Wednesday 8th Febraury 2017

Power Sector Investors Demand Settlement of N50bn Debt, Call for Tariff Hike Dogara: N2.74tn spent on sector in 16 years with no results

Damilola Oyedele in Abuja Investors in the nation’s power sector have called for the settlement of N50 billion owed them, while also calling for the introduction of a realistic tariff structure, reflective of the current rate of inflation and foreign exchange rate.

The Chairman of Heirs Holding/Transcorp Power Ltd, Mr. Tony Elumelu, speaking yesterday at a two-day interactive dialogue/ workshop on the Nigerian power sector, organised by the National Assembly, said investors in the sector could not be expected to perform

miracles, with the N50 billion owed them.

The workshop with the theme, “Nigerian Power Challenge: A Legislative Intervention,” had in attendance Senate President Bukola Saraki, Speaker of the House of Representatives, Hon. Yakubu Dogara, Minister of

Power, Works and Housing, Mr. Babatunde Fashola, and other stakeholders.

Elumelu also cited overregulation by the government as one of the factors impeding growth of the industry.

“The tariff structure has to be cost-reflective for the sector to work, especially as

we are not taking into account the rate of inflation and the exchange rate.

“The cost of gas also is there and too much regulation is stifling the take off of the privatisation of the sector.

The sector must be allowed to flow freely, like the telecommunications sector

did before tariffs began to crash years later,” he said.

“With debts of up to N50 billion, it is unfair to expect that investors will perform miracles. The system must encourage them and we all must be sincere with Continued on page 9

Wednesday 8 February, 2017 Vol 22. No 7965. Price: N250

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Oyegun, Makarfi Square off, Blame Each Other’s Parties for Nigeria’s Woes Ejiofor Alike The National Chairman of the All Progressives Congress (APC), Chief John OdigieOyegun and the Chairman of the Caretaker Committee of the Peoples Democratic Party (PDP), Senator Ahmed Makarfi

yesterday faced off in a debate, during which the leaders of the two main political parties in the country blamed each other’s parties for Nigeria’s economic woes.

Speaking yesterday during a live debate on Arise Television’s THISDAY Live

programme anchored by Jeff Koinange, the two rival politicians also disagreed on the efforts of the APC-led administration to revamp the economy.

Oyegun blamed Nigeria’s present economic woes on the country’s over-dependence on

crude oil and the failure of the PDP-led administration to save money, stressing that even the former Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, who was part of that administration, had warned the government to

save.

But Makarfi attributed the economy hardship faced by Nigerians to the internal squabbles in the APC, which he said shattered the Nigerian economy as soon as the party came to power.

Makarfi also described

the alleged calls on acting President Yemi Osinbajo to resign from office as unconstitutional and unnecessary.

The former Kaduna State Continued on page 9

Osinbajo Sends Onnoghen’s Name to Senate for Confirmation as CJN

NJC to hold emergency meeting today Tobi Soniyi in Abuja With just two days left to the expiration of the tenure of the acting Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, acting President Yemi Osinbajo yesterday transmitted his name to the Senate for confirmation as the substantive CJN. Confirming this yesterday, a source close to the Office of the Senate President, said Senate President Bukola Saraki received the letter yesterday, requesting the upper chamber to screen and confirm Justice Onnoghen, a Cross River State indigene, as the substantive CJN. Also, a ranking senator speaking on the condition of anonymity, said he was aware that the acting president had transmitted Justice Onnoghen’s name to the Senate for confirmation.

However, he cautioned that

just because the presidency had transmitted Justice Onnoghen’s name, it should Continued on page 9

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LEGISLATURE TURNS ITS ATTENTION ON THE POWER SECTOR...

L-R: Senate President Bukola Saraki; Chairman, Heirs Holdings and Transcorp Plc, Mr. Tony O. Elumelu; and Speaker, House of Representatives, Rt. Hon. Yakubu Dogara, at the stakeholders interactive workshop on the Nigerian power sector, organised by the National Assembly in Abuja… yesterday

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WEDNESDAY, FEBRUARY 8, 2017 • T H I S D AY

PAGE NINE OYEGUN, MAKARFI SQUARE OFF, BLAME EACH OTHER’S PARTIES FOR NIGERIA’S WOES governor also stated that a majority of the APC members, who are blaming PDP for Nigeria’s economic crisis, were PDP members who decamped to APC to win elections on the basis of sentiments.

He likened it to the victory of President Donald Trump whom he said won the U.S. presidential election on sentiments.

According to him, only three governors in the 19 states of the north were not originally from the PDP. While Makarfi insisted that Nigerians are disappointed in the APC-led government, Oyegun argued that the administration was rebuilding the agriculture and solid minerals sectors, as well as creating employment opportunities and boosting infrastructure, particularly power supply.

Oyegun said Nigerians are not disappointed, insisting that PDP was doing what they are doing as the opposition party.

According to him, the present agony in the land started before APC took over power from the PDP. He pointed out that even Makarfi acknowledged that the economic problems started before APC took over power and blamed the economic woes on Nigeria’s mono-economy and the failure of previous

administrations to save money.

“We have to manage the economy. Today, the challenge is the collapse of that monoeconomy; the challenge that Buhari government is facing – the challenge the APC government is facing is to build a strong economy; to go back to agriculture and solid minerals,” Oyegun said.

Speaking on Monday’s antigovernment protests in Abuja, Lagos and other cities, Oyegun argued that Nigeria was not engulfed in a crisis, adding that “demonstrations are okay” for people to “ventilate their grievances”, provided they are not hijacked by other forces.

“Nigeria is not in crisis mode. Demonstrations are okay. People are hungry. You cannot beat a child and tell the child not to cry. People are hungry. Demonstrations are okay if they want to ventilate, provided they are not exploited,” Oyegun said.

“We are rebuilding this nation. We are rebuilding a shattered economy and agriculture is beginning to be significant. During Christmas, suddenly there were bags of local rice all over the nation.

We celebrated Christmas with bags of beautiful Nigerian rice.

“As a matter of fact, I never knew until last Christmas that we have beautiful rice in Nigeria.

“Electricity is going up and gas supply is rising but the crisis in the Niger Delta is affecting gas supply,” Oyegun added.

“The situation we are in today did not start today.

We are a mono- economy dependent on oil. Even Okonjo-Iweala, who was part of the government, warned us repeatedly to save but was ignored.

“The most important thing is that dependence on oil must stop. We must build our agriculture, which we are doing; we must build our solid minerals base, which we are doing; we must build our infrastructure, particularly power, which we are doing,” Oyegun said.

Oyegun used the opportunity to thank Nigerians, who had come to his office physically and those who sent messages of solidarity with the president, as well as those who had offered prayers, stressing that President Muhammadu Buhari would come back fully energised to assume office.

In response, Makarfi admitted that some of the problems reared their head before APC took over, but maintained that on assumption of office, the new administration failed to do what it was supposed to do.

“People voted us out of

office believing that APC will deal with the issues but instead of dealing with the issues, it was more of a blame game.

That is not moving this country forward,” Makarfi said.

He said from his wealth of experience, he had expected the APC to carry all Nigerians along but that was not done.

Makarfi stated that the APC came into power with members quarreling among themselves and thus collapsed the economy.

He also dismissed the claim

by Oyegun that the APC-led government was rebuilding agriculture, solid minerals and creating employment opportunities.

“That is not what is happening now. If that is what is happening, Nigerians would not be complaining. We should not have a divided house, a divided house will not stand,” Makarfi said.

“I think the coming together of APC was that of strange bed fellows. So, they seemed not to be prepared for governance; they walked into office quarrelling among themselves and before you know it, things got out of hand.

“Even if you have a brand new car and you are not careful how you drive, you will lose control and it will crash,” Makarfi said.

Makarfi stated that PDP

members just decamped to APC to win elections because of sentiments, adding that most of the National Assembly members are from the former ruling party.

“Most of them came from the PDP to win elections because of sentiments, just the way Trump won the U.S. presidential election because of sentiments.

“Just because of sentiments, they ran to APC. In the north, I can tell you that only three governors are not from the PDP. But each time they open their mouths, they will say PDP this and PDP that,” Makarfi said.

On calls by Oyegun to Nigerians leaders to join the APC, Makarfi argued that not all Nigerians must belong to APC before they work together for the national interest.

He however agreed with Oyegun that the vice-president was capable, otherwise Buhari would not have picked him as his running mate.

“Personally, he (Osinbajo) is capable. If he was not capable, the president would not have picked him as his running mate.

“I don’t want us to politicise the situation between the president and the vicepresident. I want to agree with my friend that when we have a national crisis, we

should come together.

“But that does not mean that we should form one party.

What that means is that people should not go into APC. You can have the opposition and the party in government and address things in the national interest.

“Everybody should have his or her political persuasion.

When elections come, we go to the electorate and tell it the differences between the two sides and let the people choose,” Makarfi said.

Makarfi also described the alleged calls for Osinbajo to resign as unconstitutional and unnecessary.

“That is not necessary; that is not constitutional. We are an opposition party but we are a sensible opposition party.

We wish the president well.

We don’t have any ill feeling towards him.

“We may disagree with his policies and the policies of his party but we will never wish our president dead,” he added.

“With respect to the APC, there seems to be different interests lording it over one another. I believe that as acting president, he (Osinbajo) has the authority to run the administration until the president fully assumes duty.

There should be no excuses,” Makarfi said.

the person holding the office is for any reason unable to perform the functions of the office, then until a person has been appointed to and has assumed the functions of that office, or until the person holding the office has resumed those functions, the President shall appoint the most Senior Justice of the Supreme Court to perform those functions.

“Except on the recommendation of the NJC, the appointment pursuant to the provisions of sub-section (4) of this section shall cease to have effect after the expiration

of three months from the date of such appointment and the President shall not reappoint a person whose appointment has lapsed.”

In recent weeks, pressure has been mount on the presidency to appoint Justice Onnoghen the substantive CJN after northerners had held the post for 30 years.

The transmission of Justice Onnoghen’s name to the Senate follows the clean bill he was given by the Department of State Service (DSS) that has been involved in the probe of some judges of the Supreme Court and other lower courts.

in the sector, Dogara said, run across the entire power value chain of generation, transmission and distribution, which have been made worse by inadequate funding, poor energy mix, fuel supply

issues, a flawed regulatory framework, and commercial issues, among others.

“The diagnosis includes but is not limited to

OSINBAJO SENDS ONNOGHEN’S NAME TO SENATE FOR CONFIRMATION AS CJN not expect the Senate to rubber stamp his nomination without a thorough investigative and screening process.

He also pointed that the Senate was currently on recess, so it would be left to Saraki to decide whether to reconvene the Senate to kickstart the screening process before Justice Onnoghen’s tenure as acting CJN lapses on Friday.

“The Senate President is in receipt of the letter from the acting president, but it will be left to Senator Saraki to reconvene plenary to start the screening process.

“But even if he does

so, the presidency should not expect us to rubber stamp Justice Onnoghen’s nomination, as we would have to carry out our own background checks, investigation and screening before deciding whether to confirm him or not,” the senator said.

Also, another presidency source informed THISDAY that given the lack of sufficient time to conclude Justice Onnoghen’s screening in two days before the expiration of his tenure as the acting CJN, Osinbajo, based on the recommendation of the National Judicial Council

(NJC), could renew it as an interim measure while the Senate goes about the screening and confirmation exercise.

In this regard, the NJC, THISDAY learnt, will hold an emergency meeting today to recommend the renewal of Justice Onnoghen’s tenure as the acting CJN. Curiously, Justice Onnoghen, who doubles as the chairman of the NJC, will preside over the meeting.

A source with the NJC said that the council would meet to recommend Justice Onnoghen to the acting president for reappointment

in an acting capacity, as this would not require Senate confirmation.

“While serving in an acting capacity for the second time, the Senate will go about its business screening him at its own pace,” the source who was in the know of the likely outcome of the meeting, confided in THISDAY. Justice Onnoghen’s reappointment as CJN in an acting capacity will be in line with Section 231(4) and (5) of the constitution.

The section states: “If the office of Chief Justice of Nigeria is vacant or if

POWER SECTOR INVESTORS DEMAND SETTLEMENT OF N50BN DEBT, CALL FOR TARIFF HIKE ourselves,” Elumelu added.

In his address, Dogara expressed dissatisfaction over the fact that the N2.74 trillion expended on the power sector in the past 16 years had not yielded commensurate results, but

has resulted in perpetual outages instead.

Dogara advocated for new strategies to be formulated by stakeholders in order to address the challenges in the power sector.

“Perhaps the most important question is what happened to the N2.74 trillion spent on the sector from 1999-2015? Why is it that the more we spend on the power sector, the more darkness we attract?”

Dogara queried.

“Why are most of the companies licensed

by Nigerian Electricity Regulatory Commission not able to start their projects,” he demanded to know.

Some of the challenges

KEEPING THE SHEHU MUSA YAR’ADUA NAME ALIVE...

Continued on page 10

L-R: Alhaji Murtala Yar'Adua; former Managing Director of the defunct Habib Bank Ltd., Mr. Akin Kekere-Ekun; Director General, Shehu Musa Yar’Adua Foundation, Mrs. Jacqeline Faris; former Vice President and Vice Chairman of the Board, Atiku Abubakar; Hajia Binta Yar'Adua; Chairman of Jaiz Bank, Alhaji Umaru Mutallab; former Minister of Special Duties, Mr. Yomi Edu; and Chief Dubem Onyia, at the 20th meeting of the Board of Trustees of the Shehu Musa Yar’Adua Foundation, at the Yar'Adua Centre, Abuja… yesterday

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T H I S D AY • WEDNESDAY, FEBRUARY 8, 2017

STARTERS

Nigeria is Repeating the Same Old Mistake by Shrouding the President’s Health Issues in Secrecy On the day he was due to return from what was seem ng y a s mp e 10-day vacat on n the Un ted K ngdom N ger a s Pres dent Muhammadu Buhar has rocked the country by extend ng h s stay for med ca reasons A statement by the pres dency sa d Buhar 74 needed to rema n n the UK “ n order to comp ete and rece ve the resu ts of a ser es of tests recommended by h s doctors” Buhar s sudden announcement of hea th concerns on the back of severa recent den a s by h s med a a des of any hea th prob ems and the ack of any new return date s pred ctab y stok ng fears and sett ng off rumors n N ger a s frag e po ty Many N ger ans r ght y fee ke they ve been here before In 2010 then Pres dent Umaru Yar Adua passed away n office at 58 after months of hea th desp te repeated assurances by the pres dency Before pass ng on Yar Adua d d not transfer power to h s v ce-pres dent Good uck Jonathan thus eav ng a br ef but tense per od of uncerta nty and a power vacuum For many N ger ans the ma or grouse fo ow ng Yar Adua s death was the secrecy n wh ch h s hea th had been shrouded and ess than a decade ater t appears another pres dent s repeat ng the same m stake By yet aga n fa ng to manage the message from the onset the pres dency has sparked off a stream of w d specu at ons wh ch w set the narrat ve But n Afr ca the story of s ck pres dents go ng m ss ng wh e seek ng treatment s a too common In another respect Buhar s dec s on to seek med ca attent on abroad fl es n the face of rhetor c from h s government to pr or t se patronage of N ger an bus nesses and ndustr es S gna ng a

Malabu Oil A former Minister for Petroleum Resources, Chief Dan Etete, has disclosed that the federal government did not invest a dime in Malabu Oil and Gas Limited, and is therefore not entitled to share from the proceeds which accrued to the company from settlement of the company’s disputes.

Page 11

WEDNESDAY FEBRUARY 8, 2017 • T

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H I S D AY

Etete: Gover nment Did Not Invest Malabu Oi a Dime in l Email davidso

Tobi Soniyi

News Editor

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Davidson Iriekpe

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“Such funds cannot A former Minister be disbursed will receive for Petroleum by any other means except Resources, throughout expiry upon Chief Dan Etete, point of the agreement at which of OPL 245, likens the the life has disclosed He the Nigerian has also said the Abacha family government did that the federal of originfunds revert to the source government to a shop keeper no who Malabu shareholding interest in Risk basis and for a signature in Malabu Oil not invest a dime agreement as enshrined in said still claims ownership of Oil and Gas bonus of $20million goods in on the asset and and is therefore and Gas Limited, by same. or as otherwise stated his customer’s home and it is The past minister Limited. after cupboard not long after same How the funds said: “In any important that these dates very difficult exploration a long and case, I Dan Etete, from the proceeds entitled to share into has been paid terminologies programme, and you come paid an I’m not for, have I be up empty, you to the company which accrued become escrow account suddenly receipted and transported ever been a now nor many as are understood by as have would home.

“It is therefore director or willing to maintain done so of the company’sfrom settlement were the property of a party that an open mind. curious that shareholder in Malabu Oil themselves and nobody at your sole risk some disputes.

Etete, in a response will entertain escrow agreementa signatory to the fringespeople who live in the dark and historical or current and Gas, “A sole risk he issued to checks at suggests asset as the name any request for of our national the Corporate baffles me? For correct many the refund avoidance Affairs Commission of life have (CAC) exploration is one surrounding the misconceptions governmen of doubt, the federal spread unfounded propaganda costs, so it was of by anyone awardee is solely in which the your in interest to responsible for truth can confirmwho values the prospecting settlement of the out-of-court $210million t received its share of through their equally dark the in your power do everything agents of misinforma this.” , exploring, searching, as signature bonus the company dispute in which per instructions According to to ensure that working and as that should tion, that money is enmeshed, your investment detecting any that flowed did not know him, the company or hidden those claiming said have been used s were not how rich that proceeds the escrow agreement and from hospitals and deposits withinovert lost, including for covered from the settlement roads was moneys paid by the man by the OPL the area area of interest the signature should go to escrow agent. was as at called Etete took what one the time bonus. Conversely as government any recourse awarded without the it applied to “Others even for himself were merely , in event acquire to the more gullible and shared amongst that being said gullible. governmen He it. your exploration said: “The who awarded his friends, the funds were associates and the licence. t efforts are successful, 245 to Malabu award of OPL essence, paid into Etete alleged that playmates.” you In entitled this means that Oil and Gas some powerful Federation Account and should the to keep a 100 are also was done in people were if you spend your last have using the presidency been appropriated 1998 on a $1million which of your recovery subjectper cent by the National Sole is your to turn an otherwise Assembly for entire inheritance to the government spending! Nothing legitimate business transaction exercising its or fortune back-in rights.” into criminality can be further from the He also explained . truth.

“Now, while that the fact it makes for great that the money tabloid selling was paid into headlines; escrow account did not mean an that President Goodluck the story belonged to the that Jonathan federal government.it and his brother or kinsman or The former friend, Etete, stole over a $1billion that the media minister stated of Nigeria’s had been fed money with outright further from the , nothing can be truth. I can say bothered to carrylies and had not confidently this out independen investigations t those mainlybecause if any one of to unearth the truth. had bothered online junk journalists Etete insisted to investigate did not do any that Malabu Oil what beyond my detractors wrong what was legitimatelybut claimed them to propagate, had bribed granted to it by the federal they would realise complying with government after money that not a cent of the all the requirements in question He said the company outside of . the renegotiated was not of signature bonus granted any $210million and concession or favour the profit taxes but was complied with all extant to be paid during the lifetime laws just like the oil blocks of other companies operation, belonged were granted that to the Nigerian OPL at the same state.

He noted that time.

“The initial yet, those companies award on a had not been risk basis sole accused Etete also said of corruption. Malabu (as explained earlier) to Oil and Gas, the he came Malabu as Petroleum a consultant into Act of 1969 and its subsequent invested all and amendmen his ts, the Federal the company life savings into Court High by its to make sure company succeeded. the the block judgment that returned to Malabu, the L-R: President He said: “I have settlement & CEO, GE Nigeria Immelt; read with great agreement between Malabu and GE Grid Solutions/E incredulity, accounts the federal government and Limited, Chairman, Mainstream nergy Connection by several Energy Lamu Audu; and publications on s, Africa, Lazarus how the settlement ample witness and in 2006 bare between President and Solutions Limited, Col. Sani payments were GE and confirmation Angbazo; Chairman CEO, GE Africa, of this.

Abuja...recently Mainstream Energy Solutions Jay Ireland, at Bello (rtd); Managing Director/CE and CEO, government’s made into federal the signing ceremony “The on Kainji 1G7 Rehabilitat “Escrow O, Mainstream GE Global, Jeffrey and was subsequentl Account” scintilla block in question has no Energy Solutions ion and Developmeof the Memorandum of of government y, “illegally” Understand transferred nt of Renewable equity within it and to Malabu.

Power Projects ing (MoU) government Firstly, anyone with had in Nigeria in more than a passing expended not a dime understanding of the over $500million of knows that an the financial world exploration that had gone into it’s Escrow Account that discovered the funds therein and cannot ab-initio actual reserves that reside the be owned or in the asset and government appropriated by any whatsoever one individual had no time or group. It within the life notional connotation, is a asset, of the sought to implement instructions given governed by back-in any appointed escrow to one who is have rights it might claim to Damilola Oyedele in on Abuja the asset. is a monetary funds and bound agent over such “For anyone policy issue. strictly by said in their right mind The Minister of State instructions to Speaking on by the apex to aggregate for Petroleum disburse the the removal bank. subsidy on petroleum funds to Nigerian ownership of the block Resources, Mr. Ibe Kachikwu, upon fulfillment of The minister done of said certain has governmen in the products, December said petroleum recitals enshrined in the it was an ‘intervention pricing template Kachikwu it is affected escrow agreement. of the giant signature t outside being used letters of credit,” to clear matured scheme’ and foreign exchange by policy the bonus by the Departmen Emefiele told profit taxes scarcity being to reduce committee, it has received and of Petroleum Resources changes. t adding that things the experienced “Subsidy may and to fix not they way (DPR) because well drift back by the major oil marketers, are the price they a maximum of the product at a specificsubsidy removal was in source about 40 per cent who Speaking further,used to be. of N145 per of their said forex from the exchange rate, liter, is policy not inflated.

Nigeria would Kachikwu CBN. specific index as The scheme, be This is as he said, was stop importing refined able to done, and we at the time it was establisheda products did not remove by the year 2019, Representatives the House of What it. team was fter an inter-agency as the government we Committee

the Review formed comprising has been able to on of the need to do today because of attract movement of the Nigerian Petrol insisted Pump Price of exchange the foreign National Petroleum to partner the NNPC investors Tobi Soniyi that there were Corporation application, T H I SinDAbuja several unnecessary is to begin (NNPC), CBN, model that would see to initiate a AY • E to say: can we

Petroleum to the repair charges in be more efficient E for the of the country’s rights of citizens. the template AY,FEBR Products templating to The Vice President, particularly refineries within Prices He said: “We UARY , 2017 related be able to cover in Regulatory Agency those gap Professor are committed to transportati (PPPRA), and two years.

Yemi Osinbajo, the certain that we see emerging? to when removed, on, which criteria were has said the federal a continuous engagement Already in the Two, there government set. is something last with can reduce two people The our pump is price of the product. the the interim on that we can do in using beneficiaries were screened government revived the years, the a continuous committed to policies,to explain governmen refineries to the foreign exchange t engagement the criteria, produce eight receive advice At the the people to with Kachikwu million out of explained. and yesterday,continuation of the hearing conversion aspect to keep explain government criticism. the 20 million required the prices represented Emefiele, who from jumping policies, receive the daily for national was consumptio “Cabinet ministers above the 145. advice and criticism. percent of the minister said 71 by the n, the minister “…and we Osinbajo, in have gone N145 is for product, of the CBN, Dr. Deputy Director round eight states added. a statement, “This has consistently Sarah Alade,backed those, I am sure are working on the minister’s so far, holding and the foreign exchange said the governmen also served a target for this rates.

“Where the t remained town hall meetings, the submission. with something we will come up committed to government so as problem is “There fixing the economy. was yesterday in Ilorin.most recent foreign exchange very quickly,” on the exchange. is shortage of foreign by December 2018 NNPC that He also commended There will rate of conversion, minister said. be more be able to deliver must In 2013 to 2014, Inspector General At the hearing, the states of such meetings in other there are two key elements that are yet to Kachikwu and government used to get federal terms given them, on some of the in the the template, one Mr. Ibrahim Idris, of Police (IG), be visited.

Governor of is how much one of which “With the Central Bank to $3 billion monthly and $2 billion to reduce petroleum is for handling last and his officers improving complete focus on buy it and how much is do you of Nigeria (CBN), the importation Monday’s protests exchange conversion,” the foreign Emefiele, Mr. Godwin in the interbank, sells about CBN by 60 per cent. By the economy with professional 2019, we should 30 per cent of that. every also explained ism and respect day, the recession will The minister added he said. that the foreign 70 per cent come from be able to exit completely soon be of history.” that the price the International Oil Companies importation of the investors.” crude oil is international (IOCs) have petroleum products “Today, been ly fixed, in this selling foreign while the cost we of foreign exchange exchange to major $700 million. get $600 million, boostedcountry, and subsequently ising from their Nothing comes by as their demands oil marketers, from meeting in in obviously the fact that Dangote interbank. last week, Governo cannot be met Kaduna is building one. sold everyday $1. 5 million is expect So we rs of the 19 and $1 billion Northern states to was then,” have an excellent situation advocate he said.

TOWARDS IMPRO VED

POWER

Kachikwu: Petro Explains Sales l Pricing Template Not Inflated, of Forex by IOCs Says fuel impor

EDITORIAL The Indigenes/Settlers Dichotomy

2019

Osinbajo: We are Fixing the Econo Committed to my, Engaging People the

Rising from their meeting in Kaduna last week, Governors of the 19 Northern states advocated the abolition of the indigenes-settlers dichotomy which they have identified as one of the major causes of communal conflicts in the region.

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EDITORIAL

THE INDIGE

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NES/SETTLER S DICHOT well to ensure OMY that the dichot omy is abolish ed

R

Governments may do

abolition of the indigene d the dichotomy which they s-settlers have identified as one of communal the major causes of conflicts in the region.

Accordin and Governo r of Borno State,g to the forum chairma every Nigerian n Alhaji Kashim Shettima, wherever they should have a sense of belongin g by the norms reside in as much as such citizens and values abide of their host We support communities. the resolutio as we have always argued, n of the governors because, dichotomy the indigene represents a metaphor for s-settler tion and the tragedy of a a broken federaaccentuate differences nation where its leaders and state, people claim the stateprejudices. In a modern fulfil all legal where they reside and their rights obligations. But here citizens so casually could have circumscribed of being ‘non-ind on the pretext lived and worked igenes’ in a state some of them had for over 25 years.

We, however , consider it whereby someone unaccep who had lived table a situation years, paying in a and responsi taxes and performing place for over 20 his/her civic bilities to the that his/her duties “host state”, children (includin suddenly finds cannot gain g those born admission, in the state) obtain employm enjoy a scholarsh ent in that state. ip or even

I

t is a notoriou s fact that most in certain parts of the ethnic conflicts dilemma. The of the country can be Zangon-Kataf Tiv/Junkun crisis in thetraced to this Plateau; the conflict in Kaduna keke conflict State; Ife/Moda in Anambr in Osun State; the Aguleri/ a State, and Umuleri riotsmany of agitation s between “indigenothers are all offshoot “settlers”. Yet s es” and the so-called continue untilthese discriminatory tendenci es will consequences government begins to see the negative own country. of making citizens “foreigne rs” in their modate all There must indeed be Nigerians whereve a way to accomgive them a sense of belongin r they may reside and of origin”. g no matter their “state Since Nigeria always aspires als espoused to most presidential in the United States from of the idesystem of governm where the are worthy ent was copied, examples to there draw from. sons of former For governors in President George Bush instance, two also Nigeriantwo different America were elected n states. There s serving as ians in the United mayors are Kingdom. Yet and parliamentarthe brouhah everyone a Lagosian” as that attended the nominat remembers a Federal A critical imperati Minister in 2011! ion of a “non need for a constitut ve in these narrative s is the ional amendm Assembly will ent. a process for not muster the requisiteIf the National Muhammadusuch change, it behoove will to begin Bill of Rights Buhari to initiate an s on President executive Citizens in a constitut aimed at correcting the anomaly ion that blatantly evident full rights of failed to enforce citizens the residence. Incident in their places of birth and ally, it is also legal Progressives part of Now is the Congress (APC) campaig the ruling All time to walk n promises. the talk!

PRESIDENT BUHAR While we comSHOULD INITIAT I mend the position E AN EXECUTIVE CITIZENS of the northern BILL OF RIGHTS governors, AIMED we AT CORREC quick to say are TING that this THE ANOMA is a national LY IN A problem.

CONSTITUTION Besides, many THAT FAILED TO politicians have ENFORCE THE FULL RIGHTS over the years also OF CITIZEN IN THEIR PLACES S about the needspoken to OF BIRTH put an AND RESIDE end to such NCE dichotom

y but in that direction has been no there real effort with if we must . Yet it is an importan t issue to deal It is a known build a nation out of our fact that many diversity their ‘state of Nigerians outside . origin’ suffer and are denied all certain rights forms of discrimination unfortunate and privilege aspect of this s. The the framers of the constitutcitizenship debate is that failed to recognis ion e and address itself have consistently the pertinen t issues.

Letters to the Editor

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B

efore now, pop songster, known as Tuface, cuts Innocent Idibia, widely the picture person whose his comfort of an apolitical zone. However, wealth. This chief concern is his of the wave music, writer has making artiste recent development career since followed Tuface’s fame and pulling artiste from he was with has changed musical Boyz. roughened all that. The the stable announced rested Plantation Tuface was actuallythe defunct Plantation crowd that he would not a few feathers when the true face Boyz which against what local music be leading he recently of the now made wave scene. As the few years the President he termed “obnoxiou a nationwide protest, group went back in the s policies” Muhammadu on solo run, three artistes that made implemented instant hit In an unusual it is Tuface Buhari-led of the lot. by that turned up the defunct administra dabble into the Fela Anikulapo tion. out to be an Like the maverick political activism ’s days remiscent of late Afro beat, Instagram he released page to confirm the Benue-born artiste the block buster Fela Anikulapo Abuja and continued took to his that the protest Kuti, single, African Lagos. 2face to churn out will Queen, Tufacesince We the people wrote: “A remains perhaps one hit after call for good hold both in has the other. Till the most you. All your are tired. We can no governanc consistently date, he e… longer continue excuses and winning laurelsdecorated Nigerian wish to continue artiste of all strong point mistakes are with all of time, is his stunning both at home and not funny. with a system working but irresistible abroad. Tuface’s We do not sweet voice. and governme is his voice! afflicting Oh! How amazingly the people. nt rise against But then, as also is his There’s need that is not what is happening look. Tuface, alluring as patiently for naturally, as his no doubt, in this country for Nigerians to has a smashing voice is, so the legislators it is with artistes, having waited predictably th look. So, good look brought to and captivatin Tuface loads of female admirers. It great wealth, fame and, g voice Tuface once is, indeed, of course, trended significant on the described as ly, with what latter platform that his acclaimed a comedian population contributio once through the of women. kids he has n to the country’s growing raised from an assortmen So, all along, t one’s perception going, fun of Tuface is loving wealthy that artiste who a happy is logically 18 of content with

POLITICS Now That Ibori is Back, What Next?

MIDWEEKPOL ITICS The lion among humans often THE N metaphorically depicts towering Now That Ib E W S M A K E R ori is Back, W hat Next? courage, ferocity, strength and dominance of the environment. It is also T used to symbolise extreme societal duality, whereby the lion with its domineering prowess is contrasted with the feeble or less aggressive members of the society or the ecosystem. Page 18 T H I S D AY

• WEDNESDAY,JFEB

RUARY 8, 2017

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

Now that a forme r governor of in a London Delta State, prison for mone y laundering Chief James Ibori is back and related crime in the s, what is next? country after serving his term Omon-Juliu Onabu writes

Buhar poss b e sh ft n pract ce wh ch prev ous y saw government offic a s fly abroad for med ca care ast Apr Buhar s government announced t wou d no onger prov de a owances for med ca tr ps by government offic a s The pres dent s dec s on to seek treatment abroad a so revea s a ack of trust n N ger a s oca hea thcare fac t es

wh e m ons of N ger ans cannot afford expens ve med ca tr ps abroad Desp te a we -funded state house c n c th s s Buhar s second med ca tr p n ess than a year after trave ng to the UK to treat an ear nfect on ast June • Culled from Quartz Africa

killed, thus presenting a dangerous security risk of virus escaping into the environment.

These new stabilised VLPs are suitable as replacements for the current killed poliovirus vaccines and can be produced in ways that do not require the growth of live virus.

The Leeds team and collaborators say this form of vaccine, using the newly developed stabilised VLPs, would be best used after the virus has been eradicated.

David Rowlands, Professor of Molecular Virology and co-leader of the study at the university, said: “Continuing to vaccinate after polio has been eradicated is essential to ensure against the disease recurring, but there are significant biosafety concerns about current production methods.

“Our new method of creating the vaccine has been proven to work in lab conditions and on top of that, we’ve proved it’s actually more stable than existing vaccines.

“The improved stability of these modified VLPs means that they can be produced using bioengineering techniques without involving the growth of live virus”.

This study was a lab experiment, which shows stabilised VLPs to be effective in a controlled environment.

Further research using animals (rats and mice) is planned, as part of the essential process of making sure the new VLPs are safe and effective for use in humans.

Professor Nicola Stonehouse, coleader of the study, from the University of Leeds said: “The international drive to eradicate polio using existing vaccines continues, but methods need to be found to maintain vaccination safely as insurance after it appears to have been eradicated. This is when our approach will come into its own.

“Further research is needed to refine them more but we are confident they will work for all three forms of polio.

After that we need to find a way to manufacture them cost effectively on a large scale.”

The research has been funded through a $1.5 million World Health Organisation grant to a consortium led

by Leeds and including the National Institute for Biological Standards and Control (NIBSC), John Innes Centre (JIC) in Norwich, the University of Oxford, University of Reading, and the Pirbright Institute.

POWER SECTOR INVESTORS DEMAND SETTLEMENT OF N50BN DEBT CALL FOR TARIFF HIKE a cr t ca ana ys s of the extant eg s at on and regu atory framework gu d ng the N ger an power sector to determ ne f there s a need for amendments or enactment of new aws that w ga van se the sector to de ver the requ red resu ts ” the speaker sa d A so Sarak n h s address descr bed the ep ept c power s tuat on as the fa ure of governance He sa d pr vat sat on of the sector was meant to be the so ut on to the

NEWS Etete: Government Did Not Invest a Dime in

tation to end

Scientists Prove New Approach to Polio Vaccine Works Scientists have identified new ways to provide vaccines against polio, which do not require the growth of live virus for their manufacture.

Despite the success of vaccines produced from ‘virus-like particles’ (VLPs) for hepatitis B and human papilloma viruses, poliovirus VLPs have proved to be too unstable to make practical vaccines.

Now, a research team at the University of Leeds has found a new way to modify these VLPs, also known as “empty capsids” by identifying mutations which make their structures sufficiently stable to act as vaccines.

The empty capsids change shape when warmed and become unusable as vaccines, but the mutations identified in this research prevent these damaging changes.

Polio is on the verge of being eradicated worldwide, but even when it has been officially declared as extinct as a disease, governments will need to continue to vaccinate to ensure against it recurring.

Using current technology, the production of vaccine requires the growth of enormous quantities of live virus, which is then chemically

Two-Minute Briefing

prob ems of the sector but nstead t turned out that the generat on and d str but on compan es were bought by peop e who have no dea of how to run the compan es “We must be prepared to put N ger a f rst and the government tse f must be s ncere w th every dec s on that they have to take ” Sarak sa d Fasho a on the other hand sa d that desp te the cha enges n the sector ts pr vat sat on cou d not be reversed

add ng that structures needed to be put n p ace to strengthen the process and encourage nvestors Fasho a noted that generat on compan es were dea ng w th huge ab t es wh ch have m ted the r capac ty to pay for gas to generate e ectr c ty wh e t gat on was a so affect ng the growth of the sector He comp a ned that vanda sm was a so cr pp ng the sector as a most 3 000 megawatts of e ectr c ty had been decomm ss oned by vanda sm

he lion among metaphorically humans often depicts towering courage, ferocity, strength and dominance of is also used the environment. It to symbolise societal with its domineer duality, whereby extreme the lion with the feeble ing prowess is contrasted of the society or less aggressive members Thus, the lion or the ecosystem. as king of the in a jungle must be envisioned jungle.

This animal so regarded is, extension of in traditional Africa. indeed, And, by that logic, especially in a country the political arena, be likened to the jungle like Nigeria, must of political juggernauts, bestrode by a class the wild. who practically run Power and heroic exploits the lion. As the political are the hallmark of down nor intimidated lion is never bowed hostilities, he even in a blaze becomes a is held in natural leader, of awe mage loyalty and sometimes enjoys who James Onanefeamong the people. Even cult Ibori, the second so is governor of democratic Nigeria, DeltaDelta State, whose return to State and his hometown kith-and-quiet of Oghara drew variegate widespread Nigeria in reaction across the worldd but particular. and His seeming indomitable to the lion, spirit the always conscious king of the jungle is akin ment: survival of the basic rule of who is engageof the fittest. chequered political career His has been a emerge as which saw the him most powerfulgovernor of one of Nigeria’s oil producin Niger-Delta g states in the for another in 1999 and being re-elected term of four Even while years. in prison United Kingdom in London, the of his legendary , several tales abound political influence sagacious – practicall y all elections and major democrat bore the stamp ic positions in Delta into 2007 till date. of authority of Ibori State since Among his numerous alike, the apparentl admirers and foes y pent-up of Ibori’s return to the country anticipation years in jail after several in the United let loose following Kingdom the announce was first release from ment of his Wednesday, prison by a London Court on December 21, Despite the 2016. attention his attempt to reduce the public Ibori...pond homecoming was bound ering the way to forward attract by abandonin g earlier plans through Lagos to come Airport after his return near Warri, the crowds and Osubi Airstrip of frenzied could not Earlier, shortly from London.

The handw supporters be put the former a brief meeting after arriving Abuja, In only a few down or discourag too clear forriting appears Nigerian informati ed. days of return, of the Departme with the Director-Ghe had and erstwhile home of Oghara, on minister respected South-sou eneral nt of the administr his country Lawal discerning every quarters of Musa Daura, State Services (DSS), in the PDP, seems ative headth Ethiope West political with years of incarcerat to be disappoin leader were Area of Delta Local observer that ted that State, has regainedGovernment PDP, already on to get Iborihints that talks corruptio ion the largely under whose to jettison n and money in faraway UK over its status as suburban but has returned the lion his has obviously canopy he laundering State for eight Mecca that influential charges it political ailed to rule years, for the governed Delta ing in control Although he had been since 1999. over the actors political image to diminish Ibori’s towerAPC, the at the or clipped board a British had arrived the country Amid the deep centre in Nigeria. party leadership clout his wings of political jungle in the Airways factional on in the state down at the The handwriti nationwide. flight and country, crisis in the PDP Nnamdi Azikiwe that touched or arena. ng appears The expect discerning in Delta State as a deportee some PDP too clear for Airport, political observer leaders has every tion for Ibori and an ex-convict, the Abuja, to move to have hinted on their returned to that the lion against theation is that, readiness any political recep- to has been nothing rule over political rousing party go other than Ibori decides jungle or arena. the actors in the heroic welcome short the PDP. the consen backdrop of that, against heart of a The expectatio A member for a man withof a lion. the backdrop n is the represent of the House of With the rousing of the consensus his politicalsus among ing the Ethiope Representatives among his political associates, reception extended that West associ home East had including by close and Ethiope left including those ates, to him Idisi, national constituen those come back the PDP, embattled friends, politicalfamily members, cy, Mr said this much Ibori to kinsmen, that had associates while speakingLovett their number take his rightful positionhas left the PDP, citizens, who and ordinary newsmen when one political admire the with as Ibori arrived embattled Saturday, February dogged “fighter ex-governor Oghara on and even the South-sou leader in the state Ibori has come and for resource of revival of th region.

Ibori has already control”, signs the Benin Airport 4, 2017 after landing back to take State, the political stated clearly, at leaving from Abuja. his rightfu atmosphere Chief nay Nigeria, London that even before in Delta elders Edwin Clark, who he intends key player The state governor has emerged. led the group their numbl position as in the state to remain in the in the protracted political of in Delta a and well-know er one politic against Ibori of the Ibori n member political family, after he succeeded onslaught without State but Nigeria affairs not only leader in the al is among to get Dr Emmanue as a whole, Dr Ifeanyi seeking any the state and even l Uduagha somehow elective position.albeit thronged the numerous politician Okowa him in 2007, Obviously, the South-south n to succeed the s, appears Oghara who Lion country home stunned at called the Odidigbo of Oghara, popularly shaking reception Ibori. Okowa region the earthof Chief paid a courtesy for Ibori particular rigbo (big of Africa former governor visit to the Delta State. ly in politics and the “James Bond”masquerade) on Sunday, Although he barely 24 hours is poised of Nigerian has reportedly to put not comment behind him said he would adversities and forge on the heroic his ahead to exploit political welcome for Ibori, within frontiers as a formidabl the the Nigerian e kingmake r democratic space.

FEATURES Charting a Way Forward

Peace and security remain siamese twins that cannot be ignored in the socio-economic development of any nation.They have become a pedestal upon which any govern- ment be it local, state and federal plan their developmental programmes. Itt isssuch such deve opmenta programmes that if they are absent, no meaningful results can be achieved the delivery resu tscanbeach eved innthede very of dividends of democracy to their P people. Page 20

CITYSTRINGS Wike’s Projects Excite Rivers People

Cha ng a W ay Fo

T H I S D AY

BUSINESS Investor Negligence Blamed for N10bn Capital Market Scam Some capital market stakehold- ers have cited negligence and greed on the part of investors in the share scam involving Partnership Securities Limited (PSL). Page 23

FEATURES

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Quick Takes

Algorithm Media

In a bid to help Hosts Corpo rate Nigeria connect with brands and advertise rs consumers, recession, top-flight especially to properly engage and media agency, in this period of economic hold a thought Algorithm Media, to mark the leadership panel discussio is set to official unveiling n, an affiliate of of the company.as part of activities Algorithm Speaking on GroupM, a multinational the media services Media is Executive Officer,importance of the panel company. discussion, Algorithm is to apprise senior business Media, Seni Adetu said: Group Chief effectively communicate, leaders in the country “The purpose of the need during a recession engage and connect with consumerto while protectin to ensure optimal return s of marketing g the going concern The event, which investment will take place status of business.” its theme; “Connecti tomorrow in Lagos, will have recession”. Speakers ng with the Nigerian as Africa, Mr. Peter at the event include consumers during the President Njonjo; Chief Mr. Matthew Executive Officer, , Coca-ColaWest Willsher; Etisalat Mrs. Juliet Anammah and Chief Executive Officer, Jumia Nigeria, .

Nigeria,

GROOMING PROFESSIONA L MECHANIC S

W’Bank Lists

High-density Location is one Cities Benefi according to of the most importan ts t determinants the World Bank It noted that of welfare, someone who report. of five million moves from can expect to a village of 5,000 per cent. The see, on average, to new insights a wage increase a city the drivers of 25 of urbanisat into economic geograph ion and the investments—are payoff from y—including transportation “Not every place helping policy makers better manage Asli Demirguc develops at the same rate, this process. of economic -Kunt at a recent Policy ” said Director of Research, Research Talk geograph different provinces y. “Cities pull ahead on the topic develop at different of the countryside.

According to And a Senior Urban rates.”

Deichmann, cities are driving Specialist at the World through the Bank, Uwe economies of these differential rates of cities allow Goddy Egene industries to scale they make possible. development matching, and flourish through High-density processes of smaller scale. learning that could not sharing, ECONO MY Some capital happen as efficiently And as countries market stakehold While the benefits Exchange (NSE), urbanize, incomes ers have cited at a of dense cities Securities and go up. policy dialogue Exchange Commiss are widely recognize greed on the negligence and the proceeds. ion (SEC) operate outside the purview policy makers on this topic was not always or EFCC. This in the share part of investors from São Paulo so positive. A d now, the of is either pure SEC and NSE. In the He was also increasing urbanizat decade ago, to Thimphu feared Partnership scam involving introduce process of said to have negligence or there is ion, including Securities Limited something operating outside the that we do not d a congestion, the downsides of (PSL). superviknow,” a market sion of the regulator Partnership product called operator pollution, and Heritage Bank Securities Deposit sprawl. s, some of The Chief Executive said. those CMOs Account (PSDA), Spons In have a bid to promote Meanwhile, Officer investors ors TV Show of PSL, Mr. which market infraction committed Victor Ogiemwo Heritage Bank local foods and strengthe keeping their involved and operators market regulators and s. BGL Group is currently nyi with Plc has sponsore securities n the domestic Partnersh have expressed in the company Joints, a television market, Economic and the custody of annually. ited are typicalip Securities Limfor a return optimism that the risk programme d season three of the Bukas The launch of supervision(RBS) based organisati examples. Both While the investors hosted by Commission Financial Crime are & the (EFCC) and battling to ons used subsidiari Lagos recently screening of the Season-3Olisa Adibua. and the framewor framework not criminal and facing money, get back regulated es k to identify civil charges Alabi Media, was a well-attended media television food show market operators their systemic misappropriating in for they wondered the to market by SEC and NSE non-bank event organised said Heritage Bank. producers of the programm money

by Biola how an investor institutions (NBFI) financial and servicesfinancial products some of his The featuring clients. Particular of would receive African Independ of the event e in collaboration with the broker, 80 trade alerts introduced by the recently by investors that led to losses ly, on the a SEC aThe Season-3 ent Television (AIT) on will started screening on . sale of his member of the former Council did Sunday, February shares, he help to check the activitieswill This developm not get the In the South-easwas screened in Enugu operators ent 5, 2017. of a lot have sold sharesNSE, was said to shares proceeds in the South-eas t, the local bukas of concerns has given and yet waited of the company who use holding included Ntachi-Os of former Chief to investors that the productio t and Abuja.

36 Executive Officer structure to perpetuate who said it for three a Canteen, n Restaurant was discourag infractions of Ecobank months before raising Transnational and New Berries in the New Haven of team visited for them to in the market. the alarm. ing “Why did an Incorporated patronise the Bag located Enugu, Emily Park while While the Mr. Arnold investor receive at capital market through SEC and Ekpe, worth (ETI), 80 alerts that Kitchen based Ramaya Royal Park on in Abuja they were Bean register NSE CMOs and billion and his N1.24 Ahmadu Bello misappropriated being sold and shares are market and licensed capital do not get enough protection Garki, Abuja. in Wuye and a Kilishi joint Way, Iyo Oyo operators Group refused to located However, act – report .

Head, in (CMO) to Corporate Communi Area 1 Garden Bank, Mr. Fela officials play to Nigerian in NSE, who spoke of SEC and Ibidapo, said Stock the in the market, some cations with the programm the bankWEDNES DAY,of Heritage to THISDAY CMOs float of FEBRUA was proud to RY 8, 2017, e in order to promote subsidiaries be the domestic that • T H I S D AY local foods and associated market. He hinted Continued of our heritage, strengthen that since indigenou on page 24 increasing local the bank will s food is part Acting continue to Obinna Chima Featur chart a path esforward job growth and food production and processin Editor Email He g, while supportintog : Charles Ajunwa would continue healthy communi The macro-eco ECONO MY to support the ties. charle assureds.ajunw that the a@thi relate to the ratio (CAR) programme in the countrynomic challenges Nigerian heritage. sdaylive.com of 15 per cent and also othersbank new season, as well as banks without while Speaking on level of depreciat the regulator Adibua said his experienc that international Markets as book runners. the through that subsidiaries y threshold by the nation’s ion suffered offer was fully the travels whole essence of the show e on the The Capital adequacy . lifestyles of and of 10 per cent.maintain a CAR was that compel more currency, will sistent the people they discoveries exposed But before the subscribed.

The minimum them to the issue for a is a per- requirem commercial meet in different recent Access banks to seek ent Bank’s number for systemic Nigerian banks. cities. offer, the last of for avenues beef their capital Eurobond Regulatory important banks (effective ally issued out to of Nigeria this year) is this year, a capital ratios have July October Lagos-based been im16 per cent. pacted by the 2014 by Seven was in First large research firm, investment and of Energy the naira givendepreciation LimitedCity Monument Bank Finance Limited.

CSL Stockbrok Limited stated ers of dollar (FCMB) the Sourcing naira “Economic recovery and lending in the extent sold N5.1 billion last week also bonds has titled: “Capital in a report They transformative become a sector. bonds, less have also Adequacy: growth Pulse Check.” been hit by than it originally high interest tough call given cannot be achieved the sharp rise planned rates on treasury to raise, at in impairme by The move, bills and FGN the governm an interest (implying nts ent alone. It rate is expected the firm added, earnings little or no retained coupon of 17.25 Wema Bank bonds. is essential percent, to t is not).a to harness the advisers said had nancial institutioenable the fisurprise that entrepreneurial on Friday. its on an issue of N20 embarked The Central enters ns withstand anywhere seven-yea The local in the Bank any shock billion in state,of he r bond was Nigerians from nature of Nigeria (CBN) people currency bonds in the industry shout ‘Mr. issued by troopway requires outof the MSMEs Project’, well as to toa book-bui that‘Mr. after to the large banks is the remain above as with Project’. lding with scrapping plans in internatio new name Standard domestic This nal 2015 the maintain the people Chartered Bank, issue a $100 and multinational to State have given subsidiar ies ofinvestme Rivers million 7-year a capitaltheir corporations” governor, Nyesom nt bank Chapel local dollar bond adequacy Ezenwo Wike. because of currency Denham Hill This last week when he movedagain played out and FCMB Capital Minister of Budget where he and National to L-R: CEO, Automed Student, Oleum ics Limited, Mr. Kunle Shonaike; Acting Ikokwu, during Academy Bath 3 Graduatin the graduatio g Class, Mr. CEO, OVH Energy Marketin n ceremony Adeniran Ajuwon g, Mrs. Olaposi of Oleum Academy and Head, Lubricant Williams; Best Batch 3 Graduatin Overall g Class, at OVH s, OVH Energy Marketin Graduating Energy yard, g, Apapa Lagos…rMrs. Lillian ecently

Investor Negli gence Blame N10bn Capit d al Market Sca for m

CITYSTRING S Raise Capital in 2017

More Banks to

Wike’s Proje cts Excite Ri vers People

It is not a surprise that anywhere he enters in the state, people troop out I to shout ‘Mr. Project’, ‘Mr. Project’.This is the new name the people of Rivers State have given their governor, Nyesom EzenwoWike. Page 36

Due to the office, Rive number of projects he has initiated by the peoprs State Governor, Nye and le each time Ezenwo inaugurated since Iriekpen write they catchsom a glimpse of Wike, has been dubb he assumed s him anywhere ed 'Mr. in the state, Project' Davidson

INTERNATIONAL Nicolas Sarkozy: French Ex-president

Ekpeye land flagged Planning Continued Edeoha-Ikata-Ochigoff the completio on page 24 n of the Udo Udoma ba-Ozocha that the area Road, pledging developmentwould experience unprecede nted the communi now that peace has returned to ties and their Performin environs. of the road, g the flag off of the constructi on was awardedthe governor said the in fulfillmen contract the former t of his promise Deputy Speaker Representatives, of the House to Hon. Chibodum of He said the immediate Nwuche.

Congress (APC) past administrationAll Progressives abandoned in the the was working road project because state had Nwuche with him at that the contracto the r would be time. He said as the state mobilise for the road government has released to site project. funds He said: to another "Though Nwuche has moved political party, my promise, I am bound by the construct hence I am here to charged the ion of the road." The flag off people of with the contracto the area to governor cooperate r by providing environment a peaceful for the contracto work as scheduled r to deliver his . Accordin road would g to him, be inaugurat the projects for ed among the the Jubilee In his remarks,50th anniversary of East Constituen member representin the state. road would cy 2, Hon. Ehie Edison,g Ahoada create said the in the constituen access to 21 communi Akpabio (middle) cy. He noted ties inaugurati of the area left) ng Igwuruta-C that the people are grateful hokocho Federal his promise, that Wike Road constructe pledging has kept in Ekpeye that d by Wike. land will remainhis support base Flanked by Wike (1st right) The road strong. and his deputy, Wike has project is among the Mrs. Ipalibo awarded or many that Gogo Banigo assumed office inaugurated (1st how backwardas governor in 2015. since he road infrastruc the state was in Knowing the area ture and how difficult it of was

WEDNESDAY FEBRUARY 8, 2017 • T

INTERNATIONA H I S D AY

L Nicolas Sarko zy: French Expresident Or to Stand Trial dered

Despite the scarce resour and the pressu 47 ces APC-led federares from the and its agenc l government ies, Wike has email:foreigndesk@ remained undau thisdaylive.com nted. His focus is on how to bring development based on the to his people A French judge support he massive has ordered ex-Presiden has The investigatio t Nicolas Sarkozy them. So far, received from n into Mr president to be put on trial stand trial in an to since 1958, when the illegal campaign Sarkozy centres on months, the in the last 20 finance case. whether current French republic was established. the ex-leader Lamido was aware of Former leader left) inaugurati alleged fraud. the Jacques Chirac was given a two-year suspended embarked governor has thatMr Sarkozy faces(2nd ng the reconstruc prison sentence on and compl his party falsified accusations Thirteen ted Ozuoba-Ru in 2011 for diverting public funds and abusing other over 25 critica accounts in eted muosit: order to hide public trust. expected to be people are also Egyp Road in ObioAkpor 18m euros (£15m; We to move tried. are Local sundry projec l roads and $20m) ofgovernor Afric one communi Governmen However, Mr campaignfrom anst Area. ty to another, Sarkozy’s lawyer, spending and WikeWe on in 2012. assumpti (3rd right) Thierry the says Envo state, thereb ts in the to change are on ofHerzog, and Prou others watch haspledged office, said he will scarce resources the situation.

Mr d launch an appeal the pressures From denies APC-led federal andy suffering of y reducing theaware ofSarkozy May he 2015, was hardly from the order, because against the trial Wike government the overspendin end Alexhas without the his people Enumah wouldonly over 25 critical and its agencies, g, and one of the remained will appeal in Abujaundaunte a month governor two judges or against roads on inaugurat

Ordered to Stand Trial A French judge has ordered ex-President Nicolas Sarkozy to stand trial in an illegal campaign finance case. Mr Sarkozy faces accusations that his party falsified accounts in order to hide 18m euros (£15m; $20m) of campaign spending in 2012. Page 47

eitherhandling how in the state, part of Africa but the order and sundry flagging ing atonew stand trial. theoff focus must case Africa to bring developm d. His signed thereby reducing projects tion of project is continue the order. of his to is reputed entdrive to the admira- based on the dreams to his the massive continent as its people. as the cradle He lost the 2012 the people of the peopleand aspirations “Thestate. support from brothers. the suffering civilization of he clearDespite race, and failed of the them.

As a andSo disagreeme hascontinent. there The diplomat in his bid to is no far, strategy”, the nt governor between indisputing the last 20“Africareceived people, demonstr ation disclosed the fact thathas run of his love that for Maher he added. months, Wike Egypt stands Egypt year’s upcoming again in this charge the two magistrates in is reputed is unperturb in demonstrat the asare as the his stated that of the matter is bastion of that embarked the cradle on and ed if the of civilization presidential ingroad complete its projects amiable civilization. such a rare election. or not. and Egyptifhas federal affinity battle for independenc long after the with event that it is Hethe people also Also by its geographical the stood as the bastion d does worth underlining, of Africa area is in ‘oppositio not consider What charges been fought and e of Africa had of that amiable particularly, location civilization duringn’ up in the does Mr Sarkozy as it illustrates the inanity thedomain won; colonial orremains era became face? and remained resolute of the an enviablenorth, Egypt occupies decision,” Mr not. resolute and his country strengthening the in libration a rallying point in the the Herzog said committed to The case is in a the African status as gateway to struggles of all dreams known as the statement. among African sense of solidarity countries.

African continent. and aspirations of the continent.

Bygmalion scandal. peoples.

Growing scrutiny The country, boasts “ Although Africa “In the 1950s It centres on of a unique He recalled the The developme is diverse and 60s under in the outlook nt comes as mix of cultures, that emerged Sarkozy’s party,claims that Mr other in the formation role Egypt played of its peoples, the guardian leadership as a languages, French politicians result of different then known and financing of the inimitable as the UMP, civilizations religions the of have faced questions region’s body Gamal and cultures, and Africans religious beliefs, connived with Organization of Egypt manifestedAbdel Nasser, African over their have found strength friendly PR company a financial Unity now African well on its soil. that blended so dignity dealings. itself as a and rallying to hide the as one people true cost of his Union and other developmen point in the Francois 2012 According to exceptional cultural bound by struggles libration t agencies. election campaign. presidential Mr SarkozyFillon, who beat Ahmed “Egypt of all Maher, African countries, and social Press and Information has been a founding linkages, in a to become France sets limits member quest to preserve which ensured that most on campaign centre-right’s candidate for the the Embassy of Egypt Officer of their values African of Africanof the then Organization spending, and and emancipate states are completely independent presidentia the This amazing in Abuja, Unity (OAU), today”, he said. blend of diverse their entire people from firm Bygmalionit is alleged the misusing l race, is accused of which gave Africa background a significant role s, especially between hegemony and historical foreign “During Sarkozy’s party invoiced Mr his wife public funds to employ in Coptic Christian injustice”, countries his reign, most African the international Arena. and two children. rather than the culture and Islamic he said. campaign, allowing Both Egypt and were Meanwhile, the UMP to In trying to the European culture all together, define under colonial still wallowing around Nigeria contribute spend almost Parliament stress a rule. current the double the amount Egypt’s third Therefore, heritage and is socio-cultural Nasser’s permitted.

Union’s annualof African France’s far-right demanding of the Egyptian society. character African nation, root as an him the position bestowed on and leader Marine budget Employees at rare responsibilit the embassy’s have robust He noted that, Bygmalion have Le Pen return funds it says y as one role in of the admitted knowledge it is this unique spokesperson succinctly she has misspent, by paying puts it the few African leaders to chart peace- keeping operationsthe thus: “I of the ruse an aide at the character that Egypt shares and several course of freedom. the continent in with African”.no be oyibo. I am true other African countries UMP members National Front party’s headquarters and its economic From that time, already face in Paris. charges. its root in the continent,that confirms colour According to him, the valuesNasser consolidated the integration. of the Egyptian of the 1952 Revolution, adding that “Other institutions Mr Sarkozy is may be different from the second French Egypt’s constitution did such as the prestigious the rest of sub- mobilised other African not only describe the country African Studies leaders Center, as a profound Saharan Africa; Egypt nevertheless and pointed a way Africa views every freedom fighters, forward for were created Journalist Union country on who emulated in Egypt the his passion Africa’s intellectual to enhance and worked with and Media his collaboration Payroll Servic s”, Maher stated. e for

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SPORTS RangerssGe Range Get NN1m mPe Per Goa Goal Boos Boost as they heyDepa Depart for Algeria Ahead of Friday’ AheadofFr daysf s first rst leg, eg pre preliminary m nary round game of this year’s CAF Champions League between Rangers Champ onsLeaguebetweenRangers International Football C Club of Enugu nternat ona Footba ubofEnugu and the J.S Saoura of Algeria, the Nigerian champions have been boosted with promise of N1million for every goal scored against the north African team. Page 55

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a Water, Sanita States Agenc DAI is a partner y for in tion, Hygien achieve the dual the implementation of the e (WASH) Coord International Develo USAID/Nigeria benefits of improved pment public in governme ination Projec health and well-bein Water, Sanitation and nt's ability to Hygiene t (WCP) g for Nigerians deliver basic services. through increased (WASH) Coordination Project DAI invites firms to (WCP) in Nigeria. and more financiall below and interestedexpress their interest in Activities are y sustainable submitting a designed to access and to firms will receive build the confidenc a detailed Request quotation to provide payroll All interested e of the services for Nigerian for Quotation parties should (RFQ) Monday, email payroll_w award.

13 February 2017. DAI employees. Expected cp@dai.com quotation specificat by 5:00 PM local RFQ No: time Sunday ions are listed 12 February 2017 in order Title: RFQ-Nigeria to receive a copy WCP-2017/0 of the RFQ and Issuing be considere 1 DAI WCP Office: d for Payrol Questio

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RFQ reporting process c. All applica ing, output s and reporti applicable ble tax withholding, ng law and remittance,for DAI payroll 2. Provide and reporti a compre regulations and change hensive ng in compli and respon s ance with 3. Ensure sive employ ee resourc 4. Mainta compliance with e for payroll in DAI payroll 5. Provide a high level of policies questions customer recomm , a nd applica satisfac endatio applicable ble tion for ns on payroll laws and pay recipie laws and regulat regulations policies Please ions nts and promp email payro t notice with comp ll_wcp@dai. of any change lete specif com to s in icatio receiv

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NEWS

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

Etete: Government Did Not Invest a Dime in Malabu Oil

Tobi Soniyi in Abuja

“Such funds cannot be disbursed by any other means except upon A former Minister for Petroleum expiry of the agreement at which Resources, Chief Dan Etete, point the funds revert to the source has disclosed that the federal of origin as enshrined in said government did not invest a dime agreement or as otherwise stated in Malabu Oil and Gas Limited, by same. How the funds paid and is therefore not entitled to share into an escrow account suddenly from the proceeds which accrued become the property of a party that to the company from settlement were themselves a signatory to the escrow agreement baffles me? For of the company’s disputes.

Etete, in a response he issued to the avoidance of doubt, the federal correct many of the misconceptions government received its share of surrounding the out-of-court $210million as signature bonus as settlement of the dispute in which per instructions that flowed from the company is enmeshed, said the escrow agreement and by the those claiming that proceeds escrow agent.

“Others even more gullible from the settlement should go to government were merely being said the funds were paid into the Federation Account and should have gullible.

Etete alleged that some powerful been appropriated by the National people were using the presidency Assembly for spending! Nothing to turn an otherwise legitimate can be further from the truth.

“Now, while it makes for great business transaction into criminality.

He also explained that the fact tabloid selling headlines; the story that the money was paid into an that President Goodluck Jonathan escrow account did not mean that it and his brother or kinsman or belonged to the federal government. friend, Etete, stole over a $1billion The former minister stated of Nigeria’s money, nothing can be that the media had been fed further from the truth. I can say this with outright lies and had not confidently because if any one of bothered to carry out independent those mainly online junk journalists investigations to unearth the truth. had bothered to investigate beyond Etete insisted that Malabu Oil what my detractors had bribed did not do any wrong but claimed them to propagate, they would what was legitimately granted to realise that not a cent of the it by the federal government after money in question outside of complying with all the requirements. the renegotiated signature bonus He said the company was not of $210million and the profit taxes granted any concession or favour to be paid during the lifetime of but was complied with all extant the oil blocks operation, belonged laws just like other companies that to the Nigerian state.

“The initial award on a sole were granted OPL at the same time.

He noted that yet, those companies risk basis (as explained earlier) to had not been accused of corruption. Malabu Oil and Gas, the Petroleum Etete also said he came into Act of 1969 and its subsequent Malabu as a consultant and amendments, the Federal High invested all his life savings into Court by its judgment that returned the company to make sure the the block to Malabu, the settlement agreement between Malabu and company succeeded.

He said: “I have read with great the federal government in 2006 bare incredulity, accounts by several ample witness and confirmation publications on how the settlement of this.

“The block in question has no payments were made into federal government’s “Escrow Account” scintilla of government equity and was subsequently, “illegally” within it and government had transferred to Malabu. Firstly, expended not a dime of the over anyone with more than a passing $500million that had gone into it’s understanding of the financial world exploration that discovered the knows that an Escrow Account and actual reserves that reside in the the funds therein cannot ab-initio asset and government had no time be owned or appropriated by any whatsoever within the life of the one individual or group. It is a asset, sought to implement any notional connotation, governed by back-in rights it might claim to instructions given to one who is have on the asset.

“For anyone in their right mind appointed escrow agent over such funds and bound strictly by said to aggregate ownership of the block instructions to disburse the funds to Nigerian government outside upon fulfillment of certain recitals of the giant signature bonus and enshrined in the escrow agreement. profit taxes it has received and

Osinbajo: We are Committed to Fixing the Economy, Engaging the People

Tobi Soniyi in Abuja

The Vice President, Professor Yemi Osinbajo, has said the federal government is committed to a continuous engagement with the people to explain government policies, receive advice and criticism.

Osinbajo, in a statement, also said the government remained committed to fixing the economy.

He also commended the Inspector General of Police (IG), Mr. Ibrahim Idris, and his officers for handling last Monday’s protests with professionalism and respect

for the rights of citizens.

He said: “We are committed to a continuous engagement with our people to explain government policies, receive advice and criticism.

“Cabinet ministers have gone round eight states so far, holding town hall meetings, the most recent was yesterday in Ilorin. There will be more of such meetings in other states that are yet to be visited.

“With complete focus on improving the economy every day, the recession will soon be history.”

will receive throughout the life of OPL 245, likens the Nigerian government to a shop keeper who still claims ownership of goods in his customer’s home cupboard long after same has been paid for, receipted and transported home.

“It is therefore curious that some people who live in the dark fringes of our national life have spread unfounded propaganda through their equally dark agents of misinformation, that money that should have been used for hospitals and roads was what one man called Etete took for himself and shared amongst his friends, associates and playmates.”

He also said the Abacha family has no shareholding interest in Malabu Oil and Gas Limited.

The past minister said: “In any case, I Dan Etete, I’m not now nor have I ever been a director or shareholder in Malabu Oil and Gas, and historical or current checks at the Corporate Affairs Commission (CAC) by anyone who values the truth can confirm this.”

According to him, the company did not know how rich the area covered by the OPL was as at the time it applied to acquire it.

He said: “The award of OPL 245 to Malabu Oil and Gas was done in 1998 on a Sole

Risk basis and for a signature bonus of $20million and it is very important that these dates and terminologies be understood by as many as are willing to maintain an open mind.

“A sole risk asset as the name suggests is one in which the awardee is solely responsible for prospecting, exploring, searching, working and detecting any overt or hidden deposits within the area of interest awarded without any recourse to the government who awarded the licence. In essence, this means that if you spend your last $1million which is your entire inheritance or fortune

on the asset and after a long and difficult exploration programme, you come up empty, you would have done so at your sole risk and nobody will entertain any request for refund of exploration costs, so it was in your interest to do everything in your power to ensure that your investments were not lost, including moneys paid as signature bonus. Conversely, in the event that your exploration efforts are successful, you are also entitled to keep a 100 per cent of your recovery subject to the government exercising its back-in rights.”

TOWARDS IMPROVED POWER

L-R: President & CEO, GE Nigeria and GE Grid Solutions/Energy Connections, Africa, Lazarus Angbazo; Chairman and CEO, GE Global, Jeffrey Immelt; Chairman, Mainstream Energy Solutions Limited, Col. Sani Bello (rtd); Managing Director/CEO, Mainstream Energy Solutions Limited, Lamu Audu; and President and CEO, GE Africa, Jay Ireland, at the signing ceremony of the Memorandum of Understanding (MoU) between GE and Mainstream Energy Solutions on Kainji 1G7 Rehabilitation and Development of Renewable Power Projects in Nigeria in Abuja...recently

Kachikwu: Petrol Pricing Template Not Inflated, Explains Sales of Forex by IOCs Says fuel importation to end 2019 Damilola Oyedele in Abuja The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, has said the petroleum pricing template being used by the Department of Petroleum Resources (DPR) to fix the price of the product at a maximum of N145 per liter, is not inflated.

This is as the House of Representatives Committee on the Review of Pump Price of Petrol insisted that there were several unnecessary charges in the template particularly those related to transportation, which when removed, can reduce the pump price of the product.

At the continuation of the hearing yesterday, the minister said 71 percent of the N145 is for product, and the foreign exchange rates.

“Where the problem is on foreign exchange rate of conversion, there are two key elements in the template, one is how much do you buy it and how much is the foreign exchange conversion,” he said.

The minister added that the price of crude oil is internationally fixed, while the cost of foreign exchange

is a monetary policy issue.

Speaking on the removal of subsidy on petroleum products, Kachikwu it is affected by policy and foreign exchange changes.

“Subsidy may well drift back because subsidy removal was in a specific exchange rate, specific policy index as at the time it was done, and we did not remove it.

What we need to do today because of the movement of the foreign exchange application, is to begin to say: can we be more efficient in templating to be able to cover the gap that we see emerging? Two, is there something that we can do in the interim on the foreign exchange conversion aspect to keep the prices from jumping above the 145. “…and we are working on those, I am sure we will come up with something very quickly,” the minister said.

At the hearing, Kachikwu and the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, also explained that the International Oil Companies (IOCs) have been selling foreign exchange to major oil marketers, as their demands cannot be met

by the apex bank.

The minister said it was an ‘intervention scheme’ to reduce the scarcity being experienced by the major oil marketers, who source about 40 per cent of their forex from the CBN. The scheme, he said, was establishedafter an inter-agency team was formed comprising the Nigerian National Petroleum Corporation (NNPC), CBN, Petroleum Products Prices Regulatory Agency (PPPRA), and certain criteria were set.

The beneficiaries were screened using the criteria, Kachikwu explained. Emefiele, who was represented by the Deputy Director of the CBN, Dr. Sarah Alade,backed the minister’s submission.

“There is shortage of foreign exchange. In 2013 to 2014, federal government used to get $2 billion to $3 billion monthly and the CBN in the interbank, sells about 30 per cent of that. 70 per cent come from the foreign investors.”

“Today, we get $600 million, $700 million. Nothing comes in from interbank. $1. 5 million is sold everyday and $1 billion was

done in December to clear matured letters of credit,” Emefiele told the committee, adding that things are not they way they used to be.

Speaking further, Kachikwu said Nigeria would be able to stop importing refined products by the year 2019, as the government has been able to attract investors to partner the NNPC to initiate a model that would see to the repair of the country’s refineries within two years.

Already in the last two years, the government revived the refineries to produce eight million out of the 20 million required daily for national consumption, the minister added.

“This has consistently served as a target for this government so that

by December 2018 NNPC must be able to deliver on some of the terms given them, one of which is to reduce petroleum importation by 60 per cent. By 2019, we should be able to exit completely the importation of petroleum products in this country, and subsequently boosted by the fact that Dangote obviously is building one. So we expect to have an excellent situation then,” he said.

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COMMENT

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

NWODO AND THE FUTURE OF NDI IGBO (1) The Igbo will fulfil their destiny in Nigeria, writes Sonnie Ekwowusi

T

he inaugural speech of Chief John Nnia Nwodo, the new chair of Ohaneze Ndi Igbo, the apex pan-Igbo socio-cultural organisation, has been making the rounds. It is a must read. It inspires. It speaks truth to power. In an age in which many Igbo intelligentsia and politicians have cowardly refrained from calling things by their names in public ostensibly for fear of losing some political “favours”, John Nwodo’s speech is an invitation to courageously show firmness in subscribing to the principles of democracy - equality, social justice and non-discrimination on grounds of place of origin, religion and ethnic affiliation - as enshrined in our 1999 Constitution.

Nwodo’s speech depicts him as a man highly uncompromising with the truth. One truth which the Nwodo-led Ohaneze Ndi Igbo must hurriedly restate is that the Igbos are still capable of fulfiling their destiny in Nigeria. Speaking about the Igbos during the days of his pioneer missionary work in Igboland, Bishop Joseph Shanaham, said: “You can search the whole world and find no people more charming than Ibos”. To Shanaham, the letter I. B. O (IBO) meant something great. “I” stood for industry and ingenuity; “B” means boldness and “O” stood for obedience. But unfortunately the qualities and place of an Igbo man are irresponsibly being denied in the strange Nigerian stereotypes. For instance, one of the strange stereotypes is that Igbos do not go to school. Another stereotype is that despite their resourcefulness the Igbos are incapable of forging a unity to properly clinch what belongs to them in Nigeria. For example, writing in The Guardian Newspaper of last Sunday under the title “The Ambivalence of Ndigbo,” Dan Agbese alluded that Igbos are a confused lot who seem not to know what they want in Nigeria. Instead of seeking alibi in Igbo marginalisation, Ndigbo should strive to grab the presidential power which they think they deserve as nobody would deliver it to them on a platter of gold. He quotes the late Ojo Maduekwe as once saying that the demand for Igbo President was “idiotic”. Agbese also quotes Rocha Okorocha who, in reaction to Olusegun Obasanjo’s assertion that Igbos should produce the next Nigerian president, said that no Igbo man can be president until President Buhari had done two terms.

In case Agbese doesn’t know, very few people took the political views of Ojo Maduekwe seriously during his time.

Similarly, very few persons really bother these days to reckon with words falling from the lips of Rochas Okorocha. Contrary to Agbese’s view, it is untrue that Igbos are incapable of getting what they think they deserve in Nigeria. The Igbo race remains a highly intelligent race. Igbos are quick grabbers. They are conversant with the Nigerian political terrain. They know what they want in it. Truth is that the hijacking of Igbo politics by those whom Chinua Achebe branded as Igbo political renegades may have sounded the death knell of the collective survival bids of Ndigbo. In the various Ndigbo publications, at the various pan-Igbo cultural association gatherings and Igbo economic summits, the collapse of traditional Igbo political leadership alluded to by Professor Adiele Afigbo, Elizabeth Isichei, Dr. Chuba Okadigbo, Dr. Arthur Nwankwo, Professor Chinua

I. B. O (IBO) MEANT SOMETHING GREAT. “I” STOOD FOR INDUSTRY AND INGENUITY; “B” MEANS BOLDNESS AND “O” STOOD FOR OBEDIENCE

Acbebe and others had constantly featured. For instance, copiously quoting Prof. Afigbo, Prof. Anya O. Anya, in his incisive paper at the Ohaneze Ndi Igbo National Symposium marking the Igbo Day in September 2009 stated that the collapse of the traditional Igbo political leadership had led to the inauguration of “permanent experimentation in Igbo land in the search for the appropriate” leadership that would lead to the much-vaunted harnessing of the potential and endowments in Igbo land. According to Prof. Anya, there was no where that experimentation was most loudly felt in Igbo land at that time than in the messy Anambra political situation.

Remember the ruffians and scallywags who once hijacked the Anambra politics until God used the person of Peter Obi to redeem Anambra State? Remember the Okija Shrine melodrama and all that? The point I am trying to make is that the hijacking of Igbo politics by some Igbo political renegages is only a momentary set back and not a death-knell.

Happily Nwodo understands this. Small wonder he said in his speech that the days of seeking consolation in Igbo marginalisation are over. Igbos, according to Nwodo, are poised to seize the moment and excel in it. After all, Igbo ingenuity thrives in adverse circumstances. It is still a mystery today how the Igbos survived the Nigerian Civil War. “The challenge of disadvantages should be the Igbo man’s gold mine”, said Sir Louis Odumegwu Ojukwu many years ago.

In seizing the moment, Igbos, said Nwodo, will no longer tolerate atrocities committed against them. One atrocity which Nwodo is urging the Buhari government to stop immediately is the killing of demonstrating unarmed citizens who respectfully call themselves Indigenous People of Biafra (IPOB) and Movement for the Actualisation of the Sovereign State of Biafra (MASSOB). For example, on February 9, 2016, the Nigerian soldiers shot and killed countless unarmed pro-Biafra protesters who were peacefully holding prayers inside the football field of Ngwa High School, Aba in Abia State. The photographs of the murdered victims were circulating on whatsApp at a time. On May 30, 2016, over 30 Igbo civilian demonstrators were killed and many injured by the military after the several clashes involving the military, police and members of IPOB and MASSOB at Nkpor-Agu, Niger Bridge, Onitsha and Asaba. Then recently the security operatives shot and killed some members of IPOB who were holding a pro-Trump rally in Port Harcourt.

The questions begging for answers are: why shoot and kill defenceless civilians holding a peaceful rally? I don’t know what is wrong us in Nigeria. For instance, in the past two weeks or so, some American citizens have been organising serious demonstrations against President Trump yet Trump has not ordered the security agents to kill the demonstrators. But here in Nigeria the Nigerian securities operatives are killing demonstrating defenceless civilians. The same Nigerian security agents who have refused to shoot and kill the murderous Fulani herdsmen are turning round to open fire and kill unarmed Nigerian civilians?

AJAOKUTA STEEL: QUESTIONS AND MORE QUESTIONS

T

Nurudeen Aliyu Musa raises questions about the ability of a Russian company to manage the project

he response given by Natasha Akpoti on the various issues raised by the Association of Small Scale Steel Marketers and Scrap Dealers of Nigeria (ASSSMSDN) which bothers on her campaigns concerning which company should operate Ajaokuta Steel Company has raised more questions than answers. And Amoti owes the Nigerian public clear explanations on the matter.

Last week, ASSSMSDN alleged that Amoti is more or less campaigning for the Vaswani brothers, owners of Premium Steel and Mining Limited, to take over the Ajaokuta Steel Company in Kogi State. The group however noted that the record of Vaswani brothers in managing Delta Steel Company, Aladja, Delta State, which it acquired through their Premium Steel three years ago, is unflattering. Delta Steel is now a shadow of itself as no form of industrial or productive activity has taken place there since then.

On Friday, February 3, 2017, Natasha took to her Facebook wall and accused the Kogi State Governor, Alhaji Yahaya Bello, of sponsoring ASSSMSDN activities. She said that she initially suspected three people: former President Olusegun Obasanjo, Dr. Kayode Fayemi, Minister of Solid Minerals and Steel Development and Kogi State

Governor Alhaji Yahaya Bello. But she later became convinced that it was Governor Bello.

Natasha should realise that she took up the campaign on Ajaokuta and other steel matters out of her free volition and from all indications, she is enjoying the public attention it is giving her. She has all the right to demand the best for Nigeria. But she has in process made various allegations against many highly placed members of the society including past presidents and ministers. It is therefore pertinent for her to know that her actions are generating and would continue to generate public interest and reactions from people some of whom may demand that she make clarifications on some salient issues like the ones raised by ASSSMSDN. Accusing Governor Yahaya Bello of being behind the group that issued press statement on the matter do not in any way address the important questions raised by ASSSMSDN. One, what is Natasha’s background and experience in steel making? What qualifies her to become an adviser to government on the company with the requisite technical knowhow and financial capacity to operate steel companies? Two, why is she putting so much time, energy and resources on the Ajaokuta and other steel sector issues including her plan to organise a road show

or rally as she has indicated?

Three, is Natasha aware that the consortium called TyazhPromExport (TPE) which originally built the Ajaokuta Steel Complex over 40 years ago was made up of different companies from the over 19 countries that made up the old Union of Soviet Socialist Republic (USSR) and are therefore not currently domiciled in Russia or Ukraine, the basis of which the group said Natasha Amoti’s alleged claim that Russian President Vladimir Putin has expressed willingness of his country to complete Ajaokuta is doubtful?

Four, is it true that “the federal government has made it clear it is not willing to put physical money in reviving the steel companies in Nigeria in view of the billions of dollars invested by previous administrations in the past which went down the drains and that the current administration fought very hard to rescue Ajaokuta Steel Company from its former operators following the settlement of the dispute arising from the termination of the previous concession by the Yar’Ádua administration”? Five, why then is Natasha Amoti criticising instead of commending the current Minister of Solid Minerals and Steel Development for the negotiations and successful retrieval of Ajaokuta?

Six, what is wrong with government’s insistence to hand over Ajaokuta to only a competent investor with proven records and clear evidence of both the expertise and financial capacity to put the company into effective operation through an open, transparent and credible bidding in line with the extant laws and rules governing privatisation in the country and to avoid mistakes of the past? And why is Natasha insisting that government bypass due process and handover Ajaokuta to the so-called ‘Russian’ company as raised by the group?

Explanations on these have become necessary because the group is right to say that the Russian company, whatever it is, should submit itself to compete with others in the bidding process being organised by government. This is because rehabilitation and operation of Ajaokuta and other steel companies in Nigeria would require billions of dollars and as the group pointed out, Russia is no longer a socialist country as was the case over 40 years ago when it was part of the defunct Union of Soviet Socialist Republic. Russia in its present state cannot afford to fund the building or rehabilitation of any steel company in Africa free of charge, especially under the leadership of Vladimir Putin.

Musa wrote from Shiroro, Niger State

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EDITORIAL THE INDIGENES/SETTLERS DICHOTOMY

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Governments may do well to ensure that the dichotomy is abolished

ising from their meeting in Kaduna last week, Governors of the 19 Northern states advocated the abolition of the indigenes-settlers dichotomy which they have identified as one of the major causes of communal conflicts in the region.

According to the forum chairman and Governor of Borno State, Alhaji Kashim Shettima, every Nigerian should have a sense of belonging wherever they reside in as much as such citizens abide by the norms and values of their host communities.

We support the resolution of the governors because, as we have always argued, the indigenes-settler dichotomy represents a metaphor for a broken federation and the tragedy of a nation where its leaders accentuate differences and prejudices. In a modern state, people claim the state where they reside and fulfil all legal obligations. But here citizens could have their rights so casually circumscribed on the pretext of being ‘non-indigenes’ in a state some of them had lived and worked for over 25 years.

While we comPRESIDENT BUHARI mend the position SHOULD INITIATE AN of the northern EXECUTIVE CITIZENS governors, we are BILL OF RIGHTS AIMED quick to say that this AT CORRECTING is a national problem.

THE ANOMALY IN A Besides, many politicians have also CONSTITUTION THAT FAILED TO ENFORCE THE over the years spoken FULL RIGHTS OF CITIZENS about the need to IN THEIR PLACES OF BIRTH put an end to such dichotomy but there AND RESIDENCE has been no real effort in that direction. Yet it is an important issue to deal with if we must build a nation out of our diversity.

It is a known fact that many Nigerians outside their ‘state of origin’ suffer all forms of discrimination and are denied certain rights and privileges. The unfortunate aspect of this citizenship debate is that the framers of the constitution itself have consistently failed to recognise and address the pertinent issues.

Letters to the Editor

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We, however, consider it unacceptable a situation whereby someone who had lived in a place for over 20 years, paying taxes and performing his/her civic duties and responsibilities to the “host state”, suddenly finds that his/her children (including those born in the state) cannot gain admission, enjoy a scholarship or even obtain employment in that state.

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t is a notorious fact that most of the ethnic conflicts in certain parts of the country can be traced to this dilemma. The Tiv/Junkun crisis in the Plateau; the Zangon-Kataf conflict in Kaduna State; Ife/Modakeke conflict in Osun State; the Aguleri/Umuleri riots in Anambra State, and many others are all offshoots of agitations between “indigenes” and the so-called “settlers”. Yet these discriminatory tendencies will continue until government begins to see the negative consequences of making citizens “foreigners” in their own country. There must indeed be a way to accommodate all Nigerians wherever they may reside and give them a sense of belonging no matter their “state of origin”.

Since Nigeria always aspires to most of the ideals espoused in the United States from where the presidential system of government was copied, there are worthy examples to draw from. For instance, two sons of former President George Bush were elected governors in two different American states. There are also Nigerians serving as mayors and parliamentarians in the United Kingdom. Yet everyone remembers the brouhaha that attended the nomination of a “non Lagosian” as a Federal Minister in 2011!

A critical imperative in these narratives is the need for a constitutional amendment. If the National Assembly will not muster the requisite will to begin a process for such change, it behooves on President Muhammadu Buhari to initiate an executive Citizens Bill of Rights aimed at correcting the anomaly evident in a constitution that blatantly failed to enforce the full rights of citizens in their places of birth and legal residence. Incidentally, it is also part of the ruling All Progressives Congress (APC) campaign promises.

Now is the time to walk the talk!

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.

efore now, pop songster, Innocent Idibia, widely known as Tuface, cuts the picture of an apolitical person whose chief concern is his music, fame and wealth. This writer has followed Tuface’s musical career since he was with the defunct Plantation Boyz. Tuface was actually the true face of the now rested Plantation Boyz which made wave few years back in the local music scene. As the three artistes that made up the defunct group went on solo run, it is Tuface that turned out to be an instant hit of the lot.

Like the maverick late Afro beat, Fela Anikulapo Kuti, since he released the block buster single, African Queen, Tuface has continued to churn out one hit after the other. Till date, he remains perhaps the most decorated Nigerian artiste of all time, consistently winning laurels both at home and abroad. Tuface’s strong point is his stunning sweet voice. Oh! How amazingly irresistible is his voice! But then, as alluring as his voice is, so also is his look. Tuface, no doubt, has a smashing look. So, naturally, as it is with artistes, good look and captivating voice predictably brought to Tuface great wealth, fame and, of course, loads of female admirers. It is, indeed, on the latter platform that Tuface once trended significantly, with what a comedian once described as his acclaimed contribution to the country’s growing population through the kids he has raised from an assortment of women.

So, all along, one’s perception of Tuface is that of a happy going, fun loving wealthy artiste who is logically content with

THE NEW FACE OF TUFACE his comfort zone. However, recent development from the stable of the wave making artiste has changed all that. The crowd pulling artiste roughened not a few feathers when he recently announced that he would be leading a nationwide protest, against what he termed “obnoxious policies” implemented by the President Muhammadu Buhari-led administration.

In an unusual dabble into political activism remiscent of the Fela Anikulapo’s days the Benue-born artiste took to his Instagram page to confirm that the protest will hold both in Abuja and Lagos. 2face wrote: “A call for good governance…

We the people are tired. We can no longer continue with all of you. All your excuses and mistakes are not funny. We do not wish to continue with a system and government that is not working but afflicting the people. There’s need for Nigerians to rise against what is happening in this country having waited patiently for the legislators that were elected to represent the people all to no avail.”

Wow! Coming from Tuface, this is, perhaps, a most intriguing statement. Though, Tuface eventually called off the # I Stand with Nigeria protest, citing security challenges based on strong feelers that the event might be hijacked by interests not aligned with the original idea behind the protest, but one thinks it is a good development in our political system for such seemingly comfortable and famous artistes of Tuface stature to openly spearhead and identify with such political cause that could hold government accountable to the governed.

The concept of democracy has received varying definitions

and interpretations from scholars and political observers depending on the ideological leaning or interest of the contending scholars. However, there are certain basic features of democracy that serve as consensus among the contending perspectives. One of such is accountability. Every democratically elected government is accountable to the people, to whom it owes its existence.

These people, therefore, need to be consistently told how public funds are being spent and that the mandate given, are being utilised. Of course, this could be a two way thing. If the people think that the government isn’t doing enough to advance their course, through acceptable democratically permissible platforms, they could convey their grievances or feelings.

This is one of the hallmarks of democracy. Recently, in the United States of America, many world famous artistes collaborated with diverse interest groups in a nationwide protest against the Trump administration. The beauty of it is that the protesters had their way while government equally utilised the occasion to further clarify on perceived areas of misunderstanding. Communication is of essence in a democracy and protest, when it is properly organised and clinically coordinated, is a veritable means of communication. Unfortunately, in our clime, it is often seen as an affront against government. Thus, it is not uncommon to hear government officials affirm that a protest is being sponsored by perceived enemies of government. But then, supposing this is even true, it means the opposition is alive to its responsibility of keeping a ruling government in check.

Tayo Ogunbiyi, Ikeja, Lagos

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T H I S D AY WEDNESDAY FEBRUARY 8, 2017

IN THE FEDERAL HIGH COURT OF NIGERIA

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MIDWEEKPOLITICS

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

THE NEWSMAKER

Now That Ibori is Back, What Next?

Now that a former governor of Delta State, Chief James Ibori is back in the country after serving his term in a London prison for money laundering and related crimes, what is next? Omon-Juliu Onabu writes

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he lion among humans often metaphorically depicts towering courage, ferocity, strength and dominance of the environment. It is also used to symbolise extreme societal duality, whereby the lion with its domineering prowess is contrasted with the feeble or less aggressive members of the society or the ecosystem.

Thus, the lion in a jungle must be envisioned as king of the jungle. This animal is, indeed, so regarded in traditional Africa. And, by extension of that logic, the political arena, especially in a country like Nigeria, must be likened to the jungle bestrode by a class of political juggernauts, who practically run the wild.

Power and heroic exploits are the hallmark of the lion. As the political lion is never bowed down nor intimidated even in a blaze of hostilities, he becomes a natural leader, who is held in awe and sometimes enjoys cult mage loyalty among the people. Even so is James Onanefe Ibori, the second democratic governor of Delta State, whose return to Nigeria, Delta State and his kith-and-quiet hometown of Oghara drew variegated but widespread reaction across the world and Nigeria in particular.

His seeming indomitable spirit is akin to the lion, the king of the jungle who is always conscious of the basic rule of engagement: survival of the fittest. His has been a chequered political career which saw him emerge as the governor of one of Nigeria’s most powerful oil producing states in the Niger-Delta in 1999 and being re-elected for another term of four years.

Even while in prison in London, the United Kingdom, several tales abound of his legendary political influence and sagacious – practically all elections into major democratic positions in Delta State bore the stamp of authority of Ibori since 2007 till date.

Among his numerous admirers and foes alike, the apparently pent-up anticipation of Ibori’s return to the country after several years in jail in the United Kingdom was first let loose following the announcement of his release from prison by a London Court on Wednesday, December 21, 2016.

Despite the attempt to reduce the public attention his homecoming was bound to

The handwriting appears too clear for every discerning political observer that the lion has returned to rule over the actors in the political jungle or arena.

The expectation is that, against the backdrop of the consensus among his political associates, including those that had left the PDP, embattled Ibori has come back to take his rightful position as their number one political leader in the state and even the South-south region

Ibori...pondering the way forward

attract by abandoning earlier plans to come through Lagos Airport and Osubi Airstrip near Warri, the crowds of frenzied supporters could not be put down or discouraged.

In only a few days of return, his country home of Oghara, the administrative headquarters of Ethiope West Local Government Area of Delta State, has regained its status as the largely suburban but influential political Mecca that it had been since 1999.

Although he had arrived the country on board a British Airways flight that touched down at the Nnamdi Azikiwe Airport, Abuja, as a deportee and an ex-convict, the reception for Ibori has been nothing short of a rousing heroic welcome for a man with the heart of a lion.

With the rousing reception extended to him home by close family members, kinsmen, friends, political associates and ordinary citizens, who admire the ex-governor and dogged “fighter for resource control”, signs of revival of the political atmosphere in Delta State, nay Nigeria, has emerged.

The state governor and well-known member of the Ibori political family, Dr Ifeanyi Okowa is among the numerous politicians, who thronged the Oghara country home of Chief Ibori. Okowa paid a courtesy visit to the former governor on Sunday, barely 24 hours

after his return from London.

Earlier, shortly after arriving Abuja, he had a brief meeting with the Director-General of the Department of State Services (DSS), Lawal Musa Daura, with hints that talks were already on to get Ibori to jettison his PDP, under whose canopy he governed Delta State for eight years, for the APC, the party in control at the centre in Nigeria.

Amid the deep factional crisis in the PDP in the state and country, some PDP leaders in Delta State have hinted on their readiness to move to any political party Ibori decides to go other than the PDP. A member of the House of Representatives representing the Ethiope East and Ethiope West national constituency, Mr Lovett Idisi, said this much while speaking with newsmen when Ibori arrived Oghara on Saturday, February 4, 2017 after landing at the Benin Airport from Abuja.

Chief Edwin Clark, who led the group of elders in the state in the protracted onslaught against Ibori after he succeeded somehow to get Dr Emmanuel Uduaghan to succeed him in 2007, appears stunned at the earthshaking reception for Ibori particularly in Delta State.

Although he has reportedly said he would not comment on the heroic welcome for Ibori,

the former Nigerian information minister and erstwhile respected South-south leader in the PDP, seems to be disappointed that years of incarceration in faraway UK over corruption and money laundering charges has obviously ailed to diminish Ibori’s towering political image or clipped his wings of leadership clout nationwide.

The handwriting appears too clear for every discerning political observer that the lion has returned to rule over the actors in the political jungle or arena. The expectation is that, against the backdrop of the consensus among his political associates, including those that had left the PDP, embattled Ibori has come back to take his rightful position as their number one political leader in the state and even the South-south region.

Ibori has already stated clearly, even before leaving London that he intends to remain a key player in the political affairs not only in Delta State but Nigeria as a whole, albeit without seeking any elective position.

Obviously, the Lion of Oghara, popularly called the Odidigborigbo (big masquerade) of Africa and the “James Bond” of Nigerian politics is poised to put behind him his adversities and forge ahead to exploit the political frontiers as a formidable kingmaker within the Nigerian democratic space.

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PERSPECTIVE

MIDWEEKPOLITICS

My New Year Package for President Buhari

There is no shortcut to a stable Nigeria but restructuring, writes Ikedi Ohakim

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here is no shortcut to a stable Nigeria but restructuring, writes Ikedi Ohakim Few Issues engage the attention of Nigerians today more than the need for the rebranding of their country, what has become known, in common parlance as “restructuring”. Not even the debilitating economic condition and the acute security problem are of much concern to Nigerians as the imperative of an urgent departure from the existing format. The reason is simple: Nigerians believe, and I think they are right, that nearly all the problems confronting their country today is nothing but a symptom of the present flawed structure that has failed every test in the last 56 years.

The thinking among a majority of well-meaning Nigerians is that only a fundamental rearrangement in the terms of engagement between the different geo-political blocs, vis-a-vis the federal establishment and its apparatuses, can resolve any of the issues faced by their country, whether economic, political, religious, security even cultural. Unfortunately, some of those who currently find themselves at the helm of affairs of the country think otherwise.

Not only do they claim that there is nothing wrong with the present structure, they also tend to sanction those who talk about restructuring or brand them enemies of the country.

Perhaps unknown to the current leadership, Nigerians feel more alienated from it than they had ever been. Simply put, the perception is that the current leadership is working at cross purposes with the generality of Nigerians because it is the belief of most Nigerians that their country cannot make further progress under the existing structure. But alas, it appears the current leadership of the country sees the status quo as sacrosanct.

Of course, the latter seems to be having its way but my hunch is that in no distant time, the table may turn; the people will ultimately triumph in their quest for change. My honest advice to the current leadership, therefore, is that the time is now to listen to the people, otherwise it may not have the opportunity of being part of the change which the people very much desire and are, indeed, determined to have.

Here, I find appropriate the views expressed by a former vice president of the federal republic of Nigeria, Alhaji Atiku Abubakar, sometime last year at a public lecture in Kaduna, where he stated as follows: “The question is whether it will happen around a conference table, in a direction influenced by us and whether we will be an equal partner in the process. Or will it happen in a more unpredictable arena and in a manner over which we will have little influence”.

Some of us may recall the tragedy of December 17, 2010. At the age of twenty-six, a fruit-andvegetable seller, Tarek al-Tayeb Mohammed Bouazizi, decided to pour petrol on his body and set fire to himself in broad daylight. That act of ‘bravery’ triggered the Arab-Spring. Bouazizi’s death inspired the citizens at large to take to the streets and overthrow the dictatorial leadership of Zine El-Abidine Ben Ali. On Sunday September 18, 2016, while overseas, I received a WhatsApp picture and message from a friend of mine, who witnessed a similar incident in Owerri in my home state, Imo. At about 9.00am, a young man of about 26 climbed the stone hedge fountain on old warehouse junction by Assumpta Avenue and started raining abuses on the government of Rochas Okorocha and shortly took a dive and committed suicide on the spot in protest against what he termed harsh economic policies of the government.

After reading that message, I couldn’t control tears any longer. How, I asked, did we get to this shameful situation? Incidents like these are dangerous signals. Our country, Nigeria, has become a patient in the intensive care unit. Is it not too late to continue to give her two tablets of aspirin and laxative as our leaders are doing?

I think anything short of complete new treatment may be an exercise in futility.

For the avoidance of doubt, I want to state without any fear of contradictions, that the major cause of our problem in Nigeria is the current political structure. Consequently, I join other well-meaning Nigerians to express the view that we must re-examine now the political structure which concentrates power and responsibility at the center. This is not the political structure that our founding fathers negotiated at independence.

Over-concentration of power at the centre

Buhari...there is just one option

generates friction among the ethnic nationalities in Nigeria; it unleashes extreme competition for power and the advantages it confers; it breeds more suspicion and distrust among the peoples of Nigeria. It accentuates the things that divide us rather than what unites us. And above all, unitary government, as being practiced in Nigeria today, no longer works anywhere in the world.

The evidence is that virtually everything “Federal” has failed or collapsed.

I, therefore, call on President Muhammadu Buhari to take the bull by the horn to initiate and cause a fundamental change in the political structure of Nigeria. I am of the firm belief that it will be the most feasible legacy he can leave behind. Let the truth be told, his administration will achieve very little in terms of reviving the economy, routing insurgency or making the country more secure. The reason is not because he does not have the political will or the needed courage. Sure he does.

The reason he will be unable to achieve much in any of these crucial areas is simply because he will not secure the needed people’s buy-in; simply because the majority of Nigerians have lost faith in the existing political structure, not necessarily in President Buhari. And for this reason, Nigerians are no longer willing to co-operate with whomsoever wants to continue to operate it the way it is. These days, it is not uncommon to hear close supporters of the president lamenting that Nigerians are not cooperating with him. But the fact is that what Nigerians are averse to is the system, not the president as a person.

Mr. President should, therefore, switch off politics and switch on restructuring. I advise that the mindset that restructuring means going back to the recommendations of the 2014 national confab or dividing Nigeria should be jettisoned, to give way to a more pragmatic and eclectic assessment of the big dilemma Nigerians find themselves in currently.

It is also not true that restructuring means a mere amendment of the constitution as some

My optimism is predicated on the proviso that the president sets up the machinery for a massive and comprehensive restructuring of Nigeria without further delay.

Whether we like it or not, our present political structure is not working.

It is not even going to deliver the “change”this administration is talking about. The urgency of our situation demands a new normal, a clear and different structure through which our people will be organized

Nigerians, especially our legislators, believe. And contrary to the notion held in some quarters to the effect that Nigeria is not negotiable, the truth is that Nigeria is not only the easiest thing to renegotiate, its re-negotiation is as certain as tomorrow; unless we have made up our mind as a nation to remain in the current political wilderness and pitch economic darkness.

One big problem I have with the knee–jerk reaction of some members of the elite to the issue of restructuring is the fact that restructuring, in the sense we talk about it now is not a new thing in our country. Nigeria has been restructured severally. Beginning from 1963, Nigeria has witnessed fundamental changes in its political structure – from three regions to four; from four regions to twelve (12) states, to 19, to 21, to 31 states and then to the current thirty six (36) states.

These, coupled with the numerous constitutional amendments, the existing six geo-political zones, were all part of an attempt to restructure.

The big question, therefore, is, why did previous restructuring exercises fail to achieve the desired objectives, namely national unity, religious tolerance, security, economic prosperity, political stability etc? The answer is, for me, simple: they were at best imposed on the people, but essentially they were meant to placate aggrieved and greedy members of the ruling (both military and political) elite in the fierce struggle for the control of the oil resources of the country.

Differently put, I find it difficult to understand why some people do not even want to hear the word, “restructure” at a time the people themselves are calling for it and ready to make the needed inputs and sacrifices for better results this time around. It is, for me, an act of national perfidy and subterfuge to posture against this great expectation of the good people of Nigeria, more so when such stance is predicated on the ephemerality of political power.

The reason I am encouraged to join the proactive argument for restructuring is that I hardly see a better opportunity than now coming in the near future. And by this I mean the emergence and incumbency of a fellow as patriotic as President Muhammadu Buhari.

Each time I remember that President Buhari had sought to be Nigeria’s democratically elected president three times earlier and only succeeded in the fourth attempt, I cannot but come up with the following posers: what did Buhari make all those efforts for? To merely go by the appellation, President and Commander- in-Chief? To merely savour in the glamour of office? To merely fly abroad to meet other world leaders? To crush insurgency or suppress Niger Delta militants? To further his ‘hatred’ on the Igbo? To jail corrupt politicians? It is endless. But I must confess with all sincerity that the answer I found to all the questions above is a big NO; because I believe that all the problems confronting our country now could still be handled by anyone else, who didn’t need to show the level of zeal Buhari showed and as a result of which he got an unprecedented support from Nigerians in 2015.

So, something tells me that the Muhammadu Buhari presidency didn’t just chance on us. I do not want to sound fatalistic but I believe it is not for nothing that a fellow, who once ruled as a Military Head of State thirty years later found himself as a democratically elected president.

Yes, we saw it also in Olusegun Obasanjo but there is a big difference. Obasanjo was reluctant.

Buhari was not. He worked for it, plotted for it, even wept for it.

All that weeping could not have been for nothing.

So, the question is: what is it that Muhammadu Buhari came to do this time around? What spurred him on to endure all the bashing, harassment, even intimidation? Again, what did he weep for?

For me, it goes beyond all that we are witnessing today or we have so far witnessed. That something is, if he does not realize it, to achieve a fundamental change in the political structure of Nigeria, away from a situation whereby, for example, some state governors will give excuse for not paying salaries of civil servants as that of fall in “federal allocation”.

Mr. President, please redeem this country and give it back to the people; back to the situation where governors do not need to come to Abuja, cap in hand, to look for money. The restructuring or restoration or redemption or reconstitution we are talking about is not just about corruption or the phobia about the break-up of Nigeria. If I

were President Buhari, I will halt for a moment and rethink my strategy for achieving a legacy.

As I noted at the beginning of this article, a comprehensive economic turnaround maybe difficult to achieve between now and 2019 or even 2023 if he gets re-elected; just as a total routing of Niger Delta militants may also be difficult to achieve before those dates. Ditto for the insurgents up North, with due respect to the efforts and brilliance of members of our Armed Forces. The leader of our nation, own up to this challenge of restructuring it whole and entire; don’t give up. The present condition is a great opportunity for you. Use it to make history. Use it to create your legacy, you can do it, yes you can.

Don’t be discouraged by the current economic crisis. Let it not deter you from looking at the key issue of restructuring. Fortunately, economic failure is a critical component of GDP and wealth creation. In my view, the positive opportunity of this socio-economic crisis must not be wasted the way we wasted the oil boom.

Let us even look at history and draw from the experiences of countries that failed or ran out of cash like Nigeria today. The great Soviet Union collapsed in 1991 partly because it ran out of money. The Suez Canal ended up in British hands in 1936 when Egypt had her own economic crisis and needed cash. When Saddam Hussein invaded Kuwait, many didn’t know it was because Iraq ran out of cash and decided to take the oilfields next door in Kuwait as a means of replenishing its coffers.

Scotland ceased being an independent state and was forced into the Act of Union with England in 1707 due to financial crisis. Germans are still traumatised by their experience with hyperinflation in the 1920s and 1930s causing the population to turn to a new leader who promised to protect them from clueless leadership. That opened the door for Adolf Hitler. Yet, history is also replete with instances when people turned their setbacks into opportunities. In 1816, the net public debt of the UK reached 240 per cent of the GDP. This was the fiscal legacy of 125 years of war against France. A severe economic disaster followed this crushing debt burden. It was this economic disaster that gave rise to the Industrial Revolution.

Our current calamity is nothing but a wake-up call. A wake-up call because our entitlement mentality, induced by our current structure, has made us heavy sleepers. I am of the firm belief that if we take the appropriate steps, we can turn the current economic situation into a huge advantage. I can see breakthroughs in local food and beverages industry, fashion, music etc.

However, my optimism is predicated on the proviso that the president sets up the machinery for a massive and comprehensive restructuring of Nigeria without further delay. Whether we like it or not, our present political structure is not working. It is not even going to deliver the “change” this administration is talking about. The urgency of our situation demands a new normal, a clear and different structure through which our people will be organized. The earlier we stop ducking and diving with a political structure that has failed us for 56 years, the better.

Nigerians are anxiously looking forward to the president’s comprehensive plan on how to revamp the economy as he has hinted. But they are even more anxious to hear about plans to restructure the polity. As I noted earlier, most Nigerians believe that any efforts at revamping the economy, fighting corruption, fighting insurgency, fighting militancy etc will remain mere palliatives unless a fundamental change in the relationship between the federating units and central government itself is effected first and foremost. And to you my fellow compatriots, I think there is something to learn from the words of Malcom Little, otherwise known as Malcom X. In April 1964, at the Methodist Church Synod in Ohio, USA, Malcom X gave the following advice to his fellow countrymen and women: “If we don’t do something real soon, I think you will have to agree that we’re going to be forced either to use the ballot or the bullet. It’s one or the other. It isn’t that time is running out – time has run out”. He went further to say: “It is now time for you and me to become more politically mature and realize what the ballot is for; what we’re supposed to get when we cast a ballot and what we are supposed to do when we don’t get what we are supposed to get”. Happy New Year Mr. President and my fellow compatriots!

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WEDNESDAY, FEBRUARY 8, 2017, • T H I S D AY

FEATURES

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

Charting a Way Forward Kwara State Governor, Abdulfatah Ahmed, recently organised a two-day international conference on peace and security in Ilorin, where prominent religious leaders and heads of security agencies charted a way forward. Hammed Shittu who covered the event, reports

L-R: Kwara State Governor, Alhaji Abdulfatah Ahmed and Sultan of Sokoto, Alhaji Sa'ad Abubakar, at the peace and security conference in Ilorin...recently

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eace and security remain siamese twins that cannot be ignored in the socio-economic development of any nation. They have become a pedestal upon which any government be it local, state and federal plan their developmental programmes. It is such that if they are absent, no meaningful results can be achieved in the delivery of dividends of democracy to their people. And any society where peace and security are lacking, such society would not be able to move forward and the desire of such society to add values to the socio-economic development of the people would not be there for the governed.

Based on this premise, the government of Kwara State under the able leadership of Alhaji Abdulfatah Ahmed recently convened its first ever international conference in Ilorin, the state capital, where various stakeholders were in attendance including Sultan of Sokoto, Alhaji Muhammadu Sa'ad Abubakar, the Secretary General of Supreme Council for Islamic Affairs, Professor Ishaq Oloyede, Emir of Ilorin, Alhaji Ibrahim Sulu Gambari, the representatives of King of Saudi Arabia, some Christians leaders in the state among others where they jaw-jawed on the way forward to ensure peace in the state and the country in particular so as to bring much needed socio-economic growth to the doorsteps of the populace.

The theme of the conference tagged, ‘Security and Peaceful Co-Existence in Nigeria’ was also organised through the state board of Arabic Education and attended by security agencies in the state like police command, Army command, civil defence command, Prisons, Customs among others.

Declaring the conference open, Governor Ahmed noted that Nigeria is facing many

security challenges.

According to him, “Given our established reputation for peace, harmony and relative security amidst a diversity of cultures and religions, it is perhaps apposite that a conference on security and peaceful co-existence will be held in Kwara State.

“It is common knowledge that without security and peace, there cannot be meaningful development in any society. Therefore, the present security challenges facing the country are a source of worry and concern to the government as well as the governed.

“These include religious, ethnic and political violence, kidnapping, cultism, and insurgency, among others. As a government sworn to promote the welfare and security of its citizens and residents, we stand determined to jealously guard and rigorously sustain the peace existing in our state and the harmony among adherents of our various religions and cultures.

“These commitments, coupled with the need

When a problem is up and hurting everybody we can only sit together as one big family and deliberate on it and find a way out. We cannot get any solution if we sit down far from one another and keep on pointing accusing fingers like what is happening now

to complement the efforts of the federal government, led to our determination to explore all avenues to ensure the attainment of security and peaceful co–existence in our multi-religious and pluralistic society.”

The governor stressed that, “Beyond these, our country is currently troubled by various threats to its security and peace.

“Across the land, clashes between herdsmen and farmers, which were previously localised, have spread to other parts of the country leaving sorrow, blood and deaths in their wake and threatening our economy in the process.”

He noted that, “In the South-south region, the country’s security and economy is challenged by the resurgence of violent militant agitators who purport to represent the aggrieved people of the Niger Delta region.

“In the North-east, the Boko Haram insurgency, although virtually defeated, continues to hold the region hostage to the violence that has hobbled the area for years and threatens the country’s security through sporadic attacks.

“Add these to the spate of kidnapping that is gradually spreading across the country and you get a picture of the insecurity we face and the urgent need to tackle it.”

He pointed out that, “it is against this background that today’s conference would be better appreciated.

“This conference ‘Security and Peaceful Co-Existence in Nigeria’ is quite timely. It was designed specifically to identify obstacles to the achievement of the much desired safety and peace with a view to charting the way forward.

“It, therefore, gives me great joy that our distinguished guests from all over the world, traditional rulers, religious leaders, academics, and top government functionaries have converged here for this important conference.”

The governor also stated further, “For me, your presence here underlines the importance that you attach to security and peaceful coexistence in our country. Distinguished guests, I have no intention to preempt the resource persons for this conference, the erudite scholars, respected clergymen and professionals, who possess what it takes to do justice to the theme of this conference. It is my expectation that they will avail us in–depth discussions on the topic of the conference.

“I cannot end this speech without making some preliminary comments on the conference theme. To start with, I have no intention to offer excuses for the violent insurgencies, conflicts and other threats to our security that I have mentioned above.

“Yet, the religious or ethnic motivation for some of the conflicts that we are experiencing across the country is real and tangible.

Having issued these caveats, let me proceed to make my position clear. In the first place, the youths of this country, being the largest component of our population, are disenchanted and pessimistic.

“Long before our country was forced into a recession by a global downturn in the economy, unemployment had become a major social and economic problem.

“Today, with inflation at 18 per cent and unemployment at an all-time high of 13.9 per cent, the socio-economic challenges posed by youth unemployment are gradually evolving into a security threat, a simmering keg of gun-powder whose explosion, if not prevented, will have serious implications for our country and its security.

“Indeed, unemployment, poverty, illiteracy, and weak family ties have been identified in several studies as making youths susceptible to radicalisation and recruitment into insurgency groups.

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R-L: Governor Ahmed and Ulamas from Saudi Aarabia, at the conference in Ilorin...recently

A cross section of traditional rulers at the conference in Ilorin

“Certainly, the raging poverty and inequality plaguing the country suggest a causal link between despondency, insecurity and other threats to peaceful co-existence.”

He advised the participants to identify and examine the nexus between poverty and unemployment on one hand and insecurity and disharmony on the other, whether attributed to religion or not. “In other words, reduce poverty, exclusion and associated indices and we will be on the way to greater security and peaceful co-existence.”

He also urged all the discussants on the theme to extensively discuss and come up with suggestions that could help in the achievement of the much desired security and peace in our society.

Also speaking at the two-day conference in Ilorin, the Sultan of Sokoto, Abubakar, said that the main foundation of the problem of insecurity in Nigeria is injustice. The Sultan of Sokoto who is also President General of Supreme Council for Islamic Affairs (SCIA) said that, "Injustice breeds bad governance and bad governance allows people to do whatever they want and go scot-free."

According to him, “There must be justice in whatever we do. Whoever offends anybody should be brought to book.

“We have been having this problem because of impunity in Nigeria. People do things and go scot-free in Nigeria. People commit murders and they are pardoned. Even when courts pronounce them to be sentenced to death they are later released and they are walking amongst us. It means crimes pay. People steal government money and nothing is done to them.”

“God did not make a mistake when he created us as Nigerians and put us together.

We must understand that and all of us who profess to be Christians or Muslims have a guide which is either the Quaran or Bible.

“Among these two major religions there is nowhere killing of innocent people is allowed. Therefore, when people wake up and dress themselves up with explosives going into markets and other public places and shouting Allau Akabar and killing innocent

people under the guise of jihad thinking you are going straight to heaven.

“I have said it time without number that they could profess to be Muslims but what they are doing is anti-Islam. It is against the Holy Quran, dictates of Almighty Allah and they are going to hell for committing murder unjustly.”

The monarch further said that, “The two major friction points in Nigeria are herdsmen clashes and the issue of Southern Kaduna.

People write the way they want because there is freedom of speech in Nigeria.

“But you incite people; you bring in hatred of one religion and community under the guise of being religious or traditional leader. This cannot be allowed to go on. Government has responsibility to call people to order in such a straightforward way that people will understand that there is authority. Our religions know the importance of authority on the leadership.

“We cannot just allow things go awry without pulling the strings back of those fomenting trouble wanting to cause disharmony between Christians and Muslims whom we all know

The conference enjoined government to pursue aggressive youth employment and empowerment schemes as well as civil education programme to reduce joblessness, illiteracy and reduce idle hands which are always available for recruitment to perpetrate violence and disrupt peaceful co-existence

L-R- Saudi Arabia Ambassador to Nigeria, Amb. Fahhad Muahmmed, Secretary General SCIAN, Prof.

Isha Oloyede, other Muslim leaders at the conference in Ilorin

A cross section of Christian leaders

at the conference in Ilorin

are brothers and sisters.”

While lauding the efforts of the state government to organise the programme at this time of the nation’s situation, Abubakar said, “We accepted to attend this programme for obvious reasons. We know the very serious insecurity issues affecting our country.

“There is no state in this country that is not facing one crisis or the other. Therefore for Kwara State government to organise this programme to chart a way forward, I will challenge the state government to come up with a model that other states could emulate and have a peaceful atmosphere.

“When a problem is up and hurting everybody we can only sit together as one big family and deliberate on it and find a way out. We cannot get any solution if we sit down far from one another and keep on pointing accusing fingers like what is happening now.”

He also called on the participants to have a model and send to religious leaders on how to implement them saying that, “Let us stop inciting remarks at various places. Please let us work towards finding solution to the problems of insecurity in Nigeria.”

Among the religion scholars that presented papers on various topics at the conference included Professor Muhammed Babangida, Bayero University, Kano, that spoke on ‘Security and Peaceful Co-Existence: Islamic Approach’, Professor Murtala Bidmas, University of Lagos spoke on ‘Islam, Security and Peaceful CoExistence’, Reverend Father Faith Anthony Ayo Atoyebi spoke on ‘The importance of Security and Peaceful Co-Existence in Multi Religious Society’, Rev. James Olawuyi, spoke on ‘Peaceful Co-Existence in a Multi Religious Society- The Christian Perceptive’ and Rev. Cornelious Olaosebikan Fawenu spoke on ‘Peaceful Co-Existence in a Multi Religious Society- Kwara state Experience’.

However, at the end of the conference, a communiqué was issued and signed by the chairman Local Organising Committee, Alhaji Isiaka Gold, Secretary, Alhaji Rauf Ayinla, Vice chairman of Christian Association of Nigeria(CAN), Rev. Father Anthony Atoyebi and former Grand Khadi of Niger State, Sheikh

Ahmed Lemu, said that religious leaders must avoid violent theology and focus on religious preachings that emphasise love and peaceful co-existence.

The conference also implored religious leaders to prevent possible hijack of religious organisations for sinister political agenda that may disrupt peaceful co-existence.

The conference enjoined government to pursue aggressive youth employment and empowerment schemes as well as civil education programme to reduce joblessness, illiteracy and reduce idle hands which are always available for recruitment to perpetrate violence and disrupt peaceful co-existence.

It also admonished security agencies to avoid rivalry but embrace mutual respect, promote esprit de corps, to promote and preserve peaceful co-existence.

The communiqué also encouraged the Kwara State government to continue to pursue and sustain its peace agenda through relentless efforts of Kwara State committee on religious matters.

The conference also resolved that religious adherents should respect the fundamental tenets of their faiths and accept to abide by them.

The conference also commended President Muhammadu Buahri and King Salman of Saudi Arabia on their strenuous efforts in countering terrorism and insurgency in Nigeria, Saudi Aarabia and the world at large and also urged other leaders in the world to emulate these two leaders in order to promote world peace.

They also lauded the Kwara State Governor, Ahmed, for organising the purposeful conference and urged him not to relent in his efforts in promoting peace and security of the state.

By and large with the successful hosting of the peace and security international conference by the state government and with its massive participation by all and sundry including Muslim and Christian clerics from both the Muslim and Christian faiths all over the world, the desire to ensure the continued peace and security of the state would now be guaranteed and this would go a long way in bringing social change to the state and thereby ensuring socio economic and political development of the State of Harmony.

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IMAGES

L-R; Ogun State Commissioner for Forestry, Mr. Kolawole Lawal; Consultant to Bisrod Furniture Nigeria Limited, Mr. Robert Leaper; Chairman, Bisrod Furniture Nigeria Limited, Giwa Bisi Rodipe; Ogun State Commissioner for Commerce and Industry, Otunba Bimbo Ashiru; and the Kogi State Commissioner for Forestry and Environment, Mrs. Rosemary Osikoya, during the commissioning of Bisrod Mechanical Kiln Seasoning Plant in Ijebu-Ode, Ogun State....recently

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L-R; GOC 1 Div Nigerian Army, Major Geneneral Adeniyi Oyebade; MD,PAN, Mr lbrahim Boyi and Representative of Peugeot lnternational Group, Mr. Eric Maydeau at the Peugeot Automobile of Nigeria(PAN) Stakkeholder convention in Kaduna...recently

L-R: Secretary to Lagos State government, Mr. Tunji Bello; Deputy Speaker, Lagos State House of Assembly, Hon, Wasiu Esinlokun and Governor Akinwumi Ambode, during the Lagos State Employment Trust Fund (LSETF) Cheque presentation to the beneficiaries of the Loan Scheme at the LTV Blue Roof, Agidingbi, Ikeja, Lagos... recently kolawole alli

L-R: Commissioner for Information and Strategy, Lagos State, Mr. Steve Ayorinde; his counterpart in the Justice Ministry and Attorney General, Mr. Adeniji Kazeem and Chief Brand Strategist, PRM Arica Marketing and Communications, Mr. Mike Dada, at the stakeholders’ summit on administration of Justice, in Lagos.... recently

L-R; Special Innovation Program Coordinator, LEAP Africa, Asuquo Asuquo; Head Corporate Affairs/Corporate Communications, Union Bank Plc. Ogochukwu Ekezie-Ekadem; Co Founder, Recyclepoints, Chioma Okonu; and Youth Program Manager, LEAP Africa, Olutobi Taiwo, at the LEAP Africa social innovation program workshop, in Lagos...recently sunday adigun

L-R; MD Linkage Assurance, Dr Piius Apere; Director, Mrs Obafemi Alade-Adeyefa; MD, Grand Union lnsurance Brokers Ltd, Mr. Frank Egona; Mrs lnsurance 2016, Adaeze Okeke and Director, Linkage, Mr. lnam Udo-Udoma duriing the launchiing of Linkage Assurance new products in Lagos...recently

L-R; Senior Special Assistance to the President, Mr Femi Adesina and Director, Corporate Communications & CSR, Airtel Nigeria, Emeka Oparah at the premiere of Airtel Touching Lives Season 3, in Lagos...recently.

Chairman, House Committee on lndustry,Hon Husseini Moriki (left) presenting 2016 PAN Dealer of the year Award to MD of Kaura Motors, Alhaji Usman Liman at the Peugeot Automobile of Nigeria(PAN) Stakkeholder convention in Kaduna...recently

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Quick Takes Algorithm Media Hosts Corporate Nigeria

In a bid to help brands and advertisers to properly engage and connect with consumers, especially in this period of economic recession, top-flight media agency, Algorithm Media, is set to hold a thought leadership panel discussion, as part of activities to mark the official unveiling of the company. Algorithm Media is an affiliate of GroupM, a multinational media services company.

Speaking on the importance of the panel discussion, Group Chief Executive Officer, Algorithm Media, Seni Adetu said: “The purpose is to apprise senior business leaders in the country of the need to effectively communicate, engage and connect with consumers during a recession to ensure optimal return of marketing investment while protecting the going concern status of business.”

The event, which will take place tomorrow in Lagos, will have as its theme; “Connecting with the Nigerian consumers during the recession.” Speakers at the event include President, Coca-ColaWest Africa, Mr. Peter Njonjo; Chief Executive Officer, Etisalat Nigeria, Mr. Matthew Willsher; and Chief Executive Officer, Jumia Nigeria, Mrs. Juliet Anammah.

W’Bank Lists High-density Cities Benefits

GROOMING PROFESSIONAL MECHANICS

L-R: CEO, Automedics Limited, Mr. Kunle Shonaike; Acting CEO, OVH Energy Marketing, Mrs. Olaposi Williams; Best Overall Graduating Student, Oleum Academy Bath 3 Graduating Class, Mr. Adeniran Ajuwon and Head, Lubricants, OVH Energy Marketing, Mrs. Lillian Ikokwu, during the graduation ceremony of Oleum Academy Batch 3 Graduating Class, at OVH Energy yard, Apapa Lagos…recently

Investor Negligence Blamed for N10bn Capital Market Scam Goddy Egene Some capital market stakeholders have cited negligence and greed on the part of investors in the share scam involving Partnership Securities Limited (PSL).

The Chief Executive Officer of PSL, Mr. Victor Ogiemwonyi is currently in the custody of Economic and Financial Crime Commission (EFCC) and facing criminal and civil charges for misappropriating money of some of his clients. Particularly, the broker, a former Council member of the NSE, was said to have sold shares of former Chief Executive Officer of Ecobank Transnational Incorporated (ETI), Mr. Arnold Ekpe, worth N1.24 billion and misappropriated

ECONOMY the proceeds.

He was also said to have introduced a product called Partnership Securities Deposit Account (PSDA), which involved investors keeping their securities with the company for a return annually. While the investors are battling to get back their money, market operators said they wondered how an investor would receive 80 trade alerts on the sale of his shares, he did not get the proceeds of the shares and yet waited for three months before raising the alarm.

“Why did an investor receive 80 alerts that his shares are being sold and refused to act – report to Nigerian Stock

Exchange (NSE), Securities and Exchange Commission (SEC) or EFCC. This is either pure negligence or there is something that we do not know,” a market operator said.

Meanwhile, market regulators and operators have expressed optimism that the risk based supervision(RBS) framework and the framework to identify systemic non-bank financial institutions (NBFI) recently introduced by the SEC will help to check the activities of operators who use holding company structure to perpetuate infractions in the market.

While the SEC and NSE register and licensed capital market operators (CMO) to play in the market, some of the CMOs float subsidiaries that

operate outside the purview of SEC and NSE. In the process of operating outside the supervision of the regulators, some of those CMOs have committed market infractions. BGL Group and Partnership Securities Limited are typical examples. Both organisations used subsidiaries not regulated by SEC and NSE to market financial products and services that led to losses by investors.

This development has given a lot of concerns to investors who said it was discouraging for them to patronise the capital market through CMOs and do not get enough protection.

However, officials of SEC and NSE, who spoke to THISDAY Continued on page 24

More Banks to Raise Capital in 2017 Obinna Chima The macro-economic challenges in the country as well as the level of depreciation suffered by the nation’s currency, will compel more commercial banks to seek for avenues to beef their capital this year, a Lagos-based investment and research firm, CSL Stockbrokers Limited stated in a report titled: “Capital Adequacy: Pulse Check.”

The move, the firm added, is expected to enable the financial institutions withstand any shock in the industry as well as to remain above the

ECONOMY regulatory threshold.

Capital adequacy is a persistent issue for a number of Nigerian banks. Regulatory capital ratios have been impacted by the large depreciation of the naira given the extent of dollar lending in the sector.

They have also been hit by the sharp rise in impairments (implying little or no retained earnings).

The Central Bank of Nigeria (CBN) requires that banks with international subsidiaries maintain a capital adequacy

ratio (CAR) of 15 per cent while banks without international subsidiaries maintain a CAR of 10 per cent. The minimum requirement for systemically important banks (effective July this year) is 16 per cent.

First City Monument Bank Limited (FCMB) last week sold N5.1 billion bonds, less than it originally planned to raise, at an interest rate coupon of 17.25 percent, its advisers said on Friday. The seven-year bond was issued by way of a book-building with Standard Chartered Bank, local investment bank Chapel Hill Denham and FCMB Capital

Markets as book runners. The offer was fully subscribed.

But before the recent Access Bank’s offer, the last Eurobond issued out of Nigeria was in October 2014 by Seven Energy Finance Limited.

Sourcing naira bonds has also become a tough call given high interest rates on treasury bills and FGN bonds.

Wema Bank had embarked on an issue of N20 billion in local currency bonds after scrapping plans in 2015 to issue a $100 million 7-year dollar bond because of currency Continued on page 24

Location is one of the most important determinants of welfare, according to the World Bank report.

It noted that someone who moves from a village of 5,000 to a city of five million can expect to see, on average, a wage increase of 25 per cent. The new insights into economic geography—including the drivers of urbanisation and the payoff from transportation investments—are helping policy makers better manage this process.

“Not every place develops at the same rate,” said Director of Research, Asli Demirguc-Kunt at a recent Policy Research Talk on the topic of economic geography. “Cities pull ahead of the countryside. And different provinces develop at different rates.”

According to a Senior Urban Specialist at the World Bank, Uwe Deichmann, cities are driving these differential rates of development through the economies of scale they make possible. High-density cities allow industries to flourish through processes of sharing, matching, and learning that could not happen as efficiently at a smaller scale. And as countries urbanize, incomes go up.

While the benefits of dense cities are widely recognized now, the policy dialogue on this topic was not always so positive. A decade ago, policy makers from São Paulo to Thimphu feared the downsides of increasing urbanization, including congestion, pollution, and sprawl.

Heritage Bank Sponsors TV Show

In a bid to promote local foods and strengthen the domestic market, Heritage Bank Plc has sponsored season three of the Bukas & Joints, a television programme hosted by Olisa Adibua.

The launch of the screening of the Season-3 television food show in Lagos recently was a well-attended media event organised by Biola Alabi Media, the producers of the programme in collaboration with Heritage Bank. The featuring of the event will started screening on African Independent Television (AIT) on Sunday, February 5, 2017. aThe Season-3 was screened in Enugu in the South-east and Abuja.

In the South-east, the local bukas that the production team visited included Ntachi-Osa Canteen, in the New Haven of Enugu, Emily Restaurant and New Berries Park while in Abuja they were Bean Bag located at Ramaya Royal Park on Ahmadu Bello Way, Iyo Oyo Kitchen based in Wuye and a Kilishi joint located in Area 1 Garden in Garki, Abuja. Group Head, Corporate Communications of Heritage Bank, Mr. Fela Ibidapo, said the bank was proud to be associated with the programme in order to promote local foods and strengthen the domestic market. He hinted that since indigenous food is part of our heritage, the bank will continue to chart a path forward to increasing local food production and processing, while supporting job growth and healthy communities. He assured that the bank would continue to support the programme and also others that relate to the Nigerian heritage. Speaking on his experience on the new season, Adibua said the whole essence of the show was that through that the travels and discoveries exposed them to the lifestyles of the people they meet in different cities.

“Economic recovery and transformative growth cannot be achieved by the government alone. It is essential to harness the entrepreneurial nature of Nigerians from the MSMEs to the large domestic and multinational corporations” Minister of Budget and National Planning

Udo Udoma

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BUSINESSWORLD INVESTOR NEGLIGENCE BLAMED FOR N10BN CAPITAL MARKET SCAM on the condition of anonymity, said the introduction of RBS and framework for NBFI would address that challenge and give investors adequate protection going forward.

SEC had adopting RBS will not only ensures that regulated entities are well positioned to accommodate the risks that they bear, but more importantly absorb risks that may crystallise from adverse events.

The commission said the systemically important CMOs would be subjected to higher capital requirements that are commensurate to their size, scale of activity and inherent risk. Besides, it shall on a quarterly basis review the capital adequacy status of the identified CMOs with a view to ensuring that the capital requirements are within the regulated level.

MORE BANKS TO RAISE CAPITAL IN 2017 risks. Sterling Bank also tried to raise a N35 billion local currency-denominated bond last year.

However, a look at banks’ nine months 2016 capital adequacy ratios (CAR), according to the report suggested that the industry may begin to see a flurry of capital raising activities if macro-economic conditions fail to improve.

Nonetheless, the report indicated that the smaller banks may have more difficulty in finding willing investors in their foreign bond market and the domestic market. The bigger banks however appeared to have performed better last year as Guaranty Trust Bank successfully redeemed its $500 million Eurobond early 2016.

Access Bank also successfully refinanced its existing senior unsecured $350 million 7.25% notes due July 2017 last year.

Despite challenges in the raising naira bonds, the expectation is that local currency bonds would remain the favoured option, especially for the mid-cap lenders.

According the report, the options available to the banks are limited in the current macro environment.

Group Business Editor

NEWS

Hope Rises for Cooking Gas Supply as NNPC, Sahara Vessels Commence Voyage Ejiofor Alike Newly-built Liquefied Petroleum Gas (LPG) vessels - MT Africa Gas and MT Sahara Gas - are set to commence operations that will see them berth in Houston, United States to convey their first ever consignment of gas expected to be delivered to the West African coast from March 2017 Both vessels’ operations are expected to actualise the vision of the Federal Government, which hinges on boosting the availability of the cooking gas in Nigeria and the West African sub-region.

The two vessels will also address the lingering challenges of supply, affordability and fraudulent activities of companies seeking to adulterate cooking gas due to scarce supply.

In a statement at the weekend, Sahara Group said MT Africa Gas had already taken the lead, commencing its maiden voyage by sailing towards the Caribbean/US Gulf Region, adding that Sahara Gas is due to follow suit in the coming weeks.

LPG marketers in the country have commended the Minister of State for Petroleum, Dr. IbeKachikwu and the Group Managing Director of NNPC, Dr. MaikantiBaru for taking bold steps at tackling the scarcity of cooking gas nationwide.

The marketers lauded their giant interventions towards ensuring sustainability, safety and reliability for millions of

consumers who depend on the commodity for their daily energy needs.

Though considered as a cleaner, much safer and more affordable alternative to firewood and kerosene, Sahara Group argued in the statement that the acceptability of LPG in the sub-region has been affected by some challenges over the years.

“These hiccups include- but are not limited to low supply and logistics arising from limited to

lack of LPG vessels in the region.

But with the recent unveiling of two LPG vessels, being acquisitions driven by West Africa Gas Limited, a Joint Venture of NNPC and Sahara Group, there is a renewed optimism for what is popularly referred to as cooking gas in the country,” said the statement.

These two vessels, Hulls 8182 and 8183 were christened “Africa Gas” and “Sahara Gas” respectively at a historic naming

event in Ulsan, far away South Korea. The JV is run by two companies, NNPC LNG Ltd, a wholly-owned subsidiary of NNPC and Sahara Energy’s oil and gas trading arm, Ocean Bed Trading Ltd (BVI).

Working through the JV, NNPC’s LPG policy will in addition to improving supply within West African states, check the menace of deforestation in the sub region.

It is expected that in the long

run, the growing negative impact of climate change across the globe will be drastically reduced.

While speaking at the inauguration of the LPG vessels in South Korea, the NNPC boss said it was “an outstanding achievement” for Nigeria considering the fact “that the Joint Venture between NNPC and Sahara is already recording success stories within a short period having been established in 2013.”

FOR YOUR PERUSAL

L-R: Managing Director, Agusto & Co., Vivien Shobo; Executive Director, Isaac Babatunde; Head, Business Development, Adetutu Denton; Executive Director, Yinka Adelekan, at the unveiling of the 2017 Insurance Industry Report & Consumer Survey by the firm in Lagos...recently

Ugbo: NIPP’s 252MW GbarainUbie Power Plant Ready End of Q1 2017 ChinemeOkafor in Abuja The 252 megawatt-capacity GbarainUbie power plant being built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Project (NIPP) would be ready for commissioning by the end of first quarter 2017, the Managing Director of NDPHC, Mr. Chiedu Ugbo has said.

Ugbo said recently during the inauguration of the presidential initiative on solar homes systems in Wuna Village Gwagwalad Abuja, that the completion and commissioning

of the plant would add additional 252MW to Nigeria’s generation capacity.

Work on the plant which has Rockson Engineering as its engineering, procurement and construction (EPC) contractor has stalled for a long time now.

But speaking to the Vice President, YemiOsinbajo at the event, Ugbo said: “Your Excellency, strategies are also in place to complete the second unit of the Gbarain power station in Bayelsa State before the end of this quarter. This will add 225MW to the grid.”

“In November last year, the Honorable Minister of

Power, Works and Housing, commissioned the 12-circuit Ikot-Ekpene 330KVA Switching Station and the associated transmissions lines with a total of about 285KM completed by our new management.

These projects are now assisting in evacuating into the national grid, electricity hitherto stranded in the Eastern Delta,” he added. Also, arrangements for gas supply to the plant may have been taken care of with a pledge by Shell Petroleum Development Company (SPDC) that it would solely supply gas to the 252MW gas turbine power station.

In a 2015 paper titled: ‘Shell in Nigeria: Unlocking Nigeria Energy Potential,’ SPDC stated that it would single-handedly supply gas to the 225MW Gbarain power plant.

It said in the paper: “Shell will be the sole supplier of a new 225 megawatts power plant being built in Gbarain by the Federal Government under the Nigerian Independent Power Project.

“In 2010, SPDC began producing from the Gbarain-Ubie integrated oil and gas plant in Bayelsa State. Gbarain is designed to process one billion standard cubic feet of gas per

day. In addition to supplying gas to the Nigerian Liquefied Gas (NLNG), Shell also supplies gas to the Bayelsa State power plant at Imiring.”

The paper further indicated that the GbarainUbie plant was helping SPDC reduce flaring of associated gas from nearby gas fields, thus contributing to its wider flares reduction programme.

“The GbairanUbie project has created a legacy of skills and capacity in complex gas projects, which will be vital in meeting Nigeria’s electricity supply challenges in the years ahead,” it added in the paper.

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AgriBusiness/Industry Editor Comms/e-Business Editor

Lekki Free Trade Zone Developer Expands to Kenya

Capital Market Editor

Martins Ifijeh

Senior Correspondent

Rendeavour, Africa’s largest urban land developer with 12,000 hectares across the continent, has announced an expansion of its multi-million dollar mixed-use development in Nairobi, Kenya. The additional 1,000 hectares will bring the total size of its urban development project, Tatu City, to 2,000 hectares.

Founder/CEO of Rendeavour, the owner and developer of Tatu

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City, Stephen Jennings, said the expansion followed increased interest in industrial, commercial and residential plots from local and foreign investors.

“We bring substantial private investment, world-class infrastructure and significant employment opportunities, into our host countries over a 25-year project lifecycle. Because of this unique offering, we have seen immense interest from a range of industries, developers and

residential buyers for upper, middle and low income groups within our portfolio across Africa,” he said.

Companies already on the Kenyan site include global consumer products giant Unilever, Dormans, East Africa’s largest coffee grower and processor and leading paper and hygiene products producers Chandaria Industries and Kim-Fay. In June 2016, Rendeavour and the Lagos State Government,

represented by Lekki Worldwide Investments Limited, announced an expansion of Rendeavour’s urban development project in the Lekki Free Trade Zone to 1,000 hectares, providing more development area for a mixed-use and master planned solution for businesses and residents. The expansion effectively doubled Rendeavour’s investment in Nigeria, with a similar mixed-use project, Jigna, situated in Abuja.

Director of Rendeavour, Rotimi

Oyekanmi, provided further insight. “The expansion of Tatu City aligns with Rendeavour’s strategy of building market-led developments planned specifically for each of our host countries’ needs. Our level of investment in Nigeria will closely mirror that experienced in other parts of Africa. We look forward to welcoming companies and individuals to the Lekki Free Trade Zone as the project progresses.”

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BUA Group Partners Kano Farmers on Rice Production Ibrahim Shuaibu in Kano In line with the federal government’s effort to boost rice production, the BUA Rice Ltd, owners of Nigeria’s largest rice mill and subsidiary of BUA Group has entered into partnership with Rice Farmers Association of Nigeria (RIFAN), Kano state branch, in preparation of signing an agreement.

The Group Executive Director, Strategy and Innovation, of BUA Group, Alhaji Kabiru Rabiu said: “ BUA remained genuinely committed to the government’s resolve to reduce the nation’s dependence on imported rice by boosting local capacity to produce, process and package rice locally.”

According to him, the partnership would support the rice

farmers to take advantage of the CBN Anchor-Borrowers Scheme, adding that, “...BUA will provide end-to-end support to the value chain in ensuring that its milling facilities are being utilised optimally.

“Currently BUA’ s rice mill, which was supplied by world renowned Satake Japanese Technology, is the largest rice mill in Nigeria with a total processing capacity of about 200,000 metric tonnes per annum, “ he said.

Rabiu emphasised that they needed to encourage dry season rice farming. “This interactive meeting will produce an effective and efficient synergy between us,” he added.

He assured the chairmen of the rice farmers association from all the 44 local governments of the state, who were

in attendance at the meeting that they would enjoy the partnership. As the company would do everything possible to see that good price was given to farmers, apart from fertiliser supply, inputs and other implements.

The chairman of RIFAN, Kano state branch, Abubakar Ali, assured BUA Group of their commitment and dedication to any reached agreement between them and the company.

He revealed that Kano had over 500,000 rice farmers with over 40,000 of them who were fully registered with their association.

“This initiative will see to the improved yields as well as reduce wastage currently being experienced due to insufficient processing and storage facilities. “

Firm Expresses Desire to Train Two Million Artisans in Two Years Ugo Aliogo As part of efforts to improve the growth of micro smallmedium scale enterprises (MSME) in the country, an online platform - i Sabi Work Nigeria Limited, is set to train and register on its online platform, two million Artisans in the next two years when the platform fully comes on stream after the official launch on March 4.

Speaking at the pre-launch in Lagos recently, the Chief Executive Officer of the Company, Omotosho Oghenekevwe, said the online platform provides opportunity for people to have easy access to reliable artisans in their localities at the right time, adding that the company is committed to working with only skilled, efficient, and reliable artisans after a thorough due diligence has been put in place regarding their credibility and expertise.

She noted that the on the platform, artisans will registered with their phone numbers while stating that their business names, their services, proofs of their handiwork, thereby getting them to display their talents which would transcend

into business referrals for them.

Oghenekevwe stated that they are considering on partnering with the Lagos State Government in order to access whatever benefits they have in stock for the artisans in the state, noting that they are the bridge linking these people to the private and public sector.

“There is a big gap between the artisans and their viable customers. We are also here to provide as much benefits as possible. The Lagos state is doing a lot of work for the artisans and we are here to help them tap into it. In order to adequately deliver on these promises, the company is looking to partner with the Ministry of Wealth Creation and Employment towards ensuring that these artisans develop a strong customer service value, which is a vital concern of the company such that the assumed regular disappointments, low response time, which are the complaints by majority of their customers can be addressed adequately and be resolved,” she added. She further assured the public that the company is aimed at adding value to artisans by educating them, stressing that in the area of

education, they are partnering with several technical schools across Nigeria, “therefore we sponsor and even those that well experienced in their chosen vocation, they still have to go through a trade test to confirm if they truly full knowledge of the trade.”

Oghenekevwe added: “We try to make sure that everyone is insured and we ensure that whatever is available to add value to these artisans is what I Sabi work is committed at doing. We aim at adding value to artisans and ensure that customers are satisfied.

“We charge these artisans a yearly fee to ensure that they take the trainings serious, also that they don’t keep their information on our website and abandon it, but they are committed. Besides, we at I Sabi we don’t need to be stagnant. Therefore to improve these artisans we need to get as much trainings as possible.

“In return their trainers might ask for one or two tokens. We are going to fully launch in April, after which will come on stream. We are presently in two states, Lagos, River and the Federal Capital Territory (FCT).

Glo Gives Free 4G Smartphones to Data Subscribers Grandmasters of data, Globacom, has launched an exciting offer for its data subscribers by giving free 4G LTE smartphones to those who subscribe to a special LTE data plan.

The company said in a press statement issued in Lagos that with the offer, a subscriber who buys a 75GB LTE data plan for N75, 000 will get a smartphone worth N75, 000 free with advanced features like 13 Megapixel camera, dual SIM, a 5-inch screen and 2GB RAM. For a N60,000 4G LTE

60GB plan, a subscriber gets an 8 Megapixel, 4G smart phone worth the same amount absolutely free, while for a N48, 000, 48GB data plan, the subscriber gets a 5 Megapixel camera smartphone worth the same amount, also free. Both 4G LTE smartphones are also dual SIM-enabled with 1GB RAM. The network disclosed that the offer will enable Globacom subscribers who do not have 4G smartphones yet to experience the exceptional speed of the Glo 4G network.

Positing that this is the

best deal in town, Globacom said the offer will create huge excitement among telephone subscribers in Nigeria.

The company also said that all the phones are ideal for 4G, 3G, and 2G networks.

“Glo Mobile offers the most innovative services and data plans at affordable rates.

With this special free 4G LTE smartphone offer, we have once again demonstrated our resolve to always give our subscribers the best value. It cannot get better than this,’’ the statement said.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Do you have an Executive Presence?

Having an executive presence has many facets.

Many of us feel that it is the way you look.

Yes, the way you look goes a long way in determining whether you have an executive presence, but it goes beyond your outward appearance, however, it starts there.

,

, dressy top with comfortable sandals. I was very comfortable and did not dread the long walks and stairs you need to climb in our Lagos A in the country of destination because I was A infrastructure.

I was in business class and sat across , , business suit. We were both in the front row and disembarked at the same time when we A A , , her and we came out at the same time. The , economy and her business. I decided not to , not dressed up properly and was therefore The next time I travelled to the same country I dressed up properly and got the respect I deserved and was ushered into the car and not the bus and treated like an executive that I was. , having an executive presence. It is more , wearing the right suit and giving a great presentation. Executive presence according B , , , E take it very seriously. , which are: character which comprises , , , and humility. Substance made up of practical , , , , , , , , , inclusiveness and assertiveness.

B , presence ranked second in a survey of CIOs B B , clear that having an executive presence is key to your success and growth.

Should you be interested in honing your , must start to exhibit and practice: Role models – Executive presence is not something you are born with. Look around for role models who are strong in the qualities of , , be authentic to who you.

Conversation skills – People with executive presence usually put people at ease. They try to be inclusive of everyone when conversing ,

,

B how people feel about themselves when they interact with you is key to having an executive presence. Developing how you speak and your grammar is also very essential. I had a boss , spoke very bad English. Every third sentence I tried to polish him up with the right dressing tips or manners. The grammar could not be , F ,

presence.

Composure – Self-awareness and understanding others are essential components of executive presence. The ability to control , A , , , , sat across from me on the plane. The first thing , , , , , I was on notice and watching. When we were , A and drank noisily and used his cutlery in the wrong hands. He totally lost all respect from me and I am sure from those who served him.

Charisma – People who embody executive presence have the ability to draw others to them.

This is achieved through strong listening skills A the people whom you are communicating know that you are solely focused on them and drawn to you because they are comfortable in your , Confidence – One key aspect of exuding , A , , , , A , accessories appropriately.

Credibility – Not only is your content , greatly impact your credibility. When someone , as there is usually no doubt of the conviction behind their words.

Conciseness – Being verbose kills presence.

Just as it is critical to know what you want to communicateyoumustbeabletodosoconcisely and not talk too much.

Executive presence can be learned. Many executives have achieved this “it” factor with , sooner you start to hone these skills in your , Holler!

F I remember the first time I bought her bags A , but very beautiful and unique. I bought several for myself and my relations because I found them irresistible. We then lost touch and I rediscovered her two years ago. She had taken her bag making to the next level. Her bags had becomecoutureandcouldbecomparedwiththe bestdesignerbagsgloballyandweresometimes , used and the sturdiness of her bags.

In my collection is a computer bag and a handbag. Everywhere I carry them to I get compliments and everybody wants to know F made. I am usually proud to say that they are made in Nigeria and the designer is a Nigerian.

F making us proudly Nigerian and for taking Nigerian handbags to the next level. Holler!

- 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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Forte Oil Contends with High Financing Cost

With N4.3bn spent on financing cost in 2016, Forte Oil urgently needs a fresh dose of equity capital injection, writes Goddy Egene

Forte Oil Plc last week announced its financial results for the year ended December 31, 2016, making it an early filer of audited results. The results reflected the challenging operating environment laced with shortage of foreign exchange (forex), devalued naira, and high inflation. Although stakeholders in the capital market expect the above factors to impact the bottom-line of many companies, they may be in for many disappointments. Already the shareholders of Forte Oil Plc have seen the first shocker as the company did not declare any dividend due to the decline of 50 per cent in profit after tax (PAT). One thing the results of the company has reflected is the need for shareholders to urgently inject equity funding so as to reduce the high financing cost that has eaten deep into the company’s bottom-line.

Corporate history Incorporated on December 11, 1964 as British Petroleum Nigeria Limited, Forte Oil, changed its status from a private limited liability company to a public liability company 14 years in operation. In 1977, 40 per cent of the company’s shares were sold to Nigerians in compliance with the provisions of the Nigerian Enterprises Promotion Decree of 1977. A year later 60 per cent was acquired by the Federal Government of Nigeria in favour of the Nigerian National Petroleum Corporation (NNPC). In November 1979 the name British Petroleum was changed to African Petroleum Plc. NNPC’s stake in AP was reduced by 20 per cent in March 1989 after the Federal Government sold the above percentage to Nigerian Citizens, increasing their stake from 40 per cent to 60 per cent. In the year 2000, the federal government under its privatisation programme divested its remaining 40 per cent to core investors and interested Nigerians. In May 2007, the shareholding structure took a new shape as Incorporated Trustees of NNPC’s Pension Fund divested its stake to Zenon Petroleum & Gas Limited, making it the majority shareholder in the company. As a result, Zenon Petroleum & Gas Limited and his affiliated entities became the core investor in the company. Under the new management, African Petroleum embarked on a rebranding and restructuring programme which led to a name change to Forte Oil Plc in December, 2010.

Forte Oil Plc markets refined petroleum products for automobiles and machines. It operates various services including retail petroleum product marketing; industrial fuels & lubricants marketing, lubricant production and marketing; vendor managed inventory for industries; value added peddling; marine supplies; production chemicals, lubricants and greases among others.

Way to low bottom-line The low bottom-line posted by Forte Oil

for the 2016 full year was seen coming when the company reported its nine months ended September 30, 2016. Ironically, the company had raised investors’ hopes for positive performance for the year when it posted a growth of 31 per cent in profit before tax (PBT) for the half year to June 30, 2016.However, while stakeholders had expected that Forte Oil would maintain a steady growth for the nine months, its bottom-line fell by 34.7 per cent in PAT for that period.

Although the company’s top lines showed growths, higher cost of finance and tax expenses compressed the bottom-line.

Forte Oil Plc recorded gross revenue of N121.1 billion in 2016, showing an increase of 32.2 per cent from N91.6 billion in 2015. An analysis of the revenue showed that fuels accounted for N103 billion, up from N76.2 billion in 2015.

Lubricants and greases recorded N8.188 billion, compared with N5.161 billion in 2015, while power accounted for N7.931 billion as against N7.02 billion in 2015.

Cost of sale rose by 34.3 per cent from N78.6 billion to N105 billion, while profit before tax (PBT) stood at N15.5 billion, showing an increase of 19.4 per cent.

The company was able to keep operating expenses flat at N9.9 billion, against N10 billion in 2015. While other income fell by 13.9 per cent from N2.7 billion to N2.3 billion, net finance cost soared by 663 per cent to N2.2 billion.

Consequently, the company ended the nine months with PBT of N5.6 billion, from N5.3

billion in 2015. However, tax expenses rose by 182.6 per cent from N1.0 billion to N2.8 billion, hence PAT fell to N2.8 billion, down from N4.3 billion.

A further analysis of the finance cost showed that while the company paid N3.506 billion on loans and overdraft, which was a 3.3 per cent, above the N3.396 billion in 2015, a drastic reduction in other interest income led to the higher cost of finance in 2016.

The company had posted a growth of 31 per cent in PBT for the half year (HI) ended June 30, 2016. Explaining the HI performance Group Chief Executive Officer (GCEO) of Forte Oil, Mr. Akin Akinfemiwa, had attributed it to aggressive sale drive, strategic retail acquisition, and prudent approach to cost containment.

According to him, HI revenue grew as a result of ongoing strategic retail acquisitions across the country, increase in pump price of premium motor spirit and increased commercial customer base for both fuels and lubricants.

He explained that the power business contributed five per cent to revenue of the group and 15 per cent to PBT as a result of low generation due to ongoing overhaul project and gas supply constraints due to the security challenges in the Niger delta region.

Looking ahead, the Forte Oil boss had said the company would focus on high margin products, fully exploit LPG business particularly, LPG retailing, bottle refilling, optimise and expand Geregu Power Plant Asset, diversify into upstream

180 160 140

DEC.2016 N148.6Bn

DEC. 2015 N148.6Bn

120 100 80 60

DEC.2016 DEC. 2015 DEC.2016 DEC. 2015 N20.6Bn DEC. 2015 N18.3Bn DEC.2016 DEC.2016 N5.8Bn N4.3Bn DEC. 2015 N5.3Bn N7.0Bn N2.9Bn N1.7Bn

40 20 0

GROSS REVENUE

GROSS PROFIT

NET FINANCE COST PROFIT BEFORE TAX

PROFIT AFTER TAX

space through profitable acquisition of upstream assets and uptmising working capital structure.

“Also in the second half of 2016, we shall focus on increased supply of petroleum products imports as full deregulation kicks in and forex availability increases,” Akinfemiwa said.

Full year results Contrary to the optimism and enthusiasm exhibited by the GCEO, the 2016 full year performance came in below expectations. Forte Oil Plc posted a revenue of N148.6 billion, up by 19.3 per cent from N124.6 billion in 2015.

However, profit before tax fell by 24 per cent to N5.3 billion, from N7.0 billion, while profit after tax declined by 50 per cent to N2.9 billion, compared with N5.8 billion recorded in 2015.

An analysis of the results showed that cost of sale rose by 20.5 per cent from N106 billion in 2015 to N128 billion in 2016, while operating expenses declined by 2.9 per cent to N13.3 billion compared with N13.7 billion in 2015. Other income fell by 42 per cent from N4.1 billion to N2.3 billion. But net finance cost soared by 154.9 per cent from N1.7 billion to N4.3 billion, a development that affected the bottom-line.

Gross profit margin reduced from 14.7 per cent in 2015 to 13.9 per cent in 2016.Net margin weakened from 4.7 per cent to 1.9 per cent.

However, debt to equity ratio rose from 82.1 per cent in 2015 to 114.1 per cent in 2016, indicating that Forte Oil tilting more to debt financing than equity funding. Total borrowing of the company stood at N49.4 billion in 2016, up from N38 billion in 2015.

Forte Oil Plc had last year raised N9 billion bond under its N50 billion bond issuance programme, to refinance existing short term commercial bank loan obligations and to finance its retail outlet expansion.

The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa had said: “With the raising of this initial capital which has been fully underwritten shows the confidence the investing public has in Forte Oil Plc as an investment of choice. This bond programme being the first in the downstream sector, is testament to Forte’s position within the downstream sector and allows the company to actualise the vision of the Board to continue to provide value to its shareholders regardless of the economic climate.”

Similarly, the Group Executive Director, Finance and Risk Management, Forte Mr. Julius Omodayo-Owotuga said: “This series provides us with the necessary liquidity to actualize our growth strategies and positions the company for the years ahead. The pricing of this debt instrument demonstrates the markets’ belief in us and the pricing would help reduce our borrowing cost and increase profitability in the short and long term.”

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How Greed and Negligence Fueled Capital Market Fraud In this article, James Atobale attributes the recent scandals rocking the capital market to greed and negligence With the rise in inflation up to two digits, shrinking disposable income, it is understandable as few Nigerians with extra cash continue to patronise investment schemes that are not only illegitimate and risky but smacks of greed and negligence of care for their monies. A few days ago, news broke about how several investors lost as much as N4.8billion to a renowned stockbroker, Mr. Victor Ogienmonyi, through his many companies – Partnership Securities Limited (PSL), Partnership Investment Company (PICO) amongst others.

It seems there are three set of people who have been hoodwinked in the various investment schemes by Ogiemwonyi. Group one consists of those who invested in the Partnership Securities Deposit Account Scheme (“PSDA Scheme’), using his PICO to woo investors to deposit money with the company and reap 30% returns monthly. This scheme is only good as MMM, the Russian Ponzi scheme that had many Nigerians’ monies trapped. Another group consists of people who were pitched to transfer their shares to Ogiemwonyi and promised 10% cash interest on the value of their shares, payable half yearly whilst they continue to enjoy dividend payment, bonuses issues etc. This group will not even bother to ask – what is in it for Ogiemwonyi for this attractive proposition. The final group is those who operate by the time tested values of investment banking and trust Ogiemwonyi their money to buy shares and sell on their behalf. In this group, is a prominent banker and erstwhile CEO of Ecobank, Mr. Arnold Ekpe, who claimed Mr. Ogiemwonyi is indebted to him to the tune of N1.2billion.

Ogiemwonyi’s firm, PSL fraudulently converted and misappropriated the sum of N1, 237,245,000 and US$80,000.00, being part of the proceeds of sale of 96,077,872 units of Ecobank Transnational Incorporated Plc belonging to Mr. Arnold Ekpe, a former CEO of ETI. Ekpe gave Partnership Securities Limited a mandate to sell to 96,077,872 units of his ETI shares at the price not less than N16 per share. The firm however sold at a cumulative average price of N13.49 per share and did not remit the proceeds to Ekpe.

To resolve this, Ekpe wrote to the NSE for intervention. Upon receipt of the complaint, sources noted that The Exchange on 17 October 2016, suspended PSL from trading on all floors of The Exchange, effective 18 October 2016 after a preliminary investigation was conducted. PSL remains under suspension from trading on the floor of the Exchange.

Apparently, being the ‘clever’ broker that he is, Ogiemwonyi took advantage of Ekpe’s friendship with him and exploited the Direct Cash Settlement initiative, introduced by the Securities and Exchange Commission.

How DCS works Direct Cash Settlement (DCS) is a process where cash proceeds from trades executed by brokers on the Exchange settles directly into investors’ bank account. The DCS process is such that an investor must opt for the settlement of proceeds of sale of securities into his account by filling a direct cash settlement mandate.

The DCS process starts when a client gives his broker the mandate to sell his or her shares.

When the Broker executes mandate at the NSE an alert is sent to both buyer and seller of securities. Once those shares are sold, payment is made directly into the client’s account. This is in contrast to the practice where proceed from sale of securities is paid directly into the stockbroker’s account and stockbrokers then deduct transaction fees and remit the balance to the client’s account.

Where an investor does not elect to come into the direct cash settlement scheme, settlement of transactions carried out on behalf of such client whose account details are not provided to CSCS shall be done by payment into the account of the client’s broker-dealer firm. In the case of Ekpe, there was no direct cash settlement mandate so the proceeds were paid to Ogienwonyi’s firm.

Director General of the Securities and Exchange Commission, Mounir . Gwarzo

Investors Duty of Care and the Role of Greed in Frauds Though capital market regulators have the responsibility to protect investors, some analysts have also advised that it is important that investors themselves are made aware of their duty of care to protect their investments.

According to a source, who preferred not to be named, “the capital market in Nigeria today has become robust in terms of rules, oversight functions, surveillance, monitoring and technology compared to where we were about 5 to 8 years ago. However, we continue to see some of these infractions due to some negligent actions even on the part of investors.”

In response to the claims by Ekpe, the NSE via its letter of 21 November 2016, NSE denied any wrongdoing stating that “please be informed that a review of CSCS’ records reveals that neither CSCS nor The Exchange was aware that your client had opted for the settlement of the proceeds of sales by PSL directly into your client’s bank accounts. The records further show that the CSCS Direct Settlement Form filled by your client containing your client’s preference for direct settlement was not submitted to CSCS by PSL in direct violation of the Exchange’s rules. The Exchange can therefore not be rendered liable for these deliberate actions and fraudulent concealment

by PSL”.

The Exchange also accused Ekpe of negligence as “under the X-Alert platform of CSCS, your client was duly notified and received several electronic alerts on all transactions made by PSL on your client’s behalf particularly as it relates to his shares in ETI between 30th June 2016 and 6th September 2016. Your client was

therefore aware that the proceeds from the sale of his shares were not remitted directly into his account. Notwithstanding the above, your client informed neither CSCS, The Exchange, nor any other regulatory authority of partnership’s deliberate infraction of capital market rules”.

According to our investigations, Ekpe received 79 alerts and did not inform the Exchange until 3months after when it seemed the monies have been misappropriated. In addition, also he did not make complaint when PSL continued to sell the shares at N13.41, N2.59 below the mandated price shares at N16.00, PSL was mandated to sell the shares. NSE further noted that “...had your client informed it that proceeds from the sale of his shares was not being remitted directly into his account, at the earliest opportunity, The Exchange would have been better placed to prevent the fraud by PSL and mitigate the losses suffered by your client as a result of PSL’s deliberate actions”.

The interesting angle to the many claims of these investors is the role of greed. They were all hoodwinked by the promise of 10% interest on the value of shares whilst still been able to retain their shares, enjoy their dividends and other financial benefits from the scheme. One of the investors who wished not to be named admitted that they were impressed with the pitch on the benefits and did not step back to think if the scheme bore any semblance to a ponzi scheme like nospecto, MMM and the rest. There is ongoing extensive investigation

by EFCC on one hand and SEC, CBN and NSE on the other hand. Ekpe is collaborating with these agencies to recover his money from Ogienwonyi. In addition, Ekpe has secured a Federal High Court ruling where one Honour-

able Justice Hassan of the Federal High Court appointed Mrs. Roselyn Sonuga as provisional liquidator with a view to assisting Ekpe and other affected investors recover their monies.

These steps, one source argued aligns with the advice by NSE to Ekpe to focus on recovering his funds from Ogienwonyi instead of instituting legal charges against the Exchange or any other market regulators.

The Role of Investor Education Education is a significant component, which among other factors influences investors’ performance, risk-taking and stock market participation. Educated investors participate more actively on the stock market and they tend to make more rational investment decisions than investors with lower educational level.

Regulators in the Nigerian capital market should know that enhancement of public education and awareness about capital markets is an important part of its mandate if it were to grow the market. . An educated investor is a protected investor and a protected investor is always a more willing player in the capital market place. Investor education should be seen as t the most effective regulatory tools.

To protect investors and increase investor confidence in the market, a more deliberate effort to progress investor education to another level with a view to addressing the prevailing low financial literacy and the resultant ‘herd mentality’ in financial products selection among some sections of the investing public, is a task all market participants must undertake.

- Atobale, a capital market analyst wrote in from Jos

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Elebute: Confidence is Required to Restore the Economy The National Senior Partner, KPMG in Nigeria and Chairman, KPMG West Africa, Mr. Kunle Elebute, in this interview expressed optimism that if among other things, the federal government is able to resolve the issue of militancy in the Niger Delta, there would be increased dollar revenue for the country, higher government earnings, and increased liquidity. Obinna Chima presents the excerpt: What were the key takeaways from the recently concluded WEF in Davos, which you attended and how did the deliberations at the forum affect the issues in Nigeria?

The theme for Davos this year was about “Responsive and Responsible Leadership.” And the conversations were around leadership in business, leadership in government and leadership in general. The event took place at a time when there was transition from one president to another in the United States. Also, we had a recent transition in the United Kingdom. A big splash of the media during the event was when for the first time, a Chinese premier came to WEF and many business people felt that perhaps it was China’s time because among the big countries in the world, China has shown responsible leadership. The United States election went in an upheaval manner, the United Kingdom Prime Minister emerged on the back of Brexit. She was not elected by the people. Of course, France is going for election and there was so much turmoil in Africa. At that time, we had issue in Gambia. However, we had Ghana that had a successful election on the other hand. So, with the global turbulence in the economy, the question people were asking was if our generation had a leadership problem or challenge? Why is it that we are not able to have the kind of leaders that would take us to the next level of economic prosperity in the global economy? So, I think the topic was apt for the global economy on one hand and also for the political leadership. Secondly, the issue is that the current leadership we have around the globe has posed a lot of uncertainties as to where exactly the global economy is going.

If you look at the US, Donald Trump has so many different ideas that he wants to throw out. He wants to completely re-order future agreements. With the UK leaving the EU with Brexit, we don’t know if other countries would follow. And if other countries follow, would the EU disintegrate? Whereas, the founding fathers of EU thought that economic integration was the direction for economic prosperity. Which is why in Africa, we have ECOWAS, in East Africa, they have their own forum for economic integration, and South Africa has its own. So, the world had grown on the back of economic integration. But with the UK leaving the EU, does that mean we are going to see a different type of economic prosperity or growth that does not rely on economic integration? Again, if you listen to Trump’s inauguration speech, he talked about America first, before others. So, many countries are saying to themselves: ‘Let’s consider our own issues first, before the consider others.’ Whereas, we all grew up where the global economy was all about inter-dependency, helping each other, creating economic integrations, we had the North America Treaty Organisation (NATO), and creating security forces. Look at what happened in Gambia for example, Nigeria and Senegal had to send their soldiers down there and overnight, an ECOWAS force was put together. That was how the world evolved over time. But these leaders are saying they want to put their countries first before others.

That creates a lot of uncertainties. People don’t know what the new world would look like in the next 10, 15 and 20 years. Therefore, Davos was about responsible and responsive leadership.

Leadership that would be responsible to the people, and also to ensure that there are the right set of policies to like climate change and other things that would ensure that the global economy continues to prosper. Of course, there are issues in the Middle East on account of

Elebute

the movement of refugees across borders, because they don’t have homes as a result of the security challenges in their own countries.

You have refugees moving across the Sahara desert in Europe because of unemployment and poverty in African countries. Again, responsible leadership is about taking responsibility for your people, their livelihood, ensure that we reduce poverty and hunger, ensure that we get the right education for our people and in creating jobs.

Don’t you think the idea of ‘America first’ or ‘Nigeria first,’ would pose a challenge for integration across the globe?

It does. But I think we have to take it from a different dimension as a country. Nigeria is a developing economy and there are so many things we haven’t done to ensure that our people have a standard of living that engenders employment.

So, people go to school today, graduate and there is no certainty that you will get a job. Even if you have a job, there is no certainty about your livelihood. You have no power; no water; security of lives and property not guaranteed; that is not how I believe a country should develop. A country should develop around the fact that when somebody is growing and he finishes school, you know that you went to school to add to the knowledge base of your country. Therefore, you should be able to find a job very easy. When I finished from the university 34 years ago in UK, I came back to Nigeria and getting a job wasn’t a problem.

Some of us had between four and five jobs waiting for us.

There is the belief that one of the major problems we have in Nigeria is the lack of

responsive and responsible leaders, what do you think can be done to address this issue?

When you have leadership that is not responsible, coupled with the fact that government controls too many things that make it even much more difficult for the environment to develop and evolve. So, my own philosophy is that government should stop doing what government cannot do. Government cannot run airports, they should just concession the airports to those who can run the airports, government cannot run refineries, can’t run petrochemical plants, pipelines or even pipelines. They should just hand them over to the private sector. Whether they privatise them or concession them, if a business is ran efficiently and profitably, it would make profit. Before the business can pay dividends to its shareholders, it must pay tax. So, the very first outcome of a profitable company is tax. That tax goes to government. It is only after you have paid tax, with what is left over after tax, is what you can declare dividends from. In many cases, the tax that government would get, would be much more than the dividend that government can get from that business. So, government’s return on any business enterprise is tax. So, government should give it to those that can run it properly and profitably and government gets tax revenue in return. If you look at the banking industry, go back 20 -30 years when government owned so many different banks, all the government banks that I know have collapsed. Whether it is New Nigeria Bank, ACB, National Bank, or whatever, they all collapsed.

The banks that are standing today are privately run and listed on the stock exchange. One bank alone in Nigeria operating as a private company, has paid more tax and dividends than all the

government banks that existed in the past. If it is in the cement sector, all the government cement companies went comatose before they were privatised and sold. But today, look at the sector. Just go round the economy, any where the government has been in control of, they have not prospered the entity. A very good example recently is Eleme Petrochemicals.

It was sold and in the first year the owners declared dividend, they declared dividend more than what government spent to invest in that company. Today, based on the profitability of that company and the cash flow, they have built a 1.2 million tonnes fertiliser plant next door to Eleme Petrochemicals, financed and run by the private sector. Where is National Fertiliser Company of Nigeria (NAFCON)? It has become Notore, a fertiliser company. So, in my own view, if the private does what it can do best, the government does what it can do best; then the government can focus on being responsible to provide education, not all education should be provided by government; healthcare, not all healthcare services should also be provided by government. Then, people have choices. For example, there are 14,000 schools in Lagos state, of which only about 2,000 are owned by the government. So, even when government runs the school or hospital, the consumer has a choice to either go to a private school or a government school. If the government school is cheap and the quality is better, I would go there.

So, how do you think the private sector can intervene in the infrastructure deficit being faced by Nigeria?

I can break down infrastructure into various CONTINUED ON PAGE 29

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ELEBUTE: CONFIDENCE IS REQUIRED TO RESTORE THE ECONOMY You can see that we have not been able to deliver electricity for all kind of reasons. But let’s leave electricity and go to transport infrastructure.

Under transport infrastructure we have rail, roads, airports and ports. These type of infrastructure typically, over the years globally, government used to do them before. But in the last 30 and 40 years, in many countries across the globe, it has been proven and tested that private sector money and capital runs railways, ports and roads. So, if government wants to attract the private sector, it needs to show some long-term commitments. We did the ports under former president Obasanjo and we stopped. Okay, if today you wake up and do airports and couple of railways, then the private sector knows that the government is serious and wants to attract private investments because infrastructure is a long-term investment. Before someone can wake up and say he wants to commit his investments in 20-year infrastructure for railway or airport project, that government has to be seen as serious and committed. Both parties have to be committed towards that infrastructure. So, the first step is for government to show it can deliver on its promise, allow private sector to come in and let see it work for few years. When government sees that it is convenient, they would open up and do a lot more. But you can’t do all. In some countries, they (private sector) build prisons and all the government does is to look after the inmates. That is because if you look after the prisoner and he comes back to the society, he should come back a better person. But Nigerian prisoners, when they go into prisons, do they come out as better persons? So, the government is doing too much. That is why I believe it is difficult for us to have responsible government because they are not being responsive. They are just trying to be everything but not achieving much result.

Some people would definitely disagree with your position on privatisation and the role of the private sector in business, judging from what they are experiencing presently from the power sector privatisation, the

ports as well as the aviation sector. Some are even saying the government should revisit these privatisation exercise?

I think the results in these situations were mixed. If you look at the banking sector for example, you remember very well that government owned the big banks. Would you say privatisation worked in banking? The answer is yes, because Nigerian consumers have got a lot more out of banks now than ever before. In those days, we used to go to the banks to queue. We used to spend a whole day to get our money out of the banks. But that has changed. You can sit in your office today and transact business. So, in banking, it is clear. But infrastructure is much more complex to privatise because it is a much longer term relationship between government and the private sector party. Secondly, you need to attract the right capital and expertise to make it happen. So, in the port, it’s been a mixed bag.

This is because it is not just about the ports alone, but also the back end infrastructure of the port. Once you bring in containers into the port or you bring goods, you have to transfer the goods or containers to their final destinations.

So, what tends to happen in most countries is that you have a railway line in the port that can transfer the goods out. You have highways that can move the trucks out. But today, if you go to the Tincan port and see the amount of trucks waiting on the queue and it takes a week or two before they can load. Is that the problem of the private port operator? No! That is the responsibility of the government. And if the government cannot do it, they can hand it over to the private sector. So, if you are doing infrastructure, you have to do the whole chain.

You do the ports, the railway and the entire chain, so that goods would always arrive at their destinations efficiently, or for exports as the case may be. In power, unfortunately, we haven’t gotten it right.

What do you think is the future of the financial services sector, particularly the banks, in terms of block chains?

I am not an information technology expert. But block chain is a medium of exchange, where two

parties in a transaction, don’t have to exchange money. In any case, before money, we were using cowries in Nigeria and before then, we had trade by barter. So, block chain is probably a more advanced medium of exchange, which is done through technology. We are not there yet because the regulations around block chains are not yet clearly defined. So, I think we are very far away from block chains. There are some block chain transactions happening around the globe, but we are still very far from it. You know, when something starts very small, as human beings, we should not rule it out. Something may trigger block chains to become dominant.

After all, the dollar was not a global currency.

It was gold that was the medium of exchange, until OPEC decided to start using dollar as a currency for buying and selling crude oil and suddenly, dollar became the medium of exchange around the globe. What would be the next global currency? Is it the block chains? Is it the Chinese currency? Nobody knows. So, these are all the things that are unpredictable. But in the main time, we need to fix our country. We need to get prepared for when these things would happen, so that we would be in a vantage position to take advantage of these when the need arises.

Are there signs that the economy would come out of recession this year?

Well, there are forecasts. The World Bank and the International Monetary Fund (IMF) have predicted that Nigeria should recover this year.

I think part of the reasons is that the oil price went down to as allow as $30 per barrel about a year ago. But it is beginning to pick up. Secondly, beyond the oil price, the Boko Haram issue seems to have been taken care of. The issues we have now have to do with the Internally Displaced Persons. There is also the view that Nigeria has been able to resolve some of its internal challenges. But we all know the Niger Delta issue with the militant is still pending.

We need to sort that out to ensure that we have constant production of oil. The Vice President told us in Davos that he would be going to the Niger Delta again to engage. So, if we get

the engagement right and solve the problem in the Niger Delta and production of oil gets back to where it ought to be, that means we would have more dollars in circulation, higher government revenue, increased liquidity and most importantly, improved confidence in the economy. So, we need confidence in the economy to improve. As confidence improves, not just for foreign investors, but also for domestic investors, there is the likelihood of economic activities increasing and that leads to improved economic performance in the economy.

So with your new role at KPMG, what should stakeholders be expecting from you?

One of the key things I am focused on heavily is trying to ensure that we have a much better relationship with our clients.

What is important in our business is for us to have very strong relationship with our clients. When the economy was booming and these clients were engaging us and paying us for services rendered, now that these same clients are finding it tough, this is when we need to have a much closer conversation with them. This is when we really need to help them out of this situation.

If we are successful in helping them, when the boom returns, who do you think they would rely on? KMPG. So, we have to spend more time speaking to our clients, understanding their issues and helping them survive. So, one of the key things I am doing is spending more time in the market place and I am encouraging my partners to do same and it cascades all the way down to the lower level. Secondly, there are a number of strategic growth initiatives that our firm global has. There are three areas we are focused on heavily in Africa and Nigeria as well- cyber security, data analytics and infrastructure. So, these are things we need to bring to the table to develop our economy and we believe we have the knowledge and skills to do that. If we don’t have them locally in this office, because we are part of a global firm, we can bring such skill from any part of the world, into this market.

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INSURANCE

NAICOM to Screen Directors, Management Staff of Insurance Institutions Stories by Ebere Nwoji Directors and management staff of insurance firms, who lack relevant strategic and competent operational requisites may lose their positions in the current business year, as the industry regulator, the National Insurance Commission (NAICOM) is set to embark on screening to ascertain those who are qualified to serve as board members and management staff of insurance firms. The Commission recently expressed concern about poor performance of some board members and management staff of insurance firms.

The commission, also requires insurance firms to beef up technological know- how of their workforce as well as the status of their information technology systems in preparation for transition to electronic submission and treatment of accounts of insurance companies this year, a major shift from the hitherto manual system. The Commissioner for Insurance, Alhaji Mohammed Kari, stated these in a circular to board members and chief executives of insurance firms released recently stated: “The Commission is concerned about the performance of some boards and managements as reflected in their work not only

from compliance perspective but also in terms of strategic and operational choices they make.

Kari, who described the situation as a challenge, said to elicit positive change, the commission, would develop a mandatory competence profile for Directors and persons in Senior Management and Key functions in liaison with relevant organs of the industry whilst considering a number of mandatory learning requirements/ trainings for Directors.’’

Kari, who disclosed that this will take effect this month (February), further said in line with corporate governance requirement, the Commission expects all directors of insurance institutions to rise up to the challenge of not only ensuring that their Companies comply with relevant laws but also that their activities take into account the interest of all stakeholders especially Policyholders and providers of Capital.

He said the Commission, will pay more attention to the behavioural aspects of Corporate Governance and extract accountability from relevant parties, especially Directors and members of Management, adding, consequently, all Insurance Institutions are required to forward, to the Commission,

planned schedule for their Board meetings for the year 2017 not later than February 10, 2017.”

Kari, said electronic submission of accounts by insurance companies will take the place of manual and paper submission effect from this year.

He said the commission is going to leverage on information technology to improve effectiveness and reduce regulatory burden of manual operations on insurance Institutions. It noted that to achieve the initiative, it will establish a framework for Information technology supervision of insurance Institutions and promote arrangements for efficient and more cost effective applications in the Insurance Industry.

The commission, which is worried about late submission of accounts by insurance firms, said a number of Companies submitted their Statutory Returns for the year 2016 late, stressing that the delay in submission of accounts deprives the Commission, policyholders, insurance intermediaries, analysts and other stakeholders of the relevant information about the performance and financial condition of the companies, as well as the level of their compliance with relevant provisions of the law.

Devt of Retail Insurance Key to Growth of Sector The new Managing Director of Linkage Assurance Plc, Mr. Pius Apere, has said that exploration of retail insurance market by insurance industry operators has remained the appropriate solution to the growth need of the insurance industry.

Apere, who stated this at the public presentation of some retail insurance products designed by his company in Lagos, said for a very long time, insurance managers and their distributors, have dwelled so much on traditional distribution channel such as insurance brokers.

He said unfortunately, this has not ensured proper distribution of insurance, as brokers, mainly market corporate and huge policy account, leaving the retail market, which is supposed to drive the industry’s growth unattended to.

“The way out is to do things different; retail market is the only way for insurance industry growth, it has not been tapped for a very long time, we have a population of over 180 million people but we have not taken advantage of this huge population to grow insurance as we can see that less than one percent of this huge population is insured, this goes to show that many Nigerians lack insurance awareness”, he said.

He said Linkage Assurance, has positioned itself to tap into this opportunity through an array of retail products it has pumped into the market.

According to him, these products have been designed to cater for the needs of its target consumers and are pocket friendly.

Introducing the products to the audience, Head, Strategy & Business Development, Linkage Assurance, Mr. Imo Imo, highlighted some of the products as Linkage Shop Insurance Cover, Linkage Citadel Shield Plan, Linkage Comprehensive Plan among others.

He described Linkage Shop Insurance Cover as ideal protection plan for small shop, pharmacies, shopping malls, plazas and supermarket owners.

According to him, the policy, features Fire and Burglary, Goodsin- Transit, personal Accident, Fidelity Guarantee, and public liability.

He said the policy includes an extension to cover cost of alternative rent caused by an insured event of fire and allied peril.

African Alliance, Mutual Benefit Assurance Pay Claims to Redeemed Christian Church Two insurance Firms, African Alliance Insurance and Mutual Benefit Life Assurance recently paid a total of N12.24 million to the leadership of the Redeemed Christian Church of God and Redeemers University (RUN) as claims for group life insurance of their workers.

According to information obtained from the Nigerian Insurers Association (NIA), RCCG got N8.05 million claims from African Alliance Insurance Plc while Redeemers University

got N4.19 million from Mutual Benefits Life Assurance Limited.

The Global General Overseer of the Church, Pastor Enoch Adeboye, said as part of welfare package for the church workers, the church had intended to run a stipulated lifetime 100 per cent salaries to its pensioners, stressing that the initiative was halted by the government.

“For example, when I decided on what will be the pension of our pastors, what I

decided is not done anywhere in the world. That somebody will retire and continue to earn full salaries all his lifetime.

“This, I started, but government stepped in and made a law that we should be contributing to pension fund.

“We have to obey and we started doing that. The result is that pastors don’t get as much as they were getting under our own previous arrangement.

“We have to obey and we started doing that.

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NEWS

Reputation is Everything in Today’s Branding World, Says Babaeko Ferdinand Ekechukwu

It is believed that the success of a brand is ultimately dependent on consumer behaviour that is more people favourably choosing your brand on more occasions.

This can be achieved when a brand/business makes a lasting connection with consumers as “the brand that owns the consumers heart also owns his/ her wallet which why emotional connection is key.”

However in today’s marketing

environment, brand management is increasingly becoming more challenging because of the super active and noisy world we find ourselves in.

A renowned marketing communications and brand expert, Mr. Steve Babaeko, made the remarks during the weekly live chat with a group on the topic “Communication and Branding in a Hyperactive World”.

The reason for this, according to him, was largely as a result of the plethora of brands on display

in the market place these days, coupled with the fragmentation of media which makes it more difficult for brands to make the right impact.

“Once upon a time marketing people had to contend with only 1 screen: The television.

Today you have to contend with TV, mobile phone, tablets/ desktop and game consoles thus as marketing people we have to evolve creative ways to engage the target audience.

Comprehension of message is

clearly affected because of the divided attention”, he said.

Named ‘Let’s Talk Marketing’, the live chat group made up of entrepreneurs, marketing managers, corporate communications managers, brand managers and media practitioners had participants discussing marketing and brand related issues, with Babaeko as the lead discussant in the forum.

The discussion, which was via social media app WhatsApp x-rays trends, insights and every-

thing in-between in marketing.

Should businesses always respond or maintain silence when they are called out?

Babaeko expressed that in today’s world a brand should endeavor to respond when called out. He said that we live in a world driven by search.

“Consumers search to find out about brands to make purchase decisions. If a brand is called out it’s important to respond so the brand’s response can show in the search.”

Although he categorically stated that “not the frivolous ones [brands] of course. If it’s serious and it calls out and challenges the essence of or value proposition of the brand, it should be responded to. In today’s world a brand cannot afford to be seen as detached”.

On how much value does a great reputation really confer on a brand in today’s hyper active markets, Babaeko asserts that “reputation today is priceless.

It’s everything.”

NCBSG Cautions Nigerians against Hate Campaign Raheem Akingbolu The South West zonal arm of the National Committee of Buhari Support Groups (NCBSG) has cautioned Nigerians against pushing hate campaigns into the streets against President Muhammadu Buhari. The group has also described as unpatriotic, the negative picture being painted as a result of the president’s vacation to the United Kingdom.

Speaking during a press briefing, which was organised at the weekend, to announce the February 17 inaugural meeting of the zone in Lagos, the National Secretary of NCBSG, Otunba

Biodun Ajiboye, expressed his dissatisfaction with the way some individuals and groups politicise everything in the country.

“It is sad that Nigeria is still at this stage of pettiness and sensational politics. Decades after independence, one would expect that we would have redefined our politics. The news some people are pushing out following our president’s vacation is unpatriotic.

We should shun hate campaign, pray for our leaders to succeed and stop being pessimistic,” Prior to the press briefing, a political Leader from the South West Zone, Senator Ajayi Borrofice, had presided over a roundtable

session of representatives of each of the states of the South West region.

Addressing journalists afterwards, Senator Borrofice stated that their discussion was not in any way related to 2019. He explained that it was a discussion on how to organise the zonal meeting of the National committee of the group coming up in February. He added that it is an effort to maintain the party structure and re-engineer the machinery to meet the needs of the people. According to Borrofice, the national committee of the Buhari support Group coordinates the various Buhari support groups in the country,

stating that over 300 delegates in the zone will meet in February to carry out a SWOT analysis of situation. He said: “The meeting here is for the South West geo-political zone. Today, we met with representatives from each state: Lagos, Oyo, Ogun, Osun, Ondo and Ekiti to plan for the bigger zonal meeting in February. We are expecting over 300 delegates to be drawn from the 61 Buhari support groups within our zone.

“The major reason of the meeting is for us to come together and look inwards to see how far we have gone, what needs to be done. The group

worked actively in support of Mr. President to get into office and because of that, the group has become stakeholders and are all interested in the success of this administration. It is important that from time to time we interact and come up with advice to Mr. President,” he said. He said members of the group are ears and eyes of Mr. President and they will ensure that whatever response they get from the people will be tabled to the president.

“These delegates are the grass-rooters and they are youths.

You know 45% of voters in this country are youths. After the

zonal meeting, we will be talking to a large section of the electorates to get reactions, peoples’ feelings and what they expect.

“Mr. Presidents administration is a responsible administration that listen to the people that elected them. Mr. President didn’t set up the group but those behind it are those who have access to Mr. President and I’m sure he would listen to them.

“We are not afraid of the response we are likely to get from the people. We will table them before the president and we are sure he will listen and act on them,” he said.

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EDUCATION Agbami Partners: Boosting Human Capital in Engineering, Medicine For the past nine years, the Agbami co-venturers have been developing manpower for technology and health care delivery in Nigeria through the Agbami Medical and Engineering Professional Scholarship Programme. The partners recently rolled out the drums to celebrate 32 beneficiaries of theschemewhograduatedwithfirstclassfromtheUniversityofLagos,includingMissOyindamola Omotuyi, who made a Cumulative Grade Point Average of 5.0. Uchechukwu Nnaike reports

Some of the first class graduands with some Chevron employees

But for the Agbami Medical and Engineering Professional Scholarship Programme (AMEPS), Mr. Victor Chineke’s chances of completing his university education would have been uncertain.

Chineke, who was among the recipients of the scholarship that made first class from the University of Lagos, graduated from the Department of Chemical Engineering with a Cumulative Grade Point Average (CGPA) of 4.72.

According to him, he secured the scholarship in his second year and described it as a timely intervention, because it came when his father was experiencing financial issues and could not have been able to support his education.

As a student of Chemical Engineering, he said his design project and research project required a lot of funds which the scholarship took care of. He said being a recipient of the scholarship also gave him the opportunity to do his internship with Chevron and it was a wonderful experience.

“It opened up my ideas in the field of engineering that is why I want to focus more on process safety management and environmental engineering, which was the unit I worked with when I was in Chevron.”

He said the journey was not smooth, as he fell ill for a month when he was in second year and missed classes and some tests. “It affected my grades, but in third year I was able to catch up with the help of some friends and my parents.

It is important to have good friends around you to support you. So with their support I was able to pull through.”

Asked how he sustained the scholarship despite the health challenge he experienced, Chineke said, “when you have this kind of company willing to support you and looking towards a great future for you then you will have the zeal to keep improving. There were downtimes, but when you have the mindset to succeed, you will.”

He advised his fellow graduands to look inwards and determine what they want to do in life; things that give them joy and things they have passion for. “For me I have passion for chemical engineering and process safety management.”

For the younger students, he said they should be focused and try as much as possible to understand their lecturers because different lecturers have different ways they want their questions answered. “They should endeavor to do their assignments and other tasks by themselves they should practice on their own and the sky will be their limit.”

Perhaps there were and are other youths like Chineke across the country, whose dream of becoming graduates would have been truncated without the scholarship. For the partners, the investment was worth it, as a total of 320 beneficiaries made first class from universities across the country in the 2015/16 academic session, leading the pack was Miss Oyindamola Omotuyi, who made a CGPA of 5.0 from the Department of Systems Engineering, UNILAG. The Ondo State born, who started enjoying the scholarship from her first year at the university, said achieving the feat was through wisdom from God “not that I did more than my classmates, it has been grace all through, and I have good classmates, we read together. I am a knowledge-based person more than a grade person, I am particular about the knowledge I get in a course because of the interest I have in the course.”

Omotuyi, whose spare time on campus was spent serving in her department as a lab proctor and in various capacities in the students’ Christian fellowship, said she never attended parties and other social events, except the ones organized by her fellowship.

She said she would love to go for master’s degree so as to specialise in a particular field because her course is broad in the undergraduate

level. “I want to specialise in artificial intelligence and programing.”

She advised students who want to get scholarship to always be on the lookout because scholarships are everywhere “and it is not hard to get one just write an IQ examination. Most people don’t get the information so you have to be on the social network.”

For her fellow graduands, she said they should look at the areas they have not been developed and develop themselves; also they should focus on what they are really interested in doing because they are now free to make their own choices.

The scholarship scheme commenced in 2009 and is administered by Star Deep Water Petroleum Limited (a Chevron company) on behalf of its partners in the Agbami Field: Nigerian National Petroleum Corporation (NNPC), Famfa Oil Limited, Statoil Nigeria Limited and Petroleo Brasileiro Nigeria Limited.

Since inception about 15,356 scholarships have been awarded and over N7 billion has been invested in the scheme. In the 2015/16 academic session, 320 beneficiaries made first class; 497 made second class upper division; while 1,729 made second class lower division from universities across the country.

Apart from the scholarship, the co-venturers have constructed, furnished and donated 26 fully equipped science laboratory complexes to schools; five hybrid libraries and two conventional libraries to schools.

Speaking on behalf of the Agbami partners, the Manager, Policy Government and Public Affairs Lagos for Chevron Nigeria Limited, Mr. Sam Otuonye, said “we are very excited and we think it is an investment worth it because our desire is to contribute significantly to the development of education particularly technical education in Nigeria.”

Describing the selection process as rigorous, he said the scholarship is highly competitive

and to be a beneficiary, the student must be a Nigerian and must have secured admission in one of the universities in the country.

“You need to have the requisite credentials in terms of academic qualification, if you are able to gain admission it means you have the O’Level qualification, you have to pass the examination and remember it is competitive so the higher you score the better for you. We have a cut-off mark based on performance and based on the number we are able to accommodate in any year.”

For accuracy and objectivity, he said the selection process is handled by a third party known as Dragnet Solutions for professionalism. “After Dragnet has selected, we come back in-house to look at it and make sure that every state of the country is well represented and well reflected.”

Because the scholarship is a highly competitive one, Otuonye said any student that does not make a CGPA of 3.5 and above will cease being a beneficiary. “So there is this effort by the students to make sure they remain at the top.

We try to make sure that we put some subtle encouragement because when they know that they will lose the scholarship if they don’t do well, they will put in greater effort.”

Asked how information about the scholarship is disseminated, he said: “We do massive advertisement to create awareness; we also go online using modern media techniques and we also send posters to the universities.”

On the possibility of the beneficiaries being employed by any of the partner company, he said: “As a matter of fact our focus is to help develop appropriate manpower for Nigeria in all the sectors we are sponsoring education: the medical sciences and the engineering sciences and one way or the other we will benefit from it because we are an engineering company and if there are vacancies they apply and qualify we take them, right now we have a number of them working in our company, one of them is already a general manager.”

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Okowa Promises to Upgrade Facilities at Burnt School Omon-Julius Onabu in Asaba The Delta State Governor, Ifeanyi Okowa has expressed his administration’s determination to continue with the upgrade of facilities in public secondary schools in the state to meet global standards in the education sector.

Speaking during an

unscheduled visit to Chude Girls Model Secondary School, Sapele, which hostel was gutted by a night fire recently, the governor said improvement in the learning environment is crucial to the provision of quality education.

While expressing sadness at the level of havoc caused by the fire, he thanked God that no life was lost during

the incident.

Okowa said public institutions should have facilities that will make the learning environment to be in tune with modern trend, adding that what he saw at the school could warrant a declaration of an emergency situation in the education sector.

He assured staff and students of the school that

his administration has taken steps to ameliorate the effect of the fire even as more elaborate plans would be made to upgrade facilities in the school.

“I sympathize with the young ones who lost their belongings in the fire, we will try to replace what you have lost. This fire incident may be a blessing in disguise as

I have inspected facilities here; I can assure you that this school will not be like this by next year. We will carry out construction work in the school systematically so as not to affect academic work seriously.”

The Commissioner for Basic and Secondary Education, Mr. Chiedu Ebie, informed the governor that 95 students

were in the hostel when the incident occurred, adding that “two classrooms have been converted to hostels in the interim.”

The Principal, Mrs. A. O. Omniabors thanked the governor for his prompt visit and intervention, saying that some philanthropists had come to the aid of the students since the day the incident occurred.

Kano Records 3m Pupils in Schools Ibrahim Shuaibu in Kano The Kano State Government said it has a total of over 3 million pupils and 6,000 schools in the state.

The Deputy Governor, who doubles as the Commissioner for Education, Professor Hafiz Abubakar said the figure is the highest number in any state across the country. He said over 2,000 teachers were sponsored for NCE certification by the state government.

Speaking at the maiden Kano Basic Education Week, which held at the Government House on Monday, he added that 10,000 chairs and tables for schools will be distributed along with other procurements to enhance the growth of the sector in the state.

Abubakar also highlighted the achievements recorded in the sector, saying that the theme of the event is Education for All: A Responsibility for All’.

In his remarks, Governor Abdullahi Ganduje said the essence of the Basic Education Week was to assess the sector looking at the challenges, and

what the government is currently doing to address them, as well as to look onwards into the future on what needs to be done for the promotion of education in the state.

He said since the inception of his administration, the government has paid over N31 billion as salaries and allowances to over 60,000 teachers and staff at the basic level.

Ganduje added that N440 million was disbursed to the Education Promotion Committees in the 44 local government areas of the state as take-off funds for involving the communities and other individuals to assist in improving the quality of infrastructure in schools as the government alone cannot do it all. He said these and many other efforts have been made to improve the status of the sector in the state.

He also informed the gathering that one of the most important issues that the teachers have been praying for is that of their promotion which has been put aside for over a decade due to the huge resources involved.

The burnt hostel

NGO Seeks Improved Anticorruption Content in Curriculum A non-governmental organisation (NGO), Youth Health and Social Reforms (YOHESOR), has called for the introduction of improved anti-corruption content and life building skills in schools’ curriculum.

The National Coordinator, Dr. Ijeoma Arodiogbu, who made this known in a statement in Abuja, said the organisation is collaborating with the Federal Ministry of Education and other stakeholders on anti-corruption campaign in schools through The Value Project.

He said the programme would be hinged on picture code, curriculum enrichment and peer education to drive home the anti-corruption message among students.

“Though the picture code may not cover all facets of corrupt practices and habits but it would try to capture the very relevant ones that are quite common among students and adults in the school environment and public office respectively

were captured.”

He said the advocacy on curriculum enrichment is concerned with enhancing the basic and secondary education sectors to impact highest level of morals and ethics in students to bring the desired social and economic re-engineering.

“The YOHESOR-NGO is advocating for curriculum enrichment with adapted life building skills and anticorruption education content and subject matter that will ensure skills on the learners.”

In view of this, Arodiogbu said the NGO has reached out to the Nigerian Educational Research Development Council (NERDC) and initiated the dialogue for curriculum enrichment towards the anti-corruption education campaign.

On the concept of peer education, he said through the Value Project, selected individuals would be trained as peer educators who will in turn serve as anti-corruption champions that would influence

their immediate communities, adding that the NGO would collaborate with the Universal Basic Education Commission (UBEC) to implement the strategy.

“The implementation of the peer education strategy will be anchored on partnership with UBEC and possibly the National Youth Service Corps (NYSC) where the need arises for integration of corps members in the training and mentoring of students peer educators at school level,” The value project is one of the three programmes that the Federal Ministry of Education is collaborating with NGOs, traditional institutions and other stakeholders to inculcate moral and ethical norms and standards among students.

The other two projects are case project aimed at the creation of enabling environment for productive and purposeful learning in tertiary institutions, and the professionalisation of teaching that will enhance

Adventist Tertiary Education Takes Off in S’East with Clifford Varsity Emmanuel Ugwu in Umuahia The Seventh Day Adventist Church has expanded its investment in tertiary education in Nigeria with the establishment of Clifford University (CLU) in Ihie, Isiala Ngwa Local Government Area of Abia State, which is set to commence academic activities this quarter.

The Vice-Chancellor of the new university, Professor Alwell Omeonu, who made this known while briefing journalists at the completed residential campus of the institution, said the management has concluded plans for the smooth take-off of the institution with adequate hostels, academic facilities and security. The church, which has several universities across the world, including 30 in Africa has already invested in university education in Nigeria with the establishment of Babcock University in Ogun State. Clifford University was named after Pastor and Mrs. Jesse Clifford,

the missionaries that brought the Adventist message to the eastern part of the country in 1920. According to Omeonu, “this church is very keen on education,” adding that it started investing in education in the southeast as far back as 1948 when it established the Nigerian Training College followed by Adventist College all in Ihie.

He said it was the famous Adventist College Ihie that has been converted to the campus of Clifford University following the handover of schools to the churches by the former administration of Theodore Orji who is now a senator. He said the fees payable by students is affordable at N285,000 per semester, describing it as the lowest fees payable at any private university.

The VC said the university has been accredited to begin with three faculties composed of 10 departments with 15 academic programmes, adding that the institution has bias

for sciences backed with six laboratories of international standard. He explained that the focus on the sciences was dictated by the fact that “our environment has technology that is yet to be developed”, citing the burgeoning manufacturing and entrepreneurial skills in Aba, which he said would attain global standard if backed with science and technology.

He promised that the institution would be guided by the philosophy of SDA education as obtainable in all the universities operated by the church throughput the world.

“By definition, to us, education is harmonious development of the physical, mental and spiritual powers to prepare the student and staff for two worlds - here and hereafter through the training of the various domains of a person.

This focus trains the other domains of an individualeconomic, social, religious, aesthetic, among others.”

34

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St. Gregory’s College Administrator Tasks Govt on Quality Curriculum Funmi Ogundare The Administrator of St. Gregory’s College, Lagos, Rev. Fr. Emmanuel Ayeni, has appealed to the government to take education seriously by ensuring quality assurance as it pertains to the development of schools’ curriculum.

Speaking during the 89th founder’s day of the college, he said a lot of things that are in schools’ curriculum today are not in line with the African culture and are not good for the country. He said if people are well educated, it will reflect in everything they do.

Ayeni, who has been the administrator since January 2015, attributed the growth of the college to the grace of God, cooperation of the management team, old boys association and teachers. “There is a blueprint for the college and all we need do is to follow it faithfully. We are marking the anniversary in a simple way now and by next year, we are going to be 90. We are thanking God that the college is 89 years, has been running, standing and waxing stronger.” He advised the old boys to keep up the good spirit and faith for the college that they love so much.

“This is something we are all proud of.

When we see them, it encourages us to continue.” Asked if anything is lacking in the college, he said, “there is no perfect

society, but the most essential elements that are needed in a secondary school and even beyond are here. Some people come here and say it looks like a university but for us, we are not there yet, we are still moving, our new science complex is coming up here, we virtually have all that we need, but like Oliver Twist, we are still asking God for more.”

The President of the Old Boys Association, Dr. John Abebe, said one of the things that have always driven the old boys is the spirit of togetherness and brotherly love that made them always want to give back to their alma mater.

“If you have the fortune of attending very good school, 50, 60, and 70 years ago and you believe in life that as a result of attending that school, you have progressed well in life, you will always want to come and give back what you gained to the betterment of others, the children and grandchildren who are coming after you. I have been an active member of the association for almost 40 years and I know from what I have seen and taken part in.” He said the association is currently constructing a 12-laboratory building and once the building is completed and dedicated, it plans to change the old one to boarding house by next session.

“There is a huge plan which is going

to continue for the next 20 years for total development. The secretariat itself that will have a boardroom where we will have meetings is on a one-floor level, my plans before the end of my tenure in the next two years, is to pull that down to be on the same level with this with an extra floor to do whatever we want to do. I am hoping that will be my donation as a parting gift to the school.”

He advised members of the association to “be your brothers’ keepers, have the love of each other in your hearts, do for your school as much as you can.

“My message is keep doing what you are doing right. Education will move forward once government, private sector and religious bodies all do it together, they have been left to do it alone and for some time, it failed woefully. Education should be in totality.” An old boy, Sir. Steve Omojafor said the college has come a long way, adding that since it was returned to the missionary, it has grown in leaps and bounds.

“When I got to the college between 1961 to 65, in between when the Lagos State Government took over when and it was almost drowned for about five years, by the time we came back, we were able to phase out the Jakande students and our students took over, our luck was that no strange building were built.

Wrapping up Cold Sores Did that child come into class with sores by his lip or at the edges of his nose? Is your student reluctant to eat at break time? Are you a school nurse that needs to look again at the rudiments of cold sores?

The common culprit behind cold sores is the Herpes Simplex Virus which is also known as the HAV-1 virus. However, the genital herpes HSV-2 can cause sores on the face as well as it does on the genital area. For instance, during oral sex, HSV-1 can be transmitted to the genitals and HSV2 to the lips.

Once on the skin, The virus journeys to the nerves and simply lies inactive there until it is triggered by conditions which include: a fever, an infection - viral or otherwise, hormonal changes like menstruation, fatigue, stress, emotional upheavals, environmental factors like exposure to natural elements like harsh sunlight or wind, or changes in the immune system.

Be particularly careful as you attend to the sufferer whilst the blisters are present. Through unhygienic practices, it is very easy for the virus to spread with ease whilst there is still moist secretion in the blisters.

WHAT TO DO Wash your hands regularly whenever you have cold sores.

Avoid mouth to mouth kissing with the affected individual.

Ask your doctor or pharmacist for antiviral medications that can speed up the healing of the area.

Address the stressors and engage in relaxing exercises.

Apply cool compress to the area to reduce inflammation and crust.

Do not share personal items like towels, lip balms, cutlery, utensils towels.

Examine a child with fever thoroughly. A lot of times, children have cold sores and lesions in their mouth when they are down with fever.

Consult your doctor if your cold sore has not cleared away within four weeks. .

Omoru writes from the UK

PZ Cussons Chemistry Challenge Entry Still Open

AROUSING INTEREST IN MATHS

L-R: The Director, National Mathematical Centre (NMC), Abuja, Prof. Stephen Onah; Managing Director, NigerianTulip International College (NTIC), Mr. Orhan Kertim; and the Coordinator, Mathematical Programme, NMC, Prof. Peter Onumanyi, during the annual 14th national mathematics competition for primary schools organised by NTIC and NMC in Abuja… recently

Provost Honoured for Giving Umunze College a Facelift The National Association of Oduduwa Students (NAOS), an umbrella body for all Yoruba students across the country and in the diaspora, recently visited the Federal College of Education (Technical), Umunze, Anambra State to confer an award of Icon of Integrity and Agent of Educational Development on the Provost, Prof Josephat Ogbuagu.

The group said the award was in recognition of the infrastructural development recorded by his administration and the successful upgrade of the college to a degree-awarding institution.

Presenting the award, the leader of the association, who is also a student of the University of Ibadan, Adekunle Michael Adeniyi, said Ogbuagu was chosen after a meticulous screening exercise of several public office holders, adding that the development in infrastructure and academic programme at the institution has improved its rating as the fastest growing college of education in the country.

He noted that the award was a humble recognition of Ogbuagu’s exemplary leadership in the college that has im-

proved the fortunes of the college and enhanced the quality of vocational and technical teachers.

Adeniyi commended the provost for quietly using his office to train a large number of middle level manpower needed in the country’s education system.

He explained that the uninterrupted academic calendar in the college for the past seven years of Ogbuagu’s administration brought stability in the system and allowed students to graduate on record time.

He maintained that the college has become a reference point among tertiary institutions in the country in the area of peaceful relationship among students and staff.

The leader observed that the facility upgrade of the college through information and communication revolution, construction of modern library complex, micro-teaching laboratory, lecture theatres and auditorium, movement to the permanent site, ongoing administration building, among others have turned the college to a centre of excellence.

“Ogbuagu’s brilliant innovations

alongside his management team led him to explore new areas of comparative advantage in executing strategic projects and introducing new academic programmes for the benefit of staff and students, as well as the host community.”

He said the introduction of degree programme in the institution, in affiliation with the Nnamdi Azikiwe University had been successfully accredited by the regulatory body, thereby increasing students’ enrollment in the area.

Adeniyi called on other public office holders in the country to emulate Ogbuagu in placing public interest above personal gain.

Receiving the award, the provost expressed surprise that such recognition came all the way from the southwest and thanked the students for the gesture.

He dedicated the award to the college community and expressed delight that his vision to transform the institution had been realised.

He urged Nigerian youths to look beyond ethnic and sectional divides and work diligently for the development of the country.

Entry is still open for the fourth PZ Cussons Chemistry Challenge, which was initiated in 2013 by the PZ Cussons Foundation to stimulate, inspire and reward the study of science and chemistry among senior secondary school students. This edition is powered by Premier Cool and Nunu Milk.

According to the organisers, interested public and private secondary schools can log on to www.pzchemistrychallenge. com to register their representatives which must include a female student. Forms are also available at the Lagos State Ministry of Education.

The competition, designed to bring out the best in every participant and their teachers will be in four stages: The first stage is a multiple choice question (MCQ) stage where all registered candidates with duly attested docket and/or forms seat for the exam across five centres in Lagos. Successful candidates will be contacted through SMS and emails.

100 participants with the best results will move to stage two to compete in another round of MCQ test. A total of 24 participants with the best results will move to stage three to compete in another round of practical test only.

The third stage (practical stage) will be strictly practical for the best 24 candidates from the second stage. Only the best six from the third stage will qualify for the final stage.

The top six students from stage three will be invited to participate in the final stage; they will compete live on stage quiz style. The finalist with the highest overall score becomes the overall PZ

Cussons Chemistry Challenge Champion for 2016/2017 Only four out of the six will be rewarded. The 24 students from stage three will also be invited to be part of the audience for the final stage competition with the incentive to win a range of prizes The winner of PZCCC 2016/2017 will be announced at an award ceremony to be held on the same day and venue as the finals Only those who understand Chemistry as a discipline and how it relates to the real world will stand a chance to be crowned the PZCCC 2016/ 2017 Champion. Competition is open to all students in senior secondary two (SS2) only, three students per school from Lagos with at least a female representative from each mix school. Entry is free.

Online forms will be available for registration and each form must be signed by the school principal/proprietor.

Entry closes last week of February 2017.

The first prize will be a trophy and gold medal, N700,000, laptop, N100,000 for the teacher and N100,000 worth of laboratory equipment for the school. Second place prize: N450,000, laptop, N80,000 for the teacher and N80,000 worth of laboratory equipment for the school.

The third place prize is N350,000, laptop, N70,000 for the teacher and N70,000 worth of laboratory equipment for the school. While the fourth place winner will go home with N250,000, laptop, N60,000 for the teacher and N60,000 worth of laboratory equipment for the school.

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

35

36

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

UTILIZATION OF FOREIGN EXCHANGE AS AT 3RD OF FEBRUARY 2017 S/N 1 2 3 4 5 6

CUSTOMERS CORONATION BANK DIAMOND BANK SUNTRUST BANK GUARANTY TRUST BANK HERITAGE BANK MERCURY MILLS LIMITED

7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160

MERCURY MILLS LIMITED SPECTRUM PAPERS LIMITED BRITESTAR IMPEX LTD NEMANI ANANT RAO EKO SUPREME RESOURCES NIGERIA LTD EKO SUPREME RESOURCES NIGERIA LTD EKO SUPREME RESOURCES NIGERIA LTD NATURALPRIME RESOURCES LTD NATURALPRIME RESOURCES LTD EKO SUPREME RESOURCES NIGERIA LTD NATURALPRIME RESOURCES LTD UNITED BANK FOR AFRICA UNITED BANK FOR AFRICA UZOMA J ONYIRIUKA MARIE-GISELE A LAWSON BABATUNJI A OMOTARA WUYEP J NANZIN GRACE F OKEOWO OYEKEMI O IDOWU OROGBANGBA OLUFUNMILOLA ESTHER ROSEMARY E UMANA CHOGUDO S SULE CHOGUDO S SULE PRINCEWILL C OPARA SYSTEM DYNAMICS (NIGERIA) LIMITED FADAYOMI MICHAEL OLUGBENGA FALOYIN MICHAEL OLATUNJI OWONIYI MARIE IGE AKINTOLA FRANCIS YUSUF OGUNBONA ROTIMI MONSURU SERIKI OLAMIPE OMOBOLANLE OJO BABAJIDE MICHAEL CBN ADASSA ENERGY NIGERIA LIMITED ADASSA ENERGY NIGERIA LIMITED ABIODUN R OLEGHE FLORENCE I ONALAJA DR MRS EUCHARIA IFUNANYA ONWUYALI IBRAHIM ABDULMUMIN ARNOLD IFEANYICHUKWU CHIME MATRIX ENERGY LTD. W.A. INDUSTRIAL SERVICES LIMITED DE UNITED FOODS INDUSTRIES LIMITED DE UNITED FOODS INDUSTRIES LIMITED DE UNITED FOODS INDUSTRIES LIMITED DE UNITED FOODS INDUSTRIES LIMITED OQUISM AGRO OIL MILLS WEST AFRICA LTD TATA AFRICA SERVICES (NIGERIA) LIMITED CROWN CERAMICS NIGERIA LIMITED MBONU CHINWEIKE IFEANYI ADEBOLA OLANIYI SHOLANKE KABIR GHALI NASSARAWA BENJAMIN C OFOEZE BASHIR ILU MAHMOUD USMAN EL-TAYEB PAMELA NNENKO SHODIPO OTUFADEBO OLUFEMI RICHARDSON CBN IFEANYI NZELIBE BELLO U ABUBAKAR MBH POWER LIMITED PROMASIDOR NIGERIA LIMITED TRANSCORP POWER MOJEC INTERNATIONAL LIMITED SUNPLAST INDUSTRIES LIMITED XYZ GLOBAL ENERGY LTD PRIMEPAK INDUSTRIES NIGERIA LIMITED PRIMEPAK INDUSTRIES NIGERIA LIMITED AFRICAN FOUNDRIES LIMITED LUBCON LIMITED HALKOFF LOGISTICS INT'L LIMITED UNILEVER NIG PLC DE UNITED FOODS INDUSTRIES LIMITED WADE MULTI TRADING LIMITED WADE MULTI TRADING LIMITED UNILEVER NIG PLC PRIMEPAK INDUSTRIES NIGERIA LIMITED EMOGHENE A IMARAH EMOGHENE A IMARAH OLUKOREDE O OLADAPO BALA SULEIMAN AFEKARE TAIWO SUNDAY OPARA CHIENYE OLANIYAN ADEKUNLE SOLOMON ABUKA JOSEPH EBHOHIMEN FELICIA IBHARIALE OTAKPONMWENHI AKUGBE MYERS OTAKPONMWENHI TITILOLA OLUFUNMILAYO ABDULRAZAQ MUHAMMED ALIMI ABDULRAZAQ FOLUKE KAFAYAT DAWODU RAOLAT OMOWUNMI CBN ABUBAKAR, SHEHU ABUBAKAR, SHEHU ABUBAKAR, SHEHU ABUBAKAR, SHEHU BONIFACE ILOANUGO MINA SOKARI A & ROSE J JUMBO SOKARI UNILEVER NIG PLC VEEVEE PAPERS PRODUCTS LTD UNILEVER NIG PLC ACTIVEEDGE TECHNOLOGIES LTD AFRICAN FOUNDRIES LIMITED AFRICAN FOUNDRIES LIMITED AFRICAN FOUNDRIES LIMITED CROWNSTAR COMM. INVEST. NIG. LTD. SAPONARIA IND. LTD UNILEVER NIG PLC ABRAHAM O BAMIGBOJE AGHADI J IKWUETOGHU AKINPELUMI A AKINBOYEWA AKINSHILU A AKINSHILU ALABAMARJARA E ITAMA ANNE O DISU-SULE AYOBAMI OLUBIYI BENEDETTE N MADU CHARLES O OTAKORE CHRIS E OKOISAMA CLEMENT C AKPANOBONG DANDILAS COMPANY (W.A) LTD DANDILAS COMPANY (W.A) LTD DIMIEARI F GREEN EDWIN U NWAERI EKAGBO S SALLY EKAGBO S SALLY EKONG, EMEM PAULINE EKONG, EMEM PAULINE ELIZABETH L ESSIEN ENEOGWE, CHIDI HUDSON OKOH IFEOMA M CHUKWUJINDU KEHINDE O AWOLUSI MARTINS A EZE MICHAEL C OKAFOR OLUWAKEMI THOMAS OMO EGBEKUSE, KEN OYELEKE PEKUN OYELEKE PEKUN SAMUEL B INAM SUNDAY A IBEKWE SUNDAY A IBEKWE SUNDAY A IBEKWE SUNDAY O FASUBAA SUNDAY O FASUBAA TEMITOPE A OJE TEMITOPE Y SHITTU TOKUNBO S OMONIWA FADASE OLUBUKOLA HANNAH SOGAOLU MODUPE OMOWUNMI CBN THEOPHILUS O UBANI PATRICIA N OPENE-ODILI OGUNMWONYI IKPONMWOSA CHARLES O WOGHIREN

AMOUNT (US$) 200,000.00 250,000.00 200,000.00 200,000.00 200,000.00 12,356.00 29,444.00 43,200.00 56,800.00 19,000.00 23,883.00 61,571.00 308,005.00 245,534.00 433,650.00 425,735.00 205,110.00 1,250.00 8,678.20 238.36 5,000.00 6,739.26 1,999.00 1,485.02 1,992.00 3,240.00 3,131.00 4,500.00 1,410.00 2,000.00 17,286.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 232,412.64 1,038.64 1,038.64 6,465.62 8,568.78 3,998.81 3,825.50 930.00 1,000.00 759.83 13,180.00 277.34 241.07 374.80 60.00 706.38 450.00 9,803.92 4,000.00 2,375.00 2,131.51 8,571.00 4,000.00 4,000.00 4,000.00 246,952.79 12,741.07 5,269.07 134,190.00 25.00 311.92 150,000.00 820.00 835.00 743.78 689.24 221.47 535.00 810.44 475.27 177.57 25.00 50.00 25.00 755.31 6,000.00 4,527.44 9,644.43 2,600.00 10,000.00 3,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 353,700.30 5,802.75 5,802.75 5,802.75 5,802.75 26,280.45 5,191.20 2,024.05 1,089.88 188.59 178,988.96 822.49 1,331.19 697.81 1,359.75 1,511.78 1,703.93 7,975.00 14,500.00 5,957.11 12,947.00 2,178.60 6,096.00 11,526.02 8,300.00 3,000.00 12,565.90 11,933.46 10,790.23 12,688.75 8,035.62 20,702.00 7,223.00 8,500.00 5,000.00 4,350.00 3,007.00 9,000.00 3,300.00 7,942.81 2,055.71 2,537.00 9,997.00 2,346.90 11,592.20 8,000.00 7,300.00 14,783.24 1,580.00 2,200.00 1,300.00 8,751.25 5,778.59 4,368.55 5,924.64 9,329.00 1,000.00 3,200.00 238,385.80 6,425.87 5,825.53 12,356.56 4,396.38

PURPOSE INTERBANK INTERBANK INTERBANK INTERBANK INTERBANK ARTIFICIAL RESINS

RATE 305.25 305.25 305.25 305.25 305.25 310.50

DATE 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17

ARTIFICIAL RESINS PAPER BOARD IN SHEETS, SUBSTANCE 220 GSM PLAIN PAPER IN SHEETS PERSONAL HOME REMITTANCE ACUTEX ODORIFEROUS SUBSTANCE ACUTEX ODORIFEROUS SUBSTANCE ACUTEX SODIUM CARBONATEDENS SPECKLES ODORIFEROUS SUBSTANCE ODORIFEROUS SUBSTANCE ODORIFEROUS SUBSTANCE TINOPAL AND SODIUM CARBONATE (DENS) RECURRING CHARGES, CIRCUIT RENTAL SIPN CONNECTIVITY MESSAGING SOLUTION LIVING EXPENSES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL AND ACCOMMODATION FEES SCHOOL FEES SCHOOL FEES ACCOMMODATION FEES LIVING EXPENSES SCHOOL FEES PTA PTA PTA PTA PTA PTA PTA IMTO TRANSFER TO CBN LIVING EXPENSES LIVING EXPENSES SCHOOL FEES SCHOOL FEES PTA PTA CFA EXAMS FEES 14000 MT JET A1 (DUAL PURPOSE KEROSENE) COLLODION AND COLOURS CUTTER BOX FOR W FUJI FLAVOR CHIKEN (KAD) FLAVOR CHIKEN (KAD) FLAVOR CHIKEN (KAD) AGRICULTURAL MACHINERY SPARE PARTS LIGHT WHITE OIL (DIVYOL WOT 15) TILES MAKING TYPE: DI CALCIUM PHOSPHATE LIVING EXPENSES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES PTA PTA PTA IMTO TRANSFER TO CBN SCHOOL FEES LIVING EXPENSES ELECTRICAL MATERIALS 70KG BAGS BULK RAW TEA ACCESSORY GEAR COUPLING- NEW CYCLE COMPONENTS FOR MANUFACTURING PRODUCT ASSEMBLY FOR INJECTION MOULDING MACHINE GRINDING MILL FOR GRADING SEED GRAIN POLYETHYLENE GRANULES POLYETHYLENE GRANULES LIQUID STEEL SAMPLER WITH THERMAL TESTER LUBRICANT ADDITIVES-TZ-1210 PLASTIC RAW MATERIALS PUMP WITH BASE AND GEARED MOTOR SEASONING FOR FOOD SMART ELECTRONIC METERS ACCESSORIES SMART ELECTRONIC METERS ACCESSORIES SPECKLES ALUMINIUM FOIL WITH POLYESTER AND POLYTHELENE SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES PTA PTA PTA PTA PTA PTA PTA PTA PTA IMTO TRANSFER TO CBN SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES LAURIC ACID 98% MIN 25K BAGS ROTATING PAPER ROLL CLAMP 1600MM SPECKLES HARDWARE LOAD BALANCERS INDUSTRIAL MACHINERY FOR GAS BASED FURNACE INDUSTRIAL MACHINERY FOR GAS BASED FURNACE INDUSTRIAL MACHINERY FOR GAS BASED FURNACE PLAIN PAPER IN SHEETS SHEA FATTY ACID DISTILLATE IN SECOND HAND RE-CONDITIONED DRUMS. TRIETHANOLAMINE SCHOOL FEES LIVING EXPENSE SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES ACCOMMODATION FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES ACCOMMODATION FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES PTA PTA IMTO TRANSFER TO CBN SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES

310.50 310.50 310.50 315.00 315.50 315.50 315.50 315.50 315.50 315.50 315.50 325.50 325.50 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 310.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00

30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 30-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 31-Jan-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 1-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17

161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201

O A OYEDELE PATRICIA N OPENE-ODILI PATRICIA N OPENE-ODILI OWOLABI A FOWODU IFEOMA M CHUKWUJINDU FLORENCE I ONALAJA ANGELOS KOLLIAS OKOEBOR MARK ANDREWS REUBEN G. J. MANTRAC NIGERIA LIMITED PARDEE FOODS NOG. LIMITED UNILEVER NIG PLC UNILEVER NIGERIA PLC UNILEVER NIG PLC SEVEN-UP BOTTLING CO. PLC CYBELE COSMETICS CYBELE COSMETICS LTD FAS AGRO INDUSTRIAL COMPANY LIMITED TOTAL NIG PLC KAM IND.NIG LTD INNOSON NIGERIA LIMITED UNILEVER NIG PLC MAMUDA AGRO AND ALLIED PRODUCTS NIG. LTD MTN NIGERIA COMMUNICATIONS LTD TITILAYO/OLUSOLA OGUNSAKIN TOKENHOKES NIGERIA LIMITED IJEZIE HUMPHERY OKAFOR FELIX JANET ADIGUN RASHEED A OLAOLUWA OMUNAGBE DAVID ILE-FEMI EREBOR FRANKLIN LAWAL GANIYU ADEMOLA SALAMI OLAYEMI MOJIDAT EJIKE CHIDINMA ONYEMELUKWE NNEAMAKA CBN CHUKWUJEKWE RAYMOND NWABUEZE JOSEPH NWAEZE OBIANUJU N IBEANUSI ARESKEY PETROLEUM AND GAS NIG LTD KAZEEM A ALOLADE

6,484.34 6,506.39 5,825.53 7,106.84 5,598.15 2,853.11 3,994.35 3,283.03 8,700.00 308,000.00 375.00 695.00 1,632.07 2,350.28 305.00 317.14 317.14 1,986.48 25.00 1,536.08 25.00 1,458.62 424.88 3,804.73 14,760.00 4,800.00 5,246.25 5,004.08 9,500.00 5,117.00 1,300.00 4,000.00 4,000.00 4,000.00 4,000.00 261,585.85 6,834.74 5,224.00 12,329.10 9,439.14 7,781.40

SCHOOL FEES UPKEEP SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES PTA PTA PERSONAL HOME REMITTANCE CKD DIESEL GENERATOR HYDROGENATED VEGETABLE FAT CUBE THEEGARTEN MAMBILA RAYCO FLV CHICHEN ROASTED WHITE MEAT LAURIC ACID 98% MIN 25K BAGS MACHINERY SPARES FOR BOTTLING PLANT SPRAYER PUMPS SPRAYER PUMPS 495 MTS POLYPROPYLENE BITUMEN 60/70 INDUSTRIAL MACHINERY FOR STEEL MELTING MILL NEW GOLD DRAGON PIONIER STAR WHITE PETROLEUM JELLY POLYPROPYLENE-RAFFIA TELECOMMUNICATION EQUIPMENTS TUITION FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES PTA PTA PTA PTA PTA IMTO TRANSFER TO CBN SCHOOL FEES LIVING EXPENSE SCHOOL FEES SCHOOL FEES SCHOOL FEES

380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 315.00 315.50 325.00 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 325.50 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00 380.00

2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 2-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17 3-Feb-17

SOURCES OF FOREIGN EXCHANGE AS AT 3RD OF FEBRUARY 2017 S/N

SOURCE

1

INTERBANK

1,500,000.00

304.75 30-Jan-17

2

INTERBANK

AMOUNT (US$) 150,000.00

305.35 31-Jan-17

3

INTERBANK

100,000.00

305.25 1-Feb-17

4

INTERBANK

200,000.00

305.25 2-Feb-17

5

AUTONOMOUS

6.65

280.50 30-Jan-17

6

AUTONOMOUS

4,200.00

280.50 30-Jan-17

7

AUTONOMOUS

0.80

308.90 30-Jan-17

8

AUTONOMOUS

358.47

315.00 30-Jan-17

9

AUTONOMOUS

109.35

292.65 30-Jan-17

10

AUTONOMOUS

811.69

315.00 30-Jan-17

11

AUTONOMOUS

1,860.00

314.50 30-Jan-17

12

AUTONOMOUS

137.00

315.00 30-Jan-17

13

AUTONOMOUS

1,014.99

197.50 30-Jan-17

14

AUTONOMOUS

1,536.08

305.75 30-Jan-17

15

AUTONOMOUS

1,516.45

314.00 30-Jan-17

16

AUTONOMOUS

7,900.00

310.00 30-Jan-17

17

AUTONOMOUS

61.00

310.00 30-Jan-17

18

AUTONOMOUS

1,570.00

310.00 30-Jan-17

19

AUTONOMOUS

2,800.00

310.00 30-Jan-17

20

AUTONOMOUS

400.00

310.00 30-Jan-17

21

AUTONOMOUS

2,490.00

310.00 30-Jan-17

22

AUTONOMOUS

250.00

310.00 30-Jan-17

23

AUTONOMOUS

250.00

310.00 30-Jan-17

24

AUTONOMOUS

250.00

310.00 30-Jan-17

25

AUTONOMOUS

490.00

310.00 30-Jan-17

26

AUTONOMOUS

790.00

310.00 30-Jan-17

27

AUTONOMOUS

425.27

310.00 30-Jan-17

28

AUTONOMOUS

706.44

310.00 30-Jan-17

29

AUTONOMOUS

446.06

310.00 30-Jan-17

30

AUTONOMOUS

98.44

310.00 30-Jan-17

31

AUTONOMOUS

155.83

310.00 30-Jan-17

32

AUTONOMOUS

176.28

310.00 30-Jan-17

33

AUTONOMOUS

6,030.00

310.00 30-Jan-17

34

AUTONOMOUS

800.00

310.00 30-Jan-17

35

AUTONOMOUS

41,800.00

310.00 30-Jan-17

36

AUTONOMOUS

56,800.00

310.00 30-Jan-17

37

AUTONOMOUS

43,200.00

310.00 30-Jan-17

38

AUTONOMOUS

1,699,990.00

315.00 30-Jan-17

39

AUTONOMOUS

540.30

316.00 30-Jan-17

40

AUTONOMOUS

570.00

316.00 30-Jan-17

41

AUTONOMOUS

62.16

316.00 30-Jan-17

42

AUTONOMOUS

104.69

316.00 30-Jan-17

43

AUTONOMOUS

1,774.05

310.00 31-Jan-17

44

AUTONOMOUS

35.00

310.00 31-Jan-17

45

AUTONOMOUS

1,262.30

310.00 31-Jan-17

46

AUTONOMOUS

2,500.00

310.00 31-Jan-17

47

AUTONOMOUS

53.02

310.00 31-Jan-17

48

AUTONOMOUS

990.00

310.00 31-Jan-17

49

AUTONOMOUS

189.20

50 51

AUTONOMOUS AUTONOMOUS

6,480.00 6,500.00

310.00 31-Jan-17 310.00 31-Jan-17

52

AUTONOMOUS

129,032.26

310.00 31-Jan-17

53

AUTONOMOUS

31,452.59

310.00 31-Jan-17

54

AUTONOMOUS

150.00

310.00 1-Feb-17

55

AUTONOMOUS

170.00

310.00 1-Feb-17

56

AUTONOMOUS

3.44

310.00 1-Feb-17

57

AUTONOMOUS

881.17

310.00 1-Feb-17

58

AUTONOMOUS

1,061.77

310.00 1-Feb-17

59

AUTONOMOUS

215.00

310.00 1-Feb-17

60

AUTONOMOUS

72.22

310.00 1-Feb-17

61

AUTONOMOUS

697.60

310.00 1-Feb-17

62

AUTONOMOUS

81.24

310.00 1-Feb-17

63

AUTONOMOUS

535.00

310.00 1-Feb-17

64

AUTONOMOUS

12,325.81

310.00 1-Feb-17

65

AUTONOMOUS

200,000.00

315.00 1-Feb-17

66

AUTONOMOUS

134,190.00

310.00 1-Feb-17

67

AUTONOMOUS

2,090.00

310.00 2-Feb-17

68

AUTONOMOUS

880.00

310.00 2-Feb-17

69

AUTONOMOUS

250.00

310.00 2-Feb-17

70

AUTONOMOUS

66.28

310.00 2-Feb-17

71

AUTONOMOUS

200.00

310.00 2-Feb-17

72

AUTONOMOUS

89.56

310.00 2-Feb-17

73

AUTONOMOUS

203.22

310.00 2-Feb-17

74

AUTONOMOUS

400.00

310.00 2-Feb-17

75

AUTONOMOUS

304.95

310.00 3-Feb-17

76

AUTONOMOUS

121.98

310.00 3-Feb-17

77

AUTONOMOUS

1,000.00

310.00 3-Feb-17

78

AUTONOMOUS

10.00

310.00 3-Feb-17

79

AUTONOMOUS

525.00

310.00 3-Feb-17

80

AUTONOMOUS

450.00

310.00 3-Feb-17

81

AUTONOMOUS

191.30

310.00 3-Feb-17

82

AUTONOMOUS

390.00

310.00 3-Feb-17

83

AUTONOMOUS

440.00

310.00 3-Feb-17

84

AUTONOMOUS

1,630.00

310.00 3-Feb-17

85

AUTONOMOUS

10,000.00

310.00 3-Feb-17

86

AUTONOMOUS

100.00

310.00 3-Feb-17

87

AUTONOMOUS

6,941.94

310.00 3-Feb-17

88

AUTONOMOUS

308,000.00

315.00 3-Feb-17

89

AUTONOMOUS

2,389.49

310.00 3-Feb-17

90

AUTONOMOUS

3,681.34

310.00 3-Feb-17

91

AUTONOMOUS

2,370.00

310.00 3-Feb-17

92

IMTO

118,106.96

375.00 30-Jan-17

93

IMTO

1,388.93

375.00 30-Jan-17

94

IMTO

188,358.93

375.00 30-Jan-17

95 96

IMTO IMTO

2,028.70 142,217.87

374.58 30-Jan-17 375.00 31-Jan-17

97

IMTO

1,721.61

375.00 31-Jan-17

98

IMTO

183,324.79

375.00 31-Jan-17

99

IMTO

2,006.11

374.62 31-Jan-17

100

IMTO

182,166.58

375.00 1-Feb-17

101

IMTO

2,255.88

375.00 1-Feb-17

102

IMTO

284,194.72

375.00 1-Feb-17

103

IMTO

2,983.22

374.55 1-Feb-17

104

IMTO

137,345.43

375.00 2-Feb-17

105

IMTO

1,805.30

375.00 2-Feb-17

106

IMTO

176,825.75

375.00 2-Feb-17

107

IMTO

1,871.25

374.68 2-Feb-17

108

IMTO

134,029.17

375.00 3-Feb-17

109

IMTO

1,642.54

375.00 3-Feb-17

110

IMTO

210,995.48

375.00 3-Feb-17

111

IMTO

2,113.94

374.64 3-Feb-17

112

AUTONOMOUS

1,429,035.90

RATE DATE

310.00 31-Jan-17

314.50 30-Jan-17

37

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

THE FEDERAL MINISTRY OF INDUSTRY, TRADE AND INVESTMENT (FMITI) GROWTH AND EMPLOYMENT (GEM) PROJECT CREDIT No. No.4882-NG.

REQUEST FOR EXPRESSIONS OF INTEREST FOR THE ENGAGEMENT OF A CONSULTING FIRM TO PROVIDE SUPPORT AND MAINTENANCE OF THE BIG PORTAL. Package number: GEM/CS/CQ/2016/164.

The Government of Nigeria has emphasized the importance of diversifying the economy, supporting sectors that have potential for growth and creating massive employment. In line with this commitment, the Government has sought the World Bank's partnership to help Nigeria support Micro, Small and Medium Enterprises (MSME) operating in different high potential sectors throughout the country. This support is being implemented under the Federal Ministry of Industry, Trade and Investment (FMITI) and operationalized in the Growth and Employment (GEM) Project.

The project focuses on manufacturing and service sectors, specifically supporting ICT, entertainment, tourism and hospitality, light manufacturing and construction.

Project support addresses cross cutting sector issues, assistance to specific clusters, and more direct support to firms channeled through a platform – called the Business Innovation and Growth (BIG) Platform – providing various trainings, technical assistance and grant schemes. More specifically, the BIG portal is an interactive web-portal that facilitates interactions between the beneficiaries of the project (micro, small and medium enterprises, MSME) and the project team.

Activities are launched, monitored and supervised through this platform. It is also used to provide business development services, entrepreneurial training and access to grants to Nigerian entrepreneurs in general. The BIG Portal consists of several modules integrated together into one system with already developed dashboards that will necessitate new functionalities or upgrade based on users' feedback. Specific functionalities will be captured in the functional documentation that will be made available to support the Firm.

The GEM Federal Project Implementation Unit of the Federal Ministry of Industry, Trade and Investment (FMITI) is sorting the service of a consulting firm proficient in the area of portal development and maintenance. The firm will carry out development of additional functionalities for the Business Innovation and Growth Platform that will need to be added for the smooth operation of the portal. The firm will maintain the existing Platform and develop and maintain new functionalities as required by the project. The GEM Project therefore intends to apply part of the proceeds of this credit to payments for the consulting services.

The consulting services (“the Services”) include providing full support to the BIG portal in the following areas 1) Ensure implementation, troubleshooting, and maintenance support for the entire BIG Platform, ensure the integration of the various Dashboards and its accessibility with low internet connectivity including ensuring its working seamlessly and fully operational, 2) Ensure that site hosting architecture and administration meets the following security requirement; Assure a reliable hosting environment and a stable functioning of the bigportal.org.ng and other subdomain platforms attached to it, backup data, platform hosted on a robust network, manage all aspect of website security, 3) Ensure proper code and portal maintenance by assuring total web portal maintenance, install software, install/upgrade/modify/manage/edit modules on sites, support IT specialist and provide user guidance/training support to PIU staff for the web portal. 4) Ensure website monitoring and reporting by observing timeline/benchmarks for entire BIG web portal, providing constant web monitoring, monitoring online processes/procedures, making recommendation on websites enhancement/improvement, keeping a detailed audit log of all users on BIG platform. 5) Ensure general portal development by improvement of needed site functionalities and call for proposal forms development. Detailed terms of reference for the assignment can be found on https://bigportal.org.ng/wpcontent/uploads/2017/02/BIG-Support.pdf The GEM Project of FMIT&I now invites eligible consulting firms to indicate their interest in providing the services. Interested consultant should provide information demonstrating that they have the required qualifications and relevant experience to perform the services. Such information to be submitted with Expression of Interest includes:

Profile of firm including ownership structure with full contact details.

Proof of minimum of 7 years' experience in programming using different languages like Java, PHP, Python etc, User interface design, Setting up

content management systems, IT maintenance and mobile application development for portable devices. The firm is required to also demonstrate competencies in working on an E-learning system most especially moodle.

Evidence of at least 2 relevant and similar projects (i.e. development of interactive and complex web platforms with large number of users and high traffic – web platforms targeted to entrepreneurs would be preferred)

Evidence of international experience/projects executed.

Evidence of proficiency in the following tasks: Web/mobile application development, User interface design, wireframe development for applications, content management framework, excellent server administration, server security AND complex, large and interactive database architectures. Evidence of proficiency will be considered when the following information are provided: Name of the client, years, url details of the project and details on processes followed in developing the system.

Proven knowledge of all of the following tools/languages/software's: Content Management Systems (CMS). Good knowledge of Drupal CMS will be an asset. Linux server configurations as a web server; knowledge of network protocols including TCP/IP and DNS; knowledge of Parallels Plesk Panel ver. 11.0 or above; knowledge of Relational Databases, particularly MySQL and document – oriented database like MongoDB; Linux administration skills and working knowledge of PHP, Java, python, HTML5, JavaScript and XML is necessary; Proficiency with Graphics Software Applications (i.e. Adobe Photoshop, Corel Suite, etc.) and experience in using such tools as Macromedia, Flash, etc. Video editing software experience will be an asset; Knowledge of Google Analytics and other web statistics tools

Proof of knowledge related to Business administration and Entrepreneurship.

The attention of interested Consultants is drawn to paragraph 1.9 of the World Bank's Guidelines: Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrower, Revised January 2011 and 2014 setting forth the World Bank policy on Conflict of Interest. A firm will be selected in accordance with the Consultant Qualifications (CQs) Selection Method set out in the Consultant Guidelines.

Further information can be obtained at the address below during office hours [from 09hours to 1600 hours] Monday through Friday (Except Public Holidays) from the Acting Project Coordinator, Tel: +2348035929389 or +2348186456287.

Expressions of Interest together with requested information to be delivered in a written form to the address below (in person, or by mail) by Monday February 27, 2017.

NB. Interested firm should note that:

All references made on previous assignment should contain name of client, date of assignment, value of contract, contact address, telephone and email address of such client.

Consultants may associate with other firms in the form of a Joint Venture or a sub consultancy to enhance their qualification with clearly signed MOU by all parties.

CD containing previous work if not a web application (for verification) Submission shall be in English Language only;

Only Shortlisted firm(s) will be contacted.

Acting Project Coordinator Growth and Employment (GEM) Project Federal Ministry of Industry, Trade and Investment Block G, Room 225 Old Federal Secretariat Area 1, Garki - Abuja Tel: +2348035929389 or +2348186456287.

Email: gemfmiti@gmail.com

38

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

39

40

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

A Time to Watch, a Time to Speak

ADVERTORIAL

RESPONSE BY CHIEF DAN LOYA ETETE TO ISSUES SURROUNDING OPL 245 Foreword: I am told that the history and narrative of any conflict is often chronicled by those who would call themselves victors in a manner and prose that they see fit and in a context, that places those whom they would vanquish in the shadows of villainy throughout time and eternity, situating such unfortunate souls as poster children of all that is wrong and evil in the world. For such a long time, I have listened to purveyors of untruth and declined on the advice of my private counsel, any real opportunity to lay to rest the issues surrounding my involvement in Malabu Oil & Gas and the long running odyssey that is OPL 245. In light of the current rabid effort of a new coven of detractors to literarily crucify me at the stake, I will temper that prudence with a humble recount of the facts as I know them to be.

I am a young man no longer and the spirit, audacity and appeal to doggedly confront a mammoth contraption like the state and foreign conspiracies no longer readily present themselves to me as adventurous pastimes of a resolute mind. However, before my bell tolls and my traducers decorate my gravestone with words of their own fancy and their own heart’s delight, it is necessary and expedient that I make public my own side of story for all to hear and for all to see.

Nigeria is and always has been, controlled by many an unseen hand whose sole purpose of existence is the continual wagging of the proverbial dog to suit their personal agendas and satiate their overblown egos. Their shape, form and constitution vary from season to season but their cause is singular and their effect on society, far reaching as it is destructive. They commune in the dead of night with the instrumentality of their office to plot and decide who gets what, who is worthy, who should live and ultimately who shouldn’t. I have stared directly into the eyes of these men and found them to be soulless, bloodthirsty and resolute – woe betide he that standeth in their path.

By a concerted and well-conceived strategy, I have been painted by these powers through the local and foreign media as the archetypal corrupt African minister who gingerly makes away with all the money in the national treasury at the expense of the nation. Many young people at the mention of my name will subconsciously ascribe a giant bogeyman, one who has made away with the keys to our commonwealth and aggregated same to himself, one who is continually on the run from law enforcement and one who is to be reviled and hated by all. This is the narrative they want you to believe, I enjoin you to ask questions and seek clarifications for yourselves and at the very least draw your own conclusions from the cold, hard, facts.

Sadly, certain myths will forever be perpetuated without people really looking at the facts and in this, the fast-moving age of the internet, social media and on-demand news; the truth will many a time lag behind in the race to capture the average mind. Keep in mind, at the core of this saga is the struggle for what can be considered to be the holy grail of wealth, a war chest of inestimable value buried beneath the ocean where the coordinates of OPL 245 lie.

Dan Loya Etete makes an easy target; a minister that served under a past military dictatorship of the late General Sani Abacha, a minister who served with distinction and a nation-first outlook, a minority who worked tirelessly and defiantly in the defense of his downtrodden people and stand firm in the interest of Nigeria’s commonwealth. It is near impossible that a man of such simple means yet such audaciousness would not attract powerful and determined enemies, but stand firm I did.

I may have been naïve in assuming that standing firm in the defense of Nigeria’s indigenous business community in what was once a foreigner dominated industry would be thought of kindly by entrenched interests. Ensuring an indigenization policy that gave rise to many local operators the likes of which dot the landscape today.

I may have been naïve to think that standing firm and ensuring that Nigeria built it’s own Liquefied Natural Gas Plant by working assiduously despite considerable internal and external resistance to secure the Final Investment Decision (FID) for the project and setting aside the initial seed money of $1B (One Billion Dollars) rather than accept the continued excuses of companies taking the easy way out by flaring gas and degrading our environment, would win one a few plaudits. That same investment recently delivered a dividend to the current government at the time it assumed office to the tune of $5.6B, that same investment lives on today.

A Minister of Petroleum who had the audacity to fashion out and cause to be implemented the Marginal Fields Program in August 1996 causing holders of OMLs, primarily the IOCs, to farm out any marginal field within their leased areas of operation to indigenous companies as a means of empowerment to them and the many others that provide oilfield support, adding diligently to Nigeria’s gross domestic product, and increasing Nigeria’s oil output from 1.8 million barrels per day when I assumed office to 2.2 million barrels per day (effectively getting OPEC to confirm and approve our quota at 2.2 million barrels per day), seems to be one to be reviled and denigrated by those who would hold our country hostage.

Disrupting the established interests that sought to shut out local participation in Nigeria’s oil industry in such areas as Insurance, legal services, manpower services and deliberately deepening local content participation, were titanic battles that placed one in the crosshairs of established interests.

figures and their corresponding accruals to the federation account and not a cent was found to be missing.

For some Nigeria will be a country where boldness is applauded and rewarded, for others of lesser birth, a country where one is targeted for opprobrium and ridicule and as I would soon discover, the repercussions of this audaciousness as it has come to be seen by the visible but invisible powers that control the hands of the clock that measure our country’s movement in time, has been a hefty and burdensome cross I have had to carry over many a season.

I ask all who trust the objectivity of their mind and boast a frank spirit to situate the context of my Malabu story with the foregoing:

My Malabu Story As Minister of Petroleum Resources, it was my responsibility to oversee many functions amongst which included the approval of the award of oil blocks in the manner explicitly prescribed by the Petroleum Act of 1969 and I performed that responsibility dutifully with respect to many of the more producing oil acreages currently in existence today. The country had then and to this day still maintains different types of fiscal regimes such as the PSCs (Production Sharing Contracts), JVs (Joint Ventures), Marginal Fields Programs and Sole Risk to mention a few.

At the time, I believed very strongly that contrary to what we were being made to believe by the International Oil Companies (IOCs), Nigerians were capable and could bring their managerial ability to bear on the operation of our God given natural resource endowment, albeit with the right technical partnerships and guidance of more experienced foreign counterparts. These technical partners would work with our local companies for a limited period within which valuable technology, knowhow and experience would be transferred and as such a groundswell of competence would be developed to grow our nation’s reserves and her ultimately, her prosperity. I fought doggedly for this cause and the present success of many homegrown oil and gas companies dotting our industry’s landscape today bear witness to that vision.

The award of OPL 245 to Malabu Oil & Gas was done in 1998 on a Sole Risk basis and for a signature bonus of $20M and it is very important that these dates and terminologies be understood by as many as are willing to maintain an open mind.

A Sole Risk asset as the name suggests is one in which the awardee is solely responsible for prospecting, exploring, searching, working and detecting any overt or hidden deposits within the area of interest awarded without any recourse to the government who awarded the license. In essence, this means that if you spend your last $1M which is your entire inheritance or fortune on the asset and after a long and difficult exploration program, you come up empty, you would have done so at your sole risk and nobody will entertain any requests for refund of exploration costs, so it was in your interest to do everything in your power to ensure that your investments were not lost including moneys paid as signature bonus. Conversely, in the event that your exploration efforts are successful, you are also entitled to keep a 100% of your recovery subject to the government exercising its back-in rights.

I recall at the time the government gave and as is still commonplace in today’s oil industry, concessions for initial part payments of the signature bonus from what was charged to them in the sum of $20 Million (Twenty Million Dollars) this was an unofficial way to encourage the indigenous awardees. However, any such balances due as signature bonus would have to be liquidated prior to the conversion of their Oil Prospecting Licenses (OPLs) to Oil Mining Licenses (OML); the prerequisite to any lifting, disposal or sale of any identified deposits from the awarded asset.

It is funny that many have read criminality into this at the prompting of unseen puppeteers because Malabu Oil & Gas paid only $2M in signature bonus at the time of the award and as such by the computation of these mischievous elements it must have been because of insider dealings or ownership. I make bold to say that at least 50%-70% of oil blocks in operation today, especially those with predominant indigenous ownership paid only a percentage of their signature bonuses at the time of award and the balance thereafter before conversion from OPLs to OMLs. Again, I boldly confirm that this was and is still standard industry practice which can be verified by looking through the books of DPR, PTDF and the NNPC and implementation of same does not automatically confer any covert ownership rights on those who made the award.

Another curious insinuation is that Malabu Oil & Gas was formed days to the award and as such was “hurriedly” put together to take advantage of a predetermined outcome. To this I remark that Nigeria’s oil industry and indeed its current power industry and many other industries around which privatization or transfer of state owned assets or state derived licenses occurred are full of companies in the shape of Special Purpose Vehicles (SPVs) that were formed in some cases hours to acquisition of such assets. I don’t believe this conferred criminality on the promoters or on those making the awards especially in such cases of strategic national importance such as promoting indigenous ownership.

However, the law vests the discretion in the application of such awards with the President and Commander in Chief and that discretion was so applied.

A minority who had the audacity to singlehandedly negotiate for and win the creation of the South-south State of Bayelsa in a bid to stave of what was then, the unfortunate early stages of what is today a malignant militancy in the Niger Delta. A man who fought for and ensured that the Nigerian Government restored 13% derivation to the oil producing states was not one to be let off lightly.

In any case, I Dan Loya Etete, I’m not now nor have I ever been a director or shareholder in Malabu Oil & Gas and historical or current checks at the Corporate Affairs Commission (CAC) by anyone who values the truth can confirm this.

Regretfully, there were moments of infamy in my time as minister such as the Ken SaroWiwa saga which whilst I was powerless to deliver a different outcome, I must ultimately share vicarious liability as a member of that government. Another was the bad fuel scandal where certain members of the Abacha family sidestepped required approvals from my ministry, got a special waiver directly from the villa and imported bad fuel into Nigeria causing destruction to people’s vehicles and machinery and massive angst and opprobrium to the government of the day. The records will show that I was resolute in my refusal to honor the invoice of $47M subsequently delivered to my office for settlement of this cargo of bad fuel by the Abacha family, this an action that ultimately set me on a collision course with my then boss and members of his family. That invoice for $47M remained unpaid by my ministry and was only effected through the backdoor from the villa without my knowledge or indeed my consent as documents in my possession will clearly show. This singular event itself finds relevance into what I understand now to be a conspiracy of like minds.

Engagement with Malabu

The tar of corruption they seek to paint me with does not take into the consideration the fact that throughout my tenure not a drop of Nigeria’s crude oil export went unaccounted. Indeed, our current President Mohammed Buhari, if he will remember, chaired a committee set up to reconcile the monthly crude oil sales and production

The promoters of Malabu Oil & Gas believed me to be a valuable resource as a former Minister of Petroleum Resources with industry wide contacts and access to technical partners who could add value to their company’s operation of the block. They were also of the view that as a former Minister certain privileges would be extended to me by the

I was approached by the promoters of Malabu Oil & Gas sometime in 1999 to work for them as a consultant after I had left office and at the advent of the new civilian regime of former President Olusegun Obasanjo. I have been asked severally by some of my friends why in hindsight I didn’t consider this to be a conflict of interest since I was the immediate past Minister of Petroleum Resources and inferences could be drawn since the company was awarded the asset during my tenure, to which I would answer that I was already consulting for many other companies in the sector and I was no different from many other former Ministers of Petroleum who were not just consulting but had active interests in oil companies. This might have been a convenient excuse at the time but only very few would believe that I came out of government poorer than I went in; in the final analysis, I made a conscious, some might say selfish decision to consult for the company.

I have my letter of appointment as consultant as confirmation of this.

ministry I once superintended.

My brief then was to identify and secure a technical partner on their behalf who would amongst other things, commit to the payment of the outstanding signature bonus, undertake exploration activities including the required 2D and 3D seismic surveys that would provide a quantitative and qualitative analysis of the reserves resident on the block and ultimately engender transfer of technology to the local company.

Prior to my appointment, the promoters of the company had spent a substantial part of their money in paying the initial signature bonus and running its operations and it was understood that I would self-fund all my activities for an agreed recompense if and when my efforts were successful. Little did I know that this was the beginning of what can only be described as an odyssey into the unknown and a descent into the abyss.

During the course of my work for the company, I approached several multinationals who I believed could conform to the technical and managerial requirements set out in my mandate. These exertions on the company’s behalf took up a considerable amount of my time, effort and substantial part of savings I had earmarked for other things and for other clients.

This task was made much harder at the time as the new civilian government of Chief Olusegun Obasanjo had revoked several oil blocks through the Christopher Kolade panel and any potential technical partner would require assurances that same would not happen to Malabu’s license of OPL 245. I recall causing the company to write to the Ministry of Petroleum to ascertain the status of the oil block to which assurances were secured vide a letter assuring the company of its good standing with DPR/NNPC .

Through my concerted exertions, I caused the company the company to secure the partnership of the multinational Shell through a Farm-in agreement dated March 30th 2001 and whereat Shell was assigned 40% of the oil block in exchange for a consideration which included payments of the outstanding signature bonus of $17.96M which they did vide a cashiers cheque to the designated Federal Government account. Subsequently, Shell began work on the asset undertaking geological surveys and studies in fulfilment of its mandate as enshrined in the Farm-in agreement. It was at this point that either by collusion or sheer happenstance very strange things began to happen and the odyssey took on its first unexpected twist.

The Federal Government of Nigeria, the entity charged with protecting the rights and interests of its individual and corporate citizens inexplicably and without any cogent reason, revoked Malabu Oil & Gas’s ownership of OPL 245 on the 2nd of July 2001, two months after the farm-in agreement with Shell had commenced and by a letter terminated the company’s license. The news of same was delivered through a terse one page letter which till today still leaves one bewildered at the ruthless and brazen display of state power.

Despite numerous attempts to engage the Ministry of Petroleum Resources through various letters and personal communications , the word had come down from above that my entreaties were not to be entertained and the more I pressed the company’s case for reinstatement it became clear to me that certain personalities in the Presidency had decided that they wanted Malabu’s oil block for themselves and would stop at nothing, wielding the instrumentality of office, to take it from its original owners for their selfish interest and their own personal benefit.

How they came to know of the prolific nature of the block when even Malabu or its consultant were yet to receive conclusive evidence of the reserves is left for conspiracy theorists to propound.

Sadly, that same struggle for booty and lucre of OPL 245 continues to this present day, some of the personalities may have changed, but the intent remains the same, some others who lost out previously have now found the present political climate to be conducive for a renewed assault to claim what they believe to be their birthright using the instrumentality of the EFCC and other organs of state.

At that point in 2001, it had become my life’s mission to defend the cause of the company and right this wrong no matter the cost or sacrifice and resigned myself to the fact that I would do all in my power to act as a bulwark against those who would reap where they did not sow, those who would undermine the sanctity of contract using official powers of the state temporarily entrusted to them to cause the suffering of others.

Since it had become clear that the wheels of a grand conspiracy had been set in motion, I advised the promoters of Malabu to commence legal action against the Federal Government and Shell at the Federal High Court to press the company’s claim on the wrongful revocation of OPL 245 license, this despite the advice of many that no one could fight the Federal government and expect to win because of the vast resources at its disposal and the immense power of coercion it wielded. So, began the long, torturous and costly journey through the Nigerian judicial system which anyone who has had a similar experience can attest, is an infinite black hole of adjournments and postponements; a sometimes frustrating system capable of consuming those of weakened will.

At the time, I carried all expenses of the company without contributions from any of the promoters who had themselves become beleaguered and had little desire to continue to soldier on given the considerable pressure they were being put under by agents of the Presidency and those who considered themselves to be “friends” of the President and the Vice President.

Admittedly, I suffered significant emotional and financial distress as a result of this battle and at different points in time, shamefacedly had to call in favors from friends and family just to keep the case going and to keep one’s head above water. I had come too far to turn back and I was determined to see this through.

Curiosity of all curiosities, Shell who was still Malabu’s technical partner and with whom the company still had an enforceable farm-in/partnership was awarded the block through a closed bid in May 2002 and subsequently signed a PSC with the NNPC on 23rd of December 2003 for a princely signature bonus of $210M (two hundred and ten million dollars)! The same block, the same technical partner, the same Ministry of Petroleum Resources, the same NNPC, the same Federal Government of Nigeria! How could a license initially belonging to two parties be withdrawn with no reasons adduced, no refunds made, no compensations offered and be subsequently awarded to one of the parties that was itself a former a part owner of the license in question? How did Shell agree to pay a signature bonus of $210M (the highest in Nigeria’s history) for an oil block whose reserve reports they had not shared with Malabu even up to the time of license revocation? What did those unseen hands and our former technical partner know at the time, that we didn’t? What unholy agreements had been reached in a faraway Amsterdam Bistro prior to the Malabu revocation? Why was Shell the only company not to heed the caveat emptor circulated to other IOCs (including Mobil who was also invited to bid, but declined participation on the strength of same) about the pendency of a lawsuit between Malabu and the Nigerian Government?

T2H I S D AY WEDNESDAY FEBRUARY 8, 2017 For the avoidance of doubt, the matter was in court for several years during which period the identities of some of the unseen hands began to manifest and unmask themselves as they sought to force the hand of the company into allocating a share of the ownership of the company to them confirming our worst fears and the subtle warnings we had been receiving. I went everywhere even up to the Federal House of Representatives who held extensive hearings in the matter and subsequently ruled in our favor.

The matter at the Federal High Court was eventually decided in favor of Malabu Oil & Gas at which point the Nigerian Government no doubt at the prompting of the aforesaid forces, exercised its right to appeal in a bid to further browbeat the company into submission. The myriad of court cases that followed included cases Malabu instituted against the Federal Government and Shell in international courts in New ork and Shell also instituted cases against Malabu at the ICC in London However, sometime in 2006, after I was able to bring considerable local and foreign pressure to bear, we managed to secure a settlement with the Nigerian Government who returned the block to Malabu and an agreement evidencing same was signed in that same year through the office of the then AGF, Chief Bayo Ojo, SAN. Returning the block to Malabu meant repudiating the PSC with Shell, an unnecessary muddle the government had gotten itself into with which came another round of local and foreign litigation whereat Shell seemed to have shown ample cause for a potential claim of up to $2B (Two Billion Dollars) from the Nigerian Government at the International Centre for Settlement of Investment Disputes (ICSID) in case no Case No. ARB/07/18.

Such an award would signal a significant blow to government’s credibility and its drive to encourage foreign direct investment not to mention a severe dent to its finances.

A conundrum of sorts now presented itself: Malabu had its 2006 settlement with the Federal Government that made it the beneficial owner of the OPL 245 license, but no longer had a relationship with Shell. Shell on the hand believed the block had been wrongly withdrawn from it after it had spent a substantial sum on exploration and vigorously pressed for its rights in Nigeria and abroad against the Nigerian government.

The Nigerian government then in its own wisdom decided that it would be in its best interest to settle the matter that had become quite messy, convoluted and a potential red flag for foreign investors looking at Nigeria as a potential location for direct investment.

It is instructive to note that in all this time and throughout our travails through all these local and foreign courts, there was not a single news story reporting the matter as bordering on issues of corruption, misuse of office or stealing of public funds, not one.

This only became topical when the sharks who smelt the droplets of blood in the water began to circle in a bid to sink their teeth into what they assumed to be a free possum.

They were to be disappointed and as is the nature of predators, they would circle around their prey until its defenses were weakened.

With all of this as a foreground story, the Nigerian government in 2011 then led by former President Goodluck Johnathan and the office of the then Attorney General, Mohammed Adoke took a proactive path to resolve the matter in the interest of all the parties involved. pholding the agreement already signed in 2006 between Malabu and the Obasanjo administration and fashioning out a way to settle all outstanding legal issues with Shell. How some have read criminality into this by alluding to fictitious nocturnal meetings between the then President, myself and officials of these companies truly beats my imagination. How this present government reads criminality into the conduct of the last administration and not the one that initially signed the settlement agreement returning the block to Malabu in 2006, the basis on which the final settlement was based, is a question the whole world should ask.

All parties took part in the negotiations, Shell/ENI, NNPC/Head of Legal, a professor of law (whose name eludes me), DPR, Federal Ministry of Justice, Ministry of Petroleum Resources and Malabu with the Federal Government acting as intermediary.

I have read with great incredulity, accounts by several publications on how the settlement payments were made into Federal Government’s “Escrow Account” and was subsequently, “illegally” transferred to Malabu. Firstly, anyone with more than a passing understanding of the financial world knows that an Escrow Account and the funds therein, cannot ab-initio be owned or appropriated by any one individual or group. It is a notional connotation, governed by instructions given to one who is appointed escrow agent over such funds and bound strictly by said instructions to disburse the funds upon fulfilment of certain recitals enshrined in the escrow agreement. Such funds cannot be disbursed by any other means except upon expiry of the agreement at which point the funds revert to the source of origin as enshrined in said agreement or as otherwise stated by same.

How the funds paid into an escrow account suddenly become the property of a party that were themselves a signatory to the escrow agreement ba es me? For the avoidance of doubt, the Federal Government received its share of $210M as signature bonus as per instructions that flowed from the escrow agreement and by the escrow agent.

Others even more gullible said the funds were paid into the Federation account and should have been appropriated by the national assembly for spending! Nothing can be further from the truth.

Now while it makes for great tabloid selling headlines; the story that Goodluck Jonathan and his brother or kinsman or friend, Dan Etete stole over a $1B of Nigeria’s money, nothing of can be further from the truth. I can say this confidently because if any one of those mainly online junk journalists had bothered to investigate beyond what my detractors had bribed them to propagate, they would realize that not a cent of the money in question outside of the renegotiated signature bonus of $210M and the profit taxes to be paid during the lifetime of the oil blocks operation, belonged to the Nigerian State. The initial award on a sole risk basis (as explained earlier) to Malabu Oil & Gas, the Petroleum Act of 1969 and its subsequent amendments, the Federal High Court by its judgement that returned the block to Malabu, the settlement agreement between Malabu and the Federal Government in 2006 bare ample witness and confirmation of this.

The block in question has no scintilla of government equity within it, government had expended not a dime of the over $500Million that had gone into it’s exploration that discovered the actual reserves that reside on the asset and government had no time whatsoever within the life of the asset sought to implement any back-in rights it might claim to have on the asset. For anyone in their right mind to aggregate ownership of the block to Nigerian government outside of the giant signature bonus and profit taxes it has received and will receive throughout the life of OPL 245, likens the Nigerian government to a shop keeper who still claims ownership of goods residing in his customer’s home cupboard long after same has been paid for, receipted and transported home.

It is therefore curious that some people who live in the dark fringes of our national life have spread unfounded propaganda through their equally dark agents of misinformation, that money that should have been used for hospitals and roads was what one man called Dan Etete took for himself and shared amongst his friends, associates and playmates.

I have asked severally; can the Nigerian government litigate itself? Can the present government blatantly accuse two of its predecessors of fraud?

Can two democratically elected governments with a retinue of experienced internal and external legal officers at its beck and call be so bamboozled by one ijaw man with no official powers into signing away a chunk of Nigeria’s commonwealth?

MONDAY, JUNE 11, 2012 • T H I S D AY 41

FamFa Oil (OML 127), Sapetro (OPL 246) ltimately, I see myself as a nationalist who has cultivated dear friends across all of Nigeria, but I sometimes wonder about the country of blatant contradictions that Nigeria is at its core.

Why is it so easy for individuals associated with other companies with a similar history be given a pass and the only minority of such standing be harangued and hassled all over the world?

How is the story of Malabu any different from that of OML 127 awarded to Famfa Oil or for that matter OPL 246, the sister block to OPL 245 awarded to South Atlantic Petroleum (SAPETRO)?

The companies owned by these individuals had no substantial innate technical experience to write home about at the time of license award; themselves beneficiaries of the deliberate indigenization policy of the then government, these companies sold a substantial chunk of their holdings for billions of dollars even more than what Malabu itself got. Why has no one accused them of illegally taking money that belonged to the state?

Why is it acceptable for the faces of their promoters to be splashed on the front pages of Forbes magazine displaying their wealth and opulence and mine on the backpages of Crime Weekly? Is it more socially acceptable to the psyche of the average Nigerian for people from a certain part of Nigeria far away from the burning oilfields of the Niger Delta who may have never even ventured into the region to see the sufferings of its people, to own or be associated with oil blocks? Does the system intentionally find it so disdainful and dirty for one who is a stakeholder from the region to be associated with ownership and for others from far flung places with no stake be beatified?

It might be easy to say that people are themselves victims of the sustained propaganda of the traducers of the night but the ease with which one is vilified and others are glorified throws up more questions than answers.

Those who derive hate because I served under a military regime should note that the President they elected in 2015 was himself a former petroleum minister under a military regime and subsequently a military head of state himself.

As I said earlier Dan Etete makes an easy target as those who believe they own Nigeria would have presumed. How is it that the tag and reference to Malabu that has a connection with Dan Etete are references made to “a company with no expertise” “hastily formed” “arbitrarily awarded”

The Issue of 9 Billions Barrels of Crude Reserves and Theft of These Resources from Nigeria Some of these notions being propagated, I have found so nauseating that I initially believed responding to some of them was beneath any man with a modicum of dignity and self-respect. As at the time when the block was awarded there was very little interest in the deep offshore blocks and Nigeria did everything within its power to attract investments to these very high risk areas, further, the blocks were largely unexplored and the data to suggest that the block contained such reserves at the time of award was simply not there and anyone suggesting the contrary is being economical with the truth.

At the time, I was engaged by the block owners, I was handed no such data that suggested any such reserves and if any journalist did any real investigations they will find that the basis of settlement with Shell and ENI was a valuation that only took into account the reserves as being 1.5 Billion Barrels as Shell presented when it was Malabu’s technical partner and not this latter day amount suggesting the reserves to 8,9 or for that matter 10Billion barrels as the media is suggesting. My word does not have to be taken as fact here, I have the documents to prove it and will tender same at the appropriate time.

The Cases in Italy and the UK I have refrained from delving too deeply into the issues that might be considered subjudice but with regard the cases in Italy, I can confirm that a lot of allegations finds their roots in the unfounded Nigerian contentions. The case in the K is between us and a party suing for fees and the K courts insisted that the sums in dispute be paid into the courts pending the outcome of the matter. The sum in question was paid at the same time the initial settlement sums were paid to Malabu. This is important as these cases as usual have been muddled up by media propaganda to imply a global indictment for Dan Etete and Malabu.

The Abacha Family The genesis of the current Nigerian indictments stem from the collusion of some prominent Nigerians who feel that the present administration they helped midwife, presents to them ample opportunity to secure what they couldn’t in the past through blackmail and intimidation.

People like Mohammed Abacha who claims to be a shareholder of the company but who has no holding or directorship in the company neither did he make any overt or covert attempts to assist us during our 10-year odyssey.

Otunba Fasawe of Pecos Energy, who former President Olusegun Obasanjo and Atiku Abubakar attempted to use to force their way into Malabu in the heat of the battle but were staunchly rebuffed. Let it be known that their individual and collective efforts will all come to naught.

On the whole, this matter took 10 years of blood, sweat and tears to resolve, a period which I suffered some of my greatest challenges as a man and gave birth to some of my greatest attributes. I have no idea what the future holds but I remain resolved to defending my position as vigorously as my creator will allow.

My then boss, Gen Sani Abacha who to the extent possible wanted to avoid a war with Cameroun considering them to be a brotherly nation, had the rare insight to direct me as oil minister who he considered to have very wide connections; to devise a strategy to broker peace between us and the Cameroonian’s rather than allow a full blown conflict which though we were more than equipped to deal with at the time, was one he believed could get infinitely more complicated if allowed to attract the interest of former colonial masters like France and other less noble profiteers of war who would no doubt be attracted like moths to a flame.

With that mandate in hand, I met several times with the then President Chirac of France at the Palace Elysee in France to find ways by which a peace might be brokered, finally reaching an agreement that had the desired effect of dialing down the confrontational posturing and engendering useful dialog. The French advised that we bring in other regional leaders Ben Ali of Tunisia, Eyadema of Togo, the late Kerekou of Benin and Omar Bongo of Gabon; shuttle diplomacy efforts I personally undertook on behalf of my nation to successful conclusion.

Our relationship with the French carried on into the E where useful assistance was provided to Nigeria’s cause in many instances and on a wide variety of issues.

It was also during these my interactions with the French, that for the first time, an Anglophone President in Africa was invited to participate in the Francophone summit that took place in Ouagadougou.

It was therefore my greatest surprise, when the Obasanjo administration decided to cede Bakassi to the Camerounians, despite the strategic advantage that had been gained through the previously outlined efforts. I wrote to the AGF and the Senate of the Federal Republic, pleading for the Island in question to not, under any circumstance, be ceded to our neighbors drawing from the same lessons of history to which I was privy and which could prove valuable. nfortunately, these efforts were neither or acknowledged nor acted upon.

Indeed, there was a precedent in history where the present Western Cameroun was separated from Eastern Nigeria and when they failed to go back to join their kith and kin in Cameroun, a plebiscite was conducted. There was no controversy between the two countries and the people of Western Cameroun decided their destiny by themselves.

Why did the government not ask the N to conduct a plebiscite in Bakassi I have often wondered? What was the rationale given the tons of intelligence our historical efforts had yielded?

Regrettably all my advice to the Senate, House of Representatives and the AGF were totally ignored to Nigeria’s detriment and today such a strategic asset has been lost.

ADDENDUM In order to properly contextualise my submissions, please take note of the following questions: Why was OPL 245 transaction not considered criminal transaction from 1998 to 2011, a matter that went through three Nigerian presidents (OBJ, ar’ dua, GEJ)?

Where the learned justices of the high court and appellate court blind to the “now discovered” illegality of the transaction at the time they ruled in Malabu’s favor? Surely, the alleged impropriety of Malabu’s constitution or award would have given the court ample reasons to rule in the Nigerian Government’s favor.

What was the sequence of events and chain of evidence from Global Witness, Sahara Reporters and the OBJ regime, the Italian case (which derives much of its evidence from insinuations and innuendos from my Nigerian detractors?

Was Global witness an expert on Nigeria’s oil and gas industry or its laws to declare the OPL 245 transaction illegal, who advised them on same? Did they ever come down to Nigeria to attend the registry at our Corporate Affairs Commission before they ascribed ownership of Malabu to my person or was it just another sweet story to tell about the business culture of Africa’s backward inhabitants? In due time, this entity will be called to give evidence in the courts in London.

Is government not a continuum? Do the official acts and functions of a government and its officers whilst in office suddenly become illegal just because an opposition party takes power? How does who signed several agreements settling the disputes arising from OPL 245 suddenly wake up to criminalize them? I surmise that this might be the logic behind the immunity for legislators whilst performing their functions in the national assembly) Is government saying since it received $210M over above the initially agreed $20M signature bonus, a share in the supposed loot, is in itself culpable? An accessory to the purported crime?

Is there any document anywhere in the CAC that suggests that Dan Etete is a member, shareholder or Director in Malabu?

How does an oil block without the full reserve report become known to be valuable when full geophysical studies, seismic, 2D/3D evaluation had not been conducted at the time of award?

How does one become liable after having negotiated with government on a best effort basis on the award of a block Does DPR’s advisory role as industry regulator supersede the role of the AGF in determining the route of least cost to the government in a matter where it would be potentially liable to the tune of over $2B? Is the DPR in its role as technical regulator to the oil industry now an expert at international law and the wider implications of non-settlement of the Malabu issues as regards the possible punitive costs to Nigeria, that it now claimed the attorney general refused their advice on the transaction?

My Role for Nigeria in Africa

How come before 2011 before there was any inkling of a payment or settlement to Malabu, the name Dan Etete was just a name most had forgotten, how come it was only when powerful forces who tried but failed to impose their will on the company were rebuffed did these stories start?

Many do not realize, that I was by the grace of God, central to negotiations that saw Nigeria avoid all-out war with our neighbors Cameroun over the long disputed Island of Bakassi. It was the then administration’s view, that Bakassi belonged to Nigeria through and through and further; its militarily strategic location was too important to be let go to any country.

How is that the Abacha family who are not listed anywhere as shareholders in the company, have no directorship, made no contributions to the defence of the company during the 10 year Malabu odyssey, made no appearance whatsoever during the very trying times have suddenly popped up to write petitions to the EFCC on the strength of which EFCC is now filing a case against me?

At this time, tensions had become severely heightened and the need for amicable deescalation was paramount in other to avoid the needless bloodshed that would no doubt follow.

Why are they being enabled by the EFCC at this time? The relationship between the Abacha family and those currently in government is clear and unambiguous and in their sights they seem to have found an easy target from the minority clan who they assume can be pushed around as a dog plays with a rag doll.

42

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

HOUSE OF REPRESENTATIVES JOINT COMMITTEE ON PUBLIC PROCUREMENT AND NIGER DELTA AFFAIRS ON THE INVESTIGATION OF THE ALLEGED VIOLATION OF THE PUBLIC PROCUREMENT ACT, 2007 / ABUSES OF THE AMNESTY PROGRAMME NATIONAL ASSEMBLY COMPLEX THREE-ARMS ZONE P.M.B. 141, GARKI, ABUJA, NIGERIA

INVITATION TO INVESTIGATIVE HEARING th

The House of Representatives at its plenary sitting of Tuesday, 15 March, 2016 debated a motion on "A Call For Immediate Investigation Into Compliance Of The Presidential Amnesty Programme With The Public Procurement Act, 2007" and in exercise of its powers under Sections 88 & 89 of the 1999 Constitution (as amended), mandated the Joint Committees on Public Procurement and Niger Delta Affairs to investigate the alleged violation of the Public Procurement Act / abuses of the Amnesty Programme and report back to the House for further legislative action . (HR.76/2016) 2.

The Joint Committee received Memoranda on the subject matter of the investigation from concerned Stakeholders, Government Agencies, Banks, Organizations, and the Public; and in furtherance of its investigation, resolved to conduct a Public Hearing to ensure fair hearing and input from all concerned.

3.

The Joint House Committee wishes to notify Stakeholders and the general public that the Investigative Hearing earlier postponed has been rescheduled to hold TH on MONDAY 20 FEBRUARY, 2017.

4 The under listed Stakeholders are invited to be present at the investigative hearing and also requested to submit their position papers (if not yet submitted) to the Committee.

The Former Special Advisers to the President on Niger Delta/Coordinator Amnesty Programme:

Former Special Advisers to the President on Niger Delta/Coordinator Amnesty Programme:

Chief Timi Alaibe

Hon. Kingsley Kuku

Niger Delta Development Commission;

Ministry of Niger Delta Affairs;

Bureau of Public Procurement;

Central Bank of Nigeria;

Present and former Directors of Procurement, Finance & Audit in the Presidential Amnesty Programme:

Tikolo Jaiyeola Philip

Okun B. Okemehimi

Ayoola Abiola Peter

Lamay Reuben Bobbi

Opaleye Ramon K

Babalola Abidemi Oludele

Bankers to the Presidential Amnesty Programme:

Fidelity Bank Plc

Wema Bank Plc

Access Bank Plc

Guarantee Trust Bank Plc

United Bank for Africa (UBA) Plc

Skye Bank Plc

Heritage Bank Limited

Beneficiaries of the Presidential Amnesty Programme: Vocation Delegates – both "Graduated" And "In-Training", Empowered Delegates and Education Delegates etc.;

All Contractors engaged by the Presidential Amnesty Programme from 2011-2015 listed hereunder: 1.

Di-Vinella Nig. Ltd 2.

Aytex Nigeria Ltd 3.

Health & Mission International 4.

Perfect Facilities Ltd 5.

Smaart and Company 6.

Les Energy Services Limited 7.

KDI Oil & Gas 8.

Century Energy Services Ltd 9.

Clear Vision Global Links 10.

MerrylFynch Ltd 11.

Cyrstal Strategies Nig. Ltd 12.

FEHN 13.

Infrastructure Development Systems And Logistics Ltd 14.

Global Ginikana Services Ltd

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Sierina Marine Ltd Consortium Divicom Global Services Tamkro Nig. Ltd Roller Inc. Nigeria Ltd House of Henri Yaveli Nigeria Limited Charlton 7 G.O Limited Akal-Tek Ventures Ltd Sky Strength Limited Torr Contracting Limited Westlanto Commerce International Limited International Centre For Non-Violence and Peace Development (ICNPC) Petroleum Training Institute Banhill Main Global Logistics Verasys Limited Scotchville Industrial Consortium Ltd Emerald Strides Limited Deep Water Pipeline Ser. Nig. Ltd Ashland Inv. Services Ltd Emi System Limited Hosanna Industries Ltd Mapleville Nigeria Limited Ininidi Global Services Limited Sunrise Management & Company Ltd Radnitz Integrated Services Limited Leke Sanni & Associates Twin Peaks Limited Il Elohim Nissi & Company Limited Royal Maquee Limited All Time Peace Media Comm. Ltd Dom Communication Ltd Hadnuvo Limited Kemtech Engr Services Limited Mosilo Global Services Ltd T.G.I Energy Limited Landsmann Services Limited Ellis Jensen Investment Ltd Ixia Integrated Satisfier Energy & Logistics Perry Solution Nig. Limited Ferro Global Constr. Services Bionica Technology W/A Limited Bebeco Peace CNF Global Nig. Ltd Komixco Nigeria Ltd Marnic Limited Polar Afrique Consulting Ltd COG Global Nigeria Limited Zibo Global Int'l Ltd Outsource Integ. Services Esplora Limited Ebidise Energy Services Limited Perecastle Ventures Limited Kar Automobile And ICT Academy Comzone Limited

70.

71.

72.

73.

74.

75.

76.

77.

78.

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82.

83.

84.

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Foe Famous & Coy Ltd Lee Dev Consult Limited Centre for Creative Arts Edu. Amaebi Integrated Concepts Ebikdoumene Nig. Limited Ecorem Nigeria Limited Creeknet Global Services Qess Services Ltd Global Oil Services B & PE Energy Services Ltd Fa-alas Enterprises Ltd Bratpack Limited Edy – Bo Int'l Nigeria Ltd Alexa Limited Derimo Oil & Gas Limited Nesburg Consulting Bensam Nigeria Limited Markeason Nigeria Limited CIS Movies Omab Josab Global Services Orion Trust Nigeria Limited Watermountain Limited Michael Jacob Consulting Wilbahi Investment Company Limited Ogigba Royal Company Hok International Consulting Innaklass Equitable Trust Ltd Joch Concepts Nigeria Limited Osmoserve Global Limited Citipower Development Company Limited Fortera Nigeria Limited Brainbox Matrix Limited Crystal Strategies Cross Borders Global Services Limited Cafmeg Nigeria Limited Dafar International Services Limited Tenseven Projects Limited Rahi Medical Outreach Izisco Obos Institute of Maritime Studies & Technology First Adasa Group Limited Workforce Learning Centre Jife Consulting Limited Elohim Professional Farms Limited Joe Marine Institute of Nautical Studies & Research Galaxy International Limited RDK Exceptional Limited Ecorem Nigeria Limited Michael Jacobs Consulting Limited Anoc Techno Limited Toruibe Technologies Limited EverlinkTelesat Network Limited Mabetek Star Ventures Limited Glassfa Continental Limited Trex Mab Global Services Limited

43

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

124.

125.

126.

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128.

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200.

201.

202.

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208.

209.

210.

211.

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213.

Arta Nigeria Limited Deban International Services Limited Delse Projects Limited NHD Interbiz Projects Limited JC International Limited Samdpin Maritime Limited Tarem Services LTD Braemar West Africa Water Top International LTD Agape Birthright Development Initiative Hand of Help for the Niger Delta Grassroot Economic Regeneration Achiever's Farm LTD Foundation for Youth Development Aqua Prima Int'l Coy. LTD Bradama Int'l Skills Work LTD Prodia Geis LTD Elizade Nigeria LTD Gita Allied Solution LTD Taval Nigeria Ent. Nworld Ventures Nigeria LTD Savic Coy Nigeria LTD Guaranty Turnkey Systems LTD Mieka Drive LTD Ken Doubra Nigeria LTD Tocec Nigeria LTD Tgi Energy LTD Royal Doc Services Peb Global Int Resources Ndutimi Global Service ltd Awene-ebi Nigeria LTD Jamub Global Services LTD Learning Resources Bluesea Investment Alluvial Trade and Development limited TTC Marine Oil & Gas Services Limited Yaptkins Nigeria Limited Mdy& Sons Nigeria Limited Inkelma International Limited Ashland Investment Services Limited Linacres Nigeria Limited Global Resource Warehouse Limited Generic College limited Pegatrac limited Revelation Pact Limited Corporateman Limited Tubos International limited Cross Border Global Resources LTD Resourcery Ply Galaxy Backbone Plc Messrs KPMG Dagasteel International Limited P. W. Nigeria Jagsul Nigeria Limited Ebonite Nigeria Limited Stamford International Limited China Harbour Engineering Lekki Port LFTZ Enterprises Tamkro Nigeria Limited Edebo Resources & Investment Company Limited Opanil Nigeria Limited Geesvyne Ventures Limited Lagoon Global Services Limited Riddle Construction Limited Zutilatam Consults Limited Zomay Civil Construction Limited Sharp Copper Solution Centres Limited Eternity Consult Limited Phenomenal Plus Seven Nigeria Limited Marine Graphics Limited Bensam Maritime Oil & Gas Limited Zanesius Integrated Services Limited Shires of Diamond Nig. LTD Tolsega Consult Nig LTD Riddle Construction LTD Delse Projects LTD Tungsjosh Investment LTD Cos Teta Engineering Services LTD Sourme Global Creations LTD Masterpiece Construction Company Limited Gigi Services Limited Zenith Training Nigeria Limited LTC International Limited Aito Nigeria Limited Zal Marine Limited ACI Global Integrated Services Limited Revelation Pact Limited ARTA Nigeria Limited H-Ville Limited Broadequip International Services Limited Balamere Investment Nigeria Limited

214.

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4.

Fate Foundation Limited Paticlar International Ventures Limited Farsman Holding Limited Fluids Oil & Gas Limited Ebriba Nigeria limited Energy Dex Resources & Logistic limited Vistar Services Limited Cafmeg Nigeria Limited Forestgate Integrated Services Wada Autos Limited Speec Customized Energy Limited Chiroma Farms Nigeria Limited Paulosa Nigeria Limited Radnitz Integrated Services Limited Bensam Maritime Oil & Gas Limited Salini Nigeria Limited Sammya Nigeria Limited Cat Construction Group Limited Sageto Limited Mangrovetech Construction & Engineering Nig . Ltd Golden Construction Nigeria Limited S C C Nigeria Limited Independent Services LTD Bright House Technologies Signal Alliance LTD Resourcery Plc Galaxy Backbone Plc Dagasteel International Limited P. W. Nigeria Jagsul Nigeria Limited Ebonite Nigeria Limited Stamford International Limited China Harbour Engineering Lekki Port LFTZ Enterprises Gita Allied Solution LTD Taval Nigeria Ent. Nworld Ventures Nigeria LTD Savic Coy Nigeria LTD Guaranty Turnkey Systems LTD Mieka Drive LTD Ken Doubra Nigeria LTD Tocec Nigeria LTD Tgi Energy LTD Royal Doc Services Peb Global Int Resources Ndutimi Global Service ltd Awene-ebi Nigeria LTD Jamub Global Services LTD Learning Resources Bluesea Investment Alluvial Trade and Development limited TTC Marine Oil & Gas Services Limited Yaptkins Nigeria Limited Mdy& Sons Nigeria Limited Inkelma International Limited Ashland Investment Services Limited Linacres Nigeria Limited Global Resource Warehouse Limited Generic College limited Pegatrac limited Revelation Pact Limited Corporateman Limited Tubos International limited Cross Border Global Resources LTD Ken Doubra Nigeria Limited Industry Automation and Process Control Nigeria Limited Nipoj Global Services Limited Chyke Industrial Venture Marv-yobs Nigeria Limited Jabusky Nigeria Limited

284.

285.

286.

287.

288.

289.

290.

291.

292.

293.

294.

295.

296.

297.

298.

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V & V Nigeria Limited Ebriba Nigeria Limited Ahuoma kitchen Limited Mish Aviation Services Limited Tamkro Nigeria Limited Edebo Resources & Investment Company Limited Opanil Nigeria Limited Geesvyne Ventures Limited Lagoon Global Services Limited Riddle Construction Limited Zutilatam Consults Limited Zomay Civil Construction Limited Sharp Copper Solution Centres Limited Eternity Consult Limited Phenomenal Plus Seven Nigeria Limited Marine Graphics Limited Bensam Maritime Oil & Gas Limited Zanesius Integrated Services Limited Shires of Diamond Nig. LTD Tolsega Consult Nig LTD Riddle Construction LTD Delse Projects LTD Tungsjosh Investment LTD Cos Teta Engineering Services LTD Sourme Global Creations LTD Masterpiece Construction Company Limited Gigi Services Limited Zenith Training Nigeria Limited LTC International Limited Aito Nigeria Limited Zal Marine Limited ACI Global Integrated Services Limited Revelation Pact Limited ARTA Nigeria Limited H-Ville Limited Broadequip International Services Limited Balamere Investment Nigeria Limited Fate Foundation Limited Paticlar International Ventures Limited Farsman Holding Limited Fluids Oil & Gas Limited Ebriba Nigeria limited Energy Dex Resources & Logistic limited Vistar Services Limited Cafmeg Nigeria Limited Forestgate Integrated Services Wada Autos Limited Speec Customized Energy Limited Chiroma Farms Nigeria Limited Paulosa Nigeria Limited Radnitz Integrated Services Limited Bensam Maritime Oil & Gas Limited Salini Nigeria Limited Sammya Nigeria Limited Cat Construction Group Limited Sageto Limited Mangrovetech Construction & Engineering Nig . Ltd Golden Construction Nigeria Limited Independent Services LTD Bright House Technologies Signal Alliance LTD Resourcery Ply Galaxy Backbone Plc Messrs KPMG Dagasteel International Limited P. W. Nigeria Jagsul Nigeria Limited Ebonite Nigeria Limited Stamford International Limited China Harbour Engineering Lekki Port LFTZ Enterprises

The Investigative Hearing is scheduled as follows: Date: Monday 20th February, 2017 Venue: Conference Room 034, New Building, House of Representatives, National Assembly Complex, Abuja.

Time: 10.00am

For further enquiries, contact the Secretariat of the Joint Committee (07034750905, 07033773253) in Room 316, White House, House of Representatives, National Assembly Complex, Three-Arms Zone, Abuja.

SIGNED: HON. OLUWOLE OKE

HON. AYI ESSIEN EKPENYONG

Chairman Committee on Public Procurement

Chairman Committee on Niger Delta Affairs

44

T H I S D AY •

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AY, JANUARY 8, 2017

BUSINESS/MONEYGUIDE

CBN to Sell N142bn Worth of Treasury Bills Nume Ekeghe The Central Bank of Nigeria (CBN) plans to raise about N142.43 billion in short-dated treasury bills at an auction on February 15.

The bank said it would raise N32.43 billion in three-month debt, N30 billion in six-month bills and N80 billion in oneyear notes, using a Dutch auction system. Payment will be due the day after the auction, according to Reuters.

Nigeria issues Treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.

Last week, Nigeria raised a total of N302.4 billion naira in treasury bills, more than the N242 billion planned due to strong demand for the oneyear debt. The central bank at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.

Nigeria’s annual inflation rate rose in December to 18.55

percent, its highest for more than 11 years and the eleventh straight monthly rise.

Nigeria last week met investors for its first Eurobond sale in more than three years as Africa’s most populous nation battles an economic contraction and the worst dollar squeeze in almost a decade.

From last Friday, officials held roadshows in London and the U.S. before the proposed issue of 15-year bonds, the country’s longest-maturity dollar notes yet.

Coronation Merchant Bank Unveils New Corporate Identity Nosa Alekhuogie Coronation Merchant Bank Limited, an emerging merchant banking franchise yesterday unveiled its new corporate identity. Far more than just a logo, the new corporate identity, according to the firm, was designed to communicate its vision (to be Africa’s premier investment bank), ambition and inner strength. Commenting on the new corporate identity, the Managing Director/CEO, Coronation Merchant Bank, Abubakar Jimoh described the lion, a core feature in the design, as a widely-recognised symbol of Africa; typifying courage, leadership and intelligence; attributes he said the bank must demonstrate to achieve its vision and become a respected brand within the African sub-region.

“Coronation MB was established to fill the gap in a longunderserved market segment,

seeking to address the need for long term capital across key sectors of the economy. The provision of affordable, longer term financing is critical for sustainable economic growth and its absence is one of the key challenges African entrepreneurs and corporations.

“There is a clear market demand for more sophisticated banking services from Nigeria’s top-tier corporates. Coronation Merchant Bank will focus on bringing world-class advisory services, accompanied by innovative products and services to the sub-region; deepen and broaden economic growth over the next decade, whilst remaining committed to our values of strong governance and transparency,” he said.

Speaking further, he said: “We took time to create our board to ensure that we have people that would support us in our focus and in the direction

we are going and support our vision. Our members are people that have had experience in the merchant banking area and areas and other areas. In terms of performance, we started as the third merchant bank but performance has improved significantly that would show in our 2016 financial performance.

“In our own case, we determine the type of customers we want to focus on. We are not trying to serve everybody. It is going to be selected customers we would be focusing on.

As a merchant bank we are not allowed to serve all the market. We would be serving the corporate market, high net worth individuals and financial service sector. Based on our risk appetite, we are not going to serve everybody but the leaders of those sectors to ensure that we deliver on our promise and service is the key in whatever we do.”

Heritage Bank Highlights Benefits of Education Against the backdrop of reduced federal government revenue and consequent reduction in federal investment in the education sector, Heritage Bank Plc has indicated the urgency for reformed educational system in the interest of youths’ future.

Group Treasury of Heritage Bank, Mrs. Kehinde WoleOlomojobi, disclosed this at an educational stakeholders’ summit recently in Lagos, with the theme: “Our Children Safety, Everyone’s Business.”

According to her, the school of the future would aim at developing a more well -rounded, wholly educated individual members of the so-

ciety who would combine the necessary academic curriculum with extra-curricular activities to develop balance between the different sections of life.

She noted that as technology continued to advance at rocket pace and the gap in the world’s knowledge distribution continues to contract, it was necessary to reform the school system to develop a modern, fit-for-purpose school system.

Olomojobi in her paper titled “managing the school of the future in the face of dwindling resources,” observed that the school of the future would effectively play a significant role in building culture and morality in students while

offering notable flexibility in managing the learning process.

She opined that the school of the future will leverage on strategic partnerships with industry and government catering to development of proficiency and skills needed to develop individuals well equipped to meet the needs of the modern global world.

According to a statement, the bank executive who was addressing participants at the summit also remarked that managing the school of the future would require three critical skills: passion for the vision, inspirational leadership and conflict resolution skills.

Skye Bank Promotes 300 Staff Skye Bank has announced the promotion of over 300 staff members in its employment following a 2016 annual staff performance review exercise.

The promotion which cuts across several cadres of staff up to managerial level, according to a statement, was in line with the bank’s effort to reward staff who performed creditably in their various roles during the past financial year.

The bank also announced that it compensated some staffs in the senior management cadre with monetary reward for their diligence and productivity whilst a handful of staff who failed

in the performance appraisal exercise on account of poor performance were exited.

It also said management of the bank had since approved payment of the entitlement and severance packages to exited staffs as contained in their engagement letters and as agreed with the workers union. While announcing the outcome of the annual Performance exercise, the Group Managing Director/ Chief Executive Officer of Skye Bank, Mr. Tokunbo Abiru, congratulated all staffs of the bank for their hard work in the last financial year especially given the challenging operat-

ing environment.

According to him, “We will continue to reward our staff who display high level of commitment towards their responsibilities and the bank’s strategic objectives.”

Abiru further noted that “a performance-driven organization is critical to the achievement of the bank’s overarching objectives.”

He urged the newly elevated staff to see their promotion as a call to re-dedicate themselves to excellence; assuring that those who deliver consistently on the job, would earn commensurate benefits that befit high performers.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

OCTOBER 2016 Broad Money (M2)

22,275,512.54

-- Narrow Money (M1)

10,023,616.69

---- Currency Outside Banks

1,521,797.77

---- Demand Deposits

8,501,818.92

-- Quasi Money

12,251,895.85

Net Foreign Assets (NFA)

7,612,243.68

Net Domestic Assets(NDA)

14,654,268.86

-- Net Domestic Credit (NDC)

26,774,684.47

---- Credit to Government (Net)

3,705,049.41

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

6,242,932.95

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

-2,537,883.55

---- Credit to Private Sector (CPS)

23,069,635.07

--Other Assets Net

-12,120,415.62

Reserve Money (Base Money)

6,580,594.55

--Currency in Circulation

1,825,664.51

--Banks Reserves

4,415,126.62 •

MANAGED FUNDS Month Inter-Bank Call Rate

December 2016 10.39

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 •

OPEC DAILY BASKET PRICE AS AT, MONDAY, 6 FEB 2017 The price of OPEC basket of thirteen crudes stood at $53.77 a barrel on Monday, compared with $54.24 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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 •

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AY, FEBURARY 8, 2017

MARKET NEWS

Volume of Trading at Stock Market Rises 36 amidst Bearish Trend Goddy Egene and Nosa Alekhuogie The volume of trading at the stock market rose by 35.9 per cent despite amid the rampaging bears, which drove the year-to-date (YTD) decline to 5.3 per cent yesterday.

Investors traded 207.18 million shares worth N1.58 billion in 2,791 deals, up from 152.391 million shares

valued at N903.531 million executed in 2,706 deals the previous day.

However, the bearish trend persisted with the Nigerian Stock Exchange (NSE) AllShare Index sliding by 0.55 per cent to close at 25,446.66 as the bourse remained under pressure of heavy selloff in consumer goods sector.

Similarly, market capitalisation went down by the same

T H E MAIN BOARD

DEALS

MARKET PRICE

margin of 0.55 per cent to close at N8.769.80 trillion.

A closer look at the performance indicated that the decline resulted from depreciation in the share prices of bellwethers such as Nigerian Breweries Plc, Forte Oil Plc, Nestle Nigeria and Guinness Nigeria Plc. Analysts at SCM Capital Research said: “We expect the current bearish mood

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

to prevail, given the lack of catalyst to spur activities to the upside.

The scenario may, however, reverse if some positive results are released.”

In all, 22 stocks depreciated led by Forte Oil Plc with 6.4 per cent, trailed by Nestle, which shed 5.0 per cent.

PZ Cussons Nigeria Plc, International Breweries Plc and NASCON Allied

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

Industries Plc lost 4.9 per cent apiece, while UACN Property Development Company Plc and FBN Holdings Plc shed 4.8 per cent each among others.

On the positive side, 14 stocks appreciated with Beta Glass Plc and Caverton gaining 5.0 per cent each to lead the price gainers.

Presco Plc and Pharma Deko Plc and AXA Mansard

Insurance Plc garnered 4.8 per cent each. In terms of sectoral performance, the NSE Insurance and Industrial Goods indices appreciated while others declined.

The insurance sector gauge apprecied by 0.8 per cent following gains recorded by AXA Mansard, while 0.6 per cent appreciation posted by Dangote Cement lifted the Industrial Goods indicator.

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

46

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AY, FEBRUARY 8, 2017 • T H I S D AY

MARKET NEWS

Investment One Facilitates Acquisition Universal Steel Limited Goddy Egene Investment One Financial Services, a leading financial services firm in Nigeria, has led a group of private investors to acquire the assets of Universal Steel Limited.

Investment One, acting as sole financial adviser and arranger, brought together a group of private investors to complete the acquisition following the decision of the core investors to sell the company. Following the acquisition of the assets, Universal

Steel will be wound down by the original shareholders/vendors.

Commenting on the development, the Group Chief Executive of Investment One Nicholas Nyamali said: “We are very pleased to have led the execution and completion of this transaction, as Universal Steel is a reputable company with a long track-record in the domestic steel production industry. We are also very pleased with our ability to arrange private investors to complete the acquisition in record

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

time despite the tough liquidity and economic conditions in the country today... .”

Speaking in the same vein, Managing Director of Investment One Capital Maket Management(a division of Investment One Financial Services), Ademola Aofolaju said: “Our involvement in this transaction is in line with our strategic drive to provide specialist support to clients and investors seeking to make or exit long-term investments in critical sectors of the Nigerian economy.”

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 06-Feb-2017, unless otherwise stated.

Universal Steels Limited is a leading steel manufacturer with over 50 years of operations in Nigeria. At its peak, the company had an installed capacity of 120,000 metric tonnes/annum at its 10 hectare production facility located within the Ikeja Industrial Scheme, in Ogba, Lagos. However, the company’s shareholders have taken a decision to wind down its operations and dispose of its assets.

Founded in 2008, Investment One Financial Services Limited

is one of the fastest-growing financial services firms in Nigeria.

Investment One focuses on providing premium financial advisory and asset management services to its clients. Regulated by the Securities and Exchange Commission (SEC), Investment One provides financial advisory, investment management and trust services, while its subsidiaries provide securities brokerage, fund management and pension management services to individuals, corporate

institutions, state governments and government agencies.

According to the company, its business model is simple: attract investor’s funds through its wealth management, mutual funds and pension businesses; seek attractive returns through its investment management (equities & fixed income), real estate and private equity/venture capital businesses; and provide financial advisory and intermediary services through the investment banking and securities brokerage businesses.

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 126.65 126.74 -0.44% Nigeria International Debt Fund 218.44 218.60 1.36% 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 0.69 0.70 -1.34% 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 17.71% 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 12.19 12.56 -1.23% ARM Discovery Fund 285.70 294.31 -0.52% ARM Ethical Fund 21.97 22.63 -1.65% ARM Money Market Fund 1.00 1.00 17.23% 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 105.99 106.82 0.91% AXA Mansard Money Market Fund 1.00 1.00 16.90% 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 2.15 2.21 -0.91% Paramount Equity Fund 9.32 9.56 -0.42% Women's Investment Fund 84.67 86.84 0.09% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 18.99% FBN CAPITAL ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,101.78 1,103.00 1.05% FBN Heritage Fund 109.76 110.50 -1.63% FBN Money Market Fund 100.00 100.00 15.57% FBN Nigeria Eurobond (USD) Fund - Institutional $104.44 $105.27 0.45% FBN Nigeria Eurobond (USD) Fund - Retail $104.68 $105.52 1.37% FBN Nigeria Smart Beta Equity Fund 113.09 114.54 0.36% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 0.93 0.95 0.00% Legacy Short Maturity (NGN) Fund 2.61 2.61 1.45% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,175.14 2,199.97 -1.56% Coral Income Fund 2,144.46 2,144.46 1.91% 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 Abacus Money Market Fund 1.00 1.00 16.59% Vantage Balanced Fund 1.69 1.70 0.22% Vantage Guaranteed Income Fund 1.00 1.00 15.52%

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 1.00 1.02 0.49% Lotus Halal Fixed Income Fund 1,013.52 1,013.52 1.07% 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 9.54 9.63 -1.25% Meristem Money Market Fund 10.00 10.00 14.70% 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 1.06 1.08 0.54% PACAM Fixed Income Fund 10.40 10.43 -0.10% PACAM Money Market Fund 10.00 10.00 14.34% 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 111.00 111.95 2.59% 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 1.26 1.26 1.05% 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 1,808.82 1,818.56 -1.23% Stanbic IBTC Bond Fund 152.57 152.57 -0.90% Stanbic IBTC Ethical Fund 0.75 0.76 -1.95% Stanbic IBTC Guaranteed Investment Fund 188.43 188.43 0.82% Stanbic IBTC Iman Fund 127.96 129.68 -1.42% Stanbic IBTC Money Market Fund 100.00 100.00 17.52% Stanbic IBTC Nigerian Equity Fund 7,271.93 7,359.33 -4.09% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.13 1.15 8.00% United Capital Bond Fund 1.25 1.25 16.46% United Capital Equity Fund 0.65 0.66 -0.98% 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 9.76 9.93 1.39% Zenith Ethical Fund 11.16 11.26 2.24% Zenith Income Fund 16.98 16.98 2.77%

REITS

NAV Per Share

Yield / T-Rtn

11.41 124.56

1.01% 0.48%

Bid Price

Offer Price

Yield / T-Rtn

8.00 71.98

8.10 73.33

-8.83% -5.01%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS

Fund Name Lotus Halal Equity Exchange Traded Fund Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697

Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

2.40 5.36 11.57 14.44 135.04

2.44 5.44 11.67 14.64 137.04

-12.50% -23.62% -3.52% -9.41% 3.94%

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

WEDNESDAY FEBRUARY 8, 2017 • T H I S D AY

47

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Nicolas Sarkozy: French Ex-president Ordered to Stand Trial A French judge has ordered ex-President Nicolas Sarkozy to stand trial in an illegal campaign finance case.

Mr Sarkozy faces accusations that his party falsified accounts in order to hide 18m euros (£15m; $20m) of campaign spending in 2012.

Mr Sarkozy denies he was aware of the overspending, and will appeal against the order to stand trial.

He lost the 2012 race, and failed in his bid to run again in this year’s upcoming presidential election.

What charges does Mr Sarkozy face?

The case is known as the Bygmalion scandal.

It centres on claims that Mr Sarkozy’s party, then known as the UMP, connived with a friendly PR company to hide the true cost of his 2012 presidential election campaign.

France sets limits on campaign spending, and it is alleged the firm Bygmalion invoiced Mr Sarkozy’s party rather than the campaign, allowing the UMP to spend almost double the amount permitted.

Employees at Bygmalion have admitted knowledge of the ruse and several UMP members already face charges.

The investigation into Mr Sarkozy centres on whether the ex-leader was aware of the alleged fraud.

Thirteen other people are also expected to be tried.

However, Mr Sarkozy’s lawyer, Thierry Herzog, has said he will launch an appeal against the trial order, because only one of the two judges handling the case signed the order.

“The clear disagreement between the two magistrates in charge of the matter is such a rare event that it is worth underlining, as it illustrates the inanity of the decision,” Mr Herzog said in a statement.

Growing scrutiny The development comes as other French politicians have faced questions over their financial dealings.

Francois Fillon, who beat Mr Sarkozy to become the centre-right’s candidate for the presidential race, is accused of misusing public funds to employ his wife and two children.

Meanwhile, the European Parliament is demanding France’s far-right leader Marine Le Pen return funds it says she has misspent, by paying an aide at the National Front party’s headquarters in Paris.

Mr Sarkozy is the second French

president to be put on trial since 1958, when the current French

republic was established.

Former leader Jacques Chirac

was given a two-year suspended prison sentence in 2011 for

diverting public funds and abusing public trust.

Egypt: We are Africans and We are Proud says Envoy Alex Enumah in Abuja Africa is reputed as the cradle of civilization and there is no disputing the fact that Egypt stands as the bastion of that amiable civilization.

Also by its geographical location up in the north, Egypt occupies an enviable status as gateway to the African continent.

The country, boasts of a unique mix of cultures, that emerged as a result of different civilizations and religious beliefs, that blended so well on its soil.

According to Ahmed Maher, Press and Information Officer of the Embassy of Egypt in Abuja, This amazing blend of diverse backgrounds, especially between Coptic Christian culture and Islamic culture all together, define the current socio-cultural character of the Egyptian society.

He noted that, it is this unique character that Egypt shares with other African countries that confirms its root in the continent, adding that Egypt’s constitution did not only describe the country as a profound

part of Africa but must continue to drive the dreams and aspirations of the continent.

“Africa is reputed as the cradle of civilization and Egypt has stood as the bastion of that amiable civilization and remained resolute in strengthening the sense of solidarity among African peoples. “ Although Africa is diverse in the outlook of its peoples, languages, religions and cultures, Africans have found strength and dignity as one people bound by exceptional cultural and social linkages, in a quest to preserve their values and emancipate their entire people from foreign hegemony and historical injustice”, he said.

In trying to stress Egypt’s heritage and root as an African nation, the embassy’s spokesperson succinctly puts it thus: “I no be oyibo. I am true African”. According to him, the colour of the Egyptian may be different from the rest of subSaharan Africa; Egypt nevertheless views every country on the

continent as its brothers.

The diplomat disclosed that Egypt in demonstrating its affinity with the people of Africa particularly, during the colonial era became a rallying point in the libration struggles of all African countries.

“In the 1950s and 60s under the guardian leadership of the inimitable Gamal Abdel Nasser, Egypt manifested itself as a rallying point in the libration struggles of all African countries, which ensured that most African states are completely independent today”, he said.

“During his reign, most African countries were still wallowing under colonial rule. Therefore, Nasser’s position bestowed on him the rare responsibility as one of the few African leaders to chart the course of freedom. From that time, Nasser consolidated the values of the 1952 Revolution, mobilised other African leaders and pointed a way forward for freedom fighters, who emulated his passion and worked with his

strategy”, he added.

Maher stated that long after the battle for independence of Africa had been fought and won; his country remains resolute and committed to the dreams and aspirations of the continent.

He recalled the role Egypt played in the formation and financing of the region’s body Organization of African Unity now African Union and other development agencies.

“Egypt has been a founding member of the then Organization of African Unity (OAU), which gave Africa a significant role in the international Arena. Both Egypt and Nigeria contribute around a third of African Union’s annual budget and have robust role in the peace- keeping operations in the continent and its economic integration.

“Other institutions such as the prestigious African Studies Center, Africa Journalist Union were created in Egypt to enhance Africa’s intellectual and Media collaborations”, Maher stated.

Expression of Interest (EOI) Payroll Service for DAI employees of the United States Agency for International Development (USAID) Nigeria Water, Sanitation, Hygiene (WASH) Coordination Project (WCP) DAI is a partner in the implementation of the USAID/Nigeria Water, Sanitation and Hygiene (WASH) Coordination Project (WCP) in Nigeria. Activities are designed to achieve the dual benefits of improved health and well-being for Nigerians through increased and more financially sustainable access and to build the confidence of the public in government's ability to deliver basic services.

DAI invites firms to express their interest in submitting a quotation to provide payroll services for Nigerian DAI employees. Expected quotation specifications are listed below and interested firms will receive a detailed Request for Quotation (RFQ) Monday, 13 February 2017.

All interested parties should email payroll_wcp@dai.com by 5:00 PM local time Sunday 12 February 2017 in order to receive a copy of the RFQ and be considered for award.

RFQ No:

RFQ-Nigeria WCP-2017/01

Issuing Office:

DAI - Nigeria Water, Sanitation and Hygiene (WASH) Coordination Project (WCP) Head Office: 7600 Wisconsin Ave, S te. 200 Bethesda, Maryland 20814 USA

Title:

Submit Questions and RFQ to: Date of Issue of RFQ:

DAI WCP Payroll Services

payroll_wcp@dai.com Respond via e-mail with attached documents in PDF Monday, 13 February, 2017

Closing Date for Questions: Closing Date for Answers:

Time: By 5:00 p.m. local time Date: Tuesday, 14 February 2017 Date: Wednesday, 15 February 2017

Anticipated Type of Award:

Fixed Price Purchase Order

Date Quote Due: Basis of Award:

Attachments TO RFQ:

Technical Specifications:

Interested Applicants:

Time: By 5:00 p.m. local time Date: Monday, 20 February 2017

Award will be made on the basis of a lowest price technically acceptable source

selection process.

All bidders are responsible to carefully review each attachment as listed in the full RFQ and follow any instructions that may be relevant to this procurement.

1. a. b. c.

2.

3.

4.

5.

Provide the following services: Absence and attendance reporting Inputs, processing, outputs and reporting for DAI payroll All applicable tax withholding, remittance, and reporting in compliance with applicable law and regulations Provide a comprehensive and responsive employee resource for payroll questions and changes Ensure compliance with DAI payroll policies, a nd applicable laws and regulations Maintain a high level of customer satisfaction for pay recipients Provide recommendations on payroll policies and prompt notice of any changes in applicable laws and regulations

Please email payroll_wcp@dai.com to receive the full solicitation with complete specifications.

48

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

LAGOS STATE GOVERNMENT MINISTRY OF THE ENVIRONMENT

INVITATION FOR THE RECERTIFICATION OF EXISTING WASTE MANAGEMENT COMPANIES (PSPs) FOR SOLID WASTE MANAGEMENT IN LAGOS STATE, NIGERIA 1.0 BACKGROUND Lagos, with a population of over 21.2 million people and projected to be the 3rd largest megacity in the world within the next decade hitting the 25 million mark, is Nigeria’s economic, financial and commercial nervecentre.

The Lagos State Government (LASG) has initiated the Cleaner Lagos Initiative (CLI) in its commitment to ensure cleaner, healthier and more aesthetically pleasing city has an objective of ensuring an efficient and effective solid waste management system.

In this regard, the State has seen the need to recertify existing PSP operators (WASTE MANAGEMENT COMPANIES). This will ensure that the vision of the initiative in having a cleaner, healthier and greener Lagos is achieved.

The Lagos State Ministry of the Environment (LSMOE) is desirous of recertifying and revalidating existing PSP operators. It hereby on behalf of the LASG, and within the context of the State’s extant Procurement and Public Private Partnership Laws calls on interested existing participants who would like to continue their partnership with the State government, to submit the necessary detailed documentation for this exercise.

2.0

PROJECT SCOPE

The envisaged holistic collection, transportation and disposal of solid waste from the commercial and industrial facilities to designated landfill sites and Transfer Loading Stations.

3.0 REQUIREMENTS FROM INTERESTED PARTIES To be considered for the recertification exercise, existing PSPs are required to submit comprehensive information as follows: • •

• • • • •

Full name and nationality (country of registration) of the company and contact person, postal address, telephone, and e-mail addresses; Company registration including Certificate of Incorporation, certified true copies of Memorandum and Articles of Association and CAC Form C07 or the equivalent; Provide evidence of current registration with Lagos State Public Procurement Agency / Provisional Certificate of Registration; Evidence of registration with the Lagos State Residents Registration Agency (LASSRA) for key Directors and personnel; Evidence of registration with Lagos State Waste Management Authority (LAWMA) Most recent 3 - Years Audited Financial Statements and latest Management Accounts; Evidence of previous and current work detailing: (i) Name of Project, Brief description and Client (ii) Scope of Work, (iii) Nature of Contract (PPP, lump sum etc.), (iv) Name and address of related client’s referee.

• •

• • • • •

Safety, Security, Health and Environment (SSHE) Policy and Evidence of Management’s commitment to the policy; Provide a current sworn affidavit disclosing the following: (i) That the company is not in receivership, insolvent or bankrupt; (ii) That no Director of the company has been convicted of any offence relating to fraud or financial impropriety or criminal misrepresentation or falsification of facts relating to any matter.

Project team, including list of key personnel and organizational chart, their qualifications and relevant experience; Evidence of available financing/access to credit line; Evidence of payment of tax/tax returns for the Directors of the Company; Evidence of sufficient fleet for carrying out projects.

Evidence of monies being owed by LAWMA.

4.0 SUBMISSION OF DOCUMENTATION Interested firms or may obtain further information at the address below between 09.00am to 5.00pm weekdays or via electronic mail.

The documentation submission should include: One (1) original copy and One (1) other copy to be delivered in a sealed envelope clearly marked “Recertification and Validation of PSP in SWM” and submitted not later than 28th February, 2017 from the date of this advert to the address below, on or before 12 noon Nigerian time on the said date.

PLEASE NOTE THAT THIS INVITATION IS OPEN ONLY TO EXISTING PSP FIRMS AND ONLY QUALIFIED FIRMS BASED ON THE CRITERIA IN PARAGRAPH 2 ABOVE WILL BE INVITED FOR FURTHER CONSIDERATION Attention: Office of the Honourable Commissioner Lagos State Ministry of the Environment 1st Floor, Block 16 The Secretariat Alausa, Ikeja Lagos, Nigeria It should be noted that this invitation does not constitute a commitment on the part of LASG and/ or the Lagos State Ministry of the Environment to award the job to any invited firm.

EXISTING PSP OPERATORS THAT FAIL TO RESPOND TO THIS INVITATION BY THE DEADLINE OF THIS EXERCISE WILL CEASE TO OPERATE WITHIN THE STATE AND HAVE THEIR LICENSES WITHDRAWN. Furthermore, submission of the documents shall not entitle any of the participating parties in this exercise to any claims against LASG and/ or the Lagos State Ministry of the Environment by such firm having responded to the invitation.

All costs incurred by respondents as a result of this invitation and any subsequent requests for information shall be for the respondent’s account only.

49

T H I S D AY WEDNESDAY FEBRUARY 8, 2017

/$*26 67$7( *29(510(17

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50

WEDNESDAY FEBRUARY 8, 2017 • T H I S D AY

NEWSEXTRA

Rivers Rerun: Police Investigation Panel Recovers N111m from INEC Officials INEC welcomes report Allegations shameful, defamatory, reckless, says Rivers govt Ernest Chinwo in Port Harcourt, Onyebuchi Ezigbo and Dele Ogbodo in Abuja The Chairman of the panel set up by the Inspector General of Police (IG) to investigate the malpractices and violence that characterised the Rivers State rerun parliamentary elections last December, Deputy Commissioner of Police, Mr. Damian Okoro, yesterday revealed that N111 million was recovered from 23 officials of the

Independent National Electoral Commission (INEC), who took part in the elections.

Making the disclosure while submitting the outcome of panel’s findings to the IG, Mr. Ibrahim Idris, Okoro said 23 officials of INEC had been indicted for their involvement in the abnormalities and violence which marred election.

He said the six police officers who were indicted over the role they played during the elections had been dismissed.

Recession Forces Imo to Stop Free Education for Non-indigenes

Students’ verification exercise takes off

Amby Uneze in Owerri Even though Imo State Government has finally dropped non-indigenes in its state owned tertiary institutions from its free education programme for the non-reciprocal attitude of their states governments to Imo indigenes in their respective states, the current recession experienced in the country is also part of the reason to stop the programme.

However, government has also mandated the Secretary of the State Government (SSG), George Etche, to proceed with the verification exercise of students in the state tertiary institutions with the aim of making sure that bonafide indigenes of the state are identified to enable them continue to “enjoy the free education programme that has become not only a success story but somewhat a revolution.”

The state government, through the Chief Press Secretary to the state governor, Sam Onwuemeodo, said: “For more than five years the free education programme has been on, non-indigenes have been benefitting from the lofty gesture without indigenes of Imo State enjoying same programme in

other states, schools.

“To also ensure that the verification venture is thorough, forms are being issued to the students which the traditional rulers of their various autonomous communities and State Development Coordinators (SDC) of their respective wards would sign.

“In the past five years, the state government has spent over N40 billion to prosecute the free education programme which the opposition never believed was possible. But the huge success the programme has recorded has also made the ‘Doubting Thomas’ to swallow their words.”

He said the free education programme in the state made students’ enrolment to rise from 280,000 in 2011 to over 800,000, maintaining that the outcome of the free education policy of the state government was wonderful as the Registrar/CEO of JAMB, Professor Ishaq Oloyede, recently disclosed that for six consecutive years, Imo State continued to lead in JAMB applications and admissions with Delta State maintaining the second position. “And the registrar concluded that the state free education programme was the reason behind the feat,” he stated.

The panel, which comprised 12 officers of the Nigeria Police Force and three from Department of State Services (DSS), was mandated to investigate the various infractions, incidents, and violence that marred the re-run elections in the state and any relevant matter.

According to the panel, lawlessness on the part of the voters, political influence and leadership failure were the major causes of the violence that characterised the election.

The chairman said: “The sum of N111,300,000 was recovered from 23 INEC officials. Out of N360 million, N15 million was given to each of them while three senior officials got N20 million each.”

Okoro said the committee established cases of misconduct on the part of some INEC officials and law enforcement agents who allowed themselves to be compromised in their line of duties and therefore deserve to be disciplined.

According to him, the task given to the panel was quite challenging because of the tense political and security situation in the state especially the prevalence of violent crimes such as armed

robbery, kidnapping, and politicallymotivated killings, by militants and culture groups which enjoy the funding and protection of desperate politicians.

He said: “These lawless elements target not only the political opponents of their sponsors but also law enforcement agents, especially the police, mostly within the Ogba/Ndoni/Egbema Local Government Area which is the axis of evil of cultism.

“The violence that occurred in Rivers State before during and after the rerun election was a reflection of lawlessness and leadership failure of narrow -minded politicians and their gullible supporters.

“Oftentimes, politicians make inflammatory statements that incite their supporters into avoidable violence that results in the destruction of lives and properties and eruption of elections.

“We discovered that failure of leadership and followership rather than law enforcement was responsible for political upheaval in the state.”

The IG, in his remarks, said the governor of the state, Chief Nyesom Wike refused to cooperate, despite several invitations extended to him.

He said the report of and recommendation from the committee would be forwarded to the Attorney General of the Federation, Mr. Abubakar Malami.

Idris said: “The panel tackled what has been going on in this country where politicians have turned elections into a do or die affair and we have been failing in this country because we have allowed things to derail to the level it is now.

“I see no reason why a rerun election will lead to the beheading of our officers who were there to do their lawful duties. I believe that the report will go a long way to put an end to individuals seeing election as a do or die affair.

“We will take appropriate actions in conjunction with the law officer of the federation, the Attorney General of the Federation in order to put an end to most of the abuse and electoral violence in this country.”

On the officials and Police indicted, he said: “People that were arrested are going to be prosecuted because they are public officers. We are going to forward the report and our recommendation to the Attorney General of the Federation.”

He said the INEC officials

confessed to have received the money from Rivers State government officials, stressing: “I can assure you that from here, the money will go into government treasury because these are recoveries on the basis of an investigation conducted.

“Six police officers were indicted and they have already been dismissed and I can assure you that they would also be charged to court.”

On Wike’s uncooperative attitude, he said the panel was not set up to witch hunt anyone.

He said: “It is a joint investigation and that means it is between the police and DSS and I think the whole of this country have confidence in both agencies to provide security for them and to deal with issues that are detrimental to peaceful coexistence of Nigerians in any part of this country.”

According to him, the investigation was open and very transparent, adding that “the police wrote to the governor, they went to meet him but in his own wisdom, he refused to cooperate. We believe that what determines outcome of this report is the transparency and Cont’d on pg 52

Court Orders Freezing of Mike OUR BUDGET IS READY L-R: Speaker,* Edo State House of Assembly, Hon. Justin Okonoboh; Chairman House Committee on Budget, Hon. Damian Lawani; Ozekhome’s Account Governor Godwin Obaseki; Deputy Governor, Hon. Philip Shaibu; and Majority Leader of the assembly, Hon. Folly Ogedengbe, when the A Federal High Court in Lagos yesterday ordered the temporary forfeiture of N75 million in the account of a Senior Advocate of Nigeria (SAN), Mike Ozekhome, domiciled with Guaranty Trust Bank (GTB).

The court, presided by Justice Abdulaziz Anka, gave the order while ruling on a motion ex-parte filed by the anti-graft agency seeking that Ozekhome’s account be temporarily frozen.

The sum is said to have been uncovered by the Economic and Financial Crimes Commission (EFCC).

EFCC’s prayer is on the grounds that the N75 million deposited in the said account on December 15, 2016, is suspected to be proceeds of crime.

Arguing the application which was filed by Rotimi Oyedepo, counsel to the EFCC, Idris Mohammed, informed the court

that the application was brought pursuant to Section 29 of the EFCC Act. Mohammed, according to the News Agency of Nigeria (NAN), informed the court that three exhibits marked 01, 02 and 03 were attached to the motion ex-parte.

He also said an affidavit of urgency, sworn to by an investigator of the agency, Tosin Owobo, was also attached to the application. Mohammed, therefore, urged the court to grant the motion ex-parte and order a temporary forfeiture of funds in the account for 120 days.

Delivering a bench ruling on the motion, Justice Anka ordered that Ozekhome’s account with the sum of N75 million be forfeited for 120 days.

The judge however said that any party, dissatisfied with the ruling, could file an appeal.

governor signed the 2017 Appropriation Bill into law in Benin City....yesterday

Shema Sheds Tears after EFCC Re-arrest Ibrahim Shuaibu in Katsina The former Governor of Katsina State, Mr. Ibrahim Shema, broke down in tears yesterday after he was rearrested by the Economic and Financial Crimes Commission (EFCC).

His re-arrest took place after the adjournment on a ruling on his motion challenging the jurisdiction of the state High Court to hear his case on alleged corruption which was preferred against him by the EFCC. Shema and three others were arraigned before Justice Ibrahim Maikanti Bako of the Katsina State High Court, when the judge adjourned ruling on the matter till February 21.

The EFCC had alleged that the former governor and three others were charged with criminal breach, abuse of office and conversion of public funds to the tune of over N11 billion.

THISDAY observed that Shema who came to the court at about 9a.m. in a black Toyota Sport Utility Vehicle (SUV), with registration number: ABJ 607 CV, alongside his aide, walked straight out to the court speechless.

Immediately after the court’s sitting, Shema who came out with his defence team headed by J.B Dawodu (SAN), was instantly approached by an EFCC official notifying him of his re-arrest.

In the ensuing argument between the EFCC official and former

governor, pandemonium broke out in the court premises as the operatives of the anti-graft agency laid ambush by blocking all the exits of the premises to forestall any resistance.

After the mild drama, the former governor who had almost driven out of the premises, suddenly came back and enter the court room sensing that he will be rearrested by the heavily armed EFCC operatives.

Dauda also immediately went back to the judge requesting for the protection of his client from EFCC. However, the counsel to the prosecution promised that they would not arrest Shema on the very case before the judge, because there was an administrative bail subsisting.

But as the situation became rowdy, the former governor broke down in tears.

The standoff lasted for over an hour until Shema was smuggled into another black tinted SUV with registration number ABJ 679 AZ in order to allegedly evade arrest.

While the confusion lasted, despite the pleas from the former governor’s counsel, the EFCC and police immediately called for reinforcement, until both parties finally agreed to meet at the police commissioner’s office situated near the court, along Daura road.

A source later disclosed to THISDAY that Shema would be taken to the Abuja office of the EFCC to face fresh interrogation on allegations of corruption.

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CAN Berates Lai Mohammed for Accusing Christian Leaders of Incitement Osinbajo: Religious crisis not peculiar to Buhari’s govt Senator Iroegbu in Abuja and Adibe Emenyonu in Benin City The Christian Association of Nigeria (CAN) has berated the Minister of Information and Culture, Alhaji Lai Mohammed, for accusing Christian leaders of incitement.

CAN President, Rev. Samuel Ayokunle, in a statement signed yesterday by his Special Assistant on Media and Communications, Mr. Adebayo Oladeji, expressed disappointment at the statement by Mohammed where he was reported to have disparaged Christian leaders.

“We are disappointed but not surprised with the disparaging, lies and abusive statements credited to Mohammed in Ilorin during the town hall meeting where he was accusing religious leaders of making alleged provocative statements that can lead to religious war,” Ayokunle said.

He stated that the minister had “In his characteristic

manner left out the issues but went after the so-called religious leaders, who we all know, are the Christian leaders because we know that the minister dare not speak against the Muslim leaders who had said worse things.

That would be an open invitation of Fatwah.”

He quoted Mohammed to have said: “…Such fallacies like the Islamisation of Nigeria, the killing of Christians by Muslims, the labelling of Nigeria as the most dangerous place for Christians in the world can only serve one purpose: trigger a religious war. Needless to say that no nation ever survives a religious war.

“Those who are making these allegations know that they are not true, but they have found in religion another tool to demonise the government of the day, divert attention from the government’s anticorruption stance and create undue tension in the polity…”

“He went on further to dismiss the Islamisation agenda against the country

when he said: “The alleged Islamisation of Nigeria under the current administration is totally false and should be perceived in its entirety as a campaign of calumny. The secular nature of the Nigerian Constitution makes the issue of religious dominance and impunity improbable.”

The CAN declared that Nigerian Christians love their country and they not only promote peace and unity but also always pray for her and the leadership.

He stressed that in the last one year, the CAN had declared fasting and prayers for Nigeria and her leadership twice. If we are thirsty for a war, we wouldn’t have gone that far.

He listed some posers that seem to debunk some of the assertions by the ministers, stating: “That our members are being killed, maimed and burnt by the Boko Haram terrorists in the North-east?

“That our members are being killed by the Fulani herdsmen in Plateau, Benue and now Southern Kaduna

FG Withdraws Corruption Charges against Supreme Court Chief Registrar,Two Others Tobi Soniyi in Abuja The federal government yesterday withdrew the corruption charges brought against the Chief Registrar of the Supreme Court, Ahmed Saleh, and two others.

He was charged alongside Muhammed Sheriff, the Director of Finance and Rilwanu Lawal, the Chief Accountant of the court.

Previous attempts to arraign the three defendants in the past were stalled.

At the resumed session, the prosecution counsel, Mrs. Hajara Yusuf, informed the court that she was directed by the Attorney General of the Federation to withdraw the matter.

Yusuf, however, did not give reasons for the withdrawal. ``My Lord, I have been mandated by the office of the Attorney General of the Federation to withdraw the charges against the three persons,’’ she said.

Following the oral application, Justice Abba-Bello Muhammed struck out the charges.

The defendants were initially charged with conspiracy, criminal breach of trust and accepting gratification as public officers.

The defendants were accused of misappropriating N2.2 billion belonging to the apex between 2009 and 2016.

The offence was in contravention of Section 10(a) (i) of the Independent Corrupt Practices and Other Related Offences Act 2000 and punishable under the same Section of the Act. The defendants were also charged with contravening the provision of Section 96 of the Penal Code Act. The charge also alleged that

they obtained gratification totaling N80million contrary to the ICPC Act. The federal government also alleged that the defendants obtained N2.4million gratification from Welcon Nigeria Limited,

N16million from Dean Musa Nigeria Limited.

The defendants were also accused to have allegedly collected N19million from Ababia Ventures Limited as gratification.

states? That those responsible for these killings profess Islam as their religion?

“That those who killed Madam Bridget Agbahime in Kano were Muslims who were arrested but later discharged and acquitted by the court as requested by the state Attorney- General and Commissioner of Justice?

“That those who killed Madam Eunice Elisha Olawale while doing the morning preaching in Kubwa, Abuja were Muslim fundamentalists who were arrested but also freed by the police?”

Ayokunle wondered if Mohammed is saying that no Christian was killed by the Fulani herdsmen who invaded the Southern Kaduna, killed and maimed our members and razed down their communities recently?

He further queried if Mohammed is saying “the Fulani herdsmen who have been killing our members are not armed with sophisticated weapons and is it wrong for us to ask where they get the AK-47 and other weapons they are using.

“When all those killings

were going on in Plateau, Benue and Southern Kaduna, was there any time Lai Mohammed or anyone in the federal government raised up a voice against the atrocities”, he said.

The CAN President said if those murderous Fulani herdsmen are faceless, how come the Sultan of Sokoto is claiming that they are not Nigerians and in another instance, the Kaduna State governor, Mallam Nasir el-Rufai said they had been paid for the “wrong done to them?”

Meanwhile, the Acting President, Professor Yemi Osinbajo, yesterday said the religious violence witnessed in some parts of the country is not peculiar to the government of the All Progressives Congress (APC).

Osinbajo, who stated this at the bi-annual conference of the Pentecostal Fellowship of Nigeria (PFN) in Benin City, said: “Our greatest enemy is hate. In the past few years, we have seen the most brutal killing of men and women.

The history of blood and religious conflict extends

every Nigeria government.

According the acting president, the history of religious crisis dates back to 1979 with the Meitacine clash left many dead, adding that for Christians to live eternally, they must die for the gospel.

He urged Christians to embrace love as “hate is the device of the devil” and will not ensure the prosperity of the Christendom.

Osinbajo, however, urged Christians not to be discouraged when they are being dispised by others, saying it is the burden of the gospel.

On the Southern Kaduna killings, he said: “Since investigation are still going on, I can’t make any categorical statement. The federal government has taken steps by first aligning with the state government and working with the police to be the first respondents.”

The crusade however, experienced a rowdy moment when the acting president urged Christians to love and forgive their enemies irrespective of the harm done to them.

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Senate C’ttee Queries Nigeria Immigration over Fraudulent Spending of N62m Another begins screening of 46 non-career ambassadorial nominees Omololu Ogunmade in Abuja The Senate Committee on Interior yesterday queried the Nigerian Immigration Service (NIS) over alleged frivolous and reckless spending of N62 million on a mere inspection tour of projects in 2016.

The committee which accused the service of reckless spending of 2016 budget, condemned the squandering of N62 million on mere project monitoring at the time the country is facing economic recession.

All members of the committee headed by Senator George Sekibo were visibly angry after the presentation made by the Comptroller General of Immigration, Mr. Babandede Mohammed, on 2016 budget performance as they also uncovered loopholes in other areas of spending

by NIS in 2016.

The comptroller-general had in his submission, said the service

needed about 200 vehicles, for its operations and surveillance adding that it embarked on routine project monitoring to ascertain the progress of the projects.

But the senators observed that the project monitoring which NIS claimed gulped N62 million was unjustifiable and smacked of extragance on the part of the body.

The senators also observed that almost all capital projects contained in 2016 budget of NIS which they said had been funded were repeated in 2017 budget. They particularly queried the demand for the purchase of 200 vehicles

by NIS in 2017.

The senators also uncovered fraudulent duplication of items in the budget. For instance, Senator Chukwuka Utazi said:“I have just pointed out four items that have repeatedly appeared in the 2017 budget.”

In his remarks, Sekibo advised the comptroller-general to use the

2017 budget allocation judiciously.

He also charged them to address the challenge of porous borders facing the country.

Also yesterday, the Senate Committee on Foreign Affairs began the screening of 46 non-career ambassadorial nominees whose names were sent to it by President

Muhammadu Buhari.

During the screening, one of the nominees and a former Ambassador to Burkina Faso, Mr. Baba Ahmed Jida, said challenges faced by envoys range from language barrier and unfamiliar policies of different countries.

Another nominee, Justice George

Oguntade (rtd.), promised to use his office to attract investors to Nigeria as he cautioned against extravagant spending by Nigerians but should rather invest in agriculture and manufacturing firms.

Those screened yesterday were Mr. Goni Modu Zanna Bura, Yobe ; Yusuf Maitama - Bauchi ; Ahmed

Ibeto, Niger ; Hon Kabiru Umah, Sokoto ; Dr (Hon) Etubom Nya E. Asuquo, Cross River ;Baba Ahmed Jida, Borono ;Alhaji Garba Gajam,and Capt Baba Mohammed Mairiga, Zamfara ; Christopher J. N. Okeke, Anambra ;Mr Jonah M. Odo, Ebonyi ;Ahmed Nuhu Bamali Kaduna among others.

Buratai: Army to Recruit Eligible IDPs Paul Obi in Abuja The Nigerian Army has said plans are underway to recruit eligible Internally Displaced Persons (IDPs) displaced by the Boko Haram insurgency into the army.

The move to recruit IDPs is sequel upon several pleas by the IDPs to top military brass to be enlisted into the military The Nigerian Army Headquarters maintained that the desire to recruit IDPs forms part of the strategy to empower them in critical areas of human endeavours in order to enable them contribute to national development.

Chief of Army Staff, Lt General Tukur Buratai stated this in Abuja yesterday during the presentation of food and school items to Praxis Catholic e-School, renamed Hajia

Aisha Buhari Special School for IDPs and Vulnerable Children, Abuja.

Buratai, who was represented by the Chief of Civil-Military Affairs, Nigerian Army, Major General Peter Bojie, stated that whenever “the L-R: Managing Director/CEO, Halogen Security Company, Wale Olaoye; Lagos State Commissioner of Police,Fatai Owoseni; and Managing exercise comes up, those eligible Partner/Convener, Rightmove Consulting, Remi Olutimehin, at annual school administrators’ conference tagged: ‘Our Children’s Safety, for enlistment should apply; like Everyone’s Business,’ held at the Lagos Chamber of Commerce and Industry Exhibition Centre in Ikeja....recently any other candidates, they will undergo all necessary procedures.”

He promised that the “military commitment to continue in its constitutional mandate of Chineme Okafor in Abuja were sworn in by Fashola in Abuja, by Buhari to be chairman of the period.

Fashola said the inauguration safeguarding the lives and property were however without a substantive the commission but he allegedly of people in towns and villages The Minister of Power, Works and chairman, and they included Sanusi rejected the offer and so was of the new commissioners would destroyed by the Boko Haram.” Housing, Mr. Babatunde Fashola, Garba (Vice Chairman), Musiliu not screened for confirmation now allow the Ministry of Power to concentrate its energies on making The COAS stressed that “the yesterday inaugurated six people Oseni, Dafe Akpeneye, Okafor by the Senate. military will bring lasting peace for that were in 2016 nominated by Nwoye, Nathan Shatti, and The tenure of the last board of policies for the sector, as well as educational and other socio-cultural President Muhammadu Buhari Moses Arigu. commissioners for NERC who complete ongoing power generation activities to strive for development and cleared by the Senate to be Prof. Akintunde Akinwande, were led by Dr. Sam Amadi and transmission projects in the of Nigeria. That goes for those who commissioners of the Nigerian a professor in the Electrical ended in December 22, 2015, and country.

He asked Akah to handover the are still stranded and are yet to be Electricity Regulatory Commission Engineering and Computer while it took the government rescued,” he added.

(NERC), thus ending the board Science Department of the this long to appoint a new management of NERC to Sanusi Institute board for the regulatory agency, who as vice chairman would run vacancy that existed at the NERC Massachusetts of Technology (MIT) was Dr. Anthony Akah acted as the the commission in the absence of for about 14 months.

The new commissioners who nominated alongside the six head of the commission within a chairman.

FOR SAFETY OF THE CHILDREN

Fashola Swears in NERC Commissioners

Nothing will Stop PDP’s March to 2019, Says Makarfi Onyebuchi Ezigbo in Abuja The Chairman of the Caretaker Committee Peoples Democratic Party (PDP) on yesterday said both the leadership and stakeholders of the party are prepared to surmount all obstacles to ensure that it regain power in 2019.

He said the party is looking forward to the February 17 Court of Appeal judgment in Port Harcourt to reposition itself for the 2019 general election.

Makarfi, who spoke when he received in audience Forum of PDP State Chairmen expressed confidence that sooner than later, the party’s leadership crisis would be resolved.

Makarfi however, said the caretaker committee would not like to be distracted in its quest to bring PDP back to its lost glory.

“No matter the distraction, we will not look in a different direction.

“When you are running and somebody is holding your cloth, if

you have scissors, cut it off because if you look behind somebody behind you will overtake you.

“We have confidence in the judiciary that sooner or later the crisis will be over and PDP will bounce back.”

Makarfi said the party was looking forward to receiving report of the Strategy Review and Interparty Affairs Committee headed

by Professor Jerry Gana, which would be submitted today, and said the report would be subjected to scrutiny by various organs of the party The new Chairman of the Forum of PDP State Chairman, Hon. Paul Ekpo, had commended the caretaker committee members for their maturity in handling the affairs of the party.

He said all the state chairmen were in support of the caretaker because they were part and parcel of the decision at the convention that approved the legality the constitution of the committee.

RIVERS RERUN: POLICE INVESTIGATION PANEL RECOVERS N111M FROM INEC OFFICIALS the good will.”

Reacting to the report, the commission said it would implement the outcome of the police report on electoral malpractice involving its staff by ensuring that all those found culpable are made to face sanctions.

The spokesman of the INEC Chairman, Rotimi Oyekanmi, who spoke with THISDAY yesterday while reacting to the display of huge sums money allegedly recovered from INEC officials, said the commission welcomes the probe but would also want the police to fish out other accomplice in the crime.

“Although, INEC is yet to formally receive a report from the police on its investigation into Rivers re-run elections, the revelation that money was allegedly recovered from INEC officials is a welcome development.

“This will help the commission in its current effort to clean up the system. Already, our internal

panel is also continuing with its investigation on the same issue, and anybody found culpable will face appropriate sanctions.

“The INEC Chairman has reiterated that any INEC staff found doing the wrong thing will bear the consequences. We hope that the Police will also reveal all the other parties involved in the bribe saga.”

However, the Rivers State Government has described the allegations against it as shameful, defamatory and reckless.

The state Commissioner for Information and Communication, Dr. Austin Tam-George, said in a statement that the police had descended to the lowest depth of criminality and blackmail.

The statement read: “The attention of the Rivers State Government has been drawn to the melodramatic images of heaps of cash, circulated in the media by the so-called police panel of inquiry into the re-run elections in Rivers

State, on December 10, 2016.

“According to the police, the heaps of money were “evidence” of bribe allegedly given to officials of the INEC, by the Rivers State Governor, Nyesom Wike, during the rerun polls.

“We consider the allegations of the Police as shameful, defamatory and reckless in the extreme.

“Never in the annals of infamy have we seen a vital State security institution descend to the lowest depths of blackmail and criminality, as the Nigeria Police Force has done in this case.”

He recalled that the state government had a month ago alerted the world about a plot by the Nigeria Police to implicate Wike in a phoney bribe scandal.

“Now, the police appears to be acting with shocking predictability, by making wild and completely groundless allegations against Wike,” he said.

He challenged the police to show proof that Wike financially induced any official of INEC. “Does the police have bank records of the purported transactions between Wike and the Electoral Officers? We challenge the Nigeria Police to move quickly to prosecute and imprison the so-called Electoral Officers on the basis of this dubious investigation,” he stated.

He added: “We strongly believe that the police panel is part of a bitter, politically-driven smear campaign launched by the federal government against Wike and the people of Rivers State.

“We also believe that the police is desperately seeking to divert attention from the disgraceful and criminal roles played by its officials, in the snatching and stuffing of ballot boxes during the December polls.

“Rivers State will not succumb to the juvenile antics of the All Progressives Congress (APC) and its security surrogates.”

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CRIME&PUNISHMENT

Suicide Bombers Intercepted at NNPC Mega Station in Maiduguri Michael Olugbode in Maiduguri

Two female suicide bombers were prevented from wreaking havoc on

Maiduguri, the Borno State capital yesterday morning.

The suicide bombers believed to be in their teens, had planned to detonate the explosive devices

Ex-House Member, Duru, Charged to Court over N16.1m Fraud Alex Enumah in Abuja

A former House of Representatives member, Nze Chidi Duru, was yesterday arraigned before an Abuja High Court on charges of alleged diversion of N16.1m pension funds to his personal fund.

Duru who is a legal practitioner based in Abuja was said to have committed the offence when he was the Vice Chairman of First Guarantee Pension Ltd. He is standing trial on a four-count charge bothering on falsification of document and money laundering to the tune of N16.1million proffered against him by the federal government.

He pleaded not guilty to the charges when read before him.

In view of the not guilty plea, the prosecution led by Sylvanus Tahir, urged the court to remand the defendant in prison pending the determination of the matter.

He also asked for a trial date to enable him bring witnesses that will testify against him.

But the court drew the attention of the prosecution to a preliminary objection filed by the defendant challenging the validity of the charge.

Prosecution counsel claimed he had not been served.

Responding, counsel to the

defendant, Abdul Mohammed, told the court that the prosecution was duly served by the court’s bailiff on February 2, 2017 and there was a proof of service to that effect.

The judged from his record also confirmed that the defendant was served on that date and was acknowledged by one Adigwe Patricia of Wuse 2, Abuja.

Mohamed however urged the court to use his discretion to grant his client bail. But the prosecution objected In his ruling, Jutice Peter Affem agreed with the defence counsel that the burden to refuse application should be discharged by the prosecution and which has not been done.

The judge said there was nowhere in the ACJA that makes it mandatory for bail application to be in written form and that the law presumes the defendant innocent of the charge against him until the contrary is proved beyond reasonable doubt.

He therefore granted the defendant bail on selfrecognisance and ordered the defendant to deposit his international passport and any other travelling documents with the court.

He adjourned to February 27 for hearing of the preliminary objection.

Court Jails 11 in Niger for Prostitution Laleye Dipo in Minna Operatives of the Niger State liquor Licensing Board charged with the enforcement of the 2002 Sharia law have arrested 11 suspects for engaging in prostitution.

They were apprehended at the Mandela area of the state capital and at the Nagari hotel also in Minna.

Among those arrested were Jennifer Innocent, Blessing Tioyo, Comfort David, Blessing Marshal and Inferang Akpan.

Others were Hadiza Mohammed, Evelyn Daniel, James Omande, Jessica Gbele and Godwin Jenifer.

They were all brought before the Chief Magistrate Abdullahi Usman charged with prostitution contrary to section 200 and 408(b) of the penal code.

The prosecuting counsel Muktar Mohammed urged the court to convict the accused persons according to the provisions of the law since they could not claim ignorance of the existence of the legislation.

All the accused persons pleaded guilty and were summarily tried

and convicted by Chief Magistrate Abdullahi Usman.

Three of the convicts were sentenced to 12 months imprisonment with option of N50,000 fine, two of them were sent to jail for 6 months with option of N30,000 fine while the others were sentenced to between two and three months respectively with option of N10,000 and N20,000 fines.

The Chief Magistrate advised them to seek for better ways to make a living instead of engaging in prostitution, warning that they would face stiffer penalies if brought before the court for the same offence in future.

The chairman of the state liquor licensing board, Alhaji Yahaya Haladu, said after the court session that “no stone would be left unturned to wipe out prostitution from all the 25 local government areas of the state.” “ The Niger State Liquor licensing Board has zero tolerance for prostitution because it is part of the mandate given to us by the state government and we shall carryout the enforcement to the latter.”

strapped on them at a long queue on vehicles waiting to buy fuel from an NNPC Mega station.

What could have been a major conflagration was adverted as there were several hundreds of vehicle on queue during the planned attack.

Speaking on the incident, the Borno State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Ibrahim Abdullahi, told journalists that the two female suicide bombers, who tried to ram into motorists at the NNPC Mega Station along Damboa Road,

Maiduguri were intercepted by his men.

He said: “Our personnel at the NNPC station intercepted two female suicide bombers, who were targeting motorists on the long queue at the NNPC mega petrol station at about 6.45 a.m.

“One of the bombers got scared and threw her bomb and was instantly arrested, while the other one started running after people with her explosive but luckily, she was shot on

the leg by our personnel after he chased her to a safe place.”

He added that: “We have deployed our Anti-bomb Squad to the area.” He, however, warned that few insurgents remaining were looking for soft targets where they could cause havoc and appealed to all residents in the state to be on alert and vigilant Also speaking on the incident, the spokesman of the state police command, Victor Isuku, said one of the two suicide bombers was

killed and the other arrested.

Isuku, in a message to THISDAY, said: “Today, February 7, 2017, at about 0700hrs, two female suicide bombers about 18 years old, were sighted behind Mega filling station in Molai area, while attempting to infiltrate Maiduguri town.

“They were intercepted by security personnel on duty. One was arrested and the other one was shot dead.” He added that: “EOD personnel were quickly drafted to the scene and rendered the area safe.”

ENDLESS ARRAIGNMENT

Former Vice Chairman, First Guarantee Pension Limited and former member of the House of Representatives, Hon. Chidi Duru (middle) and his lawyers during his arraignment by the EFCC for forgery and pension scam at the Abuja High Court...yesterday. Kingsley Adeboye.

Six Kidnapped in Kogi LG administrator imposes curfew on Okene Yekini Jimoh in Lokoja Six passengers traveling from Abuja to Onitsha have been kidnapped in Okene Local Government Area of Kogi State. THISDAY reliably gathered that the incident happened at Achoze village in Okene at about 6.30 a.m. yesterday.

According to the source, the passengers were on their way to Onitsha from Abuja when 10 fully armed men blocked their vehicle at Achoze village in Okene and forced all the occupants from the vehicle out.

It was also gathered that the

driver of the vehicle abandoned the passengers and ran into the bush for safety while the kidnappers shoot sporadically into the air to scare other vehicles away.

One of the passengers (name withheld for security reason), who spoke to THISDAY, said it was by the grace of God that she escaped from the kidnappers.

According to her, the kidnappers marched six of the passengers into the bush while some of them took the advantage to escape into the bush. The female passenger further disclosed that some passengers in that vehicle sustained minor injury

in an attempt to escape from the kidnappers, adding that after the incident, they reported the case to the Police in Okene.

Meanwhile, the Police Public Relation Officer of the state Police Command, Mr. Williams Ayah, confirmed the kidnapping to journalists. According to him, the passengers were traveling from Abuja to Onitsha at about 6.30 a.m. yesterday when they were abducted.

He said the police are already out to save the passengers as more armed policemen have been drafted to Kogi Central for operation.

However, the Administrator of Okene council area, Mallam Absurazaq Muhammad, has announced a dusk to dawn curfew.

The administrator in a statement issued and signed by his Special Assistant on Media, Mallam Abdumumini Abubakar, stated that the public, especially residents and businessmen, should note that in view of the increased wave of killings and kidnapping in the area, security arrangements has been put in place including restrictions of commercial motorcycles operations between the hours of 6 a.m. and 6 p.m. daily.

FGC Staff Protest Alleged Brutality by DSS Bassey Inyang in Calabar Staff of the Federal Government Girls College, Calabar yesterday took to the streets to protest against the alleged brutalisation of staff of the school by operatives of the Department of State Services (DSS).

They alleged that the DSS stormed the school on February 2 and manhandled some staff.

It was alleged that a DSS staff, an aunt of a student who was flogged by a teacher, led the assault.

‘We need justice no Nigerian factor,’ ‘Teachers are agents of development, DSS be warned,’ ‘We need justice, perpetrators

must be brought to book.’ ‘Sting Operation not for teachers,’ and ‘DSS stop the molestation of innocent teachers,’ some placards they carried read.

They marched from the school premises along Goodluck Jonathan Bypass to the Cross River State House of Assembly and the Governor’s Office where they dropped letters to register their grievance.

The state Chairman of the union, Ogunyemi Akinwunmi, also a teacher in the school, said they were protesting to ensure that the perpetrators of the alleged act are brought to book

“As a union we have written a petition and as a body sent a message to our national headquarters in Lagos. The union is not taking this lightly. Our slogan is injury to one is injury to all. If we don’t tackle this now, we don’t know where it would happen next. We want the world to know what happened here. It would not be swept under the carpet. Even though the Ministry is doing something, the union cannot just sit down,” he said.

The state Chairman of the Trade Union Congress (TUC), Clarkson Otu, who also participated in the protest said, “We need justice and

perpetrators have to be brought to book. Those who took the laws into their hands must be punished. We are doing this peacefully because we are peace-loving Nigerians.”

At the House of Assembly, the Speaker, Mr. John Gaul Lebo, who was represented by the Clerk of the House, said “We were all trained by teachers. Teachers should also get their reward on earth. We would ensure that justice is done.”

A Director in the office of the State Security Adviser, Mr. Etam Eno, who received the protesters promised to convey the message to the governor.

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T H I S D AY • WEDNESDAY FEBRUARY 8, 2017

WEDNESDAYSPORTS C A F

C H A M P I O N S

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

L E A G U E

Rangers Get N1m Per Goal Boost as they Depart for Algeria Christopher Isiguzo in Enugu Ahead of Friday’s first leg, preliminary round game of this year’s CAF Champions League between Rangers International Football Club of Enugu and the J.S Saoura of Algeria, the Nigerian champions have been boosted with promise of N1million for every goal scored against the north African team.

The Flying Antelopes who are due to depart Lagos for Algiers this morning were promised this mouth-watering bonus by a staunch supporter of the team, Charles Ugwu, during a send-forth meeting Enugu State Governor, Ifeanyi Ugwuanyi, had with the players and officials yesterday.

Ugwu stressed that he is moved to make the promise to the players to boost their chances of progressing in the competition “because Rangers is not just a team but also a movement that has united Ndigbo over the years.” He further assured the governor to mobilise supporters of the club for the task before Rangers.

Earlier, Ugwuanyi charged Rangers to display their professionalism and commitment to be able to win the match.

The governor also assured the club of the blessings, best wishes and prayers of the whole nation “as ambassadors and flag bearers of our great country Nigeria in this competition”.

He said that the state remains grateful to God for bringing Rangers to the competition as Champions of the Nigerian Professional Football League (NPFL), adding that with “God on our side, we are confident that you will come back from this competition as Champions of Africa in Jesus Name.

“Having lifted the NPFL trophy after 32 years in the wilderness, we have revived the famous Rangers spirit; the spirit of commitment, industry, ingenuity and brotherhood; the Never-SayDie spirit of Rangers - the true champions.

“And as you depart for Algeria today, we pray that the Almighty God will grant you divine protection, guidance and a resounding victory against your opponents”, Gov. Ugwuanyi concluded.

In his remark, the captain of the team, Mathew Etim, pledged that the players were determined and going for business in Algeria to make Enugu State proud

BET9JA Mobilises Lagosians for Access/Lagos City Marathon Nigeria leading sports betting company, Bet9ja, has officially joined the Access Bank/ Lagos City Marathon as an official sponsor of the nation’s number one marathon.

The Marketing and Corporate Communications Manager, Bet9ja, Mr. Tunji Meshioye, told reporters that apart from sponsorship in cash and kind, Bet9ja will be giving out lots of freebies on the marathon day scheduled to take place on February 11, 2017 at 7am.

He urged Lagosians to take advantage of the opportunity to come out and have fun while keeping fit at the event which is already the most talked-about marathon in Africa after its first edition last year.

Lagos City Marathon Organiser, Bukola Olopade, said “The success of the marathon, the first full international marathon in Nigeria in 31 years is a thing of pride for all Nigerians.

We need the support of all Nigerians, especially corporate citizens to emulate Bet9ja and join hands with Lagos State Government, Athletics Federation of Nigeria and title sponsor, Access Bank, to make the Lagos City Marathon among the top five in the world in the next few years.’’

The Lagos City Marathon, the second highest-ranking marathon in Africa will witness the participation of thousands of professionals

and amateurs with over 100 elite athletes on the streets of Lagos.

Meanwhile, African record holder in wheel chair racing, Hannah Babalola, has said her target at this year’s Access Bank /Lagos City Marathon is to reduce her time and make it a back-to-back victory.

The Paralympian who arrived the country yesterday ahead of the marathon said she was excited with the new racing wheelchair acquired by the sponsors of the race for the athletes.

“I want to say a big thank you to Access Bank for acquiring 10 racing wheelchair,” she said.

“This has put us (Nigerian athletes) at per with our counterparts across the world.

I had a wonderful race at the first edition and I am ready to do better especially with this new wheelchair.

“I am also going to use the marathon to prepare for the London Marathon I will be participating in April.

“The problem facing most of us special athletes have always been equipment and this will definitely help in taking more athletes off the streets.”

Babalola made it to the final stage of the 2016 Rio Paralympic, a feat no Nigerian athlete has ever attained.

She added that the experience in Rio, and her preparations would put her in good position ahead of her competitors.

Rangers International FC players are to leave Lagos this morning for Algeria once again, calling for the support and prayers of the

people of the state and fans.

The club led by its General

Manager, Christian Chukwu, arrived Lagos yesterday en-

route Algeria for the match on Friday.

Real Bamako Officials Spy on Rivers United Officials of Malian club, AS Real Bamako were spotted at the weekend in Ibadan, keeping a close watch and taking notes on the activities of reigning Nigeria Professional Football League (NPFL) runners-up, Rivers United FC. The officials (one of them, a cameraman) were spotted at the Lekan Salami Stadium during club’s training session last Saturday and 24 hours later at the same venue when Rivers United lost 1-2 to Shooting Stars Sports Club (3SC) at the same venue in an NPFL contest.

Chief Coach of Rivers United, Willy Udube, however insisted that the development ‘should not be a thing of worry for our fans’.

“I was informed that three officials from AS Real Bamako watched both our training session last weekend.

“To be honest, this should not be a thing of worry for our fans because we knew such a thing would happen; I will say it is normal practice.

“As a former footballer myself, I saw such things happen countless times when we played on the continent.

“We have been working hard ourselves to get a good result in Mali against AS Real Bamako and I am sure we will get a positive result,” he told the club’s official website, www.riversunitedfc.com.ng.

Rivers United has never previously participated in CAF’s inter-club competitions in their one-year history.

The ‘Pride of Rivers’ will be guests of AS Real Bamako on Saturday at the Stade Omnisports Modibo Keïta, Bamako in the first leg of their preliminary round clash in Africa’s apex club competition.

Meanwhile, Rivers United’s Technical Manager, Stanley Eguma, has promised a good performance when his charges file out against Real Bamako.

Eguma said Saturday’s 1-2 loss to Shooting Stars Sports Club (3SC) in the Nigeria Professional Football League (NPFL) should not dampen morale too much as it is still possible for the club to end the season on a high.

“The result in Ibadan was not a good one but sitting back and feeling sorry for ourselves at this stage of the season makes no sense whatsoever.

“I am experienced enough to know that the season is still at its infancy and that we can still achieve great things this season if we do what we should.

“I am confident of this team and I know we will make

Nigerians happy this weekend with a solid display against a very strong AS Real Bamako side,” he told the club’s official website.

In the same vein, Rivers United captain, Festus Austin has revealed that the players of the football club were pained by the loss to 3SC in Ibadan but are now focused on the task at hand this weekend against AS Real Bamako.

NPFL MIDWEEK (Fixtures) Remo FC v Tornadoes Abia Warriors v Sunshine Enyimba v Akwa Utd Gombe v Nasarawa Plateau v El Kanemi ABS FC v MFM FC •Rangers, River Utd, IfeanyiUba and Wikki on continental duties

FIFA Slams Worldwide Ban on Giwa, Four Others Duro Ikhazuagbe Jos-based football financier, Chris Giwa and four other officials banned by the Nigeria Football Federation (NFF) for trying to drag the game into disrepute with their conducts have further been slammed with worldwide ban by the game’s governing body, FIFA. Giwa and his group who were in a leadership tussle with the NFF board led by Amaju Pinnick were deemed

to have contravened article 136ff of the FIFA Disciplinary Code and therefore had their five-year ban extended worldwide from all football related activities.

“In accordance with article 136ff of the FIFA Disciplinary Code, the Chairman of the FIFA Disciplinary Committee has decided to extend the five-year ban from taking part in any kind of football-related activity imposed on the five officials to have worldwide

effect,” a statement by FIFA announced on its website yesterday.

The other officials slammed by the worldwide ban include; Johnson Effiong, Yahya Adama, Muazu Suleman and Sani Fema.

In May last year, the Glass House first slammed Giwa, owner of former NPFL club, Giwa FC, and the other officials after they sought redress from a civil court over a leadership tussle and as against the NFF statutes.

Nigeria survived threats of FIFA ban as a result of this leadership tussle.

Giwa claimed he was duly elected NFF president in a sham election August 2014 in Abuja and asked the court to overturn the elections of September 2014 in Warri that produced Amaju Pinnick as the bona-fide NFF chief.

This five-year sanction slammed on Giwa by NFF was later extended by the Confederation of African Football (CAF).

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Protesters to Buhari

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”But, today, we are over 26 months into this administration, there is still darkness in the land.

“Poverty is getting worse, we cannot buy bread, we cannot buy food and we can’t find jobs. We are asking government to fix energy, give us transparency and be accountable. And protect every Nigerian irrespective of where they come from and where they are. These are our demands” – A coalition of civil right activists protesting widespread poverty and sufferings in the country and berating the President Muhammadu Buhari’s government for failing to live up to its campaign promises of a better life for Nigerians and watching as the economy swept into recession.

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FOLAARTHUR-WORREY GUEST COLUMNIST

Bugbears of Islamisation

S

ome Nigerians of southern origin or Christian persuasion have always had bugbears when it comes to their relationship with their largely northern or Muslim brothers with whom they are destined to co-habit in this wonderful country. It is partly courtesy of British political engineering but majorly due to historical and social forces.

This has been more evident since our so-called independence in 1960. Essentially, the two main pre-occupations of the southern/Christian political and social classes have been how to resist so-called northern domination and Islamisation of Nigeria, and sometimes, the two bugbears are conflated, with claims that the perceived northern domination is the first stage of eventual Islamisation of the whole country.

In recent times, we have been regaled with the lists containing the various security and personal-aide appointments of the northern -Muslim President Muhammadu Buhari, and their seeming overwhelming slant towards the choice of northern Muslims, alongside claims that the movement of armed Fulani herdsmen through largely Christian areas is the vanguard of this plan, with ethnic cleansing and genocide as the strategy. But that is not my main focus today, particularly as we are yet to see the full picture of all his appointments and yet to have the full picture of how many Christians out of the estimated 70 million in Nigeria have been permanently displaced.

I have searched on-line dictionaries and other sources for the most objective definition of the word, “Islamisation.” Thesaurus defines it as to “cause to conform to Islamic law”. Wikipedia describes it as “the process of a society’s shift towards Islam, such as found in Sudan, Pakistan, Iran, Malaysia, or Algeria (and increasingly, Turkey). In contemporary usage, it may refer to the perceived imposition of an Islamist social and political system on a society with an indigenously different social and political background”. The Collins dictionary defines ‘Islamize’ as “to convert or conform to, or bring within, Islam”. So clearly, the definitions lean towards defining a process that is, on the one hand, voluntary, and on the other, by compulsion.

In terms of the voluntary process, recent history informs us that it is usually in majority Islamic population nation states, that this occurs, when the state declares itself an Islamic Republic and adopts the symbols (such as flag) and judicial, legal and commercial systems that expresses its choice of Islam as its governing philosophy and identity. As quoted from the Wikipedia definition, these include countries such as Sudan, Pakistan, Iran, etc. The compulsion model, at least modern parallels of it, might be the rampaging actions of the Taliban in Afghanistan, and Islamic State in parts of Syria and Iraq. Perhaps we may add Boko Haram to the North-east of Nigeria to these two, but none of them can be realistically described as state actors, and are located in predominantly Muslim areas and are actively opposed by the Islamic centred governments and populations.

In Nigeria, the questions to be examined when it comes to claims by some Christians (of which I am fiercely one, though I am not so obvious about it) of the existence of a grand plan to Islamize Nigeria are whether (1) there is any obvious, overt, visible, and viable attempts by the government of the national state and its institutions to: “impose an Islamist social and political system on society as a whole”; and whether (2) there is any serious effort on-going by any group or groups, state or non-state, to convert or bring within Islam, the majority of

Buhari the population of Nigeria”? These questions are important because they address fundamental issues about national cohesion, perceptions in the minds of citizens which may affect their judgment and relationships, and existentially, they address the viability of the Nigerian project as we stumble, seemingly blindly, along.

As to the first question, we should look closely at the actions of the national government and its institutions and the laws that govern them to come to any conclusion on this matter. For us to conclude that there is a serious attempt, not a mere perception of such an attempt, by the state to Islamise the country, we would have to be confronted by two main features. The first would be a clear attempt to change the laws of the country as they govern all aspects of our lives, and more particularly the party or parties seeking Islamisation would push for the amendment of the constitution to bring it in line with the desired Islamisation. This is more particularly relevant to the provision that declares that no religion shall be adopted as a state religion or the one that states that no person shall be discriminated against by reason of his or her religion or gender or the one that guarantees freedom of religious belief. All national governing institutions would have to be changed in function and character, again by legislation, to bring them into conformity with Islamic precepts. Thus, for instance, the banking laws, the court laws, the marriage laws, the educational laws, the laws regarding commerce and property ownership, and criminal justice, the laws and on public holidays. The second would be that all government policies on these and other related issues, including areas like pilgrimages, employment, the allocation of grants, places of and modes of worship, scholarships, tertiary education, mode of dress, consumption of alcohol and the like would be geared towards the imposition of Islamic norms such that it would seriously interfere with and disrupt the lives of non-Muslims. So far, I am not aware of any attempt by any national government over the past 60 or so years, to formulate or impose any of such laws and or policies, either by direct decree when the pre-dominantly northern military was in power, or during any of the democratically elected governments that we have had. I am also not aware of any serious attempt by any legislator of Muslim-northern extraction to propose and follow through with any Bill that seeks to seriously alter the largely secular and Western/Christian-

oriented structure and character of the major governing institutions of the country including the Central Bank, the superior courts of record, the regulatory authorities in charge of commerce, food and drugs, the federal universities, or other such bodies charged with the administration and execution of our laws.

Indeed, the whole country has largely accepted our way of doing things, save when from time to time, some officials or persons have sought to or suggested a change here and there, such as the recognition and adoption of Sharia based non-interest banking, which raised such outrage and a hue and cry, but which was understandably muted when it was discovered that the provisions for such banking practice had been in our laws since the 1960s. This is typical of many cases of the uninformed comments on national affairs that that we are made to suffer from time to time. Public holidays are routinely declared for each faith, and only if one day the government suddenly declares that it no longer recognizes the sacrosanct days of Christmas and Easter would there be legitimate cause for concern.

Indeed, I think we can safely dismiss any allegations of some state-sponsored conspiracy to “Islamise” the country by way of constitutional or legislative action. It would be impossible to achieve in any event, given the make up of the country and its very vigilant and vocal populace and the potential for great unrest should such moves be contemplated, and even structurally it would be a virtual non-starter. On policy areas for instance, both Muslims and Christians are allowed, indeed encouraged, to proceed on pilgrimages, and God help any government official or politician who has the temerity to suggest that the country would save a lot of money if government were to withdraw its support for such a process. Government even provides special exchange rates for pilgrims, despite a claimed shortage of foreign exchange, and the adherents of both major religions benefit from this sentimental policy. The fact that more Muslims proceed on pilgrimage than Christians is purely a matter of faith. Unless someone can point out a policy that overtly supports one faith to the detriment of another, I think we can put paid to the idea of national state sponsored Islamisation of Nigeria. Indeed I would respectfully opine that if any one should complain, it should be the adherents of those indigenous religions who have been pushed aside in the scheme of things by the Muslims and Christians. I would venture to say that an application by a Hindi to travel on a sponsored pilgrimage to shrines in India would be looked upon with very little favour.

Granted that some states here and there have adopted Sharia in certain aspects of their legal system or favoured one religion over another in terms of land allocation and the like, but this is no different from the discrimination against so-called ‘non-indigenes’ in many Southern ‘Christian’ states. Abia State is a fairly recent case in point. In any event, the courts are there for correction of course on these matters, but someone has to make the case.

I think that if we discount the activities of Boko Haram and Shia fundamentalists and extremists who are largely restricted to predominantly Muslim areas and inflict their pains mostly on their own fellow Muslims (though one cannot ignore the collateral damage on many minority Christians), there is no hard evidence of any forceful attempt by any Muslim group to convert Nigeria’s Christians to Islam. Recent incidents of herdsmen attacks seem to have more to do with desperation for

grazing land than attempt to convert people to Islam. If that were the case, all they would have to do to achieve voluntary conversion would be to withhold the trade in cows, thereby denying the Christian South of its cows for the big ceremonies and the ‘suya’, ‘bokoto’, ‘ponmo’ and ‘shaki’ that we all enjoy down here, no matter our faith. It is government’s hesitancy and failure over the decades to resolve the grazing question, that has led us to this path. When it had the power under the Public Lands Acquisition Act to carve out grazing lands, it instead concentrated on so-called and dreadfully administered national parks (copying the American tradition) which hardly anyone visits, but perhaps now that we are facing the unanticipated climate change, the parks might be opened for grazing. Now they are confronted by the limitations imposed by the Land Use Act and a suspicious population.

And it is not only Christians who have suffered the brunt of rampaging herdsmen as records clearly show.

In my view, Nigerian governments over the years have taken some symbolic steps, which have perhaps erroneously created the impression that there was some monstrous conspiracy to Islamise or Christianise the country. It would be foolish of us to let the two received religions to divide us so grievously. The surreptitious joining of the Organisation of Islamic Countries (OIC) by the former military leader, General Ibrahim Babangida’s regime in 1986, even if only in a so-called “observer” status, greatly exacerbated the always simmering suspicions, and the actions of governments since then have merely compounded the problem by giving religion such a huge and divisive place in affairs of state. The symbolic steps include mosques and churches built in airports and government secretariats; images of top government officials lined up in rows at the Muslim prayer grounds or arrayed in all their splendour across the front pews of churches; the celebration of so-called men of God by politicians seeking endorsement and the cavalier deployment of police escorts paid for by tax payers to all manner of religious leaders. You wonder if they truly believed in God’s protection and the efficacy of all those healing oils they market, why they feel the need for so much physical protection.

And if the Christians complain of Islamisation, so can the Muslims. After all, a Christian president of a multi-religious and multi-cultural country that we are took all the Christian members of his cabinet to Israel, ostensibly to “pray for Nigeria”.

What message did that send? And what about the recent and astonishingly speedy response of the northern-Muslim led federal government in intervening in the tenure saga of Pentecostal church leaders (who had registered their churches as charities and were therefore subject to regulation).

Not only did the government unceremoniously remove the head of the agency that had raised the issue, but also they announced an action probably unprecedented in Nigerian governance annals, the suspension of the operation of the relevant law that had been duly passed by the National Assembly and assented to by the executive! Imagine if roles had been reversed, and that it was the tenure of Mosque leaders that was in contention. The cries of “further proof of Islamisation” would have rent the airwaves and social media.

We must not allow those who rely on division to feather their political nests to divide us.

• r Art ur orre former olicitor e eral of a o tate i a Co ulta t o e al ecurit u di a d o er a ce ue

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