Sunday 26th February 2017

How Buhari Directed Osinbajo to Submit Onnoghen’s Name for Confirmation

Anayo Okolie

Contrary to speculations, it has emerged at the weekend that it was President Muhammadu Buhari who directed Ag. President Yemi Osinbajo to proceed and submit Acting Chief Justice Walter Onnoghen’s name to

the Senate for confirmation to forestall any legal lacuna.

THISDAY has seen documents showing that on February 5, President Buhari wrote to the Acting President informing him of his earlier decision to appoint Onnoghen in acting capacity and that his tenure

would expire at the end of the legally stipulated term of three months, which was just five days away. He therefore directed Osinbajo to forward Onnoghen’s name to the National Assembly for confirmation as chief justice.

The acting president consequently forwarded

Onnoghen’s name to the National Assembly on the 7th of February requesting that he be confirmed.This was exclusively reported

by THISDAY. His letter was however not read until February 21, when the Senate reconvened from a three-week break. The

request sent to the senate by the acting president for Onnoghen’s confirmation as CJN had fuelled insinuations in some quarters that had the President not been on leave, Onnoghen’s name would not have been sent for confirmation.

President Buhari had

on November 10 last year named Onnoghen, the most senior justice of the Supreme Court, as acting CJN. His nomination was sequel to the retirement of Justice Mahmud Mohammed at the statutory age of 70.

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Donors Pledge $670m at UN Conference to Support Lake Chad Region ...Page 11 Sunday 26 February, 2017 Vol 22. No 7983

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Buhari's Call Excites Femi Adesina ...Pg 6

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Optimism as New CBN Forex Policy Tumbles Dollar Rate on Parallel Market ..Pgs 22 & 23

In More Detailed Disclosure, FG Puts Recovery Figures at N58bn, $667m Tobi Soniyi in Abuja In continuation of its anticorruption war, the federal government says it has recovered N57.9 billion and $666.676 million from fines on disobedient corporate organisations, looted funds, and voluntary return of illicitly acquired assets. Attorney General of the Federation and Minister of Justice, Abubakar

Malami, SAN, disclosed this on Thursday in Abuja. Malami spoke while defending the 2017 budget of the Federal Ministry of Justice before the Senate Committee on Judiciary, Human Rights and Legal Matters.

Minister of Information and Culture, Lai Mohammed, had revealed a fortnight ago Continued on page 6

S’African Envoy: Foreigners’ Illicit Activities Provoked Xenophobic Attacks Says 150 suspected attackers arrested Kasim Sumaina in Abuja Illicit activities by foreigners are responsible for the xenophobic attacks taking place in South Africa according to the South African Ambassador to Nigeria, Lulu Mngulu. He noted that South Africans had complained over

See THISDAY Style Inside…

time about foreigners selling drugs and luring underage girls into prostitution, among other things.

Mngulu disclosed this yesterday in Abuja while speaking as a guest on Arise TV Network - a sister company of THISDAY Newspapers - on the ongoing xenophobic attacks in South Africa.

Continued on page 6

courtesy call Governor Ifeanyi Ugwuanyi of Enugu State (left) with Managing Director of Nigerian Ports Authority, Hadiza Bala Usman during a courtesy visit to the Government House, Enugu, by Usman at the weekend

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T H I S DAY, T H E S U N DAY N E W S PA P E R ˾ FEBRUARY 26, 2017

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Buhari's Call Excites Femi Adesina Thanks Adesina for defending him ‘against mischief makers’ ÙÌÓ ÙØÓãÓ in Abuja Special adviser to the president on media and publicity, Mr Femi Adesina, said yesterday that he had spoken with President Muhammadu Buhari, in the first publicised verbal communication between him and his spokesman since the president embarked on a medical vacation on January 19.

Adesina said Buhari called him at 2.43pm yesterday.

Details of the call were posted by Adesina on his the Facebook page.

The president’s spokesman stated, "At exactly 2.43 pm today, Saturday, February 25, 2017, my phone rang. Who was

at the other end? Tunde Sabiu, personal assistant to President Muhammadu Buhari. ‘”Hold on for Mr President,’ Tunde said.

"And in a matter of seconds, the very familiar voice came: ‘Femi, how are you?’ (He calls me Adesina most times, but today, he opted for Femi) "I screamed, Mr President, I have missed you. How are you sir?

"He first laughed. That familiar laugh. Then he said, 'I am still resting. Thank you for holding out against mischiefmakers.'

"I said it was my duty, the very least I could do, adding how happy I was to speak

with him. “'How is your family?'

"I said we were fine, and he asked me to extend his greetings to them. “'I hope to call you again,' Mr President said, and I bade him farewell, adding: “Best wishes, sir.”

"It was a defining moment for me. For more than a month, I had always spoken with aides who are with the president in London.

"Not once did I ask them to take the phone to him, deliberately so, because I didn’t need to speak with him to validate the fact that he was alive. And since he was on vacation, he had a right to

his privacy.

"Of his own volition, President Buhari spoke with me. It made my day. Even if he hadn’t done so, he would have remained my president, my leader, and my man. Any day."

Buhari is on medical vacation in London, and there has been widespread speculation about his health.

Meanwhile, Bujari’s senior special assistant on media and publicity, Garba Shehu, has narrated how he missed the president’s phone call yesterday.

Shehu stated yesterday on his Facebook page that said the president originated a call to him from London after he had

spoken with some members of the presidential media team.

But he missed the call.

Shehu, however, revealed that he received a text message from the president. He said the president had earlier spoken with the Minister of Information and Culture, Lai Mohammed, and Adesina.

Shehu stated, “A day for the presidential media team. We are thankful to the president, Muhammadu Buhari (GCFR), for sparing the time to make calls to the media team.

“The Minister of Information, Lai Mohammed, and the special adviser, Femi Adesina, responded to the calls, exchanged greetings and

thanked him for calling.

“I had an SMS from him thereafter because I missed my call! I humbly join them to say thank you, Baba Buhari!!

“We are together with other Nigerians of all faiths, in praying for his safe return.”

Buhari proceeded on a 10-day vacation on January 19. In a letter he transmitted to both arms of the National Assembly, the president said in his absence Vice President Yemi Osinbajo would act as president. But he later extended his stay indefinitely via another letter to the Senate requesting an extension of time to enable him complete his medical check-up in London.

Three Killed, Four Injured in Niger Explosion ËÖÏãÏ ÓÚÙ in Minna An explosion took place at Gari village near Kontagora town of Niger State yesterday, killing three people and injuring four others.

While the villagers claimed the explosion was by a suicide bomber the police described the incident as an accident.

The incident, which took place at the Gari market yesterday morning, recorded low casualty figure because Saturday was not a market day in the town.

The villagers believed the incident was a suicide bomber attack because the “bomber” died along with the two others believed to be traders.

However, the police version had it that the explosion was as a result of mishandling of an explosive device by a newly-recruited soldier who just returned from Maiduguri where he was involved in the fight against Boko Haram.

Police Public Relations Officer DSP Bala Elkana, who confirmed the incident, gave the

name of the soldier as Private Tanko Damina.

According to Elkana, “Tanko Damina just returned from Maiduguri. He came back with some explosive device and was in the habit of showing off to the villagers that he was actually involved in the Maiduguri operation. Tanko Damina used to carry the explosives on his

body around the village.”

Elkana said yesterday morning the explosives went off in the market place, killing Damina and two others and injuring four others, adding “we thank God that it was not a market day; the casualty would have been very high.”

When told that the incident smelt of a suicide bomber attack,

Elkana insisted that it was not.

The police spokesman said the force and the Army have despatched anti bomb experts to the home of the deceased to check if there were other IEDs in the residence.

The incident was said to have created panic in the village but the police said “everything is now normal”

"But, there were complaints of some people engaging in drug trafficking and they happen to be Nigerians who have come to South Africa.

The South African people are concerned about these things and they felt we as fathers and mothers, we do not agree with people coming from foreign countries bringing drugs, because those concerned are our future, our youths.”

The ambassador however stated, "But our people have complained and also blamed our police for not acting in time which of course would have prevented people from taking laws into their hands and as a South African, I will say no matter the frustration, our people should not be attacking foreigners.”

He said some of the perpetrators have already been arrested while a ministerial delegation led by Mulucy Kikaba has been sent to speak to the communities and also to the foreigners affected.

Mnghulu appealed for peace, reiterating that

dialogue should remain the only way to address grievances. He further disclosed that the police had been engaged, and charged to do their duty, which is to protect the community and arrest those that have are suspected of criminal activities including drug trafficking, child trafficking and other nefarious acts.

It will be recalled that South Africa President, Jacob Zuma, had earlier said that the protest was anti-crime and not anti-foreigner. Zuma condemned the recent acts of violence and intimidation directed at African immigrants living in South Africa.

However, unemployed South Africans have accused foreigners of taking their jobs. Last week, angry mobs attacked Nigerians and looted shops belonging to Somalis, Pakistani and other migrants in townships around Pretoria and parts of Johannesburg.

Mnghulu stated that despite the reasons given for the attacks, South Africa is working hard to put a stop to them.

S’AFRICAN ENVOY: FOREIGNERS’ ILLICIT ACTIVITIES PROVOKED XENOPHOBIC ATTACKS "As a country, our constitution is a democratic constitution and people have the right to air their views,” he said. “But, for the sake of peace and for the sake of security, I will not support the xenophobic attacks. If

you watched South African television yesterday, about 150 people were arrested by the police."

Police in Pretoria, South Africa, used tear gas, rubber bullets and water cannon to disperse crowds as

anti-immigrant sentiments continued to rise. Police helicopters were also deployed to break a standoff between local protesters and foreigners as both groups were armed with sticks, knives and cutlasses.

According to Mnghulu, "I don't know who the people accused of being involved in drug trafficking are. If it happens, by coincidence, that it is some people from a certain country, it is another story.

IN MORE DETAILED DISCLOSURE, FG PUTS RECOVERY FIGURES AT N58BN, $667M that the federal government had recovered looted funds to the tune of $151 million and N8 billion from three sources through whistleblowers. Mohammed stated on February 12 in Lagos that the amount did not include $9.8 million cash recently recovered from a former Group Managing Director of the Nigerian National Petroleum Corporation, Andrew Yakubu, also through the whistle-blower policy. Under the whistleblower policy of the federal government, any successful whistle blower, who provides relevant information leading to the recovery of looted funds, is entitled to five per cent of the recovered money.

Malami's media aide told THISDAY, "Daily successes being recorded is responsible” for the different fund recovery figures from the information and justice ministries.

"Recoveries are on-going, day in day out, and figures keep changing by every recovery success story. We are not stagnated in recovery sense. We keep making progress by the day."

Giving details of the latest recoveries in a statement yesterday, Malami’s special adviser on media and publicity, Mr Salihu Isah, said, “N50 billion was the fine paid

by MTN telecommunications company while N7 billion and $10 million were recovered from private residences.”

The minister said N90 million was voluntarily returned, while $250 million was under interim forfeiture from proceeds of oil bunkering, $136.676 million was awaiting actual remittance, and $270 million was the federal government’s fund recovered from commercial banks.

Isah added in the statement that Malami told the senate committee that his ministry operated without a capital budget in 2016.

“Our budgetary proposal of N18, 528,093,480 was not appropriated thereby compelling the ministry to operate on a zero capital budget,” he stated.

The statement quoted Malami as saying, “I am happy to state, however, that we as a ministry recorded modest achievements in the act of contributing to the revenue generation of the federal government, notwithstanding the zero capital budget.”

The budgetary allocation to the justice ministry this year is N 6,914,774,768, as against N3, 921,612,815 last year. From the N6,914,774,768, personnel cost takes the largest chunk of N4,278,824,404, legal services takes N1,000,006,899, N946,834,670 goes to overhead, while capital expenditure takes N689,108,794.

The minister pointed out that the personnel cost

covered the allowances of Nigerian lawyers providing legal services within the West African sub-region and also reflected the harmonisation of the salaries of state counsels in the ministry.

“The personnel cost of N 4,278,824,404 includes the allowances for the ministry’s lawyers serving in the Gambia and reflects the harmonisation of the salaries of the state counsel in the ministry as approved by the administration of President Muhammadu Buhari in 2016, after over 20 years of agitation by state counsel in the ministry.”

Malami also said that the legal services subhead involved the core mandate of the ministry, including payment of legal fees to external solicitors engaged by the ministry. “This subhead has been allocated the sum of N1, 000,006,898, as against N843, 563,146 allocated in 2016, representing an increase of N156, 443,753,” about 18.5 per cent increase, the statement said.

The minister, however, stated that the funds allocated

for legal services were still inadequate in view of the challenges that might arise from the subheads ultimately.

According to him, “Given the enormous additional responsibilities on the ministry arising from the passage of the Administration of Criminal Justice Act (ACJA) 2015 as well as the increase in the quantum of other activities currently being pursued by the ministry, this amount is, unarguably, grossly inadequate and will, unfortunately, overstretch the ministry’s capacity to cope to the maximum in the light of the prevailing realities."

He, nevertheless, expressed optimism that the N689, 108,794 allocated to the ministry this year for capital projects would boost its performance index.

“The projects, if implemented, will greatly enhance our capacity for effectiveness and improved service delivery and, undoubtedly, encourage and motivate our lawyers to give their best in the service of our dear nation,” the AGF stated.

ÜÏËÕÎÙáØ ÙÐ ÏÍÙàÏÜÓÏÝ *Interim forfeiture - $250m *FG funds in commercial banks - $270m *Money from private residences - N7bn; $10m *Awaiting actual remittance - $137m *Voluntarily returned money - N90m *Fine paid by MTN - N50 billion

HOW BUHARI DIRECTED OSINBAJO TO SUBMIT ONNOGHEN’S NAME FOR CONFIRMATION The delay in forwarding his name to the Senate as the expiration of the three-month tenure approached fuelled anxiety, which was further heightened by speculations that the President was not disposed to making the 66-year-old justice - the first southerner to emerge CJN in line with the judiciary’s succession tradition in nearly 30 years - a substantive CJN. At the time President Buhari proceeded on his medical vacation to London on January 19, Onnoghen’s three-month tenure was just 22 days away from expira-

tion. With no words coming from the President and hints that a discreet probe of senior judges was ongoing, many had feared that Onnoghen’s fate was hanging in the balance and that the office of the chief justice may elude the South.

The National Judicial Council (NJC), which had nominated Onnoghen for the position, however renominated him on February 9, a day before the expiration of his three-month tenure.

The acting CJN is currently awaiting confirmation of his appointment by the Senate.

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SUNDAY COMMENT

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

XENOPHOBIC ATTACKS IN SOUTH AFRICA It is in the interest of South Africa and the continent to end the violence

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n its 2007 report, the African Peer Review Mechanism (APRM) of the African Union stated that “despite the solidarity and comradeship between black South Africans and the rest of the people of sub-Saharan Africa during the decades of struggle against apartheid and for liberation, foreigners, mostly of African descent, are being subjected to brutality and detention. Xenophobia against Africans is currently on the rise and should be nipped in the bud”.

Ten years after, xenophobic violence in South Africa has assumed epidemic proportions, punctuated by moments of exceptional viciousness. In the past two weeks, many South African nationals have taken the law into their hands and exacted brutal justice on Nigerians and some other foreign Now that Nigerian nationals on the flimsiest of residents in South evidence. At the Africa feel sufficiently last count, some 34 threatened enough to belonging alert our government on shops to immigrants their fears, it is time to were looted in Pretoria, act to save them. But it South Africa’s capital.

“Homes and shops of is also in the interest of Nigerians were targeted South Africa to protect our citizens from what has and looted in the events past few days,” said become hate mongering of Emeka Ezinteje Collins, since they have far more spokesman of the to lose should there be a Nigerian Union South reciprocal response from Africa (NUSA).

Claiming to be the Nigerian authorities after drug cartels and as many of our citizens are prostitution, the attacks now openly canvassing in Pretoria West came few weeks after some South Africans in Rosetenville, a suburb in Johannesburg, reportedly torched cars and houses belonging to Nigerians and other immigrants. Many unemployed South Africans have accused foreigners of taking their jobs and a local group actually marched last Friday to signal their indignation, particularly against Nigerians. The recent attacks were serious enough for some youths in Nigeria to attempt a reprisal as they invaded the MTN office, South Africa’s mobile giant company, in Abuja but were successfully repelled by the police. The youths have threatened to shut down South Africa’s owned businesses in Nigeria in a clearly misguided act of retribution.

Letters to the Editor

D

efection is not new in the Nigerian political environment and history. Nigeria has a political history of defection of party members from one political party to another right from the pre – colonial era. But the rate at which politicians defect to other parties in this era is alarming.

Is the trend healthy for the political development in Nigeria?

Does it portend stability for our nascent democracy?

This is unlike during the famous early morning defection of National Council of Nigeria Citizens (NCNC) elected members to the Action Group on the floor of the Western Nigeria House of Assembly in 1951.

Defection has characterised the political landscape of Nigeria. It is usually normal in politics to defect to another political party if there is a crack in a political party or division as the case may be.

At the rate politicians defect from

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S U N DAY N E W S PA P E R EDITOR TOKUNBO ADEDOJA DEPUTY EDITOR VINCENT OBIA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OLUFEMI ABOROWA DIVISIONAL DIRECTORS PETER IWEGBU, FIDELIS ELEMA, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS HENRY NWACHOKOR, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER PATRICK EIMIUHI GROUP HEAD FEMI TOLUFASHE ART DIRECTOR OCHI OGBUAKU II DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

hile we call on the Nigerian authorities to move in quickly to avert any recourse to lawlessness, the fact remains that despite historical and business ties between Africa’s two pre-eminent countries, there is little joy in the memory as relations are badly scarred.

A series of xenophobic violence targeted particularly at Nigerians since 1994 had seen to that. The 2008 tragedy led to the death of 62 persons in Johannesburg townships, many of them Nigerians. Another attack that same year also directed at African immigrants from countries like the Democratic Republic of Congo, Ethiopians, Nigeria, Mozambique and Malawi, was carried out without consequences.

In April 2015, a spate of violence directed against African immigrants claimed seven lives. That particular violence was exacerbated by the pronouncements of Zulu king, Goodwill Zwelithini, who lamented that foreigners were making life difficult for South Africans.

Perhaps the latest violence was an additional tribute to the monarch’s laid down law: “We are requesting those who come from outside to please go back to their countries. The fact that there were countries that played a role in the country’s struggle for liberation should not be used as an excuse to create a situation where foreigners are allowed to inconvenience locals.”

Noteworthy is the fact that, like previous violence, there were warnings that the nationals of other African countries running shops, stalls and other businesses within the informal economy were gradually becoming endangered. But the South African authorities have not shown sufficient will or capacity for dealing with the problem.

Now that Nigerian residents in South Africa feel sufficiently threatened enough to alert our government on their fears, it is time to act to save them. But it is also in the interest of South Africa to protect our citizens from what has become hate mongering since they have far more to lose should there be a reciprocal response from the Nigerian authorities as many of our citizens are now openly canvassing.

Considering that South Africans also do businesses and are allowed to move freely in our country without let or hindrance, the federal government must make it clear to their authorities that they bear responsibility for the lives of Nigerians in South Africa. But beyond that, President Jacob Zuma and his government must deal with the challenge of xenophobia that puts a dent on the image of South Africa and indeed on the continent.

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 (950- 1000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

POLITICIANS AND GALE OF DEFECTIONS one party to another, it won’t be long before Nigeria is turned into a one-party state. Since the ruling All Progressives Congress defeated the Peoples Democratic Party in the 2015 general election, a gale of defections is fast hauling a once formidable party, or so we thought, into extinction.

Long before the return of democracy, Nigerian politicians have been known to hold no scruples when it came to dumping a political party to which they had once sworn allegiance. Indeed, for our politicians, the saying that in politics there are no permanent friends or enemies but permanent interest is a truism. Since the First Republic, when the first mass defection occurred, politicians have been known to ditch their parties so long as their interest is no longer served.

I have often wondered at the rate our politicians switch party allegiance without giving a thought

to democratic values that demand loyalty to party ideology. How can the country build the values inherent in a democracy when politicians switch political parties at the drop of a hat and when it suits their personal and group agenda?

At the inception of this democracy, the PDP was the strongest of the three other parties. It was the party to beat. Politicians would give anything to be card-carrying members of a party that termed itself the largest party in Africa. The party even boasted it would rule for 60 years. That gave credence to its formidability.

The party was so dominant that it had a national spread that was unmatched by other political parties which only had a regional spread. Many even thought the dominance of PDP at that time might turn the country into a one-party state. But even at that, parties like the All Nigeria Peoples Party, the All Progressive Grand

Alliance and the Action Congress of Nigeria held influence at some state levels with considerable number of seats in the National Assembly. But with the successful merger of the major opposition parties leading to the 2015 elections, the APC and the PDP emerged as the two dominant parties. The dominance of the two parties meant that the country became effectively a two-party state.

With the 2015 elections, fiercely contested by the two major parties, one had thought the contest would evolve the much needed democratic culture needed to develop a healthy inter-party competition as we have seen in advanced democracies such as the United States of America where the Democratic Party and the Republican Party have a long history of producing political leaders who have made the country a bastion of democracy.

One had also thought that our politicians would realise the importance of growing a sustain-

able party culture. But soon after the elections, the PDP began to crumble with massive defections of its members. With the continued defections, our democracy is being put at risk. The defections are worrisome and portray Nigerian politicians as selfish, myopic and visionless.

PDP failed to institutionalise leading to its abysmal outing during 2015 general elections. Instead of building a strong party, they built very strong and influential party members. The party became only a tool to achieve political ambitions.

At the state level, the governors, for example, controlled all the levers of power. It is thus not surprising that the party began to crumble as soon as the powerful individuals left the party. Another impediment that may hamper the PDP resurgence is ––Abdullahi Mubarak, Stand to End Rape (STER) Initiative Walter Nyiam, Abuja

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SUNDAYNEWS

News Editor Abimbola Akosile E-mail: abimbola.akosile@thisdaylive.com, 08023117639 (sms only)

PIGB: FG Proposes Payments of NNPC’s Dividends into SWF t OPEC secretary general arrives Nigeria today, as oil output deal achieves 86% compliance Chineme Okafor in Abuja

The Federal Government has proposed that some of the dividends from the operations of the Nigerian National Petroleum Corporation (NNPC) expected to be re-organised in line with the Petroleum Industry Governance Bill (PIGB) should be paid into Nigeria’s Sovereign Wealth Fund.

This is with a view to growing the fund’s reserves and create stronger financial buffers for the country.

Contained in the final draft of the ‘Nigeria National Petroleum Fiscal Policy’, which the ministry of petroleum resources released on its website and obtained by THISDAY, the government also proposed to increase the amount of revenue it could take from oil production through royaltybased value system, which, in other words, mean capturing windfall profits.

It also stated that it would

want the fiscal terms for extraction of hydrocarbons in the country to be cost efficient, adding that the cost of development to revenue often regarded as Cost Price Ratio (CPR) should not exceed 30 per cent.

Presently, Nigeria plans to review the laws guiding operations in her oil and gas industry.

These laws have been described as outdated and out of touch with existing situations in the global oil and gas industry. They have also been blamed for the lack of progressive investments in the country’s oil industry.

Also, funding to Nigeria’s SWF comes from the government’s excess earnings from crude oil sales. The draft proposal, however, appeared to suggest an extra funding source for the Fund. It stated that the National Oil Company (NOC) would agree with the ministry of finance what percentage of the annual dividend would be paid

to the SWF. It said: “Creation of financial buffers: while Nigeria already has a Sovereign Wealth Fund (SWF), funding under the provisions of the enabling legislation has proven difficult at best.

“Significant revenues could have accrued to the SWF if the political will had been in place to avoid them being spent on subsidy payments. At the petroleum ministry level, the petroleum fiscal policy as it relates to the National Oil Company is that the National Oil Company shall agree an annual dividend policy with the ministry of finance for proceeds arising from its profits to be paid to the government and that the retained earnings consequent to this dividend policy shall be used for commercially sound investments.”

The policy further explained that it would seek to avoid the application of populist economics in the running of the NOC, saying

that the NOC shall specifically be protected from exogenous intrusions in terms of its revenues.

“In other words, the government commits to market related pricing for crude and derivative productsintheindustryandprice setting only in the case of natural monopolies such as pipeline and processing facilities, where prices shall be non-discriminatory and regulated on a rate of return basis.

“Additionally, government is committed to incentivising investment in domestic production through backward integration strategies in the oil and gas industry by extending Section 39 CITA Fiscal Incentives to all mid-stream oil and gas utilisation projects,” it added.

The draft document said the government would push to have it passed into law within one year, and that under it, the government would equally take reduced royalties from productions in the onshore and shallow

water, where the burden of development are too high impeding development of new fields, in particular by small companies.

“It will also aim to achieve the following - increase the government take in deep water consistent with Section 16 of the Deep Offshore Act comparable to international levels, make petroleum revenues easier to collect by improving the petroleum revenue governance framework, make the collection process more transparent through the petroleum revenue information system, adjust the system to a modern international taxation framework,” it explained.

Its overall objective was to have all companies engaged in upstream petroleum operations pay Company Income Tax (CIT), including the NNPC and its successors, introduce a resource tax called the Nigerian Hydrocarbon Tax (NHT) which is a simplified version of Petroleum Profit Tax

HUMANE SUPPORT Princess Modupe Ozulua during the flag off of distribution of relief materials in Maiduguri, Borno State…recently

Osinbajo Orders Additional Security Measures for Southern Kaduna t Belarus-trained police special force deployed Anayo Okolie

Acting President Yemi Osinbajo has deployed additional security measures, including 15, 285 policemen, who are now being put in place by the Nigeria Police in Southern Kaduna. This followed the meeting Osinbajo had with the Inspector General of Police, Ibrahim Idris, to Aso Rock towards the end of the week after a resurgence of violence in the area recently.

THISDAY gathered that Osinbajo wondered why despite the security measures and with the level of attention

drawn to the area, the recent resurgence of violence resulting in the deaths of 21 persons was still possible in the area.

According to sources, Osinbajo had summoned the IGP to the Presidential Villa to find out what the police was doing to arrest the situation and to also issue further directives on restoring law and order to the affected communities.

The immediate outcome of the IGP’s meeting with the Acting President was the intensification and adoption of a set of additional security measures that would help contain the

situation.

Besides, deploying over 15, 000 cops to the area, THISDAY also learnt that the police high command has now concluded arrangements for the establishment of a new Police Squadron in Kafanchan, Kaduna, as part of broad measures adopted to curb the violence.

THISDAY also gathered that 18 Armored Personnel Carriers (APCs) and a unit of Belarus-trained police Special Forces have been deployed to Southern Kaduna.

The police, in addition, have now increased helicopter sur-

veillance in the entire area to prevent a recurrence of violence in the communities.

Besides, the police have so far arrested 38 suspects linked to the violence while 29 firearms have been recently recovered.

The IGP, THISDAY learnt, has further assured that there would now be stronger police presence and security in Southern Kaduna. It would be recalled that at least 21 persons were killed in the latest attacks that has devastated several communities and displaced many people in Southern Kaduna.

The Army recently announced the formation of a new unit to be stationed in Southern

Kaduna, all in a bid to contain the attacks.

In a similar development it was learnt that the Chief of Army Staff Lt. General T.Y. Buratai has briefed the Acting President on the situation in the Northeast where the Nigerian military is said to now hold an effective control of the situation and mopping up remnants of the Boko Haram insurgents on a “regular and constant basis.”

According to sources from the Office of the National Security Adviser, plans were underway for a major briefing on the overall security situation of the country for the benefit of the Nigerian public.

(PPT), and eliminate tax offsets and upstream investment tax allowances, as well as introduce volume and price based royalties.

On cost efficiency in oil production, the policy said, “The fiscal design principles that underpin the government’s fiscal policy is that the fiscal terms for extraction of hydrocarbons should be such that the cost of development to revenue (the Cost Price Ratio or CPR), should not exceed 30 per cent. In other words, the fiscal system is designed to support cost efficient operations in order to reverse the six-fold increase in cost per barrel of production in Nigeria from 2004 to 2014.”

In another development, following from his diplomatic shuttles to members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members alike to encourage their commitments to restoring the prices of oil through a production freeze they reached in December 2016, the Secretary General of OPEC, Dr. Mohammad Sanusi Barkindo is scheduled to officially visit Nigeria this week.

This is just as the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) has reported that OPEC and Non-OPEC countries were on the right track towards full conformity with their adjustments in production.

THISDAY learnt yesterday in Abuja that Barkindo will arrive the country today, and begin his official interactions with government officials including Acting President, Prof. Yemi Osinbajo and Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday.

Barkindo’s visit to Nigeria was also confirmed to the paper by the Group General Manager, Public Affairs of the Nigerian National Petroleum Corporation (NNPC), Ndu Ughamadu.

While in the country, he would hold discussions with top government officials on the country’s status in the existing production freeze agreement which excluded Nigeria from participating on account of her challenges with militancy in the Niger Delta and its subsequent disruption of her oil production.

He would also participate in the annual Nigeria Oil and Gas (NOG) conference and exhibition which is scheduled to commence this week. Since the agreement was reached, Barkindo had visited Saudi Arabia, Qatar, Kuwait, and Venezuela, amongst other OPEC and non-OPEC countries.

This would however be his first visit to Nigeria where he once served as the Group Managing Director of the NNPC. Meanwhile, the JMMC has reported that based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC), OPEC and Non-OPEC countries were on the right track towards full conformity with their adjustments in oil production with regards to the December agreement.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ EBRUARY 26, 2017

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NEWS

THANKSGIVING SERVICE PARTNERS IN PROGRESS The Chairman, Diocese of Lagos, Ereko 2017 Love Feast Thanksgiving Service, Methodist Church Nigeria, Sir L-R: Global Director, Mobile Partnerships, Facebook, Francisco Varela; CEO, Etisalat Nigeria, Matthew Willsher; PeterOlorunfemibeingflankedbytheArchbishopofLagosMethodistChurchNigeria,MostRevLukeOdubanjo (left) and Bishop of Ereko Diocese, Rt. Rev Olukayode Adeogun at the 2017 maiden edition of the Ereko and Lagos Dioceses, Love Feast Thanksgiving Service at the Wesley Cathedral Olowogbowo, Lagos…recently

Director, Digital Business, Adia Sowho; Europe Middle East and Africa Regional Lead, Growth and Operator Partnerships, Facebook, Matias Sillanpaa, and the Growth & Mobile Partnerships, Middle East & Africa, Vikas Menon, during the launch of Etisalat Facebook Flex, in Lagos…recently PHOTO:KolaOlasupo

Donors Pledge $670m at UN Conference to Support Aid Operations in Lake Chad Region t Seek durable solutions to crisis in Nigeria, three others Abimbola Akosile

A global United Nations-supported humanitarian conference in Oslo has generated more than $670 million in pledges that will help sustain critical relief operations in Africa’s Lake Chad Basin over the next two years and beyond across four counties where millions are in need of aid; giving voice to people affected by conflict and crises in the region.

Formally known as the Oslo HumanitarianConferenceonNigeriaandtheLakeChadRegion, thedonors’forumalsoagreedon the need to address longer-term development requirements and to seek durable solutions for the crisis-hit countries in the vast Basin-region: Nigeria, Chad, Niger and Cameroon.

Theconferencesawtheparticipationofsome170representatives from 40 countries, UN, regional organisations and civil society organisations. It was co-hosted byNorway,Nigeria,Germanyand theUNandfollowedacivilsociety meetingwithlargeparticipation from local organisations work-

ing in Nigeria, Chad, Niger and Cameroon.

SpeakingattheforuminOslo, Norwayattheweekend,theUN Emergency Relief Coordinator andUnder-Secretary-Generalfor Humanitarian Affairs, Stephen O’Brien, said, “Without our increasedsupport,affectedcommunitieswillfacealifeofhunger, disease, gender-based violence and continued displacement.”

“But there is another future withingrasp:astheinternational communityscalesupsupport,we can stop a further descent into an ever-deepening crisis with unimaginable consequences formillionsofpeople,”headded.

According to UN estimates, about17millionpeopleareliving in the most affected areas across thefourcountries.Ofthem,some 10.7 million people are in need of immediate humanitarian assistance, with 8.5 million in North-eastern Nigeria alone, having been made witness to years of violence as a result of Boko Haram’s insurgency.

The region is also threated by famine,withchildrenatheighted

riskofsevereacutemalnutrition.

The resources pledged at the conference,accordingtoaUNrelease,willhelpscaleupresponses to reach the most vulnerable people with a special attention focused on the protection needs ofwomen,childrenandyouth,as well as the need for longer-term supportanddurablesolutionsfor thedisplacedpopulations.Atthe conference, 14 donors pledged $458 million for relief in 2017 and an additional $214 million was announcedfor2018andbeyond.

Expressing appreciation for the contributions, O’Brien said: “The UN and our partners are ready and mobilised to further scaleupourlife-savingresponse –thepeopleintheregionhaveno time to wait.”

TheSpokesmanforUNSecretary-General António Guterres said the UN chief welcomed the donorpledgesmade,andstressed the need for sustained support to humanitarian, human rights, developmentandsecurityneeds in the region.

With return movements of internallydisplacedpeople–some

950,000 since August 2015 – and refugee returnees from neighbouring countries under way in Borno,AdamawaandYobestates innorth-easternNigeria,theOffice oftheUNHighCommissionerfor Refugees(UNHCR)co-presented withtheGovernmentofNigeria, apaperoutliningavisioninOslo forensuringprotection,accessand lasting solutions for them.

“Thetwostrategiesofprotection and solutions should go hand in hand. To do this we need access […]thisistheverybigchallenge,” stressedUNHighCommissioner forRefugeesFilippoGrandi,who also attended the conference.

The paper also noted that many protection issues in areas of displacement and potential return can contribute to violence andinstability,andadvocatedfor prioritizing measures to ensure physical security, freedom of movement and humanitarian access.

The document also proposed strengthened responsetosexual andgender-basedviolenceaswell as protection of children from violence exploitation and abuse.

Rivers Rerun: Army Arrests 3 PDP Chieftains, 62 Others Ernest Chinwo in Port Harcourt

A combined team of security operatives, led by soldiers, yesterday arrested three chieftains of the Peoples’ Democratic Party (PDP) and 62 suspected hoodlums on alleged electoral offences as the conclusive rerun legislative elections took place in Etche and Omuma Local Government Areas of Rivers State.

The PDP chieftains arrested include the Publicity Secretary of the PDP in Rivers State, Hon. Samuel Nwanosike and former caretakercommitteechairmenof Akuku-ToruandAsari-Torulocal government areas of the state, Hon. Rowland Sekibo and Hon Odiari Princewill respectively.

Nwanosikehoweverlamented that his arrest was stage-managed to pave the way for the All Progressives Congress (APC) to win the election because he

was his party’s collation agent for the poll.

These came as the rerun electioninEtcheandOmuma,which was to elect lawmakers for Etche Constituency1intheRiversState House of Assembly and Etche/ Omuma Federal Constituency in the House of Representatives, witnessedlowvoterturn-outand relative peace considering the violence that made elections in the area inconclusive in two previous trials.

Speaking to journalists at Ulakwo II Community in Etche local government area of Rivers State after parading those who were arrested, the Acting Commissioner of Police for Rivers State, Ahmed Magaji (DCP), said the arrests was a result of the security measures put in place for the election.

Magaji,whoisalsothedeputy commissioner of police (Opera-

tions), said, “In the course of the on-going rerun elections in Etche and Omuma, adequate security arrangement was put in place involving members of the armed forces, the police and sister agencies.

“At one of the points the army made an arrest of 62 or 63 persons.Wearecurrentlyscreening them. Very soon we will come out with a clear announcement on the whole issue.”

On the arrest of some PDP leaders, he confirmed the arrest of some party leaders but refused to say categorically why they were arrested. “If I say anything now, it may affect the outcome of the investigation.

As we go on with our investigation, we will find out if they are involved in electoral malpractice or not,” he said.

After parading the suspects and some cutlasses and drugs

recoveredfromthem,andtheaddressbytheactingcommissioner of police, the 62 suspected thugs were transported by military truck to Port Harcourt while the party chieftains were moved by military Hilux van.

But while he was being forced into an Army Hylux van under the supervision of an army colonel, Nwanosike said his arrest was to pave the way for the All Progressives Congress (APC) to wintheelectionbystoppinghim from performing his duties as his party’s collation agent.

Hekeptscreamingthathewas not a criminal but the collation agent for the PDP in the election as well as the state publicity secretary of the party.

He yelled: “The Zonal INEC Officer has said here that the military has a right to select who will be a party collation officer.

This is wrong. “

Nigeria-Turkish School Kidnap: Police Arrest One More Suspect The Police Inspector General’s Intelligence Response Team (IRT) says it has arrested another member of a kidnapping gang who invaded the NigeriaTurkish International School (NTIS), Isheri in Ogun on Jan. 13.

The leader of the team, ACP Abba Kyari, confirmed the arrest to the News Agency of Nigeria (NAN) in Lagos yesterday.

NAN recalls that some gunmen had on Jan. 13 invaded the NTIS, abducting five students and three teachers.

The victims had since regained their freedom, with some of the suspects arrested.

Kyari said the latest suspect arrested, who is part of an eight-man kidnapping gang, also participated in the abduction of the Secretary of the Isheri Estate GRA Landlords Association in Lagos State.

“On Feb. 23, sequel to the arrest of seven Turkish School and Isheri kidnappers by our men in Ogun, Lagos, Ondo and Delta states, another key member of the group, Peter Ajanapo, 32, a.k.a. General Osari, was arrested.

“The suspect, a native

of Afiesere town, Ughelli North LGA of Delta, was arrested by IRT operatives in Ughelli. He was arrested with the aid of Technical Intelligence Support from the Technical Intelligence Unit (TIU), based in Delta.

“The suspect confessed to the Turkish School girls and Isheri secretary kidnappings. He claimed he got N2m and N150,000 respectively from the two operations,” Kyari said.

The ACP said the suspect also confessed to have used his share of the ransoms to rent and furnish an apartment in Ughelli town.

Kyari said the suspect was initially apprehended by one of his neighbours and local vigilante men for allegedly sleeping with his neighbour’s wife. He added that the suspect was subsequently granted bail on the condition that he would pack out from the community immediately.

“He, however, relocated to a hotel where we arrested him for participating in kidnappings in Lagos and Ogun,” he said. The police boss said investigations were still in progress with serious efforts being made to arrest other members of the gang.

FG Appoints Three New Directors, GM for FAAN The Federal Government yesterday appointed three new Directors and a General Manager for the Federal Airports Authority of Nigeria (FAAN).

The newly-appointed directors, according to a statement signed by Mrs. Henrietta Yakubu, said they are Group Capt. U.S.A. Sadiq, appointed as Director of Security Services (DSS); Capt. Rabiu Hamisu Yadudu, appointed Director of Air-

port Operations (DAO); Engr. Salisu Nura Daura, appointed as Director of Engineering Services, and Aniefiok Umoh appointed as General Manager, Finance.

The statement read: “The Management and staff of the Federal Airports Authority of Nigeria (FAAN) welcomes the new directors and General Manager and looks forward to a good working relationship that will add value to the system.”

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T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ ͺ;˜ ͺ͸͹Ϳ

SUNDAYNEWS

WARM WELCOME Senior Special Assistant to the President on Foreign Affairs and the Diaspora, Hon. Abike

Dabiri Erewa (middle), with International Organisation for Migration (IOM) and National Emergency Management Agency (NEMA) officials receiving one of the migrant returnees from Libya at the Murtala Mohammed International Airport in Lagos... yesterday

WATER PROVISION President/CEO, Africa Finance Corporation (AFC), Andrew Alli (middle), flanked by children of Arrows of

God Orphanage, Ajah, during the AFC Clean Water Campaign to support the Orphanage home in Lagos… recently

Gowon, Nyako, Others Lead Prayers for Buhari, Advocate Unity

NEPC Boss Applauds Ratification of WTO Trade Facilitation Agreement

Daji Sani in Yola and Ibrahim Shuaibu in Katsina

Nigeria received with great excitement the announcement

by Director General of the World Trade Organisation (WTO), Roberto Azevêdo of entry into force of the Trade Facilitation Agreement (TFA) on February 22.

Speaking at his office in Abuja after the announcement, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC) Mr. Olusegun Awolowo, said “This is particularly gratifying as Nigeria submitted its ratification earlier in January through the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah. The ratification of the TFA is indeed a major milestone for global multilateral trade. I am optimistic that Nigeria would go ahead to domesticate and implement the agreement to the letter”.

As President Muhammadu Buhari continues his medical treatment in the United Kingdom, former head of state, Gen. Yakubu Gowon and former governor Murtala Nyako, have led prayer sessions for the president in Adamawa state.

Gowon led a two-day prayer session at a Christian rally in Demsa local government area on Thursday and on Friday he also led another prayer session in Song local government area of Adamawa state for the president.

While Gowon was leading the prayers in the two local

governments, supporters of ex-governor Nyako under the banner of an association, Buhari Osinbajo Again (BOA) staged a prayer rally for the President on Friday in Yola, Adamawa state capital.

Gowon, in the prayer session, insisted that the survival of the nation lies in tolerance between the Muslim and Christian faithful. He called on both religions to always pray for the nation and the president as he further explained that the tenets of the two religions commanded followers to always pray for their leaders and the nation.

He called on Nigerians to respect one another and shun all

forms violence, adding that this is possible so that citizens can live in peace once again.

Thousands of Nyako loyalists walked round major streets in Yola before ending the rally at the state secretariat of the All Progressives Congress (APC) where both Christian and Muslim prayers were offered for the quick recovery of the president.

The Secretary to the Government of the Federation, Babachir David Lawal who was represented by the Council chairman of Hong Local Government, Ahmad Halliru Lala called on Nigerians to remain steadfast in prayers for the successful recovery of Buhari.

He said Nigeria needed to pray for the incumbent administration of Buhari for it to successfully implement the anticorruption policies it has started.

“The SGF is calling on you to pray for the president and support his anti-corruption drive. Those who wish him death or pray against his return are thieves. Such people will be defeated”, he stated.

Abdulaziz Nyako who represented his father in the prayer session at the APC secretariat said it was normal for human beings to fall sick irrespective of their age, adding that the rally was a welcome development as it brought patriotic Nigerians together.

Delay of Mambilla Project May Cripple Hope for Stable Power, Says Ishaku Governor of Taraba State, Arc Darius Ishaku, is unhappy with the delay in the take-off of the Mambilla Hydro Electricity Power project and warned that this attitude could cripple the nation’s hope for stable electricity supply.

Ishaku who spoke recently in Jalingo, when the Minister of State for Power, Works and Housing, Mustapha Baba Shehuri called on him in Government House, Jalingo, said the apparent silence and non-action on the project by the Federal Government had

become worrisome. He said it had become obvious that the current power generation facilities in the country will not meet the nation’s power needs which has continued to grow and expressed surprise that this reality has not jolted the government into action on the Mambilla project. “We have the Mambilla, the biggest facility for power generation in West Africa. Let’s start building the facility now so that in six years when it is completed we will be in a position to boast of 6,000 MWs of electricity power,” he said.

The governor reminded the Federal Government that there was no short cut to the realisation of this project. Those steps that need to be taken must be followed one after the other. He said there were at least seven of such steps which include sensitization, resettlement and compensation of the people to be affected by the project and these preliminary steps will take not less than one year to complete. “We must remove these encumbrances as part of a realistic beginning. There can be no short cut to all of these

steps”, he noted.

He assured the Federal Government of the readiness of the Taraba State government and the people for the take-off of the project and advised that the right things must be done from the beginning. “Let the project start. Let’s give Nigerians stable electricity and it does not matter which political party provides it.

We are all eager in Taraba State and we will support the project as a key partner because it is a great project and it is a Nigerian project”, he noted.

NCAA Clarifies Sack of Directors Chinedu Eze There are indications that not all the Directors at the Nigerian Civil Aviation Authority (NCAA) were sacked on Friday when the Federal Government dissolved the management of the agency.

THISDAY learnt yesterday that one of the Directors was not given sack letter and that was Captain Abdullahi Sidi, while government rescinded the sack of the Director of Consumer Protection Directorate, Adamu Abdullahi and the Director of General Aviation, Captain Ayodele Sasegbon.

Informed sources from the agency told THISDAY that the letters to the latter were issued in error and the Ministry of Transport had directed the Director General of NCAA, Captain Muhtar Usman to withdraw the letters.

With their reinstatement and retention of Captain Sidi, government may have sacked only five Directors out of existing eight, as two directorates before the sack did not have Directors because those in charge of them had retired and these include Dr. Joyce Nkemakolam (Director of Aerodrome and Airspace Standards)

and Mr. Emmanuel Ogunbami (Director of Licensing).

With this new development, those affected by the sack include Alhaji Salawu Ozigi (Director of Finance and Accounts), Aba Ejembi (Director of Administration), Benedict Adeyileka (Director of Airworthiness), Mr. Justus Wariya (Director of Air Transport Regulation), and Mr. Austin-Amadi Ifeanyi (Director of Human Resources).

THISDAY learnt that one of the Directors sacked had been there for eight years and each of those relieved of their duties had

served minimum of four years and according to the condition of service in the industry, maximum number of years for Directors is four years after which the position is renewed.

“These appointments are political and they do not have defined tenure; although in the industry directorate positions are for four years after which they are renewed. So they could be said to be disengaged; not sacked. But by Monday they willbegivenpapers.Thedisengagement letters have been approved to be given to them,” said informed agency source.

Anayo Okolie

“We expect remarkable outcomes for international trade through TFA, which aims to expedite the movement, release and clearance of goods including goods in transit. It will reduce bureaucracy at the borders for faster, cheaper and easier trade and is expected to increase trade and investment. The agreement promotes trade by establishing harmonised rules to further expedite the movement, release and clearance of goods crossing borders, including goods in transit.

“It offers opportunities especially for SMEs to engage in formal export of goods, which have so far, been informally traded across borders. With TFA, a larger number of exporters to partake in global value chains, thereby enabling all businesses to tap into the huge potentials of trade.

Jonathan Salutes Shagari at 92 Former President Goodluck Jonathan has congratulated the nation’s first Executive President, Alhaji Shehu Shagari, who turned 92 yesterday.

Jonathan, in a message of felicitations, described Shagari as a man of honour and unmatched dignity who left an enduring legacy as President.

“In and outside office, you have continued to inspire generations of Nigerians through your patriotism, selflessness, simplicity and unwavering commitment to the peace and unity of our dear

country.”

Jonathan said further in a statement issued by his media adviser, Ikechukwu Eze: “You diligently served your nation as a teacher, parliamentarian and President and have continued to serve her, even in your old age, as an elder statesman and sage who calmly offers his wise counsel on national issues.

“Your Excellency, in your wisdom your envisioned a great nation and I pray to God to grant you more fruitful years to see Nigeria attain that enviable height we all desire,” he added.

Taraba SIEC Suspends Polls in Ibi as Violence Erupts Wole Ayodele in Jalingo As elections into the sixteen local government councils in Taraba held yesterday, the state Independent Electoral Commission (SIEC) has suspended elections in Ibi Local Government Council over violence that erupted in the area.

Confirming the suspension to newsmen, Chairman of the Commission, Dr. Philip Duwe said the suspension became

necessary to avoid an escalation of the violence that led to destruction of properties worth millions of naira.

According to the SIEC boss, “Yes we have suspended elections in Ibi to avoid further destruction of property. We have succeeded in securing the electoral officer and we are trying to secure the electoral materials so that we will seat down after and think of how to go about it.”

T H I S D AY SUNDAY FEBRUARY 26, 2017

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Ͱʹ˜ ͰͮͯͿ ˾ THISDAY, THE SUNDAY NEWSPAPER

OPINION Mismanaging Mr. President’s Wellbeing Nigerians deserve to know what ails President Buhari, argues Oseloka H. Obaze

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nalysing Nigeria is arduous if you seek to speak truth to power. Many Nigerians, mostly the leaders and elite make speeches unceasingly. Such conventional speeches tend to be largely rhetorical. And together, the analysts, the religious, the political leaders and the disenfranchised populace have all become “miserable comforters” of a nation in distress. As asked in the Holy Book: “Will your long winded speeches never end?”

Nigeria remains the classical outlier nation state. Thus in resignation many Nigerians have thrown in the towel. Some have fled, finding refuge and succour in foreign lands. Yet, many remain, having no option; and some remain to capitalise on the leadership and general disorder in the commonwealth. The latter seek to foster legality from illegalities with the intent to benefit from it.

But there remains one constant. Like Fela Anikulakpo Kuti averred presciently, the state of the nation is nothing but “Confusion” as “Everything Scatter.” As another contemporary musician Eedris Abdulkareem put it: everything in Nigeria is “Jaga Jaga.” And this brings me to how those charged with minding President Muhammadu Buhari are managing his wellbeing or as some say, his health issues.

First, President Buhari is not a private citizen. While he is entitled to some privacy, Nigerians who elected him have the right to know of his wellbeing and the state of his health. He is the CEO of corporate Nigeria, and his wellbeing affects our stocks and holdings.

Nigerians are not interested in his minders including the Acting President Yemi Osinbajo and media advisers telling us that the president is “fit”, “alright” and “that there is no cause for alarm”. The president did the right thing in devolving power to his deputy. That is constitutional. But Nigerians behold a deja vu moment. If they are doubtful they have good reasons. Nigeria needs to hear directly from her leader, President Buhari, in accordance with the oath of office he took.

My friend, Femi Adesina, the Special Adviser on Media has characterised the present reality as “imperfect” but conditioned on “exigencies of the moment”. He is doing his best in an awkward circumstance. Well, we recall the uncertainties and unpleasantness that led to the “doctrine of necessity” and do not want to revisit that episode under any pretext. Perhaps, Mr. Adesina should have a chat with his professional colleague, Segun Adeniyi on this and related matters. Nigerians don’t want to be fooled. If President Buhari could speak to President Donald Trump, he can speak to

Nigerians. The facilities exist. FaceTime, Skype and direct interview with a credible news medium will do. After all, President Olusegun Obasanjo called President Umaru Yar’Adua on live television to ask him if he was alive, just as provenance. Nigerians along with the rest of the world, still remember how it was FaceTime that saved Turkey.

President Tayep Erdogan spoke from a remote secure base to his nation in a moment of high national crisis. Why can’t Buhari do the same?

History is replete with proper managing of health crisis of world leaders; Pope John Paul II, Nelson Mandela, Ariel Sharon, etc. When at the close of 2016, Queen Elizabeth took ill, thus missing Christmas service for the first time since 1988; her media handlers in the palace did the needful, in issuing a statement that ran thus: “The Queen does not yet feel ready to attend church as she is still recuperating from a heavy cold.” The world knew the ailment and the condition of the monarch.

In President Buhari’s case Nigerians know not what ails him. And we deserve to know since every diagnosed ailment has a name.

Simply put, we just need to get things right. Are Nigerians sceptical?

Yes. Do they have the right to be? Certainly, President Buhari not speaking to Nigeria is not being stoic. It smacks of indifference, despite his right to privacy. Buhari’s health condition can be considered a

When at the close of 2016, Queen Elizabeth took ill, thus missing Christmas service for the first time since 1988; her media handlers in the palace did the needful, in issuing a statement that ran thus: ‘The Queen does not yet feel ready to attend church as she is still recuperating from a heavy cold.”

The world knew the ailment and the condition of the monarch

national security question, but does not qualify by any means, as a top national secret.

Political folklore recalls how a man who ran down the street of Moscow shouting “Brezhnev is a fool!” “Brezhnev is a fool!!” was promptly arrested and jailed for revealing national secret. By analogy, if man ran down the streets of Abuja, screaming, “Buhari is Sick! Buhari is Sick!!” or “Buhari is dying! Buhari is dying!!” will he not be arrested likewise and charged with spreading false rumour or revealing a national secret? Yet such utterances will tally with sketchy information emanating from the Presidency. The point is that those around the president who shield him and keep the exact state if his wellbeing away from Nigerians are responsible for his present miasma. They are responsible for the increasing complications and confusion. As a mortal septuagenarian, albeit an ex-soldier, the president is humanly capable of being indisposed.

After the wear and tear of 16 years of politicking to be president, the burdens may be showing. So long as he is not mentally incapacitated, and not certifiable, he remains our elected president.

He also deserves our empathy.

Certainly Nigerians are praying for Mr. President. Thankfully he has a very competent and hands-on deputy as we are witnessing.

Yet, the present state of confusion need not be, even as it tallies with the way we do things in Nigeria -- creating crisis out of nothingness. The temptation is rife to speak to the fact that his being attended to by foreign doctors and in a foreign country does our image no good. I thought we foreswore medical tourism for public officials. Where, by the way is his personal physician?

He is responsible for the president’s wellbeing, and as a medical professional, we would rather hear directly from him than from non-medical aides of the president.

There are clearly missed opportunities in the way the president’s vacation-turned-medical checkup has been handled. Yet it’s not too late for the presidential aides to change their modus operandi.

Their cause and job is also not being helped by leading politicians rushing off to London to visit the president, as if he is on a “death bed”. Emanating pictures from such visits are presently insufficient to curb or ebb our collective concerns. History cannot be allowed to repeat itself here. We already have sufficient lessons from the mishandling of President Yar’Adua’s illness. We need not go that route again. Meanwhile, we pray for our president, wish him well and quick convalescence and expect him home soon. God bless you PMB! Obaze is MD/CEO, Selonnes Consult Ltd.

50 Years On Isaac Jemide Sagay pays tribute to Isa Wali, Nigeria’s former High Commissioner to Ghana

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alf a century ago, on February 19, 1967 to be specific, Ambassador Isa Wali, Nigeria’s High Commissioner to Ghana, left us suddenly--without saying good-bye.

Today, we remember with pride that he left us, not in utter nakedness, as when he was born, but clothed in trailing clouds of glory. It is our memory of him of a life well spent for others that has brought us together today, to honour this most illustrious citizen, and remind ourselves that life is measured and assessed, not by its longevity, but how well it was lived.

And so, who exactly was Ambassador Isa Wali?

Usually in life, only deeds (good or bad) are remembered, long after we ourselves are dead and utterly forgotten. But what is extraordinary about late Ambassador Isa Wali is that his deeds or legacy, and the man himself are inextricably intertwined and inseparable; but why? Because he himself was unforgettable, by virtue of his infectious humility and the way his deeds of kindness touched many lives.

An encounter with the late Ambassador Isa Wali left you aglow, as if you have been touched by the wings of a passing Angel.

Indeed, he must be numbered among those immortals in history, of whom the English Poet Henry Wordsworth Longfellow wrote: “Lives of great men all remind us, We can all make our lives sublime; And departing, leave behind us Our footprints on the sands of time”.

Ambassador Isa Wali was, physically, not a giant of a man, although his presence radiated seismic gravitas. He was also not a war hero or a great statesman in political terms. Indeed, as a diplomat he served as ambassador and head of mission in only one mission–Accra, Ghana. What made his ambassadorial tenure trailblazing must therefore be examined against the background of the intense political rivalry then subsisting between Prime Minister Tafawa Balewa’s Nigeria and Dr. Kwame Nkrumah’s Ghana in the early sixties.

Dr. Nkrumah regarded Nigeria as an impediment to his delusionary dream to become the undisputed leader of Africa; never mind that Ghana, both in population and size, was only about one tenth of Nigeria. Towards that end, he embarked on a series of subversive activities to destabilise Nigeria. This posed the most existential threat to Nigeria’s political stability, and its rightful claim

to the leadership of Africa.

Ambassador Isa Wali, as Nigeria’s High Commissioner to Ghana, orchestrated and led the diplomatic manoeuvres to challenge and outflank Dr. Nkrumah at every turn. In frustration, Dr Nkrumah resorted to the mistreatment and persecution of Nigerians in Ghana, who at this time numbered in excess of 250,000. Large numbers of them were capriciously retrenched from the Ashanti and Obuasi goldmines without benefit.

Undaunted and without flinching, Ambassador Isa Wali stood in the gap for Nigeria, by making the well-being of Nigerians in Ghana his foremost diplomatic priority, and in this he was highly successful.

Indeed, it can be said, that the concept of “citizen’s diplomacy” as an integral and tangible aspect of Nigeria’s foreign policy, began with Isa Wali. It instilled hope and confidence in Diaspora Nigerians in Ghana, and made them feel that they were not a forgotten race.

As high commissioner, he was extraordinarily passionate to visit and know how Nigerians in Ghana lived among their host communities. Week after week, he left the comfort of Accra to visit Nigerians in their diverse communities and it didn’t matter that there were only 20 or 100 Nigerians there. On arrival, he would greet each out-stretched hand with both hands hug them in tight embrace while his eyes gleamed with pure joy. He was their “Big Brother”. Each poor and impoverished looking person, received cash, which he dug from his deep pocket and gave out generously, without counting how much he gave out. He never once claimed “miscellaneous or traveling expenses” on his return to Accra.

His attitude towards Ghanaians also came gift-wrapped in friendship and high esteem, and this at a time Dr. Nkrumah was less than friendly towards Nigerians. Indeed, ordinary Ghanaians equally reciprocated with much love and friendship, and the news of his death was received by Ghanaians with much public grief and genuine regret. Indeed, had he died in Accra, Ghanaians would have, without doubt, accorded him something close to a state funeral.

When by the grace of God, I succeeded him 10 years later as High Commissioner, Ghanaians remembered that I had been with the great Ambassador Isa Wali, and all access and hospitality doors, were thrown open for me.

Ambassador Isa Wali’s acts of goodness and generosity are too

many to be listed here. It is comforting to see that his amazing and gifted children (retired Major-General Yaro Wali, Mrs. Fatima Abdurrahman, Mrs. Mariam Uwais, MFR and Mrs. Hadiza Wali-Oniyangi) have continued his legacy of acts of public charity and philanthropy, through the Isa Wali Empowerment Initiative Foundation, whose mantra is service to the weak and economically under-privileged; assisting primarily women and children.

Ambassador Isa Wali was unique in many ways. At the time of his appointment as High Commissioner to Ghana in 1963 at the age of 35, he was the youngest Nigerian diplomat to be appointed as an ambassador. Incidentally, he was also the first Nigerian career ambassador, in the history of the Nigerian diplomatic service, to have died at Post. It has been said by the ancients, that stars differ from stars in splendor and that those who are wise will shine like the brightness of the heavens, and those who lead many to righteousness, like the stars, will forever shine!

Of the many bright stars that adorn the pantheon of past great Nigerian ambassadors, Ambassador Isa Wali stands out as Shakespeare’s “constant Northern Star, of whose true fixed and resting quality, there is no fellow in the firmament!” He was gentle and mild, but firm in upholding truth and justice. In life, he embraced and personified those eternal virtues that do not fade away or die–selfless love, humanity, righteousness, fairness, honesty, integrity, and above all, he was robustly and proudly a Nigerian patriot.

As is sadly the case in our nation today, and I might add to our shame, our National Pledge to ensure that, “the labours of our heroes past shall never be in vain”, is honored more in the breach, than in the observance. Ambassador Isa Wali died in the course of duty; without being honoured by the government he served so well. It is time to rectify this anomaly; and to mark this Golden Jubilee anniversary of his death, we appeal to the government to honour him by renaming a major street in Abuja, Ambassador Isa Wali Street. Let’s now collectively resolve and ensure that this happens; not only for the sake of Ambassador Isa Wali, but also for the sake of all our tomorrows.

––––Excerpts from speech delivered by Ambassador Sagay, a retired diplomat, at the 50th Memorial Lecture in honour of the late Ambassador Isa Wali.

(See concluding part on www.thisdaylive.com)

15

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

LETTERS Easing Danfo Out of Lagos

E

xpectedly, a recent disclosure by Lagos State Governor, Mr. Akinwunmi Ambode, of plans to rid Lagos roads of yellow buses, widely known as Danfo, is being trailed by mixed reactions.

According to Governor Ambode, Danfo would soon be phased out to give way to a more efficient, well-structured and top-notch mass transport system that would facilitate ease of movement within the city.

Though the state government is yet to fully reveal how this new plan would be implemented, it must be affirmed that the phase out of Danfo buses on Lagos major roads is long overdue. A large percentage of the chaos that we daily witness on Lagos roads is partly caused by Danfo drivers whose recklessness knows no bound.

Danfo drivers are notorious for contravening traffic laws. Whenever they are apprehended by relevant officials, they simply resort to harassing, and even beating up hapless officials. In Lagos, impunity is a way of life for Danfo drivers.

Though, Lagos traffic gridlock occurs due to many factors, it is, however, worsened by human factors. Failure of motorists, particularly commercial bus drivers, to obey traffic rules and regulations often lead to traffic snarl that occasionally cripple socio-economic activities in the metropolis.

Sadly, traffic chaos has

Ambode

severe consequences such as economic losses arising from delays, diminished productivity, wasted energy, environmental degradation and a diminished standard of living.

Public transportation is too important and strategic to be committed into the hands of unruly and disorganised individuals. This could jeopardise drive for investments in the state. The traffic situation of every city determines the volume of investment it attracts. The efficiency with which people, goods and services can move from one point to the other largely determines the quality of life of any society. Hence, every investment and every effort geared towards sanitising the sector is not misplaced.

We live in a rapidly changing world where socioeconomic system evolves speedily. That we still debate over the phasing out of a chaotic transport system that has been in existence for God knows when speaks volume of the slow pace of development in our society over the years.

With a population in excess of 20 million while also attracting 65 per cent of Nigeria’s commercial activities, Lagos, no doubt, has an understandable public transportation challenge. As it is with similar cities across the world, population growth in Lagos compounds the challenge of public transportation.

The ubiquitous Lagos traffic, complicated by the legendary Lagosians’ knack for impa-

tience in addition to motorists’, especially commercial drivers, impunity make commuting in Lagos a tough call.

Given the necessary political will, Danfo can be effectively taken off major Lagos roads. The needless fear that such move would render operatives of Danfo jobless; thereby increasing the rate of crime in the state should not be entertained. The state government could, among others, help those among them with proven and profitable skills courtesy the Lagos Employment Trust Fund to secure loans to pursue their chosen enterprise. It will be recalled that cheques worth about N1billion were recently presented to 705 some beneficiaries through the Employment Trust Fund.

Also, the Nigeria Union of Road Transport Workers (NURTW) could also be assisted with loans to get franchise that would enable their members to be part of whatever new arrangement the government is trying to put in place. But this must come with a proviso that they must be ready to imbibe new thinking and orientation. This is to ensure that a new wine is not placed in an old bottle.

Similarly, for commuters not to be unduly affected by the new development, more fleet could be injected into the BRT scheme to cover more routes across the state. In creating these new routes, priority should be given to areas with greater population density such as Badagry, Mowe-Ibafo, Sango-Ota, and Alimosho,

MUSTAPHA AUDU: A UNIFYING FACTOR IN KOGI

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he emergence of Prince Mutsapha Audu, son of the legendary politician, Prince Abubakar Audu on the political scene in Kogi State has again drawn attention to the place of hereditary succession in politics. The death of Prince Audu in November 2015 and the series of events that followed the incident had indeed fractionised the party hierarchy in Kogi State.

Animosity and mistrust engulfed the fundamentals of the party in the state and only recently can one begin to say a semblance of sanity and unity has returned. The aspiration of Prince Mustatpha Audu to become the Executive Chairman of Ofu LGA of Kogi State, his local government area of origin has, indeed, sparked off intense emotions.

Among many implications, Mustapha’s candidature could serve to douse tensed emotions, broker peace and foster unity both within the communities and the party.

The late Prince, undoubtedly, has an overwhelming political reach in the state and the conspicuous absence of his allies in the government of the day has led some people to the conclusion that the party gave the “Audus” a raw deal.

Nevertheless, and recalling that Governor Yahaya Bello’s gestures and course so far indicate a clear intention to reasonably honour Prince Audu and unite the party purposively, it is persuading to think that Prince Mustapha’s candidature may yet prove a handy olive branch for GYB. The late Prince Audu bequeathed legacies many of which need to be sustained.

For the people of Kogi State as a political bloc, the death of the political leader created a vacuum which needs to be filled. As a transformational leader, there are lessons and challenges in his accomplishments for GYB as one of his successors. Indeed, it is not offhand to conclude that the Prince Audu days is a source of inspiration to many individuals, including his son, Mustapha. It must be pointed out that hereditary succession occupies half of recorded human history but political inheritance is no easy venture because everyone who goes into politics must be prepared to prove his mettle. However, Mustapha, it can be inferred from his careful and calculated approach to his aspiration, is a man who looks set to break new grounds and create his

own political niche but not without the decisiveness and clarity of vision inherited from his father.

The will and determination with which he is pursuing the ambition is proof that Prince Audu’s dynasty is, indeed, standing at the dawn of a new era.

Certainly, Mustafa Audu reputed for his practicality and unassuming nature leaves no one in doubt as to what fueled his aspiration.

When asked about his aspiration and his father’s influence, he simply described the late politician “as a great inspiration whose words and actions stirs one to striving for excellence but for me success comes through self-belief, hard work, goodwill and the right time”. Committed and ambitious, Mustafa who through obvious strength of spirit shielded himself from the fallout and unpleasantness to which the sudden misfortune of his father’s death exposed the Audu’s political dynasty, has been unequivocal in his views that people deserve better and the reason why anyone should venture into politics at all is to be able to lead change through government.

He never distressed himself with imaging but remained

placid amid the noise and haste occasioned by that incident.

Recent political developments stand Kogi out as no ordinary state. Governor Yahaya Bello fondly called the “white lion”, has in so short a time carved a niche for himself. GYB is such an eccentric but two things go for him - his belief that the youth be given the chance to play prominent roles in politics and public administration, himself no less a dynamic youth; and the firmness of his convictions.

Nonetheless, Mustafa Audu’s aspiration holds serious implications for GYB. It is his litmus test of a sincere concern for cohesion and sustainability in the party.

From whatever point of view one wants to look at it, Mustafa Audu’s candidature could really fast-track the dousing of the animosity and resentment that bedecks the APC hierarchy in the state. For GYB, I am certain this is the closest he has ever come to standing somewhere in between truth, reconciliation and being human. Well, at some point in our lives, we are permitted to reconcile propensities with principles.

Suleiman Adamu, Abuja.

among others.

The BRT scheme could as well be designed to include commuting within short distances within a particular local government or location. For instance, commuters within Apapa, Ikeja, Island, Alimosho, Yaba, etc., could rely on BRT buses within the locations for their daily and routine movement. Once this is done and the operation of BRT in these locations becomes reliable, effective and efficient, more commuters would opt to leave their cars at home and would willingly embrace the BRT alternative. For the system to become more reliable, effective arrangements must be made for constant repair and refurbishment of buses in the BRT fleet. A well planned culture of maintenance must be strictly adhered to.

On the whole, the need to embrace intermodal transportation mode cannot be over-emphasised, given the complex and indispensable nature of the sector in Lagos. This is exactly why the state government has been exploring other forms of transportation in the state.

This is to reduce the over reliance on road mode of transportation.

Today, from one operation route in 2007, Lagos is running water transport on many routes (Ikorodu-Marina/CMS; Marina – Mile 2; Ikorodu – Addax/Falomo; Ikorodu-Ebute Ero; Marina-Ijegun EgbaEbute-Ojo; Mile 2 – Marina/ CMS-Mekwen-Falomo; Badore – Ijede; Badore – Five Cowries; Marina – Oworonshonki;

Ebute Ojo – Ijegun Egba; Oworonshonki – Five Cowries and Baiyeku – Langbasa).

On rail transportation, the state government is working on the construction of urban rail-based systems covering seven major corridors of high commuter traffic demand within and beyond the metropolitan Lagos extending to border areas with states like Ogun and Oyo. The seven lines link the major population and activity centres in the state, as well as taking advantage, where possible, of existing transport corridors.

The network is geared towards integrating with planned and existing water transport and BRT routes.

In this layout, there are the North-South corridor between Agbado and Iddo along the Nigerian Railway corridor; the Eastern corridor to serve the Lekki to Epe axis; and the western corridor to serve the Mile2 – Okokomaiko axis.

The seven corridors will be connected by a central ring road between Victoria Island and Lagos Island.

By the time the Lagos light rail project becomes effective and expanded, coupled with renewed efforts to improve water transportation in addition to numerous on-going roads development projects across the state, it is expected that a more robust public transportation would evolve in the state and Lagosians would be the better for it.

––Tayo Ogunbiyi, Lagos State Ministry of Information & Strategy, Alausa, Lagos

BIGBROTHER:RECONSTRUCTING AFRICANCULTURE

T

he television reality show, “Big Brother”, is no doubt a widely watched programme across homes in Africa. With a price of N25 million, an SUV and fame for all participants, it sure is a dream for youths and a curious way of relaxation for adults at home.

People may choose to see it as a game but I feel it’s a cultural denudating programme targeted at immorality, reconstructing the real African norm and promoting less than beastly mating arrangement of consenting adults worse than prostitution or pornographic actors.

The deceptive word is “game”. In African, there is nothing like game when you publicly kiss a stranger, an accidental lover or indulge in sex “under the sheet”. Sadly, teenagers are beginning to think it is all right, more so that their parents watch it religiously and deliberate on the characters.

At one time a character exposed her breasts to show her fans that she has piercing on her nipples, besides the ones on her tongue, ears and probably other parts of the body barely covered by

clothes. One of the female housemates breast-fed a male competitor just for the fun of it. When she was asked why she allowed that, she simply said it meant nothing to her, adding that it was just a “game”.

The analysis goes on as almost all the housemates want to “mate”. A mother of one and a married father of two have succumbed to under the sheet sexual acts. The focus is immorality, the purpose is to change the perception of the way Africans viewed sex as sanctimonious for the married and sacrilege for the unmarried.

Another character in the ongoing reality show notorious for fake use of phonetics and poor grammar thinks of herself as one who can use sexuality to knock a man off his senses. In her legendary foolery, she throws herself at any male creature in the house. She displayed supper strength is seduction but very little idea of current affairs in the entertainment industry where she is expected to thrive the best.

Israel A. Ebije, Abuja (See concluding part on www.thisdaylive.com)

16

THISDAY, THE SUNDAY NEWSPAPER ˾ Ͱʹ˜ Ͱͮͯ͵

INTERNATIONAL Nigeria’s Foreign Policy Attitude and Containment of South Africa’s Recidivist Xenophobia

S

outh Africa’s recidivist xenophobia necessarily raises the extent to which there is a Nigerian foreign policy on, or foreign policy attitude towards, South Africa. If Nigeria has any policy on South Africa it is undoubtedly that of ‘no compromise with apartheid,’ as propounded in 1963 by Dr. Jaja Wachukwu, the then Minister of External Affairs. Apart from that, it can only be rightly argued that Nigeria has a reactive policy which is more declaratory and less retaliatory, more of acquiescence and less of focus and programming.

Grosso modo, Nigeria’s foreign policy is routine in feature and character. It is hardly predicated on strategic calculation. There is nothing to suggest any Nigerianess in the policy. Even when it is observed that foreign policy is in pursuit of the national interest, the interest is hardly made clear. What is, however, clear and good about Nigeria’s foreign policy is its bureaucratic routine that only responds to international protocolar concerns. But this is still most unfortunate and this is why the South African government has always afforded the luxury of speaking from both sides of its mouth in the face of xenophobic atrocities of its citizens against foreigners.

The South African government is always prompt in explaining that xenophobia is not in any way South African in character and that all those involved in the xenophobic acts would be brought to book. Unfortunately, the world is yet to be told who were responsible for the first xenophobic attacks and how many of them have been tried. There is no information on why the victims of the first xenophobic attacks had not been paid any compensation.

What is important here to underscore is the fact that the target of South Africa’s xenophobia even included the people of Nigeria which shouldn’t have been. One truth about the agents of xenophobia, and particularly the government of South Africa, is their conscious adoption of short memory which has largely induced the many irritants in Nigeria-South African relations.

As noted above, Nigeria’s notable policy on South Africa was the unwavering support for anti-apartheid struggle but the understanding of this support has also been the bane of the relationship.

Brigadier-General Buba Marwa, former Military Governor and Nigeria’s High Commissioner to South Africa, once drew attention to a radio/television discussion programme during which the roles of African countries in the anti-apartheid struggle were discussed. For Nigeria, it was submitted that Nigeria’s contributions were essentially for economic motivation and gains. Nigeria’s role was never seen as altruistic. As such, the arguments were, at best, most foolish and ludicrous.

It is most foolish because, apart from the fact that the Government of Nigeria compelled the deduction of monies from the salaries of civil and public servants for the purposes of the liberation movements, it was, indeed, the enormity and constructiveness of Nigeria’s contributions that prompted the consideration and admission of Nigeria as one of the Frontline States, even though Nigeria was not territorially contiguous to South Africa, but also why Nigeria was made to chair the United Nations Committee Against Apartheid until the dismantlement of the obnoxious policy.

Is it that South Africans did not and do not know the truth? Were Nigeria’s contributions for selfish economic motivations? If they were not, how do we explain the unnecessary very hostile attitude of the people of South Africa towards Nigerians in their country?

How do we explain the claim of African unity and the sponsorship of xenophobia? South Africans can be hostile to foreigners but Nigeria ought to be an exception in their agenda. South Africans, no matter their grievances, cannot have any legitimate animosity vis-a-vis Nigeria and its people who did what was humanly, financially, educationally, materially, diplomatically and culturally possible to support the liberation of black South Africans from the shackles of domination and exploitation of the racist segregationists that the white South Africans really were.

Perhaps most disturbingly, when the attention of the Government of South Africa was drawn to the radio/television programmes during which Nigeria’s role in the anti-apartheid

It will be most unacceptable and indecent for both Nigeria and South Africa to have the luxury of coming to tell the world about stories of new xenophobic attacks. For Nigeria, in the event Nigerians are subjected to new xenophobic attacks again, the principles of reciprocity must be applied in extenso and South Africa must be completely removed from all strategic economic calculations in Nigeria

VIE INTERNATIONALE with

Bola A. Akinterinwa Telephone : 0807-688-2846

e-mail: bolyttag@yahoo.com

Zuma, South Africa President

struggle were misrepresented, the only explanation offered was that the opinion of the discussants in the radio programme was private and did not imply the position of Government. The Government made it clear that it had acknowledged the positive roles of Nigeria. In this regard, if the Government of South Africa had truly acknowledged Nigeria’s roles, again, why is it not reflected in the diplomatic practice of South Africa? For instance, why is Nigeria not always recognised like others during protocolar observations during official functions?

There is another explication, scholarly and tenable, which has it that there were two categories of African National Congress: domestic and external. Nigeria was not well known to the ANC at home (domestic) but to the international ANC. It is the ANC members at home that are currently dominating political governance in the country. Consequently, it is argued that there is no conscious attempt to undermine Nigeria’s roles.

As good as this argument may look, there is no disputing the visible animosity of many South Africans towards Nigeria. When I first drew attention in this column to South Africa’s politics of magouilles, the South African High Commissioner to Nigeria then explained that there was no South African xenophobia towards Nigeria but there was ‘Akinterinwa’s xenophobia for South Africa.’ Most unfortunately we only deal with issues and not with people. If the Government of South Africa is finding it difficult to know that its people are xenophobic, there is the need to assist it to acknowledge it by always drawing attention to it.

Without doubt, some rationalisations have been advanced for the attacks. Nigerians are reported to have been engaging in drug trafficking and other crimes. But it is good enough that offences they committed have been identified. Why are they not prosecuted as provided for in law? When have xenophobic attacks replaced the rule of law?

And true enough again, in many ways that Nigeria fought for the cause of Black people, the international community never forgave Nigeria. When Nigeria critically opposed French atomic tests in the Reggane area of the Sahara in 1960, France ensured that Nigeria’s application for associate membership of the European Economic Community was frustrated in 1966. When the military administration of General Olusegun Obasanjo nationalised the Barclays Bank (now Union Bank) and the British Petroleum in the late 1970s, Britain frustrated Nigeria’s national interests in many ways.

These are hard facts that South Africans should not be in a haste to forget. No one is saying that South Africa should begin to worship Nigeria for whatever help that might have been rendered.

If Nigerians offend the law in their host country, let the rule of law prevail. But under no circumstance should Nigerians be subjected to jungle justice. That cannot be acceptable. South African businessmen undermine Nigeria’s law on daily basis in Nigeria. The case of the MTN is a good illustration of this observation, but there has been no jungle justice in solving the problem. No xenophobia for South Africans in Nigeria in spite of the fact that MTN had disregarded the laws of the land. What Nigerians simply did was to condone the federal government’s sanction of fine handed over to the MTN.

On the contrary, South Africa has always been on the aggressive path. It should be recalled that the South African government deported Nigerians with very valid visas and vaccination cards.

This became another critical issue in the bilateral relations between the two countries. But thanks to the sagacious diplomacy of Ambassador Olugbenga Ashiru, MFR, former Minister of Foreign Affairs, the matter was quickly laid to rest. He underscored the rule of retorsion and reprisal under the principle of reciprocity, which prompted the South African government to quickly retrace its steps. That was the language the South African government could understand by then.

The people of Nigeria do not appear to mean much for South Africans. Nigeria is not seen as a former Frontline State or a big brother having any big stick to wield or even the carrot to dangle.

This is precisely why the most recent xenophobic attacks on Nigerians cannot but be quite worrisome because there is nothing to point to an end to xenophobia in South Africa or to the fact that the Government will be able to prevent its future occurrence.

One bitter truth that people may not want to quickly admit is that apartheid, in its most crude form, might have been thrown into the dustbin of history, its human exploitation is still staring everyone, especially the black man in the country, in the face as at today. Put differently, the levers of the economy are still under the control of the white minority. The roots of Apartheid are yet to be completely done away with. And true, the African National Congress only has political power but not the economic control, without which political power only creates a vacuum of irrelevance. It is largely the economy that matters and this is why xenophobia remains the last tool of complaint by the people.

The Government of South Africa cannot fully eradicate the remnants of apartheid by fiat, not much so when corruption charges levied against the leadership are neck-deep. Nigeria will need to address the problem beyond self-pleasing arguments of strategic partnership. There is absolutely nothing strategic in a partnership in which the beneficiaries of the partnership are allowed to be recklessly killed or aggressed or allowed to be taken to the altar of diplomacy for cover up.

Dimensions of Reciprocity From the perspective of polemology, the causal factors of South Africa’s xenophobic attacks are traceable to a multi-dimensional issue: misperception of the dynamics of unemployment in South Africa. As reported by Aljazeera, Brigadier Mathapelo Peters, the spokeswoman for the South African police, ‘there are allegations that those shops (owned by victims of the xenophobic attacks) belong to foreign nationals’ and that ‘these shops were used for drug dealing.’ It is also reported that South Africans ‘are sick and tired of foreigners who are coming to sell drugs and kill our people, we can’t let the community go down like this.’

Xenophobia cannot but exist when it is perceived that foreigners have shops that are used for drug peddling, that drugs are not only sold but also kill people. Xenophobia moves from the level of existence on the minds of the people to the level of translation into action when nothing is visibly being done by Government.

Consequently, an act of xenophobia is generally a resultant of extreme frustration as shown in the preceding paragraph.

In the first case, there is the grievance as a result of alleged use of commercial shops for drug peddling. This can be a source of anger for the people but the anger must not go to the extent of generating a new anger at the level of the victims. In the same vein, if the South Africans are sick and tired of foreigners, the problem can no longer simply be that of application of rule of law. It is the political factor that needs to be first looked into.

It is important to recall the immediate genesis of the attacks as reported. Some residents of Rosetenville, a suburb of Johannesburg, reportedly decided to torch the properties belonging to Nigerians and other foreigners in the belief that such properties were being used for both drug and human trafficking. The attacks were a follow-up to the unrest in Pretoria West during which ‘those who are living in the area are (not only) advised to be careful (but also where) cars and houses are set alight by angry residents claiming to get rid of drugs and prostitution.’ If the issues at stake are drug and human trafficking, as well as prostitution, the resolution of the problems cannot be by way of xenophobic attacks or the people resorting to the use of violent self-help. This is why the reaction of the Government of Nigeria is, so far, in order.

Honourable Abike Dabiri-Erewa, Special adviser on Foreign Affairs and the Diaspora, said the attacks on Nigeria were ‘unacceptable to the people and Government of Nigeria’ and that ‘further attacks without reprimand may have dire consequences.’ Already, the students have taken the laws into their hands by not waiting for the dire consequences at the governmental level.

For instance, the National Association of Nigerian Students (NANS) organised a peaceful demonstration in protest against the xenophobic attacks on Nigerians in some South African companies (MTN, DSTV, Shoprite, etc) on Thursday, 23rd February, 2017 in Abuja. What is noteworthy about the protests is that, in order for ‘enough to be enough,’ the president of the NANS, Mr. Kadiri Aruna, issued a sort of manu militari ultimatum to all South Africans to leave Nigeria or else their security would not be guaranteed. As such, South African businesses in Nigeria would be made to bear the brunt.

(See concluding part on www.thisdaylive.com)

17

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

BUSINESS QUICK TAKES

Naira

The naira recorded a significant gain against the United States dollar on the parallel market onThursday, three days after the Central Bank of Nigeria adjusted its foreign exchange policy.

Specifically,thelocalcurrencyjumped fromN505/dollarrecordedonWednesday to N495/dollar on Thursday, as the new policy measure continued to reverberate across the forex market.

The CBN had on Monday made adjustments to its forex policy aimed at boosting forex supply to enable commercial banks to meet the needs ofcustomersseekingdollartopayschool feesandmedicalbillsoverseas,aswell as personal travel allowances.

TheCBNwillnextweekbegintheweekly saleof$1mtoeachofthecountry’s21 commercial banks at N375/dollar to clearabacklogofdemandforretailusersandtotryandnarrowthepremium between the official and black market rates.

Green Bond

An ATM machine

Analysts Fault Timing, But Agree Cashless Policy is Way to Go Kunle Aderinokun

The decision by the deposit money banks with the support of the Central Bank of Nigeria (CBN) to increase charges on cash deposits and withdrawals has drawn the ire of market watchers and analysts for coming at an inappropriate time. While the analysts believe the decision was taken with the intention of encouraging cashless transactions, they contended that the new directive was ill-timed and for mooting the idea, the banks were seeking to make excessive gains.

In collaboration with the CBN, deposit money banks under the aegies of the Bankers’ Committee last week reviewed upward charges for cash deposits and withdrawals.

Reeling out the new charges, the Director, Banking and Payment System, CBN, Mr. ‘Dipo Fatokun, noted that the decision was taken at the Bankers’ Committee at its 493rd meeting held on February and also announced that the cashless policy would be extended to the 30 remaining states of the federation.

According to the circular posted on CBN website, charges on deposits and withdrawals were reviewed such that for individuals with less than N500,000 cash deposit and withdrawals would not bear any charge. But, for cash between N500,000 and N1 million, deposit would be 1.5 per cent charge while for withdrawals two per cent of the amount.

Also, as contained in the circular, cash deposit transaction between N1 million and N5 million attracts two per cent of the amount, bank customers making withdrawals of amounts within the range are liable to three per cent charge. For cash above N5 million, deposit attracts three

MONEY per cent charge while withdrawals is 7.5 per cent.

However, for corporate bodies doing deposit and withdrawals of cash less than N3 million, there would be no charge.

But firms with cash between N3 million and N10 million, depositing such would attract two per cent charge, while withdrawals would attract five cent of the amount when the policy takes off. Also, for cash between N10 million and N40 withdrawn from a corporate account holder, three per cent would be charged for deposit and 7.5 per cent for withdrawals. For cash above N40 million, deposit is five per cent and withdrawals is 10 per cent.

However, the Chief Executive Officer, Global Analytics Consult Ltd, Tope Fasua, argued that, “The idea is ill-timed.”

According to him, “Perhaps the banks are again under pressure to declare profits as alleged in some quarters. Just when the CBN seems to be about to get the FX policy right, we shouldn’t have this. I find it hard to believe that otherwise smart bankers cannot see the optics of things. The timing is wrong and people will complain.”

Saying “The CBN has again offered itself to be lampooned,” Fasua suggested that the apex bank should “stay action if possible for a few months.”

“Again, it’s as if they are coming with a vengeance now. The first time this issue came up, they were more lenient. This time, it’s no holds barred. All at once. I wish them luck, but from a layman’s perspective, I’d say they are underestimating the situation among Nigerians.”

Speaking along the same line,

Director, Union Capital Markets Ltd, Egie Akpata, said while the charges introduced were not entirely new, “the timing seems curious and might suggest that the CBN is trying to achieve other aims by discouraging cash transactions.”

“It remains to be seen if these can work in other states where the available technology and operating environment might not be as favourable as what obtains in Lagos or Abuja,” Akpata added.

The Chief Executive Officer of The CFG Advisory, Adetilewa Adebajo, The winner here are the electronic banking platforms and in effect banks are using technology to drive down transaction costs

noted that, “These are hard and lean times with mounting pressures of NPLs and the lending to deposit rate spread is shrinking.” As a result, he pointed out, “Banks are looking inward to look at key cost drivers and passing on cost to customers in an effort to encourage the use of electronic banking channels.”

Adebajo believed, “Activity Based Cost Management solutions will help banks get a better understanding and elimination of the high cost drivers and help improve their cost to income ratios.”

“The winner here are the electronic banking platforms and in effect banks are using technology to drive down transaction costs,” he concluded.

In his own analysis, an investment analyst, Adetola Odukoya, acknowledged that, “the development is

in line with the CBN’s cash-less policy.”

“I’m of the view that the charges are meant to discourage the usage of cash within the economy thereby reducing the attendant costs of cash handling. This is in addition to the boost it will give to increasing transparency and assist in reducing corrupt practices,” he submitted.

The new charges would take effect from April 1, 2017, in the existing cash-less states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT).

But the policy shall be implemented with the charges taking effect on May 1, 2017, in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau States according to the CBN. The policy would be implemented with the charges taking effect on August 1, 2017, in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa State.

“The policy shall be implemented with the charges taking effect on October 1, 2017, in the following states: Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara. The income generated from the processing fees charged above the allowable cash transaction limits shall be shared between CBN and the banks in the ratio of 40:60.

The CBN, however, clarified that, “Existing exemptions remain sustained for revenue generating accounts of the federal, state and local governments (lodgments only). Embassies, diplomatic missions, multilateral and aid donors in Nigeria are also exempted from all processing fees relating to the cashless policy implementation.”

ActingPresidentofNigeria,Prof.Yemi Osinbajo, has said the proposed N20 billion Green Bond to be issued by the federal government would provide an opportunity to further deepen the nation’scapitalmarketandtacklepoverty.

ThefederalgovernmentistoraiseN20 billion via the issuance of Green Bond initiative.

Green bonds enable capital-raising and investment for new and existing projects with environmental benefits.

Speaking at the Green Bonds Capital Market & Investors Conference organised by the Federal Ministry of the Environment, Federal Ministry of Finance and the Debt Management Office (DMO) at the Nigerian Stock Exchange (NSE) in Lagos, Osinbajo saidthebondwouldsupportthefederal government’s shift to non-oil base assetsforprojectfinancingforeconomic growth and development.

According to him, the proceeds of the bondwouldbeusedforenvironmental projects such as renewable energy micro-utilities in three communities estimated at N10 billion and would provide an average of 33KWof power through solar technology.

HeexplainedthatundertheGreenBonds initiative,thefederalgovernmentwould raise the sum of N20 billion under the firsttranchebeforetheendofthefirst quarter of 2017.

Non-performing Loans

TheManagingDirector/ChiefExecutive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has put banks’totalnon-performingloans(NPLs) portfolioatN1.82trillionasatDecember 2016.Specifically,hesaidthe25Deposit MoneyBanks(DMBs)hadtotalloansportfolioofN18.53trillionoutofwhichN1.85 trillion or 10 per cent were NPLs where N740 billion or 40 per cent constituted Insider/Directors related loans.

Accordingtohim,thefigurewasfarabove regulatory threshold of five per cent for theDMBs. Speakingduringthedefenceof thecorporation’sproposed2017budget before the House of R epresentatives Committee on Insurance and Actuarial Matters,headdedthatwhilethebanking industryindicatedstrongfundamentalsin regulatoryassessmentandrating,regulatorswereconcernedabouttherisingtide of NPLs in the banking system.

Meanwhile,theNDICbosssaiditproposed to spend the sum of N76.72 billion for 2017whilealsotargetingatotalincome of N102.29 billion in the same period.

Accordingtothecorporationsbudgetestimatefortheyear,itsoperatingexpenses was put at N43.22 billion or 49.94 per cent of total expenditure as well as total Capital expenditure of N43.32 billion or 50.06 per cent of the total budget.

18

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

BUSINESS/CAPITAL MARKET

Lagos trading floor of the Nigerian Stock Exchange

As Exchange Traded Funds Lead Drive for Market Rally…

The promise shown by the exchange traded funds segment of the Nigerian Stock Exchange may just be the impetus that will drive the next phase of capital market growth, writes Kunle Aderinokun

A

s the Nigerian Stock Exchange looks to bounce back from last year’s indifferent performance – the ASI lost 6.7 per cent in 2016 – the Exchange Traded Funds segment may be the key driver of the expected rally. There are still fears expressed that this year’s market performance may mirror 2016. Analysts at Dunn Loren Merrifield say investors’ outlook “remained mixed on the near term.” The mixed outlook is attributed mainly to unfavourable economic fundamentals.

Indeed, the fundamentals were poor in 2016. The economy went into recession, businesses went under while thousands lost their jobs, leading to a steep rise in unemployment, business and family incomes shrank, hit by rising costs and inflation, while interest rates remained in high double digit zone. And the unfavourable indicators have not let up. Latest official figures from the National Bureau of Statistics (NBS) showed, for instance, that Nigeria’s inflation rate has risen to 18.72 per cent from 18.55 per cent in December 2016.

However, despite the subdued expectations, one of the smart investment strategies this year would be for investors to consider the rich array of exchange traded products in the market to rebalance their portfolios and hedge their risks. The ETF asset class has continued to produce impressive performances year-on-year since the first one, Newgold ETF, was introduced in 2011, the market volatility notwithstanding. Over the past six years, the ETF market has grown by over 1,900 per cent, with assets under management (AUM) in excess of N4.2 billion as of September 2016 as against N287.5 million in December 2011. The global picture is equally impressive, suggestive of the appeal of ETFs. The ETF industry has achieved over 102 per cent cumulative growth over the last five years. Analysts believe AUM will reach $6 trillion by the end of 2020.

Of significance is the listing in January of the SIAML Pension ETF 40 by Stanbic IBTC Asset Management Limited, the first listing of any kind for the year. The NSE accepted the listing of 5.97 million units of SIAML Pension ETF 40 at a par value of N100 per unit. The SIAML Pension ETF 40 is expected to tract the NSE Pension 40 Index, a total return index that was launched by the Exchange in July 2015, which contains the top 40 most liquid and capitalised listed companies. According to the Chief Executive Officer of NSE, Oscar Onyema, at the listing, “The listing of SIAML Pension ETF 40, which marks our first listing in 2017, lends credence to our commitment to championing and advocating for growth of the ETF market in Nigeria.”

ETFs essentially track the performance of market indices. Last year, for instance, while the ASI lost 6.7 per cent, the NSE Pension Index gained 0.70 per cent, NSE Banking Index grew by 2.2 per cent and NSE Premium Index gained 7 per cent. What this means is that an investor, who invested in Vetiva Banking ETF, with the NSE Banking Index as its underlying asset, had a capital gain of 2.2 per cent. There were eight listed ETFs on the Nigerian Stock Exchange before the listing of SIAML Pension ETF 40, with more expected to be listed in the year. For instance, the Stanbic IBTC Dollar Fund is likely to be listed in the first half of this year.

The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) granted approvals for the launch of the IPOs for Stanbic IBTC Dollar Fund and SIAML Pension ETF 40 late last year.

According to Stanbic IBTC, the two funds were launched based on market need and investor demand. The Dollar Fund is expected to provide discerning investors with the opportunity to seek exposure in attractive dollar-denominated securities to serve as a devaluation hedge while the SIAML Pension ETF 40 will mirror the NSE Pension Index, which tracks the 40 most capitalised and liquid companies in the capital market.

Chief Executive, Stanbic IBTC Asset Management Limited, Mrs. Bunmi DayoOlagunju, said the funds will “foster the diversification of portfolios, which in turn will help in the preservation and appreciation of wealth for investors.”

Indeed, investors’ desire for innovative products like ETFs and other derivatives is clearly reflected in the strong performance posted by the Stanbic IBTC Dollar Fund IPO. A recent advertorial by Stanbic IBTC Asset Management Limited, issuer of the Fund, showed that the IPO was 95.4 per cent subscribed. Such strong showing is no doubt reflective of market sentiments. ETFs and other indirect products may just be what the NSE needs to jumpstart a strong market rally in 2017. The exchange seems to appreciate the impact of ETFs on market growth and has promised, in its strategic outlook for 2017, to “fast track efforts in developing exchange traded derivatives” as such products will “provide investors with tools to better weather economic realities in 2017.” No doubt, ETFs, by their very nature of tracking the performance of indices, are great assets to hold in a sluggish economy.

One of the more important benefits of an ETF is that it allows you bet on market winners while avoiding the sluggards in a cost effective way. So, for instance, you can buy a basket of the 40 most capitalised and liquid stocks that are favoured by institutional investors like pension fund administrators, insurance companies and others simply by buying the SIAML Pension ETF 40, which tracks the NSE Pension Index.

Also, ETF is flexible; it functions much like a stock and can be traded on at current market prices all through a trading day.

Investing in an ETF gives the investor the benefits of dividends on all dividend paying stocks in the constituents of the index. Other benefits of ETFs include tax friendliness, low cost of transaction, simplicity and ease of transaction, among others.

NSE says it is “cautiously optimistic” of a more vibrant capital market in 2017. It expects “to see a revival of supplementary

listings and return of the new issuance market.” Whatever happens in the market this year, the ETF market is expected to continue its strong growth trajectory as investors take advantage of its benefits.

There may be no better time to find value in the capital market than now and this is actually the time to be bullish by picking up stocks and other exchange traded securities at give-away prices.

Great investors like Warren Buffet, Philip Fisher, Benjamin Graham, Bill Gross, John Templeton and Peter Lynch became so successful at investing because they know a thing or two about market bargains. Warren Buffet, for instance, has a well-honed investment strategy that is simple yet highly effective: buy good quality stock trading at a discount and then wait for it to appreciate.

The effectiveness of this strategy is evident in the fact that today Buffet is a billionaire, his wealth mostly amassed from stock market investments.

As investors reshape their portfolios, ETFs will arguably be among their top investment picks; considering ETFs’ impressive performances year-on-year over the past five years and the expected growth projections, it is an asset class that will enrich any portfolio and would be hard to resist. And the NSE has promised to continue to support the growth of the ETF market by ensuring “our dedicated product team working with existing and potential issuers to expand product universe, promote liquidity and transparency.”

However, the NSE, and indeed other stakeholders, need to do more to drill down to the retail investors the latent benefits in the sector. The NSE appears to understand the need for increased awareness.

At the listing of Stanbic IBTC’s SIAML Pension ETF 40, Onyema enjoined capital market operators, issuing houses, regulators, fund managers, stockbrokers and registrars, to come together and “collectively promote increased awareness and education on ETFs amongst the investor community in Nigeria.”

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T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

BUSINESS/TRANSPORT

N’Assembly, Stakeholders Synergise for Ports Devt In a bid to ensure that the nation’s maritime industry contributes more to the national economy at such a period of economic recession, critical stakeholders, mainly chief executives of agencies of government and members of the House Committee on Ports, Harbours and Waterways are collaborating on the way forward, writes Francis Ugwoke

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ith the ravaging recession, every hand appears to be on deck to create an economic environment that will see the country come out of the economic crisis.

Beginning with the executive and legislative arms of government, even when tempers flared, there had been situations when issues were resolved amicably for the sake of the economic wellbeing of the country.This has been the situation with members of the National Assembly having to soft-pedal on their hard stance against certain policies of the executive. In the nation’s maritime sector, there are several instances in which members of the National Assembly and the agencies of government have been collaborating to develop the industry. This was again displayed last week when stakeholders from the industry and members of the National Assembly converged on Lagos for a retreat on the way forward for the industry. The retreat was actually the idea of members of the House Committee on Ports, Harbours and Waterways which is under the leadership of Dr. Patrick Asadu.

Agencies and Legislators The maritime sector is seen as a very strategic industry to the national economy. It is adjudged as next to oil in terms of contribution to the economy.

It would be truly so once the country is able to move from the current crude oil trade terms of Free on Board (FOB) to Cost, Insurance and Freight (CIF). Under FOB, the buyers of the nation’s crude oil determine who to give the contract of the transportation of the goods. However, under CIF trade terms, Nigerian companies that have the capacity will be allowed to carry the nation’s crude oil. This would mean a lot of economic gains as what is now lost to foreigners in terms of cost of transportation will be a national gain accruing mostly in foreign exchange. Talking about the agencies of government in the ports and the legislature, one would say that there has been a robust relationship. Being an industry that is technical, one has noticed the cool-headedness of most members of the Senate or the House Committee in the maritime industry to study the sector. Although the legislators have always kicked when the need arises during their visits for oversight functions, such issues have always been settled for the sake of moving the sector forward.

Last week, members of the House Committee on Ports, Harbours and Waterways organised a retreat in Eko Hotel, Lagos.

During the retreat, among the objective was the maritime sector’s economic development. The Managing Director of the Nigerian Ports Authority (NPA), Ms Hadiza Usman, had captured the objectives of the retreat as part of the commitment of members of the National Assembly to cooperate with the executive to realise the development goals and objectives set for the sector. Usman had observed that indeed, the House was concerned about bringing the sector up to speed with international standards. She observed that the House Committee was desirous in creating suitable synergy between the National Assembly and the Transport Ministry. The retreat was attended by virtually every chief executive of the government agencies in the maritime industry, Bureau of Public Enterprise, BPE, among others.

Synergy and Devt For unity of purpose, the federal government agencies in the maritime industry are currently working together to move the sector forward.

This is apparently on realising the gains of such collaboration. In the past, this was not exactly so. Without making any attempts to reopen sad issues of the past between some of the agencies,

Tin Can Island Port...loaded with containers

one had cases where there was rivalry among them. It was such that even some of the chief executives were not enjoying smooth relationship among themselves. Matters were even made worse as a result of conflict of roles between some of the agencies. These issues have, however, been addressed. The current scenario in the sector is one of collaboration between all the agencies of government. This has, in turn, encouraged development. The agencies are all currently spearheading different development projects that will impact positively on the sector. The management of the NPA has been involved in improving infrastructure that will enhance port operations. Similarly, the Nigerian Shippers’Council, NSC, headed by Hassan Bello, has also been involved in the campaign of achieving efficiency, cost reduction in shipping services, among others. The regulator has particularly been spearheading automation among the agencies to bring the ports to what obtains in other advanced countries. Every stakeholder among the agencies has keyed into this project and the result is beginning to show in terms of efficiency in shipping services, including other service providers. As the ports economic regulator, the council in a bid to ensure that shipping services are taken to high level, launched the Standard Operating Procedures (SOPs) and the Port Service Support Portal (PSSP). As a project of the Transport Ministry, both SOPs and PSSP are seen as part of the reform agenda to promote trade in the

nation’s ports. While SOPs are interpreted as instructions which clarify processes involving every stakeholder in port operation, PSSP is an online portal where users of port services can interact with providers of shipping services, including the NSC. The Nigerian Maritime Administration and Safety Agency (NIMASA) is not left out as the Director-General, Dr. Dakuku Peterside, is currently repositioning the agency to do more in its core statutory functions, including addressing the issues of security, capacity building and indigenous shipping development, among others.

NTC, Ports and Harbour Bills, Others During the retreat, one major issue that came up was the need for the passage of the Transport Bills now in the National Assembly. Some of the bills have been with the National Assembly for about six years without very serious progress. The only bill that has made some progress in the House is the National Transport Commission (NTC) bill, which has passed the Second Reading. With the passage of the bill, the federal government wants a situation in which the NSC transforms into the NTC. The ports regulator is considered as most suitable for the transformation because of its expertise, structure and capacity for the job. Besides, stakeholders believe that under the current economic situation, it will be cost effective for the NSC to simply transform as NTC to save government the cost involved in establishing a brand new commission that will

still depend on the Council for some expertise.

Other bills include the Ports and Habours, and Inland Waterways Authority. During the retreat, the Transport Minister, Mr. Chibuike Amaechi, stressed the need for a review and amendment of the moribund regulations in the maritime industry.

Amaechi pointed out the laws as those in conflict with the Federal Government’s powers on inland waterways, ports management and operations.

Usman had, during the retreat, called on the National Assembly to pass the NTC, Ports and Harbours Bills and other maritime bills before it to boost port development plan. According to her, there was an urgent need to pass the bills to replace the existing obsolete laws, which according to her were not supportive of developmental goals of the country.

Similarly, the Acting Director General of the Bureau of Public Enterprises (BPE), Dr Vincent Akpotaire, had urged the National Assembly to pass the NTC, Ports and Harbour and other bills as part of the port reform agenda. According to Akpotaire, the non-passage of the bills has affected the effectiveness of the critical aspects of the port reform. The passage of the Ports and Harbour Bill, he explained will strengthen the NPA as the landlord and technical regulator in the system, while the passage of the NTC bill will assist in the establishment of a commission as the economic regulator for all the transport modes apart from the aviation sector.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

20

BUSINESS/ENERGY

Stabilising Oil Market with OPEC’s $66.6bn Refineries Investment Chineme Okafor writes that members of the Organisation of Petroleum Exporting Countries (OPEC) would need to upgrade their investments in refining capacities as recently estimated by the cartel to support stability in the global oil market

M

ember countries of the OPEC would need to invest $66.5 billion by 2021 to upgrade their refining capacity to 13.3 million barrels per day (b/d) from which the required products would be supplied to consumers to sustain ongoing market stabilisation efforts of oil producers.

Coming with a recent declaration by its Secretary General, Mohammed Barkindo, that oil would remain important to meeting the world’s energy requirements for a long time, the prospect of this coming to reality would be determined by member countries with significant number of new investments in refineries.

In its latest publication – the World Oil Outlook, OPEC however affirmed that a significant number of new refineries investments could occur in some of its member countries from which about 8mb/d of potential refining projects are expected.

At the moment, OPEC’s 13 members have an installed refining capacity of 12.6mb/d, but that number does not really reflect their actual output. Reports indicate that their actual outputs are 10.8mb/d, and that this is contributed more by the ailing or inefficient refineries of some of its members.

For instance, OPEC’s 2016 Annual Statistical Bulletin indicated that Nigeria’s four refineries with combined capacity of 445,000b/d barely produce up to 21,900b/d, while Iraq with its 900,000b/d barely produce415,000b/d, UAE with 1,124,000b/d does 918,000b/d, and Libya with 380,000b/d produces just about 91,900b/d.

In its report, OPEC however, said that it would expect additional refining capacity from its members to come from condensate splitters, new greenfield and ‘grassroots’ projects, and perhaps capacity expansions at some of the existing refineries.

“The additional refining capacity in OPEC member countries will come from condensate splitters, new greenfield and ‘grassroots’ projects, supplemented by expansions at existing facilities.

“The largest OPEC member countries’ new refineries are mega projects, expected to come on stream during the mediumterm period, these are in Kuwait (Al Zour project), Saudi Arabia (Jizan project) and Venezuela (Anzoetagui).

“Other relatively sizable projects with a common trend among crude producers to process heavy crudes domestically and also aiming to satisfy increasing local demand, include new refineries in Lobito, Angola; Manabi (Refinery del Pacifico), Ecuador; Khozestan and Kermanshah projects in Iran; Fujairah and Dubai projects in the UAE,” it said in the report.

It further stated that, “Algeria has chosen to settle for medium capacity refineries in Arzew, Hassi Messaoud and Tiaret to satisfy its growing local refined products demand,” adding however that, “No clear picture can be envisaged yet from projects in Libya.”

Similarly, Barkindo in a recent interview reportedly stated that that there was a positive outlook on global oil demand to rise to over 109mbd by 2040 from 93mbd in 2015.

He said: “This positive outlook, of course,

An Oil refinery

hinges on huge investments being made to not only increase production from new areas, but also to compensate for existing fields on the decline. Between now and 2040, an estimated $10 trillion in oilrelated investments will be required and roughly $6 trillion for gas.”

Additional Capacity from Nigeria Though Nigeria presently imports most of the fuel needed to run her domestic economy following her collapsed domestic refining capacity, there are indications she could add to the capacity required by OPEC before 2021.

OPEC said in the outlook that, “Some capacity expansion could be forthcoming in Nigeria by 2020, either through the rehabilitation of existing refineries - in part to raise their utilisation rates, or through grassroots projects.”

Referring to overtures made by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on some oil majors to consider investing in Nigeria’s domestic refining sector, the outlook report stated:

“In late March, the Nigerian National Petroleum Corporation (NNPC) was reported as being in talks with Chevron, Total and ENI regarding potential assistance to restart and revamp refineries at Port Harcourt, Warri and Kaduna.”

It however stated that the most promising of the capacities that Nigeria could bring on board was the 650,000b/d private refinery being constructed by the Dangote Group in Lagos.

According to it, “Of several possible refining projects, one that may materialise in the medium-term is the grassroots 650,000b/d Dangote refinery and an associated greenfield fertiliser plant in Lagos. If built, this refinery would be Nigeria’s first privately owned and operated refinery.”

It also noted in total, an estimated 0.6mb/d of new crude distillation capacity could come from oil Africa’s oil producers by the end of 2021, adding, “Whether or not the large Dangote project progresses in a timely manner remains a major consideration, as it will affect how much

new capacity is in fact brought on-stream in the medium-term.”

Kachikwu, in his proposals to oil majors to invest in refineries in Nigeria, had repeatedly said the country would exit petrol importation in 2019, and that the economic returns on refineries investments in Nigeria were healthy, more so with reported commitment of the government to this.

He once reaffirmed this commitment when he made a presentation to top executives of Italian oil firm, Eni, in Rome, Italy earlier in January, saying: “The attempt by previous governments to privatise refineries and attract investment in refineries failed to yield the required result. The present government had promised to correct this by upgrading old refineries and building new ones, thus increasing local production capacity with an objective to reduce importation of petroleum products by 60 per cent in 2018, and by 2019, to become a net exporter of petroleum products and value added petrochemicals.”

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

21

BUSINESS/ENERGY

A worker at flow station

Reversing Nigeria’s Deferred $100bn Crude Oil Income Recently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, reiterated that on account of militancy in the Niger Delta, Nigeria could not earn about $100 billion oil revenue in 10 years as he also opened up on plans to reverse the loss. Chineme Okafor reports

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hough not entirely new, Kachikwu in a podcast he released recently stated that between $50 and $100 billion was not earned by Nigeria in 10 years because of frequent attacks on oil and gas infrastructure by the Niger Delta militants.

Kachikwu explained that at the peak of militancy within these periods, oil revenue dropped drastically, and production particularly ebbed from 2.2 million barrels per day (mbpd) to one million barrels per day in 2016.

He said:“As at 2016 on the average and looking at it historically that Nigeria was losing $50 to $100 billion as a result of the disruption.”

He specifically added that the country’s oil and gas industry could not earn over $7 billion from January to October 2016, saying that over the last decade spanning through various administrations, the industry suffered critical disruptions to operations resulting in the unearned incomes.

According to Kachikwu, the unearned income also included that which international oil companies (IOCs), independent producers as well the Nigerian National Petroleum Corporation (NNPC) could not take from their operations in the fields.

“This is a problem that has consistently been there even before the government of President Obasanjo, and it went on into other governments. It is a problem that seems to be intractable. So, it is a difficult undertaking to try to embark on trying to resolve it once and for all, but we are very bullish about this,”Kachikwu said to buttress the longstanding existence of militancy and its impacts on Nigeria’s oil production.

Similarly, the Nigerian Petroleum Development Company (NPDC), a subsidiary of NNPC had from February 2015, consistently reported substantial deferred revenue averaging N25 billion per month from the a subsisting force majeure declared by Shell Petroleum Development Company (SPDC) following the destruction of 48-inch

Forcados crude oil export line.

Plans to reverse the trend While the NNPC has repeatedly said in its monthly operations report that comprehensive measures to limit the impacts of oil assets destructions on the financials of the corporation were being initiated but with some success from stopgap approaches, Kachikwu in the podcast disclosed some detailed plans he would adopt to end this.

According to the minister, a 20-point agenda which include periodic engagements with communities and stakeholders in town hall meetings, inter-agency collaboration, ring-fenced state approach to security of oil installations, as well as security hold-hands efforts to guarantee peace and investment on state basis would be adopted.

He also listed focused investments in gas-to-power, incentive for peace scheme, massive revamp of social infrastructure bases of the communities and establishment of a Niger Delta Development Fund Initiative, as the other approaches he hoped would end militancy in the Niger Delta.

Christened“Oil Sector Militancy Challenges…Roadmap to Closure,”Kachikwu explained that the new approach was aimed at instituting permanent peace in the oilproducing region.

According to him, the Niger Delta crisis, coupled with the 45 per cent drop in oil production, worsened the financial challenges of the President Muhammadu Buhari administration. He added that the new measures would address this financial challenge to the government.

Additionally, the minister emphasised that the crisis resulted in attacks on oil and gas facilities and the sub-optimal performance of the country’s refineries. He noted that Nigeria was unable to meet its international obligations as a result of the militancy.

Kachikwu explained that the new measure would build on existing efforts initiated by the government to end the crisis. According to him, a seven-point roadmap that

included engaging the oil-producing communities and sustaining the Amnesty Programme for the repentant militants were in existence already.

Insisting that the administration was determined to tackle militancy and achieve peace in the region, Kachikwu noted that it would be bullish in its focus on remedying the environment of the Niger Delta, which he said was also rich enough for aqua tourism for revenue generation.

To clean up the environment, Kachikwu said Buhari would continue to implement the existing seven-point agenda and other behind-the-scenes engagements of relevant stakeholders.

According to him, the first point on the 20-point agenda he plans to launch would be for oil companies to engage the state governments and communities on issues affecting a particular state.

The second point, he noted, would focus on inter-agency collaborations between the Ministries of Petroleum Resources and the Niger Delta, as well as the NDDC on crosscutting development and operational issues of the region. The third point would be a ring-fenced approach to ending the militancy. On this, he stressed that the Federal Government would stop dealing with militancy as a national issue and adopt a state-by-state approach to ending it on the ground that each state in the region appeared to have peculiar challenges that prompt militancy in their areas.

Kachikwu said government would focus on creating 100,000 jobs in each of the oil-producing states in the Niger Delta in the next five years, while the Amnesty Programme would be decentralised because Federal Government can no longer fund the programme alone as a result of dwindling oil revenue.

Another plan under the agenda Kachikwu launched would be to adopt the“Security Hold Hands Approach”, which according to him, was aimed at strengthening security in the region through the collaboration of all the relevant agencies.

He also identified peace and investment initiatives

as another focus in the new agenda, and stressed that peace encourages investment while crisis serves as a disincentive to investment. He noted that the agenda would encourage states in the region to continue to pursue peace in exchange for improved investment.

The minister equally added that there would be a core business focus wherein the Federal Government will continue to attract business opportunities to the Niger Delta, stressing that at the core of the militancy was the lack of economic opportunities for inhabitants of the region to earn decent lives for themselves and their families.

He said the setting up of cottage industries and business startups in the region will encourage violent agitators to shun militancy and engage in business activities that will earn them good incomes.

Kachikwu said that oil companies would be encouraged to embark on the revamp of oil and gas infrastructure in the Niger Delta, in addition to focusing on the“clean-up of our mess”. He noted in this respect, that the government had launched the Ogoni clean-up exercise which should restore the environment of Ogoni land.

Other aspects of the 20-point plan included the domestication of oil and gas business opportunities to achieve greater participation of the people of the oil-producing region without excluding other Nigerians.

He said the government would also encourage education programmes in the Niger Delta to make the people embrace education and shun militancy. He stated that the Amnesty Programme would be launched on a state-by-state basis to create opportunities for 5,000 to 10,000 youths in each states of the region.

Further on security and peace, Kachikwu explained that ensuring justice for all the stakeholders in the region would be the major plank of the agenda, while the government would continue to strengthen the military and other security agencies to maintain peace as it would no longer accept instances of militants holding the country to ransom.

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T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

BUSINESS/ECONOMY

Optimism as New CBN Forex Policy Tumbles Dollar Rate on Parallel Market The latest foreign exchange policy actions of the Central Bank of Nigeria, which avail the market OLTXLGLW\ DQG VHHN WR DOOHYLDWH WKH VXIIHULQJV RI IRUH[ XVHUV DV ZHOO DV SURPRWH HIÀFLHQF\ LQ the market, have elicited reactions from economic analysts and market watchers, report Kunle Aderinokun, Olaseni Durojaiye and James Emejo

Packets of Dollars

The New Forex Policy

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he new Central Bank of Nigeria directive, which abolished the foreign exchange preferential treatment it accorded the manufacturing sector, absorb retail forex sales for retail users and reduced the tenor of foreign exchange denominated transaction has expectedly begun to generate interests among operators in the economy and analysts alike.

The move is aimed at easing access to foreign exchange by Nigerians as well as to foster a more efficient and competitive FX market, despite its decision to eliminate the preferential treatment, which required banks to allocate 60 per cent of FX purchases from all sources to the manufacturing sector.

Despite the elimination of the preferential FX allocation regime, the apex bank maintained that the provision of FX to the manufacturing sector would remain its strong priority. The assertion may soothe nerves amongst operators in the manufacturing sector whose major bane was inability to access FX for machinery and spare parts imports.

In fact, the CBN has provided direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs and School fees. The CBN expects such retail transactions to be settled at a rate not exceeding 20 per cent above the interbank market rate. The CBN has since embarked on special wholesale intervention forward sales in the interbank FX market. While

it offered $500 million on Tuesday, the 23 banks were only able to buy $370, 810.79 to meet the visible and invisible requests of the customers. The bank had also sold $80 million to banks to meet the demands of their customers who had applied for FX for school fees, medicals, and business and basic travel allowances, out of the $125 million uncleared backlog for invisibles.

These are besides spot sales of $1.5 million to four banks and the offer of $41 million for sales out of which $35 million was taken up for the payment of school fees, medical bills and personal and business travel allowances. In all, the CBN had sold $491.8 million to commercial banks and authorised dealers in the market as at Tuesday.

Following the actions of the CBN, the exchange rate of the dollar to the naira continued to slide. In fact, the value of the national currency has been rising unabatedly since the announcement of the new policy. For instance, the dollar which was sold for N525 at the parallel market on Monday before the announcement, tumbled to N501/$1 on Wednesday. As at the close of business on Friday, it closed at N450/$, stronger than the N480 to the dollar from the previous day, amassing a gain of N75/$ after the announcement, thereby signalling renewed confidence in the forex market.

With the naira rapidly and daily gaining value, speculators, many of which have lost millions of naira, are now wary of buying dollars at higher rate.

The CBN in its determined effort to ensure that the naira continued to increase in value pumped

dollar into the BDC market with each operator getting $8,000.

Nevertheless, THISDAY investigation revealed that a chunk of the parallel market operators are trying to slow down the fall of the dollar to

If the CBN can meet all demand for BTA, PTA, school fees, medical for the rest of the year, then they would have taken a small but significant amount of demand out of the parallel market. On the short term, it would bring down the parallel market rate

mitigate the heavy losses they are currently suffering.

It was gathered that many of them had bought huge volumes at over N500/$ with the thinking that the naira will continue to fall, only for CBN to dramatically intervene, leading to the naira gaining substantially against the dollar.

The new policy, though seen by a few as a policy reversal, couldn’t be coming at a better time. This is because the country’s foreign reserves has been on the increase lately, and it is still basking in the success of an oversubscribed $1 billion Eurobond. Following the success of the $1 billion Eurobond, the Acting President, Yemi Osinbajo, late Wednesday wrote to the National Assembly requesting permission to float another $500 million Eurobond.

The new policy is seen by many as fit for purpose. It has doused the criticisms that trailed the introduction of the preferential treatment when it was introduced last August, and vindicated those who described it as unsustainable. Observers opined that appreciation of the external reserves to US$29.1 billion has empowered the apex bank to intervene by making the market wet with the greenback and this time, the approach is more strategic and targeting.

In welcoming the new policy, one analyst stated that, “CBN initially progressed in error by implementing a selective policy in the first place.

Because, how do we justify allocating 60 per cent of FX at the interbank market to a sector whose output has been falling over the years, contributing less than 10 per cent to our GDP? Even when

23

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

BUSINESS/ECONOMY Optimism as New CBN Forex Policy Tumbles Dollar Rate on Parallel Market

Cont’d from Pg. 22

naira was strong it defies all logic. We are only treating the symptoms of the manufacturing sector rather than face the real challenges that made that critical sector of the economy uncompetitive. This recent policy therefore seeks to correct the initial anomaly and I believe it makes economic sense,” the analyst argued.

In retrospect, the former preferential forex directive could be said to have failed to impact the sector it planned to support. Compliance concerns trailed the policy while it was in effect and many operators in the sector, who initially welcomed its introduction later lamented that it didn’t benefit them.

For instance, following the directive given the preferential treatment, President of the Manufacturers Association of Nigeria (MAN), Dr Frank Jacobs, had expected that, “The directive will help give fillip to the efforts of government to reflate the economy,” but it turned out that the intended objective was frustrated. Jacobs spoke then: “You would recall that MAN has been in the forefront of advocating a special consideration and allocation of foreign exchange to the manufacturing sector of the economy. This is in view of its contribution to the development of the economy; job creation, and most importantly the much needed diversification of the economy, which is one of the priorities of the present administration. The new circular is therefore a welcome development and would give fillip to the efforts of the government aimed at reflating the economy.”

But after a period of time, Jacobs lamented that, “The 60 per cent directive didn’t impact the manufacturing sector because the banks failed to comply with it. When our members approached the banks what the banks told them was that they were not funded by the CBN as such the CBN can’t dictate to them how they sell forex that they bought from the autonomous markets.”

Stakeholders, Analysts React While stakeholders and analysts are diverse in their reactions to the new policy, with more on the side of the CBN, members of the real sector take solace in the assurances from the apex bank that the sector remains a priority sector that it is committed to supporting.

Jacobs noted the $500 million which the CBN pumped into the forex market on Tuesday and the amount that the banks were able to buy, if sustained, will boost the economy, even though he would have preferred the apex bank is more consistent in its policy.

“The new directive is a sign of policy inconsistency; it is like taking forex from the manufacturing to fund non-productive sectors. I have contacted the CBN, and I was assured that the manufacturing sector remains a priority sector which the CBN is committed to funding and advised that we wait and see what happens.

“However, if you took note of what happened on Tuesday where the CBN offered $500 million to the forex market, this is good. If it is sustained it will increase liquidity in the forex market and this will benefit the economy,” he stated.

Another operator who is a top staff of an organisation that is strategic to the economy declared that, “It is the right route to go”.

“It is the right route to go. I’ve always said that the policy (60 per cent allocation) was not sustainable. A better way to support the manufacturing sector would be to waive import duties on critical imports; that could only be abused if people do false declaration of imports but the abuse can’t be as high as you would have with the 60 per cent exclusivity directive,” he stated.

The source also welcomed the introduction of forex sales for medical bills, business and personal travel allowances and school fees as well as the reduction in the tenor of forex denominated transaction.

According to him, “The PTA, BTA, school fees and medicals may have marginal moderate effect on the economy as it will trickle down the forex market. On the reduction of tenor, this is also good as you don’t have to wait for too long to effect transactions,” he stated.

Also, reacting to the absorption of retail forex sales for basic and personal travel allowances, medicals bills and school fees, a research analysts with the Nigerian Economic Summit Group (NESG), Rotimi Oyelere, noted thus: “The policy will no doubt birth short-term gain but the medium to long term benefits will be determined by other global dynamics, to an extent at which we can sustain supply and keep the market wet.

“Rather than focusing on the wholesale demand alone thereby leaving the retail users at the mercy of parallel market operators, who fix rates as they wish, the CBN is looking at addressing retail demand

CBN Governor, Godwin Emefiele thereby redirecting traffic from the parallel market.

Once demand at the parallel market declines, we can begin to see a convergence of rates and gap closing between the official price and parallel market rate. Naira will appreciate at the parallel market and based on the high import volume of basic commodities, appreciation of the naira will impact prices of both input and finished products.

Hence, it is expected that inflation rate will come down, the purchasing power and the real income will improve thereby encouraging consumer to either increase the quantity of goods and services bought or save the excess. Consequently, increased consumption creates incentives for manufacturers/ producers to expand production base or improve capacity utilisation. Expansion in economic activities either through production or service means more people will be engaged, hence there is job creation impact. However, the negative effect on non-oil export will be insignificant and may be naturalised by the overall gains,” he concluded.

To the Executive Director, Corporate Finance, BGL Capital, Femi Ademola, “The new CBN foreign exchange policy is following our usual reaction of using supply to manage the demand for the foreign exchange.”

“While the increase in supply will help to move the equilibrium price lower by cutting out speculations, the fundamentally high demand structure indicates that the effect would be short term except we are assured of a consistent supply of foreign exchange in large volumes. To completely bridge the gap and close the foreign exchange spread will require that the CBN deplore the foreign reserves to continuously provide the needed supply, which I don’t think is wise,” he, however, added.

“Therefore, in my opinion”, Ademola suggested, “the stability of the Naira exchange rate requires the combined efforts of both the fiscal and monetary authorities and may require the complete floating of the Naira exchange rate.”

“Although the float of the Naira exchange will benefit export, but with low domestic production, the benefit is very little. The way to go to stem the current challenges is to improve on domestic productivity.”

The economist also pointed out: “One of the challenges to domestic production is lack of infrastructure; hence the FG should cut down wastages, close down leakages and use the savings for developmental projects that can help the

country. With the experience and success of the recent Eurobond, it is clear that international debts can be arranged and used for development of infrastructure such as power, roads, bridges etc.”

“The state governments should support the FG to stimulate local production by creating industrial layouts that is provided with all needed infrastructure such as factory building, roads, water, power and open them out for lease (short and long term) depending on the need of the interested companies.

If each state creates ready to go factory sites with all needed amenities, it would be easy to attract manufacturers, especially SMEs to them,” he added.

In his own analysis, An Associate Professor of Finance and Head, Banking and Finance Department, Nasarawa State University, Keffi, Dr. Uche Uwaleke, while commending the stoppage of the preferential treatment, urged the CBN to adopt fiscal policies which promote import substitution as a long-lasting solution to current FX crisis.

According to him, “The recent measure by the CBN with respect to forex management is chiefly aimed at narrowing the wide gap between the official and parallel market rates as well as improving access to forex for PTA and payment of school fees abroad.

“I am sure that the CBN is under no illusion that the tiered exchange rates which this forex policy has brought about will halt the slide in the value of the naira. While admitting that a complete currency float is capable of unifying rates and reducing round tripping and speculative activities, toeing such a part will be suicidal for an import-dependent economy that depends on a single commodity for much of its forex inflows.”

Uwaleke suggested that, “To reverse the current downward trend in the value of the naira, well-coordinated fiscal policies should be deployed to pursue import substitution and enhance the competitiveness of local production with a view to curtailing forex demand.

“On the supply side, the government should fast track efforts to improve the ease of doing business and the state of infrastructure in order to attract foreign investments as well as develop multiple streams of earning foreign exchange. In my view, it is only when the supply of forex is guaranteed from diversified sources that the issue of market-determined value of the naira can be tabled for consideration.”

In the same vein, Economist and former Manag-

ing Director of Unity Bank PLC, Dr. Muhammad Rislanudeen, said the preferential treatment to critical sectors ought to be a good policy particularly at this period of recession except for the abuse and lack of transparency which apparently marred the regime.

According to him “Preferential treatment in the allocation of foreign exchange is a good policy especially in a period of excess demand and limited supply.

Policies that aimed to segment and preferentially allocate scarce foreign resources to critical sectors would have worked better if market is allowed to competitively allocate the scarce foreign exchange.

Lack of transparency might have fuelled round tripping and persistent attack on the naira by speculators and rent seekers.”

“It might have contributed towards the wide gap between official and black market rates we have today. The only items that should continue to be denied official foreign exchange are luxury items and other items where there are import substitutes.

We discourage forex allocation to areas where that may exacerbate import dependency.

“CBN should maintain its policy of prioritising core areas like manufacturing which have multiplier effect of supporting GDP growth and job creation.

Abolishing the preferential policy will create another problem of non-optimal allocation of the scarce foreign exchange by deposit money banks. CBN should also strengthen the forex policy by making it more transparent and competitive thereby enhancing more participation and liquidity in the market,” he noted.

Economist and ex-banker, Dr. Chijioke Ekechukwu, faulted the allocation of resources to selected sector in the first place.

Ekechukwu said: “Having a preferential FX rate for the manufacturing sector was faulty ab initio. This is because it will be misapplied, it will be abused, it will be misappropriated. It was also faulty because manufacturing sector is one sector out of many others that need FX to execute their businesses.

“It will obviously not reduce the burden on Nigerian consumers. We need to know that only the forces of demand and supply of foreign currencies determine the prevailing rates of fx. We should be concerned about what will push so much foreign currencies into the market for at least six months, then foreign exchange rate will go down drastically.”

“CBN should as matter of urgency, determine the weekly consumption of FX and intervene with such volume weekly for up to 6months. Whether they do that with borrowed funds or from our reserves or from idle funds or wealth fund, it does not matter now. What matters is that such interventions should take place now and now,” he added.

However, Director, Union Capital Markets Ltd, Egie Akpata, contended that, “The new policies are really updated administrative guidelines as most of these items were getting forex 18 months ago so are not new as such.”

He added that, “It remains to be seen if all banks are providing FX for all the listed items. If they do, for how long will this be sustained?

If the CBN can meet all demand for BTA, PTA, school fees, medical for the rest of the year, then they would have taken a small but significant amount of demand out of the parallel market. On the short term, it would bring down the parallel market rate.”

Akpata proffered that, “The kinds of changes in FX policy needed at this stage are those that result in new FX inflows coming into Nigeria. Ideally from foreign portfolio investors (FPI) and foreign direct investment (FDI).” According to him, “The amount of FX under these headers is almost negligible now compared to a few years ago. The increased inflows will boost FX reserves, give confidence to the market and provide the funds for the CBN to sustain the current initiative on school fees, BTA, PTA and medical bills abroad.

He concluded that, “This move is a good first step but does nothing to bring new FX inflows into Nigeria.

Hence the risk that it will deplete reserves and might not be long term sustainable.”

Analysts at FBN Capital Ltd expressed surprise at the abolition of preferential treatment to the manufacturing sector given its peculiar nature. They would have preferred the CBN maintained the policy for the sector since it is still heavily-dependent on import for its materials.

They said: “The press release reveals that the rules on allocations of fx by the banks have been scrapped.

Hitherto, banks had to devote 60 per cent of their meagre ration from the CBN to manufacturing (broadly defined). This change was a surprise: manufacturing in Nigeria is still heavily reliant on imported inputs, the FGN’s programme of substitution notwithstanding, and will miss the privileged access to banks’ FX it enjoyed until this week (last week).”

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ ͺ;˜ ͺ͸͹Ϳ

24

NIGERIA’S TOP 50 STOCKS BASED ON MARKET FUNDAMENTALS

GlaxoSmithKline Plc: Substantial foreign exchange loss impacts profitability

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SK recently released result for third quarter ended, September 2016 records notable decline in top-line earnings while profitability was negative.

GlaxoSmithKline Consumer Nigeria Plc (GSK) is an affiliate of GlaxoSmithKline worldwide commenced operation on the 1st July 1972, under the name Beecham Limited and was subsequently quoted on the Nigerian Stock Exchange (NSE) in 1977 and is currently one of the 30 most capitalised stocks on the exchange.

The Company has constantly advance innovations in products development and branding such as: the recently developed smaller pack sizes of inhaler devices for Asthma patientsVentolin Rotacaps. Ventolin Rotacaps uses a re-engineered version of the established GSK inhaler technology that is five times less expensive to produce. The new inhaler has been made available in four markets –The Philippines, Indonesia, Kenya and Nigeria.

DECLINE IN REVENUE AS HOUSEHOLD CONSUMPTION SHRINKS GSK has continued to face stiff competition from cheap imported healthcare and consumer goods from China and India besides local competition. This is in addition to reduction in sales witnessed in the North Eastern part of the country earlier in the year.

Third quarter 2016 financial results of GlaxoSmithKline Consumer Nigeria Plc recently released shows a 10.85% decline in revenue to N20.54 billion from N23.04 billion in September 2015. The decline in top-line earnings triggered by the cautionary spending by households due to the domestic economic headwinds prevalent in the country has unarguably resulted in reduced general consumption. Hence, the GSK consumer healthcare goods - which deals with oral care, over the counter (OTC) medicine and nutritional healthcare – and pharmaceuticals – which deals in antibacterial, vaccines and prescription drugs - records sharp drop in sales by 12.41% and 7.55% respectively.

Cost of sales also declined by 4.20% to N14.72 billion from N15.37 billion. Due to the lower decline in cost in comparison to revenue, gross profit weakened considerably by 24.18% to N5.82 billion from N7.67 billion recorded in the same period of 2015.

Foreign exchange losses greatly erodes profitability Operating profit recorded a loss of N6.29 billion in September 2016, indicating a substantial decline

WE HOLD STRONG OPINION THAT GLAXOSMITHKLINE CONSUMER NIGERIA PLC HAS AN OPPORTUNITY TO DELIVER HIGH LEVEL OF PRODUCT INNOVATIONS, OPERATIONAL EXCELLENCE AND CREATE AN OPPORTUNITY TO DEEPEN ITS MARKET WHICH WOULD SIGNIFICANTLY BOOST PERFORMANCE BEYOND CURRENT RESULTS. HOWEVER, THE COMPANY’S MANAGEMENT MUST REVIEW AND ACTION SOUND STRATEGIC PLAN TOWARDS IMPROVING REVENUE AND EFFECTIVELY MANAGE ITS EXPENSES TO POSITIVELY IMPACT FURTHER EARNINGS AND SHAREHOLDERS RETURN of 993.64% when compared with September 2015 figure of N704m.

Forming a huge part of operating income is recovery of accrued licence fee of N1.22 billion payable to Glaxo Group Limited which was considered unnecessary. GSK’s profitability is largely eroded by an unanticipated loss recorded in other gains and losses to the tune of N6.47 billion from N653m in September 2016. Other gains and losses declined extensively on the back of unrealised foreign exchange losses totalling N5.85 billion.

The Company’s total expenses figure revealed that administrative expenses, and selling and distribution expenses rose by 4.36% and 10.47% to N2.14 billion and N4.73 billion, from third quarter 2015 record of N2.05 billion and N4.29 billion respectively.

The rise in selling and distribution expenses was incurred due to increased promotional activities by the Company’s management in a bid to further deepen the GSK brand and increase its market share in the highly competitive market in which it operates.

DESPITE INCOME FROM BUSINESS DISPOSAL, PROFITABILITY REMAINS NEGATIVE Pre-tax loss stood at N6.29 billion indicating a decline of 997.09% from N701m in the corresponding period 2015. The company boast of reduction

finance costs to N0.31m for the third quarter ended, September 2016 from N2.68m in the preceding period of 2015 indicating a massive decline of 88.56%.

Net income was boosted by an unexpected income of N2.33 billion received from the disposal of its drink business through the sale of the Company’s two flagship brands; Lucozade and Ribena to Suntory Beverage & Food Nigeria Ltd. Nevertheless, a huge loss was still recorded as net income decline of 762.75% to N4.05 billion loss from N486m billion recorded in September 2015.

KEY FINANCIAL METRICS REFLECTS PERFORMANCE FIGURES Total assets rose by 22.25% to N38.30 billion as at third quarter ended, 30th September 2016 from N31.33 billion as at December 2015.

The growth was driven primarily by the substantial increase in cash and bank balances, trade and other receivables which grew by 543.06% and 19.95% respectively. Total liabilities also increased substantially by 62.65% to N29.51 billion from N18.14 billion as at third quarter ended, 30th September 2016. The growth in total liabilities was due to a massive rise of 71.36% in current liabities, despite a record loss of 7.16% in long-term liabilities.

Shareholders equity decreased on the back of retained earnings by a notable figure of 33.34% in the period under review to N8.79 billion from N13.19 billion recorded in December 2015.

Profitability ratio however dropped significantly. Return on average asset (ROAA) and return on average equity (ROAE) reflects bottom-line earnings as each stood at a negative 11.62% and 36.83% respectively as at third quarter ended, 30th September 2016.

GSK’s quick ratio currently stands at 1.13 compared to 0.58 and 0.62 in September 2015 and December 2015 respectively. Furthermore, price to sales (P/S) positions at 0.64 while price book value (P/BV) at 2.05.

WE PLACE A HOLD RECOMMENDATION The performance of GSK for third quarter of 2016 has not been impressive due to unprecedented foreign exchange losses, and reduction in both Company’s revenue and profitability. GSK still enjoys significant patronage across its product brands and Nigerian economy is an attractive market for consumable goods, largely supported by the growing population size of about 180.1 million people, which provides vast consumer demand.

We hold strong opinion that GlaxoSmithKline Consumer Nigeria Plc has an opportunity to deliver high level of product innovations, operational

Valuation Metrics 24-Feb-17 Recommendation

HOLD

Target Price (N)

12.55

Current Price (N)

14.75

Market Cap (N'm)

17.84

Outstanding Shares (m)

1,196

EPS (N)

-2.98

P/S

0.63x Source: BGL Research

Third Quarter Results - September 2016 Turnover (N'm)

20,540 6,288

Profit Before Tax (N'm) Profit After Tax (N'm)

4,046

Pre-tax Margin (%)

30.61 Source: BGL Research

Audited Full Year December 2015 Gross Earnings (N'm)

30,634 1,157

Profit Before Tax (N'm) Profit After Tax (N'm)

965

Pre-tax Margin (%)

3.78 Source: BGL Research

Shareholders

Holding (%)

Setfirst Limited

27.31%

SmithKline Beecham Ltd

19.11%

Stanbic Nominees Ltd

10.08%

Public Float

44.67% Source: Company Data, BGL Research

excellence and create an opportunity to deepen its market which would significantly boost performance beyond current results. However, the Company’s management must review and action sound strategic plan towards improving revenue and effectively manage its expenses to positively impact further earnings and shareholders return.

Considering the foregoing with respect to intense of and other macroeconomic factors, we have valued the GSK’s share using a combined valuation methods of book value, and adjusted price to sales (P/S) which resulted in a 6-month target price of N12.55 per share. Since this represents a downside potential of 14.91% on the current stock price, we place hold recommendation on the Company’s shares.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ ͺ;˜ ͺ͸͹Ϳ

25

NIGERIA’S TOP 50 STOCKS BASED ON MARKET FUNDAMENTALS

Guaranty Trust Bank Plc: Remarkable third quarter performance points ahead

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ØÞÏÜÏÝÞ ÏâÚÏØÝÏ ÙØ ÞÒÏ ÙÞÒÏÜ ÒËØÎ ÑÜÏá Ìã ÎÜÙÚÚÏÎ Ìã ͗˛͚͖ϯ ÞÙ ͕͚˛͒͗ ÌÓÖÖÓÙØ ÓØ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͖͓˛͙͔ ÌÓÖÖÓÙØ ÜÏÍÙÜÎÏÎ ÓØ ÏÚÞÏ×ÌÏÜ ͓͖͑͒˛ ÒÏ ÒÓÑÒ ËØÎ ÍÙØÝÞËØÞ ÓØÞÏÜÏÝÞ ÜËÞÏ ÏØàÓÜÙØ×ÏØÞ ÞÒÜÙßÑÒÙßÞ ÞÒÏ ÚÏÜÓÙÎ ËØÎ ËØ ßØÍÒËØÑÓØÑ ËØÕÝ˪ ËÝÒ ÏÝÏÜàÏ ËÞÓÙ ̙ ̚ ÜÏÝßÖÞÏÎ ÓØ ÓØÍÜÏËÝÏ ÓØ ÍÙ×ÚÏÞÓÞÓÙØ ÐÙÜ ÎÏÚÙÝÓÞÝ Ë×ÙØÑÝÞ ÌËØÕÝ ÌßÞ ËØÕ áËÝ ËÌÖÏ ÞÙ ×ËØËÑÏ ÓÞÝ ÓØÞÏÜÏÝÞ ÏâÚÏØÝÏ˛ âÚÏÍÞÏÎÖã ÞÒÏ ÌËØÕ˪Ý ØÏÞ ÓØÞÏÜÏÝÞ ÓØÍÙ×Ï ÑÜÏá ØÙÞËÌÖã Ìã ͒͑˛͖͑ϯ ÞÙ ͔͓͒˛͖͘ ÌÓÖÖÓÙØ ÓØ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͓͒͑˛͔͒ ÌÓÖÖÓÙØ ÓØ ÞÒÏ ÍÙÜÜÏÝÚÙØÎÓØÑ ÚÏÜÓÙÎ ÙÐ ͓͖͑͒˛ OTHER INCOME AND FEES EARNED LEADS TO SIGNIFICANT GROWTH IN NON-INTEREST INCOME ÒÏ ËØÕ ÜÏÚÙÜÞÏÎ ØÙØ̋ÓØÞÏÜÏÝÞ ÓØÍÙ×Ï ÙÐ ͕͒͘˛͔͘ ÌÓÖÖÓÙØ ÐÙÜ ÞÒÏ ÞÒÓÜÎ ÛßËÜÞÏÜ ÏØÎÏΘ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͖͗˛͕ ÌÓÖÖÓÙØ ÜÏÍÙÜÎÏÎ ÓØ ÞÒÏ ÍÙÜÜÏÝÚÙØÎÓØÑ ÚÏÜÓÙÎ ÙÐ ͓͖͑͒˞ ÜÏÐÖÏÍÞÓØÑ Ë ÝßÌÝÞËØÞÓËÖ ÑÜÙáÞÒ ÙÐ ͒͗͒˛͓͖ϯ˛ ÒÓÝ áËÝ ËØ Ó×ÚÜÏÝÝÓàÏ ÚÏÜÐÙÜ×ËØÍÏ ËÝ ÐÏÏ ËØÎ ÍÙ××ÓÝÝÓÙØ ÜÙÝÏ Ìã ͓͘˛͒​͒ϯ ÙØ ÞÒÏ ÌËÍÕ ÙÐ ÝßÌÝÞËØÞÓàÏ ÓØÍÜÏËÝÏ ÓØ ÓØÍÙ×Ï ÑÏØÏÜËÞÏÎ ÐÜÙ× Ï̋ÌßÝÓØÏÝÝ ÚÜÙÎßÍÞÝ

WHILE THIS POLICY AIMED AT CONTROLLING MONETARY LIQUIDITY IN THE ECONOMY FORESHADOWS HUGE NEGATIVE IMPACT ON THE BANKS’ OPERATIONS, THE BANK’S MANAGEMENT IS CAPABLE OF INCREASING PERFORMANCE THAT WILL FURTHER STRENGTHEN EARNINGS, INCOME GENERATION CAPACITY AND GROWTH IN LIQUIDITY BASE

ËØÎ ÝÏÜàÓÍÏÝ áÒÓÍÒ ÝßÓÞËÌÖã ÜÏÚÖËÍÏ ÞÒÏ ÚÒËÝÏÎ ÙßÞ Ù××ÓÝÝÓÙØ ÙØ ßÜØÙàÏÜ ̙ ̚ Ìã ÞÒÏ ˞ Ë ÒÓÞÒÏÜÞÙ ÝÓÑØÓÐÓÍËØÞ ÝÙßÜÍÏ ÙÐ ÓØÍÙ×Ï ÞÙ ÌËØÕݲ ÖÝÙ˜ ÑÜÙáÞÒ ÓØ ØÙØ̋ÓØÞÏÜÏÝÞ ÓØÍÙ×Ï áËÝ ÎÏÝÚÓÞÏ ÎÏÍÜÏËÝÏ ÓØ ØÏÞ ÑËÓØÝ ÙØ ÐÓØËØÍÓËÖ ÓØÝÞÜß×ÏØÞÝ ÍÖËÝÝÓÐÓÏÎ ËÝ ÒÏÖÎ ÐÙÜ ÞÜËÎÓØÑ áÒÓÍÒ ÎÏÍÜÏËÝÏÎ Ìã ͚͗˛͓͔ϯ ÞÙ ͔˛͑͒ ÌÓÖÖÓÙØ ÐÜÙ× ͚˛͚͘ ÌÓÖÖÓÙØ ÙàÏÜ ÞÒÏ ÚÏÜÓÙÎ ÜÏàÓÏáÏβ IMPRESSIVE GROWTH IN PROFITABILITY ON THE BACK OF EFFICIENTLY MANAGED OPERATING EXPENSES ÒÏ ËØÕ˪Ý áÏÖÖ àÏØÏÜËÞÏÎ ÙÚÏÜËÞÓÙØËÖ ÏÐÐÓÍÓÏØÍã ÓÝ Ë ÞÜËÎÓÞÓÙØ ÞÒËÞ ËØÕ ÝÞÜÙØÑÖã ßÚÒÙÖÎݲ ÒÏ ËØÕ ÒËÝ ÌÏÏØ ËÌÖÏ ÞÙ ÍÙØÝÓÝÞÏØÞÖã ÝßÝÞËÓØ ÓÞÝ ÏÐÐÏÍÞÓàÏ ÍÙÝÞ ×ËØËÑÏ×ÏØÞ ÝÞÜËÞÏÑÓÏÝ ËØÎ ÒÏØÍÏ ÚÜÙÐÓÞËÌÓÖÓÞã˛ ÏÝÚÓÞÏ ÜßØØÓØÑ Ë ÖÏËØÏÜ ÌÜËØÍÒ ØÏÞáÙÜÕ ÍÙ×ÚËÜÏÎ ÞÙ ÓÞÝ ÚÏÏÜݘ ÞÒÏ ËØÕ ÍÙØàÏØÓÏØÞÖã ÑÏØÏÜËÞÏÝ ×ÙÜÏ ÍÙ×ÚÏÞÓÞÓàÏ ÚÜÙÐÓÞ ãÏËÜ ËÐÞÏÜ ãÏËܲ ÒÓÝ ÜÏØÙáØÏÎ ÏÐÐÓÍÓÏØÍã ÓÝ ËÖÝÙ ÝßÝÞËÓØÏÎ ÓØ ÞÒÏ ÚÏÜÓÙÎ ßØÎÏÜ ÜÏàÓÏá ËÝ ÞÒÏ ËØÕ ÑÜÏá ÙÚÏÜËÞÓØÑ ÏâÚÏØÝÏÝ Ìã Ë ×ÙÎÏÝÞ ͙˛͓͕ϯ ÞÙ ͚͘˛͚͔ ÌÓÖÖÓÙØ ÐÜÙ× ͔͘˛͙ ÌÓÖÖÓÙØ ÜÏÍÙÜÎÏÎ ÓØ ͓͖͑͒˜ áÒÓÖÏ ÙÚÏÜËÞÓØÑ ÓØÍÙ×Ï ÜÙÝÏ Ìã Ë ÍÙØÝÓÎÏÜËÌÖÏ

͕͙͘˛͕͘ϯ ÞÙ ͚͗˛͚͗ ÌÓÖÖÓÙØ ÐÜÙ× ͒͗˛͖͘ ÌÓÖÖÓÙØ ÙàÏÜ ÞÒÏ ÚÏÜÓÙβ ÒÏ ÍÙ×ÌÓØËÞÓÙØ ÙÐ ÏÐÐÓÍÓÏØÞÖã ×ËØËÑÏÎ ÙÚÏÜËÞÓØÑ ÏâÚÏØÝÏÝ ËØÎ ÝßÌÝÞËØÞÓËÖ ÑÜÙáÞÒ ÓØ ÑÜÙÝÝ ÏËÜØÓØÑÝ ÝÞÏÏÜÏÎ ÚÜÙÐÓÞËÌÓÖÓÞã ÒÓÑÒÏܲ Òßݘ ÚÜÏ̋ÞËâ ÚÜÙÐÓÞ ÑÜÏá ÝÓÑØÓÐÓÍËØÞÖã Ìã ͖͓˛͚͙ϯ ÞÙ ͕͒͑˛͙͕ ÌÓÖÖÓÙØ ÓØ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͚͓˛͑͗ ÌÓÖÖÓÙØ ÓØ ÓØ ÞÒÏ ÍÙÜÜÏÝÚÙØÎÓØÑ ÚÏÜÓÙΘ ÏÚÞÏ×ÌÏÜ ͓͖͑͒˜ áÒÓÖÏ ØÏÞ ÓØÍÙ×Ï ÑÜÏá ÝßÌÝÞËØÞÓËÖÖã Ìã ͖͚˛͖͗ϯ ÞÙ ͒​͚͒˛͚͔ ÌÓÖÖÓÙØ ÐÜÙ× ͖͘˛͒͗ ÌÓÖÖÓÙØ ÙàÏÜ ÞÒÏ ÝË×Ï ÚÏÜÓÙβ IMPROVEMENT IN ASSET QUALITY AND KEY FINANCIAL METRICS ËØÕ ×ËÓØÞËÓØÏÎ ÓÞÝ ÖÏËÎÓØÑ ÚÙÝÓÞÓÙØ ÓØ ÞÏÜ×Ý ÙÐ ×ËÜÑÓØ ËØÎ ÍÙÝÞ ÏÐÐÓÍÓÏØÍã˛ ÜÏ̋ÞËâ ÚÜÙÐÓÞ ×ËÜÑÓØ ÎÏÍÖÓØÏÎ ÝÖÓÑÒÞÖã ÞÙ ͕͓˛͘​͘ϯ ÐÜÙ× ͕͒˛͚͔ϯ ÙàÏÜ ÚÏÜÓÙÎ áÒÓÖÏ ØÏÞ ÓØÍÙ×Ï ×ËÜÑÓØ ËÖÝÙ ÐÙÖÖÙáÏÎ ÝßÓÞ áÓÞÒ ËØ ÓØÍÜÏËÝÏ ÞÙ ͔͗˛͕͓ϯ ÐÜÙ× ͔͕˛͓͔ϯ ÎßÜÓØÑ ÞÒÏ ÝË×Ï ÚÏÜÓÙβ Ø ËÎÎÓÞÓÙؘ ÞÒÏ ËØÕ˪Ý ÍÙÝÞ ÞÙ ÓØÍÙ×Ï ÜËÞÓÙ ËÖÝÙ ÎÏÍÖÓØÏÎ ×ËÜÑÓØËÖÖã ÞÙ ͔͗˛͓͑ϯ ÓØ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͕​͕˛͖͒ϯ ÓØ ÏÚÞÏ×ÌÏÜ ͓͖͑͒˛ Þ ͔͘˛͓͗ϯ˜ ÞÒÏ ËØÕ˪Ý ÖÓÛßÓÎÓÞã ÜËÞÓÙ ÜÏ×ËÓØÝ ËÌÙàÏ ÞÒÏ ×ÓØÓ×ß× ÜÏÑßÖËÞÙÜã ÜÏÛßÓÜÏ×ÏØÞÝ ÙÐ ͔͑ϯ áÒÓÖÏ ÍËÚÓÞËÖ ËÎÏÛßËÍã ÜËÞÓÙ ÜÏ×ËÓØÝ ÝÞÜÙØÑ ËÞ ͙͒˛͒͑ϯ˜ áÏÖÖ ËÌÙàÏ ÞÒÏ ÜÏÑßÖËÞÙÜã ÜÏÛßÓÜÏ×ÏØÞ ÙÐ ͖͒ϯ˛

Ø ÜÏÖËÞÓÙØ ÞÙ ËÝÝÏÞÝ ÛßËÖÓÞ㘠ØÙØ̋ ÚÏÜÐÙÜ×ÓØÑ ÖÙËØ ̙ ̚ ÜËÞÓÙ ÜÙÝÏ ÞÙ ͕˛͔͒ϯ ÓØ ÏÚÞÏ×ÌÏÜ ͓͑͒͗˛ ßÜÞÒÏÜ×ÙÜϘ ÞÒÏ ËØÕ ÝÒËÜÏÒÙÖÎÏÜ˪Ý ÐßØÎ Ó×ÚÜÙàÏÎ Ìã ͚͒˛͑͒ϯ ÞÙ ͕͚͓˛͓͑ ÌÓÖÖÓÙØ ÓØ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͕͔͒˛͖͗ ÌÓÖÖÓÙØ ÓØ ÏÍÏ×ÌÏÜ ͓͖͑͒˛ ÒÏ ËØÕ˪Ý ÜÏÞßÜØ ÙØ ËÝÝÏÞÝ ËØÎ ÝÒËÜÏÒÙÖÎÏÜÝ˪ ÏÛßÓÞã ÜÙÝÏ ÜÏ×ËÜÕËÌÖã˛ ÏÞßÜØ ÙØ ËàÏÜËÑÏ ËÝÝÏÞ ̙ ̚ ÑÜÏá ÞÙ ͕˛͓͘ϯ ÓØ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͔˛͑͗ϯ ÓØ ÏÍÏ×ÌÏÜ ͓͖͑͒ áÒÓÖÏ ÜÏÞßÜØ ÙØ ÏÛßÓÞã ̙ ̚ ÑÜÏá ÞÙ ͓͗˛͕͙ϯ ÐÜÙ× ͙͒˛͗͘ϯ ÙàÏÜ ÞÒÏ ÚÏÜÓÙÎ ßØÎÏÜ ÜÏàÓÏᲠHOLD RECOMMENDATION DESPITE BRIGHT OUTLOOK ÒÏ ˪Ý ×ÙØÏÞËÜã ÞÓÑÒÞÏØÓØÑ ÚÙÖÓÍÓÏÝ ÒËàÏ ÜÏÝßÖÞÏÎ ÓØ ÖÓ×ÓÞÏÎ ÓØÍÙ×Ï ÑÏØÏÜËÞÓÙØ ËØÎ ÒÓÑÒ ÍÙÝÞ ÙÐ ÐßØÎÝ áÓÞÒÓØ ÞÒÏ ÓÑÏÜÓËØ ÐÓØËØÍÓËÖ ÝãÝÞÏײ ÒÏ ÒËÝ ×ËÓØÞËÓØÏÎ ÞÒÏ ËÞ Ë ÒÓÑÒ ÖÏàÏÖ áÓÞÒ Ë àÓÏá ÞÙ ×ËÓØÞËÓØÓØÑ ÚÜÓÍÏ ÝÞËÌÓÖÓÞã ËØÎ ÝßÚÚÙÜÞ ÞÒÏ ÝÞËÌÓÖÓÞã ÙÐ ÞÒÏ ËÓÜË ÏâÍÒËØÑÏ ÜËÞÏ˛ ÏÝÚÓÞÏ ÞÒÏ ÜÏÑßÖËÞÙÜã ÒÏËÎáÓØÎÝ ÚÜÏàËÖÏØÞ áÒÓÍÒ ÝËá ÓØÐÖËÞÓÙØ ÝÙËÜ ÞÙ ͒͘˛͑͘ϯ ËÝ ËÞ ÏÚÞÏ×ÌÏÜ ͓͑͒͗ ÐÜÙ× ͚˛͕ϯ Ë ãÏËÜ ËÑÙ˜ ËÞ ͕͒ϯ ËØÎ ÞÒÏ ÙØ ËÖÖ ÚßÌÖÓÍ ÝÏÍÞÙÜ ÎÏÚÙÝÓÞÝ ËÞ ͓​͓˛͖ϯ˜ ËØÕ ÎÏÖÓàÏÜÏÎ ËØÙÞÒÏÜ Ó×ÚÜÏÝÝÓàÏ ÚÏÜÐÙÜ×ËØÍÏ˛ ÒÓÖÏ ÞÒÓÝ ÚÙÖÓÍã ËÓ×ÏÎ ËÞ ÍÙØÞÜÙÖÖÓØÑ ×ÙØÏÞËÜã ÖÓÛßÓÎÓÞã ÓØ ÞÒÏ ÏÍÙØÙ×ã ÐÙÜÏÝÒËÎÙáÝ ÒßÑÏ ØÏÑËÞÓàÏ Ó×ÚËÍÞ ÙØ ÞÒÏ ÌËØÕÝ˪ ÙÚÏÜËÞÓÙØݘ ÞÒÏ ËØÕ˪Ý ×ËØËÑÏ×ÏØÞ ÓÝ ÍËÚËÌÖÏ ÙÐ ÓØÍÜÏËÝÓØÑ ÚÏÜÐÙÜ×ËØÍÏ ÞÒËÞ áÓÖÖ ÐßÜÞÒÏÜ ÝÞÜÏØÑÞÒÏØ ÏËÜØÓØÑݘ ÓØÍÙ×Ï ÑÏØÏÜËÞÓÙØ ÍËÚËÍÓÞã ËØÎ ÑÜÙáÞÒ ÓØ ÖÓÛßÓÎÓÞã ÌËÝÏ˛

Valuation Metrics 24-Feb-17 Recommendation

Target Price (N)

Ͱ͵˛Ͷͯ

Current Price (N)

ͰͲ˛ʹͳ

Market Cap (N'm)

ʹͷͯ˜ͱͱͶ

Outstanding Shares (m)

Ͱͷ˜Ͳͱͯ

Rolling EPS (N)

Ͳ˛ͷͮ

Rolling PE Ratio

ͳ˛ͮͱ

Forward EPS (N)

5.77

Forward PE

4.07

Unaudited Q3 September 2016 Results Gross Earnings (N'm)

ͰͰͷ˜ͱ͵Ͱ

Profit Before Tax (N'm)

92,062

Profit After Tax (N'm)

͵ͳ˜ͯʹͮ

Pre-tax Margin (%)

Ͳͮ˛ͯͲ Source: BGL Research

FYE December 2015 Audited Results Gross Earnings (N'm)

ͱͮͯ˜ͷͮ​ͮ

Profit Before Tax (N'm)

120,695

Profit After Tax (N'm)

ͷͷ˜Ͳͱ͵

Pre-tax Margin (%)

ͱͯ˛ͷͶ Source: BGL Research

Shareholders

Holding (%)

Citibank Nigeria (GDR)

ͯͮ˛ͳͲϱ 25.90%

Stanbic Nominees Public Float

ʹͱ˛ͳʹϱ

Outstanding Shares (m)

Ͱͷ˜Ͳͱͯ˛ͯ͵

Source: Company Data, BGL Research

Ï ×ËÓØÞËÓØ ÙßÜ ÚÜÙÔÏÍÞÓÙØ ÙÐ ͔​͔͚˛͕͙ ÌÓÖÖÓÙØ ÐÙÜ ÑÜÙÝÝ ÏËÜØÓØÑÝ ËØÎ ØÏÞ ÓØÍÙ×Ï ÙÐ ͒​͒​͒˛͓͚ ÌÓÖÖÓÙØ ÐÙÜ ÞÒÏ ÐÓØËØÍÓËÖ ãÏËÜ ÏØÎÓØÑ ÏÍÏ×ÌÏÜ ͓͑͒͗˜ ÖÏËÎÓØÑ ÞÙ Ë ÐÙÜáËÜÎ ÙÐ ͖˛͘​͘˛ ÝÓØÑ ËØ ÓØÎßÝÞÜã ÚÜÓÍÏ ÞÙ ÏËÜØÓØÑÝ ×ßÖÞÓÚÖÏ ̙ ̚ ÙÐ ͖˛͔͑☠áÏ ËÜÜÓàÏ ËÞ Ë ÝÓâ̋×ÙØÞÒ ËàÏÜËÑÏ ÞËÜÑÏÞ ÚÜÓÍÏ ÙÐ ͓͘˛͙͒˛ ÓØÍÏ ÞÒÓÝ ÜÏÚÜÏÝÏØÞÝ ËØ ßÚÝÓÎÏ ÚÙÞÏØÞÓËÖ ÙÐ ͓͒˛͙͓ϯ ÙØ ÞÒÏ ÍßÜÜÏØÞ ÝÞÙÍÕ ÚÜÓÍÏ ÙÐ ͓͕˛͖͗˜ áÏ ÞÒÏÜÏÐÙÜÏ ÜÏÍÙ××ÏØÎ Ë ˛

26

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

BUSINESS/MEDIA

When Freedom Online Sets ‘The Agenda’ Stories by Raheem Akingbolu

I

t was simply one of those moments when one would feel proud to be a journalist. It was a unique event that played up the role of the media as an agenda setting profession.

Though the first annual lecture of Freedom Online, an online newspaper, with the theme ‘Unemployment: How Do We Tame This monster’, the publisher of the medium, Gabriel Akinadewo, and his team achieved more than that.

The day was not, however, for Freedom Online team alone, but for all members of the Guild of Corporate Online Publishers (GOCOP), who used the occasion to separate the wheat from the chaff. They demonstrated through their cooperation and maturity that they were professionals who had caught their teeth in the traditional media before opting for the globally trending online media. In many ways, the annual lecture pointed to the fact that online platforms have come to stay.

For millions of Nigerians who see online media as all comers affair, the event showed that the industry parades scores of senior journalists, who work in line with basic journalism ethics and codes of conduct.

GOCOP members who graced the occasion included Simon Kolawole of The Cable, Collins Edomaruse of Metrowatch Nigeria and Segun Adeleye of WorldStage News.

Like the public presentation of Simon Kolawole’s The Cable a few years ago, Akinadewo used the event to galvanise discussions around a topical issue of national interest. In few hours, the message was passed. Nigerians and their leaders were challenged on the need to have a rethink in order to move the nation forward.

At the event, governors and other economic stakeholders took turn to address the unemployment challenges facing Nigeria.

Governor Okezie Ikpeazu of Abia State, in his keynote address, said unemployment was a socio-economic problem that led to increase in crime.

Ikpeazu, who was represented by his Deputy, Mr Ude Oko-Chukwu, identified several factors that led to the rate of unemployment.

He listed wrong education policy, epileptic power supply, corruption, ghost workers syndrome, neglect of agricultural sector, high importation and lack of access to capital funds as some of them.

“We need to discuss the issue of unemployment as a matter of urgency because it is fundamental to the progress and development of the country. There must be a reformation of the education system where practicals and skills are taught to empower people. Government has a lead role to play by creating the enabling environment and the unemployed must acquire skills to make them productive, self-reliant and employable,” Ikpeazu said.

Governor Godwin Obaseki of Edo State in his contribution said the huge unemployment crisis in the country was worrisome.

Managing Director/Editor-in-Chief of New Telegraph, Mrs. Funke Egbemode (second left) presenting an award to the Deputy Governor of Lagos State, Mrs. Oluranti Adebule. With them from left are former governor of Ogun State, Otunba Gbenga Daniel, Managing Director/Editor-in-Chief of Freedom Online, Gabriel Akinadewo, and South-West Leader of the Peoples Democratic Party (PDP), Chief Olabode George, at the first annual lecture of Freedom Online in Lagos…recently

Represented by his Chief of Staff, Mr Taiwo Akerele, the Edo governor said his administration had started making huge investments in technical and vocational education to empower the youth. He said the step was part of efforts to address the problem and create more jobs.

“We realised that with the right skills and technology, the problem of unemployment can be addressed and the Edo State government has put in policies to create 200, 000 jobs within four years,” Obaseki said.

His Lagos State counterpart, Governor Akinwunmi Ambode, said it was essential for people to acquire appropriate skills and vocational training.

Ambode, who was represented by his Deputy, Dr Idiat Adebule, said his administration was also taking steps to achieve the objective.

“The Lagos State Government has been providing windows of opportunities in this regard through various vocational skills acquisition centres in parts of the state,” he said.

Commending organisers of the lecture, Ambode described the media as the conscience of the people.

A former governor of Ogun State, Otunba Gbenga Daniel, urged governments at all levels to employ the services of indigenous companies rather than contract foreigners to carry out projects.

According to him, this will create jobs as well as circulate wealth in the country.

In a goodwill message, Chief Bode George, a South-west leader, Peoples Democratic Party (PDP), called for decentralisation of power so that states would manage and use their resources to develop their states.

Akinadewo said it was sad that Nigeria, with all her natural endowments, was faced with the looming monster – unemployment. He said there was the need to reorder the nation’s value system.

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, averred that human capacity development initiative is a panacea to the growing unemployment rate in the economy.

He disclosed that to stem this tide, the agency through its Nigerian Seafarers Development Programme (NSDP), has trained over 2,500 Nigerian students in various maritime related courses in reputable maritime institutions outside the country.

Speaking further, Peterside disclosed that the capacity development initiatives embarked upon by the agency are geared towards taming the foreseen lacuna in the seafaring profession in the nearest future which is a global challenge.

Represented by the agency’s Executive Director, Maritime Labour and Cabotage Services, Gambo Ahmed, he also hinted

that the NSDP scheme, which has already started producing graduates would soon take a new look, where Nigeria will also be a large exporter of seafarers like India and Philippines which generate millions of dollars from the pool of its seafarers in the global market.

While assuring Nigerians of the unflinching commitment of the current management of NIMASA to ensure a virile maritime sector, through its capacity building initiatives, he called on them to support the President Muhammadu Buhari-led administration’s zero tolerance for corruption, to enable government and its agencies to achieve their set objectives, particularly in the area of curbing unemployment.

Few years ago, it is traditional newspapers that only had online versions.

But today, it is a separate genre of journalism on its own. And with the likes of Freedom Online and The Cable, perhaps a new chapter in the history of Nigeria’s media industry has opened.

At the lecture were a former Deputy Chairman of the Peoples Democratic Party, Chief Olabode George, National Coordinator of the Oodua People’s Congress (OPC), Otunba Gani Adams, Managing Directors of Punch, Sun and New Telegraph newspapers, Mr. Ademola Osinubi, Mr. Eric Osagie and Mrs. Funke Egbemode.

Quality Speaks Inside Papilo’s Studios

K

anu Nwankwo, nicknamed Papilo, is a brand that made his name on the football pitch. Today, Papilo is a name that resonate among Nigerian football fans and brand conscious folks. His face and reputation have helped endear brands to the hearts of many consumers. And even after his soccer career, many promoters will still gladly have him endorse their brands.

Papilo is also renowned for his philanthropic gestures. Apart from the famous Kanu Heart Foundation, which has been helping underprivileged African children and young adults, living with different heart ailments in Nigeria and other African countries respectively, obtain the cardiac surgical operations needed for years, the former Arsenal player also has Papilo

Studio which commenced operation in 2014.

The ultra-modern studio specialises in photography printing and sound production. THISDAY recently met with David Oluleke Aina, the manager of Papilo Studio located on Allen Avenue, Ikeja. Taking this reporter on a tour of the facility, Aina explained that Papilo Studio is equipped with technology that can compete with any other laboratory anywhere in the world.

“Papilo has really invested into this studio. It’s well equipped such that some parts are still not optimised in terms of usage. Apart from the fact that it’s a world class photography laboratory, Kanu sees it as another means of giving back to the society. Our print quality is fantastic, yet we print at a price far lower than other studios,” he stated.

Papilo’s goodwill doesn’t just rub off on other brands, it also helps further his own

cause. The name Papilo has been drawing traction to the studio.

“The brand name Papilo (Kanu) has rubbed off on the brand. The patronage has been encouraging. We see new faces every day. Photographers come in from different parts of Lagos to have their works printed out. We have the young generation of musicians trooping into the music studio every day with their crazy hairstyles.”

Speaking further, the manager said recently, someone came to print his work and he loved the quality and said he would recommend the outfit to his friend, especially given the fact that the place is owned by Kanu.

For Papilo Studios, its state-of-the-art equipment also provides a platform for business in aspects of branding such as printing of flex banners, stickers, branded mug, shirts and vehicles. Coupled with increasing patronage, Aina is confident

Aina

of the studio becoming a huge force to reckon with in the next few months.

27

˜ ˞ FEBRUARY 26, 2017

MARKET NEWS

Nigerian Breweries Market Cap Rises N103bn on Dividend Declaration Goddy Egene The market capitalisation of Nigerian Breweries Plc rose

by N103.394 billion last week following the investor swoop on the shares of brewing firm as result of N20 billion final dividend proposed for 2016.

The shares rose by N13.04 per cent last week, pushing the market capitalisation to close at N1.03 trillion last Friday.

Market operators said some investors are impressed with the final dividend

recommended by the company despite a decline in profit for the year.

The directors have recommended a final dividend of N20.457 billion, which translate to N2.58 per share, bringing total dividend to N28.386 billion or N3.58 per share.

Apart from the dividend, the directors have also recommended that shareholders who are not willing to take cash dividend, could receive new ordinary

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

shares of in the company instead.

Nigerian Breweries Plc posted a decline of 25 per cent in profit after tax( PAT), reflecting the challenging operating environment. In all, the company recorded a revenue of N313.743 billion in 2016, up from N293.9 billion in 2015. Cost of sale rose from N149.73 billion to N178.218 billion. Marketing and distribution expenses also rose from N58.45 billion to N61.312 billion. While the

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 23-Feb-2017, unless otherwise stated.

company brought down administrative expenses, finance cost increased by 66 per cent from N8.217 billion to N13.645 billion. However, this increase was majorly driven by net foreign exchange loss of about N7.552 billion, compared to N752 million in 2015.

Following the huge forex loss, Nigerian Breweries Plc ended the year with profit before tax of N39.675 billion, down from N54.514 billion in 2015 and PAT of N28.416

billion as against N38.05 billion in 2015.

The Company Secretary/ Legal Adviser of Nigerian Breweries Plc Mr. Uaboi Agbebaku, yesterday explained in a statement that the 100 per cent dividend payout is coming at a time the results of the company were impacted by high inflation and scarcity of foreign exchange in the macro-economic environment.  According to Agbebaku, the company was able to end

the year with a positive result due to its twin agenda of cost leadership and market leadership supported by innovation. “Although the operating environment in 2017 is expected to be similar to 2016, the company remains confident that it is well positioned to adapt to the operating environment as required, and stay committed to delivering a good return on investment to shareholders,�

Agbebaku said.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 127.16 127.44 0.04% Nigeria International Debt Fund 217.23 217.63 0.85% 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 -0.85% 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 17.45% 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 11.98 12.34 -2.94% ARM Discovery Fund 283.45 291.99 -1.30% ARM Ethical Fund 21.70 22.36 -2.86% ARM Money Market Fund 1.00 1.00 17.36% 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 105.02 105.76 -0.06% AXA Mansard Money Market Fund 1.00 1.00 16.49% 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 2.20 2.26 1.36% Paramount Equity Fund 9.41 9.65 0.53% Women's Investment Fund 86.45 88.66 2.19% 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 17.26% 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 1,115.49 1,116.56 2.30% FBN Heritage Fund 108.70 109.40 -2.60% FBN Money Market Fund 100.00 100.00 16.91% FBN Nigeria Eurobond (USD) Fund - Institutional $105.99 $106.82 1.93% FBN Nigeria Eurobond (USD) Fund - Retail $105.70 $106.54 2.35% FBN Nigeria Smart Beta Equity Fund 110.70 112.22 -1.72% 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 0.94 -0.53% Legacy Short Maturity (NGN) Fund 2.63 2.63 2.15% 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 2,169.99 2,195.13 -1.78% Coral Income Fund 2,162.91 2,162.91 2.79% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 17.25% 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 16.63% Vantage Balanced Fund 1.67 1.69 -0.48% Vantage Guaranteed Income Fund 1.00 1.00 15.50%

LOTUS CAPITAL LTD ďŹ ncon@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 1.01 0.75% Lotus Halal Fixed Income Fund 1,018.28 1,018.28 1.54% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 9.52 9.61 -1.44% Meristem Money Market Fund 10.00 10.00 14.90% 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 1.09% PACAM Fixed Income Fund 10.41 10.44 0.02% PACAM Money Market Fund 10.00 10.00 15.10% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 108.98 109.90 7.05% 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 1.47% 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 1,812.96 1,822.58 -1.01% Stanbic IBTC Bond Fund 152.94 152.94 -0.66% Stanbic IBTC Ethical Fund 0.74 0.75 -3.25% Stanbic IBTC Guaranteed Investment Fund 189.99 189.99 1.66% Stanbic IBTC Iman Fund 125.21 126.76 -3.59% Stanbic IBTC Money Market Fund 100.00 100.00 17.39% Stanbic IBTC Nigerian Equity Fund 7,212.72 7,268.98 -5.07% 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 1.12 1.13 7.50% United Capital Bond Fund 1.27 1.27 18.25% United Capital Equity Fund 0.64 0.66 -1.41% 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 9.57 9.74 -0.47% Zenith Ethical Fund 11.05 11.15 1.24% Zenith Income Fund 17.12 17.12 3.60%

REITS NAV Per Share

Yield / T-Rtn

11.41 124.62

1.01% 0.52%

Bid Price

Offer Price

Yield / T-Rtn

7.67 70.69

7.77 72.02

-12.57% -6.71%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva GrifďŹ n 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

2.71 5.91 11.29 15.31 126.44

2.75 5.99 11.39 15.51 128.44

-1.43% -15.84% -5.82% -3.99% -2.63%

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.

28

T H I S D AY SUNDAY FEBRUARY 26, 2017

A

WEEKLY PULL-OUT

FROM MODELING TO BLOGGING, THE STORY OF

LINDA IKEJI

26.02.2017

30

T H I S DAY, T H E S U N DAY N E W S PA P E R ˾ Ͱʹ, Ͱͮͯ͵

COVER

FROM MODELING TO BLOGGING, THE STORY OF LINDA IKEJI Arguably, Nigeria’s most influential blogger, Linda Ikeji is as surprised as everyone else at her astounding achievement. A couple of years ago, she was a struggling model. Her effort to wear the Miss Nigeria crown was a flunk. She felt like a failure.

However, her life changed dramatically for good as she crossed the threshold of her 30th birthday. It’s been seven years since success engaged her in an enduring embrace. Nseobong Okon-Ekong writes on her transformation from a lone blogger to ownership of a thriving media enterprise

I

t was a crowded day for celebrity blogger, Linda Ikeji. Many journalists who were invited to the unveiling of her social network site, LindaIkejiSocial, thought they were going to have an exclusive, but she burst the bubble of their ex expectation a couple of days earlier by going public with a podcast that ba bared almost everything about herself, le leaving little to the imagination. There was just a little window of opportunity w to cross check some of the information sh she volunteered and perhaps, display en enough ingenuity in framing questions that would provoke her to say more. The th media parley started on a testy note when m sh she walked into the packed room and cu curtsied with a ‘hello’, the response was n not so warm. Smiling, she had to prompt h her guests for a more robust answer.

If she was unsettled, she concealed her feelings well. Apparently, the h bu business at hand required better tact. It w was probably one of the few times she needed help. Her plea for assistance was n plain, without pretences. “I need your p help!” What started like a child’s play h ab about one decade ago had assumed a vi vibrant life of its own and continued to ex expand. It was yet another landmark on that amazing journey filled with so many surprises that Linda often pinches m h herself to be sure it was happening to her.

W When she entered the public space as a m model blogging didn’t exist and she most definitely didn’t expect that the voyage d which began in November 2006 would w cchange ch h her life so significantly. Back then, bl b l blogging provided a place to tinker her ccreative muse. She never envisioned the cr success. Nonetheless, she is aastonishing as s grateful to God. gr Although, it took four years to get h her first pay cheque, her endurance was hardly on trial because there was w not much to hope for. “I was blogging n cconsistently and passionately. It didn’t co

occur to me that I had built a lot of followership and brands were watching.

I had thousands of people following me and I was very happy about it but I didn’t think it will translate to money or advertisement. The first time they came to meet me to pay me to post something, I found it very strange. I couldn’t wrap my head around it. In January 2011 I had my own advert rate and people started paying. That was it.”

She made it sound easy. And because she worked alone for about four years, raking in an incredible amount of income, many did not see her coming.

Only the small number of professionals in corporate advertising who took note of her enormous followership on social media and were compelled to use her platform to promote their products and services knew about the emerging formidable media platform called Linda Ikeji. To the larger public, it seemed the Linda Ikeji phenomenon crept stealthily onto our collective consciousness like a thief in the night. This explains the sharp division between those who see her as a hard working, exemplary woman and those who are convinced she is an opportunist or walked a crooked path to wealth.

When it comes to the feedback of love or hate from the public, celebrity blogger, Linda Ikeji, knows exactly where she stands -it’s a combination of both.

Both emotions weigh heavily on her sentimental scale. Naturally, this should give her some cause for concern, but she keeps a clear head by aligning more with love. “I get a lot of hate and lots of love but I try as much as possible to hold on to the love, instead of the hate because I know the hate is coming from a very different place. Whenever I trend and I see some vile comments, I’m like ‘you’ve never met me, why are you saying this about me’. I have grown such a thick skin. I understand when people like

WHEN SHE ENTERED THE PUBLIC SPACE AS A MODEL, BLOGGING DIDN’T EXIST AND SHE MOST DEFINITELY DIDN’T EXPECT THAT THE VOYAGE WHICH BEGAN IN NOVEMBER 2006 WOULD CHANGE HER LIFE SO SIGNIFICANTLY

31

FEBRUARY 26, 2017 ˾ T H I S DAY, T H E S U N DAY N E W S PA P E R

COVER Wizkid and Olamide lashed out at me because I wrote about them. But if I haven’t written about you and then you make such vile comments, I understand it’s coming from a place which is not my fault. Maybe you are angry about your situation, where you are coming from, you wish you have and you didn’t. I understand because I have been there - when people are frustrated and depressed. I have been depressed and angry and my anger is usually towards those who are successful. I say things like, ‘Does she have two heads?’

When I say hostile things about them, it makes me feel better. I allow them that space to vent because really, it’s like when you go to the market, you don’t see the traders talking about one non-entity, they are talking about the person who made more sales than them. I understand that success comes with a lot of hate. In fact, that’s one of the ways to know you are really very successful because if you ask them why they hate you, they can’t even tell you.

But as long as you know yourself, love yourself and do the right thing, that shouldn’t be an issue. I get a lot of love, as well from those who say I motivate them. I pay attention to them because you have to be very careful. Negative people make more noise and if you pay attention, that noise can drown you and you think everybody hates you. I do more good to them than bad and they acknowledge that. Some of them are friends who have been to my house. The negativity that comes with blogging is fine. You are writing about people so some people will take offence and act in different ways.”

In the line of duty, Linda fires quite a few guided missiles and she is also a sitting target

to those who take a shot at her. The impression may be taken that she has lost a lot of friends who were slandered by her report. She denied this. “I try as much as possible not to be friends with celebrities because when you become friends with them, it’s so hard to write about them, and when you do, they will get someone to call you and like ‘why now?’ I don’t really write negative stories about people. If I do, I won’t be sitting here. I get a lot of stories. I hear a lot of things. I make a lot of money writing positive stories so why should I concentrate on negative stories? I stick to the one that works for me. I have a cordial relationship with a lot of entertainers. I have run into issues with few of them, but in recent times - when I was a little careless with what I write - but apart from Wizkid, I haven’t had issues with any one of them.”

In a celebrated episode which led many to question her integrity as a source of news, an aggrieved party had forced a temporary shutdown of her site. That incident is one of the valuable lessons that changed her work ethic. It taught her to be more careful.

She, however, insisted that she would not go out of her way to be trained in journalism. “Whatever I have done obviously has ob worked. worked. I don’t d do n’t

know what kind of training I want to go for again. I can have my staff go for training. There are people online who also have in-depth knowledge of the story. Sometimes, I put up a story, then read the comments. From the comments I have to go and change some things because there are people who are experienced or know the family or friends of the people I wrote about. I have also learnt that it is very important for you to verify your stories, because if people rely on your site for information, and you mess up few times, they don’t trust you anymore, and then they go to other credible sites.”

This transformation from a lone blogger to ownership of a growing media empire was the reason she invited journalists, friends and associates to her Lekki Phase 1 Lagos offices. A couple of months ago, the talk about Linda centred on her multimillion Naira home on Banana Island in Lagos. Not a few believed she was involved in shoddy deals, but her home may be nothing compared to the multipurpose office that houses television, photo, recording studios and other working areas that are combine space for delivery of many media services. As she proudly took quests on a guided tour, she explained the new direction of her enterprise. “I have been blogging for 10 years, I’m bored. I want to do something else. I don’t want to start LIS, then wait for another 10 years.

LI I’m 36. This is the time I have the I’ energy and passion to run this. en I’m I’ delegating. I have over 30 people people working here now, have rrunning unning all things. If you ha tthee right people, you can do th d o ot her things. I have Linda other

Ikeji Music. I have four people working in that section. I have producers, directors, cameramen, creative people.

I think people try to limit themselves.

I don’t limit myself at all. I feel there is absolutely nothing you cannot do once you set your mind to it.”

As interaction with the journalists progressed, Linda enlightened the gathering on the perceived controversies that dog her steps.

“I don’t go out of my way to look for controversy. Maybe, I am misunderstood. People forget that I may have started blogging as a passion, now, it’s a business. There’s Linda the person and Linda the blogger. If I were not a blogger, there are things I won’t pay attention to. I’m a blogger, I have to pay attention to many things because my readers want to see all of that. You have to understand the difference between me the woman and the blogger. I am a business woman. I have to provide services to my users and readers. I have to go out of my way to look for gossip and things that people want to read. I don’t want anybody to fail. I don’t wish anybody evil. I don’t want anybody to cry, to feel bad about comments.

Sometimes, when I read comments, I’m like, why did you post this kind of things. But people think I enjoy reading those negative kind of comments. No. These comments make the blog thrive.

People have to understand that there are two people. I see some comments and I’m like that’s vile and hurtful, well, it’s all part of the business. I think I’m misunderstood, which is fine. People who know me, know me. I don’t go out of my way to look for trouble.

Controversy is not bad for my business.

I need people to talk about me to be relevant.”

BECAUSE SHE WORKED ALONE FOR ABOUT FOUR YEARS, RAKING IN AN INCREDIBLE AMOUNT OF INCOME, MANY DID NOT SEE HER COMING. ONLY THE SMALL NUMBER OF PROFESSIONALS IN CORPORATE ADVERTISING WHO TOOK NOTE OF HER ENORMOUS FOLLOWERSHIP ON SOCIAL MEDIA AND WERE COMPELLED TO USE HER PLATFORM TO PROMOTE THEIR PRODUCTS AND SERVICES KNEW ABOUT THE EMERGING FORMIDABLE MEDIA PLATFORM CALLED LINDA IKEJI. TO THE LARGER PUBLIC, IT SEEMED THE LINDA IKEJI PHENOMENON CREPT STEALTHILY ONTO OUR COLLECTIVE CONSCIOUSNESS LIKE A THIEF IN THE NIGHT

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IMAGES

T

he solemnization of Holy Matrimony between Oluwatosin Ayomide Owonibi and Alhassan Peter Amedu was held at the Redeemed Christian Church of God, Tabernacle of David, Km 22, Lekki-Epe Expressway, Ajah, Lagos and guests were entertained at KFA Event Centre, Lekki last weekend.

Here are some of the guests that graced the occasion.

Photographs By Kolawole Alli.

The newly weds, Tosin and Hassan Amedu

Parents of the bride, Major General Funso Owonibi and his wife, Funmi

L-R: General Joseph Owonibi, Major Oliomogbe and Mother of the Groom, Mrs. Banke Amedu

L-R: Mrs. Yemisi Oyelola and Mrs. Bola Fayomi

L-R: Sooko Adegboyega Ogunwusi and Asoya of Ife Kindom Oba Adebanjo Adedini.

L-R: AVM Tayo Oguntoyinbo and Mr. Abiodun Olajide

R-L: Major General David Jemibewon (rtd) and his wife, Dupe

R-L: Mrs. Nancy Idris, Hon. T.J. Yusuf and Arc Salman Idris

L-R: Dr. Olabamiji Oreoluwa and Barrister Temiloluwa

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T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ FEBRUARY 26, 2017

IMAGES

L-R: Funso Fayomi, Oladele Oyelola and Chief Bayo Ojo, SAN

L-R: Alhaji Ganiyu Musa, Richard Bello and Eniola Bello

Mr. Micheal Morgan and his wife, Anthonia

L-R: Alhaja A.A. Atofarati, Alhaja A.I. Olaniyi. and Revd (Mrs.) Dupe Oshitelu

Jide Olawoyin and his wife, Kenny

R-L: Major Gen. Edmond CN Obi and Lt UD Udoh.

L-R: Col. Kit Kareem, Ayo Ajayi and Col. O.K. Isa

L-R: Rear Admiral and Mrs. Davies

R-L: Mr. George Onwuchekwa, with Major Gen. and Mrs. Nienge

R-L: Mrs. Ngozi Owuzu and Mrs. Olonisakin.

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T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž Í°Í´Ëœ Í°ÍŽÍŻÍľ

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Otapo Bata Drummers Win Goldberg Excellency Tour Nseobong Okon-Ekong

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ity.�

Otapo Bata Drummers from Abeokuta have emerged winners at the traditional drummers contest at the kick-o event of the Goldberg Excellency Tour in Abeokuta. The group outperformed four other groups at the grand ďŹ nale to cart home the coveted prize of Two Hundred and Fifty Thousand Naira.

Ayanwale Drummers clinched the second position and won One Hundred and Fifty Thousand Naira (N150, 000) while Omo Aribido Drummers claimed the third spot and settled for the One Hundred Thousand Naira (N100, 000) on oer for the slot. The other two ďŹ nalists, Ayandare Drummers and Paramount Band got Fifty Thousand Naira (N50,000) each.

At the commencement of the event, 12 groups auditioned at the cultural centre, venue of the event, with ďŹ ve groups emerging from the pool to reach the grand ďŹ nale.

The traditional drummers contest which was organised as part of the Goldberg Excellency Tour kicked o with a procession through the major streets of Abeokuta and attracted a huge turnout of residents who were delighted by performances from drummers, praise singers and dancers. The procession helped to pull a large turnout of residents who trooped to the venue of the contest to support their groups during the dierent performances.

Speaking at the ďŹ nale, the Senior

SHOW OF CREATIVITY ON BIG BROTHER NAIJA The task demanded that housemates create two separate shows: a dance drama and a mini music performance by four different groups. The dance drama was choreographed by TallThinTony who is a professional dancer.

Everyone brought out their A-game to the delight of viewers and approval of Biggie. The songs were original and written by housemates.

The drama depicted the struggles when climbing the success ladder and the various challenges faced whether from family and the society. TBoss played the lead character and for a Business Development Officer, she gave a good account of herself. She played the role of a young talented artist who wanted to pursue her dreams of being the next Pablo Picasso but got a lot of resistance from her father, her friends and even her community.

Many years down the line, she came back home, a successful artist and everyone including her father who destroyed her first artwork, came out to celebrate her success.

For a show that has received so much mixed reaction, the task did a lot to improve the perception of housemates by viewers. Lately, social media has been buzzing with various negative commentaries on how the show promotes pornography and indecent behaviour calling house mates simpletons for being willing tools in the hands of Biggie.

This view was heightened with housemates’ favourite games of ‘Truth or Dare’ or ‘Confession’. It does not help matters that they also enjoy the kissing

Ayodeji Oke, (second left); Odunlade Adekola, (5th right); Josiah Akinola, (3rd right), during the prize presentation to Ayanwale Drummers, 2nd position winners at the Goldberg Excellency Tour in Abeokuta.

Brand Manager, Regional Mainstream Brands, Nigerian Breweries Plc, Mr. Funso Ayeni, stated that Goldberg Excellency Tour is scheduled for ďŹ ve other cities: Ilorin, Ado Ekiti, Ikare Akoko, Ile Ife and Benin City.

ThinTallTony

While commenting on their victory, the leader of Otapo Bata Drummers, Mr. Afolabi Mufutau, said it is a thing of joy to see his group clinch the ďŹ rst prize after putting in putting in many hours of hard work in preparation for the competition.

The Goldberg Excellency Tour is coming on the heels of the unveiling of Goldberg lager beer as ‘Your Excellency’ and it is in line with the brand’s unique credentials that position it in a class of its own, away from its peers in the market.

festival, forcing viewers to think less of their professionalism and more of their romantic and emotional sides.

The housemates are from diverse professional background and have displayed various forms of intelligence during the course of the show.

It may not have been a deliberate plan by the organizers of the show but it seems all the housemates have one form of talent or the other for the entertainment industry including music, dance, stage play, movies and production.

A quick search on the internet produced music videos released

by Soma, Bisola, Debbie Rise and Jon. Debbie Rise’s Cunny Cunny has over 56,000 views and Jon’s Uncle Suru has made viewers call on Don Jazzy, the boss of Marvin Records to sign him up as soon as he leaves the Big Brother house.

There are some people who swear that CoCoIce’s Emi lo mo na sounds like a reincarnation of one of the late DaGrin’s production, who was known and loved for his brand of vernacular rap.

Today, at least one housemate will be

evicted from the house. The tension in the house is however in double douse because Biggie annulled the nomination votes this week. The fear factor was again heightened when Biggie dared housemates in a superstitions and phobia themed task. A twist to the task was for housemates to eat an ‘abnormally’ prepared food, failure of which one of their secrets will be revealed to the house. As is traditional with Biggie, this is yet another challenge which housemates will have to ‘swallow’ literarily in order to avoid certain secrets coming to light. Someone like Tripple T should be careful before his closely guarded secret comes to light.

STEPHANIE LINUS PROMOTES GREEN VALLEY OATMEAL Star actress, movie director, and producer Stephanie Linus has become the brand ambassador for Green Valley Oatmeal. The actress recently signed up with California Natural Foods to represent the brand’s interest in Africa.

This brand of high quality and healthy oatmeal is a product of California Natural Foods, a company committed to maintaining the freshness and high-quality standards of all products.

Stephanie said she is honoured to be filling this role and she is poised to promote this healthy and nutritious brand to the best of her ability. “GreenValley Oatmeal is my personal favourite and I’m so glad to be representing this unique brand.

Not only is it a very healthy option, it is also very affordable and good for everyone.�

FEBRUARY 26, 2017 ˾ T H I S D AY, T H E S U N D AY N E W S PA P E R

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ENTERTAINMENT

Oladimeji

Stephanie Linus 1

Green Valley Oatmeal is soft and easy to prepare. Asides from the traditional oatmeal pudding mostly served for breakfast, it can also be used for other recipes such as cookies, cakes and more.

LAFTA CARD COMEDY IN CALABAR Calabar will be on fire on March 12 as the Cultural Center Complex hosts Lafta Card, a live comedy concert by Monkals. Monkals, otherwise known as Mong Kalu, is a comedian, and an Airtel Ambassador.

He revealed that the event was strategically planned to proffer hope and lighten up the people in Calabar and environs during this period of economic recession. ”This event is a home-coming, which is not only meant to give my Calabar fans fun, but also to use the platform to encourage some of the up and coming acts over there.”

Gracing the event are stellar artistes and comedians like Okey Bakassi, Solid Star, Gordons, Ras Kimono, Akpororo, Kenny Blaq, Dauda and De Don. Equally headlining the show would be Prof Aboki. MC Mbakara, HOD, Patrick Shadow and MC George are expected at the event powered by PGK and supported by Airtel Nigeria, Air Peace Limited, Hit FM, CRBC, Eddy Liz and others. It is packaged by Smile Global Entertainment.

TEEBEE BOUNCES BACK WITH ALAGBON Teebee is back with a new Afrobeat track ‘Alagbon’. The track is a comeback for the Biochemistry graduate who burst into the music scene in 2009 with his first and only single, ‘Gbadun U Die’.

In comparison to ‘Gbadun U Die’, the soft crooner takes on a more refined approach with ‘Alagbon’. The rhythm of the track is effortless yet, it hits the spot. The track lingers long after it’s played and you can’t help but hum along with it.

Teebee started producing music during his undergraduate days at Ladoke Akintola University of Technology in Ogbomoso. Since then, his unwavering passion for music has not waned. ‘Alagbon’ is produced by Krizbeat.

OLAMIDE OLADIMEJI SHOOTS HIS WAY TO STARDOM Olamide Oladimeji is not a familiar name in Nollywood but in Hollywood. A few of his Nigerian friends and colleagues may remember him from his days as a young student at

Tunde and Wunmi Obe

Fans Applaud Tunde and Wunmi Obe at Valentine Show It was a beautiful experience for the attendees of the T.W.O. (Tunde and Wunmi Obe) Valentine Special sold out show which held at the Renaissance Hotel, Ikeja, Lagos, Nigeria.

The show started with a local band that treated the audience to traditional music.

It was a breath of fresh air from the regular music. The receptive audience were taken back to the days when they were young and played outside with other children singing cultural songs.

Another highlight of the night was the DeJaVu band who took the audience on a journey with the rendition of popular hit singles from both Nigerian and international stars.

Songs from Flavour and 2face Idibia got the audience grooving on their seats.

One of the guests took the microphone to join in the singing.

The TWO Valentine Special show was a mixture of the young and the old. The hall was filled with married couples who had been married for many years.

Notable to mention are the couples who have been married for 19 years, 40

Cecil Petros College in Ogun State or in University of Lagos in 2009 where he studied Psychology.

Today Oladimeji is better known as a US-based cinematographer who is meteorically etching his name in the Hollywood scene. He has worked with some of the A-list artistes in Hollywood, including Nick Cannon, Robin Thicke and was part of the crew that shot the 2016 BET Awards.

Game time on the T.W.O. stage

years and the special couple who have been married for 55 years.

The audience gave them a standing ovation as soon as the MC announced their names and called them to the front for a special game.

The young couples were also ably represented at the show.

The musical couple, Tunde and Wunmi Obe came out to serenade the crowd with amazing dance steps.

They led other couples to the centre stage for a choreographed dance; it was eclectic, adoring, exciting and entertaining. Everyone was involved and carried along.

The event had reached its climax; audience members were not just excited, they were ecstatic. TWO started with their prayer song before serenading the audience with their old hits and songs from their new album.

They performed songs like, ‘Fine Bara’, ‘Wedding Day’, ‘Mogbomoya’, and a host of others from their repertoire of songs.

The amazing DJ JimmyJatt closed the show with classic tunes that got the couples grooving on dance floor.

The young cinematographer didn’t nurse his passion for the camera in his childhood days, although he discovered he loved writing. However, his writeups was not meant for bookshelves but for the screens. It took a while for him to convince himself that his unbridled passion for the camera was not just another phase in his life.

“As I grew older I found love with

the camera, then it was like a phase it disappeared. Then I got into UNILAG and I got into editing which I learnt from watching my older brother (who has edited commercials for the Heineken, AMBO). With that little knowledge, my colleagues and I were shooting and editing announcements for our campus fellowship.”

A year later, he was picked by The Redeemed Christian Church of God, City of David to join the media and news crew. That experience would steer him into the right path of his career. He bought his first camera in 2011 from the monies he made.

Encouraged by his boss, Bolaji Salu, he did a short programme in filmmaking in Abu Dhabi in 2013.

After graduating from UNILAG in 2014, he took a step further by relocating to United States of America to study Filmmaking at the New York Film Academy.

Although he has worked on many projects, Oladimeji holds dear to his heart, his experience working with Hollywood comedian and actor, Kevin Hart on the set of ‘The Real Husbands of Hollywood’ Season 5.

He was invited on set by the Director of Photography, Tommy MaddoxUpshaw (Iron Man 2, Straight Outta Compton), who was also his mentor and former cinematography instructor.

Describing the experience as a crazy one, Oladimeji said he was glad he worked on that production.

‘MR AND MRS REVOLUTION’ SHINES Remember the award-winning human interest movie, ‘Mr. and Mrs.’ that blew our minds with the unique storyline and got us glued to our TV screen between 2011-2012. The producer Chinwe Egwuagu is set to release the Chapter two of the movie, titled ‘Mr and Mrs Revolution’ in cinemas.

‘Mr and Mrs Revolution’ is directed

by Teco Benson, and star talents like: Rita Dominic, Chidi Mokeme, Tana Adelana, Akin Lewis, Yaw, Munachi Abii and many others.

It tells the story of a couple, Sharon (Rita Dominic) and Kobi (Chidi Mokeme) who attempts to tell a truth about some of the conflicts, confinement, independence, and struggles in marriages. The pursuit to keep their marriages intact and save their private lives leads to various dramatic and intense scenes that follow the story.

The previous Mr and Mrs. was a success story and bagged several awards and nominations such as: Africa Movie Academy Award for Best Screenplay, Africa Movie Academy Award for Best Actress in a Supporting Role, Nollywood Movie Awards for Best Costume Design, Nollywood Movie Awards for Best Editing, Nollywood Movie Awards for Best Lead Actress, Africa Movie Academy Award for Best Actress in a Lead Role, and so many others.

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ENTERTAINMENT NEWS

Viola Davis

Mahershala Ali

Emma Stone

Casey Affleck

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Oscars 2017: Whose Trophy is it Tonight Vanessa Obioha

When it comes to the Oscars, there is no definite prediction because the voting members of the Academy of Motion Pictures for Arts and Sciences don’t follow the general rules. They always leave the audience stunned with their final verdict. While predictions of the Oscars depend heavily on how the nominees fared in other awards such as the Emmy and the Screen Actor’s Guild (SAG) Awards, there is no guarantee that the Academy Awards will follow same pattern to choose its winners.

Nevertheless, there is no harm in guessing who the winners of movies’ biggest night will be, particularly in the most coveted categories. As actors, producers, screenwriters, directors, musicians storm the Delby Theatre tonight.

BEST PICTURE Who will win: La La Land There are not so many odds stacked against the neo-musical. Its obvious sins are its actors not being professional dancers, yet one can’t take away the gooey feeling La La Land leaves on its audience. Facing a stiff competition with ‘Moonlight’, ‘Manchester by the Sea’, ‘Hacksaw Ridge’, ‘Hell or High Water’, ‘Lion’, ‘Hidden Figures’, and ‘Arrival’, ‘La La Land’ is the most preferred winner of tonight’s Oscars.

Moreover, it has been packing awards

from numerous events this season apart from the SAG Awards miss.

There is a high possibility that it may continue its winning streak.

Actor in a Leading Role Who will Win: Casey Affleck Although Hollywood has a way of bringing up the past to rob one off his due glory, like Nate Parker’s unlucky fate with ‘Birth of a Nation’, the possibility of Casey Affleck walking away with the Oscars tonight is still there, even if it’s not on a high percentage.

Most critics dropped the actor whose enigmatic character in the movie ‘Manchester by the Sea’ has earned him accolades in the awards season, due to his sexual harassment past. The most favoured act in the suspenseful list that boasts of names like Andrew Garfield in ‘Hacksaw Ridge’ and Viggo Mortensen in ‘Captain Fantastic’; is Denzel Washington. Washington is loudly applauded for his showy performance in ‘Fences’.

Actress in a Leading Role Who will win: Emma Stone No one can take the sweet charming aura of Emma Stone. Whether she is captivating us with her dreamy eyes in ‘La La Land’, or her ambivalence in ‘Crazy, Stupid Love’, Emma Stone is a sweetheart on screens. On that note,we hope she will defeat her big contenders in this list: Meryl Streep (Florence Foster Jenkins), Natalie Portman

(Jackie), Ruth Negga (Loving) and Isabelle Huppert (Elle). It is absolutely time that. Stone takes home an Oscar.

Actor in a Supporting Role Who will win: Mahershala Ali We will go with critics on this one.

Mahershala Ali’s performance in ‘Moonlight’ needs no convincing. He was born to be an actor. The captivating way he transforms and interprets his character is peerless. Other nominees in this list include Lucas Hedges in ‘Manchester by the Sea’, Dev Patel in ‘Lion’, Michael Shannon in ‘Nocturnal Animals’, and Jeff Bridges in ‘Hell or High Water’.

Best Actress in a Supporting Role Who will win: Viola Davis Again, we are sticking with critics on this one. Viola Davis was exceptional in ‘Fences’. She played her role to the T, evoking true emotions from her audience particularly the snot scene. Octavia Spencer would have been a good choice if only the director changed her role. She is becoming too familiar as the daring black lady who upend the odds stacked against her. Nicole Kidman who is also nominated for her role in ‘Lion’ did little to win our vote while Michelle Williams’ character in ‘Manchester by the Sea’ didn’t live up to our expectations. Naomie Harris on the other hand is also a good choice for her role in ‘Moonlight’, but our guts is still stuck with Viola Davis.

Best Director Who will win: Damien Chazelle Everybody is rooting for Damien Chazelle, so are we. ‘La La Land’ may not have the happy ending everyone longed for but credence must be given to Chazelle for the way he navigated the plot with all the theatrical aesthetics one can think of. Everyone on this list: Kenneth Lonergan (Manchester by the Sea), Barry Jenkins (Moonlight), Mel Gibson (Hacksaw Ridge), Denis Villeneuve (Arrival) deserves an Oscar for their productions. But there can only be one winner. In our case, we choose Chazelle.

Best Animation This is a tough one being that two Disney movies are up against each other: Moana and Zootopia.

On one hand, critics praise Zootopia for addressing the issue of inclusion which is a topic the Academy Awards is very familiar with. Moana on the other hand has the visible signs of a typical Disney animation. The Red Turtle is a good contender for its simplicity and strong message while ‘Kubo and the Two Strings’ and ‘My Life as a Zucchini’ are entertaining in their own way. Our best choice in this tough list is ‘Moana’. We love the songs, the catchy phrases and the captivating will of Moana. We just love the good feeling Moana brings to the screen.

ARTS & REVIEW A

PUBLICATION

NOTES ON TEKNO’S PANA PAGE 64

26.02.2017

A SAD TALE OF

BLIGHTED JUSTICE Michael Nsonwu

EDITOR OKECHUKWU UWAEZUOKE/ okechukwu.uwaezuoke@thisdaylive.com

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FEB Ͱʹ˜ Ͱͮͯ͵ ˾ THISDAY, THE SUNDAY NEWSPAPER

ARTS & REVIEW\\LITERARY ENCOUNTER

A SAD TALE OF BLIGHTED JUSTI

In a riveting narrative, a Scottish-Nigerian author lifts the veil on the murky side of the British penal syste experience as an employee of Her Majesty’s Prison’s Service. Okechukwu Uwaezuoke writes

S

mart phones with camera apps were non-existent in those days. Imagine they were. Someone would definitely have recorded the vicious mob-attack on Michael Nsonwu by his fellow prison officers at the Royal Pentonville Prison in the UK. Then the video of the attack would have been shared on the many social media networks and would have elicited the outrage of the “civilised” world.

Perhaps, some scapegoats would have been apprehended and made an example of to appease the indignant mob baying for blood on the cyberspace.

But no such luck. This was about a year after the racially-motivated murder of 19-year-old Black British man Steven Lawrence on the evening of April 22, 1993 made the headlines.

As it turns out, Nsonwu’s assailants are yet to be brought to justice. His case has been denied a hearing despite his spirited efforts to seek redress all the way up to the High Court. And this is happening in a European country that preens itself as having one of the world’s most civilised penal systems!

So, what really happened? The details of this barbarity has been vividly documented in Nsonwu’s recentlyreleased book by Delta Publications (Nigeria) Limited, All Screwed Up (The Incredible Prison Writings of Michael Nsonwu).

Excuse the title. This book is an exposé of the shadowy side of British penal system. It is one man’s attempt to present his “case before the court of World Public Opinion – to the end that the power of injustice may be curbed.”

For the author, who had relocated to the land of his birth in 1986, everything began to unravel on December 17, 1994. Christmas joy clung to the air. And Pentonville’s administrative department was holding its annual bash. “An officer I knew vaguely as David approached me with a toothy smile,” he narrates. “‘Hi Mick, can I have a word?’ He put his arm around my shoulder, steering me towards the exit.

“The season of goodwill! “‘Sure,’ I replied, thinking nothing of it. We stepped out into the half-lit corridor between the function hall and the bar, the atmosphere contrasting with the animated mood of gaiety and bonhomie emanating from the festivities.

“As I turned my face, David grabbed me by the throat. His nails scrapped my windpipe and his grip began to close. Then, both of my arms were locked in classic ‘control and restraint’ manoeuvre (one of the techniques developed by the Prison Service to control violent inmates – usually involving three officers, two controlling the arms in wrist locks and the third cradling the head to avoid injury in the course of the struggle) from behind.”

(pp. 16-17) Nsonwu says he had gasped “partly in shock but mostly due to the abrupt restriction on my air.” The attack’s suddenness and unexpectedness disoriented him and left him more surprised than frightened. “Of course, it must be a practical joke,” he imagined. “A stupid and thoughtless practical joke; the result of too much booze and heightened sense of camaraderie. Right?”

Wrong, as he soon discovered.

For his assailants had meant to kill him. But, why would they want to do that? That was the whole point of not letting the matter to be swept under the carpet. Indeed, it is the underlying reason for penning down this gripping narrative for posterity.

Nsonwu had joined Her Majesty’s Prison’s Service on June 18, 1990 with the altruistic mission to help his “fellow men become better individuals and effect their rehabilitation”. This apparently made him very popular among the inmates after he had been finally posted to Pentonville in September 1990. “At the end of the day, concerned with the leadership power Michael wields over the inmates, who are keen to subject themselves to his approach to justice and rehabilitation, his fellow officers close ranks against him, intending to remove him from the system.

This appears to be the motive of the brutal beating to which he was subjected in the first chapter,” the book’s prologue suggests.

Yet, there had to be other more to it than that. If there was an official complicity, as the subsequent attempts at cover-up seemed to suggest, why did the authorities not simply dismiss Nsonwu on some trumpedup charges? Or, was it more convenient to make his death pass for an accident following a drunken brawl?

No one really knows. Not even the author himself, who – mystified till date – insists on tackling this hypocritical establishment head on.

Flip over to the day Lumumba died.

Lumumba, an actual blood relative of the legendary Patrice Lumumba, strayed unintentionally into the wrong side of the law. An asylum-seeker, he had found himself detained for reasons he didn’t understand. His inadequate grasp of English language – French being his second language – did not help matters. So, when a mob of officers fully-clad in anti-riot gear swooped on him, he gave up the ghost as a victim of their “improper use of excessive force”.

Of course, the race factor must have played a role too. And it is possible that

Nsonwu, an inconvenient witness to this crime, had to be silenced somehow.

Following an inquest, the officers had gone scot-free (excuse the pun).

Nsonwu was born to a Scottish mother and a Nigerian father, on July 7, 1959.

The senior Nsonwu, then a 29-year-old mechanical engineering student in Scotland had an amorous liaison with an 18-year-old grocer’s assistant from a poor working class background. Thus, the author humorously describes the circumstances of his birth: “My mother was Scottish, of the same complexion, radiance and openness as the moon.

When the light of the moon was obscured by the blanket of the clouds,

my father’s ebony Nigerian hue merged unseen with the darkness of the night.

The privacy provided allowed the couple to damn the myopic attitudes of the segregationists and forge a healthy oneness, from which they were accorded a golden compromise – me.”(page 59) For a man with no prior literary background, Nsonwu’s dexterous manipulation of the English language is quite remarkable. This makes his autobiographical effort – which is his first book – a delightfully stress-free read.

Not less riveting is the fact that he spices up each landmark event of his life in its historical context.

THISDAY, THE SUNDAY NEWSPAPER Ëž RUARY 26, 2017

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ʜ ˺˺

The Inverted Pyramid; Adapted from a novel by Emeka Dike

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Nsonwu Eighteen months after he was born in the UK, Nsonwu returned to Nigeria with his dad. His dad, leveraging on his credentials and the fact that he had a mixed-racial child, had stomped into the post-independent Nigerian scene full of optimism. Among other things, he became an Assistant Superintendent of Police in 1961 and worked as a Vehicle Inspection Officer. He later built a seven-bedroom mansion and married a Nigerian woman of Igbo ethnic stock, whose complexion could pass for that of his mixed-race son.

Nsonwu reveals that his step-mother (now of blessed memory), who bore six children, would later consider him a threat and even resented him. This could have prepared the grounds for his return in 1986 to his country of birth.

His first-hand experience of the depravity of the creature called man “opened up so many things� in him.

Among these many things are his transcendental views on existence and his predilection to write a sequel – a prequel, he’d rather call it – to this first literary effort that took him 13 years to write.

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FEBRUARY 26, 2017 ˾ THISDAY, THE SUNDAY NEWSPAPER

ARTS & REVIEW\\MUSIC REVIEW

NOTES ON TEKNO’S PANA Oris Aigbokhaevbolo

F

or as long as single words can stand alone, we will always have a Tekno song. It used to be mostly verbs and the odd noun: ‘Holiday’ (2013), ‘Dance’ (2014), 2015’s ‘Wash’ and ‘Duro’ (‘wait’ in Yoruba).

There was the pronoun: ‘Anything’ (2014). A few months ago, the man arrived at the adverb: ‘Where’ (2016).

Is a question mark missing from that last title? No matter. Tekno is a pop singer; he has no use for punctuation.

He has use for hits though. Every song mentioned above has been a hit. And yet, he seemed to belong to the class of artists with songs more famous than themselves.

This is of limited benefit in the Nigerian music industry where corporate endorsements bring in considerable revenue and bragging rights. But big corporations sign big names and perhaps bigger personalities. They have small use for hits without identities: They may use the hit song for a campaign; getting the artist for an endorsement is a different discussion.

So Tekno was without such an endorsement until a recent deal with telecom company MTN. And yet in the most famous of ads for the company, he was surrounded by artists who, arguably, have not had as many hits as himself. The star of the ad was Falz, an artist with a clear identity as a funny young man; a very good album; and, frankly, a limited number of hits on the scale of Tekno’s.

Never mind that though, Tekno is back with a single. As usual it is a single word title, ‘Pana’; as usual it is going to be a hit.

What with its grand use of drums and the rather preternatural feel the man has for winning melodies.

This time the title is not so easy to decipher. ‘Pana’ seems to refer to a woman’s name, close in sound to that other titular lady in ‘Panya’, his duet with the duo Bracket. It isn’t though. The name of the girl here is the song’s very first word: Folake, give me love o.

Na you dey catch my shot o.

For your sake I go go church o We go drive around for my Porsche o Baby Pana, They say you like wahala I get wahala Anywhere that you go I go follow you dey go They say you like cassava I get big cassava Going past the title, which ultimately may have no meaning, there’s that curious line about cassava as metaphor for the male genital. Before now, there was the ubiquitous banana, used by everyone from D’ Prince of the Mavin group to Orezi.

There is plantain, used by Myro and Oritshe Femi on ‘Plantain’ (2015). In 2013, an artist named Gzik named a song ‘Carrot’. We have also heard about the cucumber and sugarcane. The question that may have occurred to listeners is this: When would the plant-based Nigerian phallus achieve its tuber-destiny?

Tekno has now retired that question.

By now everyone knows that Nigerian pop music is not literary art. The Nigerian pop beat is canvass for the fitting of patterned items. If there were no words, these artists would find something else for use in the inexhaustible jigsaw that is the contemporary Nigerian pop sound. The idea, above anything else, is to fit in pieces to create something pleasing to the ear, and whoever seeks meaning does so at her own risk. Words are not tools to be worked with in Nigerian pop—but obstacles to be worked around.

The song’s video, directed by Clarence Peters, comes close to achieving the same meaningless bliss in its use of colour and calligraphy. But it gives more meaninglessness than it yields bliss so that the colour and Asian characters used in the video come to underline the fact of the video’s vapidity. The video joins a long list of visuals undeserving of their songs.

The other issue with the video is Tekno’s not quite stellar dancing. Like all of his other songs, ‘Pana’ insists on great physical

Tekno response. With the goofy moves on display, he doesn’t pull it off. But then Tekno has never been a great dancer. Not even when he sang ‘Dance’.

With regards to Tekno’s approach to making music, a comparison may be enough.

Wizkid, to whom every pop artist of his time will be compared, is a whimsical lyricist. You get the feeling that whatever comes to mind while he records goes into his songs. Tekno is like that, but he isn’t as interested in words.

After finding a way to fit in his pieces, Tekno

may adlib some rhythmic gibberish because he knows the potency of his beats.

With every song released, Tekno seems intent on proving that if an artist’s execution must match intention, then only few pop acts are his equal. And for anyone listening, It is no longer arguable that Alhaji Tekno is a master of the pop tune.

It used to be that the lyrics on Tekno’s songs were too slight and needed to be padded by melodious gibberish. But compared to some of his earlier songs, ‘Pana’ is quite

worded. Still we get the rhythmic gibberish because it works.

‘Pana’ and similar songs from pop artists are not intended to last past the heady present. They were made to enrich the singer by making the people of his time dance. Tekno and his contemporaries do not care about the future. In the club, no one does.

-A version of this review appears online at musicinafrica.net. Aigbokhaevbolo is winner of the AFRIMA award for Entertainment Journalism.

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CICERO

Editor Vincent Obia Email vincent.obia@thisdaylive.com, SMS: 08054681757

IN THE ARENA

Nigeria and the Trial of Xenophobia The federal government should face reality and make tough decisions about how to stop the incessant xenophobic attacks on Nigerians in South Africa, writes Vincent Obia

I

n South Africa, Nigerians live in fear.

They live a life of anxiety, not about what they will eat, drink, or wear, but about an ever-present threat of xenophobic violence by South African citizens. Provoked by yet another flare-up of the weird orgy of savagery and bloody violence in recent days, the Nigerian government has demanded action by the government of South Africa to curb its citizens. But Nigeria needs to go beyond the somewhat routinised demand to enact a firm response to the mistreatment of its citizens in South Africa.

The federal government reacted after penultimate Saturday’s outbreak of antiimmigration attacks in Pretoria West, as South Africans, allegedly, tried to rid the area of drugs and prostitution. The mobs of native South Africans raided homes perceived to be used as drug dens and brothels by foreigners, especially Africans, and demanded the deportation of prostitutes. They set fire to houses.

Two weeks before the Pretoria West incidents, 10 houses, allegedly, belonging to drug lords and brothel owners, were burned during protests in Rosettenville, Johannesburg. Locals claimed that Nigerians were behind the illicit activities.

Before the latest attacks, pamphlets were openly circulated and messages were shared on social media calling for a march against foreigners. Many Nigerians have died in the unprovoked attacks.

Special Assistant to the President on Foreign Affairs and Diaspora, Abike DabiriErewa, said on February 7 in Abuja that in the last two years, 116 Nigerians had died in South Africa in extrajudicial murders, including xenophobic attacks.

Dabiri-Erewa said 63 per cent of the victims were killed by the South African police. She spoke when she visited the South African High Commissioner to Nigeria, Lulu Mnguni, following the killing of a Nigerian, Tochukwu Nnadi, in December last year by South African police officers.

Xenophobia has become standard fare in South Africa. This is largely because the South African government treats culprits with kid gloves – and the victims’ governments, too, pay lip service to the killing and maiming of their nationals. Nigeria must rise from this inertia and assert its capacity to defend the interest of citizens wherever they choose to live in the world.

In 2015, Nigeria and South Africa sparred over attacks on African immigrants, which targeted mainly Nigerians.

In the ensuing diplomatic rift, Nigeria

ezeibe.aguwa@thisdaylive.com 08093845329

decided to withdraw its envoys from Pretoria. But this reaction drew condemnation from the South African government, which made derisive comparisons between its lethargic response to xenophobic violence and the Nigerian government’s perceived inability to rein in Boko Haram insurgency and its handling of a church building collapse in 2014 in Lagos that led to the death of 84 South Africans. The official South African response tended to play down the issue of bringing culprits of the attacks to justice.

In a similar vein, when on Tuesday the South African High Commissioner addressed journalists in Abuja after the recent outbreak of attacks in that country, he appeared to be more interested in warning foreigners in South Africa to respect the laws of their host country than assuring that those who took laws into their hands by attacking foreigners would be punished. Mnguni failed to unequivocally respond to the statement by the Nigerian Ministry of Foreign Affairs, which urged the South African government to take the

strongest measures to protect foreigners living in South Africa and “quickly bring to justice the perpetrators of these heinous crimes.”

The South African government has for long mouthed cliché-ridden assurances of the protection of foreigners. And the civil populace in that country have denounced the violent anti-immigration tendencies through marches. But the tenor of the South African government’s communications on the issue of xenophobic violence tends to show a cautious rationalisation of the brutish conduct. That is why the Nigerian government must rise to the occasion.

Nigerians in South Africa are in a bad state of affairs, and that country’s government should be confronted and held to account. Besides prosecuting perpetrators of the xenophobic attacks, the South African government should be made to pay full reparations to victims of the attacks.

The federal government needs to take a hard line with South Africa and other countries that abuse Nigerians or tend to think that Nigerian lives do not matter.

P O L I T I CA L N OT E S

Emir Sanusi’s Proposition on Polygamy

E

mir of Kano, Muhammadu Sanusi II, said in Abuja last Sunday that men who do not have enough money to take care of their basic needs should not be married to more than one wife. Sanusi said there was a link between polygamy, poverty, and terrorism, stressing that he is about to propose a law that would debar poor men from taking multiple wives.

“Those of us in the North have all seen the economic consequences of men, who are not capable of maintaining one wife, marrying four. They end up producing 20 children, not educating them, leaving them

on the streets, and they end up as thugs and terrorists,” the emir stated.

He said the proposed law “will address what Islam says on marriage, it will outlaw forced marriages, it will make domestic violence illegal, it will put in conditions that you need to fulfil before you can marry a second wife, it will spell out the responsibilities of a father beyond producing a child.”

Sanusi’s proposal has been greeted with both boos and cheers. But what he has suggested is clearly a fundamental part of the reorientation that Nigeria needs at this time to reclaim the progress that has long – Vincent Obia eluded it.

Sanusi

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CICERO/ONTHEWATCH

Acting President Yemi Osinbajo at work

Holding the Fort: The Diary of Yemi Osinbajo Combining the work of the president with that of the vice president is a tough job, but Yemi Osinbajo has shown that he is a capable of wearing the two caps. Tobi Soniyi, in Abuja, writes

F

ollowing his appointment as Acting President of the Federal Republic of Nigeria, the vice president, Professor Yemi Osinbajo, has to combine his own constitutional duties with that of the president since he is not allowed to appoint an acting vice president Those close to him say combining the two roles is challenging but so far so good, he has proven himself to be more than capable.

Federal Executive Council Meetings

The acting president has presided at four Federal Executive Council meetings during which important decisions were taken. On February 15, he presided over the longest FEC meeting in recent years. The meeting, which lasted till about 6pm, was the

longest in the history of this administration. The meeting discussed the 2017 budget extensively and also approved contracts for the construction of 12 roads across the country.

Visits to Oil Producing States

As part of plans to consolidate the prevailing truce between agitators and government, Osinbajo has continued to visit states in the Niger Delta to consult with leaders of thought in the states. He has been to Bayelsa, Rivers, Delta and Imo states. Twice he proposed to visit Ondo State but was unable to do so due to bad weather. The fact that the truce has continued to hold is an indication that the acting president’s trips to these states are not in vain.

Assent to Seven Bills

The power to sign Bills into Acts is exclusively reserved for the president. While acting as president, Osinbajo has given his assent to seven bills passed by the National Assembly. He has also declined to give assent to another four bills. The bills favoured by the acting president are: Oaths (Amendment) Act, 2017, Defence Space Administration Act, 2017, Veterinary Surgeons (Amendment) Act, 2017, and the National Film and Video Censors Board (Amendment) Act, 2017.

Others are Pension Rights of Judges (Amendment) Act, 2017, Nigeria Institute of Soil Science (Establishment, etc.) Act, 2017, and the Mortgage Institutions (Amendment) Act, 2016.

Continued on Pg. 67

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CICERO/ONTHEWATCH t )0-%*/( 5)& '035 5)& %*"3: 0' :&.* 04*/#"+0 t Continued from Pg. 66 Consultation with National Assembly Leadership

In order to ensure that the 2017 Appropriation Bill does not suffer inordinate delay, Osinbajo, in his capacity as acting president, has met severally with the senate president, Dr Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara.

Meeting with Private Sector Operators

Acting as president when the economy is in recession implies that Osinbajo has plenty explanation to make. One of the people demanding explanation is the private sector. This explains why he is frequently meeting with the operators of the private sector. One of such meetings was the Consultative Forum on Economic Growth and Recovery Plan, held at the Old Banquet Hall of the State House.

At the meeting, the acting president spoke frankly. He admitted that the economy was in deep crisis but said the government was determined to better the lot of the citizenry.

Addressing the private sector operators, he said, “I am pleased to welcome you, our partners in the private sector, to this very important consultation on the ERGP. We are in a serious economic situation and the president was particularly concerned about the lot of the common man.�

International Relations

Osinbajo has also been very active at the international scene. He attended the inauguration of Gambia’s new president, Adama Barrow, in Banjul.

On Monday, January 23, the acting president received a special envoy from President Ismail Omar Guelleh of Djibouti, at the Presidential Villa, Abuja. Osinbajo had also received Executive Director of the United Nations World Food Programme, Ms. Ertharin Cousin, at the State House, Abuja.

Last Wednesday, Osinbajo received the Commander of the US-Africa Command, General Thomas D. Waldhauser, and the American Ambassador to Nigeria, Honourable W. Stuart Symington. While acknowledging the support received from the United States in the fight against terrorism, the acting president used the occasion to plead for more help from America.

L-R. Ag President Yemi Osinbajo with President Ellen Johnson Sirleaf of Liberia welcomed by the Gambian Vice President, Fatoumata Tambajang on their arrival for the swearing-in ceremony of the new President Barrow of Gambia

Holding His Own Turf

While performing the duties demanded of him as acting president, it is also Osinbajo’s responsibility to preside over the meetings of the National Economic Council, which is composed by all the 36 state governors, the Federal Capital Territory minister, and Governor of the Central Bank of Nigeria.

On Thursday, February 16, Osinbajo presided at the 74th NEC meeting of the present administration. At the meeting, the governors expressed concern at the rate the Naira was losing value and demanded immediate review of the foreign exchange policy by the CBN. As the vice president, Osinbajo is also the chairman of Presidential Enabling Business Environment Secretariat. The council has the responsibility for identifying and removing all impediments that make doing businesses in Nigeria a nightmare. Last week, the council held a meeting, which was attended by the senate president and the speaker of the House of Representatives.

Among other decisions, the council appealed to the National Assembly to, within 60 days, pass some bills that the council believed would make doing businesses in the country a lot easier. Ultimately, the council hopes to ease the business environment and improve Nigeria’s rankings on the World Bank Doing Business Index.

R-L: Chairman MTN Nigeria, Dr. Pascal Dozie, Acting President Yemi Osinbajo, Group Chairman MTN, Mr. Phutuma Nhleko and MTN board of director, (rtd) Col Sani Bello at the Presidential Villa when the MTN team paid courtesy call

Buhari’s Absence

President Muhammadu Buhari left Nigeria for London on January 19. In a statement announcing the president’s decision to go abroad on vacation, his spokesman, Femi Adesina, said the president would resume work on February 6. Adesina had said, “During the vacation, the president will also undergo routine medical check-ups. “In line with Section 145 (1) of the 1999 Constitution (as amended), the President of the Senate, and Speaker, House of Representatives, have been duly communicated. “While away, the Vice President, Professor Yemi Osinbajo, will perform the functions of the Office of the President.�

However, on February 5, Adesina issued another statement saying that the president had extended his stay indefinitely to enable him complete a cycle of tests.

Acting President Yemi Osinbajo with GeneralThomas D.Waldhauser, Commander, US-Africa Command

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Niger Delta: Osinbajo and the Unresolved Etche Question Amid a new attempt by the federal government to find a lasting solution to the Niger Delta crisis through engagements with the oil producing communities, the umbrella sociocultural organisation of Etche people in Rivers State, Ogbakor Etche, moves to ratchet up pressure on the government to deal with unresolved issues in the area. Vincent Obia reports

W

hen on February 13 the acting president, Professor Yemi Osinbajo, visited Rivers State as part of his tour of the Niger Delta, the apex sociocultural association of the Etche people, Ogbakor Etche, saw an opportunity to bring the people’s marginalisation and development dilemma to the attention of the federal government. They wanted the country to hear the story of the area first-hand from the people.

For a stunningly long time, Etche has been one of the most underdeveloped areas of Rivers State. It is also among the least remembered in the Niger Delta development equation, despite being one of the most productive parts of the region.

Ironically, Etche people were the first to announce the plight of the Niger Delta, their ruthless exploitation, ecological catastrophe, and horrible development deficit, to the world. And they paid dearly for daring to take up the gauntlet.

Umuechem Massacre In 1990, just before the agitation by the Niger Delta peoples for a fairer share of the region’s oil resources got up steam, Etche suffered one of the cruellest acts of killing and destruction by an alliance of a rentier state and international capital the world had ever known. More than 50 residents of Umuechem were killed between October 30 and November 1, 1990 by men of the Nigeria Police Mobile Force, who also injured 20 persons and destroyed nearly 500 houses. The natives were being punished for daring to stand up against the exploitative and destructive activities of Shell Petroleum Development Company of Nigeria in the community and demand socio-economic amenities.

Those killed by the police using gun and grenade fire included a Second Class Chief and Paramount Ruler of Igboh Agwuruasa clan, His Highness, Eze A. A. Ordu, and his three children. A police corporal also died in the incident.

It was the first of such incidents of destruction by the Nigerian state in the Niger Delta.

The Rivers State government set a judicial commission of inquiry into the Umuechem killings, headed by Justice Opubo Inko-Tariah (rtd). But that effort almost ended up rubbing salt in the people’s wound. The people always knew their disadvantaged place under Nigeria’s pseudo-federal system without anyone having to rub it in. But the judicial inquest appeared to do just that.

Though, the government white paper on the commission’s report recommended compensatory payments to victims of the police brutality and the community, it made the people of Umuechem and Etche, generally, feel even worse, when it stated, “The community should be educated to know and appreciate that whatever amenities the company may provide are purely on the basis of good public relations and charity which cannot be forced out or compelled.”

The commission also recommended that such “Enlightenment campaign should be launched not only at Umuechem, but also at all oil producing areas, and in fact, in the whole state, to avoid misgivings that many people nurse against the oil exploration companies.”

It was the Umuechem killings that ultimately gave the Niger Delta struggle its momentum. But the Umuechem issue has remained unresolved 27 year after. Many aspects of the compensatory package recommended in the report of the judicial inquiry, even though low and contemptible, have yet to be fully implemented. And the issues have continued to be compounded by mounting underdevelopment.

Fresh Hope So when Osinbajo came to Rivers State on February 13, Ogbakor Etche seized the opportunity to ramp up demand for action on Umuechem and the wider development issues among the Etche ethnic nationality. The group sought to present an address during the town hall meeting involving the vice president and the government and people of the state at Government House, Port Harcourt, but it was not allowed.

Determined to make its case, Ogbakor Etche followed up the February 13 effort with another attempt to meet the vice president the next day. It paid off. Ogbakor Etche formally presented its address and souvenir to the vice president on February 14 at Aztec Arcum Event Centre, Ken Saro-Wiwa Road, Port Harcourt. It was at a forum for members of Osin-

Opurum...Paramount Ruler of Etche Kingdom

Nwodim...President General of Ogbakor Etche

bajo’s All Progressives Congress in the state and other Niger Delta stakeholders, who could not make their presentations at Government House. The association raised the fundamental concerns of the Etche people in the address.

Besides the unresolved Umuechem issue, Etche people are concerned about the lingering boundary dispute between Umuakali community in Etche and Owaza in Okwa West Local Government Area of Abia State, which has continued to deny the people revenue accruing from oil production in the area. They are worried by the lack of infrastructural facilities in the area. And they are bothered by the lack of recognition for their sons and daughters in appointments into federal parastatals, especially the oil-related ones. This is despite the crucial economic contributions of Etche to Rivers State and Nigeria.

Ogbakor Etche is hoping that Osinbajo, who is leading the federal government’s new peace initiative in the Niger Delta, would drive a new era of attention to Etche, a vast marginalised, yet most productive, part of Rivers State.

Request Ogbakor Etche, therefore, demands the construction of a gas turbine in Etche to boost power supply to the area and enhance economic activities, considering the vast oil and gas resources in the area. It wants the federal government to establish agro-based industries in Etche.

On Umuechem, the group demands the payment of full reparation to the community, “re-planning of the entire community, and a realistic upward review to the tune of N20 billion for compensation arising from the Umuechem massacre.”

Ogbakor Etche also wants the building of a federal medical centre in Umuechem to boost health care for the people as part of the remediation measures following the physical, environmental, and psychological onslaught on the community.

It demands the appointment of Etche indigenes into the boards of federal parastatals, particularly the oil-based ones, such as the Nigerian National Petroleum Corporation and the Niger Delta Development Commission.

The group wants a proper demarcation of the boundary between the oil producing communities of Umuakali in Rivers State and Owaza in Abia State, to avoid communal disputes and grant the people peaceful access to their oil resources. It wants the establishment of a federal university of agriculture in Etche and payment of N100 billion compensation to Etche people for the hazardous effects of 59 years of gas flaring and other oil related activities.

It demands that the amnesty programme by the federal government should “be revalidated and made more embracing,” while the Petroleum Industry Bill before the National Assembly should be accorded “the importance that it deserves” by being passed and accented to promptly.

Geopolitics The Etche ethnic nationality is made up of two local government areas, namely Etche and Omuma, with headquarters in Okehi and Eberi, respectively. It has six clans, one federal constituency, three House of Assembly seats, and a population of 3.5 million.

Etche is a major food basket in Nigeria, producing more than a third of the staple food of garri consumed in the South-south and South-east. With a largely rural farming population, it is a major producer of cassava, plantain, yam, palm oil, and rubber, as well as fruits, such as orange, guava, grape, and pineapple.

A massive area of land in Etche has been acquired by the Rivers State government for oil palm production, with plantations at Ozuzu, Isu, Ogida, and Egbu. Another 5, 000 hectares has been acquired by the state for rubber plantations at Odagwa, Abara, and Umuoye. Though, the rubber processing plant at Umuanyagu/Okomoko has remained dilapidated for over nine years.

Oil was discovered in commercial quantity at Umuechem in 1958, making it the first place for such discovery in Rivers State, and the second in Nigeria after Oloibiri in Bayelsa State.

It is in Etche that the world-famous and much sought-after Bonny Light crude is produced.

Besides Umuechem, oil is produced in the following Etche communities, Abara, Akpoku, Osu, Orwu, Egwi, Okoroagu, Umuebulu, Ikwerrengwo, Chokota, Imeh, Odagwa, Umuokwaj, Edegelem, Akwuobor, Mba, Umuakali, Amarji, and Umuolilo.

With about 250 oil wells, the communities fall under the following oil fields, Obigbo North, Agbada II, Umuechem/ Otamiri, Nkali, Imo River I, and Imo River II. Other oil facilities include flow stations at Obigbo North, Agbada II, Umuechem, and Imo River II; natural gas plant, and associated gas gathering plant. Etche is said to be the third largest oil producing area of Rivers State.

Neglect But nearly six decades of oil production has had little or no effect on the social, economic and political development of the people. It has, in fact, retarded their development through pollution of farmlands and instigation of destructive communal conflicts.

(See concluding part on www.thisdaylive.com)

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SUNDAYINTERVIEW

Amaechi

Amaechi: With $30bn Loan, We Will Be Out of Recession In this interview, Minister of Transport, Mr. Rotimi Amaechi, speaks on the challenges confronting his ministry, his recent call out to the National Assembly as regards the President’s request for a $30bn loan, why he led other governors to ask for the sharing of funds in the Excess Crude Account during former President Goodluck Jonathan’s administration and how he fell out with Governor Nyesom Wike, among other issues.

Amaechi spoke at a media parley and Tokunbo Adedoja was there

Y

ou have been in office as Minister of Transport for about a year and three months, what are the challenges and what would you consider as your greatest achievements?

I don’t know about achievements but I know about challenges. There are challenges and the greatest challenge is how to get the economy moving the transport sector forward because a huge chunk of the economy depends on the transport sector. Even those who transport crude by pipe will still need the transport sector and we have all sorts of ideas that we want to implement but basically there are no funds. When I tell people that we met recession, they would say how? That it was not true and I told them that recession does not start in a day. It could not have happened in our first one year in office if the factors were not there before we came in but the factors were huge.

If you had listened carefully, I had said as chairman of the Governors’ Forum, the first disagreement I had with the former President Goodluck Jonathan was on funds that the Presidency couldn’t account for. There wasn’t any specific reason why we were fighting other than my insistence on good governance.

First battle between Dr. Goodluck Jonathan and I. How much did former President, Chief Olusegun Obasanjo, leave behind? About $68 billion in the Excess Crude Account, not in the foreign reserve and then we fell into the economic crisis

we had in 2008. To be able to battle with that economic crisis, late President Umaru Yar’Adua borrowed quite a lot of money from the Excess Crude account. He was taking $1 billion every month from the Excess Crude account that was shared among federal, states and local governments to augment the budget and ensure that we didn’t feel the impact of that economic crisis.

We came out of that economic crisis by 2009 or so, the oil price bounced back to about $110 to $150 and by that time, Yar’Adua had spent the money to $48 billion. So, Goodluck Jonathan inherited the Excess Crude Account, inherited an untouched foreign reserve and also inherited increase in price of oil.

If all that money they saved, and the railway construction from Lagos to Kano, which contract was awarded at $8.7 billion by the Obasanjo administration, and you had an excess crude account of about $48 billion. All he would have done was to take $8 billion from the $48billion and he would have done the Lagos-Kano railway project. Former President Jonathan awarded the contract for the Lagos-Calabar railway project for $11.9 billion before this government brought it down to $11.1 billion. Let us even go back to $11.9 billion; from that $48 billion, you can still take another $11.9 billion. You would have funded the Lagos-Kano and the Lagos-Calabar railway project.

So, here now as minister for transportation, I am battling

on how to raise funds from China for these same rail projects, and like I said, they have just released $1.5 billion for the Lagos-Ibadan railway project. The most difficult aspect is the funding and security. Most people don’t know that NIMASA is in charge of water security in the coastal areas and it is huge.

The coastal area is essentially the Niger Delta. So, it is a huge problem but we are confronting the challenges and trying to find solution to the problems as we approach them.

You got into a little bit of hot water with the Senate over the issue of funding some rail projects with loans and they said that you were not telling the truth…

(Cuts in) As a journalist, what do you think is the truth?

As much as possible, I have huge respect for the National Assembly. I was once in the legislative arm of government and I wouldn’t want to get into confrontation with the National Assembly.

It is a fact that the Federal government submitted a request for $30 billion borrowing plan, it is a fact that it was rejected, it is a fact that $1.5 billion of the Lagos-Ibadan railway project was in it. That was what I said in Kwara and I told the people of Kwara that they should beg the National Assembly to please approve it. So, what are they disputing?

Once they pass the borrowing plan, we will start work

Continued on Page 70

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CICERO/INTERVIEW t A8): * -&% 05)&3 (07&3/034 50 "4, '03 4)"3*/( 0' '6/%4 */ &9$&44 $36%& "$$06/5 because it is very embarrassing that the Chinese government has approved. We cannot travel to China to sign because the National Assembly is yet to approve the borrowing plan. One reason why China quickly approved it was because we told them that we didn’t want the rainy season to meet us before we start the project. I don’t think I insulted or lied against the National Assembly, all I did was to repeat the facts as they happened. I told my (media) people not to reply the National Assembly because it is an institution and you don’t have to joke with such an institution.

In a language that an ordinary man will understand, what should we expect in concrete terms, which of the railway projects will come up this year?

If the National Assembly approves the borrowing plan and I hope they will, then the Lagos-Ibadan rail line will start. In fact, ordinarily, we expect to start this February or first week in March. I hope that the National Assembly will approve it and we expect that we start early in March.

Nigerians want to know why the Federal government is not utilizing recovered looted funds to fund the budget?

How much is it? There is no money that they recovered that has not been announced. Everyone they get, they announce and you should be able to tabulate from that point.

One of the mistakes I made as a governor was that I listened to Rivers people who said I shouldn’t take loans because they hate their governor borrowing money. Even what I borrowed, I paid off almost everything. And I was not borrowing as the current governor is borrowing now. I was borrowing to execute projects. If you asked anyone who was in my administration in Rivers State, he/she would tell you that we suffered in the last six months because we could have told the new government to pay.

So, the federal government has to borrow to come out of the current economic crisis we are in. One person that does not like to borrow is the President, he believes we can manage our way through. The reality is that the President also understands that people need to come out of recession and that is why he agreed to submit the $30 billion borrowing plan. These loans are tied to specific projects and when the money comes, it won’t come to the Ministry of Transportation, there will be an account where they will be paying the contractors. So, you can see the discipline by the President. Unlike before, the loan will be provided but it is the federal government that will allocate to projects. But these are loans for specific projects and imagine how the economy would look like. Just imagine $30 billion pumped into the economy, you and I would no longer be talking about recession because it will generate so much economic activities, so much jobs etc. It will revolve around the economy and create a lot of jobs, that is our argument but like I said, I make sure that my ministry don’t go into any dispute with the National Assembly.

Still on the borrowing plan, many people are skeptical about the huge amount of money government want to borrow.

The infrastructure gap is huge and as I said, this loan is not taken to any ministry or minister’s pocket. I just told you that by the time we were getting huge money from crude, we didn’t need to borrow money because we had money to do these rails. Now, one of the things that can bring us out of recession is construction. And since we don’t have money, is to borrow. If you review the borrowing plan, they are all tied to specific projects.

One controversial issue has been the closure of the Abuja airport. There are experts who would tell you that you don’t need to shut down that airport to do what you need to do. The fleeing airlines have been particularly difficult about that shutdown, have you made any progress towards that?

Who are the experts? The truth is that the federal government does not want to close that airport, the pain we will feel for closing the airport is unimaginable. How do you close an airport in the seat of power? The president is also compelled to go to Kaduna to fly out. When people say these things, it is as if we are having fun closing the airport. That is not our intention. The crisis you have at the Abuja airport is that the runway has lasted for 34 years and it is supposed to last for 20 years. What these so called experts are telling you is that they think we are repairing the runway. We are not, we are building a new runway because the foundation has given up, you cannot repair it anymore.

If it is to overlay the runway, we will be glad to do that but if you overlay it, it won’t last and we don’t want to lose any life. It could be anybody, it could be me because I use the airport too. We are also confronted with the reality that people may die if we don’t shutdown this airport and rebuild the runway. I think Nigerians should be patient and give us some time. One government that is cautious and committed to Nigerians is our government.

So are you meeting the foreign airlines midway?

The Minister of State for Aviation has held series of stakeholders’ meeting, he has spoken with them on the challenges that we have and the arrangements we have put on ground to assist them in Kaduna including security, alternative mode of transportation, putting more soldiers and policemen on the road and all that.

Amaechi

The Rivers State governor Nyesom Wike granted an interview recently where he made a lot of disparaging remarks about your tenure as governor and what he inherited. He said he inherited a mess and that some of the projects you left behind were just bogus projects like the school projects. He also alleged that you built hospitals with no doctors in them. How do you react to that?

A governor should not tell lies but when you make a child a governor then, you expect a reverse of the protocols of governance. There is a saying in my village that if you give a child something he can’t carry, he would falter and falter. The hospitals I built are still being used; he tried to change the name of one of the hospitals I built inside the Rivers State University of Science and Technology. He lied. I met 200 doctors when I came in as governor, I employed 400 more. He even lied that I owed salaries for six months. Let anybody in the state come out to say I did not start paying April salary before I left in May 2015.

If he claims to have knowledge, if he is educated enough, he should ask for files. The primary schools I built, till tomorrow are the best primary schools in Nigeria. They all had computer laboratories which people have seen but have now been shutdown by the present Rivers State government. We got Indians to train the children on computer education. A class had 30 children. The school has an auditorium for 390 children, with music instrument. The current governor cannot manage these schools; he has handed over the primary schools to villagers to manage. He said each village should manage their own primary school security. It is disastrous because Rivers State will not come out of this disaster for a long time.

I met a Rivers State that people were being killed and I stopped it; now people are not just being killed, they are being beheaded. As a governor, the lives of your citizens are sacrosanct, they are sacred and you cannot afford to allow a citizen die. One of the responsibilities you have, which is an impeachable offense if you don’t perform, as a governor is that you swear to protect lives and property.

One of the things he said was that although you did some things and that you were getting N20 billion per month and that if he had N500 million, he would have done more than you.

Do you believe that? There are months we got N7 billion.

One good thing that I was thought in governance is that whatever document you sign you must have a copy. So, if you go to my house now, I have an open space where I kept all the documents I signed as governor of Rivers State. He first said I did nothing but I paid salaries. So multiply the number of months I paid salaries. When I came in as governor, Local government was paying primary school teachers, because I focused on education, I took away their wage bill of N2 billion to add to mine. So every month, I was paying the primary school teachers for the LGAs. But now the governor sits down and collects local government money. That is not the responsibility of a governor.

I said I won’t say anything until he competes his four years, then you (the press) can compare. Nigerians have forgotten the fact that I not only did roads, which he is using, I also did education. I had a plan.

Can you imagine a governor taking an acting President to a place he said he was doing recreational centre; he called a village square that he wants to build a motor park and mini market. You know he was formerly a local government chairman, he still governs the state like a local government

chairman.

Wike said he didn’t want to be governor...

(Cuts in) The quarrel was because he wanted to be governor. From the first day we came into government house, Port Harcourt, he said he wanted to be governor but we all thought it was a joke. Now, it is inducement that made former first lady Mrs. Patience Jonathan to endorse him as PDP candidate and he was subsequently forced on Rivers people.

Elections are over and it is time for governance, if not that he granted that interview replete with lies, I won’t be talking about him. Let governor Nyesom Wike tell us one road he has done. If Governor Wike did not grant that interview to the Sun newspaper, my plan was to keep quiet until elections, then I will call Rivers people and tell them it was time to compare the two administrations.

What is the story of the nomination of Wike as minister because he said you actually nominated him but that you went behind to get security agencies to write negative report against him to stop his appointment?

One thing Wike knows about me is that I am not a coward.

If I didn’t want to nominate Wike a minister, I would not have nominated him and the sky would not fall and he knows that.

Nigerians know that I don’t lack courage. Let me tell you how Wike became a minister. The issue of corruption against Wike had started becoming an issue in my government and the people were saying Amaechi is clean, what about his Chief of Staff? So, I then vowed that he was not going to be my Chief of Staff anymore because I could not deal with the issue of corruption. Then, when I signed any file or document approving a contract and I said they should pay the contractor, Wike as my Chief of Staff would hide the file and tell the contractor how he was the one who convinced me and begged me to sign and would then buy it off the contractor and collect the money and would not execute the contract. He bought the Rumuoji and Ibaa road that were awarded to two former council chairmen.

He (allegedly) bought a road, the Rumuolumeni road, which was awarded at N700 million, but did not do the road. I only knew all these towards the end of my first tenure.

I now told him that I couldn’t be claiming that I am fighting corruption if Wike as my Chief of Staff is doing what he is doing. Tell Wike that he knows that I hate corruption. We are in court and till today, he has not filed any paper one year after I went to court. Till today, his government has not filed. I nominated him to the President (Goodluck Jonathan) and the truth was that the President did not want him and I pleaded.

Why? Chuma Chinye, my Commissioner for Commerce came to tell me that having stopped Wike from being my Chief of Staff, he was dying. I asked how. He said Wike was drinking whisky every hour out of frustration. I didn’t know that aspect of his life. Chuma Chinye is still alive and can attest to what I am saying. In the first place, he (Wike) was the one who brought Chuma to me to give appointment; they (Wike and Chuma) are friends, I didn’t know Chuma before I became governor. So, Chuma suggested if I could make Wike my SSG, I said God forbid, then he suggested minister. But, I had already nominated Tonye Cole (of Sahara Energy group) as the substantive minister from Rivers State. Now, I think twice about whatever Chuma Chinye tells me because he has misled me before, not once, but twice... Wike should know that we were told to bring a name and not 10 names that is why I said he lies a lot. Don’t forget that I was chairman of the Governors’ Forum and as chairman; I was entitled to nominate one other

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CICERO/INTERVIEW t )08 * '&-- 065 8*5) 8*,& "/% 8): * /0.*/"5&% )*. "4 .*/*45&3 Continued from Pg. 70 ministerial appointment to the President, what we used to call zonal minister. I made the case to the then president (Goodluck Jonathan) that not only because I am chairman of Governors’ Forum, Rivers State PDP produced the largest number of votes for him and Delta State that he wanted to give it to, had produced it more than three times, under Obasanjo and Yar’Adua. Jonathan now told me that he had to discuss with Ngozi Okonjo-Iweala because she gave a condition and that condition for which she can come into the government was to come in with Bright Okogwu as Minister of State for Finance. I told Jonathan that it was a faulty argument because Bright Okogwu is Delta, Ngozi is also Delta by marriage and it can’t work. So, he made that argument to Ngozi and succeeded and now came back to me that I should go and bring the name. So I brought Wike.

A week or two after, then President Jonathan sent for me. He told me that there was a report from the DSS against Wike. I knelt down before Goodluck Jonathan and begged him not to drop Wike. So, he asked me, what pedigree does he (Wike) have?

I said sir, please for my sake and because Rivers State had given Jonathan the highest votes at the election; and we were then very friendly. I even told him that if we don’t take this man (Wike), I am told that he was about committing suicide. Who did Wike know until he became a minister? One thing I try as much as possible to guard against is betrayal, I have been betrayed by a lot of people. People I helped to become Deputy Speaker of House of Representatives (apparently referring to Rt. Hon. Austin Opara), Commissioners, those I appointed, people I helped during elections.

Very few Nigerians have principles, do you know why? It is because the only source of income is the revenue of the state. Wike took his time to paint me black and I told him that there is only one way to prove it, let us go to court.

When it comes to Rivers State, I spent all my time not sleeping, working to enable us get to where we are. I introduced free education, Wike has introduced school fees, I introduced free healthcare, Wike has introduced payment for healthcare. I built new hospitals, they are there for people to see. Wike has been telling lies, I am telling you facts.

One principle I established, while I was governor of Rivers State is that I let Rivers money to be used for Rivers purposes. Wike knew that, because he was my Chief of Staff.

Wike was somebody I supported for second term as chairman of local government council even when the then governor (Peter Odili) did not want him to return for a second term. Do you know the portfolio Wike wanted when I came in as governor in 2007? He wanted to become the Commissioner for Finance, I told him no.

But Wike actually said you wanted him to be the Commissioner for Finance but that he objected and chose to be your Chief of Staff?

Wike does not have the courage to look at me and tell me he wanted any position. One

Amaechi

of the persons he sent to me is our common friend, Bello Adoke, the former Minister of Justice and Attorney General. The former Attorney General of the Federation, is our common friend. He told Bello to come and beg me to appoint him (Wike) as Commissioner for Finance. I told Bello, no. Due to my busy schedule, I didn’t know what Wike was doing, I didn’t know he was snatching people’s files and all that. There was a lady I gave a contract to supply cars for the government. She was paid but she didn’t supply all the cars. It was after I left office that she told me… (the alleged involvement of Wike) and that was why she could not complete the delivery of the cars. So, how can Wike say I wanted him to be Commissioner for Finance?

That is why I am mentioning names. What is Wike’s background to be commissioner for finance? You cannot give a lawyer, who does not have that background of managing money to become commissioner for finance. Let me tell you something that will surprise you.

Nyesom Wike swore to me with his children that if he ever betrayed me, that his children should die. It shows you the character of the person we are talking about.

For many Nigerians, it is like the APC has started something they cannot finish?

Nigerians cannot say that…

(Cuts in) But that is what people are saying Nigerians cannot say that. Do you know why I said Nigerians cannot say that, they owe me sympathy. As chairman of the

Governors Forum, when I started fighting with President Jonathan, I was clear about what the fight was all about. I was the first Nigerian to raise the alarm about the former CBN governor’s letter to President Goodluck Jonathan that $49 billion was missing from the NNPC account and not paid to the federation account. If they had returned it, we would not be in recession. If that $49 billion was there plus other recovered looted funds, perhaps, we would have hit $50 billion. With $50 to $60 billion, you don’t need to look for dollars to buy. What we are saying is that we did not meet money. Now, we are generating the funds before we can deploy. We have ideas, which will generate huge economic growth, but we don’t have the money and that is why our president is talking to people to give us money. So, we are not overwhelmed by the job, we are overwhelmed by the fact that we don’t have money. So, we are looking for money.

But top government officials of the past administration have also argued that there were efforts and moves by the past government to save and invest some of the excess funds that accrued to the federation account but that the Governors Forum, of which you were the chairman opposed the move and went to court. Do you regret that action?

Let me correct the false impression because you see the first action was when President Goodluck Jonathan took over in 2011, there were savings. Then we used to have the National Economic Council meeting and the

Let me correct the false impression because you see the first action was when President Goodluck Jonathan took over in 2011, there were savings. Then we used to have the National Economic Council meeting and the Minister of Finance used to tell us how much we had in the excess crude account. Let us say in May, it was $48 billion, but when you come by June it would drop to $47 billion. Whenever we asked, Minister of Finance would say that the President directed that she should use the $1 billion for something. Again by July, $1 billion would be missing, and it would be the same story.

Four months after, the president was still directing her to take money from the account monthly, without the governors knowledge and that was when we decided to put a stop to it and demanded that the money be shared but we agreed to put $1 billion in the Sovereign Wealth Fund. Each state can then go and do their savings, while the FG can save its share.What was shared was $10 billion. So ask, what happened to the larger chunk of $37 billion? And remember, what we are arguing about here is the savings from Obasanjo era, which President Yar’Adua inherited and then passed on to President Goodluck Jonathan. And all we shared from that amount was $10 billion. When we became strong enough to resist the illegal spending from the account, they stopped calling NEC (National Economic Council) meetings

Minister of Finance used to tell us how much we had in the excess crude account. Let us say in May, it was $48 billion, but when you come by June it would drop to $47 billion.

Whenever we asked, Minister of Finance would say that the President directed that she should use the $1 billion for something.

Again by July, $1 billion would be missing, and it would be the same story. Four months after, the president was still directing her to take money from the account monthly, without the governors knowledge and that was when we decided to put a stop to it and demanded that the money be shared but we agreed to put $1 billion in the Sovereign Wealth Fund. Each state can then go and do their savings, while the FG can save its share.

What was shared was $10 billion. So ask, what happened to the larger chunk of $37 billion? And remember, what we are arguing about here is the savings from Obasanjo era, which President Yar’Adua inherited and then passed on to President Goodluck Jonathan.

And all we shared from that amount was $10 billion. When we became strong enough to resist the illegal spending from the account, they stopped calling NEC (National Economic Council) meetings. For about two years, there was no NEC meeting but the constitution says NEC must hold at least once in a month.

So, in disobedience to the constitution, they stopped calling NEC meetings because they wanted to spend the money.

These are the facts. There are governors you can ask. Governors went on strike three times and we refused to collect our monthly allocation until they stopped deducting from the SWF. Why would people now say that it is the governors that caused it? The reason why we embarked on strike was because we said the money was being shared illegally. Out of the whole money, what was given to us was $10 billion. So, under President Goodluck Jonathan, nothing was saved. If you convert these funds into infrastructural development, the infrastructural gap we have now, won’t be this wide. Under President Goodluck Jonathan, our country had the money to do it.

Now, the money is just not there. The President is extremely disciplined. So, when you want to ask that kind of question, you should ask what happened when we had money?

We must accept the blame because we are the government in power but the challenge from the President is that you must not remove your eye from the ball. What is the ball? When you get the money, spend it on the project. That is why you see that it is taking a longer process before we award contracts because you must do that six weeks of advertisement, you must go through all the processes. Even when they give you, the federal executive council must look at it to see whether you passed through the process.

If you did not comply with it, it is sent back to the ministry for you to start afresh. What Nigerians should be saying is that yes, we are facing challenges but we are sure that our resources are safe.

What were you trying to achieve by holding an APC stakeholders meeting during the acting President’s visit to Rivers State?

First and foremost, what was held in Government House, Port Harcourt by the governor was a PDP rally and not a stakeholders meeting. How can you hold a town hall meeting inside government house?

Two, Wike printed invitations for the event and since it was a PDP rally he did not give any invitation to APC members or those outside the PDP. There is a Conference and Convention Centre I built which can take about 3000 people, why didn’t Wike hold it there and make it free for everybody that wants to attend. I had already heard that the APC members were complaining that they were not given invitations, so we agreed that if our people were not given the opportunity to come into the hall, we must afford them their own opportunity. If not, we have sold out our people.

All the governor did was that he brought in PDP people. When we got there. That was what happened and all of us told the Acting President that you cannot leave this Rivers State without addressing APC members.

When the Acting President addressed us, he addressed us as APC members.

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For Rotimi Akeredolu, an Agenda Raheem Akingbolu

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y human nature, change elicits anxiety and new expectation. This obviously describes the atmosphere in Ondo State as Mr. Rotimi Akeredolu takes over as the new helmsman of the sunshine state. Gone were the negative campaigns against the person of the new governor during the build-up campaign to the gubernatorial election.

Even the bickering within the All Progressive Party (APC) has since fizzled out; leaders appear to have closed ranks with a resolve to work for the success of the party. For the people of Ondo State, what is uppermost in their minds now is to rally support for Akeredolu to take the state to the next level.

However, considering the keen contest that produced Akeredolu and his perceived cosmopolitan nature, the new governor is expected to hit the ground running almost immediately to prove the doubting Thomas wrong.

Governor Akeredolu should follow the foot step of Governor Akinwumi Ambode of Lagos, who was seen two years ago as a neophyte in politics but within a year in office turned the table around and warmed himself into the hearts of Lagosians. Today, Ambode has suddenly become the new bride as a result of his infrastructural development of Lagos. As things are, even those who initially thought Ambode would not be able to fit into former Governor Babatunde Fashola’s shoes are begin to have a rethink.

Like Ambode, Akeredolu doesn’t appear like someone who could sway his audience with oration. But what Ambode lacks in speeches, he sure has it in performance. No wonder; his works are speaking for him anywhere in the commercial city. Two things will make the job easy for Akeredolu. One, there will be little or no distraction that normally arises from pending cases of aggrieved contestants in courts. Another thing that will make the job easy is the fact that Akeredolu cannot be linked to any political godfather that could be a burden on him. And as a professional, who had reached the peak of his profession before becoming governor, Akeredolu will definitely not be carried away by unnecessary perks of the office.

Unlike many Nigerian leaders, Akeredolu will have his name written in gold if he tries to live above petty politics of ignoring existing developmental projects embarked upon by his predecessor in office. This advice is necessary because the fear in some quarters is that he too may abandon the existing projects and start new ones to earn cheap popularity that typical Nigerian politicians are known for. His interest should lie in what will bring total good to the people. To this end, one will expect Akeredolu to focus on works that would create jobs and develop the state. Interestingly, he appears like a leader who is coming in to build and not to destroy and whoever that has that in mind will not abandon developmental projects of his predecessors.

To succeed at this crucial moment when there is paucity of funds in the country and poor rating of his party –APC, Akeredolu is expected to think out of the box. With innovation and assemblage of good economic team, his performance in office will be next to none. Thank God, he is not coming in by accident but through a process that has allowed him to plan and think of what to do to alleviate poverty in the state. Over the years while aspiring for the office, Akeredolu is believed to have mapped out good strategy to rescue the state.

Akeredolu During a recent visit to Akure and Owo, Akedolu’s home town, by this reporter, a few indigenes of the state spoke on the areas they want the new governor to focus on. One of the few leaders from Akure, who against all odds and criticism from those who insisted that Akure must produce governor in 2016, Honourable Sunday Abegunde, described Akeredolu’s emergence as the best that could happen to the state at this time.

“My reason for supporting Akeredolu was based on the need to have the best person for the job without giving in to emotion or sentiment. We saw in him what many people didn’t see and we are not in doubt that he would reposition the state for better. Akeredolu is not like the typical politicians around, who will resort to unnecessary rhetoric just to win election. He shared with us the blueprint through which he wanted to uplift the state and given his integrity and accomplishment over the years, we knew he was the best person for the job.

In the next few months, everybody will see the wind of change blowing all over Ondo State.”

A chieftain of the APC in the diaspora, who is equally an active member of the party in the state, Alhaji Kazeem Falodun, believes that Governor Akeredolu will take Ondo to a greater height if he can concentrate on long term projects that will create employment and strengthen the revenue base of the sunshine state.

“I will urge the incoming governor to take another look at the Olokola Free

Trade zone, the Bitumen project and the possibility of having a port in Ondo State, to attract investors and create jobs.

With those three projects, Ondo will be well positioned as economic haven.

If Olokola had been given attention in the past, Ondo would have become as rich, if not richer than Lagos State. With Olokola, many investors would have come to Ondo State,’’ Another indigene of the state, who spoke to THISDAY in Akure, Mr. Femi Odere, also expressed his confidence in the new administration. He however urged the governor to overhaul the entire civil service in order for his programme to have enduring impact on the state.

“With the fresh revelation in the country, we have now seen that corruption has pervaded all aspects of our system. Meanwhile, the root of this corruption is in the civil service both at the federal, states and local governments.

To this end, the civil service must be pruned down and while doing this, the governor must not forget the perennial issue of ghost workers. In 21st century when technology advancement has simplified things, it is embarrassing that ghost workers menace is still a headache in our system. Measures should be put in place to eradicate it finally in Ondo State.”

Speaking further, Odere called on government to work closely with the House of Assembly for a law that would address the menace of ghost workers. ‘’Through a formidable law, those who are benefitting or pilfering

from the ghost worker syndrome or those benefitting from within and outside government should be prosecuted while their properties should be confiscated. This is necessary because free money is no more in the country and is not likely to surface again in the system.’’

Odere, a public affairs analyst, also reasoned that there were some people in government whose services were no more required. To address this, he advised the government to put measures in place through which some civil servants could be brought out, especially those who are approaching their retirement age. ‘’For those who have few years to spend and they are no more contributing much to the day-to-day running of government, their salaries can be paid up front. Through this, government can successfully unleash another set of entrepreneurs into the system. They will create jobs, pay tax and contribute to the economy. This is possible because many of them will go into agriculture and other SMEs,” he said.

From any angle one chooses to look at what Akeredolu years will look like in Ondo State, it is obvious that the new helmsman sure has a task ahead.

Though Ondo State enjoys a special privilege in the South West as the only officially recognised oil producing state with appreciative federal government allocation, all the same, it requires a forthright leader to harness the resources and utilise them for the total good of the populace.

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Ojudu: When Our Programmes Begin to Yield Results Nigerians Will Rate APC High Political Adviser to the President, Senator Babafemi Ojudu, in this interview, speaks on the challenges facing the country and how government is talking them. He also bares his mind on next year’s Ekiti State governorship race.

Anayo Okolie brings excerpts

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here is widespread belief that the government of President Muhammadu Buhari is incapable of fixing the economic issues affecting the country.

Given the absence of a clear- cut policy, wouldn’t you think this is a valid criticism?

There is a clear-cut policy. And it is very simple.

Combat corruption and reduce or completely stop the looting of the country’s resources by public officials; diversify the economy and reduce our dependence on foreign goods; put a lot of emphasis on local production, particularly agricultural production, and revive the mining sector.

the naira and the hardship experienced across the land by the people.

A major campaign promise made by the President was to rid the country of corruption. However, many, at home and abroad, believe that the anti-graft war is one- sided. Why have the targets been exclusively from the opposition?

It is not one-sided. People who have been accused of looting should go and defend themselves rather than looking for excuses.

It is those who have been put in charge of the nation’s resources and have been found wanting that can be held to account.

Your office as a presidential aide gives you a bird’s eye view of events. What do you consider the biggest single problem of Nigeria?

In my own opinion, it is corruption. It is affecting all aspects of our life and eating away and corroding all our institutions. As President Buhari once said, if we do not kill corruption, corruption will kill us.

The President continues to get accused of sectionalism, especially in terms of appointments and his reticence in relation to the atrocious conduct of the herdsmen. These accusations aren’t exactly baseless…

The statistics available to us does not indicate that.

What specific steps are being taken to bring the country out of the current economic situation?

As I have said earlier, the administration is doing everything possible to block all the avenues for the wastage of public funds.

Unlike in the past, there is no longer free money in government.

Whatever is available is being mobilized for the provision of amenities, improvement of infrastructure, social investment, power etc. There is also a lot of attention being paid to agriculture. The CBN is making huge funds available for the cultivation of rice and wheat in order to conserve the billions of dollars we are expending on importation of those agricultural products. By 2020, Nigeria would have become

Who among world leaders-past and present - does President Buhari remind you of?

For me President Buhari is President Buhari. His ways are different from any other. No two leaders are same in their manner of governance and approach to do things. All I can tell you is that President Buhari is Nigerian patriot committed to solving the myriad of problems confronting our people and in doing this there is a general agreement by friends and foes alike that he is not ethically challenged.

Ojudu self-sufficient in the production of rice, tomato, corn and wheat.

The government is also working hard at resolving the crises in the Niger Delta, which has brought about loss of almost 1.2 million barrels of oil per day due to sabotage. Gas pipeline powering turbines are sabotaged, leading to drastic reduction in power generated and low industrial capacity. The acting President is working tirelessly at resolving this matter. There have been no incidents of sabotage in the last three weeks since he began his confidence-building visits to oil-producing communities in the Niger Delta. In 2014 and 2015, Nigeria was earning close to $1.2 billion per day from oil. Things got so bad by February 2016 that our foreign exchange earnings dropped to about $400 million a day. This explains the tumbling of the value of

Considering the debilitating economic situation, do you think the APC can be victorious in 2019?

2019 is still far away. Let’s not begin to speculate. All I know is that when the programmes in place now begin to yield results Nigerians will rate our party high.

You are being touted as one of the people angling to succeed Governor Ayo Fayose in Ekiti. What will be your main focus if you are elected governor?

I have heard that too.

Should you elect to contest, you’d be coming up against heavyweights for your party’s ticket. Will big names and big egos not bring about combustion after one of them might have won?

Our party in Ekiti is working at unity. We shall achieve that and chase out the man who has looted our state dry and given us a bad name.

Ekiti Governorship, Fayose and Oni’s Aspiration Sufuyan Ojeifo

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overnor of Ekiti State, Mr Ayodele Fayose, loves razzmatazz. His day is incomplete without showiness that is designed to excite the polity whether in his Ekiti domain or in the national milieu. Many Nigerians have incongruously come to accept him and his brand of oppositional politics as hope-inspiring in this season of extreme glitch.

He had deployed populist razzmatazz to sweep into power, defeating Dr Kayode Fayemi in the 2014 governorship election.

And, to be sure, that was not the first time he would emphatically kick the ass of an incumbent out of government house. He did so in 2003 when he defeated Governor Niyi Adebayo, thereby denying him the chance of a second term in office.

It is remarkable that on the two occasions he won election to be governor, he did so from a disadvantaged position-from outside government. But, he had, on both occasions, leveraged on the people power to upstage the applecart of incumbency. He deployed populism to appeal to the sensibilities of the local folks in Ekiti. The last time round that he short-circuited Fayemi’s flow into a second term ritual, he gave a verbal elegance to the crude process of stomach infrastructure that he adopted and popularized to achieve the feat.

Besides, the Fayemi defeat was a widespread revulsion of sorts by the people for the enlightened political elite, which should have deployed the machinery of state, finesse and fidelity to corner and sustain their (people’s) mandate for another term in office. The Fayemi government, arguably, suffered a serious disconnect with the people. It was pursuing self-serving policies and programmes that empowered political office holders alongside some members of his party while the people were emasculated.

Fayemi was not versed, at all, in the politics of identifying and connecting with the people in the street or grassroots. Unlike Fayose, who touches base with the people at will, Fayemi was standoffish and did not engage with them.

Public communication was abandoned, even when workers’ salaries in arrears of months remained unpaid. Angry workers resolved to punish Fayemi with their votes and he was defeated hands down in all of the sixteen local government areas in the

state. Interestingly, Ekiti State government, under Fayose, owes workers’ salaries but the governor has been able to explain the cause and has secured their understanding, thanks to his utilitarian public communication. The people now know about the constricting inflows from the federation account and the management of the internally generated revenue. He also showcases to the people projects he is executing. Nevertheless, Ekiti deserves more development.

Ekiti people love Fayose, no doubt. But Fayose will not contest in 2018. Therefore, he cannot transfer the people’s love for him to whoever he wants to sponsor as his successor. His would-be successor will have to, personally, earn the adoration and widespread support of the people. And, believe it or not, Ekiti people are politically enlightened, despite the stomach infrastructure narrative that is being derisively told.

This is why the All Progressives Congress (APC) with its array of 32 or thereabouts contestants will have to be sagacious, prudent, pragmatic and programmatic in its choice of a candidate. It must streamline and present its best for the contest if it wants to defeat a Fayose proxy in 2018. I have seen the long list of aspirants and I think former governor and the party’s Deputy National Chairman (South), Engineer Segun Oni, without equivocation, will present a most formidable front in the impeding battle of wits and grits.

Having been governor from 2007 to 2010 before he was ousted by the Court of Appeal, which emplaced Fayemi in his stead, he has intimidating pedigree and credentials of performance, especially in the building of road and other sophisticated infrastructure. The consensus in Ekiti is that Oni is prudent in the management of public finance.

He did not deploy public office for personal aggrandizement.

There was no record that he diverted or laundered the funds of Ekiti State; he did not use state funds to acquire property anywhere in the world. His hands were not caught in the cookie jar of crime. Like Caesar’s wife, he was above suspicion and reproach in financial matters. He is an omoluabi (a well brought up and thoroughbred child) who is committed to the uplift of the society for the general good.

What was fundamental to him and his government while in the saddle was the development of Ekiti as well as the security and welfare of the people, which he related with as “the

directive principle of state policy.” That did not detract from the thrust of his original agenda for Ekiti when, ahead of the governorship primaries of his then party, he single-mindedly sold his aspiration to Ekiti sons and daughters both at home and in the Diaspora, which they bought into.

But for the interregnum, which he was made to experience due to the Court of Appeal verdict, he possibly would have finished his two terms as governor on the PDP platform in 2015. The interruption terminated an era of sophisticated and ingenious leadership that was quietly making things happen in the state. He was not standoffish like Fayemi, neither was he loud like Fayose. Interesting, he is much older than both and, of course, calmer, wiser and more judicious. This time round, he must be voluble on achievements if providence thrusts him back to power.

The head-start that he has ahead 2018 is multifarious. First, he has been there before and he knows the terrain better than any other aspirant who has not been there. He is no stranger to the people. He had traversed the length and breath, every nook and cranny of the state in 2007 and while in office up until 2010, delivering on project development as promised during his electioneering. His blue-print for development will still suffice, possibly with little input and modifications here and there.

Perhaps, another issue that is likely to work in his favour is his political relationship across the divides of the state. He has massive networks in the APC, just as he has former loyalists who worked with and for him while in the PDP who would, because of pristine affection that is rooted in the not-too-distant past, endorse his candidature in the event Fayose makes a faux-pas of presenting an unpopular candidate or decides to foist on his party a candidate through a compromised process.

Overall, the Ekiti governorship contestation in 2018 will be very interesting to the extent that APC and the PDP are ready to make it so. If well advised, APC should weigh in with Segun Oni, whose second coming, will not only excite the polity but will also define the shape and texture of the contest. And since Fayose represents the best the PDP can offer in Ekiti in terms of populist politics, it will be interesting to know the candidate he will produce to sustain his kind of politics and governance method.

–Ojeifo contributed this piece via ojwonderngr@yahoo.com

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T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ BRUARY 26, 2017

PERSPECTIVE National Assembly’s Blueprint for Exiting Recession Chuks Okocha

T

he National Assembly marked a red-letter day last week. It was the first time the two chambers of the National Assembly would organise a joint public session on the appropriation bill to discuss how to use it to stimulate the economy and exit Nigeria from the current economic crisis. It was also the first time the National Assembly would subject the appropriation bill to public scrutiny, apart from the usual meeting with the ministries, departments and agencies.

The Joint Public Hearing on the 2017 Budget last week was the first time stakeholders, including financial experts, members of the Federal Executive Council, and civil society groups, would join in fashioning out the budget for efficient, effective and maximum impact on the economy.

The key objectives of the budget include focusing on the critical on-going infrastructure projects such as roads, railways, power, ICT and others that would have quick positive effects on the economy.

Another objective of the budget is utilising Special Economic Zones and Industrial Parks as vehicles to accelerate domestic economic activity for innovation and wealth creation. It is also purposed to contribute to food security and create a platform for agro-business in agriculture supply chains through the Agriculture Green Alternative Plan.

The 2017 budget also has as its objective the establishment of a Social Housing Fund to deepen the mortgage system and expand its availability across all states of the federation to encourage and stimulate the growth of small and medium scale industries. This is for the purpose of innovation, job creation, especially wealth creation, and provision of social safety nets for poor Nigerians.

The public hearing on the 2017 budget was in fulfilment of Senate President, Dr. Abubakar Bukola Saraki’s pledge, as chairman of the National Assembly, to make the nation’s annual appropriation process open for public participation.

Declaring open the three-day joint public hearing on the 2017 budget, Saraki explained why the National Assembly embarked on the exercise. He said the essence was to “increase the efficiency of government and its responsiveness to citizens’ needs as well as improve overall transparency and accountability in governance.”

On the novelty of the exercise, the chairman of National Assembly said the joint public hearing “is the first public hearing on the budget that brings together all stakeholders involved in the budget process.”

He explained that the budget, “If well-crafted and implemented, remains the most potent fiscal policy instrument of government in delivering socio-economic benefits in an all-inclusive manner.

“The best way to achieve this is to ensure that all stakeholders are made a part of the decision-making process, especially as it relates to the provision of public services and distribution of social benefits.”

The senate president said the country was currently at a crucial stage of its development. He said by engaging critical stakeholders and members of the general public to make input into the 2017 budget, the National Assembly hoped to increase the efficiency of government and its responsiveness to citizens’ aspirations.

He said, “You will agree with me that the current state of the economy is needing of, among others, a credible budget that will stimulate real economic activities, fix our critical infrastructure, and provide cushion for the poor and vulnerable.

“The challenge, however, is how best to ensure that the budget is utilised as an effective policy in achieving these. It is, therefore, in line with this belief that the eighth National Assembly deemed it necessary to bring government, civil society organisations, private sector, and other key actors in the economy to deliberate on the budget proposal. “Through this engagement, and others to come, we hope to increase the efficiency of government and its responsiveness to citizens needs as well as improve overall transparency and accountability in governance.”

According to the senate president, the issues challenging the nation’s economy range from low government revenues, shortages in foreign exchange supply, slowdown in economic activities, rising unemployment and cost of living.

Saraki stated, “We are all affected in one way or another. With key economic indicators heading south, there is no better opportunity to reset the fundamentals of our economy.

“What we have before our consideration is the 2017 budget proposal of N7.298 trillion, which we believe has been designed based on a medium-term recovery and growth plan.

“At the various sub-Committees, we are objectively reviewing the planned expenditures especially as it relates to its feasibility and relevance in delivering the broad objectives of the budget, which are to: i. Pull the economy out of recession; ii. Invest in the people of Nigeria; and, iii. Lay the foundations for a diversified, sustainable and inclusive growth. “On a more specific note, the 2017 capital budget proposal is intended to support activities that will help to speed up the diversification of the economy and the promotion of the non-oil sector, as well as create jobs for our youth.

“Accordingly, it is expected that ‘Made-in-Nigeria’ (that is, domestic production of food, materials and other commodities) will be encouraged. In addition, 2017 capital budget proposal is intended to engender private sector partnership in infrastructure as well as other critical sectors of the economy such as agriculture, manufacturing and services.

“However, the extent to which the budget proposal will succeed in achieving its overall objective of pulling the economy out of

National Assembly complex recession depends on a number of imperatives.

“These include: i. how well the capital spending targets critical sectors of the economy; ii. How much of the capital allocation is devoted to real developmental projects as against administrative capital project; iii. The level of detail provided in the budget that will aid proper oversight of budget implementation; and, ultimately, iii.

The realisation of projected revenues and borrowings.”

He stated that while the government had made efforts to ensure that provisions in the budget proposal aligned with the over-arching goal of pulling the economy out of recession and laying the foundations for diversified growth, “certain provisions are clearly off the path. The budget must address the critical issues setting back our national growth and development.”

The senate president added, “In this regard, the eighth National Assembly will continue to support government’s economic recovery and growth effort. To this end, we will ensure that proposed projects and programmes, and their estimated expenditure are in sync with government’s priorities.

“Beyond that, we will also ensure that, in line with the Amended Procurement Act, a sizable part of the capital expenditure is retained within the country as government patronises ‘Made-in-Nigeria’.

“In addition, the National Assembly will continue to focus on priority bills that will loosen the structural bottlenecks that are impeding the ease-of-doing business in the country. These priority bills, which include: National Transport Commission bill; National Road Fund Bill; National Road Authority Bill; National Inland Waterways Bill; Nigerian Ports and Harbours Authority Bill; Infrastructure Development Commission Bill; Petroleum Institution and Governance Bill; Federal Competition and Consumer Protection Bill will unstiffen the investment climate in critical sectors of the economy. What we want to build is a better Nigeria, and we all have a part to play.”

Several stakeholders at the public hearing gave inputs on the recession and how to take Nigeria out of this economic crisis. One of such stakeholders was the former deputy governor of Central Bank of Nigeria, Dr. Obadiah Mailafia, who blamed the recession in Nigeria on a number of factors, such as the fall in oil prices, dwindling foreign reserves, a weakened naira, negative growth, and the existing gap in public policies.

Other factors he listed were poor banking practices, the stock market crisis, speculation, regulatory failure, corruption and fraud, as well as weak macro-economic management.

Mailafia called the American depression of 1929 as one of the worst in world history, saying that though the crisis was caused by a stock market crash, it was compounded by the myopic intervention of the U.S. government at the time, which he said increased the interest rate in the face of the recession, instead of lowering it.

Mailafia warned the federal government and financial regulators against the high interest rate regime, pointing out that it would only aggravate the nation’s economic woes. He also warned against a hike in taxes, suggesting that the federal government should expand its income tax base by getting more people to pay taxes instead of increasing taxes, stating that doing so will further impede economic growth and investment.

The former CBN deputy governor narrated how the U.S. government then headed by Franklin D. Roosevelt later rescued the depressed American economy by boosting consumption and building infrastructure, which provided jobs. He advised the incumbent government of President Muhammadu Buhari against

sustaining the excuse that it did not cause the recession, reminding it that the buck stops at its table. He also advised the legislature and the executive to deploy the current budget process to stimulate the economy, focus on factors that can rejuvenate growth, stabilise the exchange and interest rates and simultaneously provide a stimulus package that will ensure a synergy between economic growth and the budget package.

Mailafia said it was unfortunate that the CBN allowed the MMM Ponzi scheme to operate in Nigeria, a situation he said could be detrimental to an already crippled economy, in view of the huge involvement of Nigerians in the scheme. This involvement, he said, involved enormous withdrawal of monies from the banking system for investment in the scheme. He described the trend as risky for banking.

He further advised the government to reposition key institutions, invest in key infrastructure that can create employment for the youth as was the case in the United States, which re-invented railway operations and reduced taxation.

Speaking on the topic, “Key Challenges of Planning and Budgeting in Nigeria: A Case Study of Social Safety Net Programme Implementation in Nigeria”, Dr. Nazif Darma of the Department of Economics, University of Abuja, blamed the stagnation in the economy on the absence of planning. He noted that India’s economy had grown consistently for decades because the country had a history of national planning spanning 65 years. He also advocated a review of the Vision 20:20202 blueprint, which he said should be aligned with the Sustainable Development Goals of the United Nations.

Darma also echoed Mailafia’s views on taxation, saying, “This is not the time to increase taxes. You can increase the number of people that will pay taxes.”

According to him, a five-year development plan should be drawn from Vision 20:2020 plan.

Minister of State for Budget and National Planning, Mrs. Zainab Ahmed, said the 2016 budget failed to achieve its target because of the following factors: the contraction in GDP; the fall of the oil production from the targeted 2.2 million barrels per day to 1.4 million; galloping inflation of over 18 per cent from the projected 9.8 per cent; protracted depreciation of the exchange rate from the projected N197 to $1 to N305/$, while the revenue target of 3.8 per cent only attained 2.117 per cent.

According to her, oil revenue declined sharply due to the fall in oil prices while the drop in oil production arising from the militancy in the Niger Delta compounded the situation. She said the 2017 budget was conceived to achieve economic recovery, stimulate growth, pull Nigeria out of the recession and sustain macro-economic growth, adding that the budget would expand the frontiers of private-public partnerships, provide jobs through small and medium enterprises, create wealth, and foster social safety for the poor and vulnerable in the society.

The minister added that this year’s revenue projection of N4.942 trillion was 28 per cent higher than the N3.85 trillion target in 2016, with 11 per cent of the projection meant to be drawn from recovered loot and 4.9 per cent from value added tax, among other sources.

––Okocha is Special Assistant to the Senate President on Print Media.

(See concluding part on www.thisdaylive.com)

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FEBRUARY 26, 2017 ˾ THISDAY, THE SUNDAY NEWSPAPER

PERSPECTIVE

An Encounter with IGP Idris Adewale Adeoye

I

t was a beautiful, scenic Friday evening at a location in Lagos that still manages to retain her greenery, in the face of the riotous climate change that has taken away many of the city’s large, steamy trees. Though built in the 1950s by the Action Group, (AG) the tough opposition party that ruled the South West and Lagos with command and awe, the Government Reserved Areas, (GRA), Ikeja continues to keep almost unparallel poise in terms of its functional design and the lurch green tropical vegetation. It was understandable while the IG, Mr Ibrahim Kpotum Idris chose the place as the rendezvous.

Buried in the epicenter of the GRA, is the police officers mess built several decades ago as a come-together for top police cops. It has been the tradition since the colonial times to host top police officers in this place, a source told our correspondent.

As we stood under one of the large trees inside the vast compound, the colonial aura still hung in the air and reflected even in the primordial architecture, the restaurant- as if built for some Catholic nuns- the menu, and the old, dutiful, pensionerlike chefs.

We had waited for a few minutes before he strolled into the hall almost unassumingly. Moderate height. Tough looking.

Clean shaven. He has an oval face spiked with tiny brush-like tribal incisions that dot the corners of his lips.

His gait was firm, as if gearing for the next battle. His face had the tingling of rich sediments of shining ointment. He wore police battle fatigue. He had no huge retinue of aides except very few men and only a handful armed.

His cop eyes surveyed the motley crowd like an owl. After brief pleasantries, he sank into the chair without a weighty crack. He should weigh 75kg, a far cry from his pot-belly predecessors.

The Inspector General of Police, Ibrahim Kpotun Idris, has the tough task of overseeing some 1300 police stations, 370,800 men and women, almost the size of some small Caribbean countries, 36 state commands, 12 Zones and 7 administrative organs. At present, the command plans to increase the workforce to 650,000. Three events struck me when I met him. It was the first time in Nigerian history that the Inspector General of Police, (IG) would be meeting the civil society, the force’s traditional rival who never saw eyeball-to-eyeball and had lived largely like a wolf and a calf. Secondly, the IG spoke for almost one hour, without looking at any prepared speech even as he quoted several figures and made historic references. Thirdly, in the course of his speech, two junior officers came to him at different times almost “instructing’ him to end the speech for me and my colleagues to ask questions, a clear departure from the tradition when IGs were treated like a medieval god by his aides. On each occasion he shot a broad smile and pleaded for a little more time. One of the aides eventually put a stop to his speech not minding the captivated audience that kept propping the IG to continue. “We are building a new police that is owned

by Nigerians. We want a new strategy that will define policing from a different paradigm. It’s a challenge, but we are up to the task”, the IG told a few of us invited to listen to his new dream and how the rights movement in Nigeria can help promote peace and conflict management in Nigeria. He brought out a new police creed which he had designed and made mandatory

Abiola for every police officer and rating.

“This creed is to ensure rule of law, enhance compassion, anti-corruption and accountability”, he said. According to him, with the new whirlwind raging in the force, police henceforth will now be made to declare their assets. This will be the first time such a demand is being made and enforced by the high command. The IG added “We need to change the perception of the police by the people.” The police he said will be expanding new frontiers like the School of Marine in Bayelsa, and the School of Logistics and Administrations. Part of the new scheme is to stop Mobile Police from protecting Very Important Persons, (VIP) while a newly trained group, fortified with modern equipment and skill, will take up this role. He has also set up the police Public Complaints Unit, (PCU) where anyone can lodge complaints of misconduct against any policeman for prompt response. The IG has put in place a covert spy group to expose and sanction corrupt police officers and rating. Cases of police-on-police sexual abuse and alcoholism will be met with stiff sanction. “The new training of the police will emphasise integrity so as to spur public confidence,” he told us.

At present the Nigerian police shoulder the burden of poor public perception, low morale, pitiable living standards of the rank and file, corruption and a ridiculously low capacity to nip crime in the bud. The country is also under-policed, far

from the United Nations, (UN) recommendation of 1 to 400.

At present the ratio in Nigeria is 1: 537. This is compounded by the fact that since 2010, no rank and file recruitment has been made into the force. Of all, corruption is one of the most insidious monsters hunting the force. Apart from police ratings collecting money from poor motorists and cash-for bail from poor victims, a section of the top command is said to be riddled with corruption, being the apex of a long chain of ignominy and dirty deals that begins from top to bottom.

IG admitted the enormity of some of the problems. He said “the rank and file is critical to our operations. They are the real people on the streets. We need to focus on them.” He laments poor funding of the command and the duplication of security units, the latest being the proposed Peace Corps. The IG came across as a very diligent, intelligent and versatile officer. His 10-year experience at the United Nations, (UN) appears to have helped shape his egalitarian views. He also has good education. Mr Idris hails from Kutigi, Lavun in Niger State.

He was born 15thJanuary, 1959, enlisted into the Police in 1984 and had degrees in Agriculture from ABU and later read law at University of Maiduguri. But he may be fooling himself if he thinks lofty ideas are enough to drive an institution that remains one of the most detested by Nigerians largely due to corruption and ineptitude. Observers think the IG needs to move from rhetoric to praxis, through visibly striking examples that will convince the people that he is not pursuing shadows.

One of his aides told our correspondent that several police officers have been demoted, sacked or faced with punitive transfer for minor and grave offenses.

The Nigerian police have a long, somehow tortuous history.

The force was established in1820 with pioneer officers mainly from today’s Imo State. Later it had a huge human resource turnover in 1879, when a 1,200 member Hausa constabulary was enlisted. In 1896, the Lagos Police was established. It follows that the pattern of its origin had been basically a reflection of the country’s diversity. There are concerns that in spite of Mr Idris’s somehow revolutionary reform, little may be achieved in creating the needed change of institutional paradigm. For instance, there are complaints that the police continue to run like a communist command in a plural society where values and civilizations sharply differ and sometimes in violent conflict. As part of the reform, a source hinted that State Commissioners of Police will now be based in Abuja with their deputies acting for them at the homestead. When our correspondent asked the IG his thoughts on state and community policing, the IG described it as work in progress.

As it is, it appears as novel as the IG’s fresh ideas are, some critics think the future of policing in Nigeria is at a peril unless the country adopts state policing and ensure security is in the hands of those who are indigenous to their areas of operation.

For now, if there is any bright light in the historically dark tunnel of policing in Nigeria, it is that the new police hierarchy obviously for the first time, seems anxious to get the people deeply involved in policy decisions. But that may not be enough unless the reform focuses on the root causes of the menace that the Nigeria police currently finds itself, one of which is its garrison structure.

––Adeoye wrote from Lagos. He can be reached at waleadeoye90@yahoo.com

The Book to Retell the Story of an Age Banji Ojewale

W

hen Henry Dele Alake showed up the other day at a book launch at the Nigerian Institute of International Affairs, Victoria Island, Lagos, the audience hardly expected remarks concerning his plan for the future, far or near. He spoke profusely about Jackson Akpasubi, the author of the two books presented, who was also Alake’s professional protégé back in their Concord Newspaper days. Alake revealed in characteristic humility that resourceful reporters were always the flame of success of celebrated editors, linking his own flourishing era to the enterprise of field men like Akpasubi in his time as Sunday Editor, Concord. At that time Alake’s editorship came close to lifting the paper to rival the achievement of Gbolabo Ogunsanwo’s Sunday Times in a much earlier epoch in the 70s.

The great Ogunsanwo took Sunday Times to a height never reached thereafter by any weekly paper in Nigeria.

Later Dele Alake was to reinvent the wheel when he served in the administration of Governor Bola Tinubu in Lagos State in 1999. Coming in as a member of Tinubu’s cabinet following a hard fought battle to dislodge the military for democratic governance, Alake promptly sought the renaming of the Ministry of Information, Culture and Sports. He saw it as an unwieldy and elephantine contraption ill-suited to deliver the efficiency required for the challenges of the liberal democracy just birthed. Alake is said to have secured Tinubu’s nod to rename the department as the Ministry of Information and Strategy. He became the first in Nigeria to be addressed as information and strategy commissioner.

The title was not a bombastic appellation: it gave its owner and

those identified with the department an urgent obligation to sync information and the dynamics of reporting government services as one indivisible activity. You were no longer bogged down by needless procedures or bureaucracy to communicate government business to the people. In addition you were to disseminate information with the objective of striking long term partnership with those who elected you. That amounted to the erection of a strategy of relationship between government and the governed.

Now Alake happens to be one of the figures who used part of this political ground plan to first displace the military in 1999 and, secondly, to form the broad coalition that midwifed the current All Progressives Congress at the centre.

At the book launch, Alake spoke copiously about the role he played during the momentous days that the events threw up in the country. He excited the crowd as he recalled how he and late MKO Abiola, the winner of the June 12, 1993 presidential election, crisscrossed the length and breadth of Nigeria to campaign. He titillated the imagination of the public. The charismatic Abiola has become a folk hero Nigeria never had as their president. Nigerians insist that the current national challenges persist because we have not had a just and acceptable closure in the June 12 matter.

Alake may have perceived the electrifying animation in the hall when he mentioned MKO Abiola and what he (Alake) did as his media adviser that led to the man’s election as the president-elect.

Alake appeared to have grasped the attention of the audience when he promised that soon he would write a book on those heady days.

And that was my takeout that day. A book capturing or relating the events that have dramatically shaped the politics and history of Nigeria is badly needed to redirect us, especially if it comes from the mind of a key player. American writer Clarence Day says: “The world of books is the most remarkable creation of man; nothing

else that he builds ever lasts. Monuments fall; nations perish; civilisations grow old and die out but in the world of books are volumes that live on still as young and fresh as the day they are written; still telling men’s hearts of the hearts of men centuries dead.”

Too often, in our society, notable citizens have been known to be helpless victims of the falsification of their noble achievements.

This illusory portrayal is then passed on as real to posterity in the absence of a pre-empting counterpoise and incalculable harm alas is done to the polity!

I believe that Nigeria’s recurring social economic and political challenges are, in a way, the direct consequences of the dearth of books on compatriots who have been influential in our history to relate their story for succeeding generations to study, analyse, understand and learn from.

For instance, I recall how Abiola used the imagery of a transformer to drive home the pivotal role of leadership during the June 12 campaign. This was how his campaign team put it: All Nigeria needs is one Transformer. In the billboard that ran the advert, the body copy contained the message: “This country has the resources to ensure stable power supply. All it takes is one Achiever who can transform what seems impossible to be possible. MKO Abiola has the courage and honesty of purpose to unite us in a bold new move to solve our problems.” Thus Abiola’s image makers projected him as the man who could deal with the flawed and failed leadership Nigeria had been cursed with over the years.

Nigerians are waiting for Dele Alake’s book to retell the story of an age, which promised us a transformer and, indeed, delivered one. At the moment we are back to a challenging period when we need a genuine game changer.

––Ojewale is a journalist and writer at Ota, Ogun State.

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THISDAY, THE SUNDAY NEWSPAPER ˾ BRUARY 26, 2017

How Would Prosperity Judge My Generation?

Tunji Olaopa

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ermit me to preface this piece by celebrating two of my friends whose promotions provided the occasion for me to reflect again on an issue that keeps returning to my attention, especially on the Nigerian conundrum of development and progress. I am indeed (just like very many in different forms) obsessed with Nigeria, and often frustrated as to how we could be so blessed and yet so impoverished. Almost any issue communicates significance for me on how Nigeria can regain its greatness and empower its citizens. And in celebrating one of these two friends of mine, Prof. Olubunmi Olapade-Olaopa, in Ibadan recently, this whole generational issue resurfaced again in my remarks at the occasion. The issue having been a subject of a prolonged inter-generational conversation which the Ibadan School of Government and Public Policy - ISGPP, had listed as a flagship, I had invited Prof. Akin Mabogunje to make a statement, thereto, at the reception. He had to leave unfortunately, as we could not gather ourselves together to commence to time, again, a generational concern which remains an issue with my generation.

Let me begin by borrowing the words that William Shakespeare committed into the mouth of Bolingbroke, a character in Richard II: I count myself in nothing else so happy As in a soul remembering my good friends.

I am such a soul today, and it is my delight to advertise my extreme joy and fulfillment at the promotion of my two friends, Professor Bunmi Olapade-Olaopa and Professor Sade Ogunsola (nee Mabogunje). Bunmi has just been appointed as the Provost of the College of Medicine, University of Ibadan while Sade now occupies the same position at the University of Lagos, for a while now. These two instigate some serious nostalgia for the moments that define our time together at the University, Bunmi at UI and Sade at Ife. Since hindsight is our only perceptual access into the past, I could say categorically that the frenetic academic pace we kept back then was the only indication we had as to how our future individually would turn out. And in that recollection, I cannot forget Bunmi and Sade as the very personification of indignant restlessness, especially when it comes to the duty of righting what is wrong. Together with all the others who have survived the Yorùbá proverbial twenty years, we have all come a long way, and justifiably scattered across all the human endeavours both in Nigeria and in the diaspora. I have no doubt that Professors Olapade-Olapade and Sade Ogunsola would succeed immensely in their respected positions as the change agents I have always known them to be.

However, apart from felicitation, I suspect that a greater honour to the achievements of these two would be to tie their promotion into a dynamic reflection about the larger concern with institutional transformation and national greatness. Their promotion is significant because they now head colleges whose significance for the recalibration of our medical education and health institution cannot be underestimated. Institutions require commitment and foresight to be transformed into optimal functionality. But transforming an institution is not just a function of commitment and foresight; it is a function of competence with a solid touch of patriotism. But ask yourself: What happens if the entire endowment, competences and talents of an entire generation like mine, specifically highlighted in achievements of my two friends, were to be patriotically injected into the national development strategy for Nigeria? I could populate a list of all those in my generation who have reached the very top of their careers. I could outline many more whose competences are transforming their endeavours in many unique ways. But such an exercise always leads me to one query: Would posterity judge our generation on our individual achievements or on what those achievements cumulate into in terms of national development?

I have been an advocate of a generational understanding of Nigeria’s predicament and greatness. In other words, we can get critical insights into where we are and where we can get to on the basis of generational commitment, or lack of it, to the Nigerian national project. It is the trepidation borne out of my remembrance of Wole Soyinka’s judgment of his generation as a wasted one that stimulates beaming the searchlight on mine too. Soyinka’s generation might still be around but, to all intents and purposes, the generation is technically gone; but mine is still around and kicking. But what have we done for Nigeria. I ask that question in the light of John F. Kennedy’s admonition: “Ask not what your country can do for you, ask what you can do for your country.” There is a philosophy behind this profound statement. One strand of it is simple: No one works for his/ her endowments; we are all essentially blessed with them, and some more than others. Second, there must be a providential reason why some specific individuals with some specific critical endowments are specifically born as Nigerians within a specific generational timeline. Add all these together: If you are endowed and are a Nigerian, does that not essentially place a certain generational responsibility on you to be up and standing on behalf of Nigeria—the specific society that Providence has placed you in? Of course, there is no sin in translating your talents, competences and endowments into individual promotion; but then there is a moral issue involved if that is all one does.

Like all the other generations before mine, this generation

Professionals at a seminar constitutes a critical mass of endowments that could be deployed to the rethinking, rehabilitation and reinvention of the Nigerian nation-state. We have public intellectuals, engineers, scholars, medical doctors, provosts, professors, clergies, architects, business men and women, civil servants, military personnel, diplomats, managers, and lots more. All these were equally present in generations past. We had the Awolowo-BelloAzikiwe generation; there was the Soyinka-Gowon-Ojukwu generation too. There were a lot of other generations before and after. Given the state of the Nigerian predicament and the enormous endowments that these preceding generations were blessed with, the conclusion could only be that there is a saddening proportionality missing in correlating endowments to national progress. That successive Nigerian government had to contend with the tragic and accumulated national burden of the past is a damning report on what has gone before.

But it is so easy to pass judgment on the past. What happens to the present? Most people in my generation are in their late 40s, in their 50s and 60s. I am in my mid-50s too. And the clock has not stopped ticking—Tick tock; tick tock. Posterity is also getting ready to pass the same judgment we eloquently passed on the past and its ambivalent generations of Nigerians who had so much but could deliver so very little. Do not get me wrong. Generational analysis of politics and development involves a complex analysis that cannot be understood in terms of white and black. There are a lot of grey areas that one must thread very softly so as not to sin against history and political sensibilities. Take Awolowo, Bello, Azikiwe, Adebo, Akilu, Eni Njoku and Okigbo on one hand; Soyinka, Achebe, Obasanjo, T.Y. Danjuma, Saro Wiwa, Bolanle Awe, Ayida, Fawehinmi, and Ahmed Joda on the other. These two strands combine politics, scholarship, activism and professionalism. In Awolowo alone you have politics and professionalism. Awolowo was a lawyer and a politician. Soyinka was an intellectual and an activist. Bolanle Awe, Mabogunje, Billy Dudley and Bala Usman were scholars and public servants, Tejumade Alakija, Francesca Emanuel, Joda, Asiodu were technocrats and civil servants and Gowon, Obasanjo, T.Y. Danjuma, and Ojukwu were soldiers and administrators. What united these people and their generation is an intricate relationship with the Nigerian state that begs for a delicate interpretation. Would anyone dare say that these ones were not committed to the Nigerian cause?

That seems obvious, even if you are duly concerned about the ethnic dimension that Awolowo, Bello and Azikiwe introduced into the Nigerian polity. Or, the provincial turn that led some away from an otherwise national concern about Nigeria’s post-independence evolution. I doubt, for instance, that Nigeria appreciated Idika Kalu, Aboyade, Alhaji A. Alhaji (Triple A) and the significance of their national development economics.

Yet, Soyinka considered his generation a wasted one. Wasted in what regard? It is definitely not in terms of individual talents and endowments. In their own right, other individuals were as great as Soyinka and Achebe in their own personal endeavours.

But then imagine that the activism of Soyinka has been multiplied several times into a thread of collective generational reaction against the Nigerian predicament? Imagine that the most endowed in these generations have the boldness of Soyinka and Saro Wiwa to engage Nigeria, the courage of Achebe to interrogate her, the vision of Aboyade and Mabogunje to propose alternative economics and spatial dimensions for her?

Imagine we can abandon our self-centered pedestrianism and imbibe a sense of history and how our collective competences could facilitate social engineering. Unfortunately, generational capital is not working for Nigeria. I quake when I think of what the coming generation will (not) do? Horace, the Roman poet, already sees ahead. He pessimistically projects the enormity of generational deficiency: “What do the ravages of time not

injure? Our parents’ age (worse than our grandparents’) has produced us, more worthless still, who will soon give rise to a yet more vicious generation.”

Today, we talk strenuously about human capital, social capital, moral capital, etc. Generational capital is equally fundamental, if not more so. The downside to deploying generational capital is that it requires a touch of patriotism, and that is in a critical short supply in Nigeria. In fact, those who deployed their talents and endowments to the Nigerian predicament that I call heroes and heroines—Billy Dudley, Bolanle Awe, Gambo Sawaba, Oladipo Akinkugbe, Umaru Shehu, Ojetunji Aboyade, Chinua Achebe, Margaret Ekpo, Bala Usman, Ken Saro-Wiwa, Pat Utomi, Odia Ofeimun, Chimamanda Adichie, Bukola Elemide ‘Asa’, Kanu Nwankwo, Hebert Ogunde, Joke Silva, Ahmed Joda, Ake, Peter Ekeh, Funmilayo RansomeKuti, Taslim Elias, Ben Nwabueze, Christopher Kolade, Gani Fawehinmi, Omolara Ogundipe-Leslie, Isawa Elaigwu, etc.

Unfortunately, all these could not pull their generation behind their patriotic commitment to Nigeria in spite of grievous loss to being. In their cases, patriotism kills. Ask Aboyade, Saro-Wiwa, Ransome-Kuti, Fawehinmi, etc. I suspect that Achebe died very bitter about Nigeria. And yet, we could have made a lot of national recovery if we have paid attention to his masterly diagnosis of The Trouble with Nigeria. We did not.

And our trouble remains.

Nobody wants to be patriotic in Nigeria today. It does not seem to pay any longer. But it is this patriotism that becomes the first condition for an enthusiastic deployment of generational capital. Generational deficiency is a double-edged sword that cuts both ways.

The first generation of Awolowo-Bello-Azikiwe failed in terms of leadership; the second failed in terms of deploying its intelligence and status to the crisis of national development.

My generation is the next in line, and the jury is still out on our success or failure. I do not know whether my generation possesses the vast patriotic quotient of the first and the second generations. But I know their professional competences are unrivalled. At least, it is unrivalled just yet. But our responsibility has trebled; as accumulated and complex-ified infrastructural, institutional and value deficits. That is to say, we carry the burden of failure of the two preceding generations. And the additional task of rejuvenating the framework and dynamics of a value-based national institutional platform for achieving a globally competitive economy that can backstop Nigeria’s democratic governance experiment. This generation is the productivity generation, and thank fate for ongoing recession; a test for our creativity and innovativeness. It is equally the infrastructure generation. And lastly, it is on this generation that the burden of democratic consolidation rests. How far have we gone? I doubt we have gone far enough. How long do we have for any truly energetic interventions? Maximum: twenty years. It is at this critical point that posterity would be waiting for us with a sledgehammer. And we would be guilty, given that we have a lot to learn from the generational mistakes of the past, and a lot to tap from the immense opportunities of the present. Of course, the government has a lot of blame to process too. After all, it is the government and the policy space that has the responsibility to harness generational capitals. That fact, however cogent, would not absolve us.

Back to my friends. Since we are kindred spirit, restless and often grossly discomfited by disequilibrium, they will immediately grasp the logic of my discomfiture. I have no doubt how they will perform as provosts. But where are the others? It is time for my generation to come alive.

––Dr. Olaopa is Executive Vice-Chairman, Ibadan School of Government & Public Policy (ISGPP) (tolaopa@isgpp.com.ng; tolaopa2003@gmail.com)

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PERSPECTIVE

2017 Budget : Taking the Process a Notch Higher Yusuph Olaniyonu

S

ince President Muhammadu Buhari submitted the 2017 Appropriations proposal to the joint sitting of the two branches of the National Assembly last December, many Nigerians have been on the watch to know what difference will attend the process of passing it compared to that of last year.

The 2016 process was bedevilled with so many problems. First, while members of the National Assembly proceeded on End of year recess after receiving the document so late from the President, during the holiday, there were speculations that the document submitted in the full glare of the public had developed wings. Though the National Assembly insisted the information was untrue, later facts revealed that what happened was an attempt by some officials from the executive arm to replace what the President submitted with a new document.

President Buhari eventually wrote the federal legislature formally replacing the budget proposal. This was followed by series of denials of the proposed estimates contained in the budget by some Ministries, Departments and Agencies. These rebuttals and rejection of the proposed estimates by MDAs became what is now famously referred to as ‘Budget Padding’. This is because it is believed that some bureaucrats in the Budget Office inflated and imported strange

figures into the Appropriation Bill without the knowledge of the heads of MDAs to which they are attributed.

The budget padding syndrome led to the sanctioning of some officials in the Budget Office. To strengthen the operation of the office, a new head, Dr. Ben Akabueze was appointed.

Remember the 2016 budget was the first full budget to be prepared and implemented by the Buhari administration. Thus, apart from the shake-up in the Budget Office, it is obvious that both the executive and the legislature needed to buckle up to avoid a repeat of the embarrassment that attended the last year’s budget.

In preparation for this year’s budget, the Senate set up a committee comprising Senators and members from the Ministry of Budget and the National Institute of Legislative Studies (NILS) to review the process and make recommendations for improvements.

The committee headed by then majority leader, Sen. Ali Ndume suggested several methods and measures which if eventually adopted will ease the process, make it more thorough and transparent.

One of the recommendations is a time table which will see the President submitting the budget well on time while the passage and assent to the Appropriation bill will take place before the end of the year.

More importantly, the National Assembly under its Chairman and Senate President, Dr. Abubakar Bukola Saraki canvassed and emphasised improved consultations between the Presidency

and the legislature so that majority of the grey and dark areas of the budget would have been cleared between both sides before the process commences.

From the legislative point, the lawmakers on their own had several in-house discussions where all members were made to understand what to do and have their time-line on the process of passage of the budget. The Senate and House of Representatives officially commenced the process on January 24 with a three-day plenary debate of the general principles of the 2017 budget. On January 26, Saraki held a meeting with Committee chairmen to brief them on the need to be diligent, transparent and be fast about the budget. During the briefing, Saraki distributed a document prepared by a Civil Society Organisation, BudgIt, which already identified 601 areas of the budget proposal which it termed “Frivolous and Suspicious Items”. The BudgIt document is expected to serve as a guide for the legislators.

Last Monday, the National Assembly unfolded another innovation into the budget process with the commencement of a three-day unprecedented public hearing. This enables members of the public, Civil society groups, socio-cultural groups and others to have a say in what the budget will eventually look like. Through the public hearing, the National Assembly is broadening and democratising participation in the budget process.

The defence before the legislative committees by MDAs which was concluded last Friday has been devoid of any allegation or scandal. The

committees are keeping to the time table agreed with their leadership. It is also expected that harmonisation at committee level has been concluded.

By tomorrow, submission of committee reports to the Appropriation Committee based on an earlier announced schedule will begin and end on Friday, February 24.

On Tuesday February 21, plenary will resume. All that will now be left will be compilation of committee reports, engagement of the leadership by the appropriation committee as well as interface with some committees, laying reports at plenary and consideration/ passage of the budget.

It is expected that before the end of March, the budget should be ready for assent by President Buhari. This will be clear ten weeks gained considering that the 2016 budget in operation was passed in May. The early passage of the budget will give ample time for the National Assembly to roll out the plan contained in the reports of the Committee on Budget reform to create a system-driven, process-oriented auto-Pilot budget process before the next exercise.

The success of the budget process as planned by the National Assembly will affect its implementation and relevance in uplifting the standard of living of the people. That is the objective of the first ever public hearing on the passage of the Appropriation Act introduced by National Assembly.

––Olaniyonu is Special Adviser to Senate President on Media and Publicity.

Antidotes for Corruption: The Nigeria Story

Babatunde Faniyan

O

nce in a while, when, from the recesses of a unique mind, there comes a “master” Book that generates an ‘earthquake’ in the land.

Some readily come to mind: Chinua Achebe’s Things Fall Apart; Wole Soyinka’s The Man Died; the William Shakespeare classics . . .and many

others.

Now, here is one in that class. Antidotes For Corruption. Any one aged 18 years and above knows what Corruption is. Everyone talks about it; condemns it and sends curses at it and to the ignoble perpetrators of the scourge. “Wars” are being fought against it all over the world – including Nigeria, by our President Buhari. In many cases however, Corruption fights back and we have on our hands, a war that is yielding mixed reactions and mixed results.

No one, until now, has taken the plunge to confront Corruption as starkly, boldly and comprehensively as in this book. Who is this one who has penned this book?

He was born Daniel Oluwagbemiga Melaye. He has been an activist from secondary School – a positive Reformative campaigner.

Here is a Daniel who, by himself, has plunged – not into the ferocious Lions’ Den – but into the equally ferocious Den of Corruption.

He has gone to confront Corruption eyeball to eyeball; to see how the scourge came to being; how it is wired, and how it has developed to the menace it is today.

He has dragged this monster out of her den, made a comprehensive study of it – from God’s Creation in the Garden of Eden through Ancient times to the Colonial Era; from the shape and colour of the scourge in different countries of the world through the negative influences of the Colonial masters. . .

And, finally, zeroing-in on our Nigeria.

In this book, there is a compendium of all forms of Corrupt practices from the pre-Amalgamation era, through Independence, to the present day. No one is spared in this fearless expository work.

Who is this Daniel that has dared to confront Corruption in this manner? What is his pedigree? What gave him the courage to write such an explosive book?

The first two chapters of the Book will give the

Melaye reader answers to these queries and satisfy every nagging curiosity. Yes, the author is the same Senator Dino Melaye who, consequent upon a recent tiff at the Senate was a target of several brickbats and mudslinging. When you really “meet” him in the first two chapters of this book, it will be established to many a discerning mind, that he is no doubt one of the most misunderstood personalities in the land.

From Secondary School, an elder in his community took a long, hard look at Dino Melaye and named him “Imole” (Yoruba word for “Light”). He then went on to make it his campaign slogan/war cry in subsequent years.

“Imole de!” (Light has come!).

And the people will respond with a roar: “Okunkun parada” (Darkness disappears!)”

Another elder described him as being “honest

and courageous” – a combination which he says, makes a man able to “go anywhere and dare any challenge.”

With his war cry of “Imole de” and from his launch pad of Honesty and Courage, Dino Melaye sailed into the House of Representatives and later, into the Senate – defeating older, well established incumbents.

Antidotes For Corruption is a book no one can ignore, a work all will admire – except, perhaps, those who are exposed in the book, and who are bent on remaining unrepentant. All readers of this book, including repentant corrupt persons will salute the courage of this Daniel in the den of Corruption.

This is arguably the most comprehensive study and expose on the phenomenon of Corruption in Nigeria yet.

It researches on the different types of Corruption, and in different lands.

“From Sodom & Gomorrah of the old testament, the Egyptian, Greek and Roman empires respectively and the Ottoman empire of the 16th century. It is significant to note that these corruption incidents were one of the main reasons for the demise of the mighty Roman empire as well as the others already mentioned, where the modern day type of corruption and nepotism as we know it, was reported to have existed at all levels of administration”.

It probes the evolution of Corruption; its development into a complex monster that has killed nations – and is threatening to kill Nigeria.

The Book discovers that Africa has developed its own brand of corruption, with Nigeria more or less at the helm.

Some of the other chapters in the book include: Systematic Corruption With Impunity In Nigeria; How Developed Countries Corrupted Underdeveloped Countries; War Against Corruption In Nigeria; How To Overcome Corruption.

The book goes on to proffer solutions to the scourge – to free Nigeria from its stranglehold and set her on the road to achieving her full potential.

A compulsory read for every patriotic Nigerian and indeed every discerning citizen of this embattled world, this book will not only be an eye opener to students of our higher institutions, it will also be an enabling instrument for positive National Re-orientation for them as leaders of tomorrow.

––Faniyan is a Lagos based author, publisher and communication consultant.

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SUNDAYSPORTS

Edited by Demola Ojo Email demola.ojo@thisdaylive.com

Mourinho Targets Fourth Carling Cup as United Play Southampton

F

orty-one years ago Southampton shocked Manchester United by winning the FA Cup final with a 1-0 triumph at Wembley. This remains the south coast club’s only major honour so Claude Puel’s 2017 vintage have the chance to make real history by beating Jose Mourinho’s version of United.

United are starting to resemble the juggernaut of all Mourinho’s champion sides so they start as firm favourites. The Portuguese also has a fine pedigree in the competition, having won it three previous times. It seems unlikely, then, that Southampton can repeat their 1976 feat. But this is a final and, as they proved, anything can occur.

It is also the first trophy that Jose Mourinho won when he arrived in England as Chelsea manager in the 2004/05 season, going on to win the EFL Cup twice more with the Blues, with victories in 2006/07 and 2014/15.

Southampton manager Claude Puel does

have pedigree when it comes to winning trophies, claiming the Ligue 1 title as Monaco manager, but the Frenchman suffered heartbreak in the French League Cup final in 2001 - losing 2-1 to Lyon in extra time.

Wayne Rooney and Michael Carrick are available for today’s final, but Henrikh Mkhitaryan will be absent for Manchester United. United captain Rooney missed the midweek Europa League trip to St Etienne as he returned to fitness, but has been confirmed as part of the squad heading to Wembley.

Midfielder Carrick has overcome a calf complaint sustained in France but Mkhitaryan’s hamstring injury means he is out. Phil Jones is a doubt due to a foot issue, but Ander Herrera returns to the fold after serving a ban in the Europa League match. Martin Caceres and Sofiane Boufal (ankle) are hoping to be included in the Southampton squad, with the Uruguay defender potentially making his debut after his recent move to the

United will be relying on star acquisitions Ibrahimovic and Pogba to win a ďŹ rst title underMourinho

Nlarev Maintains Lead at FCT Classic Olawale Ajimotokan

Issa Nlareb maintained the lead after two rounds at FCT Classic on the West Africa Golf Tour at IBB Golf Club, Abuja, but things were not plain sailing for him. The Cameroonian made three birdies in his round but these were

countered with seven dropped shots for a round of 4 over par 76. With tougher pin positions for the second round, all players found scoring a challenge.

All is set for the final round of the FCT Classic at IBB International Golf and Country Club with the professionals

Chelsea Surge 11 Points Clear Chelsea surged 11 points clear at the top of the Premier League as Pedro inspired a 3-1 win over Swansea, while Leicester’s gloom deepened as the troubled champions plunged into the relegation zone yesterday.

Antonio Conte’s leaders won for the 17th time in their last 20 league games to push them a step closer to the title.

Cesc Fabregas, restored to the team in place of Nemanja Matic, was making his 300th Premier League appearance and the former Arsenal star marked the milestone in the 19th minute with his 46th goal in the competition.

Picked out inside the penalty area by Pedro’s cut-back, Fabregas nimbly adjusted his stride before clipping his shot past Lukasz Fabianski.

Despite being out-played for much of the first half, Swansea snatched an equaliser seconds before the interval at Stamford Bridge. Gylfi Sigurdsson’s long free-kick caught the Blues napping and Spanish striker Fernando Llorente rose to head powerfully beyond Thibaut Courtois.

But Chelsea’s dominance was rewarded in the 72nd minute when Pedro’s routine long-range effort slipped past a weak attempted stop by Fabianski. Diego Costa wrapped up the points

when he finished off Eden Hazard’s pass in the 84th minute for his 17th goal of the season.

With second placed Manchester City’s scheduled derby against Manchester United postponed due to their rivals’ League Cup final date with Southampton today, Chelsea have opened up a huge lead at the top. Third placed Tottenham can trim Chelsea’s advantage to 10 points if they beat Stoke today.

While sacked boss Claudio Ranieri was saying his farewells at the club’s Belvoir Drive training base yesterday, Leicester’s fight for survival took a turn for the worse without the players even kicking a ball.

Still digesting Ranieri’s stunning dismissal on Thursday, Leicester don’t play until Liverpool’s visit to the King Power Stadium tomorrow.

Amid reports a player revolt had led to Ranieri’s exit, several Leicester players took to social media to praise the Italian, although none expressed disappointment at his exit. But there was bad news for the malcontents from Selhurst Park, where Crystal Palace’s 1-0 win over Middlesbrough left Leicester one point from safety in 18th place.

BayernBashHamburg8-0,AncelottiCelebratesMilestone BayernMunichbossCarloAncelotticelebratedhis 1,000th match as a manager with an 8-0 thrashing of Hamburg, including a Robert Lewandowski hat-trick.

Bayern led 3-0 at the break, as Arturo Vidal drilled in Thomas Muller’s lay-off, and Lewandowski converted a penalty before prodding in a third. The Poland striker struck again after the break, with David Alaba tapping in and Kingsley Coman scoring twice. Arjen Robben made it eight. Bayern remain five points clear at the top. RB Leipzig, in second place, beat Cologne 3-1.

Lewandowski’s three goals took him joint-top of the Bundesliga scoring charts - he now has 19 for the season, along with Borussia Dortmund’s Pierre-Emerick Aubameyang, who scored twice in a 3-0 win at Freiburg.

All three of Lewandowski’s goals were clinically taken. He rolled in his first with nonchalance from the penalty spot after being fouled by Lewis Holtby, and was cool from close range for his second before steering in a third from Robben’s pass after the break.

He might wonder, though, how he did not score even more - heading wide two clear first-half chances and hitting the bar.

It was a satisfying enough day for the striker, however, who received a standing ovation as he made way for Renato Sanches in the 57th minute.

He then watched Coman, another substitute, take centre stage with two smart finishes, the first steered into the corner following a mistake

by Johan Djourou, the second placed home from 20 yards after Robben teed him up.

LOSS OF DOCUMENT

Saints as a free agent. However, Virgil van Dijk, Charlie Austin, Alex McCarthy, Matt Targett dĹ&#x161;Ä&#x17E; Ĺ?Ä&#x17E;ĹśÄ&#x17E;Ć&#x152;Ä&#x201A;ĹŻ Ć&#x2030;ĆľÄ?ĹŻĹ?Ä? Ĺ?Ć? Ĺ&#x161;Ä&#x17E;Ć&#x152;Ä&#x17E;Ä?Ç&#x2021; ŜŽĆ&#x;ÄŽÄ&#x17E;Ä&#x161; Ć&#x161;Ĺ&#x161;Ä&#x201A;Ć&#x161; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ĺ˝Ć&#x152;Ĺ?Ĺ?Ĺ?ĹśÄ&#x201A;ĹŻ ŽčÄ&#x17E;Ć&#x152; ŽĨ dÄ&#x17E;Ć&#x152;ĹľĆ? and Jeremy Pied all miss out ŽĨ 'Ć&#x152;Ä&#x201A;ĹśĆ&#x161;Ć?ÍŹ ŽŜÇ&#x20AC;Ä&#x17E;Ç&#x2021;Ä&#x201A;ĹśÄ?Ä&#x17E; ŽĨ Ć&#x2030;Ć&#x2030;Ć&#x152;Ĺ˝Ç&#x20AC;Ä&#x201A;ĹŻ EĹ˝Í&#x2DC; <E ώϾϰϲ over WĹŻĹ˝Ć&#x161; EĹ˝Í&#x2DC; through injury. ϭϹώϹ Ä&#x201A;Ä&#x161;Ä&#x201A;Ć?Ć&#x161;Ć&#x152;Ä&#x201A;ĹŻ ŽŜÄ&#x17E; ĎŹĎ´ :Ä&#x201A;Ĺ&#x161;Ĺ? Ĺ?Ć?Ć&#x161;Ć&#x152;Ĺ?Ä?Ć&#x161; Ĺ?Ĺś Ć&#x161;Ĺ&#x161;Ä&#x17E; ĹśÄ&#x201A;ĹľÄ&#x17E; ŽĨ Ä?Ä&#x161;ĆľĆ&#x152;Ć&#x152;Ä&#x201A;Ĺ&#x161;ĹľÄ&#x201A;Ĺś Ä?Ä&#x161;ƾůůÄ&#x201A;Ĺ&#x161;Ĺ? Ä&#x201A;Ä?Ä&#x201A;ĹŻÄ&#x17E; Ĺ?Ć? ĹľĹ?Ć?Ć?Ĺ?ĹśĹ?Í&#x2DC; ĹśÇ&#x2021;ŽŜÄ&#x17E; Ç Ĺ&#x161;Ĺ˝ ŽŜ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ć?Ć&#x161;Ć&#x152;Ä&#x17E;ĹśĹ?Ć&#x161;Ĺ&#x161; ŽĨ Ć&#x161;Ĺ&#x161;Ĺ?Ć? KÄŤÄ&#x17E;Ć&#x152; ŽĨ dÄ&#x17E;Ć&#x152;ĹľĆ? ŽĨ 'Ć&#x152;Ä&#x201A;ĹśĆ&#x161;ÍŹ ŽŜÇ&#x20AC;Ä&#x17E;Ç&#x2021;Ä&#x201A;ĹśÄ?Ä&#x17E; ŽĨ Ć&#x2030;Ć&#x2030;Ć&#x152;Ĺ˝Ç&#x20AC;Ä&#x201A;ĹŻ Ä&#x161;Ä&#x17E;Ä&#x201A;ĹŻĆ? ŽŜÍ&#x2022; Ć&#x2030;ĆľĆ&#x152;Ä?Ĺ&#x161;Ä&#x201A;Ć?Ä&#x17E;Ć?Í&#x2022; Ä&#x201A;Ä?Ć&#x2039;ĆľĹ?Ć&#x152;Ä&#x17E;Ć? Ĺ˝Ć&#x152; Ĺ?Ĺś Ä&#x201A;ĹśÇ&#x2021; Ç Ä&#x201A;Ç&#x2021; Ĺ˝Ć&#x152; ĹľÄ&#x201A;ŜŜÄ&#x17E;Ć&#x152; Ć&#x161;Ć&#x152;Ä&#x201A;ĹśĆ?Ä&#x201A;Ä?Ć&#x161; ŽŜ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä&#x201A;Ä?Ĺ˝Ç&#x20AC;Ä&#x17E;ĹľÄ&#x17E;ĹśĆ&#x;ŽŜÄ&#x17E;Ä&#x161; Ć&#x2030;Ć&#x152;Ĺ˝Ć&#x2030;Ä&#x17E;Ć&#x152;Ć&#x161;Ç&#x2021; Ä&#x161;Ĺ˝Ä&#x17E;Ć? Ć?Ĺ˝ Ä&#x201A;Ć&#x161; Ĺ&#x161;Ĺ?Ć?ÍŹĹ&#x161;Ä&#x17E;Ć&#x152; Ĺ˝Ç Ĺś Ć&#x152;Ĺ?Ć?ĹŹ Ä&#x201A;Ć? Ä&#x17E;ÄŤĹ˝Ć&#x152;Ć&#x161;Ć? Ä&#x201A;Ć&#x152;Ä&#x17E; Ä?Ä&#x17E;Ĺ?ĹśĹ? ĹľÄ&#x201A;Ä&#x161;Ä&#x17E; Ć&#x161;Ĺ˝Ç Ä&#x201A;Ć&#x152;Ä&#x161;Ć? Ĺ˝Ä?Ć&#x161;Ä&#x201A;Ĺ?ĹśĹ?ĹśĹ? Ä&#x201A; Ä&#x17E;Ć&#x152;Ć&#x;ÄŽÄ&#x17E;Ä&#x161; dĆ&#x152;ĆľÄ&#x17E; Ĺ˝Ć&#x2030;Ç&#x2021; Íž Í&#x2DC;dÍ&#x2DC; Íż ŽĨ Ć&#x161;Ĺ&#x161;Ä&#x17E; ĹľĹ?Ć?Ć?Ĺ?ĹśĹ? KÄŤÄ&#x17E;Ć&#x152; ŽĨ dÄ&#x17E;Ć&#x152;ĹľĆ? ŽĨ 'Ć&#x152;Ä&#x201A;ĹśĆ&#x161;ÍŹ ŽŜÇ&#x20AC;Ä&#x17E;Ç&#x2021;Ä&#x201A;ĹśÄ?Ä&#x17E; ŽĨ Ć&#x2030;Ć&#x2030;Ć&#x152;Ĺ˝Ç&#x20AC;Ä&#x201A;ĹŻ teeing off first early this morning. The professionals will be followed by 128 ^Ĺ?Ĺ?ĹśÄ&#x17E;Ä&#x161;Í&#x2014; hZZ ,D E h>> ,/ > amateurs competing in the 08036005276 FCT Amateur Classic.

93

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

High Life

͎͎͜;ʹ͜͜ͳ;ͳͰ

...Amazing lifestyles of Nigeriaâ&#x20AC;&#x2122;s rich and famous

Trouble in Paradise...Intrigues as Michael Ibruâ&#x20AC;&#x2122;s Family Battle over His Estate Ëž Ă&#x;Ă?Ă&#x17E; Ă?Ă&#x2122;Ă&#x153; Ă&#x201C;Ă&#x2DC;Ă&#x2019;Ă?Ă&#x153;Ă&#x201C;Ă&#x17E;Ă&#x2039;Ă&#x2DC;Ă?Ă? Ă?Ă&#x161;Ă&#x2013;Ă&#x201C;Ă&#x17E;Ă? Ă&#x152;Ă&#x201C;Ă&#x2013;Ă&#x2013;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă&#x2039;Ă&#x201C;Ă&#x153;Ă?ËŞĂ? Ă?Ă&#x2039;Ă&#x2014;Ă&#x201C;Ă&#x2013;ĂŁ into two units

â&#x20AC;&#x153;M

oney, of course, is never just money.

Itâ&#x20AC;&#x2122;s always something else, and itâ&#x20AC;&#x2122;s always something more, and it always has the last word,â&#x20AC;? said Paul Auster, U.S. writer.

Asterâ&#x20AC;&#x2122;s words bring to mind the wisdom of late German economist and philosopher, Karl Marx. Speaking of money, Marx said: â&#x20AC;&#x153;It is the common whore, the common procurer of people and nations.â&#x20AC;? These profound summations no doubt speaks to vanity and greed of late Oloroogun Micheal Ibruâ&#x20AC;&#x2122;s family.

The late business magnate must be turning in his grave as his children engage each other in a bitter squabble over his estate.

16 of his children are in a legal tussle over their paternity and his multi-billion naira assets.

One of his sons, Oboden Ibru, has approached the Igbosere High Court, Lagos, for a declaration, among others, that he and his 15 other siblings are entitled to the estate of their father.

In a counter-claim, one of the late Chief Ibruâ&#x20AC;&#x2122;s daughters, Janet Ibru, urged the court to declare that only persons whose paternity are conďŹ rmed by a diagnostics centre in the United OBEY AT 75...THE DAZZLING ARTISTRY OF A MUSIC LEGEND Ëž

ËŠ ËŞ

;ͳ

Chief Commander Ebenezer Obey is a living legend. His artistry has not lost all its original brightness, nor does it appear less than the genius of his major rival and friend in youth, King Sunny Ade, KSA. Obey, like KSA, radiates inexplicable talent even in his twilight. This is why the glory of his genius and musical talent may never obscure. Itâ&#x20AC;&#x2122;s brilliance illumines the world of Nigerian music

States are entitled to an equal share of the estate.

Obodenâ&#x20AC;&#x2122;s suit was ďŹ led February 8 by Chief Bolaji Ayorinde (SAN) but has not been assigned to a Judge.

The defendants are Oskar Ibru, Peter Ibru, Emmanuel Ibru, Gloria Ibru, Elaine Ibru-Mukoro, Elvina Ibru, Mamemo Ibru, Janet Ibru, Obaro Ibru, Vivi IbruStankov, Edesiri Ibru, Christiana Ibru, Jero Ibru, Vikwesiri Ibru, Gabriel Ibru and the Probate Registrar, High Court of Lagos State.

The claimant is seeking an order declaring that a Memorandum of Understanding (MOU) of January 2, 2001 is valid as to the distribution by way of gift of the late Ibruâ&#x20AC;&#x2122;s assets to both â&#x20AC;&#x153;Ovuoneâ&#x20AC;? and â&#x20AC;&#x153;Ivetuâ&#x20AC;?.

He asked the court to declare that the properties listed in the MOU belong in their entirety to â&#x20AC;&#x153;Ovuoneâ&#x20AC;? being gifted jointly and several times to â&#x20AC;&#x153;Ovuoneâ&#x20AC;? in the lifetime of the late Chief Ibru.

Such properties include No. 1, Marine Road, Apapa, Lagos; 47, Marine Road, Apapa; 49, Marine Road, Apapa; 52, Marine Road, Apapa; 5,7,9 Emotan Road, Apapa; 3,5,7 Ladipo Oluwole, Apapa; Daska House; BlomďŹ eld Court; 33, Michael Ibru as the north star lightens the path of sea weary mariners.

There is no gainsaying Commander Obey, like KSA, is perhaps one of the most revered musical icons in the country.

Decades after their release, his evergreen songs continue to thrill the hearts and feet of mesmerized listeners held spellbound by the veteran music maestroâ&#x20AC;&#x2122;s captivating performances. And having lived well beyond the threescore and ten years cutoff mark for a long life, Chief Ebenezer Obey feels it is time to secure his legacy by giving back to the community.

Hence his 75th birthday celebrations this year will be a special affair. Although he was born on April 3, Chief Ebenezerâ&#x20AC;&#x2122;s birthday festivities will begin on March 23, 2017 to coincide with the birthday of his late beloved wife Evangelist Juliana Olaide Obey-Fabiyi. On that day a new police post built in his home town of Idogo will be commissioned. Idogo is in Yewa South Local Government Area of Ogun State. Apart from the police post, other activities include the launch of the Ebenezer Obey Music Foundation which has the aim of helping talented local artistes to find their feet in the music industry. A thanksgiving service will take place on April 3rd in Abeokuta, Ogun State.

LOST IN TRANSITIONâ&#x20AC;ŚTHE TITANS WHO BURNT OUT Ebenezer Obey

Ëž ËŞ

They are yesterdayâ&#x20AC;&#x2122;s titans, men who piloted the trend when it was hip to be

Michael Ibru

Boulevard; 6, Louis Solomon Close, Victoria Island, Lagos and 5/7, Queens Barracks Road, Lagos.

Others are No. 20, Queens Drive, Ikoyi, Lagos; 6, Kensington Park Gardens, London; Starcross Farm; Hillcrest Apartment; Zabadne titan. But like all things mortal, their fortunes and name impaired to the ravage of unforgiving time. All that is left of them is the common dross that is always left of yesterday. Notwithstanding their apparent retreat into oblivion, they will be remembered as the pack that stood out of the island in-crowd. They rocked Victoria Island, Ikoyi and Lekki in their boom time. Some of them ran night clubs, some ran fashion outfits and some were widely acknowledged as businessmen. Yet there were a few that didnâ&#x20AC;&#x2122;t have visible source of income, yet they were considered rich and jolly good men. They were close to the best babes and they rode the best cars that time. We are talking about Murphy Okojie, the owner Murphis Plaza, Biola Adegoke of Grotto, Solomon Arueya of Westside CDs opposite Oceanview restaurant back then, Kennedy Alogaga of Luomo, Nasir Ado_ibrahim of ClubTowers, and many more. Some of the guys have gone ultra low profile way before the onset of the recession. Call it the wisdom of the streets.

FROM NIGERIA TO GHANAâ&#x20AC;Ś GLOBACOM SIGNS MORE CELEBRITIES AS BRAND ICONS Ëž

Like a necessary angel of earth, Globacom, the telecoms giant, lives for the glory of the industrious. The continental mobile phone network provider, like the proverbial archangel and guardian of mortal dreams, adds value to artistry and protects the interests of the productive.

Plot, Abuja; Maitama Plots, Abuja; Maroko Plots, Lagos; 7, Randle Close, Apapa, Lagos; all shares in Oceanic Bank; Oteri Holdings Limitedâ&#x20AC;&#x2122;s shares in Minet Nigeria Limited; Oteriâ&#x20AC;&#x2122;s shares in Ibachem and the portion of Ibafon land occupied

by Ibachem and Ovwian land.

Mike Adenuga

Ask Olamide, rap crooner, Juliet Ibrahim, Ghanaian screen goddess, and various other artistes who were recently appointed as ambassadors of Globacom.

There is no gainsaying Globacom helps African youths by making them its ambassadors and giving them mouth watering contracts/endorsement deals, gifts and street credibility to go with it.

Glo has indeed touched so many lives more than any indigenous company in Nigeria nay Africa. From sports to music and movies. Recently, Glo signed on Olamide and Ghanaian actress, Juliet

94

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

Tony Elumelu Celebrates Father-in-Law, Israel Ogbue, at 90 ËžUBA boss pulls all stops to give wifeâ&#x20AC;&#x2122;s father a treat

I

n youth, he belonged to a temperance society and wore the badge of honour in the shape of a bow of ribbon to show that he would never cave to unrestrained hedonism and other afflictions of youth. In his twilight, Israel Ogbue stuck to his creed. Never for once did he waiver in morality and personal ethics. Hence as he clocked 90 last Saturday, his daughter, Awele, and son-in-law, Tony Elumelu, spared no expense in celebrating him. Yes, Israel Ogbue is Tony Elumeluâ&#x20AC;&#x2122;s fatherin-law and among other things, he is a worthy inspiration to the incumbent Chairman of United Bank of Africa (UBA). What many people do not know is that, Ogbue also served as UBA Chairman for six years before he retired to rest Ibrahim, the Egberi Papa 1 of Bayelsa and philosophical Dance Hall artiste, Inetimi Alfred Odon popularly known as Timaya, and Ghanaian actress, Joselyn Dumas.

Announcing the new ambassadors in Lagos, Globacom, in a statement on Thursday said Olamide was made a Glo ambassador because of his success in the music industry and for being an inspiration to millions of Nigerian youths. The four ambassadors have been inducted into the exclusive Hall of Fame for Globacomâ&#x20AC;&#x2122;s brand icons. Prominent among those in the elite group are standup comedians Basketmouth and Bovi Ugboma; the trio of Marvin Records singers: Reekado Banks, Korede Bello, Hadizah Blell (Diâ&#x20AC;&#x2122;ja), and the diva of Nollywood, Patience Ozokwor popularly called Mama G. Others are Omawumi, Ego, Yvonne Nelson and MI.

FORMER CITY EXPRESS BANK MD, SOLA ADEOTI, REMARRIES SOLA ALAO Ëž

If you look closely enough, you would find that Sola Adeoti dwarfs countless Amazons in womanliness, valour and character. Like a battle-hardened general, her exploits and scars commands random tributes of interminable sighs. The former managing director of the distressed City

Sola Alao and Sola Adeoti

and enjoy the fruits of his labour. Thus it was understandable that Tony and his wife would celebrate Ogbue as he turned 90. Trust Tony, he doesnâ&#x20AC;&#x2122;t do things in half measure, it was a big party.

So breathtaking was the party and consumption of continental cuisines and drinks that the rivers of champagne and expensive alcoholic drinks thinned to a tributary. Good money was put to great use for Pa Ogbue, no doubt. Dignitaries at the event forgot their worries and ditched the family challenges of the mundane to rejoice with the Ogbueâ&#x20AC;&#x2122;s on their patriarchâ&#x20AC;&#x2122;s 90th birthday. The sound of the bass reverberated in their chests as they cheered and celebrated the old man.

It was star-studded. Who wouldnâ&#x20AC;&#x2122;t pray to have Tony as a son in-law?

Express Bank is a champion no doubt.

She has been rocked by one catastrophe or the other, and on every occasion, she emerged stronger and wiser. Not one to dwell on any unsavory experience, the ordained pastor of the Redeemed Christian Church of God has had to do battle with the much-dreaded cancer disease, twice. The first time was when she was diagnosed with breast cancer and on the second occasion it was her son, Solomon, who was diagnosed with cancer of the brain that could terminate a life. With unprecedented faith and towering resilience, Adeoti survived the deadly disease on both occasions. She would later arrive in the waiting hands of EFCC for interrogation over her alleged involvement in financial malpractices at City Express Bank, then chaired by her father, Samuel Adedoyin. But Adeoti remains strong and imbued with wisdom to deal with all that. Today, the good news is the fact that Sola has remarried a new man, Otunba Sola Alao, quietly and she is happy for that. A lot of people in the society didnâ&#x20AC;&#x2122;t know that she has remarried. Very few people knew that Sola and Sola were an item. Nobody knew when or how the duo encountered each other and fell in love.

â&#x20AC;ŚAND JENNIFER MADIKE DIES ON VALENTINEâ&#x20AC;&#x2122;S DAY Nothing lasts forever; as the seasons turn, so does human life wither to age and disease, everything vanishes like morning dew. This grim reality currently benumbs the hearts of Jenniferâ&#x20AC;&#x2122;s family members.

Jennifer is dead. But tragic as her demise is, her family, friends and other loved ones may seek consolation in the fact that even in death, the infinitely generous woman has gone on to join the heavenly choir invisible of the immortal dead; the souls who pass on but continue to live in minds and lives made better by their presence.

Yes, Jennifer became born again before she died. She was even a Pastor at Spirit and Life Bible Church with headquarters in Benin City Without doubt, her death once again emphasizes the fleetingness and fragility of human life. No one would forget so

Israel Ogbue

advertisement, declaring Odilibe wanted.

But before then, series of events had thrown up delicately pretty, suave and charming Jennifer as a special friend of the NDLEA boss.

BURST â&#x20AC;&#x2DC;BALLOONâ&#x20AC;&#x2122;â&#x20AC;ŚWHATEVER HAPPENED TO FOLA OGUNLESIâ&#x20AC;&#x2122;S ESTRANGED WIFE, OMOLEWAâ&#x20AC;&#x2122;S BUSINESS, BALLOON

Jennifer Madike

easily, Jennifer Madike, the popular drug baroness in the 80s. She was once notable for living out loud but no sooner than the NDLEA started querying and clamping down on moneybags whose sources of money seemed suspicious, Jennifer beat a hasty retreat from the fast lane. It would be recalled that she painted the town red and rocked every city she visited to the hilt back then when she traversed the fast lane in the 80s. Jennifer partied hard and wild at home and abroad. She remained prime favourite of high society as the society courted her and local artistes sang her praises endlessly, until she passed away some days ago. The story of lovegone-sour between the then chairman of National Drug Law Enforcement Agency (NDLEA), Fidelis Oyakhilome, and Jennifer, generated interest nationwide between 1990 and 1991. The incident that felled Oyakhilome from his Olympian height was his alleged complicity with Jennifer, in offering bailout to drug barons under the influence of Jenniferâ&#x20AC;&#x2122;s undue closeness to him is well documented in the media. The specific banana peel upon which Oyakhilome stepped and tripped, as it were, was the case of a suspected drug baron, Gregory Odilibe, whom the NDLEA had declared wanted over drug offences. The anti-drug agency under Oyakhilome had placed a newspaper

There are moments in history when brooding over tragedy and itsâ&#x20AC;&#x2122; dark shadows can be lightened by recalling great moments of the past. Such fruitless pastime has no doubt become the lot of Omolewa Ogunlesi, the estranged wife of Fola Ogunlesi, Chairman of Fantasyland.

Until recently, her outfit, Balloons, in Ikoyi, Lagos was an instant success and preferred place for Lagos high society.

Like a ghost town, the Balloon highrise, Opebi, Lagos, owned by Chief Ogunlesi, has descended into the back waters of the entertainment world. Before its descent, the entertainment haven, especially for the kids, was unarguably one of the busiest in town, courtesy of its capacity to retain a core section of the jet-set by its offerings. However, these days, the place is fast losing its appeal as one of the front runners in its area of operation in Lagos. Regular patrons of the centre

Fola Ogunlesi

95

Ë&#x153; Ëž FEBRUARY 26, 2017

HIGHLIFE

Chatterboxâ&#x20AC;ŚDino Melaye Celebrates His Reconciliation with Remi Tinubu

D

ino Melaye is a pub delight, anyday.

More often than not, he oďŹ&#x20AC;ers priceless materials for the ubiquitous bar gossip and jokes. On his best day, his words would make your ďŹ&#x201A;esh creep the few times he fails to tickle you by his sidesplitting diatribes.

Yes, there is something about Senator Melaye that rankles feminists and the womenfolk. Contemporary feminists would allege that he bares his mind and brandishes his manhood like the antlers of a wild buck. Less judgmental folks would simply dismiss him as a man emotionally stuck at age 14 or thereabouts. Whatever anyone thinks, his alleged attack against fellow senator and two-time ďŹ rst lady of Lagos State, Remi Tinubu, further diminishes Melaye in the estimation of his peer and even the younger generation.

Melaye, in a ďŹ t of anger, allegedly threatened to beat Senator Tinubu up and impregnate her.

However, the two senators we gathered have â&#x20AC;&#x2DC;settledâ&#x20AC;&#x2122; the ďŹ ght. In a photograph captioned â&#x20AC;&#x2DC;With Senator Remi Tinubuâ&#x20AC;&#x2122;, which Dino posted on the social media, their brown eyes held on the spot where the chandeliers bathed the guests in brilliant spokes of light. Sparks of hatred got doused in the luminous blaze of their heartfelt smiles. No one ever thought that Remi could pull oďŹ&#x20AC; a public show of burying the hatchet. Picture of their â&#x20AC;&#x2DC;make upâ&#x20AC;&#x2122; elicited widespread commentary and shrieks of awe among the nationâ&#x20AC;&#x2122;s ruling class and citizenry. But whatever anyone thinks, the recent episode involving Remi and Dino emphasises the fact that, in politics, there are no permanent friends or enemies.

have stopped patronizing it since it was locked up. Information on what led to the development is still very sketchy, although a number of people have attributed the development to failed marriage of Mr and Mrs Ogunlesi.

Old grief casts long shadow. Often times, it rankles and hurts like a fresh wound. Ask Fola. Investigations revealed that things got awry between the estranged couple after an acrimonious divorce that saw Omolewa relocate to London. This was after the divorce she reportedly instituted while on a supposed leisure trip abroad with Ogunlesi (to Canada). However, many months after, the building remains nothing short of a ghost town, attracting curious stares and pitiful glances and questions bordering on why Fola would flagrantly abandon his property which could well be cash cow if itâ&#x20AC;&#x2122;s in use. It has been taken over by weeds and â&#x20AC;&#x2DC;area boysâ&#x20AC;&#x2122; of all hue. When this writer visited the place last weekend, what greeted him was an environment akin to a graveyard. There was no trace of business going on at the place anymore, except the signboard detailing the services offered by the outfit.

TOP SOCIALITE, BIMBO ASHIRU, BURIES MOTHER IN GRAND STYLE Penultimate Saturday, February 18, Ijebu Ode, Ogun State, literally stood still as the crème of Nigeriaâ&#x20AC;&#x2122;s high society thronged its rustic neighbourhoods to attend the grand ascension of Bimbo Ashiruâ&#x20AC;&#x2122;s mother to the afterlife.

Expectedly, it was a star-studded event.

All the rich men and women in Nigeria trooped out to pay their last respects to Madam Moradehun Ashiru. The people of Ijebu woke up to witness the grand procession of Madam Ashiruâ&#x20AC;&#x2122;s funeral.

There is no gainsaying she was the Queen of the Ashiru clan and a doting mother to her children, a title no monarch could claim. The natives had never been good at silence â&#x20AC;&#x201D; they are never known to mourn wordlessly hence they are hardly the type that expressed intense emotions through a hand on the shoulder or a pat on the

Remi Tinubu

Bimbo Ashiru

backâ&#x20AC;&#x201D; but that Saturday, they surpassed themselves. Ijebu silently mourned as the nationâ&#x20AC;&#x2122;s dignitaries thronged its beautiful innards to pay tribute to the beloved mother of one of their own. The deceased would definitely turn in her grave for the honour and unrivalled show of love that her beloved children attracted for her sake. It was like a state event; there were in attendance, a presidential delegation, members of the National Assembly, numerous state governors and prominent moguls of the business community.

Madam Ashiru was a living embodiment of the best humanity could ever offer. She was a wife, mother, grandmother and great-grandmother who lived a virtuous life.

BILLIONAIRESâ&#x20AC;&#x2122; TEARS...THE SECRET AGONY OF THE FILTHY RICH Ëž

ËŞ

Ë&#x153;

Predictably, the whistle-blower deal

Dino Melaye

is causing ripples within the circuits of the filthy rich. The possibility of losing their ill-gotten wealth lacerates the peace and charmed life of Nigeriaâ&#x20AC;&#x2122;s super rich, as you read. No thanks to the incumbent government, staff and associates of the affluent may walk into the offices of Nigeriaâ&#x20AC;&#x2122;s anti-graft agencies to reveal locations of the illicit stash of local and foreign currencies stolen from public purse by the countryâ&#x20AC;&#x2122;s former and incumbent public office holders. The whistle blower culture is undoubtedly getting results.

Ever since some faceless dude blew the whistle and revealed to the Economic and Financial Crimes Commission (EFCC) the warehouse where the former Director General (DG) of the Nigerian Customs Service parked 17 vehicles, all the corrupt rich men and women in the country have become apprehensive. They are jittery as you read. Consequently, many of them are devising means to treat their poor servants with greater respect. They are thinking of increasing their salaries and allowances.

They are worried that their poor servants, personal assistants, drivers, security men and office staff may become whistle blowers to get a reward of 2.5% to 5% of the value of whatever loot is recovered from them. This is why itâ&#x20AC;&#x2122;s always good to treat your workers right. Letâ&#x20AC;&#x2122;s hope too many of Nigeriaâ&#x20AC;&#x2122;s affluent wonâ&#x20AC;&#x2122;t learn the hard way.

wanted over capital fraud. But contrary to widespread rumour, Ibru wasnâ&#x20AC;&#x2122;t on the run. Unfortunately, he was sick and had a surgery in the United Kingdom (UK). However, barely two months after securing victory in court as the authentic chairman of Ikeja Hotels plc, Goodie Ibru has resigned from that office.

Ibru said he took the move in the overall interest of the company and the larger Ibru family. In a statement, he anchored his decision on the need to get Ikeja Hotels to perform optimally, which have been hampered by multiple law suits filed by shareholders in the contest for the management and control of the company.

Ibru has called on the warring younger Ibrus to work with other shareholders to carry on the torch of excellence for which Ikeja Hotels has been known. He also stated that the Ibru family has gone through a tough phase in the recent past and as the only surviving son of the first generation of Ibrus, he is more committed to working with his sisters on keeping the family united.

PLIGHT OF THE VIRTUOUS...ON GOODIE IBRUâ&#x20AC;&#x2122;S PYRRHIC VICTORY Ëž

Virtue is the fount where honour springs and Goodie Ibru is a man of virtue; it is only understandable that he would command honour. Every where he traverses, Goodie commands the applause of upright men and this is because of his good breeding. But no matter how virtuous or honorable a man is, it hardly protects him from the ravages of unforgiving fate. You couldnâ&#x20AC;&#x2122;t have forgotten so soon that Goodie has gone through a lot in the last few months.

Last year, the Economic and Financial Crimes Commission (EFCC) declared him

Goodie Ibru

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Sunday February 26, 2017

UT H

& RE A S O

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Price: N400

MISSILE Cardinal Okogie to APC “It’s obvious to all now that this is not the kind of change people like Bola Ahmed Tinubu, campaigned for. The man who was talking about change, change, change, this is not the kind of change they preached.”

– Archbishop Emeritus of Lagos Archdiocese, Cardinal Olubunmi Okogie reacting to the ruling APC style of leadership

SIMONKOLAWOLE SIMONKOLAWOLELIVE!

simon.kolawole@thisdaylive.com, sms: 0805 500 1961

Can’t Fight Xenophobia with Xenophobia

S

omething unNigerian happened in Abuja on Thursday: protesters vandalised an MTN office in an apparent reprisal mission over the perennial xenophobic attacks on Nigerians in South Africa. MTN, being the biggest South African company in the country, is by far the easiest for reprisal.

This, I suppose, was meant to send a message to South Africans that their interests in Nigeria are also at risk if they do not relent in their shameful targeting of Nigerians. It would seem Nigerians in the former apartheid enclave have committed an offence by doing well economically.

When you flourish in a foreign land more than many of your hosts, envy and resentment are to be expected.

I said the Abuja reprisal is unNigerian because, to the best of my memory, Nigerians do not assault foreigners unprovoked. We even tend to treat foreigners better than fellow Nigerians.

We must rank among the most accommodating societies in the world. Like a Nigerian who suffered xenophobic attacks in South Africa two years ago told the BBC: “If I should take you to my place, my mother would make your food first every morning before making my own food. That is how welcoming we are. That is how we show appreciation to foreigners.”

He was described as “Ibo” but I can assure you that my mum would do the same thing.

It is very Nigerian!

In a funny way, the attack on MTN in Abuja did not hurt South Africans — it hurt the Nigerian employees instead. Their phones and laptops were stolen. They were assaulted.

So Nigerians are being robbed and molested in faraway South Africa — and, to retaliate, Nigerians are robbing and molesting fellow Nigerians in Abuja! You may say this is the dumbest thing to do, but I could see that many Nigerians — including those who should know better — were delighted. They even asked for more South African companies, such as Multichoice and Shoprite, to be targeted. Indeed, Nigerian students have asked a couple of South African companies to leave the country.

Why are South African thugs always attacking Nigerians? I think there are political and economic roots to the malady. Politically, Nigeria and South Africa have become fierce rivals since the end of apartheid. There is a struggle between the two to lead Africa. Nigeria, having contributed so much — more than any other country, I dare say — to the liberation of South Africa from apartheid, believes it deserves some deference from the southern African country. South Africa, having been built into a mini-Europe by the apartheid government, believes it should be the pre-eminent country in Africa. They feel superior to the rest of Africa, Nigeria inclusive.

When the question is asked, for instance, on the African country that should get a permanent seat in the Security Council of the UN — in the event that the Big Five are in a generous mood to admit more members — the battle is directly between Nigeria and South Africa, with Egypt putting up a slight fight. Nigeria displays as its credential the role it plays in peace-keeping across the continent and its financial and material support to poorer African countries, not forgetting its enormous population. South Africa flaunts its economic might and level of physical development, which is clearly ahead in sub-Sahara Africa. Pride is thus at play between the two countries.

However, the ascension of Mr. Jacob Zuma to power in South Africa seems to have magnified the rivalry between the two countries, who are working very hard to outplay each other in the

Zuma politics of African Union. We should remember that South Africa and Nigeria took different positions in the crisis that rocked Cote d’Ivoire after the defeat of the recalcitrant President Laurent Gbagbo in the 2011 elections. In the crisis that engulfed Libya, eventually leading to the death of Muammar Ghaddafi, Nigeria and South Africa did not see eye to eye. We can safely conclude that there is no love lost between the two countries.

The political rivalry, I suspect, has spilled into other areas of human endeavour. The South African white economic elite, empowered by massive accumulation of capital under apartheid, had invaded the rest of Africa at the end of white minority rule. They had the biggest telecom companies, the biggest supermarket chains, the biggest banks and the biggest media companies. They were always

It appears the South African government is deliberately not doing enough to protect Nigerians, maybe for political reasons. In fact, Nigerians complain that the South African authorities look the other way when they are being attacked

going to dominate Africa. In no time, South African Airways, MTN, Vodacom, Shoprite, Pick n Pay, Spar, Steers, Debonairs, Hungry Lion, Mr. Price, Woolworths and DStv were all over the continent, prospering spectacularly in the huge Nigerian market.

Bu there are two South Africas in this game. There is the White South Africa and the Black South Africa. White South Africa is prosperous and adventurous while the Black South Africa is poor and desperate. The poor and desperate South Africa was created by the white supremacists who treated blacks as foot mat under apartheid, denying them good education and oppressing them mindlessly for decades. It will take several generations to undo this damage. White South Africa owns the big corporations, although the black middle class is gradually being initiated into the inner circle. Nevertheless, the majority of blacks are still struggling to breathe.

Now, the narrative of “Superior South Africa” is no longer limited to White South Africa; the black “nouveau riche” are also in on it. The poor and desperate blacks have also apparently been indoctrinated into seeing other Africans, particularly Nigerians, as different from themselves. They possibly see themselves as “black Europeans”. The success of immigrant businesses in South Africa is thus viewed by them as a threat and a nuisance. They cannot understand how Nigerians will come into their country and be making it big while they are struggling. The result is that Black South Africa now “beefs” us. We are easy targets when their economic frustrations boil over.

It gets complicated that some Nigerians are into crime — drug, fraud and prostitution. This provides an excellent excuse for South Africans to lump everybody together and conclude that Nigerians are “destroying” their country.

Although Nigerians may not be able to run big corporations very well (most of our so-called big companies are one-man businesses that can hardly survive in a competitive economy), we are not bad in small business. Nigerian SMEs are doing very well in South Africa. Therefore, the poor and desperate South Africans cannot but envy and despise the prospering Nigerians.

Their frustration and resentment are conjoined.

Hence the attacks.

I have two conclusions. One, it is time for the Nigerian government to stand up strongly for Nigerians. Mr. Geoffrey Onyeama, the foreign affairs minister, should summon the South African high commissioner and deliver a firm message to him. Also, Acting President Yemi Osinbajo should call up Zuma and let it be known that we too have the capacity to hurt them without throwing a single stone.

It appears the South African government is deliberately not doing enough to protect Nigerians, maybe for political reasons. In fact, Nigerians complain that the authorities look the other way when they are being attacked.

What a shame.

Two, the federal government should continue to protect South Africans and their assets in Nigeria. Nigerians are not known for xenophobia. We must not allow some misguided and deranged hate-mongers down below to distort our culture. We should, I propose, not repay evil with evil. We should not allow the conduct of the thugs to shape our own reaction.

Hospitality to foreigners is a cultural thing for Nigerians. We cannot afford to lose it. An eye for an eye, it is said, will only make the whole world blind. We cannot fight xenophobia with xenophobia. When they go low, Michelle Obama said, we go high. Word.

And Four Other Things...

OSINBAJO ON-THE-SPOT You will never understand how overjoyed I was when I heard that the acting president, Professor Yemi Osinbajo, paid an unscheduled visit to the Murtala Muhammed International Airport in Lagos on Thursday.

Not just that, he even inspected the Goddamned toilets, conveyor belt, travelator, escalator and carousel. Osinbajo expressed dissatisfaction with most of what he saw. I love that. We have been complaining about this intercontinental embarrassment for years but we were ignored. It appears the airport has been deliberately left to rot in order to market Nigeria as an unserious country. Yet we keep saying we want to promote tourism, trade and investment.

Jokers.

THAT N500K GIFT Mr. Kola Awodein, a senior advocate of Nigeria (SAN), has admitted giving Justice Adeniyi Ademola, a judge now facing corruption trial, a “gift” of N500,000 for his daughter’s wedding. Judges are normally not expected to accept gifts from lawyers — neither are lawyers expected to give gifts to judges. But this case is particularly interesting because Ademola was handling a case involving Awodein’s client, President Muhammadu Buhari, at the time. The bigger problem, though, is that since many judges are on trial for receiving “gifts”, Nigerians will be watching how this particular case goes.

One gift can certainly not be more equal than others. Intriguing.

ASSESSING THE ASSESSOR The University of Nigeria Nsukka (UNN) appears to be the first Nigerian public university to introduce student assessment of their teachers. UNN students will now grade their lecturers on the quality of instruction. The days of the “almighty lecturer” may be over — assuming the authorities will do something about teachers consistently rated poorly. It’s a common practice abroad. There is another practice I would want Nigerian universities to adopt: appointing two markers for every paper (preferably one male and one female). If both cannot agree on a grade, an external marker will make the final decision.

The issue of sex-for-marks will be tackled forever. Innovative.

FLOBYT FREE WIFI On a visit to Canada last year, I could not believe the pervasiveness of free WiFi in the country. Virtually every shopping mall, eatery and gas station made WiFi available at no cost. Someone once joked that WiFi should be a fundamental human right, and I’m beginning to toe that line too. It was gladdening to hear that Mavin Records founder Don Jazzy and technology company, Tsaboin, have launched Flobyt, a free WiFi service, in Nigeria. Mr. Dele Odufuye, Tsaboin MD/CEO, said the service has been installed across several locations in Lagos.

The locations include eateries, parks, taxis, buses, restaurants, and cafés. This is really good news. Connecting!

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