economy and with the education sector taking a large chunk of the blame for producing graduates that lack the skills to either create jobs or secure employment. The situation has been made worst by the current recession which has forced the country to look inwards and seek alternative sources of income aside crude oil.

For students of Pacesetters Group of Schools, Abuja, their resolve to be excluded from the league of unemployed youths was demonstrated during the recent talents show organised for students of Pacesetters’ College, Wuye and Gwarinpa. They displayed ingenuity in politics, engineering, science, arts and business ventures like production of pop-corn machine and making pop-corn, poultry business and production of liquid soaps, disinfectants and other household items.

In politics, the students re-enacted a typical senate session, where important decisions concerning the country are made, as well as the screening of ministerial candidates.

For each nominee, they showed their level of awareness by asking relevant questions.

In engineering, members of the Junior Engineers Technicians and Scientist (JETS) Club of the school exhibited their skills through the construction of a prototype RC aeroplane, while other students demonstrated how a volcanic eruption occurs. There were also on display works of art made by the students, which were later auctioned and sold for about N500,000.

For those interested in poultry farming, some of the students were also on hand to show how much they know about that line of business in terms what to consider when building a house for the birds, how to ensure proper hygiene around the house, kinds of poultry diseases, causes and preventive methods, among others.

Members of the Entrepreneurship Club also displayed their prowess in the production of household items like liquid soap, disinfectants, among others; their products were also unveiled and sold to the parents. They students expressed hope that if encouraged by the government, they can embark on large scale production of the items thereby creating jobs and reducing the number of youth employment. They argued that by encouraging

young entrepreneurs, the country can come out of recession.

The students also showed that they have not lost touch with their culture, as there was a colorful display of the mode of dressing, dance and tradition of some tribes in the country.

The event also featured speech presentations, words of wisdom, choreography and a beauty pageant, where the students exhibited their eloquence and poise.

In his remarks, the Chairman, Board of Directors of the school, Mr. Kenneth Imansuangbon, who announced the birth of a new school in Guzape area of the FCT, urged parents to celebrate their children’s talents and to encourage them so as to spur them for more achievements.

On the rationale behind establishing a new school which brings the number of schools owned by the Pacesetters’ Group to four, he said: “Basically, the future of any country is education; what makes a country great is education, the ability of that country to invest in the educational capabilities of their children and that educational capabilities trigger development.

“So education is development. For Nigeria to develop, we must bring education to every citizen irrespective of tribe, religion and background. It should not be that because their parents are not alive they cannot go to school. My little contribution to my country alongside my wife, Kate and principals of schools and staff and parents is to take the quality of schools we dream of for our biological children to every nook and cranny, first in Abuja and then God willing we will spread to other states of the country.”

On the solution to the current recession in the country and the need to impart entrepreneurial skills in students to address the unemployment issue, Imansuangbon described education as the only way out of recession.

“A good economist that can read the economic data must first go to a very good school, he must have a good primary education, then a good secondary education where he/ she will imbibe good values, then a good university system. So if we have a good system, a well-trained cultured graduate will not loot the treasury.”

In terms of entrepreneurship, he said the days are gone in the world when people

Some of the art works by the students

wait for the government to create jobs. “If you saw the talents show, our secondary school students are already making soaps, pop-corn, art works which were sold for about N500,000, bought by parents and visitors. The world over, no one waits for the government to be employed, create the employment for yourselves, the way to do that is to generate confidence.

“You must first believe in your ability to succeed. The kind of students we are producing don’t need to wait for anyone to give them jobs, anywhere you are there are jobs all over.

People can explore their talents and that can only be triggered in a good school system, good governmental system, it is a tripartite arrangement- the private sector, the citizens and the government.”

The chairman, who explained that the school’s curriculum is Nigerian based but with a lot of scientific and international merger, said a graduate of the school can fit in anywhere in the world. According to him the school provides a conducive learning environment for students to thrive, but he expressed fear that leadership now and in the future could muzzle them.

“When you see the quality of students we are producing then you will know that we can make it as a people, but in a country where there is no justice, freedom, where the best are not allowed to emerge, there is a problem. I weep when I watch the students perform because they have great talents, great potential, abilities, trailblazers, but will the Nigerian society not muzzle them that is my fear.

“But I also have my hope, which is that these children we are producing will not allow the repression of the society to affect them, rather they will change the situation in their time. I tell them to change the situation in their time, let there be free and fair elections, let no one’s will prevail.

These things must be taught in schools; civics, citizenship, among others. We must begin to teach ethics in schools and good citizenship.

“We teach these in Pacesetters, citizenship is the focus, confidence is the focus, speech making is the focus, abilities and potential are the focus, handwriting is the focus. I am proud to say that the school director

recently wrote a book on the ‘Handwriting That Works’, the authorities made it the number one textbook for handwriting schools in FCT. “I am proud to report that in faraway USA, the book has been recommended in Fairfax County. My wife is teaching Fairfax County Schools as an independent contractor. So who will say that Nigerians are not great people with potential, we are but will the system allow the country to move forward, that is my fear, but I have also inspired my students that in their time they should not allow anyone to repress them.”

The chairman, who is also nursing a desire to establish a university said the drive is the demand of the students and parents, who believe that with good primary and secondary school systems, the school should end very well with a good university system.

“In that regard, we are already talking with some Americans, we want to bring some Nigerians and some Americans together so that in two to three years we will have a very good university system in Abuja, we are working hard. But my fear is also will the government support us, the first demand of the American partner is if we have government support, is the government providing land?

“All the four campuses we have we all bought with bank loan. It is about our children, the future of the country; countries that have made it are those that succeeded educationally. The challenge we have basically is that government must rise to the occasion. I call on the minister of education and the minister of FCT, I need encouragement from them in terms of providing land even government must support people who are genuinely interested in education.

There must be educational financing, those who are serious who want to conduct research, who want to possibly go to the moon should be encouraged to do so and universities should not be allowed to die.”

“All those who have looted our treasury should invest it back in education. You don’t loot the treasury of your country and take to another country because at the end of the day, this is our country, we don’t have another one. I advise that we should boost and encourage good educational system in our country.”

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T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

EDUCATION

Invest 10% Constituency Allowance in Education, CRUTECH Alumni Tells Lawmakers Bassey Inyang in Calabar

The Cross River State University of Technology (CRUTECH) Alumni Association has called on every indigene of the state in the National Assembly to invest at least 10 per cent of their constituency allowances in education.

The National President of the association, Mr. Eyam Abeng, who made this known while briefing journalists in Calabar on the poor condition of education in the state, said there is an urgent need for every action to be taken to reverse the trend.

Abeng described the poor standard of education in the state as worrisome and needs urgent attention from all indigenes. He said though the state government is doing its best to revive the sector, stakeholders at all levels should support its efforts to invest in education or risk destroying the future of the next generation.

The president, who regretted that Cross Riverians are not feeling the impact of the lawmakers, especially in the

area of education, said in other states, National Assembly members attract a lot of federal projects to their states tertiary institutions.

“The task to develop the education sector in Cross River cannot be left to the state government alone. What are the National Assembly members doing with their constituency allowances? If things continue like this we may risk destroying the next generation because of our poor standard of education.

“I have travelled to over 20 states in Nigeria which includes states in the Southwest, South-east and some states in the South-south geopolitical zones. I have seen how federal lawmakers attract projects to their state owned tertiary institutions especially but here, they don’t seem to have any interest in the education sector.

“We have heard that the federal government is about to commence disbursement of their constituency allowances.

Before now information like this was exclusively reserved

Queen’s College to Expand Facilities, Harps on Skills Acquisition Uchechukwu Nnaike In response to the current demands of the society and the modern labour market, the management of Queen’s College, Lagos has expressed its desire to expand its facilities with the acquisition of an annex for the construction of skills acquisition and entrepreneurship centres to prepare students to thrive in a globally competitive environment.

Presenting her vision tagged ‘Rekindling the Torch of Excellence’ in Lagos recently, the Principal, Mrs. Lami Amodu, said the annex would also address the increasing population at the main campus, as it would provide space for additional classrooms, staff quarters, staff school, among others.

She said the process of developing the vision started with the constitution of a think tank committee, which comprises some professionals, who through careful appraisal of the content of the school’s curriculum and its implementation have developed the practical and actionable initiatives.

Amodu explained that the vision may not be easy for the government to fund especially at this time of recession hence the strategy is to reach out to individuals and corporate organisations that have similar culture of excellence and have benefitted from the qualitative services of the products of the college to buy into the project.

While commending the Australian High Commission for donating a solar-powered water system project, which was inaugurated as part of the event to address the problem of drinkable water in

the hostel area, she said the German government through its Solar Power Partnership with the Nigerian government has also indicated its support to extend the project to the school.

In his remarks, a former Head of Civil Service of the Federation, Prof. Oladapo Afolabi, who was the chairman of the occasion, commended the principal for initiating some positive changes in the school in her short stay. He called on the government to allow stakeholders like old students and parents to co-own the school so that it can be funded sustainably.

Also speaking, the current Head of Civil Service of the Federation, Mrs. Winifred Ekanem Oyo-Ita, promised to support the Federal Ministry of Education with the cooperation of the Ministry of Lands Urban Development and other relevant federal ministries to acquire an annex for the college, which is part of the vision and in actualizing other identified projects to fulfill the noble vision of the principal.

The wife of the Governor of Lagos State, Mrs. Bolanle Ambode, who commended the authorities of the college for their determination to reposition the school upon noticing a decline in the quality of education it is known for, urged the students to rededicate themselves to academic excellence in line with the philosophy of the school.

The event also featured the presentation of awards of distinction to some old girls for excelling in their chosen professions and their induction into the college’s hall of fame.

for government officials but today, we are all aware. So I want to urge our NASS members to invest at least 10 per cent of their constituency allowances in education.”

This he said will go a long way in tackling the high rate of criminal activities in the state as “many young people involved

in crime are suffering from poverty of the brain which is a product of the fallen standard of education in the state and Nigeria at large.”

While commending the Vice-Chancellor, Prof. Anthony Owan Enoh for the rapid infrastructure development at the university, he appealed to

the state government to invest more in CRUTECH. “Cross River economy and indeed Nigerian economy can only grow in an atmosphere of quality education. If we must overcome our economic challenges as a state, the government should be ready to invest more in CRUTECH.

“I want to reiterate our call on the state government to establish an education endowment fund where all firms operating in the state will be compelled by law to invest one per cent of their profit before tax annually to the development of education in the state,” Abeng stated.

SHARING KNOWLEGDE

L-R: A former Provost, Lagos State University College of Medicine, Professor Aba Omotunde Sagoe; former Vice-Chancellor, Ondo State University of Science andTechnology (OSUSTECH), Okitipupa, Professor Tolu Odugbemi, his wifeTiti and Chairman of Tantalizers PLC, Mr. Folu

Firm Boosts Science Studies with Mobile Labs A consulting company, the FEH Project Limited has expressed its desire to boost the study of sciences in Nigerian schools with the launch of the mobile laboratory initiative, designed to make an ideal science laboratory attractive to students.

Speaking during the demonstration of the equipment at Agidingbi Grammar School, the Director Corporate Development, Mrs. Florence Acha-Ukamba, said over the years, the organisation has watched with pains, the growing apathy to science

related subjects among secondary school students, adding that the result of an evidenced-based study has shown that one of the reasons for the growing apathy is the supposed big and clumsy outlooks of many of the school laboratories.

“As an organisation that is interested in Food, Education and Health (FEH), we felt the growing apathy among the students especially the females and we said this must not be allowed to continue. Thus, we launched this compact laboratory, otherwise known as SciBox to make

FUNAI to Graduate 15 First Class Students, Others Benjamin Nworie in Abakaliki A total of 124 students of the Federal University, Ndufu Alike Ikwo, (FUNAI), Ebonyi State have been shortlisted for the maiden convocation of the university on December 21.

Briefing journalists, the Vice-Chancellor, Professor Chinedum Nwajiuba, said 15 of them made first class in their respective fields. He applauded President Muhammadu Buhari for what he described as effective management of the country’s economy since he came into power.

He said the university produced 24 graduates in August and they are currently participating in the National Youth Service Corps (NYSC) programme in various states.

“This is our maiden convocation ceremony; this university in the past four years has painstakingly trained these graduands and found them worthy in character and learning. There are 124 of them of which 15 made first class; 75 made second class upper; and 34 made second class lower degrees.”

Nwajiuba said a convocation lecture would be delivered by the Minister of Science and Technology, Dr. Ogbonnaya Onu with the topic ‘Pioneering and Pioneers: the Search for Selfsufficiency’, adding that there is no much cult activities going on in the institution as witnessed in some other universities in the country. He said he was able to overcome the challenges facing the institution ranging from providing infrastructure to aid learning.

science laboratory attractive and friendly to students while also ensuring that qualitative instrument needed especially in Physics, Chemistry, Biology, Agriculture and Integrated Sciences are not lacking.”

She explained that in replacing the conventional laboratories, the firm took cognizance of ensuring that instruments needed for each of the science subjects students sit for in examination are provided with spare ones.

“We have arranged them in different boxes and compartments. We have also ensured we have both the required

number needed for teachers and students such that the practicality of the message being passed across will not be lost. And since the box can be wheeled and moved around, we feel more students will find it worthy because science is now being taken to them now and not the other way round.”

The acting Principal of the school, Mrs. G.U Nsaka, who thanked the company for the initiative, said the students who witnessed the demonstration have applauded the equipment as a worthy instrument of learning.

Senator Provides N70m Support for C’River Students Bassey Inyang in Calabar The Chairman, Senate Committee on Finance, Senator John Owan-Enoh, has provided financial assistance of about N70 million for tertiary and secondary school students in the Central Senatorial District of Cross River State.

Owan-Enoh, who announced this in Ikom Town, said the financial assistance is part of his educational support programme for students in all the 66 wards in the senatorial district.

Speaking during the presentation of cheques to the beneficiaries, he said the support was to assist them in their academic pursuits, adding that the programme was part of his responsibility and sacrifice to the people of the constituency

despite the current recession in the country.

“I am not doing this programme because I have so much money, but because of the love, sacrifice and a sense of responsibility to the people of my constituency.

“It is a feeling of indebtedness that I owe to the people of Central Senatorial District, who toiled with me and kept faith during the time of my campaigns.”

A breakdown of the beneficiaries across the entire 66 wards in the district indicates that 60 postgraduate students would get N100,000 each; 660 undergraduates would receive N50,000 each; 1,320 SS 3 students would get N15,000 each; while the JS 3 beneficiaries will receive N5,000 each.

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T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

EDUCATION

‘Digital Technology will Boost Teaching, Learning for Global Economy’

Funmi Ogundare

The Chairman of Learn Africa PLC, Mr. Emeke Iwerebon, has expressed delight about his organisation’s inclusion in the N-Power Volunteer Network, as part of the federal government’s initiative to provide digital teaching, reference training materials to prepare teachers for their vocation and assist them in functioning effectively.

Speaking at the Learn Africa- NECO Excellence Awards in Lagos recently, he said delivering educational contents through digital platforms to students will not only fast track learning, but expand their knowledge and enable them contribute more meaningfully to the dynamic evolving global economy.

On the awards where Master Egbunu Mudi of School for the Gifted, Gwagwalada, Abuja emerged the best in the June/July 2016 NECO/SSCE at the national level, defeating two others to win a cash prize of N100,000, a plaque and a laptop computer, Iwerebon said it will ignite the flame of excellence in Nigerian students, motivate them to work harder and encourage a culture of healthy academic rivalry among them.

He said since its introduction five years ago, it has been filled with excitement and satisfaction, adding, “we can raise our heads up high with a great sense of fulfilment and satisfaction that we have

delivered on our initial promise to our students, teachers and schools.”

Master Suleiman Ibrahim also of the School for the Gifted, Gwagwalada came second, while the third position went to Miss Mary Osemeke Ogorchukwu of Louisville Senior Girls Secondary School, Abuja.

Prizes were also presented to the overall best candidates in four selected subjects; the New Concept Prize for the Best Grade in Mathematics went to Akpeti Loyalty Ayakpo of Delta Careers College, Effurun; the New Concept Prize for the Best Grade in English Language was presented to Iremiren Isaiah Izien from Rainbow College, Asese, Moba, Ogun State.

Dr. Ameyo Stella Adadevoh Prize for the Best Grade in Biology went to Augustine Enenmoh Ikechukwu from Marist Comprehensive College, Nteje, Anambra State, while John Felix Temitope of Knoxfield Comprehensive College, Ijoko-Ota, Ogun State, received the J. F. Ade-Ajayi Prize for the Best Grade in History.

The schools that produced the exceptional students and the teachers that contributed to their academic excellence were not left out, as they also received prizes. The teacher recognition award went to Mr. Sandy Okpongette of the School for the Gifted, Gwagwalada.

In his remarks, the Principal of the

school, Mallam Saheed Onimayo, expressed delight about the success of his students, saying that the feat will prompt them to work harder.

He thanked the director FCT secretariat education board for giving his school an enabling environment to operate. “I was so overwhelmed when the information got to me that two of my students were outstanding.”

A Director at the National Examinations Council (NECO), Dr. Ikechukwu Anyanwu, described the award as an innovation and congratulated the awardees for the feat. He advised them to emulate past winners and continue to pursue excellence in their areas of endeavor.

Mudi, who made six distinctions and three B2 in the examination and plans to study medicine at the University of Abuja said “today is very special; it is the lord’s doing.” He advised other students to make hard work their hobby.

His father, Mr. Yakubu who works at the security unit of the University of Abuja, expressed delight about his son’s success, saying that for the first time in his life, he boarded a plane along with his wife to Lagos to receive the award.

“It is a big achievement. Before now, I have never known Lagos or even the airport, but due to my son’s performance, I have been able to achieve it.”

L-R: The winner of the JF Ade -Ajayi prize for the best grade in History, JohnTemitope; overall best teacher, Mr. Sandy Okpongette; Mr. Osemeke, father of Mary, (overall third place winner); overall best candidate, Gabriel Mudi; overall second best candidate, Suleiman Ibrahim; winner of the new concept prize for the best grade in Mathematics, Akpeti Loyalty Ayakpo; winner of Dr. Adadevoh prize for the best grade in Biology, Enenmoh Ikechukwu and his brother Daniel; and winner of the new concept prize for the best grade in English Language, Isaiah Izien, during the 2016 Learn Africa -NECO excellence award in Lagos… recently

College Proprietor Offers 25 NCE Slots to Orphans in Sokoto Mohammed Aminu in Sokoto The Proprietor of Biga College of Education, a private institution in Sokoto, Prof.

Musa Maitafsir, has promised to train 25 orphans and indigent youths at the National Certificate in Education (NCE) level free.

Maitafsir made this known at the inauguration of the Vision FM Sokoto Listeners’ Association (VIFLAS) and launch of its almanac and award ceremony in Sokoto.

According to him, it is a full three-year scholarship to the orphans and needy

persons in the association. ‘’Education is the best legacy one can bequeath to the youths as the future leaders of Nigeria.”

In his remarks, Governor Aminu Tambuwal, who was represented by the Permanent Secretary, Ministry of Youths and Sports, Alhaji Mohammed Abubakar, pledged to continue to accord priority to education in the state.

Also speaking, Senator Aliyu Wamakk, represented by Alhaji Isa Bajini, stressed the need for all Nigerian youths to acquire education to improve their lives.

A member of the state House of Assembly, Alhaji Sani Yakubu and the

Chairman of Tangaza Local Government Area,Alhaji Nura Shehu, all admonished youths in the country to shun all acts capable of jeopardizing their education.

The General Manager of the station, Mr. Ilyasu Abubakar, promised to continue to run it as a people-friendly radio outfit.

The Chairman of the association, Alhaji Nuradeen Harande, commended the proprietor of the college for the gesture and urged other wealthy individuals in the state to emulate him. Harande also announced that the association is poised to train 20 orphans in the state to acquire tertiary education.

Who is Coughing BesideYou? CurrentWorld Health Organisation’s (WHO’s) fact sheets online informs that last year, 1.8 million people worldwide died of tuberculosis. It states that 95 per cent of these deaths occurred in low income and middle income countries. Interestingly, it further informs that only six countries accounted for 60 per cent of the deaths amongst these two types of countries. Sadly, Nigeria is fourth of these six worst-hit countries.

In Nigeria this year, there have been a number of clarion calls aimed at addressing the scourge of the Mycobacterium Tuberculosis, the bacterium responsible for the menace of tuberculosis. An online article by Femi Ajasa, April 5, 2016 correctly identifies Nigeria as the second African nation with the burden of TB. It suggests that this case persists given the problem of “low case detection “and “low coverage of vulnerable people.”

Simply put, our present efforts in Nigeria to combat TB appear to be insufficient! Coupled with this the medical world, globally, is experiencing antibiotic-resistance. There is fear in both developed and developing nations that many ailments are simply not yielding quickly or at all, to antibiotics that erstwhile cured them. Speaking of tuberculosis, WHO records that in 2015 globally, 480,000 people developed multidrug resistant tuberculosis.

In moving on for 2017, to work towards a tuberculosis-free Nigeria, what must we do as a nation? What must we do as states? What must we do as local governments? What must we do as families? What must we do as individuals? Most importantly for the purposes of this article, what should be the teacher’s role in combating tuberculosis in 2017 Nigeria?

Omoru writes from the UK

Indomie Fan Club Organises End of Year Party for Members Dufil Prima Foods Plc, makers of Indomie Instant Noodles has through the Indomie Fan Club (IFC),, displayed its affection and commitment to the Nigerian child, as it treated over a hundred thousand children from different parts of the country to a fun filled end-of-the-year part which held in diverse amusement parks across the country.

The event gave the children an opportunity to interact and also participate in different activities such as choreography, dance competitions, and a visit to the Santa Claus grotto among other things.

In his remarks at the event held at the Apapa Amusement Park, Lagos, The Brand Manager, Indomie, Mr. Amber Yadav said, “with the festive season at hand, we quite understand that not all parents would have the time or financial resource to give their children an experience such as this. Therefore, as a socially responsible company, we have taken it as a duty to continuously promote activities such as this which no doubt has a huge impact on the emotional, health and psychological wellbeing of the child who happen to also be loyal consumers of the brand.”

The Group Public Relations and Event Manager, Dufil Prima Foods Plc, Mr. Tope Ashiwaju, said Indomie has since inception held the Nigerian child in high esteem, as it sees each child as a hero, and therefore seeks to continuously motivate and mould them in the path of greatness.

“This annual end of the year party for members of the Indomie Fan Club is one event we hold dear as

a brand and have become accustomed to, as it affords us the opportunity to interact, celebrate and entertain these kids who have remained loyal consumers and ambassadors of the brand in their own unique way.”

Ashiwaju added that “over the years, we have realised that due to the huge number of IFC members we have, gathering every one of them in one location has become a tedious exercise, and so we have decentralised our locations. What we are therefore witnessing here is happening simultaneously in Abuja, Benin, Ibadan, and several other locations within Lagos.”

Also speaking, the Coordinator of the Indomie Fan Club, Mrs. Faith Joshua, who commended the company for another fun-filled party said “the smiles, laughter and joy which is visibly written on the faces of each child here speaks for itself; and we are glad to be able to do this for them knowing that this is one of their greatest needs at this age.”

She said the fan club which was launched in July 2005 is aimed at creating an enabling environment where children can have fun, interact, and sharpen their skills, and being a school-based club, it is open to as many schools as possible.

“We are optimistic that as always, the interaction, engagement and fun which the children have relished here today would go a long way in shaping them to become better children, students and leaders; and as a brand, we wish them a wonderful year ahead.”

35

T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

EDUCATION

UNILAG VC Seeks Appropriate Research to Cushion Recession Funmi Ogundare The Vice-Chancellor of University of Lagos, Professor Rahamon Ade-Bello, has stressed the need for appropriate research into the country’s economic activities and use of raw agricultural and natural resources. This he said is the only way to cushion the effect of the current recession in the county.

Ade-Bello, who made this known recently at the institution’s annual research conference and fair, said the move should be sustained with the aim of establishing novel and viable processes for their uses and applications, as well as export to other users outside the country.

With the theme ‘Diversification in a Developing Economy: Promoting Academia- Industry Collaboration’, he said the conference was intended to catalyse the urgent linkage between researchers and the industry to enhance the economic development of the nation.

“With Nigeria in recession the need to re-engineer the fabrics of our economic activities to ensure a solid and virile base is urgent. This can only be achieved if the country has a productive economy where the larger chunk of its material needs are produced locally with the attendant optimal use of our agricultural and natural resources.”

While stating that the theme

is appropriate considering the mood of the nation, he said the conference sought to bring up avenue for exposure to industrialists and entrepreneurs’ research results that should be taken advantage of while industrialists and other economic operators could challenge the researchers and open up collaborations on issues with their operations or businesses.

“This is the only way our collective efforts can yield fruits to the university, the industry and the national economic development.”

Ade-Bello noted that the institution established a research and innovation unit about three years ago to assist researchers to identify patentable works and further expose the results

of research to end-users to stimulate the economy; and to stimulate inter-disciplinary and multi-disciplinary researches.

“The unit has taken this challenge and has effectively been narrowing the gap between academic and the industry through a two-way linkage.

In the last one year various interactions between Small and Medium Enterprise (SME) operators and researchers in the university ensued as well as interactions between different Manufacturing Association of Nigeria (MAN) groups and researchers in the university.

We are beginning to have the feel of the linkages as we expect industry-driven/sponsored researches to become prevalent at the institution.”

Running the Classroom

CHIOMA ERUOTOR

Nine Things that Children Love the Most · Toys: We love toys so much and this is one of the reasons why toys make us happy. Having toys around us make us feel like we are parents and the toys are children. We imitate our parents when we have toys around us. · Care and attention: I hear my friends say that they are not usually fine when their parents or teachers ask those questions and they fail to reply their question. The same applies to me; I hate it when my parents or teachers refuse to answer my question or fail to listen to me. · Play: My teacher usually tell us “play more and think less”, “play lass and think more.” I totally agree with it but can children do without play? Sometimes, I am asked to play when I am not in the mood to and asked not to play when I am in the mood. · Stories: Children love interesting short stories. I enjoy stories from my parent and teachers more than any other person. · Anything funny: Cartoon is one of the funny things children love. We so much love cartoons which is why we watch it from time to time. It is usually funny and interesting. · Making friends: When parents take us out we might want to make friends but and are prevented from doing so. I love meeting new people and making new friends and I believe the same applies to other children. · Colorful things: I love it when mummy or daddy buys colorful things for my brothers and me. I do appreciate that a lot. · Attending parties: I love attending parties where I can go and take part in dancing competition with my age group. · Reading story books: Not all my friends love reading story books although, most of them do. Children love reading and telling stories.

Eruotor writes from Lagos

PZCussons Unveils 4th Chemistry Challenge for Secondary Schools HONOUR WELL DESERVED

L-R: A member of the Peoples Democratic Party, Anayo Onwuegbu; Bishop of the Anglican Communion, Enugu Diocese, Emmanuel Chukwuma; Lilian Anikwem of Radio Nigeria; the Chief Medical Director of University of Nigeria Teaching Hospital, Ituku-Ozalla, Enugu State, Dr. Chris Amah; and the General Manager, Coal City FM, Enugu, Joy Obitulata, at the presentation of the 2016 achievers award of Radio Nigeria, Enugu to Amah barely two months after he was rated the best CMD in Nigeria… recently

Microsoft, Dynamiss to Bridge Digital Learning Gap A software company that specialises in educational application technology, Dynamiss and Microsoft have called on the Nigerian government, schools, parents and students to take advantage of the current globalisation and spread of technology to develop the country’s education system and connect it to the global digital education system.

To back up the call, the organisations have unveiled the latest digital learning project known as the LP365 application for Nigerian schools to put them on the same educational platform with their counterparts around the world, as well as serve as a dashboard for students’ curricula activities.

Speaking at the launch of the digital application in Lagos recently, the Country Director for Dynamiss, Mr. Lolu Elegbe, decried the little or non-availability of digital education in Nigeria, adding that the most disturbing situation in the country’s education sector is that students, teachers, schools and parents are still far behind in terms of technology and digital knowledge.

He said part of the problems in promoting the education system in Nigeria is lack of digital learning materials, support and knowhow “and we are still far behind other countries in terms of technology and digital knowledge so today all we are trying to do is to bridge that gap between where we are and where we need to be as a country from a digital point of view.

“What this application does is that it starts to teach students from a young age to university level. So we are also making sure that the ones in the university that are about to enter the job market have that digital skill sets they need. We are also making sure that the younger ones who are digital natives grow up seamlessly with it. We trying to make sure that they have the skills set from an early age which would see them all the way through.”

Elegbe added: “We are selling to schools in Nigeria at a discounted rate with Microsoft’s support because the application is built on a Microsoft platform which transforms Word, Excel, Power Point, One Note and

every other package we use in our day-to-day activities into our school virtual classroom.

What Microsoft is also doing is that it is adding its imagined academy to become part of our offerings.”

The Head of Sale, Angela Oyekanmi stated that Dynamiss’ objective is to drive digital education in Nigeria and that Microsoft has a mandate to carry out such project. “The tech giant is supporting this project led by Dynamiss because we have the same goal to inculcate digital literacy in all the education community.

“We want our children to be able to compete effectively with their counterparts globally. Also, because of the negative side of the foreign exchange, we have been able to get children to a state where they can get digital learning in Nigeria, not overseas, and this is our primary goal.”

In her remarks, Microsoft’s Head in Nigeria, Miss Jordan Belmounte said the official launch of the initiative, LP365 application, into the market would help Nigerian schools understand how to get access to financing to afford the solution

digitally; how to get access to affordable devices, hardware, and use them as solution to educational puzzles.

“Also, as we launch this, we are helping the audience understand how this can be impactful in their environment.”

While explaining how it works, Belmounte said the application is like an online dashboard for all subjects, where a teacher can upload series of documents, including videos and audios. “So instead of opening a handout or notebook, you simply open your class dashboard which contains all the documents related to the subjects you offer.

“So they can upload in real time the most current information about that subject area. It is like outdating textbook because it lacks current information on the subject area…it is a scientific class but they can still upload materials like educative digital and video games and make the experience very interesting for students. The application also helps kill boredom and makes education interesting and engaging for students.”

As part of its commitment to social, economic and educational development in the country, PZCussons Foundation has announced the commencement of the fourth Chemistry Challenge 2016/2017 with the theme ‘Be a Winner’.

The competition, sponsored by two foremost family brands, Premier Soap and Nunu Milk from the stable of PZCussons Nigeria, is designed to stimulate and inspire the learning of chemistry among students; raise their level of reasoning and demonstrate the relevance of chemistry in the society.

In a statement, the Corporate Affairs Director, Mrs. Yomi Ifaturoti, said the quiz contest has continued to make resounding impact, spurring the interest of Nigerian students in the learning of chemistry in a competitively fun way. To further excite stakeholder, the 2016/2017 edition will feature teachers’ contest.

She explained that the move was in realisation that the success of the students is tied to the commitment and dedication of teachers. “As part of the improvement on previous editions, we have included another stage to allow ample opportunity for all to make it to the finals. This year, we will have six finalists and four final awards. This edition is also giving voice to promoting girl-child education, we encourage participating schools to do mix registration of at

least one female candidate.”

The competition, which is open to senior secondary school students in Lagos State, will have candidates registered by their schools and who come to designated exam centres with attested copies of their forms or dockets.

It comes in four stages: a written quiz for all screened candidates; a written quiz for the best 100 students from stage one; practical for the best 24 from stage two. In the final stage, six contestants will compete for the overall prize of 700,000 and a laptop for the student; 100,000 for the teacher and 100,000 worth of laboratory equipment for the school. The first, second and third runners-up will be handsomely rewarded.

Ifaturoti added that the project enjoys the partnership of the Lagos State Ministry of Education as well as other notable associations like Chemistry Society of Nigeria and the Institute of Chartered Chemist of Nigeria. The competition will be guided by an advisory team of three members headed by a renowned chemist, Professor Oladele Osibanjo.

Launched in 2007, PZCussons Nigeria Foundation has been helping Nigerian communities by supporting projects in the areas of roads and other infrastructural improvements like water and sanitation, health and education. The foundation has completed over 50 projects in different parts of the country.

36

WEDNESDAY, DECEMBER 14, 2016, • T H I S D AY

CITYSTRINGS

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

Abakaliki: From a Glorified Village to a Sprawling City Benjamin Nworie writes that Abakaliki, the capital of Ebonyi State, has witnessed tremendous renewal since Governor David Umahi assumed office

A section of Abakaliki City

T

he story of Ebonyi State has changed overnight. New things have begun to emerge in droves. Ebonyi people and residents of the state are now happy to say they reside in the state christened ‘Salt of the Nation’.

Formerly, any person living in Ebonyi State is either classified as a ‘poor man’ or it was a state that people referred to as a backward state.

However, all these classifications were true, though bitter. Abakaliki before now, was a city that couldn’t boast of good and motorable street roads. It had no night life, all social amenities and identities of new cities were scarce commodities and the city was simply abandoned.

Before the emergence of David Umahi as governor, the Abakaliki capital city was a glorified “village” in most eastern states. Just within 18 months in office, Umahi has changed the story of the backward city. Umahi has set the pace for reference and emulation by his fellow governors.

The 18 months of the administration of Umahi as the Governor of Ebonyi State have been revealing and most historical. It is an administration that has taken centre stage in infrastructure revolution, delivering and focusing on his campaign promises. Since Umahi assumed office, the state has witnessed tremendous achievements especially in urban renewal.

Testimonies of Umahi’s modest achievements will reverberate in 2017 when President Muhammadu Buhari would be expected to inaugurate most of the gigantic projects of the governor.

Although, inauguration of projects have long started when Umahi began to inaugurate most of the roads, street lights and bridges.

Abakaliki capital city now ranks and competes favourably with major cities in the country.

The Closed Circuit Television (CCTV) networks mounted at the major roundabouts in the state capital is uncommon feat that has reduced and changed the impression of many on the strict security network in the state.

It was not magic neither was there miracle or another manna falling from anywhere except the meager monthly allocation accruing to the state government. It is a product of prudence and transparency in financial management. The governor adopted a new leadership dimension, which he has advocated to free Nigeria from the economic quagmire. At many fora, the governor has advocated that all levels of government in Nigeria should be handled as a business.

In Ebonyi State for instance, it all about business. Over 90 per cent of all the projects in the state are executed under direct labour with the supervision of the state Ministry of Works.

The governor, as an engineer by profession has inculcated his discipline into the service of the state. The governor has baited and assured that all his projects would last more than 50 years.

On a daily basis, the governor would put his wealth of experience in engineering work to bear and make sure that all the projects are done according to specification. This way, he must have curbed the incessant contract inflation which crippled the last administration and was

Flyover at Akanu Ibiam roundabout

responsible for the litany of uncompleted projects

by Martin Elechi’s administration.

The state Commissioner for Works, Engr. Fidelis Nweze, has been a supportive and dependable pillar for the massive construction works in the state. Nweze’s team has flagrantly pushed Umahi’s vision and mission in infrastructure development to unimaginable height.

The governor has disclosed that any money above N100, 000 that will not be used immediately would be fixed to generate interest. So far, the state government has generated huge sum of money that can attend to other critical needs of the people.

At this time, Ebonyi need critical leader like Umahi who also knows the business aspect of politics, by transmuting all raw materials to cash and reinvigorating the need for tax payment to boost the internally generated revenue which is actually yielding positive results. Umahi came on board and blocked all loopholes created to loot and siphon state funds.

Apart from urban renewal, the governor has added another feather to his empowerment programmes. It is remarkable that Umahi’s welfare programme for the betterment of Ebonyi people has remained an assessment index for his overwhelming performance. Over 3000 youths have been penciled down for empowerment scheme. They are to benefit about N250, 000 each to start-up menial businesses.

The governor’s idea is that if these unemployed youths, most of whom are hawkers in the major streets of the country are meaningfully engaged, crimes and other social vices might be reduced to a reasonable percentage in the state. It has baffled onlookers the miracle of the governor in tackling most of the infrastructural and financial needs of his people at the moment, the economy of the country is in recession.

The state university which is at the centre of the Abakaliki city is also undergoing structural transformation. December 3, 2016 was a day the university community may not forget in a hurry. It was the first day; the governor visited

Within Abakaliki metropolis, I can count 37 roads that are re-laid, reconstructed, rehabilitated or constructed newly. Some have bridges, coverts and dual carriage ways. In order to continue in that line of creating a proper metropolitan city, he has gone to ensure that where road goes, street light follows and so on

the permanent site of the university. The visit has no doubt contributed immensely to the growth and development of the state.

The university is seen as the only industry of the state government. But recent happenings in the university have endangered the concept of its establishment. Students decry the lack basic facilities. School fees were hiked in 2008 by the Elechi’s administration without corresponding provision of amenities to better the lots of the students and school. The increment in school fees generated ripples and violent crises that almost pulled the immediate past administration down.

But in the character of the former governor, all agitations and demands fell on deaf eyes.

It was on this basis that Umahi rose up on December 3, to pronounce the unexpected reduction of school fees by N10, 000 which represents about 25 per cent of the total fees in all the categories in the university. The jubilation and cheers from students, workers and onlookers shook the walls of the university main auditorium, venue of the event.

The reduction was mostly not thought for at least in the face of recession. But the governor decided to take bull by the horns in delivering all he promised during his electioneering campaigns. The reduction would take effect from 2017.

The governor has painstakingly transformed the ignoble and excruciating outlook of the capital city, which did not receive the touch of the previous administration. The expansion of the capital city is in full force. The vision of the governor is to make Abakaliki capital city the best in the country. The journey to the actualisation of that dream has long begun.

The reconstruction and rehabilitation of most of the deplorable urban roads is a litmus test of the governor’s commitment to making the city befitting and centre of attraction. Many urban roads measuring over 350 kilometres have received the touch of his administration. The dualisation of the Abakaliki-Enugu expressway that is part of the trans-Africa Mombasa highway will definitely be a good site in the Abakaliki new city.

And where roads go, street lights follow to ensure adequate security. Before now, Abakaliki city has been in blackout halting and paralysing economic activities. The street lights have also fine-tuned night activities. Businesses of all forms are booming. Traders have started smiling over reduction in crimes.

The demolition of all antiquated roundabouts in the capital city has received the commendation of the people. The demolition was necessitated by the fruitless efforts by the state government to beef up the outlook by constructing fountains on it. Though the fountains worked temporarily, the commitment of the governor pushed him into total demolition for befitting fountains.

Works have been going on simultaneously on the four roundabouts that were demolished, reaching advanced stages of completion. Last month was another history making moment for the people of Ebonyi State and supporters of Umahi’s-led administration. The dreams of Ebonyi founding fathers came to bear. Umahi led an everlasting and historical legacy for the

Salt of the Nation.

Umahi and stakeholders gathered at the first flyover to test run it. It was a moment of joy. The governor, out of jubilation popped champagnes for the realisation of his dreams.

The dream of making Ebonyi great through landmark infrastructural development. The need of the flyovers at International market, Spera Ndeo and Presco junctions cannot be over emphasised.

It is to ease perennial traffic snarl which has affected human and vehicular movements.

The Commissioner for Information and State Orientation, Senator Emmanuel Onwe noted that the flyovers constitute just one, but major component of the solution to the infrastructural jigsaw of Ebonyi State.

“It is a super structure. You find right now, three flyover bridges, one of which has been tactically completed. The semi-inauguration that took place was just an indication to Ebonyi people and to Nigerians that yes, we can do this. I personally, it took my breath away being on top of that bridge seeing Abakaliki in a different vista.

“It was a wonderful achievement that was accomplished within 14 months. There is another flyover bridge at Presco junction with 80 per cent completion and there is another one at the International Market which is more than 60 per cent done. In addition, we have a pedestrian bridge at the permanent site of the university.

“Within Abakaliki metropolis, I can count 37 roads that are re-laid, reconstructed, rehabilitated or constructed newly. Some have bridges, coverts and dual carriage ways. In order to continue in that line of creating a proper metropolitan city, he has gone to ensure that where road goes, street light follows and so on,” Onwe said.

The governor said that he would embark on the construction of three additional flyovers at Union Bank, Vanco and Nkalagu junctions. The Deputy Chief Press Secretary to the governor, Hon. Francis Agwu noted that never in the history of the state has any governor achieved what Umahi achieved within the same space of time. Agwu added that on a modest comparison, Umahi has achieved what his predecessors could not achieve in four years.

“We are grateful to the governor. We all know how Abakaliki capital city used to be.

In less than two years, he has turned the story around.

If you come to the city now, you will see massive inter-city road construction works. Our roads are now motorable. If you ply the roads, you will not experience any gallop. In fact, mechanics are complaining of low patronage,” he said.

In order to sustain the environmental cleanliness and evacuation of heaps of refuse dumps scattered along major streets and roads in the capital city, the governor has appointed Technical Advisers on Environment. Their mandate is to ensure the daily cleaning and supervision of the capital city.

As the yuletide approaches, new aura of the season has started to blossom in the city.

Christmas lightings with adoring colours have added a new look, mostly at night.

37

WEDNESDAY, DECEMBER 14, 2016, • T H I S D AY

PERSPECTIVE

Soyinka, “Wolexit” and Hero-bashing Tunji Olaopa In this article, I want to explicate on two significant assertions that has been at the heart of my confrontation with the Nigerian national project for a long time, and especially with the intellectual capital that I suspect is a very significant part of rehabilitating Nigeria to greatness. First, Nigeria has a fundamental problem with her intellectuals, and most especially her heroes and heroines. Second, Nigeria’s heroes and heroines have a fundamental problem with Nigeria. These two assertions may appear interchangeable, but they are not. This is because each carries a different weight and valence. In other words, the problem Nigeria has with her heroes is not the same as the problem the heroes have with Nigeria. On the one hand, Nigeria’s heroes and heroines are concerned with the urgent task of reconfiguring Nigeria for greatness. This task most often take a non-conventional but still patriotic modes that require these highly endowed Nigerians to challenge the Nigerian state from all sides and angles. We all still remember Ken SaroWiwa’s attempt at calling out the Nigerian state over the wrong treatment meted out to the Ogoni minority of the Niger Delta. And on the other hand, Nigeria resents almost all and every interrogation of her national dynamics, and especially of the kind of statecraft that bend the empowerment of Nigerians to the exigencies of national unity.

And again, Ken Saro-Wiwa typifies Nigeria’s reaction to perceived “anti-patriotic” challenges. Ken Saro-Wiwa died trying to make Nigeria stand up to what is right and just with reference to its own citizens.

Interestingly, Wole Soyinka captured this Nigerian angst against her hero at the burial of another hero, the late Professor Ojetunji Aboyade. With utmost weariness of his soul, he lamented: “Nigeria kills us slowly; one by one, but surely.” According to him, if Prof. Aboyade had given less of himself to Nigeria in a thankless job, he would not have died when he did. Wole Soyinka is no doubt one of the redoubtable heroes that Nigeria has today. In fact, he represents in himself one of the few positive achievements the global community reckons with about Nigeria. In terms of intellectual outputs and national activism, he is committed to Nigeria in all senses.

While most of us were still in our diapers, Soyinka was hijacking radio stations, writing stinging commentaries, staging satiric plays, crossing from Nigeria to Biafra to intervene in national tragedies, and paying enormous price, in jail terms, for his patriotic courage. But unfortunately, it is this same Wole Soyinka that is presently at the centre of a national uproar over Soyinka’s personal conviction. What I call hero bashing is a fundamental issue which is neither here nor there in terms of value judgment. Heroes and heroines are humans with human frailty. They make mistakes, miscommunicate, are arrogant, fall short of expectations, make wrong decisions, have short visions, fall into temptations, just like every other human. The difference however is that they are heroes who must be held up to a higher standard of humanity than every other because they have a larger than life status. Hero-bashing therefore seems appropriate but sometimes most tragic, especially in proportion to the event or the persona involved. I remember the posthumous bashing that Chinua Achebe received for There Was a Country, his personal testimony about Biafra. That was an issue that gave me serious concern given that Achebe was not a mean person (in both senses of that word). Achebe loved Nigeria, and that is clear from his many engagements with the concept of Nigeria. Yet, it turned out that he had to die before he would have died given the enormous bashing he received as a result of his personal understanding of the Biafra incidence. But if Achebe’s hero-bashing came from a significant confrontation with the idea of

Professor Wole Soyinka

Nigeria, the recent bashing of Wole Soyinka leaves a more bitter taste in the mouth. This is because what is at issue seems so trivial in proportion to the outcry it is generating.

Let me summarise. Wole Soyinka was so anxious about the possible electoral victory of Donald Trump that he served a “Wolexit” notice—He would tear up his green card if Trump emerges as the president of the United States. Against all odds, Donald Trump did become the president-elect, and Nigerians called out Soyinka on his threat.

Not to be caught hanging, the formidable Soyinka offered a loud retort against those who, according to him, failed to understand a simple matter of figure of speech and a fundamental right to free speech. Soyinka fumed that it was illogical to think that “tearing up” his green card meant an actual card-destroying gesture. According to him, the United States is not the only country he had issued a “red card.” What then was the outcry about?

What actually was the outcry about?

It seems to me that Soyinka has earned his right to free speech, and even his eccentricities. But it does not seem that it was eccentric for him to issue such a warning of suspending his citizenship of the United States. His statement was borne out of a deep conviction against all that Donald Trump represented. Most of us also have our various anxieties about a Trump presidency, but most of us are not Wole Soyinka. Soyinka is global. And by that, I mean Soyinka’s voice has achieved such a global stature that his threats, approval, and even silence carry a stentorian weight that compels attention. This is no hero worship.

I know Soyinka is human. If I were him, I would have offered my explanation and resumed my silence. But Soyinka cannot

be silenced. What is most unfortunate is that agitated and aggravated responses can cross the bound of moderation and civility.

When speech crosses to the level of “idiots,” “morons,” and “stupidity,” then something has gone terribly wrong. It seems to me that this issue of “tearing up” the green card does not deserve the nature of hero-bashing it has become. Soyinka has the right to speak, and he has spoken.

But the prospect of a “Wolexit” has another deeper implication which we are not paying attention to. In a further retort, Wole Soyinka threatened that Nigeria itself deserves a form of withdrawal appropriate to Trump’s America. Now, that is a real threat, and Soyinka does not make jokes on issues like this. He has the means and the will to carry out his threats. I am taking “Wolexit” serious in terms not only of the loss of intellectual capital but also more in terms of what it says about Nigeria and Nigerians. Let me start from a historical point of personal agitation. I have never ceased to wonder at the literary and intellectual implications of what would have happened to Ibadan’s literary and intellectual stature if Soyinka had consolidated his reputation there rather than leaving for Leeds and later choosing to reside in Abeokuta. The answer to this question is already lost to the undetermined fog of history. We can only wonder and speculate.

Now, take the larger issue raised by my earlier questions. Soyinka seems to have reached a point where he is more than willing to do something drastic about his fundamental problem with Nigeria. What is the implication of Soyinka giving Nigeria a “red card”? What is the implication, as he threatened, of moving his Foundation out of Nigeria? I could imagine the social media

resounding with “to hell with him; to hell with his foundation.” That answer would not be surprising; in fact, it will be typical of a strange alliance between a rising and irreverent generation and the Nigerian state apparatus on the task of killing off our heroes. “Wolexit” served on the United States is a personal statement by a world citizen against what Donald Trump represents in terms of the time honoured principle of freedom and racial blindness which the U.S. enshrined in its constitution. He has a right to that declaration, and to whatever symbolic act it is meant to represent.

But “Wolexit” served on Nigeria becomes the ultimate rejection of Nigeria by those who loved and fought with and for her.

Fighting with Nigeria translates into a form of lovers’ quarrel over a future both disagree to agree with. Fighting for Nigeria is a solid patriotic belief in Nigeria potentials for greatness in spite of everything that had gone wrong. Rejecting Nigeria is worse. Even uttering its possibility must only have been made possible by a heart that is wearied by despair and disillusionment. We have killed and hounded almost all of our heroes out of existence or out of their senses. Wole Soyinka is one of the legends still remaining, and we are calling him out for what he believes.

If “Wolexit” comes to pass and Soyinka withdraws from Nigeria, we would collectively have become like Jerusalem that kills and stone the prophets sent to her. How then do we ever hope to become a great nation when we kill greatness in others, and refuse to listen to our heroes?

Olaopa, is the Executive ViceChairman Ibadan School of Government and Public Policy Email: tolaopa2003@gmail.com

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T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

business/MOnEYGUIDE

Fitch: ‘AMCON Two’ Would Provide Respite for Nigerian Banks Obinna Chima The move to establish a specialised company to acquire Nigerian banks’ non-performing loans (NPLs) will, if successful, ease mounting asset-quality problems, Fitch Ratings said yesterday.

THISDAY reported on Monday that recent reports suggested that the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation had set up a committee to discuss the plan of setting up another ‘bad bank’ ahead of the expiration of the terminal life of the Asset Management Corporation of Nigeria (AMCON).

NPLs in the sector are increasing rapidly as it reached 11.7 per cent of gross loans at end-June 2016 from 5.3 per cent at end-2015. The operating environment for banks is

becoming increasingly difficult as recession, weak oil prices and exchange rate pressure combine to make it more difficult for borrowers to service their loans.

The Central Bank of Nigeria (CBN) has allowed banks to speed up the write-off of fully reserved NPLs since July 2016.

This was intended to encourage banks to clean up their balance sheets and help them comply with the five per cent NPL/ total loans ratio the central bank uses as guidance for the banks.

According to Fitch, “The write-off measures have little impact on our assessment of a bank’s asset quality because we take a view on the adequacy of a bank’s loan loss reserves and consider its NPLs less loan loss reserves in our assessment of loan quality.

“Fitch-rated Nigerian banks’ NPLs at end-June 2016 were

Keystone Bank Manufacturer The N5billion ultra-modern automobile manufacturing/ assembling vehicles’ plant in Enugu, when fully operational, would create thousands of jobs , especially for the youths in the country, Managing Director, Keystone Bank Limited, Mr. Philip Ikeazor has said.

He disclosed this during the unveiling of the stone laying ceremony of the Eastern Vehicles Assembling Limited (EVAL) plant in Egede in Udi local government Area of Enugu recently.

The Executive Director, Keystone Bank, Mr. Hafiz Bakare, who represented Ikeazor, said the lender in partnership with EVAL would provide employment for the teeming unemployed Nigerian youths.

Supports

“This is a project we believe will create job opportunities for our teeming youths both directly and indirectly through expected increase in productivity of the feeder steel industry across the country. We know how much this government places emphasis on job creation and gainful employment,” a statement from the bank quoted him to have said.

“Thirty per cent of the input is coming from local sources and 100 per cent of the body of the EVAL range of vehicles is made of steel. This not only facilitates industrialisation through growth of the local steel industry but more importantly helps to reduce the demand pressure on foreign exchange thereby ultimately contributing to enhancing the value of the

reserved at 62 per cent and our ratings already factor in an assessment of loan loss cover adequacy. Setting up an ‘AMCON 2’ to acquire NPLs would in our view be a more significant and credit-positive measure. If successful, and depending on transfer pricing agreed, it could result in real improvement in the banking sector’s asset quality.”

Fitch listed sectors experiencing difficulties to include oil and gas, utilities, manufacturing and trading.

“AMCON 2 would follow AMCON, established in 2010.

This company funded by the issuance of federal government zero-coupon bonds, the central bank, and later by a levy on banks’ assets, removed NPLs from the banking sector, making banks better positioned to lend to the real economy.

Automobile Naira when the project becomes fully operational. This is why Keystone Bank decided to key in and contribute its own quota to national development and economic emancipation at this crucial period in the country’s socio-economic life,” he added.

The EVAL is financed by Keystone bank under the Central Bank of Nigeria (CBN) real sector support fund, in partnership with Hawtai motors, China.

Speaking at the occasion, President Muhammadu Buhari stated that the major reasons the federal government banned importation of vehicles through land borders was to encourage Nigerians to patronise locally assembled vehicles, create jobs and move the nation’s economy forward.

Access Bank, UBA Win Global Awards Access Bank Plc yesterday disclosed that it emerged as Nigeria’s biggest winner at the 2016 EMEA Finance Banking Awards by leading financial publication EMEA Finance Magazine.

Access Bank won in three categories awarded to financial institutions in the Pan-African Region: the ‘CEO of the Year’, awarded to Access Bank’s Group Managing Director and CEO, Herbert Wigwe; ‘Best Bank in Nigeria’ and ‘Corporate Social Responsibility’.

This is just as United Bank for Africa (UBA) Plc revealed that it won the ‘Bank of The Year 2016’

in Gabon, Congo-Brazzaville, Senegal, Cameroon and Chad at the annual Bankers Award in London.

However, receiving the award on behalf of Access Bank at the annual African Banking Awards Dinner in London, Wigwe thanked the staff of Access Bank, acknowledging their support in achieving the goal of not only becoming one of the top three banks in Nigeria, but also for participating in the firm’s CSR activities that have touched the lives of thousands of Nigerians.

Wigwe said: “We are delighted to receive these prestigious

awards. It is a testimonial to the hard work we have done in line with our five-year strategy to become the world’s most respected African Bank.

“2016 has been a remarkable year for the Bank as we continue to receive both regional and international acclaim. I am extremely proud to be part of a profitable institution that is committed to delivering sustainable economic growth that is profitable, environmentally responsible and socially relevant.

We have reaffirmed our status as innovative industry pioneers equipped to help our customers take tomorrow today.”

Fidelity Bank Introduces Another Reward Scheme Fidelity Bank Plc has concluded plans to delight the banking public, particularly its customers, during the 2016 Yuletide with a free browsing offer, tagged ‘Say Y’ello’.

This development was disclosed by the bank’s Chief Operations & Information Officer, Joshua Gbolahan in Lagos recently.

The initiative, according to Gbolahan, is one of the ways the bank wants to give back to its customers and encourage online banking in collaboration with MTN Nigeria.

“This has been packaged for all our customers on the MTN network; it will enable them to browse for free every time they log in to Fidelity Bank on online.fidelitybank. ng or every time that use the Fidelity Online App,’ he said.

The offer, which has been on for about a month and will last until the end of 2016, allows MTN subscribers absolutely free access to browsing even when they have no data.

Gbolahan described the experience that the beneficiaries should expect as “Absolutely

free browsing!”

He said Fidelity Online can be accessed even when the subscriber has no data in his or her phone.

“Even when you have data, it will not be deducted when you browse on Fidelity Bank,” he highlighted.

What the bank has done is to write-off the browsing costs for the period for people on the MTN network. Your data spend on Fidelity Online platforms are on us from now up until the end of the year,” Gbolahan added.

Banking hall

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2016 Broad Money (M2)

21,684,965.22

-- Narrow Money (M1)

9,125,933.16

---- Currency Outside Banks

1,379,187.93

---- Demand Deposits

7,746,745.22

-- Quasi Money

12,559,032.07

Net Foreign Assets (NFA)

7,105,663.47

Net Domestic Assets(NDA)

14,579,301.76

-- Net Domestic Credit (NDC)

24,318,143.03

---- Credit to Government (Net)

2,893,190.01

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

5,004,677.26

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

-2,111,487.25

---- Credit to Private Sector (CPS)

21,424,953.01

--Other Assets Net

-9,738,841.27

Reserve Money (Base Money)

5,370,199.87

--Currency in Circulation

1,684,725.89

--Banks Reserves

3,685,473.98 • Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

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

OPEC DAILY BASKET PRICE As At, MONDAY, 12 DEC 2016 The price of OPEC basket of fourteen crudes stood at $53.24 a barrel on Monday, compared with $50.95 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: OPEC headquarters, Vienna

45

T H I S D AY • WEDNESDAY, DECEMber 14, 2016

Nigeria’s top 50 stocks based on market fundamentals

13-Dec-16

9-Dec-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

162.00

160.00

1.25%

2,760,562,199,610.00

9.20

17.60

4.86

4.94%

3.69

02 Nigerian Breweries Plc

145.01

145.00

0.01%

1,149,798,919,768.88

4.03

35.94

3.81

2.48%

7.01

03 Guaranty Trust Bank Plc

23.80

23.34

1.97%

700,462,065,531.20

4.90

4.86

1.74

7.44%

1.42

810.00

810.00

0.00%

642,051,564,120.00

8.81

91.92

3.72

3.58%

20.34

14.34

14.50

-1.10%

450,225,720,891.24

3.91

3.67

0.95

12.55%

0.65

374.85

340.00

10.25%

207,408,370,828.05 -44.58

-8.41

2.67

4.25%

0.53

07 Ecobank Transnational Incorporated

10.12

9.94

1.81%

185,697,458,295.80

0.68

14.96

0.32

6.13%

0.30

08 Lafarge Africa Plc

39.00

38.82

0.46%

177,641,170,590.00

-9.39

-4.15

0.83

7.69%

0.88

09 Unilever Nigeria Plc

44.98

45.00

-0.04%

170,172,665,325.00

0.69

64.99

2.56

0.11%

18.14

10 Presco Plc

41.87

41.87

0.00%

166,243,873,874.15

0.03

2.33

3.10%

3.98

11 United Bank for Africa Plc

4.39

4.39

0.00%

159,267,120,553.58

1.75

2.51

0.48

13.67%

0.37

12 Access Bank Plc

5.50

5.39

2.04%

159,103,843,970.50

2.59

2.13

0.45

10.00%

0.36

117.11

106.23

10.24%

152,533,561,972.33

3.31

35.42

0.99

2.95%

3.53

14.00

14.00

0.00%

140,000,000,000.00

2.04

6.87

1.00

0.71%

1.19

15 FBN Holdings Plc

3.50

3.50

0.00%

125,633,524,772.00

0.21

16.87

0.24

4.29%

0.20

16 Guinness Nig Plc

75.60

77.90

-2.95%

113,845,147,012.80

-3.06

-24.72

1.10

4.23%

2.89

17 Mobil Oil Nig Plc

300.00

305.00

-1.64%

108,178,578,600.00

19.32

15.53

1.19

2.40%

5.84

18 Total Nigeria Plc

289.85

276.05

5.00%

98,410,404,454.45

38.02

7.62

0.37

4.83%

4.32

19 7-Up Bottling Comp. Plc

129.00

130.00

-0.77%

82,636,156,827.00

-0.05

0.89

1.71%

3.72

20 Dangote Sugar Refinery Plc

6.08

6.08

0.00%

72,960,000,000.00

1.03

5.92

0.51

8.22%

1.17

21 International Breweries Plc

18.05

18.05

0.00%

59,461,199,504.00

0.02

801.08

2.23

1.39%

5.42

4.44

4.16

6.73%

53,433,707,889.36

-3.15

-1.41

0.21

16.89%

0.34

23 Flour Mills Nig. Plc

18.49

18.50

-0.05%

48,522,145,587.63

-1.19

-15.50

0.12

10.82%

0.49

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

40.00

0.00%

38,156,400,000.00

4.82

8.29

5.80

0.25%

2.36

0.89

0.85

4.71%

34,461,687,708.25

-0.47

-1.91

0.66

0.00%

0.47

16.50

16.50

0.00%

31,694,262,385.50

3.37

4.89

0.42

6.06%

0.42

0.83

0.86

-3.49%

24,038,946,124.36

0.39

2.14

0.16

19.28%

0.13

33.26

33.26

0.00%

23,282,000,000.00

2.28

14.56

3.49

3.46%

13.60

30 Custodian And Allied Insurance Plc

3.78

3.70

2.16%

22,233,446,657.10

0.76

4.95

0.61

3.70%

0.78

31 FCMB Group Plc

1.06

1.03

2.91%

20,990,873,427.86

0.61

1.73

0.13

9.43%

0.12

11.15

11.15

0.00%

20,941,952,746.00

0.50

22.33

0.75

11.66%

2.05

33 Sterling Bank Plc

0.70

0.70

0.00%

20,153,292,688.20

0.29

2.43

0.19

12.86%

0.25

34 Wema Bank Plc

0.52

0.53

-1.89%

20,058,722,362.12

0.06

8.73

0.39

0.00%

0.42

35 Diamond Bank Plc

0.85

0.85

0.00%

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

8.01

0.96

8.09%

2.44

37 Mansard Insurance Plc

1.63

1.71

-4.68%

17,115,000,000.00

0.28

5.85

0.86

3.07%

0.81

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

1.11

1.06

4.72%

8,802,519,400.38

-0.40

-2.75

0.18

14.41%

0.27

42 Skye Bank Plc

0.50

0.50

0.00%

6,940,150,705.00

-2.93

-0.17

0.04

60.00%

0.07

43 Wapic Insurance Plc

0.50

0.51

-1.96%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

44 Unity Bank Plc

0.54

0.53

1.89%

6,312,242,488.68

-0.10

-5.27

0.10

0.00%

0.08

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

0.59

0.57

3.51%

4,088,820,643.20

0.22

2.65

0.14

8.47%

0.40

48 Nigerian Aviation Handling Company Plc

2.18

2.18

0.00%

3,540,796,875.00

0.15

14.43

0.44

9.17%

0.59

49 UACN Property Development Co. Limited

2.03

2.03

0.00%

3,489,062,489.85

0.30

6.78

0.83

34.48%

0.10

50 Fidson Healthcare Plc

1.33

1.39

-4.32%

1,995,000,000.00

0.24

5.65

0.30

3.76%

0.31

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Seplat Petroleum Dev. Co. Ltd

13 Forte Oil Plc. 14 Stanbic IBTC Holdings Plc

22 Oando Plc

26 Transnational Corporation Of Nigeria Plc 27 U A C N Plc 28 Fidelity Bank Plc 29 Cap Plc

32 Cadbury Nigeria Plc

TOTAL

8,436,195,316,919.31

TOTAL MARKET CAP

8,970,470,816,291.45

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

94.04%

Table 1 Market Statistics Mkt Indicators

Open 9-Dec-16

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

25,817.69 8.88

26,071.16 8.97

0.98% 0.98%

107.24 8.35

108.35 8.44

1.04% 1.04%

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

Close 13-Dec-16

Change %

Table 3 Top 5 Gainers Stock

Open 9-Dec-16

Seplat Petroleum Dev. Co. Ltd Forte Oil Plc. Oando Plc Total Nigeria Plc Honeywell Flour Mill Plc

340.00 106.23 4.16 276.05 1.06

Close Change 13-Dec-16 % 374.85 10.25% 117.11 10.24% 4.44 6.73% 289.85 5.00% 1.11 4.72%

Table 4 Top 5 Losers Stock

Open Close Change 9-Dec-16 13-Dec-16 %

Mansard Insurance Plc Fidson Healthcare Plc Fidelity Bank Plc Guinness Nig Plc Wapic Insurance Plc

1.71 1.39 0.86 77.90 0.51

1.63 1.33 0.83 75.60 0.50

-4.68% -4.32% -3.49% -2.95% -1.96%

Trading week resumes bullish trend as ASI gains 0.98% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, December 13th, 2016 ends on a bullish note as stock market closed green. This was further highlighted by positive performance from the NSE subsectors: Banking and Oil & Gas (Save Insurance and Consumer Goods). Trading activities increased in volume as 376.70 million shares worth of N2.41 billion in 2,885 deals exchanged hands today. This is an increase from the 108.53 million shares worth of N1.64 billion in 2,512 deals which exchanged hands on Friday. Topping in volume terms were Wema Bank Plc, Diamond Bank Plc and FCMB Group Plc, while Nigerian Breweries Plc and Mobil Oil Nig. Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with 0.98% (+253.47) increase to close at 26,071.16 from 25,817.69 the previous trading day. Market Capitalization appreciated in tandem to N8.97 trillion from N8.88 trillion of prior trading day.

Similarly, the Thisday BGL 50 Index followed suit with a higher increase of 1.04% to close at 108.35 from 107.24 recorded at the end of the previous trading day, while its market capitalization stood at 8.44 trillion from 8.35 trillion of the previous trading day.

A total number of 23 stocks gained on the bourse today while 14 stocks declined, 62 leaving stocks unchanged. Seplat Petroleum Dev. Co. Ltd emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.25% to close at N374.85 per share. It was followed by Forte Oil Plc with a gain of 10.24% to close at N117.11 per share. Others on the gainers list include: Oando Plc, Total Nigeria Plc and Honeywell Flour Mill Plc; while on the decliners’ list, Mansard Insurance Plc emerge with a loss of 4.68% to close at N1.63 per share. It was followed

by Fidson Healthcare Plc with a loss of 4.32% to close at N1.33 per share. Others on the decliners list include: Fidelity Bank Plc, Guinness Nig Plc and Wapic Insurance Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

46

T H I S D AY • WEDNESDAY, DECEMBER 14, 2016

mARKET NEWS

NSE Index Rises 0.98% as Investors Swoop on Oil Stocks Goddy Egene and Nosa Alekhuogie A significant rally in oil and gas stocks assisted to extend gains at the stock market to the fourth session as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.98 per cent to close at 26,071.16.

The market had last week sustained a positive momentum to close higher for the second consecutive week, rising by

0.30 per cent. That uptrend followed investors’ swoop on undervalued and fairly priced stocks after the selloffs experienced in November.

When the market resumed yesterday, the bulls maintained their control of the market driven by a significant rally in oil and gas stocks as investors reacted to a jump in crude oil prices to an 18-month high – supported by strong demand in Asia and supply cuts by Abu

T H E MaiN Board

DEALS

Market Price

Dhabi, Kuwait and Qatar as part of production curbs organised

by OPEC and other exporters.

Yesterday’s performance pushed the month-to-date growth in NSE ASI to 3.05 per cent.

Seplat Petroleum Development Company Plc and Forte Oil Plc led the price gainers with 10.2 apiece to close at N374.85 and N117.11 respectively. Champion Breweries Plc followed with 9.6 per cent, while Dangote Flour Mills Plc went up by

N I G E R I A N quantity traded

STO C K

value traded ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

7.6 per cent.

Oando Plc and Total Nigeria Plc appreciated 6.7 per cent and 5.0 per cent in that order.

Neimeth International Pharmeuticals Plc, Honeywell Flour Mills Plc and Transcorp Plc chalked up by 5.0 per cent, 4.7per cent, 4.7 per cent respectively. In all, 23 stocks appreciated while 14 stocks depreciated.

Conversely, Avoncrowncaps Plc led the price losers with 5.0

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

per cent, trailed by Portland Paints and Products Nigeria Plc with 4.8 per cent. Union Bank of Nigeria Plc, AXA Mansard Insurance Plc, Fidson Healthcare Plc and Fidelity Bank Plc shed 4.7 per cent, 4.6 per cent and 3.4 per cent in that order.

In terms of sectoral performance, the NSE Oil & Gas Index led with 6.3 per cent on the back of increased buying interest in Seplat and Forte Oil while the NSE Industrial

Goods Index gained 0.9 per cent. The NSE Banking Index rose by 0.7 per cent as gains in Guaranty Trust Bank (+2.0 per cent) and Access Bank (+2.0 per cent) buoyed the sector.

Contrarily, the NSE Insurance Index declined 0.7 per cent as losses in AXA Mansard (-4.7 per cent) and WAPIC Insurance Plc (-2.0 per cent) impacted sector performance. The NSE Consumer Goods Index shed 0.02 per cent.

E XC H A N G E

MaiN Board GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

Market Price

quantity traded

value traded ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

47

T H I S D AY • WEDNESDAY, DECEMber 14, 2016

mARKET NEWS

IFC Supports SEC to Strengthen Corporate Governance Goddy Egene International Finance Corporation (IFC), a member of World Bank Group, and the Securities and Exchange Commission(SEC) of Nigeria, are collaborating to strengthen market integrity with a standardised Corporate Governance Scorecard (CGS) for public companies. The CGS will identify strong performers through enhanced disclosure, strengthen investor confidence and encourage foreign investments in the country.

CGS are quantitative tools used to measure the level of observance

of a code or standard of corporate governance. The scorecard was developed using indicators from the SEC code of corporate governance and will assess individual, sectorial and market-wide level of compliance with standards of best practices.

In 2014 IFC and SEC partnered to develop the Nigerian CGS, which was launched in November 2015. Following the launch, both institutions have jointly trained various stakeholders to prepare for implementation. These stakeholders include: Chief Finance Officers, Company Secretaries, Audit

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

Committee and Board Chairpersons.

The training sessions generated awareness for the new disclosure requirements of SEC. These disclosures will be used annually to assess corporate governance practices of listed companies in the country.

Commenting on the development, Director General, SEC, Mounir Gwarzo, said: “A key focus of the SEC is to provide regulatory oversight to ensure public companies comply with best practices in corporate governance and boost their performance. Having built considerable market awareness for

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 9-Dec-2016, unless otherwise stated.

the scorecard with IFC’s support, we hope that as companies comply, they will improve their performance and contribute to growth in the nation’s economy.”

Speaking in the same vein, IFC Country Manager for Nigeria, Eme Essien Lore, said: “IFC works with firms to attract and retain investment by promoting the adoption of good corporate governance practices and standards. We have partnered with SEC over the last two years, developing the CG Scorecard and sensitizing stakeholders. We hope that as implementation begins in

January 2017, the trained officials would translate progress made into ongoing processes that boost performance, attract investments and help the economy grow.”

Corporate governance refers to the structures and processes by which companies are directed and controlled.

Companies become more accountable and transparent to investors, which encourages new investments, boosts economic growth, and provides employment opportunities.

IFC’s Africa Corporate Governance programme is funded by the State Secretariat for Economic

Affairs (SECO), Switzerland, while IFC is the implementing partner for the programme.

SEC recently signed a Memorandum of Understanding (MoU) with Autorite Marocaine Du Marche Des Capitaux (AMMC) of Morocco to deepen asset management space of the Nigerian capital market.

The commission had said the MoU was a first step towards achieving an effective cross border market policing between the two jurisdictions and enhanced market development through leveraging mutual comparative advantages.

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 aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 122.89 123.88 12.81% Nigeria International Debt Fund 220.85 222.18 10.36% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.70 0.70 13.17% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund

100.00

100.00

17.39%

ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 12.11 12.47 -0.63% ARM Discovery Fund 284.31 292.88 1.72% ARM Ethical Fund 21.97 22.63 -0.35% ARM Money Market Fund

1.00

1.00

16.18%

AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 105.65 106.31 5.98% AXA Mansard Money Market Fund 1.00 1.00 14.72% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Nigeria Global Investment Fund 2.13 2.19 4.85% Paramount Equity Fund 9.03 9.26 -8.37% Women's Investment Fund

83.34

FBN CAPITAL ASSET MANAGEMENT LTD Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Fixed Income Fund 1,080.01 FBN Heritage Fund 109.66 FBN Money Market Fund 100.00 FBN Nigeria Eurobond (USD) Fund - Institutional $103.77 FBN Nigeria Eurobond (USD) Fund - Retail $103.07 FBN Nigeria Smart Beta Equity Fund

111.47

FIRST CITY ASSET MANAGEMENT LTD Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Legacy Equity Fund 0.90 Legacy Short Maturity (NGN) Fund 2.55 FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Coral Growth Fund 2,162.50

85.48

2.75%

invest@fbnquest.com Offer Price 1,081.20 110.32 100.00 $103.99 $103.29

Yield / T-Rtn 5.36% 4.05% 14.50% 7.32% 6.62%

112.98

12.23%

fcamhelpdesk@fcmb.com Offer Price Yield / T-Rtn 0.92 0.00% 2.55 9.57% coralfunds@fsdhgroup.com Offer Price 2,186.73

Yield / T-Rtn -0.60%

Coral Income Fund 2,089.96 2,089.96 10.46% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Vantage Guaranteed Income Fund

1.00

1.00

15.19%

Vantage Balanced Fund

1.66

1.68

1.74%

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 1,001.35 1,001.35 0.14% 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 9.33 9.42 -4.59% 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 5.79% PACAM Fixed Income Fund 10.41 10.48 4.42% PACAM Money Market Fund 10.00 10.00 14.89% 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 108.26 108.95 6.24% 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 9.64% 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 1,804.87 1,814.83 7.46% Stanbic IBTC Bond Fund 152.52 152.52 3.70% Stanbic IBTC Ethical Fund 0.75 0.76 0.67% Stanbic IBTC Guaranteed Investment Fund 184.97 184.97 9.00% Stanbic IBTC Iman Fund 128.62 130.19 -4.96% Stanbic IBTC Money Market Fund 100.00 100.00 17.07% Stanbic IBTC Nigerian Equity Fund 7,372.52 7,469.90 2.57% unitedcapitalplcgroup.com UNITED CAPITAL ASSET MANAGEMENT LTD 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 9.11% United Capital Bond Fund 1.21 1.21 13.91% United Capital Equity Fund 0.67 0.68 -1.58% 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 9.70 9.86 1.56% Zenith Ethical Fund 10.99 11.08 -4.09% Zenith Income Fund 17.02 17.02 6.07%

REITS

NAV Per Share

Yield / T-Rtn

Bid Price

Offer Price

Yield / T-Rtn

8.83 74.31

8.93 75.72

-7.79% -10.71%

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

11.58 123.25

3.99% 6.38%

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.

48

Wednesday December 14, 2016 • T H I S D AY

international

email:foreigndesk@thisdaylive.com

Trump Announces ExxonMobil’s CEO, Rex Tillerson as Secretary of State Ejiofor Alike wih agency reports United States’ President-elect Donald Trump yesterday announced the nomination of ExxonMobil’s Chairman and chief Executive Officer, Rex Tillerson, for the post of the Secretary of State Trump has also promised that Tillerson, with deep ties to Russia, and a personal friend with Vladimir Putin, has “second to none” relationships with world leaders. “I can think of no one more prepared, and no one more dedicated, to serve as secretary of state at this critical time in our history,” Trump said.

Tillerson’s nomination is coming days after the CIA accused Russia of interfering with the US election in a bid to help Trump win, in a development which could complicate the CEO’s confirmation hearings before the Senate.

If confirmed by the US Senate, Tillerson, who has spent his entire professional career at the oil company, would be the first secretary of state without any government or military experience in American history.

Trump met twice with Tillerson in person ahead of his selection, after weeks of meetings with other contenders such as Mitt Romney,

David Petraeus, Semator Bob Corker, among others.

The ExxonMobil executive emerged as a late contender for the job as the US’s top diplomat.

Trump’s Communication Office said in a statement that Tillerson “will be a forceful and clear-eyed advocate for America’s vital national interests, and help reverse years of misguided foreign policies and actions that have weakened America’s security and standing in the world.”

As ExxonMobil’s president and chief executive, the 64-year-old Texan oversees the company’s business activities in more than 50 countries. As CEO of the world’s most valuable publicly traded oil company, Tillerson presides over an operation that has generated $34 billion in net income in the past year, and paid more than $80 billion in taxes.

“Rex knows how to manage a global enterprise, which is crucial to running a successful State Department, and his relationships with leaders all over the world are second to none,” Trump said in the statement.

A supporter of free trade, Tillerson has a professional relationship with Russian President Vladimir Putin dating back to the 1990s.

In 2011, ExxonMobil signed an agreement with Rosneft, an energy company majority-owned by the Russian government, to drill for oil in the Arctic.

That relationship was expanded in 2013, but the American oil company started winding it down in 2014 after Russia annexed Crimea, which prompted US sanctions.

In 2013, Tillerson, who was said to have opposed the sanctions, received the “Order of Friendship” award from the Russian leader, following several years of Exxon projects in the country.

Forbes reported that under Rex Tillerson’s leadership, ExxonMobil struck oil this summer drilling in Russia’s Arctic region, despite US sanctions against Kremlin-controlled partner Rosneft.

Back home, Tillerson has urged an end to the decades-old ban on exporting US crude oil and also supports lifting regulatory constraints on the building of projects to export liquefied natural gas.

Already, a number of Republican senators have expressed concerns about Tillerson’s relationship with Russia, which could pose a challenge for his confirmation in committee votes and on the Senate floor.

Aleppo Battle: Rebels ‘To Leave’ Russian Ambassador A deal has been agreed for Syrian rebel fighters to leave enclaves they still hold in eastern Aleppo, Russia’s ambassador to the UN has said.

It is not clear whether the deal applies to civilians, thousands of whom are trapped in the besieged areas.

The rebels are on the brink of defeat in the city after a major government offensive backed

by Russian air power.

Word of the deal came as the UN reported summary killings by pro-government forces.

The UN’s human rights office said it had reliable evidence that in four areas 82 civilians were killed, adding that many more may have died.

Russian ambassador Vitaly Churkin said he understood that an arrangement for rebel fighters to leave the city could happen “within hours”, but that civilians were not included.

“The agreement is for the fighters to leave,” he said.

“The civilians, they can stay, they can go to safe places, they can take advantage of the humanitarian arrangements that are on the ground. Nobody is going to harm the civilians.”

He reiterated Moscow’s denial that abuses were taking place.

Rebel groups have confirmed the deal, but suggested that civilians will be included.

The UN Security Council is currently holding an emergency meeting to discuss the crisis in Aleppo.

Russia’s military says 98% of the city is now back in government

hands.

The rebels have control of just a handful of neighbourhoods, believed to include Sukkari and Mashhad.

It is hard to know exactly how many people are in the besieged areas, although one US official with knowledge of efforts to secure safe passage for people in the city told the BBC that there were around 50,000 people.

Other local sources say there could be as many as 100,000,

with people arriving from areas recently taken by the government.

For much of the past four years, Aleppo has been divided roughly in two, with the government controlling the western half and rebels the east.

Syrian troops finally broke the deadlock with the help of Iranian-backed militias and Russian air strikes, reinstating a siege on the east in early September and launching an all-out assault weeks later.

INVITATION TO A ONE-DAY WORKSHOP ORGANISED BY LAGOS BUSINESS SCHOOL IN CONJUNCTION WITH CONFERENCE OF WESTERN ATTORNEY GENERALS (CWAG) Lagos Business School (LBS) in conjunction with Conference of Western Attorney Generals (CWAG) presents a one-day Workshop on the theme - “Effective Public Prosecution and Defence: Essentials for Success.”

The event is scheduled to hold as follows: DATE: December 15, 2016 VENUE: Lagos Business School, Pan-Atlantic University, KM 22 Lekki-Epe Expressway, Lagos TIME: 9am – 5pm This One-day Workshop which is bringing together Attorney Generals, Prosecutors and seasoned litigators/ defence lawyers from across the country is tailored to raise lively and thought-provoking discourse on ethical issues surrounding prosecution and defence of criminal cases in our country. This Workshop is relevant to both Prosecutors and Defence lawyers as we aim to tap from the wealth of knowledge and experience from both local and international seasoned litigators and prosecutors.

The rich sessions are meant to equip prosecutors and defence counsel with sufficient knowledge, depth and expertise required to effect positive change in public prosecution and practice of law in general.

Among the seasoned and distinguished litigators, prosecutors and dignitaries expected to facilitate this Workshop is the 21st Attorney General of the State of Utah, United States of America. Utah’s 21st Attorney General Sean Reyes is among the most dynamic and successful young professionals in the USA. He has been recognized nationally and locally for his legal skills and professionalism, local and national Bar leadership and unparalleled commitment to public service.

This event is free and it is strictly by invitation.

Kindly contact any of the below listed persons for your confirmation or enquiries: Nnagoziem Obinwa

-

08075576154

Chidinma Adingwupu

-

09099154819

Signed Lillian Uwaeme, Associate Director, Custom Programmes, Lagos Business School

Wednesday December 14, 2016 • T H I S D AY

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NEWSextra

Expressing Concern over Unrealistic Projections, House Sends MTEF to C’ttees Damilola Oyedele in Abuja

The House of Representatives has committed the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to its Committees on Finance, Appropriations, National Planning and Economic Development, Legislative Budget and Research and Aids, Loans and Debt Management to scrutinise and make recommendations to it.

This was however after several of its members, including members of the ruling All Progressives Congress (APC) criticised the document, describing it as a badly prepared document, full of unrealistic projections and assumptions and not in tune with current realities in the country.

The Majority Leader of the House, Hon. Femi Gbajabimiala, who moved the motion, showered praise on the document, and noted that there might be a review of the revenue projection due to increase in oil prices.

The document, whose total expenditure is N6.68 trillion, is based on a benchmark of $42.50 per barrel of crude, is projected on 2.2 million barrels per day for oil production, foreign exchange rate of N290 to $1, Gross Domestic Product Growth rate of 3.02 per cent, and N4.1 trillion revenue.

Recurrent expenditure (non debt) is N2.56 trillion, N350 billion for special intervention, N1.7 trillion capital expenditure, N1.6 trillion for debt servicing, N370 billion for Statutory transfers.

Gbajabiamila noted that with the current price of oil at over $50 per barrel, and Nigeria’s current output of 1.9 million barrels per day, the estimates are conservative enough with OPEC output freeze.

According to the document, oil revenue is expected to contribute 32.91 per cent of the revenue in 2017, while non oil revenue would contribute 36.18 per cent.

Minority Leader, Hon. Leo Ogor, picked holes in the document, and said while the document presented figures on revenue projection and capital injection, it was not clear on where the money would be gotten from.

“This document is clearly based on assumptions, not reality. The first assumption is that our oil production is 2.2million bpd, when in the last five years, we have been averaging 1.8million bpd.

The United States which was our bigger buyer, is now an exporter.

The basis of our framework must be based on reality. This is armchair assumption, and not sustainable,” Ogor said.

He added that the government had not been able to implement the 2016 budget of N6.03 trillion.

“And now we are talking about a N7trillion budget, where would the money come from?,” Ogor queried, and also noted that the three per cent GDP projection is unrealistic as the GDP is currently in the negative.

He, however, noted that the document must be passed being a money bill, but urged the relevant committees to be thorough in their work.

Hon. Aminu Shehu Shagari (Sokoto APC) appealed to his colleagues to support the

Ocholi’s Replacement: Court Quashes Suit against Buhari Yekini Jimoh in Lokoja A Federal High Court sitting in Lokoja yesterday quashed a suit challenging President Muhammadu Buhari over his failure to appoint a minister to represent Kogi State in his cabinet following the death of James Ocholi (SAN).

A lawyer, Daniel Makolo, had on October 14, filed a suit at the court pursuant to Order 34 Rule 1 and Order 5 Rule 1 of the Federal High Court (Civil Procedure) Rules 2009, Sections 6(6 a & b), 14(1-3) and 147(1-3) of the 1999 Constitution as amended.

Those joined as respondents in the suit were the president, Muhammadu Buhari, the Senate President, Bukola Saraki and the Attorney General of the Federation, Abubakar Malami.

In her ruling, Justice Phoebe Ayua of Federal High Court, Lokoja dismissed the suit on grounds that the applicant lacked locus standi for the orders being sought.

She held that the applicant had failed show how the decision of the president in not appointing a minister from Kogi State in his cabinet has “adversely affected him as a person over and above that of the general public.”

The applicant, had amongst others sought for an order of mandamus compelling President Muhammadu Buhari to appoint a minister representing Kogi State from among the qualified indigenes of the state.

He also sought for an order declaring that the refusal, failure or neglect of President Buhari to appoint a minister from Kogi to be part of his cabinet since the death of his former appointee was wrongful, unlawful and unconstitutional.

Makolo equally sought an order of court directing the Attorney General of the Federation to initiate a corona inquest into “the suspicious accident that caused the death of Ocholi on March 6, 2016 along the Kaduna-Abuja road to make public the actual and remote cause of the accident that claimed his life, his wife and that of his son.”

Reacting to the ruling, Makolo said he would study the ruling and go on an appeal to seek further judicial interpretations, noting that he was in court to seek justice for the entire people of Kogi State by demanding that the president appoints a minister from the state as stipulated by the constitution.

document, so as not to be perceived as “stumbling blocks.”

He, however, urged the President Muhammadu Buhariled government to deploy all available options and resources to pursue sustainable peace in Nigeria.

“The government should invest strongly in peace in the next three years. Let there be peace in the Niger Delta, let there be peace in the North East, and from religious extremism threatening us,” Shagari said.

Hon. Kayode Oladele (Ogun APC) described the MTEF exchange rate of N290 to $1 as unsustainable, and added that several global bodies including the World Bank have predicted that there would be a fall in oil prices.

“We all know that the dollar stands between N460 and N480.

The benchmark according to MTEF is $42.50, but looking at expert reports, including the World Bank, the projection is that prices would fall further.

And there is no way we would achieve 2.2 million barrels per day, as production has been hampered by militancy,” he said.

The lawmaker however urged that the document be passed.

Similarly, Hon. Tajudeen Yusuf (Kogi PDP) said no economy is based on speculative productions, and also highlighted the issues with the different foreign exchange rates in the country.

Hon. Shehu Garba (Kaduna APC) described the performance level of the 2016 budget as low, as projections were not attained.

“When you are preparing a financial document, you must be critical…We have different forex rates with wide gaps; interbank

rate and black market rate. What rate would an investor use? If you are bringing in your money, you would be told to bring it in at CBN (Central Bank of Nigeria) rate, but you cannot spend it at that rate in the country,” he said.

The Deputy Speaker, Yussuff Sulaimon Lasun, said the 2.2million bpd at $42.50 benchmarks are valid and realistic particularly as oil prices have risen to $55 per barrel. “$55 is likely to be the price for the next three months at least, so these are realistic assumptions,” Lasun said and appealed to the lawmakers to support the government in its bid to diversify the economy.

“This government is trying very hard to diversify the economy, which is the only way out, and we have refused to do it for the past six years. Let us

allow the present government to use whatever proceeds we have from oil to diversify our economy, so that when we come back in 2017 to discuss the 2018 budget, we would have other sectors contributing to the economy like agriculture,” he said.

“We would appeal to our brothers in the creeks to allow us go to three million barrels per day, which Nigeria has the capacity to do,” Lasun said.

Meanwhile, President Buhari would present the 2017 budget to a joint session of the National Assembly at 12 noon today, instead of 10a.m. as earlier scheduled.

The Speaker of the House, Yakubu Dogara, who announced the shift in time, said Buhari is scheduled to arrive from Gambia in the early hours of today.

Town hall meeting on Security

R-L: Representative of Lagos State Governor and Deputy Governor, Mrs. Oluranti Adebule; Executive Secretary/CEO, state Security Trust Fund (LSSTF), Dr. Abdurrazaq Balogun; and Secretary to the State Government, Mr. Tunji Bello, during the 10th security town hall meeting with the governor in Lagos....yesterday

9,700 Nigerians Killed Extra-judicially under Buhari, Says Rights Group David-Chyddy Eleke in Awka A coalition of human rights groups in the South-east geo-political zone revealed that over 9,700 persons have lost their lives to extra-judicial killing under the President Muhammadu Buhari administration in just one and a half years.

It expressed dissatisfaction that security agencies are constantly arresting unarmed civilians in the South-east, while groups like the Miyatti Allah Cattle Breaders Association have continued to be tolerated despite being a violent organisation.

The coalition which consists of 12 human rights group operating under the aegis South-east Based Coalition of Human Rights Organisation (SBCHROs), stated this yesterday in Onitsha, Anambra State, during a press briefing to mark the 68th anniversary of the universal declaration of human rights in 2016.

Emeka Umeagbalasi, the

Chairman Board of Trustees of the International Society for Civil Liberties and the Rule of Law(InterSociety), who addressed journalists on behalf of the coalition, said, “The emergence of the Buhari administration in late May 2015 also led to spiral increase in State murders and terrorism.

“The Buhari administration’s high political terror, militarisation and militarism policies also led to multiplication of the country’s number of armed opposition groups; from about two before June 2015 to at least 18-20 in late 2016 with attendant increase in the inflow of illicit Small Arms and Light Weapons (SALWs) to about five million on average of about a SALW for every 40 Nigerians.”

The group gave a breakdown of the number of those who have lost their lives as, “The Shiite Muslim Movement (IMN) lost over 1,120 of its defenceless and unarmed members including 1,000 lost on December, 12 and 14, 2015 massacre.

“Over 30 were also lost on

October 7, 2016 and over 80 lost on November 14, 2016. In the November 14, 2016 massacre, the IMN recovered only eight bodies and later discovered 34 mass graves in a certain location in Kano State, possibly containing two or more bodies in each of the 34 graves.

“Over 400 of its members are also victims of attempted murder.

The IPOB and its supporters lost over 250 of its members and supporters on August 30 and December 2 and 17 2015 as well as January 18, 29 January, February 9 and 29 and May 30, 2016.

“Over 300 of its members are also victims of attempted murder.

The 180 other slain members of the IMN and the IPOB technically represent dark figures of crime or unrecorded killings,” the coalition said.

Meanwhile, the trio of Mazi Nnamdi Kanu; leader of IPOB, Mr. Peter Obi; former governor of Anambra State and Dr Ike Ekweremadu; Deputy Senate

President of senate were named by the coalition as most distinguished personalities of the zone in 2016.

“Kanu in addition to renewal of the prestigious Prisoner-ofConscience Award bestowed on him earlier this year; we have again resolved to name him as one of the three Igbo Distinguished Personalities of the Year 2016.

The groups involved included; International Society for Civil Liberties and the Rule of Law (Intersociety), Civil Liberties Organisation (CLO), South-east Zone, Centre for Human Rights & Peace Advocacy, Human Rights Organization of Nigeria, and Global Rights & Development International.

Others are: Society Advocacy Watch Project, Anambra Human Rights Forum, Southeast Good Governance Forum, International Solidarity for Peace & Human Rights Initiative, Igbo Ekunie Initiative (Pan Igbo Rights Advocacy Group) and CLO, Anambra State branch.

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APC Must Brace up for Harder Challenges, Dogara Tells Oyegun Party resolves issues with House caucus Onyebuchi Ezigbo inAbuja The Speaker of the House of Representatives, Yakubu Dogara, has asked the National Chairman of Progressives Congress (APC), Chief John Odigie-Oyegun, and other members of the National Working Committee (NWC) that the party

cannot afford to be complacent if it hopes to remain in power.

Dogara, who regretted that regular meetings with the party’s leadership and its members at National Assembly ought to have taken place before now, however, said though many mistakes were made at the on set of the

Conflicting Figures as Emmanuel Says 23 Died in Uyo Church Building Collapse Okon Bassey in Uyo There appears to be conflicting figures over the number of deaths recorded when the Reigners Bible Church International collapsed in Uyo, Akwa Ibom State Capital, last sarturday.

At a solemn assembly organised by the state government Monday night to commiserate with victims of the collapsed building, the state Governor, Udom Emmanuel, said not more than 23 lives were lost in the tragedy, and none of his cabinet members were killed in the incident.

This is as the contractor and site engineer that handled the construction of the collapsed Church building tragedy.

The governor’s death toll figure has contradicted the earlier one given by the State Police Commissioner, Mr. Mutala Mani, which put the death toll as at Monday at 29 while unconfirmed report had said over 50 died.

Governor Emmanuel also denied reports that one of his aides who assisted him to escape from the collapse building lost his life in the process.

However, the governor admitted that only one staff, a driver, in his service lost his life because as a member of the church he sat elsewhere in another location within the building.

According to him, the earlier figures from some sections of the media came as a result of multiple counting as a result of the different private health facilities that victims were rushed to, before being transferred to the University of Uyo Teaching Hospital and the Specialist hospital in Uyo. The governor was full of praises to God saying what happened on the fateful day showed that God honoured the covenant he made concerning his executive council members, maintaining that none of them died in the disaster.

He said he was able to charter an aircraft to bring in neuro-surgeons from around the country, adding that his efforts resulted in 99 percent success rate for all the injured victims.

The governor who applauded the deputy senate president Ike Ekweremadu for his presence at the solemn assembly appealed for assistance from the federal government to help in the medical expenses of the victims.

The Senate President represented by the Deputy Senate President, Ekweremadu and the Governor of Rivers State Governor Nyesom Wike both extended their condolences to the government and people of the state and assured of

their readiness to support the state government’s efforts in ameliorating the crises.

Meanwhile, the Managing Director of White Steel Integrated Services, Mr. Idorenyin White, who handled the iron roofing of the church said he should not be blamed for the disaster while the site Engineer, Anietie Augustine, said the collapse of the building did not occur on the civil structure but the roof.

Defending himself, White said all pieces of advice given when he noticed some abnormalities in the building were ignored by the site supervisor.

“On Friday, the building had an issue, I called the site manager and showed him that this building has a problem and he saw it with me and he said that after the programme on Saturday, that he building will be reinforced.

“Apart from that the building was under construction and they brought experienced Engineers to come and look at it. I told the construction committee members from the church that the scavel that was inside the church should not be removed, but there was a lot quarrel between me and the church because of that scavel.

“Even another engineer said that the scavel should not be removed until everything is completed because the construction was still on going. So the roof was heavier than the construction which was 50 percent done “Earnestly speaking, I really advised that the scavel should not be removed but nobody listened to me because they havee senior Engineers in the church.

“They brought one Engr Inyang and the man even advised that the scavel should remain until the poline and metals are tight but nobody want to listen.

“The steel that was used to construct the building was okay.

One engineer came and designed the steel and they were working on that. Moreover, that building was not filled, it is during this programme period that they filled the building.

“The whole thing was compacted. Even the side beam was not fully cast and the side beam in the middle was small. I did my work well.

The fault is not from us, the fault is from the civil work”, he stressed.

On his part, the site Engineer and Supervisor of the building project, Augustine said: “It is not the wall that had a defect, even as the roof fell the wall was still there. It is the roof the roof that caused the problem.

administration, the meeting was able to trash most of issues affecting the relationship with members in the House of Representatives.

“As long as it is human institution where human beings are involved, no human being is perfect. In a situation where you don’t have perfection, certainly there will be mistakes. There are plenty mistakes and we will not run away from them. If we think that we should have a party that will not have challenges or problems or crisis, you are just deceiving yourself.

“You can’t put the party on autopilot as it were and expect that it will run on its own. We looked at all those areas and some of the family issues which you cannot bring to public glare. But as sons of the party, we have been able to look at those areas and I can assure you that we have trashed them,” he said.

Oyegun had led NWC to a similar meeting last week with the Senate caucus of the party

led by the Senate President. Dr. Bukola Saraki.

Speaking yesterday at the APC national secretariat before he led other principals members of the House to a closed-door meeting with the party national officers, Dogara warned that if the APC leaders relax, nothing will be achieved.

“We are all united as a family in the APC. We also looked at the challenges facing the party and we were able to faction out ways by which we can address those challenges. It is only by meetings like this that we will be able to put things in their perspective,” he said.

He stated further: “For us, we felt that it should have come much earlier, but we are aware of the situation we found ourselves.

But as they say, it is better late than never. For us, we believe that even though we are kick starting today, with the coming of great minds, we are bound to improve the lot of this party. It

takes meetings like this to chat a formidable way forward.

“For us in the APC, we cannot assume that progress is automatic, but it is inevitable. If we fold our hands, nothing will happen. It is only by meetings like this that we will be able to put things in their perspective.

“We should be see what we have done wrong, what we can do and we should do to maintain the competitive political environment we have found ourselves.”

Speaking earlier to welcome his guests, Oyegun said the purpose of the meeting “is to put all these things behind us and now seat down to introspect, look at the party, look at the National Assembly, look at the government.

“We are going to two years in government. It is high time that we sat down, ask ourselves questions, ponder whether we are moving in the right direction, discuss serious issues and where necessary, make correction that are considered expedient.”

The purpose is clear, we are kick-starting a series of targeted discussion which we should have had much earlier. We know why the discussions could not take place in the recent past. We have had a rash of by-elections, very serious by-elections which fortunately are coming to an end as soon as we can resolve the balance of the undeclared results in Rivers State.

The purpose is clear and straight forward and that is to put all these things behind us and now down to introspect, look at the party, look at the National Assembly, look at the government.

We are going to two years in government. It is high time that we sat down, asked ourselves questions, ponder whether we are moving in the right direction, discuss serious issues and where necessary, make correction that are considered expedient.

Dogara came to the meeting with the Deputy Speaker, Yusuf Lasun, House Leader, Femi Gbajabiamila and Alhassan Ado Dogowa.

rubbing minds

Former Vice President, Alhaji Atiku Abubakar (left), and legal practitioner, Chief Chris Uche (SAN), at a public event in Abuja... Monday

INEC’s Independence Dangerously Drifting Away, Ekweremadu Warns Proposes single term, conduct of primaries by INEC

The Deputy Senate President, Senator Ike Ekweremadu, has charged the Constitution and Electoral Reform Committee to help restore the fast declining independence of the Independent National Electoral Commission (INEC) in order to preserve the nation’s democracy.

He also suggested single term of office to reduce desperation and impunity by politicians as well as the conduct of party primaries by the INEC to reduce the life and death struggle by politicians for control of party machinery.

Ekweremadu stated this at the retreat organised by the presidential Committee in Uyo, Akwa Ibom State yesterday.

He expressed worries that “Nigeria is sadly on the part of decline in its leadership role in Africa in almost all sectors, including electoral system”.

The senator who also chairs the Senate Committee on Constitution Review, explained that the essence of the amendments to Sections 81 and 156 of the 1999 Constitution by the National Assembly in 2010 was to guarantee the

financial autonomy and neutrality of INEC, but lamented that the gains made from such provisions in the 2011 and 2015 general elections were being eroded.

He said: “The word ‘independent’ in the name of our election management body, INEC, is critical and must be defendedandpreservedifourdemocracy must survive.

“The bible says that if salt loses its saltiness, it becomes worthless and can only be thrown away. The word ‘Independent’ is the salt in our election management body. All the past reforms and the present efforts will be meaningless if we sit back and watch some desperate politicians destroy the independence of our electoral umpire.

“The world is watching too. We must ensure that INEC is retained to INEC in name and practice, not just National Electoral Commission as it is presently and dangerously drifting to. Inconclusiveness, postponement, cancellation, and manipulation are dangerous signs on the road to 2019”.

He proposed a jail term without option of fine for security agents as well as staff and ad-hoc staff of INEC, whom he said currently “get away with brazen impunity and malpractices”.

“It is wrong for anybody to engage in electoral malpractice, but it is even worse if guardians of the sanctity of the ballot box become the desecrators of the process”, he emphasised.

The deputy senate president also said that a single term of office was the way to go to reduce the desperation of incumbents, which in turn defiles the electoral process and endangers democracy.

“Much of the impunity, violence, and malpractices that defile our electoral system are caused by desperation for a second term of office; a single term of six years, for example, for executives to conclude all their ‘good work’, will certainly reduce the weight and influence they bring to bear on elections remotely or directly

affecting them” he said.

On how conduct of primaries by an independent INEC could help reduce the power struggles in political parties and ensure the popular candidates emerge, Ekweremadu explained: “This is the practice in Ghana. It will reduce the competition among stakeholders to take control of the party machinery.

At the moment, it is almost a life and death matter during the primaries of political parties”.

He said since the electoral laws were amended in 2010 to end funding of political parties by INEC, hence such funds should be channeled to financing conduct of party primaries by INEC. Ekweremadu also canvassed the amendment of Section 77 of the Constitution to allow diaspora voting, noting that “Nigeria has a theming diaspora community, both in terms of number and quality, and these people deserve to have a say in who governs their country, especially given their contributions to national development”.

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Kachikwu: Nigeria Losing $1bn Yearly to False Gas Flare Data Chineme Okafor in Abuja Nigeria is losing between $500 million to $1 billion in revenue annually due to false gas flare data reported by operators in her oil and gas fields, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said.

Speaking in Abuja yesterday at the Gas Competence Seminar which had the theme, ‘Towards ending gas flaring and unlocking gas potential in Nigeria,’ Kachikwu said the federal government would set up an independent tracking mechanism to ascertain the actual volume of gas that was flared in the country from 2017.

He also stated that gas is being priced in the United States dollar, and that the country has to find a way to stop the flaring.

“There is an urgency of yesterday to drive the policy that would enable us get out of gas flaring.

I hear you talking about 10 per cent non-compliance, meaning that we have achieved a 90 per cent factor. My gut feeling is that these numbers are very mistaken.

“Beginning next year, we will be putting up an independent tracking mechanism, not relying on figures from the IOCs (International Oil Companies) and from DPR (Department of Petroleum Resources), to find out really what is the flare volume. My feeling is that there are a lot of management of those figures to suit the cap of the penalties that are being charged,” he said.

According to him: “My take is that we lose over half a billion to a billion of government revenue

looking at the basis of the present penalties position. Nobody is effectively monitoring the volume, so when you actually go for the real effect of what is flared, in terms of statistics, it is much higher than that figure. However, we must appreciate the efforts that have been made in the past, efforts to increase penalties among others.”

The minister also talked about current price movements in the global crude oil market, saying that the marginal rise in the price of crude oil in the past few days was

not an indication of an imminent boom in the cost of the commodity in the nearest future.

He explained that the decisions by members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members to cut down production may have warranted the marginal rise in crude prices, but stressed that further increase in prices could not be guaranteed as this may not last.

“Now, as good as all these may be, the reality is that in the world, the era of high-priced oil is gone.

In fact, it is going to take a lot of work to sustain the $60 per barrel price and it is going to take a lot of discipline and concerted effort as well,” he said.

Kachikwu stressed the need for Nigeria to commercialise its gas resources on the basis that revenue from crude oil alone cannot sustain her economy.

He stated that ensuring gas commercialisation, utilisation and transportation would go a long way in buoying Nigeria’s economy.

He also wondered why Nigeria

was still facing electricity problems despite producing a lot of gas.

Similarly, the Minister of Power, Works and Housing, Babatunde Fashola, said earlier in his remarks that Nigeria’s perennial power problems were man-made and not as a result of technical challenges.

Fashola further stated that in the last couple of days, gas flaring and most especially, sabotage had deprived most of the country’s key gas power plants of gas, thereby, leading to a significant decline in power supply across the country.

LPG Cylinders: SON to Enforce Standards Compliance Crusoe Osagie The Standards Organisation of Nigeria (SON) has said it will ensure that the procedure for the importation of gas cylinders and other associated products are strictly enforced and followed in the county.

The agency made the declaration in Lagos yesterday during the unveiling of two container load of substandard gas cylinders, of a total worth of N50milion.

Director of Inspectorate and compliance, Bede Obayi, told journalists at the venue that importers of gas cylinders would be made to follow the regulatory guidelines as a way of averting danger in the country.

He said the team got a tip off through its intelligence network and swooped into action leading to the arrest of the containers.

Obayi said the only cylinders approved for importation into the country as camping gas were the 3kgs and 6kgs respectively, but that some unscrupulous ones were now using the guise to bring in 10 kg cylinders as camping gas.

Obayi frowned at such a practice, saying: “The import of 10 kgs cylinders as camping gas is automatically out of the specification. The valve they have

used is not a standard valve and it is not capable of carrying the 10 kg . Instead; it is made for the 3kg or 6kg camping gas”, he said.

According to him, using a 6kg approval to bring in a 10 kg is a subversion of the regulatory standards and constitutes an economic sabotage.

Such a move according to him constitutes a grave danger to lives and property.

“The importer got approval to bring in 6kg but went and imported 10 kgs camping gas, a different size which is not in line with the standard. It is a typical negligence of the laws of the land.”

He said the cylinders are substandard as far as Nigeria is concerned as the valves cannot fit the capacity of gas in the cylinder.

Obayi therefore warned the public against patronising such, saying it was dangerous, adding that the SON would soon start mopping up such consignments in the country.

He gave the financial worth of the containers to N50million.

He said the SON act had actually givens the agency more prosecutorial powers to deal with such sabotage, and that the organisation would go after those behind such acts to get them to face the law.

UNAIDS, StarTimes Partner to Promote HIV/AIDS Prevention The Joint United Nations Programme on HIV/AIDS (UNAIDS) and media partner, StarTimes, are working together to reach millions of people with World AIDS Day messages on the theme of HIV prevention.

UNAIDS has produced two short videos that promote the life-cycle approach to HIV prevention—finding HIV solutions for everyone, at every stage of life. StarTimes will broadcast the videos across their African networks in English and French starting from this week until the end of the year.

StarTimes is a major digital television operator licensed to broadcast in 30 countries across Africa.

It is the belief of the pay tv channel that no one should be left behind by the AIDS response. Promoting HIV

prevention options alongside HIV testing and treatment can ensure that the world will get on the Fast-Track to end the AIDS epidemic as a public health threat by 2030.

The Joint United Nations Programme on HIV/AIDS (UNAIDS) leads and inspires the world to achieve its shared vision of zero new HIV infections, zero discrimination and zero AIDSrelated deaths.

UNAIDS unites the efforts of 11 UN organisations—UNHCR, UNICEF, WFP, UNDP, UNFPA, UNODC, UN Women, ILO, UNESCO, WHO and the World Bank—and works closely with global and national partners towards ending the AIDS epidemic by 2030 as part of the Sustainable Development Goals.

Worthy graduands

L-R: Chancellor, Enugu State University of Science and Technology (ESUT), Alhaji. Hassan Adamu; Doctor of Philosophy graduands of the university, Dr. Winifred Stella Agbim; and Dr. Maxwell Ngene, during the university’s 17th convocation ceremony at Agbani in Enugu State...... yesterday

Rivers Rerun: PDP Wins Additional House, State Assembly Seats state levels, that has unleashed its security apparatus on a rampaging exercise of electoral violence, acts of brigandage and a pervasive culture of impunity and arbitrary conducts witnessed during the Edo State governorship election and in the just concluded legislative re-run elections in Rivers State.

On the party’s position on the outcome of the Rivers re-run elections, Makarfi said the party would have won all the seats contested but for the schemes of enemies of democracy.

According to Makarfi, the PDP as a law abiding party would contest all outstanding issues in the tribunal and the court.

“We have extreme regard for the judiciary and believe that the court will do justice to all the issues,” he said.

In his remark, the Secretary of the Obi said that the reason the PDP has decided raise an alarm was to alert Nigerians and the international community on the ugly trend current playing where elections in the country have been rigged using officials of the electoral body and security agents as key tools.

Earlier while congratulating the the state governor, Nyesom Wike, and the people of Rivers State on the triumph of the party in the just concluded the state rerun elections, PDP’s spokesman, Dayo Adeyeye said that despite the federal might deployed to oppress them, the people have

shown that their will cannot be defeated no matter the coercion.

“It is important to note once again that the South East senatorial district election purportedly won by Senator Magnus Abe still remains a farce and will be contested at the Tribunal. For the umpteenth time, we re-iterate that there was no election in that senatorial district, and the results concocted for Senator Abe was the handiwork of the army, the police and the Minister of Transport, Amaechi working in concert with the INEC.” Meanwhile, the police yesterday blamed some disgruntled elements for causing violence and insecurity in the Rivers State rerun elections which held last weekend.

There were allegations that state security agents and paramilitary personnel were brazenly involved in malpractices during the election which was marred by violence and insecurity.

The police boss, yesterday admitted that the Nigeria Police Force, lost a DSP, Alkali Mohammed and his orderly in the course of the election on Saturday.

The Force spokesman, Mr. Don Awunah, in a statement made available to the media in Abuja, he said: “There is no doubt that some disgruntled elements in the state attempted to foist violence and insecurity on the populace that are generally peace loving.

“Undoubtedly, there were some infractions of law in the course of the elections where the police and other security agencies rose to the occasion and ensured the electoral process prevailed accordingly.”

Awunah, however said the IG, expressed satisfaction in the performance of the police officers deployed in the re-run elections.

The statement read: “The gruesome death of one of the officers, Alkali and others missing notwithstanding.

“The IG condoles with the family for this great loss and identify with the grief of his colleagues. To this end, a high powered investigation team has been directed to unravel the circumstances surrounding the death of the officer and submit findings.”

According to the Force PRO, the gains of the security personnel’s performance in the Edo and Ondo elections, were further concretized in the Rivers re-run elections in the areas of massive deployment of logistics.

These proactive steps, coupled with stakeholders engagement, interagency collaboration led to peace and security in the state before, during and after elections, adding that the performance indicators are visible and verifiable.

He said: “Comparatively, the re-run election was a huge success in contrast to past elections in the

state that were usually characterized by violence and wanton destruction of lives and property.

“The IG master plan on election security will continue to be improved upon for future elections in the county. This master plan will usher in credible, fair, free and acceptable elections in accordance with the principles of democratic policing and international best practices.

The statement debunked a report released by an NGO, CLEEN Foundation that the elections were “marred by irregularities, large scale violence, professional misconduct and open bias by security operatives and electoral personnel, adding that the report is lurid, fraught with inaccuracies and lacking in substance.

“It is a disservice to the evolving Nigerian democracy and sacrifice of the security personnel for the CLEEN Foundation report to assert that there were serious cases of electoral violence orchestrated by the Police, Army and DSS. “It is also saddening for the CLEEN Foundation report to attribute the death of a police officer, Mohammed in the course of duty to what the report termed unwarranted use of force and shooting.”

Awunah, said CLEEN’s claim on the death of Mohammed is a brazen display of insensitivity to the fallen officer and disrespect to the family.

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Wednesday December 14, 2016 • T H I S D AY

NEWSextra

Take Urgent Steps to Halt Worsening Unemployment Situation, FG Warned Obinna Chima s

The federal government has been advised to develop appropriate policies to tackle the current state of unemployment in the country.

A report by Guaranty Trust Bank Plc which gave the warning in a presentation obtained by THISDAY yesterday, warned that

unemployment which currently is at 13.3 per cent may worsen if urgent steps are not taken by the government to arrest closure of manufacturing plants and address foreign exchange (FX) challenges in the country.

Also, the report predicted that the consumer price index, which is used to measure inflation in the

Tourism Can Promote Economic Diversification in Recession, Says Expert Ugo Aliogo As part of efforts to promote diversification of the economy, the federal government has being advised to shift its focus to growing and stengthening the potentials of the tourism sector, stressing that the sector has the potential to boost growth as seen from the experiences of leading economies in the world.

Addressing journalists at a media briefing in Lagos yesterday, during a tour of the facilities at the HIImpact Planet Amusement Park and Resort, the Chief Executive Officer of Solution Media and Infotech Limited, the parent company of HI-Impact Planet Amusement Park and Resort, Adeyanju Lipede, said the sector is a major source of foreign exchange in a recession period.

He then urged government to take advantage of the sector through investment and offering of tax rebate to investors in the sector.

He lamented that the amount of forex Nigerians spend on recreation oversees is very huge, while assuring the public of the company’s commitment to replicate the experiences Nigerians have during their oversees vacation to Disney world in America and other places.

“In the face of the ongoing foreign exchange challenge, it is will be a blessing for us to create alternatives so that people don’t need to spend foreign exchange; therefore this led us to create the standard that we have here. What we are doing here is to give our customers alternatives that can match their foreign demands,”

he noted.

He explained that the amusement park has a lot to offer families, groups and individuals during the Christmas period and other times such as the games, rides, the 12D cinema, fully equipped clinic, spa centre, gym complex, lounge, and other facilities at affordable prices.

Lipede added that in dealing with the issue of steady power supply to the park, they are have acquired Independent Power Plant (IPP) and they have also provided independent generators to power the ride games and other facilities, stressing that they are not on the national grid.

He said: “In December, we are unfolding new products. We are trying to create holiday adventure for our customers. We want people to have holiday adventure. At the moment we have put together a self-service apartment to allow visitors who wish to cook their own food.

We have operated effectively in the United Kingdom and the Middle-East under very high standard regulations and we have excelled. In the areas of security, we have excelled. We have British Certified Standard Nurses. One of the problems similar with African sett-ups are: insecurity, power and maintenance.

As part of the events marking the Christmas, the park will be organising the Hi-Impact Blast on December 26, from 5p.m at the Hi-Impact Planet Park in Ibafo, opposite Mountain Top University, which will feature Pastor Enoch Adeboye, Frank Edwards, Steve Crown, Nathaniel Bassey and others.

FG Commits to Achieving Universal Health Coverage in Nigeria Senator Iroegbu inAbuja The Minister of Health, Prof. Isaac Adewole, has reaffirmed the federal government’s commitment towards achieving Universal Healthcare Coverage in Nigeria.

Adewole who was represented by the Director, Hospital Services, Dr. Wapada Balami, made this known yesterday,during a Road Show Sensitisation Campaign to mark World Universal Healthcare Coverage Day at Kuchigoro Community in Abuja.

He noted that the roadshow sensitisation campaign which took place in Kuchigoro was as a result of the federal government’s commitment towards revitalising and making functional one Primary Healthcare (PHC) facility per ward in Nigeria, which would culminate into 10,000 facilities in order to provide quality healthcare services at affordable cost.

The minister pointed out that PHC Kuchigoro could provide the people with easier access to drugs and other health commodities, adding that the facility could offer maternal care services to pregnant women and enable the people access regular medical checkups.

He further solicited the support of the community leader and the people to ensure the sustainability of the PHC. Responding,the CommunityLeader of Kuchigoro, Alhaji Ibrahim Wambi, reassured that the community would work with the Federal Ministry of Health towards achieving its Universal Healthcare Coverage Agenda in the Health Sector for better Health delivery.

He appreciated the federal government’s effort in revitalising the primary Healthcare Centre in the community and pledged that the people would safeguard the facility.

country may climb further from its current rate of 18.3 per cent as at October 2016, to a band of 20-30 per cent.

The bank also held the view that recession may linger if the “federal government maintains current approach to the economy,” just as he anticipated another round naira devaluation next, if oil price does not rebound and the country’s crude oil output remains low.

It put the daily loss in crude oil output suffered by the country as a result of the activities of the Niger Delta militants at 400,000barrel; with average crude oil price at $42.5pbl; revenue loss in dollars at $17.4million/day and $6.2billion/ annum.

Commenting on the leadership style of President Muhammadu Buhari, the report stressed that:

“Integrity is not enough, capacity is equally as important, if not, more important. You can’t give what you don’t have.”

While the integrity of the president was put at 90 per cent, his capacity was rated 20 per cent.

The report showed the significant rise in the cost of retail and consumable products this year as a result of the inflation. It also showed the level of depreciation suffered by the nation’s currency.

For instance, the official rate of the naira which was N168/$ in 2014, fell to N197/$ in 2015 and N305/$ presently. Similarly, on the BDC segment, the naira which was N190/$ in 2014, slipped to N203/$ a year later (2015), and presently is trading at N385/$. Also, on the parallel FX market, the naira which was N199/$ as at 2014, dipped

to N264 at the end of 2015 and currently at N485 to the dollar.

In the same vein, the report reflected the level of decline also suffered by the Nigerian Stock Exchange market indicators. The market capitalization and All-share index which were at N9.85 trillion and 28,642 basis points as at 2015 respectively, stood at N8.76 trillion and 25,461 basis points as at November 2016.

It listed some of the survival strategies adopted by Nigerians to overcome the pains of the economic recession to include the elimination of luxuries, diversification of their income streams, increased savings, multiple/part time jobs, return to school, staying close to recruiting agencies, innovative thinking, search for government jobs as well as staking funds in Ponzi schemes,

which he warned against.

Nigeria’s third quarter real gross domestic product (GDP) growth had shown that the country sank deeper into recession, contracting by 2.26 per cent from -2.06 per cent in the second quarter of this year, and -0.36 per cent in the first quarter.

This represented a 0.18 per cent drop from the growth recorded in the preceding quarter and lower by 5.08 per cent relative to the corresponding quarter in 2015.

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

Briefing the media

L-R: Team Lead, Digital Marketing, Public Relations and Brand Management, Solution Media and Infotech Limited, Ms. Victoria Odimba; Deputy General Manager, Solution Media and Infotech Limited, Ms. Ogodo Ufuoma; and Chairman, Solution Media and Infotech Limited, Mr. Adeyanju Lipede, during a press briefing on the activities of High Impact Planet in Ogun State.... yesterday

Adewole: Global Fund Disburses $1bn Aid to Nigeria to Combat HIV, Malaria,TB Senator Iroegbu in Abuja The Global Fund will by next year have disbursed the sum of one billion dollars ($1 billion) in aid to Nigeria to help combat fight HIV, Malaria and Tuberculosis (TB).

The Minister of Health, Prof.

Isaac Adewole, disclosed this yesterday, at the first National Supply Chain Integration Project Retreat, in Abuja.

Adewole said that 50 per cent of the amount that was to be disbursed in a three-year period of 2015-2017, will be expended on procurement of commodities.

He however, warned that the huge investment, will put serious pressure on Nigeria’s fragile medical supply chain infrastructure.

To this end, the minister harped on the need to fashion out innovative approaches that will prevent perennial challenges of commodity wastages, expiries and stock outs as well poor delivery system to end users of such commodities.

He said: “Over the period 20152017, the Global Fund forecasts

to disburse a projected 1 Billion USD in aid to Nigeria to combat HIV, Malaria and TB. It is expected that about 50 percent will go to procurement of commodities, which will put a significant constraint to the already challenged supply chain replete with commodity wastages, expiries and stock outs with significant amounts of commodities not getting to consumers at facilities.

“To address these constraints and inefficiencies; the Nigeria Supply Chain Integration Project was initiated by the Government of Nigerian and a consortium of international donors and partners.”

Speaking further, Adewole disclosed that Nigeria is investing the huge amount in the integrated supply chain management system because,“that is the backbone of an efficient health system”.

He stressed that “without supply, there is no health system. Noting stains the health system more than the out-of-stock-syndrome.

“When you have an efficient supply chain system, there will be nothing like out -of -stock, there will be nothing like it has expired,

there will be nothing like go and buy outside.”

He, however, regretted that HIV, Malaria and TB infections have over the years remain a public health challenge in Nigeria.

The Minister further lamented that the World Health Organisation (WHO), estimates that 3.2 billion people worldwide are at risk for malaria and that in 2015 alone, there were an estimated 214 million new cases of malaria and 438,000 deaths.

Of these huge numbers, Adewole said, Nigeria accounted for up to 25 percent of the global cases and deaths.

He gave a breakdown that “In 2014, the global estimate of TB burden showed that 9.6million new cases: 5.4 million among men, 3.2 million among women and 1.0 million among children.”

“There were also 1.5million TB deaths (1.1 million among HIV negative people and 0.4 million among HIV positive people), of which approximately 890,000 were men, 480,000 were women and 140, 000 were children. Nigeria remains

one of the high burden state for TB in the world,” he explained.

Adewole, however, disclosed following the high number of TB cases in the country, his ministry has declared 2017 as the year of accelerated TB case finding in Nigeria.

“What is also remarkable about TB is that it is treatable, but then we have a low-case detection rate for TB. That is why for us at the health ministry, we are declaring 2017 as the year of accelerated TB case finding in Nigeria,” he said.

While expressing concern for the low number of HIV patients who are under treatment, the Minister said: “We estimate about 3 million Nigerians are infected with HIV and we have been able to put about 50,000 on treatment”.

“For us, next year our commitment is to move as many people as possible from care to treatment and we are hoping that between 100,000 to 400, 000 people will have to be migrated within a short period. These are people that were not put on treatment before,” he noted

Wednesday December 14, 2016 • T H I S D AY

53

NEWSextra

crime&punishment

Boko Haram Terrorists Now Disguise as Menial Workers, Says DHQ Rabe: IED our biggest challenge in war against sects Paul Obi in Abuja The Nigerian Defence Headquarters yesterday alerted Nigerians to remain vigilant as Boko Haram terrorists now disguised as menial workers as a strategy to infiltrate communities and towns in order

to carry out attacks.

The Director of Defence Information, Brig. Gen. Rabe Abubakar, said in a statement that the aim is to trick the public and the vulnerable for purposes of carrying out their nefarious activities.

22 CSOs Ask N’Assembly to Review EFCC Act Adedayo Akinwale in Abuja Twenty-two civil society organisations under the auspices of the Coalition of Concerned Nigeria Political Pressure groups yesterday called on National Assembly to review certain aspects of the Act establishing the Economic and Financial Crimes Commission (EFCC).

The coalition said the anti-graft body under Mr. Ibrahim Magu, should not be made a monster organisation to be used by the executive against perceived opponents.

The National Coordinator of the group, Comrade Ali Abacha made the call at a press conference in Abuja, where he also called on the President Muhammadu Buhari to order the immediate stop of the unwarranted persecution of former first lady Patient Jonathan.

According to him, “We have regrettably observed as concerned Nigerians that certain elements within the president’s administration are bent on diverting attention of this noble course by unnecessarily politicising the war to achieve their own selfish motives, philosophy and mission.”

He added that the anti-graft

agency should desist from its lazy man’s posture which makes it often apply media trial on matters that ought to be tried in law court.

Abacha noted that while the coalition was not in support of any corrupt tendencies or actions from any Nigerian, no matter how highly placed; he stresses that the convention worldwide and indeed in Nigeria since independent, was that no first lady has been singled out, harassed or embarrased in the way and manner Mrs. Jonathan is currently being treated.

He stated: “It is against this background that we as a concerned Nigerians are calling on President Buhari to quickly intervene and halt this unnecessary persecution of Jonathan through his wife by the EFCC. “Mr. President should quickly direct the immediate unblocking and defreezing of all personal accounts of Mrs. Jonathan from ‘No withdrawal’ status they have been placed by EFCC. “We would like to call on the National Assembly to critically review certain aspects of the Act establishing the EFCC...the commission must ensure that it rounds of investigations

IG Inaugurates 27-Member C’ttee to Address Cattle Rustling Dele Ogbodo in Abuja The Inspector General of Police (IG), Mr. Ibrahim Idris, yesterday inaugurated a 27-member committee to formulate policies that will bring an end to the menace of cattle rustling in the country.

Among the 27 members are the President, Veterinary Council of Nigeria (VCN), Prof. Sharabutu Garba, the Director of Federal Livestock Department, ECOWAS, Dr. Vivian Iwah, the States Directors of Veterinary Services (DVS), the Miyetti Allah and Gan Allah Cattle Breeders Associations represented by Messrs. Saleh Bayari and Baba Usman.

Constituting the committee which is headed by Garba, at the Force headquarters in Abuja, he charged them to formulate policies that will help security and paramilitary agencies end cattle rustling.

He said the Nigeria Police Force (NPF), is particularly disturbed by the menace of kidnapping and cattle rustling, which according to him have led to loss of economic values and lives across the country.

He said: “The committee

work is a soft approach using coordinated efforts with relevant agencies to tackle the challenges of cattle rustling through enforcement of laws that will assist the NPF to end the menace.”

He charged the members to come up with strategies on how to address cattle rustling menace in the country with the aim to stamping out of the country.

According to him, a proper coordination of ideas between the different members of the committee will bring an end to the menace.

The IG said: “I implore you to look at all avenues and advise the Police on ways to tackle cattle rustling, especially with regards to enforcement of laws that have been in existence in the past.”

In a remark, the head off the committee, pledged the unflinching support of his members to formulate policies that will bring an end to cattle rustling in the country.

Garba assured that the team will deliver based on their deep understanding of the issue at stake, adding that the committee will be committed to the guidelines set for it.

Abubakar said: “The Defence Headquarters wishes to alert members of the public of another antic being employed by the escaping Boko Haram terrorists that were smoked out of Sambisa forest by the combined efforts of the Nigerian armed forces.

“Available information indicates that some fleeing Boko Haram terrorists are now disguising as menial workers to melt into communities and towns with a view to organising terrorists attack against our innocent citizens. The unfortunate

recent incidents in Madagali and Maiduguri are instructive.

“The Defence Headquarters therefore advises citizens to be on the alert and be wary of these tricks of the defeated terrorists who are hell-bent on remaining relevant inspite of their losing battle.”

Abubakar added that “this sensitisation becomes necessary now to create security awareness among our citizens to be conscious of some strange faces that could take menial jobs in their communities or towns, especially now that festivities

are around the corner.”

The warning came amid the death of another senior officer in Borno State, Lt. Col. Otos Usumu, the Commanding Officer of 118 Task Force Battalion.

However, Abubakar in a telephone interview with THISDAY debunked claims that Usumu was killed during confrontation with the Boko Haram sects.

He told THISDAY that contrary to speculations, “Usumu stepped on an Improvised Explosive Devise

(IED), he was not killed during confrontation.

“The Boko Haram terrorists are trying to return to areas where they lost, so they are using IEDs, which have really been a challenge to us,” Abubakar stated.

He explained that the military has devised other strategies such as air combat and intelligence gathering to subdue the Boko Haram terrorists.

Abubakar added that through these efforts, about 85 Boko Haram terrorists have surrender or been arrested by the military.

Efcc guest

L R: Acting Vice-Chancellor, Obafemi Awolowo University (OAU), Ile Ife, Prof. Anthony Alujoba (right), was at the office of the Economic and Felix Ademola Fianacial Crimes Commission (EFCC) in Oyo State on the commission’s invitation in Ibadan ... yesterday

We’ll Not Relent in Equipping Security Agencies, Says Ambode Lagos State Governor, Mr. Akinwunmi Ambode, yesterday said the state government would continue to take the front seat in ensuring that security agencies in the state especially the police are well equipped to continue to safeguard the lives and property of Lagosians.

The governor, who spoke at the 10th Town Hall Meeting on Security held at the Civic Centre, Victoria Island, Lagos, organised by the Lagos State Security Trust Fund (LSSTF), said though security is an expensive business, his administration would continue to make the necessary sacrifice that would ensure that residents, visitors and investors in the state can feel safe to move about and carry out their lawful businesses.

He said the LSSTF, established 10 years ago to fill the gap in the equipment, training and logistics deficiencies for security agencies operating in the state has however been limited by lack of resources to provide the needed equipment to wage war against all forms of criminal activities.

Ambode, who was represented by his deputy, Mrs. Oluranti Adebule, said the state was extremely proud of the support it has received so far

from the private sector, noting that through the trust fund, they have so far demonstrated the understanding that security was indeed everybody’s business and a high sense of corporate social responsibility.

“We have improved security in our state and we are very grateful to all those who have committed to making contributions to the Fund over the years. Our collective efforts have also made our security model a standard for others to follow,” he said.

The governor recalled that the efforts of the state government in supporting security agencies recently came to fore in Johannesburg, South Africa where the Rapid Response (RRS) Squad of the state Police Command was awarded “Best Anti-Crime Police Squad in West Africa” while the Commander RRS, ACP Olatunji Disu, was awarded “Most Outstanding Police Operational Officer in Africa” just as the Lagos State Government got the award for “Best Security and Most Safety Conscious State in Africa.”

He, however, said the successes achieved so far must be sustained, saying that it would require more concerted efforts from the private sector to complement government’s efforts in equipping the security agencies

with modern equipment.

“In recent times, we have had to deal with a few more untraditional crimes such as kidnapping and terrorism. These crimes, coupled with the harsh economic condition in Nigeria has made our security situation even more challenging.

The truth is that it is our collective resolve that has protected us from unimaginable security breaches.

“Security is today a big challenge for most key city-States in the world even with the most sophisticated security apparatus. We must therefore salute the gallantry and collaboration of our various security agencies for using the assets we have provided for them to protect us.”

“I wish to state that our government would continue to take the front seat in supporting our security agencies in the state. But you all must also play your part as responsible citizens of Lagos to ensure the future worthy of the Centre of Excellence,” the governor said.

In his welcome address, the Chairman of the LSSTF, Mr. Oye Hassan- Odukale, said that the Fund has fully come of age as an organisation that is fully committed to the safety and security of all Lagosians.

In his welcome address, the Executive Secretary/CEO, Dr. Abdurrazaq Balogun, said the security in the State has improved drastically owing to the interventions by the State Government through the donation of equipment worth over N1.6billion in the last one year with private sector support of about N440million in cash and 19 patrol vehicles.

Also in his presentation, the state Commissioner of Police, Fatai Owoseni, explained that against the backdrop of numerous challenges, Lagos State witnessed tremendous improvement in crime management, adding that in assessing the state of safety and security, Lagos can be adjudged as relatively peaceful and secured.

One of the discussants and a former Assistant Inspector General of Police, Umaru Manko, said the idea of Lagos State Security Trust Fund, has given leverage to policing in the State, adding that Lagos has over the years shown its capacity to successfully run state policing.

At the meeting, corporate organisations, individuals and stakeholders made donations towards the sustenance of the Lagos State Security Trust Fund.

54

WEDNESDAY, DECEMber 14, 2016 • T H I S D AY

wednesDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

AW C O N 2 0 1 6 FA L LO U T

Super Falcons Plan Protest to FEC over Unpaid Allowances Duro Ikhazuagbe After days of going back and forth over their unpaid allowances, 2016 Africa Women Cup of Nations winners, the Super Falcons, have concluded plans to embark on a peaceful protest to the seat of power in the Federal Capital City of Abuja today.

THISDAY checks revealed yesterday that the Falcons who won their 8th AWCON title in Cameroon penultimate weekend are planning to take their case to the Presidency as a way of pressing further to get their entitlements.

Despite reports that they were paid N100,000 per player by cash-strapped Nigeria Football Federation (NFF) last Friday, the girls and their officials are believed to be heading to the seat of power with their case on how to get their allowances said to be over $16,000 each.

“We cannot continue to die in silence. If the NFF is claiming not to have the money to pay us, then it is better we take our case to the President at the Presidential Villa to register our displeasure and how to get our benefits,” observed one of the players who did not want her name in print last night.

The aggrieved players who are holding on to the trophy of the 10th edition of the African Women tournament have refused to vacate the team’s Agura Hotel in Abuja until their benefits are

fully settled.

“Nobody can throw us out of this place (Agura Hotel) until all our allowances are fully paid. We are not going anywhere,” insisted another influential member of the team.

Another source in Abuja hinted last night that the 2016 AWCON champions are ready to carry placards and proceed on a peaceful protest to the Federal Executive Council (FEC) meeting scheduled to take place today.

An Abuja based female sports journalist, Aderonke Bello, said in a statement last night she was going to lead the protest to the Presidency for the girls to get their deserve benefits.

“The players deserve to be paid their dues because they have served the nation diligently. This is unfortunately a regular occurrence to female football in Nigeria. We treat our victorious girls with disdain and total disrespect at all times. It is disgraceful really.

“It is inconceivable that the NFF/Federal government are unwilling to pay the players their dues after winning the trophy.

This has to stop and the girls must be paid their dues.”

“We are going to protest the unfair treatment meted out to these champions who have won the tournament eight times, making them the most successful football team in Nigeria, and we hope the Federal Government will listen to their plea,” concludes the female footballers rights advocate.

Edo FA Honour for THISDAY Sports Editor, Others The Group Sports Editor of THISDAY, Duro Ikhazuagbe, is among sports personalities listed to be honoured by the Edo Football Association at a ceremony scheduled for the Excalibur Hotel, Benin City, on December 16.

The annual football awards initiated on assumption of office by the Frank Ilaboya-led Edo FA last year are meant to honour outstanding football personalities from the state and beyond.

Speaking about the honour, Ikhazuagbe said he was thrilled to be so recognized by his home state FA. “I feel very honoured by the award coming from the Edo FA. I have received several awards in the course of my sports journalism career but this is the first from my home state FA. I treasure this award,” observed the THISDAY group sports editor.

Also to be honoured in the Media Persons of the Year category are outstanding journalists like Cecilia Omorogbe (Channels TV), Ben Ogbemudia (The Nation) and Benin-based broadcaster Eghosa Agbonlahor.

Veteran journalists Sam John and Akido Shittu scooped the Outstanding Media Personalities of Our Time awards while late ex-Eagles coaches Stephen Keshi and Amodu Shaibu alongside first

Edo FIFA-badge referee Friday Omoruyi and Austin Allens would be given post-humous awards.

Nigerian football legend, Bright Omokaro, who is also listed for honour by the Edo FA also expressed his joy at being recognised years after quitting the stage.

“It’s a great thing to be honoured by my state FA. It’s an award that I will always cherish because I’m akin to a prophet honoured at home by his people,” the 1988 Africa Cup of Nations silver medalist said.

The former hard-as-nails Super Eagles defender Omokaro alongside exteammates Humphrey Edobor, Samson Ozogula, Sunday Eboigbe, Francis Moniedafe, Friday Elahor and Monday Eguavoen were shortlisted for the Outstanding Footballers of Our Time award.

Coaches Lawrence Akpokona, Dan Igiebor and Solomon Ogbeide are Outstanding Coaches of Our Time, while the 1985 U-17 World Cup winning Golden Eaglets were given the Evergreen Award.

Super Eagles forward Osaze Odemwingie scooped the Football Ambassador of Edo State 2016 award.

The Award Committee headed

by Percy Okojie submitted nominees last Friday.

Messi and Afghanistan boy (right) in Doha, Qatar… yesterday

Messi MakesYoung Afghan Boy’s Dream Come True in Qatar When Murtaza Ahmady stepped off the plane at Hamad International Airport following his journey from Afghanistan, the six-year-old boy asked his father Mohammed a single question: ‘Where is the house of Messi?’

The football-crazy youngster had made the special journey to Qatar to meet his FC Barcelona hero. Images of him wearing a plastic bag of Argentinian national colours with Messi written on the back had gone viral on social media earlier this year.

Subsequently, the ‘Albiceleste’ (white and sky blue) superstar had sent young Murtaza a signed jersey and football, and promised to meet him in person when the

chance arose.

The Supreme Committee for Delivery & Legacy (SC) was inspired by the story of the small boy and his dream, and decided to try and find him to give him the chance of meeting his hero.

On December 13, that day arrived. Murtaza finally got the chance to hold his hero’s hand and got a giant hug from Messi on the morning of the ‘Match of Champions’ game between Barcelona and Al Ahli. As the Barcelona players walked past him on the way to a meeting room at the team hotel, Murtaza spotted Messi and reached out a hand, which the Argentina

superstar held with a big smile.

A few moments later, Murtaza received a large embrace from his hero, who held him in his arms as the Barcelona team gathered behind him.

Speaking with sc.qa, Murtaza said after his meeting with Messi: “I’m very happy to have met my hero. It is a dream for me.

I can’t wait to see Messi at the game, it will be the first time for me in the stadium.”

Yesterday evening, Murtaza was selected as one of the player escorts to walk out onto the pitch with his idol, providing another memory of a lifetime for him on his trip to Doha.

An SC spokesperson said: “It

was inspirational to meet Murtaza, and see him fulfill his dream.

We were all kids once and had dreams, and in Qatar many of us still have them.

“Murtaza’s dream was to meet his hero. We are in a fortunate position here that we were able to bring them together. It’s about a kid and his dream. That’s it.

That pretty much sums up the power of football.

“We were struck by his story from the beginning, and are delighted that we made the meeting happen. The story is symbolic of our belief that football can change lives for the better, and inspire youngsters from across our region and beyond.”

NSCDC, Ogun, Dominate Korea Ambassador Taekwondo Tourney The Nigeria Security and Civic Defence Corps and Ogun State were the dominant athletes at the just concluded 7th Ambassador’s Taekwondo tournament rounded up in Lagos last Saturday.

NSCDC emerged top with four gold medals ahead of Team Ogun that came second with three gold, one silver and one bronze. The third position went to Team Kebbi that clinched two gold and three bronze medals.

Ogun State fighter, Richard Oyenusi, won the overall best male athlete award while his team mate Halimat Animasaun also of team Ogun emerged as the best female athlete of the entire championship. Nelson Oluigbo of Ogun state was adjudged as the best referee of the tournament while the best coach of the tournament award went to coach Samson Ajayi also of team Ogun.

Over 300 taekwondoists drawn from 22 states and 25 clubsides from across the country and three international teams from west Africa featured at the three-day exercise at Molade-Okoya Thomas

Multipurpose Hall inside Teslim Balogun Stadium, Lagos.

At the grand finale, Korean Ambassador in Nigeria, Mr Noh Kyu Duk said that the 7th Korean Ambassador’ Cup Taekwondo, marked the 30th anniversary of establishing Taekwondo in Nigeria to support the growth of the sport. He promised that Asian country will continue to support and encourage the development of the game in

Nigeria. “That informs the decision of the Korean Government to send an expert in the art of taekwondo, Grandmaster Kim Jim Beorn to Nigeria to continue to train both the athletes and coaches”. Adding that, taekwondo is already being taught in some Nigerian, schools as extracurricular activity.

“We have also noticed that Taekwondo as an Olympic event, is one of the most popular sports being practiced

in Nigeria with over 250,000 youths involved in it hence our continous promotion for the growth and development of the game.

“Hopefully, with our commitment coupled with the efforts of the sports ministry, Nigeria will not only qualify for the Tokyo 2020 Olympic Games Taekwondo event, but will go to Japan and win medals,” Mr Noh Kyu-Duk, concluded.

R-L: Head of Marketing, Seven-Up Bottling Company Plc, Norden Thurston, Ex-international, Victor Ikpeba and Senior Brand Manager, Seven-Up Bottling Company Plc, Segun Ogunleye at the just concluded COPA Lagos on Sunday

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Wike to FG

“Rivers people were murdered for just simple legislative elections. The federal government came with their might to conquer Rivers State, just because they wanted to win. They killed people because they want the state. The blood of those people they killed will be on their heads. States that cannot pay their workers salary and cannot carry out meaningful projects brought money to rig the elections in this state.”

Rivers State Governor Nyesom Wike accusing the federal government of murdering some residents of the state in the just concluded rerun elections in the state.

KayodeKomolafe The Horizon

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kayode.komolafe@thisdaylive.com

0805 500 1974

Politics Sans Ideas?

s the Americans would say the last presidential election in Ghana provided another teachable moment for politics in Nigeria. By the way, some Nigerian politicians find it rather infra dig comparing political development in Ghana with that of Nigeria. The other day, a political leader with an impeccable progressive pedigree told this reporter in a private chat that given its size Ghana does not face 10% of the challenges Nigeria is confronting in socioeconomic and political terms. So it would be most inappropriate to draw a parallel between the two West African countries. The matter is not helped by the historic animus nursed by some in Nigeria towards Ghana because of the remarks reportedly made by Nkrumah that Nigeria was a ‘big-for-nothing” country.

Yet students of political history would readily point to a symmetry in the post-colonial experiences of both countries. Last week, Ghana recorded another conclusive presidential election.

Since 1992, power has alternated (after eight years) between the National Democratic Congress (NDC) and the New Patriotic Party (NPP). In keeping to the tradition, President John Mahama of NDC has congratulated the president-elect, Nana Akufo-Addo, of NPP. Apart from the smooth transition, another less remarked trait of Ghanaian politics is the attempt to give some weight to issues in elections. In other words, at least ideas have a little place in the politics. It is a promising index of maturity in the politics of Ghana. This was quite evident in the course of the campaigns.

Smaller parties canvassed contrasting ideas about how to improve the Ghanaian condition.

There are, of course, residual issues of ethnicity and the personalities of the candidates. It is instructive that in his concession speech Mahama said inter alia: “I wish to thank the leadershp of the NDC, all of our members, foot soldiers and sympathisers for their belief in the principles of social democracy and their commitment to the vision.” Even in defeat, Mahama is still proclaiming the social democratic vision of NDC! That is a vision of politics in which the social content of democracy is emphasised in terms of investments in people’s welfare. Social democrats struggle for investments in education, healthcare, social housing, social security etc.

On the other end of the spectrum, the NPP is often associated with liberal /conservative vision of how society should be organised. However, the reality of the workings of the Ghanaian political economy is that the two parties have had to implement the neo-liberal policies under the supervision of the International Monetary Fund and the World Bank. Historically, Ghanaian politics is largely influenced by the progressive Nkrumahist and the conservative Danquah-Busia traditions. The progressive tradition is traceable to the political legacy of the great pan-Africanist and Ghana’s first president, Kwame Nkrumah, while the roots of conservative tradition were in the politics of the formidable opposition leader J.B. Danquah and President Kofi Busia.

This is why the contrast begins. In Nigeria, not much weight is given to ideas in politics.

Mahama (right) with Akufo Addo Political parties lack ideological anchors. That is why you should probably not blame politicians changing parties frequently because there are no ideological borders to cross in the political landscape. Political traditions have proved not be durable. Whatever happened to the traditions of the Talakawa liberation of Aminu Kano, nationalism of Nnamdi Azikiwe or the welfarism of Obafemi Awolowo in the politics of 2016? Specifically, what are the ideologies of the All Progressives Congress (APC) in power and the opposition Peoples Democratic Party (PDP)? The two parties are yet to mobilise the people around coherent visions of development.

The three administrations so far produced by the PDP only came up with “agendas” after the respective presidents had been elected. Similarly, the APC now in power is yet to articulate any coherent strategy of development. Little surprise that the rumblings in the APC have nothing to do with policy disagreements just as the

To confront the socio-economic and political problems facing Nigeria, politics of ideas should be embraced

schism in the PDP does not derive from any ideological division. Politics has been indecently reduced to electoral calculations towards 2019.

The game is no more democracy; it is simply electocracy.

This should explain why there are no serious intra-party and inter-party debates about the big issues of our time. The necessary debate would surely go beyond the rhetoric of how to “capture’ power in 2019. Neither APC nor PDP is seriously discussing the grave issues of economic recession, insecurity and separatist political agitations. Beyond the legitimate criticism of the APC government, the opposition would have to come up with alternative solutions to the problem. Again, talking about tradition and the primacy of ideas in politics, an Awoist party, for instance, would articulate a coherent programme of getting out of recession as an alternative to the improvisations on display in the name of economic management. The humanitarian crisis in the northeast is burgeoning.

A few days ago, two British newspapers wrote editorials calling on western governments to return the stolen money from Nigeria so that the nation could save starving children and millions of other displaced people. The situation of the Internally Displaced Persons (IDPs) in the northeast is viewed to be among the worst globally. You don’t get such feelings from the rhetoric of our politicians. Since ideas are not taken seriously politicians cannot come up with workable solutions to problems. This is the tragedy that is not fully appreciated in Nigeria.

No political party in Nigeria is putting this disaster in the forefront of political agenda. Of what purpose is politics if the fate of millions of people in desperate conditions is not the concern of politicians? Politicians fight ferociously over zoning of political offices among a few members of the elite; they don’t talk much about the conditions of millions of hungry and dehydrated poor persons in a zone. To allocate positions on the basis of zone does not require a lot of ideas; but to solve the humanitarian crisis of the magnitude in the northeast requires a lot of thinking, harvest of ideas and committed to the public purpose. As a matter of fact, in a clime of ideas-driven politics every party contesting the 2015 presidential ought to have articulated a comprehensive programme of not only ending the Boko Haram war, but also of rehabilitating the displaced people and reconstructing the devastated region.

Another indication of the relegation of ideas in Nigeria’s politics is the contemptuous treatment of reports for which a lot time, energy and money were invested to produce. Talking about socio-economic blue print, why is that an administration does not examine what the previous ones put together to see if anything useful could be consolidated from the package?

There are on the shelf reports of constitutional/ national/political conferences on the structural issues of Nigerian federalism. Yet restructuring the Nigerian federation has almost been reified by ethnic and regional champions to the level of a political ideology. Elections are still conducted as warfare; yet there are reports of panels that looked into ways of bringing sanity to the process. Episodic communal upheavals continue to plague different parts of the country despite legions of reports of panels of enquiries into previous bloodletting.

The panels’ reports embody solutions, which nobody bothers to ponder.

The Niger Delta Question remains unanswered.

Yet a master plan was once put together to resolve the multi-dimensional crisis of the cheated region. The thematic areas of the plan are on the environment, socio-economic development, security and geo-political issues.

The amnesty programme of the government of President Umaru Yar’Adua was in a way derivative of this master plan. A lot of time, energy and resources were invested to generate the ideas embodied in the plan. Why couldn’t subsequent administrations work with the plan and modify it if necessary to achieve results?

Even President Goodluck Jonathan, a man from the Niger Delta, could not give life to the plan in over five years that he was in the saddle. The bitter consequences of the failure of the Nigerian state to redress the injustice and underdevelopment of the region are manifest in the political economy today. In a dispensation where ideas matter, previous reports and plans in various departments of national life would be distilled to see what useful ideas could be contained in them.

To confront the socio-economic and political problems facing Nigeria, politics of ideas should be embraced.

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